TCRAP_Public/090324.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

           Tuesday, March 24, 2009, Vol. 12, No. 58

                            Headlines

A U S T R A L I A

AUSTRALIAN DISCOUNT: Receivers Sold Business; 10,000 Jobs Saved
FORTESCUE METALS: Probe on Valin's Stake Purchase Offer Extended
OZ MINERALS: Expects Ruling on China Minmetals's Bid This Month
STORM FINANCIAL: Client Book Sale To Proceed Amid Liquidation


C H I N A

CHINA GLASS: Moody's Reviews 'B1' Corporate Family Rating
ZTE CORP: 2008 Revenue Jumps 27.37%; Secures US$15BB Credit Line


H O N G  K O N G

CHAU TAI: Commences Dissolution Proceedings
DOLCE VITA: Creditors' Proofs of Debt Due on April 21
FRESH MIND: Members to Receive Wind-Up Report on April 21
GROOVER LIMITED: Creditors' Proofs of Debt Due on April 23
HONG KONG RESIDENTS: Creditors' Proofs of Debt Due on April 20

HUGO CHOICE: Creditors' Proofs of Debt Due on April 22
JACK MOON: Placed Under Voluntary Wind-Up
JADA BIOTECH: Placed Under Voluntary Wind-Up
JING GANG: Creditors' Proofs of Debt Due on April 20
NEW PROFIT: Creditors' Proofs of Debt Due on April 22

PACIFIC HARVEST: Creditors' Proofs of Debt Due on April 23
PIZZA PIZZA: Creditors' and Members' Meeting Set for April 30
SGA (HK) ET AL: Creditors and Contributories to Meet on April 22
TAI LIN ET AL: Court Enters Wind-Up Order
TWIN FORTUNE: Creditors' Proofs of Debt Due on April 22

VINCELECTA INTERNATIONAL: Placed Under Voluntary Wind-Up


I N D I A

AIR INDIA: May Get Syndicated $1 Bil. Loan to Buy More Aircrafts
BARNALA STEEL: CRISIL Assigns 'BB+' Rating on Various Bank Loans
CITIGROUP INC: Won't Sell HDFC Unit in India
COSMIC FERRO: Fitch Assigns 'BB+' National Long-Term Rating
KHOKHAR INFRASTRUCTURE: CRISIL Rates Rs.50MM Cash Credit at 'BB+'

MITTATEX EXPORTS: Weak Liquidity Prompts CRISIL 'P4' Ratings
PREM MOTORS: CRISIL Assigns 'BB' Ratings on Various Bank Loans
RAMA KRISHNA: Weak Financial Risk Profile Cues CRISIL 'B+' Ratings
SAINSONS PULP: CRISIL Puts 'BB' Rating on Rs.322.5 Mln. Term Loan
SAMRIDDHI EDUCATIONAL: CRISIL Rates Rs.168MM Term Loan at 'B+'

SANGHVI & SONS: CRISIL Rates Rs.200.0 Mln Packing Credit at 'P4'


I N D O N E S I A

CENTRAL PROTEINAPRIMA: Makes New Bid for Rights Issue
EXCELCOMINDO PRATAMA: Shareholders Approve US$400-Mil. Loans


K E N Y A

PAN AFRICAN: Placed in Receivership; 1,500 Permanent Jobs Affected


K O R E A

DAEWOO ELECTRONICS: Reduces Staff by 40%, Exits Two Business Units
* KOREA: SMEs Loan Delinquency Ratio Rises to 45-Mo. High in Feb.


N E W  Z E A L A N D

ATLAS SECURITIES: Liquidators Probe Related Party Advances
COMPASS CAPITAL: Calls In Receivers
HANOVER FINANCE: Reaches Settlement With Developer Over Loan


P H I L I P P I N E S

FORD MOTOR: Phil. Unit's Export Down by 15% in January - February
PHILIPPINE LONG: Fitch Affirms Issuer Default Rating to 'BB+'


S I N G A P O R E

JACKLIE CONSTRUCTION: Creditors' Proofs of Debt Due on April 3
LANDMARK ENGINEERING: Creditors' Proofs of Debt Due on April 3
LTF ENGINEERING: Court to Hear Wind-Up Petition on April 3
SINGAPORE AIRPORT: Creditors' Proofs of Debt Due on April 20
THIS MOBILE: Court Enters Wind-Up Order


S O U T H  A F R I C A

PAMODZI GOLD: Orkney Mine Under Provisional Liquidation


S R I  L A N K A

FINANCE COMPANY: Fitch Cuts National Long-Term Rating to 'BB+'


U N I T E D  A R A B  E M I R A T E S

AMLAK FINANCE: U.A.E. Favors Merger Over Liquidation
TAMWEEL PJSC: U.A.E. Doesn't Favor Liquidation, Bloomberg Says


X X X X X X X X

* BOND PRICING: For the Week March 16 to March 20, 2009


                         - - - - -



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

AUSTRALIAN DISCOUNT: Receivers Sold Business; 10,000 Jobs Saved
---------------------------------------------------------------
The Advertiser reports that the receivers of Australian Discount
Retail Pty Ltd has sold the company to Retail Adventures.

According to the report, the sale also includes Chickenfeed, the
29-store Tasmania-based subsidiary which was not in receivership
or administration.

Ferrier Hodgson Partner James Stewart, as cited by the report,
said the sale was great news for employees, suppliers and
landlords who are seeking certainty from the process.

The sale, the report relates, guarantees the 2,500 permanent and
7,500 casual jobs under ADR.

The Advertiser discloses that Retail Adventures is owned by
Tasmania-based Jan Cameron, the former owner of Kathmandu.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 22, 2009, The Australian said Australian Discount Retail
("ADR"), the company behind bargain retailers Go-Lo, Crazy Clark's
and Sam's Warehouse, has gone into receivership.

According to the Australian, a syndicate of three banks called in
receiver James Stewart of Ferrier Hodgson after the company's
board appointed David Lombe and Simon Cathro of Deloitte as
voluntary administrators.

The Australian related that ADR has debts amounting to AU$96
million.  The company, the Australian said, also owes an estimated
AU$105 million to trade creditors, taking its total debt position
to AU$213 million, compared with gross assets of AU$270 million at
the end of July last year.

The ADR-owned Chickenfeed discount chain had not been placed in
receivership or administration.  Its 28 stores in Tasmania would
continue to trade normally.

ADR was formed by private equity firms Catalyst and Champ in 2005.
The pair held negotiations with ADR's banking syndicate, which
comprises of National Australia Bank, ANZ and HBOS in an attempt
to save the business.

Australian Discount Retail is a discount variety retailer in
Australia with over 400 stores across the country.  The business
operates four brands: Crazy Clark's, Go-Lo, Sam's Warehouse and
Chickenfeed.  The company employs 2,700 staff.


FORTESCUE METALS: Probe on Valin's Stake Purchase Offer Extended
----------------------------------------------------------------
Jesse Riseborough at Bloomberg News reports Australia's Foreign
Investment Review Board will extend the review into Hunan Valin
Iron & Steel Group Co. Ltd.'s planned investment in Fortescue
Metals Group Ltd. by 30 days from March 25, 2009.

According to the report, China's Valin proposed to purchase a 17.6
percent stake in Fortescue for AU$1.3 billion (US$895 million) as
the Australian company faces a funding shortfall of AU$731 million
for an expansion.

The report relates Australian lawmakers has approved a probe into
foreign investment laws, studying transactions by state-owned
companies and sovereign wealth funds.  The report recalls China
last month announced US$22 billion of overseas investments in
mining companies, prompting an inquiry by the Australian senate
after a backlash from politicians and shareholders.

                       About Hunan Valin

China-based Hunan Valin Iron & Steel Group Co. Ltd. --
http://www.chinavalin.com/-- makes steel pipes, bars, wires,
sectional products, and hot-rolled steel plates along with copper
plate pipes and inner-twisted pipes.  Its annual output is about 9
million tons of steel and 8 million tons of steel products; hot-
rolled steel plate is the company's biggest revenue generator.
Hunan Valin products are distributed in mainland China and
exported throughout much of Asia as well as to the US.  It was
formed in 1999.  In 2005, the company sold about a one-third stake
in publicly listed subsidiary Hunan Valin Steel Tube & Wire
Company to what is now ArcelorMittal.

                    About Fortescue Metals

Headquartered in West Perth, Western Australia, Fortescue Metals
Group Limited (ASX: FM) -- http://fmgl.com.au/-- is involved in
the exploration of iron ore through a project to mine iron ore
in the Chichester Ranges, in the Pilbara region of Western
Australia and exporting it from Port Hedland.

                        *     *     *

Fortescue reported consecutive net losses for the past three
fiscal years.  Net loss for the year ended June 30, 2008, was
AU$2.52 billion, while net losses for FY2007 and FY2006 were
AU$192.26 million and AU$2.15 million, respectively.


OZ MINERALS: Expects Ruling on China Minmetals's Bid This Month
---------------------------------------------------------------
OZ Minerals Ltd. said an Australian regulator may rule on China
Minmetals Group's AU$2.6 billion (US$1.8 billion) takeover offer
for the company by the end of the month, Jesse Riseborough at
Bloomberg News reports.

"We're hopeful of some indication from the government by the end
of the month," Matthew Foran, spokesman for Melbourne- based OZ
Minerals, told the news agency by phone.

Bloomberg News relates the company last week said it was seeking
an extension from its lenders on AU$1.2 billion in debt before a
March 31 deadline.

On Mar. 18, 2009, the Troubled Company Reporter-Asia Pacific,
citing The Australian, reported OZ Minerals is seeking further
bridging finance to cover any cash requirements that may arise
during China Minmetals Group's bid period.

A spokesman for the miner, as cited by Tthe Australian, said it is
in talks with its existing lenders on a new facility that could be
drawn on to meet any cash requirements that may emerge during the
offer period.

"We are seeking an interim financing arrangement just to be on the
safe side," The Australian quoted the spokesman as saying.  "It is
a contingency plan in the event that the approval process takes
longer, commodity prices come off or there is any delay in the
asset sales programs."

According to The Australian, the company is seeking an extension
of its loans to September 15, which is two weeks after the
Minmetals scheme of arrangement will terminate if it hasn't been
implemented.

OZ, the report said, didn't disclose the amount of interim
financing it is seeking.

A TCR-AP report on Mar. 2, 2009, citing Bloomberg News, said OZ
Minerals received an extension to refinance its AU$1.2 billion
(US$776 million) debt, clearing a hurdle for an agreed takeover by
China Minmetals.

In a filing to the Australian Securities Exchange, OZ Minerals
said it has secured approval to extend the terms of its debt
arrangements from Feb. 27 to March 31, 2009.

As reported in the TCR-AP on Feb. 18, 2009, Minmetals offered to
purchase all outstanding shares in OZ Minerals at a cash price of
82.5 cents per share.

Bloomberg News said the extension of OZ Minerals's debt facilities
is a condition of China Minmetals Group's AU$2.6 billion takeover
offer.

                      About China Minmetals

China Minmetals is one of the largest metals and minerals trading
companies in the world and the largest iron and steel trader in
China.  The company exports coke, coal, and ferroalloys; imports
iron ore, steel scraps, and slabs and billets; and sells about 20
million tons of steel products annually.  It has domestic iron ore
mining operations and also helps steel producers abroad with
facility construction and equipment supply.  Other subsidiaries
deal in financial services, real estate development, and
transportation logistics.  China Minmetals' sales network
stretches through Africa, the Americas, Asia, Australia, and
Europe.  It operates more than 100 offices in China and more than
40 companies abroad.

                        About OZ Minerals

OZ Minerals Limited, formerly Oxiana Limited, --
http://www.ozminerals.com/-- is an Australia-based mining
company.  The company is a producer of zinc, copper, lead, gold
and silver.  OZ Minerals was formed through a merger of Australia-
based international mining companies Oxiana Limited and Zinifex
Limited.  The company has five mining operations located in
Australia and Asia, three new mining projects in development and a
portfolio of advanced and early-stage exploration projects
throughout Australia, Asia and North America.  Its projects
include the Century mine in Queensland, Sepon copper operation in
Laos, the gold operation at Sepon, the Golden Grove underground
base and precious metals mine in Western Australia, the Rosebery
mine in Tasmania, the Avebury nickel mine in Tasmania, the
Prominent Hill copper-gold project in South Australia, the Martabe
gold project in Indonesia, the Dugald River deposit in Queensland,
and the Izok Lake and High Lake copper and zinc deposits in the
Nunavut territories of Canada.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
December 12, 2008, Fitch Ratings downgraded OZ Minerals Limited's
Long-term foreign currency Issuer Default Rating to 'CC' from
'BBB-' (BBB minus), and has simultaneously withdrawn it.  The
rating remained on Rating Watch Negative at the time of
withdrawal.


STORM FINANCIAL: Client Book Sale To Proceed Amid Liquidation
-------------------------------------------------------------
Kate Kachor at InvestorDaily reports that the sale of Storm
Financial Limited's client book will not be affected by the firm
being placed into liquidation.

Citing Storm's receiver and KordaMentha partner Bill Buckby in an
email to Kenyon Prendeville director Stephen Prendeville, the
report says the receiver confirmed the sale of the client book
would proceed.

"The administrators Worrells have nothing to do with the assets of
Storm, including the sale of the client book, even if they become
the liquidators.  ASIC's actions have nothing to do with the sale
of the client book," the report quoted Mr. Buckby as saying.

In late February, the InvestorDaily recalls, KordaMentha placed
the client book of 10,230 Storm clients in the hands of financial
planning business broking specialists Kenyon Prendeville.

Mr. Prendeville, as cited by the report, said more than 60
businesses have shown serious interest in the book of clients when
expressions of interest for the Storm client book closed on
Friday, March 20.

The Troubled Company Reporter-Asia Pacific, citing Herald Sun,
reported on Mar. 20, 2009, that the Australian Securities and
Investments Commission (ASIC) urgently applied to the Federal
Court to put Storm Financial into liquidation.

Separately, the report notes, Storm's wholly owned subsidiary,
Victorian Families Retirement Investment Group, was placed in
provisional liquidation on Thursday, March 19.

                      About Storm Financial

Storm Financial Limited -- http://www.stormfinancial.com.au/--
operates in the Australian wealth management industry that manages
over one trillion dollars in investment fund assets for over nine
million investors, distributed through investment administration
providers and financial advisers.  These funds are invested
through different investment products and structures, including
superannuation, nonsuperannuation managed funds and life insurance
products.  Non-superannuation managed funds, which form the
majority of Storm's products, total approximately 26.5% of total
investment fund assets in Australia, as of June 30, 2007.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 14, 2009, Storm appointed Worrells as voluntary
administrators after the Commonwealth Bank of Australia Ltd (CBA)
demanded debt repayment of around AU$20 million.

Storm later closed its business and fired all of its 115 staff.

The closure, the company's administrators said, was due to the
significant reduction in Storm's income resulting in trading
losses being incurred "at a rate which the company could no longer
absorb."

The TCR-AP, citing Sydney Morning Herald, reported on Jan. 22,
2009, that the Commonwealth Bank of Australia, Storm's largest
creditor, lodged a AU$27.09 million debt claim at a first meeting
of the company's creditors on January 20.

According to the Herald, Administrators Worrells Solvency &
Forensic Accountants said the group's remaining creditors are owed
AU$51 million, plus a provision for dividends of AU$10 million.



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

CHINA GLASS: Moody's Reviews 'B1' Corporate Family Rating
---------------------------------------------------------
Moody's Investors Service has put on review for possible downgrade
the B1 corporate family rating and senior unsecured rating of
China Glass Holdings Ltd.

"The rating action is in response to China Glass' recent
announcement that it is likely to experience a material decline in
its profits for 2008," says Renee Lam, a Moody's Vice President
and Senior Analyst.

"While the magnitude of the decline is unknown at this point,
Moody's is concerned that the company's debt coverage metrics --
which have been marginal for its rating and reflected in its
existing negative rating outlook -- will further deteriorate
significantly," adds Lam.

China Glass was hit by a material rise in fuel costs and drop in
product prices in 2008.  Further aggravating the pressure is the
company's significant planned investments -- not yet fully funded
-- in new production lines for low emission glass in Dongtai,
China.

According to the company's announcement, a reorganization
involving the acquisition and disposal of group companies is under
consideration.  The company has also proposed a HK$24 million
share placement to senior management, subject to shareholders'
approval, though this amount is modest compared to its total debt
of RMB896 million as of June 2008.  Moody's understands that the
company is also arranging for other committed bank funding.

Moody's review will focus on 1) the magnitude of its expected
earnings decline in 2008 and the resultant impact on debt coverage
metrics; 2) the company's earnings and cash flow generation
ability in the next 12-18 months; 3) its latest capital
expenditure and funding plans; and 4) group reorganization plans.

The last rating action with respect to China Glass was on Nov 13,
2007 when the rating outlook was changed to negative.

China Glass Holdings Ltd, publicly listed in Hong Kong, is the
second largest flat glass manufacturer in China in terms of
capacity, with 15 production lines across the country.  The flat
glass it produces is largely for use in the construction industry.


ZTE CORP: 2008 Revenue Jumps 27.37%; Secures US$15BB Credit Line
----------------------------------------------------------------
ZTE Corporation disclosed its annual results for the year ended
December 31, 2008.

Based on HKAS, ZTE recorded a revenue of approximately RMB44,293
million in 2008, representing an increase of 27.37% against 2007.
Net profit was RMB1,660 million.  Basic earnings per share were
RMB1.24.

Applying PRC GAAP, during the year under review, the Group's
revenue from principal operations was approximately RMB44,293
million and net profit was RMB1,660 million.  Earnings per share
amounted to RMB1.24.

The Board of Directors recommended payment of a final dividend for
the year ended 2008: Based on the total number of issued shares of
1,340 million as at December 31, 2008, by way of capitalization of
capital reserves, every 10 shares will increase by 3 new shares.
And for every 10 shares, RMB3 in cash (with tax) will be
distributed.  In sum, the total new issued capital will be
amounted to RMB403 million and RMB403 million will be distributed
in cash.

During the year, the Group's revenue from domestic operations
amounted to RMB17,466 million, representing a year-on-year growth
of 18.93%.  The Group continued to make significant gain in share
in the infrastructure products market, riding on opportunities
presented by 3G construction and broadband development in the PRC
and thereby secured reasonable profit.  It was also actively
involved in network refinement, business integration and new
business development, seizing the opportunities presented by
telecommunications carriers transforming into integrated
information service suppliers through network integration,
business centralization and competition via differentiation.

As for revenue from the international operations, it grew to
RMB26,827 million, 33.53% more year-on-year, and accounted for
60.6% of the total revenue of the Group, 2.83 percentage points
higher compared with the previous year.  The Group maintained
market shares in developing countries and steadily increased the
proportion of income from sales in Europe and America in its
effort to grow the two markets into an important income source.

Mr. Hou Weigui, Chairman of ZTE, said, "In 2008, the Group made
major breakthroughs and strong growth in the main product areas of
GSM, WCDMA, FTTX and optical transmission.  In China, we submitted
bids for 3G projects of the three major carriers to prepare for
undertaking the projects.  Outside China, we have made major
advances in strategic overseas markets and the multinational
carrier market, paving the way for the Group to reach new heights
in 2009."

Mr. Hou concluded, "In the coming year, as carriers continue to
push forward with works in relation to 3G operations, full-fledged
servicing, VAS business, network transformation and optimization,
the Group expects to see growth opportunities in the domestic
market.   In the international market, the impact of the financial
crisis will continue to be felt and how to achieve major
breakthroughs in developed countries and steady growth of business
in developing countries will be the Group's priority."

The rapid deployment of 3G networks in China is expected to
establish about 660,000 3G carrier frequency by mid this year.  In
the 3G tender bids offered by China's three largest telecom
operators, the Group obtained about 30% of the total local market,
positioning the Group as the clear leader in China's 3G industry.

                         Financing Deal

In a separate statement, ZTE Corporation disclosed that it has
entered into a strategic partnership with China Development Bank
by signing a "Development of Financial Cooperation Agreement".

According to a 5-year cooperation framework agreement, China
Development Bank will provide ZTE a US$15 billion credit line,
including ZTE's overseas project financing and ZTE's credit
limits.

ZTE said that both companies are currently in discussion to
develop specific terms and procedures on financing project and how
to effectively execute the business cooperation.

                      About ZTE Corporation

ZTE Corporation -- http://www.zte.com.cn --is a leading global
provider of telecommunications equipment and network solutions.
The ZTE product range is the most complete in the world - covering
virtually every sector of the wireline, wireless, service and
terminals markets.  The company delivers innovative, custom-made
products and services to customers in more than 135 countries,
helping them to achieve continued revenue growth and to shape the
future of the world's communications.  ZTE commits around 10% of
annual turnover to research and development and takes a leading
role in a wide range of international bodies developing emerging
telecoms standards.  It is the fastest growing telecoms equipment
company in the world, and is China's only listed telecoms
manufacturer, with shares publicly traded on both the Hong Kong
and Shenzhen Stock Exchanges.

                          *     *     *

ZTE Corporation continues to carry 'BB+' long-term foreign
currency and local currency Issuer default ratings from Fitch with
stable outlook.  The ratings were affirmed in April 2008.



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

CHAU TAI: Commences Dissolution Proceedings
-------------------------------------------
Chau Tai Chun Holdings (No. 4) Limited commenced dissolution
proceedings on March 6, 2009.

Chow Tsz Yan, Amy is the company's liquidator.


DOLCE VITA: Creditors' Proofs of Debt Due on April 21
-----------------------------------------------------
The creditors of Dolce Vita Company Limited are required to file
their proofs of debt by April 21, 2009, to be included in the
company's dividend distribution.

The company's liquidator is:

          Ho Oi Suen
          Hing Yip Commercial Centre
          Room 502, 5th Floor
          272-284 Des Voeux Road Central
          Hong Kong


FRESH MIND: Members to Receive Wind-Up Report on April 21
---------------------------------------------------------
The members of Fresh Mind Investment Limited will hold a meeting
on April 21, 2009, at 11:30 a.m., at the 12th Floor of 3 Lockhart
Road, in Wanchai, Hong Kong.

At the meeting, Chang Shuk Chien Leslie, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


GROOVER LIMITED: Creditors' Proofs of Debt Due on April 23
----------------------------------------------------------
The creditors of Groover Limited are required to file their proofs
of debt by April 23, 2009, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on March 16, 2009.

The company's liquidator is:

          Ng Kam Chiu
          13A, Tak Lee Commercial Building
          113-117 Wanchai Road
          Wanchai, Hong Kong


HONG KONG RESIDENTS: Creditors' Proofs of Debt Due on April 20
--------------------------------------------------------------
The creditors of Hong Kong Residents of Tiu Yeong Sing Tshang
Village Association Limited are required to file their proofs of
debt by April 20, 2009, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on March 13, 2009.

The company's liquidator is:

          Chan Kam Shing
          C.C. Wu Building, Room 2604, 26th Floor
          302-308 Hennessy Road
          Wanchai, Hong Kong


HUGO CHOICE: Creditors' Proofs of Debt Due on April 22
------------------------------------------------------
The creditors of Hugo Choice Limited are required to file their
proofs of debt by April 22, 2009, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on March 13, 2009.

The company's liquidators are:

          Yip Chee Lan
          Li Wai Fan
          Dai Shun Street
          Tai Po Industrial Estate
          Tai Po, New Territories
          Hong Kong


JACK MOON: Placed Under Voluntary Wind-Up
-----------------------------------------
At an extraordinary general meeting held on March 9, 2009, the
shareholders of Jack Moon Inc. (H.K) Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

          Leung Chi Wing
          Yue Xiu Building, Room 3, 8th Floor
          160 Lockhart Road
          Wanchai, Hong Kong


JADA BIOTECH: Placed Under Voluntary Wind-Up
--------------------------------------------
At an extraordinary general meeting held on March 9, 2009, the
shareholders of Jada Biotech Limited resolved to voluntarily wind
up the company's operations.

The company's liquidator is:

          Leung Chi Wing
          Yue Xiu Building, Room 3, 8th Floor
          160 Lockhart Road
          Wan Chai, Hong Kong


JING GANG: Creditors' Proofs of Debt Due on April 20
----------------------------------------------------
The creditors of Jing Gang Entertainment Company Limited are
required to file their proofs of debt by April 20, 2009, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on March 13, 2009.

The company's liquidator is:

          Yeung Tak Chun
          World-Wide House
          Room 1903, 19th Floor
          19 Des Voeux Road Central
          Hong Kong


NEW PROFIT: Creditors' Proofs of Debt Due on April 22
-----------------------------------------------------
The creditors of New Profit Enterprises Limited are required to
file their proofs of debt by April 22, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 13, 2009.

The company's liquidators are:

          Yip Chee Lan
          Li Wai Fan
          6-22 Dai Shun Street
          Tai Po Estate
          Tai Po, New Territories
          Hong Kong


PACIFIC HARVEST: Creditors' Proofs of Debt Due on April 23
----------------------------------------------------------
The creditors of Pacific Harvest Limited are required to file
their proofs of debt by April 23, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 13, 2009.

The company's liquidator is:

          Lam Yat Chung
          Kong Ling Building, 2nd Floor
          102 Jervois Street
          Sheung Wan, Hong Kong


PIZZA PIZZA: Creditors' and Members' Meeting Set for April 30
-------------------------------------------------------------
The creditors and members of Pizza Pizza Limited will hold their
meeting on April 30, 2009, at 10:00 a.m., at 2310, in 43-59
Queen's Road East, Hong Kong.

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


SGA (HK) ET AL: Creditors and Contributories to Meet on April 22
----------------------------------------------------------------
On April 22, 2009, a meeting will be held for the creditors and
contributories of:

   -- SGA (HK) Limited; and
   -- SGA International Limited.

At the meeting, the creditors and contributories will be asked to
consider and nominate liquidators and members of a committee of
inspection.


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

   -- Tai Lin Radio Service Limited on March 2, 2009;
   -- Peace Mark Production Limited on March 4, 2009;
   -- Peace Mark (B.V.I.) Limited on March 4, 2009;
   -- Lucky Dragon Boat (Sai Wan) Restaurant Limited on March 4;
   -- M & D Management Limited on March 4, 2009;
   -- Cheong Kee Special Food Product Limited on March 4, 2009;
   -- Sam Man Logistics Development Limited on March 4, 2009;
   -- LCW International Limited on March 4, 2009;
   -- Beauti Tools Limited on March 4, 2009;
   -- Big Luck Limited on December 29, 2008;
   -- Sumber Asia Holdings Limited on March 4, 2009;
   -- Views Eng Limited on March 4, 2009;
   -- Chan's Scaffolding Company Limited on March 4, 2009;
   -- Ask Global Enterprises Limited on March 4, 2009;
   -- Kingsway (HK) Limited on March 4, 2009;
   -- PBI-Dansensor (Far East) Limited on March 4, 2009; and
   -- Spirit Trade Limited on March 4, 2009.

Lee Mei Yee May is acting as the companies' official receiver.


TWIN FORTUNE: Creditors' Proofs of Debt Due on April 22
-------------------------------------------------------
The creditors of Twin Fortune International Limited are required
to file their proofs of debt by April 22, 2009, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on March 13, 2009.

The company's liquidators are:

          Yip Chee Lan
          Li Wai Fan
          Dai Shun Street, Tai Po Estate
          Tai Po, New Territories
          Hong Kong


VINCELECTA INTERNATIONAL: Placed Under Voluntary Wind-Up
--------------------------------------------------------
On March 10, 2009, the shareholder of Vincelecta International
Limited resolved to voluntarily wind up the company's operations.

The company's liquidator is:

          Cheung Chui Ping Chaplin
          Times Media Centre, 9th Floor
          133 Wanchai Road, Wanchai
          Hong Kong



=========
I N D I A
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AIR INDIA: May Get Syndicated $1 Bil. Loan to Buy More Aircrafts
----------------------------------------------------------------
Air India is likely to get a $1 billion loan from a syndicate of
over ten banks to help the airline acquire 12 aircrafts mainly for
domestic operations, The Times of India reports.

According to the report, IDBI Bank, which acts as the lead
arranger for the fund raising programme, said it is negotiating
with other entities to give national carrier Air India a loan.

"We are syndicating the $1 billion loan for Air India.  The
process is already started.  The loan will be arranged in the
shortest possible time," the report quoted IDBI Bank deputy MD
Jitender Balakrishnan as saying.

Mr. Balakrishnan, the report relates, said that over 10 banks are
understood to be part of the consortium, the size of which is
likely to be expanded, with more lenders coming forward to
participate in the deal.

Air India, the report notes, intends to use the loan amount to
purchase 12 out of the 43 aircraft it plans to acquire, including
A-319, A-320 and A-321.

Air India -- http://www.airindia.com/-- transports passengers
throughout India and to more than 40 destinations throughout the
world.  Affiliate Air India Express operates as a low-fare
carrier, mainly between India and destinations in the Middle East,
and Air India Cargo provides freight transportation.  The
government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on domestic
routes.  The combined airline, part of a new holding company
called National Aviation Company of India, uses the Air India
brand.  The new Air India and its affiliates have a fleet of more
than 110 aircraft altogether.

Air India and Indian Airlines posted a combined net loss of
Rs.688 crore for the financial year ended March 2007, according to
The Financial Express.


BARNALA STEEL: CRISIL Assigns 'BB+' Rating on Various Bank Loans
----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4' to the various
bank facilities of Barnala Steel Industries Ltd (BSIL).

   Rs.56.50 Million Term Loan         BB+/Stable (Assigned)
   Rs.175.00 Million Cash Credit      BB+/Stable (Assigned)
   Rs.75.00 Million FCNR (B)          BB+/Stable (Assigned)
   Rs.30.00 Million Letter of Credit  P4 (Assigned)
             / Bank Guarantee

The ratings reflect BSIL's small scale of operations in a
fragmented industry, the vulnerability of its margins to
fluctuations in raw material prices, and its moderate financial
risk profile and operating efficiencies.  These weaknesses are
partially offset by BSIL's comfortable regional position in the
steel rolled products industry, and strong brand name.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of BSIL, MQ Steels Pvt Ltd (MQSL), and
Aswad Steel and Alloys Pvt Ltd (ASAPL), collectively referred to
herein as the Barnala group.  This is in view of the strong
operational and financial linkages shared by the three companies.
All these companies are under a common ownership and management,
and are engaged in the same lines of business, with the output of
MQSL and ASAPL being used as raw material by BSIL.

Outlook: Stable

CRISIL believes that the Barnala group's financial risk profile
will remain moderate, and its scale of operations will remain
small over the near to medium term.  The outlook may be revised to
'Positive' if the group's financial risk profile improves
significantly, most likely due to improvement in operating margins
and cash accruals, or fresh equity infusions.  Conversely, the
outlook may be revised to 'Negative' if the group undertakes
large, debt-funded capital expenditure.

                       About Barnala Steel

BSIL, incorporated in 1994, manufactures thermo-mechanically
treated bars, mild steel bars, coils, wire rods, and other steel-
rolled products.  Its manufacturing plant at Muzaffarnagar (Uttar
Pradesh) has a capacity of 70,000 tonnes per annum. BSIL procures
its main raw materials ingots and billets largely from group
companies MQSL and ASAPL.  The group is promoted by Mr. Sajid Mian
Nasir, Mr. Hasid Mustafa, and Mr. Ameed Ahmed Khan.  For 2007-08
(refers to financial year, April 1 to March 31), the Barnala group
reported a profit after tax (PAT) of Rs.12.8 million on net sales
of Rs.1684.5 million, as against a PAT of Rs.12.2 million on net
sales of Rs.1148.2 million for the previous year.


CITIGROUP INC: Won't Sell HDFC Unit in India
--------------------------------------------
At least four funds are willing to buy stake in Citigroup Inc.'s
Indian unit, Housing Development Finance Corp., should the U.S.-
based lender opt to sell, Bloomberg News reports citing Managing
Director Keki Mistry.

However, Mr. Mistry, as cited by the news agency, said Citigroup
doesn't plan to sell its stake in HDFC noting the U.S. bank
classified its 12 percent holding in the Indian firm under the
group it refers to as Citicorp, which will hold businesses it
wants to keep.

Mr. Mistry, according to Bloomberg News, expects HDFC's loans to
grow 20 percent in the fiscal year ending March 2010.

According to Bloomberg News, Citigroup Chief Executive Officer
Vikram Pandit, struggling to revive the business and repay US$45
billion of government aid, has been selling assets to raise
capital.

                       About Citigroup

Based in New York, Citigroup (NYSE: C) -- http://www.citigroup.com
-- is organized into four major segments -- Consumer Banking,
Global Cards, Institutional Clients Group, and Global Wealth
Management.  Citigroup had $2.0 trillion in total assets on $1.9
trillion in total liabilities as of
Sept. 30, 2008.

As reported in the Troubled Company Reporter on Nov. 25, 2008, the
U.S. government entered into an agreement with Citigroup to
provide a package of guarantees, liquidity access, and capital.
As part of the agreement, the U.S. Treasury and the Federal
Deposit Insurance Corporation will provide protection against the
possibility of unusually large losses on an asset pool of
approximately $306 billion of loans and securities backed by
residential and commercial real estate and other such assets,
which will remain on Citigroup's balance sheet.  As a fee for this
arrangement, Citigroup will issue preferred shares to the Treasury
and FDIC.  In addition and if necessary, the Federal Reserve will
backstop residual risk in the asset pool through a non-recourse
loan.


COSMIC FERRO: Fitch Assigns 'BB+' National Long-Term Rating
-----------------------------------------------------------
Fitch Ratings has assigned a 'BB+(ind)' National Long-term rating
to Cosmic Ferro Alloys Ltd.  The Outlook is Stable.  At the same
time, the agency has assigned these ratings to the CFAL's various
bank loans:

  -- INR207.7 million outstanding long-term debt (as on
     December 31, 2008): 'BB+ (ind)';

  -- INR328.5 million Cash Credit limit: 'BB+ (ind)'; and

  -- INR794.0 million non fund-based facilities: 'F4 (ind)'

The rating reflects the relatively small size of the company's
operations and the likely impact on revenues and profitability
from a demand slowdown in the steel sector.  Fitch believes that
the decline in demand for ferro alloys coupled with inventory
de-stocking by bigger manufacturers are likely to pose serious
challenges for smaller manufacturers like CFAL, who have less than
2% market share in the ferro alloy industry.

Over the last three years (FY06-FY08), CFAL has exported almost
60%-70% of its finished products to mainly European and Middle
East Countries.  However, with a slowdown in demand from these
countries, CFAL's exports are likely to be under more pressure -
which would also stretch cash conversion cycles as realisations
are faster in the case of exports as compared to the domestic
market.

CFAL procures manganese ore, its main raw material, in the spot
market.  With manganese ore prices being volatile in nature, this
carries high inventory cost risk in case CFAL is not able to pass
on the price hike to its customers. Fitch believes that CFAL's
ability to pass on the hike input prices to its end customers are
limited and will be a key factor affecting its EBIDTA margins.

The company reported net sales of INR2158.9 million in FY08, which
was 134.8% higher compared with INR919.5 million in FY07.
However, CFAL's Operating EBIDTA margins declined in FY08 to 6.6%
as compared to 10.0% in FY07 primarily due to an adverse movement
in raw material prices.  CFAL's leverage (Total Adjusted Debt net
of cash\Operating EBIDTA) also deteriorated in FY08 to 3.2x from
2.3x in FY07 and the company reported a negative free cash flow
over the last four years (FY05-FY08) because of its debt funded
capex plans.  Nevertheless, the agency notes that CFAL over the
years has increased its production, which was supported by almost
90% utilisation of its working capital limits.  The increasing
trend in working capital from INR35.2 million in FY05 to
INR249.5 million in FY08 was mainly due to the hike in raw
materials prices (which is volatile in nature).  In addition, CFAL
has a policy of entering into forward contracts while importing
raw materials with most of its customers in the export market to
protect its receivables.

Substantial debt-funded acquisitions/capex and a deterioration in
leverage (net debt/operating EBITDA) could affect CFAL's key
credit metrics and apply downward rating pressure.

CFAL was incorporated in 2003 to manufacture ferro alloys with
mainly two products, silico manganese and ferro manganese.  Due to
an upswing in the steel industry, CFAL has grown with a compound
annual growth rate of 80% between FY06-FY08, and increased its
capacity for manufacturing ferro alloys over the last four years.
Presently the company has four electric arc furnace of 9MVA each,
with a cumulative installed capacity of 75,900MTPA (silico
manganese - 31,600MTPA and ferro manganese 44,300MTPA).


KHOKHAR INFRASTRUCTURE: CRISIL Rates Rs.50MM Cash Credit at 'BB+'
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4' to the various
bank facilities of Khokhar Infrastructure Pvt Ltd (Khokhar).

   Rs.50 Million Cash Credit        BB+/Stable (Assigned)
   Rs.300 Million Bank Guarantee *  P4 (Assigned)

   * Includes proposed limit of Rs.150 Million.

The ratings reflect Khokhar's low net worth, and exposure to risks
relating to geographical and customer concentration in its revenue
profile.  These weaknesses are, however, partially offset by
Khokhar's strong growth in revenues, healthy order book, and
above-average financial risk profile.

For arriving at the ratings, CRISIL has combined the financial and
business risk profiles of Khokhar and the partnership firm Bharat
Construction.  This is because both entities are under a common
management, and in the same line of business.  Moreover, the
management intends to merge the two entities in future.

Outlook: Stable

CRISIL believes that Khokhar will benefit from the growth
prospects in the civil construction industry.  The outlook may be
revised to 'Positive' if Khokhar strengthens its business risk
profile through wider geographical reach, while maintaining stable
operating margins. Conversely, the outlook may be revised to
'Negative' if large, debt-funded capital expenditure or
acquisitions lead to deterioration in Khokhar's financial risk
profile.

                      About Bharat and Khokhar

Bharat Constructions was set up as a partnership concern by
Mr. Harbhajan Singh Khokhar and his three brothers in 2001, while
Khokhar was incorporated in 2007.  Khokhar is engaged in civil
construction activities, including construction of roads, bridges
and buildings in Jharkhand and Bihar.  The merged entities
reported a profit after tax (PAT) of Rs.13.7 million on net sales
of Rs.314.4 million for 2007-08 (refers to financial year, April 1
to March 31), as against a PAT of Rs.6.3 million on net sales of
Rs.153.2 million for 2006-07.


MITTATEX EXPORTS: Weak Liquidity Prompts CRISIL 'P4' Ratings
------------------------------------------------------------
CRISIL has assigned its ratings of 'P4' to the various bank
facilities of Mittatex Exports Pvt Ltd (Mittatex).

   Rs.350.0 Million Packing Credit      P4 (Assigned)
   Rs.250.0 Million Short Term Loan     P4 (Assigned)

The ratings reflect Mittatex's moderate financial risk profile and
weak liquidity marked by insufficient cash accruals to repay the
maturing debt obligations arising in its joint venture concern,
MEP Cotton Pvt Ltd.  The ratings also reflect Mittatex's
aggressive expansion plans, limited product and geographical
diversification, and its exposure to risks relating to changes in
the government regulations regarding the cotton industry.  These
rating weaknesses are, however, partially mitigated by Mittatex's
established market position in the cotton trading business, and
its sound risk management policies.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Mittatex and MEP Cotton Pvt Ltd (MEP
Cotton), collectively referred to as the MEP group.  This is
because of the operational synergies and cash flow fungibility
between the entities, and their common set of promoters.  MEP
Cotton is a 50-50 joint venture between Mittatex and Welspun India
Ltd (Welspun India).  MEP Cotton is managed by the promoters of
Mittatex; Welspun India primarily functions as a financial
investor in MEP Cotton.  Also, Mittatex has provided corporate
guarantees for MEP Cotton's bank facilities.

                      About  Mittatex Exports

Incorporated in 1992 by Mr. K K Mittal, Mittatex trades in raw
cotton and caters primarily to China, Vietnam, Taiwan, and
Malaysia.  The company is managed by Mr. K K Mittal and his son
Mr. Anuj Mittal.  In 2007, Mittatex entered into a 50-50 joint
venture with Welspun India and set up MEP Cotton.  MEP Cotton has
three ginning units and is currently implementing a cottonseed
crushing and refining mill which is expected to be implemented in
2009-10 (refers to financial year, April 1 to March 31).
Mr. Ashish Mittal, younger son of K K Mittal, supervises the MEP
Cotton project.

For 2007-08, MEP Group reported a profit after tax (PAT) of
Rs.11 million on net sales of Rs.3.74 billion, as against a PAT
of Rs.16 million on net sales of Rs.2.23 billion for 2006-07.


PREM MOTORS: CRISIL Assigns 'BB' Ratings on Various Bank Loans
--------------------------------------------------------------
CRISIL has assigned its rating of 'BB/Stable' to the bank
facilities of Prem Motors Pvt Ltd (PML).

   Rs.107.5 Million Cash Credit *       BB/Stable (Assigned)
   Rs.234 Million Working Capital       BB/Stable (Assigned)
                  Demand Loan
   Rs.225 Million Term Loan             BB/Stable (Assigned)

  * Includes Standby line of credit of Rs.37.5 Million.

The rating reflects PML's weak financial risk profile marked by
high gearing; further, the current economic slowdown is expected
to exert pressure on the company's business risk profile over the
medium term.  These weaknesses are partially offset by PML's
established position in its selected automobile dealership market,
reflected in its high operating profitability.

Outlook: Stable

CRISIL expects PML to maintain its business risk profile backed by
its established market position.  The outlook may be revised to
'Positive' if PML is able to improve its capital structure from
current levels or in case of any significant improvement in the
operating margins.  Conversely, the outlook may be revised to
'Negative' in case of a slowdown in the automobile industry,
significantly impacting its revenue and profitability, or any
large debt-funded capital expenditure, adversely affecting its
capital structure, or a decline in PML's cash accruals.

                       About Prem Motors

PML was incorporated in 1990 after Mr. Charanjeet Nagpal took over
Prem Motors, a dealership for Rajdoot Motorcycles in Gwalior.  PML
obtained the first dealership of Maruti Suzuki India Ltd (MSIL) in
2001 at Gwalior.  Presently, the company has 4 dealership at
Jaipur (2 nos.), Gwalior (1) and Guna (1), out of which 3 have 3S
setup (Sales, Service and Spares).  MSIL dealership at Gwalior and
Guna are exclusive dealerships in the region.  PML also has
dealership of TVS motors (Gwalior) and dealership of Piaggio
(Gwalior). In 2007-08 (refers to financial year, April 1 to March
31), MSIL dealerships contributed about 80 per cent of PML's total
revenue.

For 2007-08, PML reported a profit after tax (PAT) of Rs.17.4
million on net revenues of Rs.1.14 billion, as against a PAT of
Rs.14.1 million on net revenues of Rs.952 million in the previous
year.


RAMA KRISHNA: Weak Financial Risk Profile Cues CRISIL 'B+' Ratings
------------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable' to the various bank
facilities of Rama Krishna Spintex Pvt Ltd (Rama Krishna).

   Rs.50.0 Million Cash Credit Limit     B+/Stable (Assigned)
   Rs.144.0 Million Term Loan            B+/Stable (Assigned)
   Rs.7.5 Million Standby Line of        B+/Stable (Assigned)
                  Credit

The ratings reflect Rama Krishna's weak financial risk profile and
limited presence in the cotton yarn industry.  These weaknesses
are, however, partially offset by the benefits that Rama Krishna
derives from its promoters' vast experience in the cotton yarn
industry.

Outlook: Stable

CRISIL believes that the financial risk profile of Rama Krishna
Spintex Pvt Ltd (Rama Krishna) will remain weak over the medium
term due to its high gearing and weak debt protection measures.
The outlook may be revised to 'Positive' if the company's cash
accruals improve significantly, thereby, significantly improving
its capital structure.  Conversely, the outlook may be revised to
'Negative' if Rama Krishna's profitability and cash accruals
decline, thereby, resulting in a sharp deterioration in its
financial risk profile.

                       About Rama Krishna

Rama Krishna was incorporated in February 2007, by Mr. Makhan Lal
Mangla to manufacture cotton yarn.  The company started production
in February 2008.  It has a manufacturing facility at Bhatinda
with an installed capacity of 13000 spindles and a ginning plant.
Mr. Mangla is also a partner in Krishna Oil and General Mills, a
firm engaged in oil extraction and cotton ginning.

For 2007-08 (refers to financial year, April 1 to March 31), Rama
Krishna reported a profit after tax (PAT) of Rs. 0.06 million on
net sales of Rs. 10.3 million.


SAINSONS PULP: CRISIL Puts 'BB' Rating on Rs.322.5 Mln. Term Loan
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to Sainsons Pulp
& Papers Ltd's (SPPL's) bank facilities.

   Rs.60 Million Cash Credit Limit    BB/Stable (Assigned)
   Rs.322.5 Million Term Loan         BB/Stable (Assigned)
   Rs.100 Million Letter of Credit    P4 (Assigned)
   Rs.27 Million Bank Guarantee       P4 (Assigned)

The ratings reflect the technical and logistical risks associated
with the company's ongoing project, and the fluctuations in the
price of paper.  These risks are partially offset by the
promoter's experience in the operation and management of paper
mills, and the availability of requisite funding for the project.

Outlook: Stable

CRISIL believes that SPPL will service its long-term debt and
gradually improve its capital structure, on setting up the plant
and commencement of operations on schedule.  The outlook may be
revised to 'Positive' if the company completes the project on
time, and stabilises its operations faster than expected.
Conversely, the outlook may be revised to 'Negative' in case of
cost overruns or delays in the project.  Lower-than-expected
profitability could also result in a revision in the outlook to
'Negative'.

                    About Sainsons Pulp

SPPL was incorporated in 2005 for setting up a Rs.480-million,
waste paper-based writing and printing paper mill with a
production capacity of 150 tonnes per day.  The company has
acquired land at Taliwal-Nichla in Una district of Himachal
Pradesh, and has constructed the necessary buildings.  It has also
bought the required machines and machine parts, and installation
is expected to commence shortly.  The plant is scheduled to
commence operations by October 2009.

The company is promoted by Mr. Ramesh Kumar Saini, who has more
than 17 years of experience in the paper industry.


SAMRIDDHI EDUCATIONAL: CRISIL Rates Rs.168MM Term Loan at 'B+'
--------------------------------------------------------------
CRISIL has assigned its rating of 'B+/Negative' to the
Rs.168 million term loan facility of Samriddhi Educational Trust
(Samriddhi).  The rating reflects Samriddhi's weak financial risk
profile, and limited experience in the educational sector.  These
weaknesses are, however, partially offset by Samriddhi's strong
prospects in the education sector, backed by stable demand.

Outlook: Negative

CRISIL believes that Samriddhi financial risk profile will be
affected adversely by the debt-funded capital expenditure (capex)
planned by the trust.  The rating may be downgraded if there is a
significant drop in student intake in the trust's colleges, or if
the company takes on substantial debt to fund its capex.
Conversely, the outlook may be revised to 'Stable', if Samriddhi
improves its revenues by increasing the number of seats on offer,
or fees charged, in its colleges.

                     About the Trust

Samriddhi is an educational trust set up in 2005-06 (refers to
financial year, April 1 to March 31) in Bhubaneswar (Orissa).  The
trust manages Raajdhani Engineering College (REC) which offers
courses in engineering and computer applications; the courses are
affiliated to Biju Patnaik University of Technology.  For 2007-08
(refers to financial year, April 1 to March 31), Samriddhi
reported a profit after tax (PAT) of Rs.16 million on net sales of
Rs.545 million, as against a PAT of Rs.1.6 million on net sales of
Rs.293 million for 2006-07.


SANGHVI & SONS: CRISIL Rates Rs.200.0 Mln Packing Credit at 'P4'
----------------------------------------------------------------
CRISIL has assigned its rating of 'P4' to the bank facilities of
Sanghvi & Sons (Sanghvi).

   Rs.200.0 Million Packing Credit         P4 (Assigned)
   Rs.400.0 Million Post Shipment Credit   P4 (Assigned)

The rating reflects Sanghvi's weak financial risk profile,
business concentration risks and expected pressures on revenues
and profitability due to the slowdown in global demand for
diamonds and diamond jewellery.  These weaknesses are, however,
partially offset by the benefits that the firm derives from its
promoter's experience in the diamond business.

                       About Sanghvi

Sanghvi, set up by Mr. Tarachand Sanghvi, Mr. Mohanlal Sanghvi and
Mr. Lalit Sanghvi in 1982, is in the business of manufacturing and
trading in diamonds.  Sanghvi has its own manufacturing facility
at Surat.  Sanghvi reported a profit after tax (PAT) of Rs.21
million on net sales of Rs.1459 million for 2007-08 (refers to
financial year, April 1 to March 31), as against a PAT of Rs.23
million on net sales of Rs.1497 million for 2006-07.



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

CENTRAL PROTEINAPRIMA: Makes New Bid for Rights Issue
-----------------------------------------------------
PT Central Proteinaprima Tbk (CP Prima) is making another bid to
secure approval for a rights issue from the Capital Market and
Financial Institutions Supervisory Agency (Bapepam-LK), the
Jakarta Globe reports citing CP Prima's Corporate Communications
Manager Fajar Reksoprodjo.

Citing the news agency, the Troubled Company Reporter-Asia Pacific
reported on March 17, 2009, that Bapepam-LK cancelled CP Prima's
IDR1.75 trillion rights issue on the grounds that the company had
failed to satisfy the attendance quorum for minority shareholders
at an extraordinary general meeting held on Nov. 28.

However, the company has maintained that it had satisfied all
requirements for the rights issue, the Jakarta Globe noted.

"I think there was intervention by the foreign investors on CP
Prima's rights issue," an unnamed source at the company told the
Jakarta Globe.

In a response to the speculation, Bapepam-LK's Head of Legal and
Regulatory Affairs Robinson Simbolon, as cited by the report, as
said that the agency had launched an investigation of the matter
under its own initiative.

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

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
March 6, 2009, Moody's Investors Service downgraded to B3 from B2
the corporate family rating and senior secured bond rating of PT
Central Proteinaprima.  At the same time, PT Moody's Indonesia
downgraded CPP's national scale issuer rating to Ba1.id from
Baa2.id.  The outlook on all ratings is negative.

The TCR-AP also reported on March 2, 2009, that Fitch Ratings
affirmed Indonesia's PT Central Proteinaprima Tbk's Long-term
foreign currency Issuer Default Rating and senior unsecured
ratings at 'B'.  The Outlook is Negative.


EXCELCOMINDO PRATAMA: Shareholders Approve US$400-Mil. Loans
------------------------------------------------------------
The shareholders of PT Excelcomindo Pratama (XL) have approved the
the company's plan to seek US$400 million worth of loans this year
to help refinance its debts, Jakarta Post reports citing XL's
Finance Director Willem Lucas Timmersmans.

Mr. Timmersmans, as cited by the Post, said the new loans would be
used to pay up US$130 million in debt due to mature throughout
this year, while "the remaining proceeds would  be used to
accelerate  debt payments" in the following years.

Beyond 2009, XL has loans of US$300 million maturing in 2010 and
2011, the report discloses.

According to the report, the refinancing program is part of XL's
strategy to lower its debt-to-equity ratio, which stood at the
level of 4.1 percent by the end of last year.

"The idea is to reduce exposure to dollar debts and replace them
with rupiah debts," Hasnul was quoted by The Post as saying.

The Post, citing previous reports, says that XL's outstanding
debts stood at around US$1 billion by the end of 2008, about 90%
of which was dollar denominated.

The Post recalls the company was hit last year by higher spending
on network expansion and on dollar-debt servicing as the local
currency weakened, slumping to post a IDR15 billion (US$1.26
million) loss as against IDR251 billion in net profits a year
earlier.

                   About Excelcomindo Pratama

Headquartered in Jakarta, Indonesia, PT Excelcomindo Pratama Tbk
-- http://www.xl.co.id/-- provides wireless telecommunications
services, leased lines and corporate services, which include
Internet Service Provider and Voice over Internet Protocol
services.  In addition, Excelcomindo provides voice, data and
other value-added cellular telecommunications services.  Its
product lines include jempol, bebas and xplor.  The company also
provides services that allow its customers to purchase
electronic voucher reloads at all of its centers and outlets,
automated teller machines of various major banks and through its
all centers.  Excelcomindo starter packs and voucher reloads are
also sold by independent retailers.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on March 3,
2009, that Standard & Poor's Ratings Services affirmed its 'BB-'
corporate credit rating on the company and its 'BB-' rating on the
US$250 million (US$127.7 million currently outstanding) 7.125%
notes due 2013 issued by Excelcomindo Finance Co. B.V., a fully
owned company incorporated in The Netherlands, and which are
unconditionally and irrevocably guaranteed by XL.  S&P also
revised its down its outlook on the company's long-term corporate
credit rating to negative from stable.

The TCR-AP also reported on Feb. 27, 2009, that Moody's Investors
Service has changed the outlook on PT Excelcomindo Pratama Tbk's
Ba2 local currency issuer rating and senior unsecured foreign
currency rating to negative from stable.

On September 2, 2008, the TCR-AP reported that Fitch Ratings
affirmed PT Excelcomindo Pratama Tbk's Long-term foreign currency
and local currency Issuer Default Ratings at 'BB-'.  The Outlook
on the ratings is Stable.  At the same time, Fitch has affirmed
the rating on XL's outstanding senior unsecured notes programme at
'BB-'.



=========
K E N Y A
=========

PAN AFRICAN: Placed in Receivership; 1,500 Permanent Jobs Affected
------------------------------------------------------------------
The Daily Nation reported Friday that Pan African Paper Mills
Limited (Panpaper) has been placed in receivership by the
company's debenture holders.  The company has debts amounting to
Sh7 billion.  It also owes about Sh100 million and Sh200 million
to its fuel supplier, Kenya Power and Lighting Company.

The report says four creditor banks have appointed Kieran Day and
Ian Small of Begbies Traynor Group to be the receiver managers for
the company's floating assets, which include book debts and
stocks.

The four banks are Kenya Commercial Bank, Bank of Baroda, Barclays
Bank of Kenya and EcoBank.

According to the report, Messrs. Day and Small were appointed as
joint receivers and managers over the floating assets charged by
debentures that were created on various dates by Panpaper.

The move, the Daily notes, gives authority to the receiver
managers to manage floating charged assets, which is expected to
turnaround the company.

The Daily Nation recalls that the 40-year-old factory went under
last month, sending home 1,500 permanent employees, 30,000 casual
labourers and leaving the economy of Webuye, a mono-industrial
town, to imminent death.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 26, 2009, the Business Daily said Panpaper held a
shareholders' meeting to discuss rescue plans for the company amid
a major disruption last month.

According to the Business Daily, Panpaper chief executive officer,
Mr. Niranjan Saha, said the operations were suspended because of a
"host of problems."  The rescue plan, Mr. Saha said, would include
"fiscal support measures" from the government.

The Daily Nation stated that the Kenyan government has imposed a
three-month suspension of operations to enable it come up with a
concrete revival plan for the firm.

However, the Daily Nation noted without any profit from
operations, the company has accumulated debts that now run to
about Sh8 billion.

                         Host of Problems

The Standard related that Panpaper's operations were also
suspended following power disconnection to the firm late in
January this year.

In May last year, the Standard recalled, the Kenya Power and
Lighting Company disconnected power to the company over a
Sh30 million bill, but was re-connected after part of it was
cleared.

Aside from power disconnection, Panpaper also faces difficulty in
securing capital because the company does not have a valid logging
licence, according to the Standard.

According to the Standard, Mr. Saha said the licence had not been
renewed since 2003, leading to the disruption of wood supply, the
factory's core raw material.

The Standard disclosed that PanPaper has for some years been
facing financial problems, attributed by the management to high
fuel and power costs and difficulties in accessing raw materials.

                        About Pan African

Pan African Paper Limited operates a paper mill and forestry
operation in Western Kenya in the town of Webuye, near the Uganda
border.  The industry began in the mid 1970's as a project of the
Kenyan government with support and financing of the World Bank.
Orient Paper Mills, part of the Birhla group from India, bought
major shareholdings in the operation.



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

DAEWOO ELECTRONICS: Reduces Staff by 40%, Exits Two Business Units
------------------------------------------------------------------
Daewoo Electronics Corporation is planning to sell or spin off its
TV and air conditioner businesses and dismiss 1,000 to 1,200
employees as part of restructuring, the Chosun Ilbo reports.

"As the workout terminates this month, it needs to be extended by
the creditors again.  To get an extension from the creditors, we
have submitted a measure to cut back on employees by 40 percent,"
a senior official with the firm was quoted by the report as
saying.

The report says the company plans to retain the profitable
sectors, including refrigerators and washing machines businesses.

Daewoo Electronics currently employs 2,500 staff, the report
notes.

Headquartered in Chung-Gu, Seoul, Daewoo Electronics Corporation
-- http://www.dwe.co.kr/-- is the third largest Korean consumer
electronics company.  It manufactures and sells a variety of
products including televisions, DVD players, refrigerators, air
conditioners, washing machines, microwaves, vacuum cleaners and
car audio systems in over 105 countries.

According to the Troubled Company Reporter-Asia Pacific, Daewoo
Electronics has been under a debt workout program since January
2000, months after its parent group -- the Daewoo Group --
collapsed under debts of nearly US$80 billion in 1999.


* KOREA: SMEs Loan Delinquency Ratio Rises to 45-Mo. High in Feb.
-----------------------------------------------------------------
The delinquency ratio of loans given to small and medium-sized
South Korean companies has hit a 45-month high amid deteriorating
financial soundness of banks as smaller businesses struggle to
repay their debts, the KBS World Radio reports citing the
Financial Supervisory Service.

According to the report, the financial watchdog said the
delinquency ratio for local bank loans stood at about two-point-
seven percent in February, up around one-point-three percent
compared to the previous year.

The loan default rate for the banks, KBS World Radio relates, rose
to an average of nearly one-point-seven percent last month, the
highest since October 2005.



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

ATLAS SECURITIES: Liquidators Probe Related Party Advances
----------------------------------------------------------
Liquidators for Atlas Securities, a company formerly owned by
property developer Dave Henderson, is conducting investigation on
a NZ$21-million related party advances, Marta Steeman at The Press
reports.

The liquidator's first report, as cited by the Press, said the
company was placed in liquidation by an order of the High Court
last month.

The Press notes that the Inland Revenue Department, which is
estimated to be owed $2.09 million, filed winding up petition
against the company after it fell behind on its payments.

According to the Press, liquidator Keiran Horne of HFK said there
were still several issues to investigate, including a $21.24
million of related company advances.

The report states that the liquidators had not been advised of any
other creditors except for Secured Lending, which holds a general
security agreement with Atlas Securities and South Canterbury
Finance.

The liquidators' report, the Press discloses, estimated that no
funds would be available to unsecured creditors because
preferential and secured creditors, such as employee and IRD
claims, had to be paid first.

At this stage, the report notes, there were insufficient funds to
pay preferential and secured creditors.  However, recovery actions
might bring additional funds, the report says.

The liquidation should be completed by next March, although there
could be unexpected delays, the Press adds citing the liquidator's
report.

According to the Press, Atlas Securities is shown on the Companies
Office website as the single largest shareholder in Property
Ventures, the property development company of which Mr. Henderson
is managing director.  Mr. Henderson had resigned as a director of
Atlas Securities on August 30 last year.


COMPASS CAPITAL: Calls In Receivers
-----------------------------------
Compass Capital Limited has been placed in receivership,
David Hargreaves at BusinessDay reports.  The report says the
company, once an offshoot of Bridgecorp, has appointed Grant
Graham and Brendon Gibson of KordaMentha as receivers.

According to the report, Compass Capital still owed about 500
investors between NZ$13 million and NZ$14 million.

The company's loan book, the report notes, now consists of just a
small number of mortgages.

The Troubled Company Reporter-Asia Pacific, citing Dominion Post,
reported on Aug. 22, 2008, that Compass Capital stopped repaying
its investors, blaming the deteriorating credit and property
markets in recent months.

In a letter dated Aug. 13, 2008, cited by the Post, the company
told investors that borrowers had struggled to repay their loans
which, in turn, impacted on Compass' ability to repay bond
holders.

Executive director Ian Gladwell said repayment of principal and
interest had been suspended and directors were preparing a
proposal to repay all existing bondholders.

According to the report, Compass was set up in May 2006 to buy
some of Bridgecorp Limited's best loans and provide the now
doomed company with liquidity.

Compass, the Post noted, stopped taking new investments
on August 17 last year and withdrew its prospectus to raise up
to NZ$100 million.

As reported in the TCR-Asia Pacific, New Zealand-based Bridgecorp
Limited was placed in receivership on July 2, 2007, after failing
to pay principal due to debenture holders.  John Waller and Colin
McCloy, partners at PricewaterhouseCoopers, were appointed as
receivers.  The company owes around 1,800 debenture holders, which
liquidators estimate hold approximately NZ$500 million.


HANOVER FINANCE: Reaches Settlement With Developer Over Loan
------------------------------------------------------------
Hanover Finance and property developer Andrew Krukziener have
reached a settlement over money Mr. Krukziener owed to the
company, The Age reports.

The terms of the confidential settlement required all current
proceedings between the parties to be discontinued, the report
discloses citing Hanover and Mr. Krukziener in a joint statement.

The statement said the agreed payments represented a fair and
reasonable settlement given the alternative, the report relates.

According to the Age, since a judgment in April 2007 for a sum of
NZ$6.98 million (AU$5.6 million) including interest, Hanover had
been in negotiation with Mr. Krukziener for repayment of the
amount, and had brought bankruptcy proceedings against him.

The statement, as cited by the report, said Hanover had been
pursuing Mr. Krukziener for repayment of a loan originally made in
1988.

The Age states that Mr. Krukziener, best known for building
Auckland's Metropolis Tower, had made a claim against Hanover
relating to that loan and a subsequent joint venture property
development.

Hanover said in a statement Monday last week, that the first
principal repayment to secured investors under the debt
restructure plan was being made on schedule.

In addition, Hanover said David Henry's appointment as new
independent director and Chairman to the boards of both companies,
as well as Hanover Capital Limited, has been approved by the
respective trustees.

David Henry was formerly an Executive Director and the Chief
Financial Officer of Fisher & Paykel Industries Limited Group
(prior to the Appliances/Healthcare split), and is a director of a
number of private companies.  While at Fisher & Paykel, Mr. Henry
was a director of Fisher & Paykel Finance for 15 years, and
consequently has an in-depth knowledge of the finance company
sector.

Among Mr. Henry's initial tasks will be to assist in the
recruitment of a second independent director as foreshadowed in
the debt restructuring plan.  As previously signalled, incumbent
Chairman Greg Muir will resign effective upon Mr. Henry's
appointment.

The Troubled Company Reporter-Asia Pacific on Dec. 10, 2008,
reported that Hanover Finance's investors have voted in favor of
the company's Debt Restructure Proposals, including a plan to
fully repay NZ$552.6 million principal it owes over five years.

                            About HFL

Hanover Finance Limited -- http://www.hanover.co.nz/-- is NZ's
third-largest privately-owned finance company with total assets
of NZ$796 million at December 31, 2007.  The company was
established in 1984 to provide finance to the rural sector
and began lending to property developers and investors in 1995.
The loan portfolio has been gradually downsized since 2006 as a
result of a more cautious approach to lending in the face of
retail funding constraints.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 2, 2008, Fitch Ratings affirmed and simultaneously withdrawn
the ratings of Hanover Finance Limited's Long-term and Short-term
foreign currency Issuer Default Ratings of 'D', Individual rating
of 'F', Support rating of '5' and the Support Rating Floor of
'NF'.

A Long-term foreign currency IDR of 'D' indicates that HFL has
defaulted on its financial obligations.

The withdrawal of the ratings recognizes that HFL is no longer
accepting new debentures and is seeking to implement a debt
restructure plan for existing debenture holders.  As a result,
Fitch said it will no longer provide analytical coverage.



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

FORD MOTOR: Phil. Unit's Export Down by 15% in January - February
-----------------------------------------------------------------
The Philippine unit of Ford Motor Co., Ford Group Philippines,
exported 15% less cars in the first two months of the year
compared to the same period in 2008, BusinessWorld reports citing
Ford Philippines's President, Richard C. Baker.

"As a result of decreased regional demand, we have reduced our
production of CBU (completely built units) exports by
approximately 15%," Mr. Baker said in an e-mail obtained
BusinessWorld.

The firm has shipped 58,000 vehicles abroad as of last year since
it started production in 2002, the news agency notes.

Ford Philippines counts Thailand, Indonesia, Malaysia, and Vietnam
as its export markets, the report discloses.

Meanwhile, sales to the domestic market also contracted in January
and February, falling by nearly a quarter to 945 units, the report
adds citing an industry data.

However, Mr. Baker, as cited by the report, said that while
production has been reduced in line with domestic and regional
demand, the firm will be retaining its workforce.

                       About Ford Motor Co.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles in
200 markets across six continents.  With about 260,000 employees
and about 100 plants worldwide, the company's core and affiliated
automotive brands include Ford, Jaguar, Land Rover, Lincoln,
Mercury, Volvo, Aston Martin, and Mazda.  The company provides
financial services through Ford Motor Credit Company.

The company has operations in Japan in the Asia Pacific region. In
Europe, the company maintains a presence in Sweden, and the United
Kingdom.  The company also distributes its brands in various
Latin-American regions, including Argentina and Brazil.

                         *     *     *

Moody's Investors Service in December 2008 lowered the Corporate
Family Rating and Probability of Default Rating of Ford Motor
Company to Caa3 from Caa1 and lowered the company's Speculative
Grade Liquidity rating to SGL-4 from SGL-3.  The outlook is
negative.  The downgrade reflects the increased risk that Ford
will have to undertake some form of balance sheet restructuring in
order to achieve the same UAW concessions that General Motors and
Chrysler are likely to achieve as a result of the recently-
approved government bailout loans.  Such a balance sheet
restructuring would likely entail a loss for bond holders and
would be viewed by Moody's as a distressed exchange and
consequently treated as a default for analytic purposes.


PHILIPPINE LONG: Fitch Affirms Issuer Default Rating to 'BB+'
-------------------------------------------------------------
Fitch Ratings has affirmed Philippine Long Distance Telephone
Company's Long-term foreign currency Issuer Default Rating and
outstanding global bonds and senior notes at 'BB+', and its
National Long-term rating at 'AAA(phl)'.  The rating Outlook is
Stable. At the same time, Fitch has affirmed PLDT's Long-term
local currency IDR at 'BBB' but revised the rating Outlook to
Negative from Stable.

The rating action follows the company's agreement to acquire a 20%
stake in electricity utility, Manila Electric Company from the
Lopez Group, for PHP20.0bn in cash which represents approximately
40% of the group's pre-dividend free cash flow.  The proposed
transaction will be executed through PLDT's 92.8%-owned subsidiary
Piltel, and is in addition to a 10.17% stake purchased by the
group's Beneficial Trust Fund during February and March 2009.
PLDT expects BTF's stake to be transferred to affiliate Metro
Pacific Investment Corporation over time, also the vehicle for any
future Meralco stake acquisitions.

Meralco is the largest distributor of electricity in the
Philippines with a customer base of 4.5 million and population
coverage of about 25%.  In addition to electricity distribution,
its subsidiary e-Meralco Ventures Inc provides data services over
a 1000-kilometre fibre-optic network.  Potential telecom synergies
arising from the acquisition include provision of broadband over
electricity lines, access to eMVI's fibre optic network, power-
poles to serve last-mile requirements and access to Meralco's
rights of way.  Fitch acknowledges the inherent synergies, but
believes they are moderate and will take time to deliver value.
The agency views the transaction primarily as a tactical move in
light of San Miguel Corporation's planned entry into
telecommunications, in partnership with Qatar Telecom.  With an
estimated stake of 27%, SMC is a major shareholder of Meralco, and
expects to leverage Meralco's infrastructure to offer telecom
services.

Following the acquisition, PLDT's cellular business will be
consolidated under wholly-owned subsidiary Smart, which will then
undertake a tender offer for shares held by Piltel minority
shareholders.  With regard to capital management, the proposed
acquisition will not impact cash-dividend payouts in 2009 and the
group remains committed to its share buyback program for about 3
million common shares in 2009/10.  "On aggregate, the acquisition
of an effective 30.17% stake in Meralco can be accommodated within
PLDT's local currency rating of 'BBB', with net adjusted leverage
for FY09 expected to remain below the maximum threshold of 1.0x
set by the agency," said Priya Gupta, director in Fitch's Asia-
Pacific telecommunications, media and technology team.

However, the Negative Outlook on the local currency rating
reflects limited headroom for a further increase in net leverage,
and in this regard, the agency maintains a cautious view with
respect to Meralco's weak financial position and the potential
financial support that it may require.

PLDT is the Philippines' incumbent and leading diversified
operator, with leading market shares of cellular (c.52% at FYE08)
and fixed-line (c.60% at FYE08), and a dominant share of the
nascent broadband market.  Its local currency rating of
'BBB'/Stable (which exceeds the sovereign local currency rating by
two notches) ignores foreign currency transfer and convertibility
risk, and is more reflective of its stand-alone credit profile.
In terms of its foreign currency IDR, PLDT remains constrained by
the country ceiling of the Republic of the Philippines, which is
currently 'BB+'.  The National rating of 'AAA(phl)' incorporates
all the above factors and is indicative of PLDT's relative credit
strength among all Philippine companies.



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

JACKLIE CONSTRUCTION: Creditors' Proofs of Debt Due on April 3
--------------------------------------------------------------
The creditors of Jacklie Construction Pte Ltd. are required to
file their proofs of debt by April 3, 2009, to be included in the
company's dividend distribution.

The company's liquidator is:

          The Official Receiver
          The URA Centre (East Wing)
          45 Maxwell Road #06-11
          Singapore 069118


LANDMARK ENGINEERING: Creditors' Proofs of Debt Due on April 3
--------------------------------------------------------------
The creditors of Landmark Engineering & Water Service Pte Ltd. are
required to file their proofs of debt by April 3, 2009, to be
included in the company's dividend distribution.

The company's liquidator is:

          The Official Receiver
          The URA Centre (East Wing)
          45 Maxwell Road #06-11
          Singapore 069118


LTF ENGINEERING: Court to Hear Wind-Up Petition on April 3
----------------------------------------------------------
A petition to have LTF Engineering Construction Pte Ltd's
operations wound up will be heard before the High Court of
Singapore on April 3, 2009, at 10:00 a.m.

United Overseas Bank Limited filed the petition against the
company on March 12, 2009.

The Plaintiff's solicitors are:

          Messrs Rajah & Tann LLP
          4 Battery Road
          #15-01 Bank of China Building
          Singapore 049908


SINGAPORE AIRPORT: Creditors' Proofs of Debt Due on April 20
------------------------------------------------------------
The creditors of Singapore Airport Logistics Center 2 Pte. Ltd.
are required to file their proofs of debt by April 20, 2009, to be
included in the company's dividend distribution.

The company's liquidator is:

          Lau Chin Huat
          c/o 6 Shenton Way #32-00
          DBS Building Tower Two
          Singapore 068809


THIS MOBILE: Court Enters Wind-Up Order
---------------------------------------
On March 13, 2009, the High Court of Singapore entered an order to
have This Mobile Pte Ltd's operations wound up.

Standard Chartered Bank filed the petition against the company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's Office
         45 Maxwell Road #06-11
         The URA Centre (East Wing)
         Singapore 069118



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

PAMODZI GOLD: Orkney Mine Under Provisional Liquidation
-------------------------------------------------------
Pamodzi Gold Ltd. said its Orkney mine received a provisional
liquidation order from the High Court in Pretoria, Ron Derby and
Carli Lourens at Bloomberg News report.

The gold producer has until April 14 to turn Orkney around, Jan
Van den Berg, co-founder of contractor Engineering Labour Hire and
Mining Supplies, told Bloomberg News in an interview from
Pretoria.

According to the Business Report, Judge Bill Prinsloo has ruled in
favour of three creditors that were seeking the provisional
liquidation of the mine instead of placing the company under
judicial management, which the Industrial Development Corporation
(IDC) sought before the North Gauteng High Court in Pretoria.

The three Orkney creditors applying for liquidation are
Engineering Labour Hire and Mining Supplies, Accurate Drilling and
Safety Training Practitioners, the Business Report relates.

Henk Strydom, a lawyer with Strydom and Bredenkamp, as cited by
the Business Report, said that a provisional liquidator could be
appointed this week.

As reported in the Troubled Company Reporter-Asia Pacific on
Mar. 18, 2009, Bloomberg News's Ron Derby said Pamodzi is seeking
funds after failing to receive an expected sum of 200 million rand
(US$20 million) from Best Rock Investments LLP.

The report recalled the company said Oct. 24 it completed the
terms of a final 200 million rand of necessary fund raising.  On
Dec. 29, the report related Pamodzi said the fund raising
would include an issue of call options to Best Rock Investments
(Pty) Ltd.  Pamodzi added in a Feb. 18 statement obtained by
Bloomberg News that it hadn't received a "definitive timeline" for
the receipt of funds from Best Rock.

Meanwhile, Bloomberg News reported Pamodzi spokeswoman Bongi
Radebe said the company will oppose a 21.8 million-rand claim in
South Africa's High Court against its Orkney mine from contractor
Engineering Labour Hire and Mining Supplies.  The demand is in
connection with outstanding payments, Jan Van den Berg told the
news agency by mobile phone from Pretoria.

As reported in the Troubled Company Reporter-Asia Pacific on
Mar. 9, 2009, around 4,000 workers at Pamodzi Gold's Free State
province mines went on strike over unpaid wages.

Pamodzi, which employs 5,014 workers in South Africa, ended the
10-day strike on March 13 after paying February wages, Bloomberg
News said.

                         Mounting Losses

For the nine months ended September 30, 2008, Pamodzi incurred a
net loss of R427,673,000.  The company recorded a R208,488,000
loss in the year ended December 31, 2007.

According to Business Report, Pamodzi incurred mounting losses
after selling gold below market price and with the acquisition of
two gold mines early last year.

As of September 30, 2008, the company's total assets and total
liabilities stood at R1,917,030,000 and R1,757,518,000
respectively.

Pamodzi said it will use the R400 million fund from the IDC and
Pamodzi Resources for these purposes:

   -- R180 million to settle long outstanding creditors;

   -- settle the loan from MC Resources Limited and Casten
      Holdings Limited, shareholders of Thistle, amounting
      to R34.2 million;

   -- settle the RMB revolving credit facility of
      R26.8 million; and

   -- R160 million for future capital expansion and assumed
      to be split evenly between IDC loan and Pamodzi
      Resources loan.

                       About Pamodzi Gold

Pamodzi Gold Limited (JNB:PZG) -- http://www.pamodzigold.co.za/--
is a junior gold mining company with assets on the Witwatersrand
gold basin in South Africa.  The Company has gold mining
operations in the East and West Rand of Gauteng Province in South
Africa.  The Company has acquired operations in Orkney, in the
North West Province, and the President Gold mine in the Free State
province.  The West Rand operation consists of Pamodzi Gold West
Rand (Pty) Limited (PGWR)'s Middelvlei opencast mine situated 55
kilometers southwest of Johannesburg, extracting the Black Reef
ore body.  The East Rand Operations consist of three underground
operations, namely Grootvlei Proprietary Mines Limited
(Grootvlei), Consolidated Modderfontein Mines Limited (Cons
Modder) and Nigel Gold Mining Company (Pty) Limited situated on
the East Rand, some 40 kilometers east of Johannesburg. The PGWR
operations are an early-stage gold mining project.  The PGER
operations are located approximately 40 kilometers east of
Johannesburg in the Springs area.



================
S R I  L A N K A
================

FINANCE COMPANY: Fitch Cuts National Long-Term Rating to 'BB+'
--------------------------------------------------------------
Fitch Ratings has downgraded Sri Lanka's The Finance Company PLC's
National Long-term rating to 'BB+(lka)' from 'BBB(lka)', and its
subordinated debentures to 'BB-(lka)' (BB minus(lka)) from 'BBB-
(lka)' (BBB minus(lka)).  The ratings have been placed on Rating
Watch Negative.

The RWN indicates that TFC's rating could be downgraded further or
affirmed.

The downgrade reflects the liquidity stresses faced by TFC due to
adverse public perceptions on the Ceylinco Group.  These
perceptions are tied to the liquidity problems faced by, and
subsequent collapse of, the Golden Key Credit Card Company Ltd.

TFC and GK are both entities within the Ceylinco group, a large
local conglomerate.

GK, a specialized credit card issuer, which faced liquidity
stresses in order to repay "guaranteed return investments" to its
customers, went into court administered insolvency in order to
structure and implement a repayment schedule for investors.  GK is
not regulated by the Central Bank of Sri Lanka and is not licensed
to accept retail deposits.

TFC, however, is regulated by the CBSL as a registered finance
company and is monitored with respect to liquidity, capital
adequacy, and asset quality, among other parameters.

On December 27, 2008, CBSL announced that it would act under the
Monetary Law Act in the event of an imminent risk to any licensed
or registered financial institution, and on February 20, 2009, it
announced an LKR4.2 billion stimulus package to support liquidity
for distressed entities in the RFC sector.  On March 18, 2009,
CBSL disclosed a specific series of actions it has taken to
ameliorate the situation at TFC, namely placing Lankaputhra
Development Bank (a state- owned bank) as a management agent of
TFC, appointment of key executives to TFC, removal of executive
powers of some of the previous directors, and administrative
support via a panel of experts approved by the Cabinet of
Ministers.

While Fitch takes some comfort in the measures announced by CBSL,
it notes that the current trajectory of deposit renewals may
require further liquidity and capital support.  The timeliness and
the quantum of such support would be critical factors in
determining TFC's long-term liquidity profile and stability.
Fitch also notes that TFC accounts for approximately 24% of the
RFC sector, and together with its large exposure to real-estate,
can be deemed as sufficiently systemically important within the
RFC sector.

TFC's profitability has also worsened as lending was constrained
due to liquidity considerations, while asset quality remained
challenged due to current macroeconomic conditions.  Prior to this
rating action, Fitch on December 4, 2008, revised TFC's Outlook to
Negative from Stable to reflect the company's deteriorating
profitability due to increased funding costs and the lack of a
commensurate increase in real-estate related income.

TFC is a listed RFC, with an asset base of LKR42b at December 2008
and a network of 46 branches.  The Ceylinco group holds over 50%
of TFC's equity.  Established in 1940, TFC has primarily
undertaken vehicle financing and property development financing.



=====================================
U N I T E D  A R A B  E M I R A T E S
=====================================

AMLAK FINANCE: U.A.E. Favors Merger Over Liquidation
----------------------------------------------------
Camilla Hall at Bloomberg News reports United Arab Emirates
economy minister Sultan Bin Saeed al-Mansouri said merging Amlak
Finance PJSC and Tamweel PJSC would be a "good option" rather than
liquidating them.

According to the report, the government rescued the two lenders in
November, taking them into state control, after they suspended new
home loans.

The state set up a committee last month to decide whether to
merge, liquidate or restructure the two companies separately, the
report says.

Dubai, U.A.E.-based Amlak Finance PJSC (DFM:AMLAK) ---
http://www.amlakfinance.com/--- provides financial solutions in
accordance to the Islamic Sharia principals. The Company is
primarily engaged in financing and investment activities, such as
Ijara, Murabaha, Mudaraba and Musharaka.  Its products and
services include a range of tailor-made short, long and medium-
term financial solutions, such as Home Finance, Amlak Bonus Re-
financing, Amlak Bayti Home Building Finance and Amlak Buy-To-
Rent services.  The Company has three wholly owned subsidiaries,
Amlak Finance & Real Estate Investment SAE, Egypt; Amlak
International LLC Dubai, United Arab Emirates, and Amlak Holding
FZCo, United Arab Emirates.  It also operates three wholly owned
special purpose vehicles based in the United Arab Emirates, namely
Park Investment LLC, Tasabeeh Investment LLC and Waraqaa Heights
LLC.  On November 24, 2008, Amlak Finance PJSC and Tamweel PJSC
announced that the two companies will merge to create the UAE Real
Estate Bank.


TAMWEEL PJSC: U.A.E. Doesn't Favor Liquidation, Bloomberg Says
--------------------------------------------------------------
Camilla Hall at Bloomberg News reports United Arab Emirates
economy minister Sultan Bin Saeed al-Mansouri said merging Amlak
Finance PJSC and Tamweel PJSC would be a "good option" rather than
liquidating them.

According to the report, the government rescued the two lenders in
November, taking them into state control, after they suspended new
home loans.

The state set up a committee last month to decide whether to
merge, liquidate or restructure the two companies separately, the
report says.

Dubai, U.A.E.-based Tamweel PJSC (DFM:TAMWEEL) ---
http://www.tamweel.ae/--- provides financial solutions in
accordance to the Islamic Sharia principals.  The Company is
primarily engaged in financing and investing activities, as well
as involved in the business of property development and trading.
Its finance solutions include Forward Ijara, a finance solution
for homes under construction; Flexi Ijara, a finance solution for
payments on flexible profit basis; Fixed Ijara, a finance solution
for payments on fixed profit basis; Pre-Approval Finance Facility,
a finance approval before selection of a home; Murabaha, a finance
solution for a ready property on deferred payment terms; Yusr, a
Sharia-compliant adjustable repayment mortgage product for up to
three years, and Baiti, a product specially designed for buying or
building a house for United Arab Emirates nationals.  On
November 24, 2008, Tamweel PJSC and Amlak Finance PJSC announced
that the two companies will merge to create the UAE Real Estate
Bank.



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

* BOND PRICING: For the Week March 16 to March 20, 2009
-------------------------------------------------------

   AUSTRALIA
   ---------
A&R Whitcoulls                9.500%   12/15/10   NZS      54.91
Ainsworth Game                8.000%   12/31/09   AUD       0.60
Alumina Finance               2.000%   05/16/13   USD      66.30
Antares Energy               10.000%   10/31/13   AUD       1.20
Babcock & Brown Pty           8.500%   11/17/09   NZD       7.25
Becton Property Group         9.500%   06/30/10   AUD       0.14
Bemax Resources               9.375%   07/15/14   USD      39.50
Bemax Resources               9.375%   07/15/14   USD      39.50
Bounty Industries Ltd        10.000%   06/30/10   AUD       0.10
Capral Aluminum              10.000%   03/29/12   AUD       1.00
China Century                12.000%   09/30/10   AUD       0.84
CIT Group AU Ltd              6.000%   03/03/11   AUD      70.35
Com BK Australia              4.875%   12/19/23   GBP      67.30
Djerriwarrh Inv               6.500%   09/30/09   AUD       3.85
First Australian             15.000%   01/31/12   AUD       0.60
FMG Finance                   9.750%   09/01/13   EUR      74.37
FMG Finance                   9.750%   09/01/13   EUR      73.00
GE Cap Australia              6.000%   03/15/19   AUD      57.62
Griffin Coal Min              9.500%   12/01/16   USD      33.25
Griffin Coal Min              9.500%   12/01/16   USD      33.25
Hanson Australia              5.250%   03/15/13   USD      42.84
Heemskirk Consol              8.000%   04/29/11   AUD       2.50
Insurance Austra              5.625%   12/21/26   GBP      61.49
Jpm Au Enf Nom 1              3.500%   06/30/10   USD       1.50
Macquarie Bank                5.500%   09/19/16   GBP      71.82
Macquarie Bank                6.500%   05/31/17   GBP      35.65
Metal Storm                  10.000%   09/01/09   AUD       0.08
Minerals Corp                10.500%   03/31/09   AUD       0.40
Myer Group Fin               10.194%   03/15/13   AUD      60.50
Natl Australiabk              6.750%   06/26/23   EUR      62.15
National Wealth               6.750%   06/16/26   AUD      42.34
Paladin Energy                4.500%   12/15/11   USD      73.75
Paladin Energy                5.000%   03/11/13   USD      66.81


   CHINA
   -----
China Govt Bond                 4.860%  08/10/14     CNY    00.00
Chinatrust Comm                 5.625%  03/29/49     CNY    55.27
Jiangxi Copper                  1.000%  09/22/16     CNY    73.55


   HONG KONG
   ---------
Bank East Asia                 6.125%  03/29/49     GBP    62.37
Resparcs Funding               8.000%  12/29/49     USD    12.97


   INDIA
   -----
Adani Enterprise               6.000%  01/27/12     USD    51.75
Aftek Infosys                  1.000%  06/25/10     USD    70.00
AKSH Optifibre                 1.000%  01/29/10     USD    57.50
Amtek India Ltd                0.500%  11/12/10     USD    62.95
Amtek Auto                     0.500%  06/03/10     USD    74.57
Bank of Baroda                 6.625%  05/25/22     USD    72.75
Canara Bank                    6.365%  11/28/21     USD    73.00
Gemini Commnica                6.000%  07/18/12     EUR    52.00
Gitanjali Gems                 1.000%  11/25/11     USD    37.83
Hindustan Cons                10.000%  10/25/09     INR    33.35
ICICI Bank Ltd                 6.375%  04/30/22     USD    55.17
ICICI Bank Ltd                 6.375%  04/30/22     USD    55.27
ICICI Bank Ltd                 7.250%  08/29/49     USD    42.00
ICICI Bank Ltd                 7.250%  08/29/49     USD    41.50
JCT Ltd                        2.500%  04/08/11     USD    19.50
Kalindee Rail NI               0.500%  03/07/12     USD    75.00
Kei Industries                 1.000%  11/30/11     USD    47.50
Radico Khaitan L               3.500%  07/27/11     USD    61.16
UTI Bank Ltd                   7.250%  08/12/21     USD    70.74


   INDONESIA
   ---------
Bank Lippo TB PT               7.375%  11/22/16     USD    69.87
Indonesia Gov't                9.750%  05/15/37     IDR    74.29
Indonesia (Rep)                6.625%  02/17/37     USD    67.07
Indonesia (Rep)                6.625%  02/17/37     USD    66.00
Indonesia (Rep)                7.750%  01/17/38     USD    75.00


   JAPAN
   -----
Aozora Bank                    0.560%  06/27/12     JPY    74.79
Aozora Bank                    0.660%  07/12/12     JPY    74.79
Aozora Bank                    0.660%  07/27/12     JPY    74.52
Aozora Bank                    0.660%  08/12/12     JPY    74.27
Aozora Bank                    0.660%  08/27/12     JPY    73.96
Aozora Bank                    0.660%  09/12/12     JPY    73.66
Aozora Bank                    0.660%  09/27/12     JPY    73.41
Aozora Bank                    0.660%  10/12/12     JPY    73.12
Aozora Bank                    0.660%  10/27/12     JPY    72.87
Aozora Bank                    0.660%  11/12/12     JPY    72.56
Aozora Bank                    0.660%  11/27/12     JPY    72.30
Aozora Bank                    1.350%  11/27/12     JPY    74.40
Aozora Bank                    0.660%  12/12/12     JPY    72.03
Aozora Bank                    0.660%  12/27/12     JPY    71.76
Aozora Bank                    1.450%  12/27/12     JPY    74.21
Aozora Bank                    0.660%  01/12/13     JPY    71.50
Aozora Bank                    1.250%  01/25/13     JPY    73.10
Aozora Bank                    0.660%  01/27/13     JPY    71.26
Aozora Bank                    0.560%  02/12/13     JPY    70.62
Aozora Bank                    0.560%  02/27/13     JPY    70.35
Aozora Bank                    1.300%  02/27/13     JPY    72.73
Aozora Bank                    0.560%  03/12/13     JPY    70.12
Aozora Bank                    0.560%  03/27/13     JPY    69.88
Aozora Bank                    0.250%  03/27/13     JPY    72.13
Aozora Bank                    0.560%  04/12/13     JPY    69.59
Aozora Bank                    1.300%  04/26/13     JPY    71.82
Aozora Bank                    0.560%  04/27/13     JPY    69.36
Aozora Bank                    0.560%  05/12/13     JPY    69.13
Aozora Bank                    0.560%  05/27/13     JPY    68.85
Aozora Bank                    1.600%  05/27/13     JPY    72.36
Aozora Bank                    0.560%  06/12/13     JPY    68.58
Aozora Bank                    0.560%  06/27/13     JPY    68.33
Aozora Bank                    1.650%  06/27/13     JPY    72.07
Aozora Bank                    0.560%  07/12/13     JPY    68.09
Aozora Bank                    1.700%  07/26/13     JPY    71.83
Aozora Bank                    0.560%  07/27/13     JPY    67.86
Aozora Bank                    0.560%  08/12/13     JPY    67.59
Aozora Bank                    0.560%  08/27/13     JPY    67.34
Aozora Bank                    1.600%  08/27/13     JPY    71.03
Aozora Bank                    0.560%  09/12/13     JPY    67.08
Aozora Bank                    0.560%  09/27/13     JPY    66.86
Aozora Bank                    1.800%  09/27/13     JPY    71.31
Aozora Bank                    0.560%  10/12/13     JPY    66.62
Aozora Bank                    0.560%  10/25/13     JPY    66.39
Aozora Bank                    0.560%  11/12/13     JPY    66.11
Aozora Bank                    0.560%  11/27/13     JPY    65.87
Aozora Bank                    0.400%  12/12/13     JPY    65.04
Aozora Bank                    0.400%  12/27/13     JPY    64.80
Aozora Bank                    0.400%  01/12/14     JPY    64.58
Aozora Bank                    0.400%  01/12/14     JPY    64.31
Aozora Bank                    0.400%  02/12/14     JPY    64.06
Aozora Bank                    0.400%  02/27/14     JPY    63.82
Aozora Bank                    0.400%  03/12/14     JPY    62.62
Aozora Bank                    0.400%  03/27/14     JPY    63.40
Belluna Co Ltd                 1.100%  03/21/12     JPY    60.33
CSK Corporation                0.250%  09/30/13     JPY    18.50
Ebara Corp                     1.700%  09/30/11     JPY    53.83
Ebara Corp                     1.300%  09/30/13     JPY    40.09
ES-Con Japan Ltd               3.360%  05/10/10     JPY    44.52
Fukoku Mutual                  4.500%  09/28/25     EUR    47.66
Hiroshima Bank                 2.150%  05/24/13     JPY    74.36
Hiroshima Bank                 1.720%  05/14/14     JPY    67.89
Hitachi Zosen                  1.500%  09/30/12     JPY    59.83
JACCS Co Ltd                   1.820%  09/28/15     JPY    74.26
JPN Exp Hld/Debt               0.500%  09/17/38     JPY    58.47
Kirayaka Holding               2.590%  03/22/16     JPY    66.59
NIS Group                      8.060%  06/20/12     USD    41.12
Orix Corp                      5.480%  11/22/11     USD    66.50
Orix Corp                      2.190%  04/18/17     JPY    70.78
Pacific Golf Gro               1.000%  05/01/12     JPY    63.06
Pacific Manageme               2.800%  03/16/11     JPY     6.25
Resona Bank                    3.750%  04/15/15     EUR    63.50
Resona Bank                    5.986%  08/29/49     GBP    41.61



SOUTH KOREA
-----------
GS Caltex Corp                 6.000%  08/08/16     USD    72.83
GS Caltex Corp                 5.500%  04/24/17     USD    69.75
Hynix Semi Inc.                4.500%  12/14/12     USD    71.87
Hynix Semi Inc.                7.875%  06/27/17     KRW    36.87
Hynix Semi Inc.                7.857%  06/27/17     USD    38.00
Korea Dev Bank                 7.400%  10/27/21     KRW    51.47
Korea Dev Bank                 7.400%  11/02/21     KRW    51.42
Korea Dev Bank                 8.450%  12/15/26     KRW    74.28
Korea Elec Pwr                 6.000%  12/01/26     USD    69.12
NACF                           5.375%  04/26/17     USD    70.11



   MALAYSIA
   --------
Advance Synergy Berhad         2.000%  01/26/18     MYR     0.04
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     0.81
Berjaya Land Bhd               5.000%  12/30/09     MYR     2.93
Cagamas Berhad                 3.640%  05/05/09     MYR     2.70
Crescendo Corp B               3.750%  01/11/16     MYR     0.07
EG Industries                  5.000%  06/16/10     MYR     0.71
Huat Lai Resources             5.000%  03/28/10     MYR     0.32
Insas Berhad                   8.000%  04/19/09     MYR     0.24
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.10
Kretam Holdings                1.000%  08/10/10     MYR     0.99
Kumpulan Jetson                5.000%  11/27/12     MYR     0.43
Mithril Bhd                    8.000%  04/05/09     MYR     0.11
Mithril Bhd                    3.000%  04/05/12     MYR     0.60
Nam Fatt Corp                  2.000%  06/24/11     MYR     0.17
Puncak Niaga Hld               2.500%  11/18/16     MYR     0.71
Ranhill Labuan                12.500%  10/26/11     USD    59.87
Rubberex Corp                  4.000%  08/14/12     MYR     0.64


   MARSHALL ISLANDS
   ----------------

Navios Maritime                9.500%  12/15/14     USD    54.00


   NEW ZEALAND
   -----------
Allied Farmers                 9.600%  11/15/11     NZD    36.76
Allied Nationwid              11.520%  12/29/49     NZD    35.50
BBI Ntwrks NZ Ltd              8.000%  11/30/12     NZD    15.94
Blue Star Print                9.100%  09/15/12     NZD    16.84
Capital Prop NZ                8.500%  04/15/09     NZD    20.00
Capital Prop NZ                8.000%  04/15/10     NZD    25.00
Fidelity Capital               9.250%  07/15/13     NZD    61.73
Fletcher Buildin               7.800%  03/15/09     NZD    12.50
Fletcher Buildin               7.550%  03/15/11     NZD     8.50
Fonterra                       8.740%  11/29/49     NZD    62.00
Hellaby Holdings               8.500%  06/15/11     NZD    37.62
Infrastr & Util                8.500%  11/15/13     NZD    17.50
Infratil Ltd                   8.500%  02/15/20     NZD    56.51
Infratil Ltd                  10.180%  12/29/49     NZD    55.00
Marac Finance                 10.500%  07/15/13     NZD     0.62
Nuplex Industrie               9.300%  09/15/12     NZD    43.66
Pins Securities                9.250%  01/31/14     NZD    26.74


   PHILIPPINES
   -----------
First Gen Corp                 2.500%  02/11/13     USD    56.78
Rizal Comm Bank                9.875%  10/29/49     USD    75.00


   SINGAPORE
   ---------
Avago Tech Fin                11.875%  12/01/15     USD    74.87
Capitaland Ltd.                2.950%  06/20/22     SGD    61.36
Chartered Semico               6.250%  04/04/13     USD    74.20
Chartered Semico               6.375%  08/03/15     USD    59.87
Ciliandra P Fin               10.750%  12/08/11     USD    72.00
Davomas Intl Fin              11.000%  05/09/11     USD    14.48
Empire Cap Res                 9.375%  12/15/11     USD    73.00


   SRI LANKA
   ---------
Sri Lanka Govt                8.500%  01/15/12     LKR     72.86
Sri Lanka Govt                8.500%  07/15/13     LKR     74.00
Sri Lanka Govt                7.500%  08/01/13     LKR     70.86
Sri Lanka Govt                7.500%  11/01/13     LKR     69.89


  THAILAND
  --------
Italian-Thai Dey              4.500%  06/10/13     USD     47.35



                         *********

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
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Information contained herein is obtained from sources believed
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TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
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thereof are US$25 each.  For subscription information, contact
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                 *** End of Transmission ***