TCRAP_Public/090327.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Friday, March 27, 2009, Vol. 12, No. 61

                            Headlines

A U S T R A L I A

BABCOCK & BROWN INFRA: Taps Macquarie Capital as Advisers
LEIGHTON HOLDINGS: Middle East Projects Put on Hold, Cancelled
OZ MINERALS: Debt Repayment Deadline Extension Likely, Lender Says
MACQUARIE COUNTRYWIDE: Sells 5 More Assets to Pay Debts
STORM FINANCIAL: Court Orders Liquidation of Firm


C H I N A

ICBC: Goldman Sachs Agrees to Keep 80% Stake for Another Year
ICBC: Reaffirms Cooperative Relationship After Lock-Up Period


H O N G  K O N G

ALPS PRECISION: Members to Hold Final Meeting on April 20
CHAINLUCK ENTERPRISE: Members and Creditors to Meet on April 23
CITIC PACIFIC: Posts HK$12.66 Bln Net Loss in 2008
DEBTTRADERS LIMITED: Creditors' Meeting Set for April 6
FAY TSAI: Members to Hold Final Meeting on April 20

FLUIDMASTER/BEMIS: Members to Hold Final Meeting on April 20
GARY PRODUCTS: Members and Creditors to Meet on April 23
HANG SUNG: Inability to Pay Debts Prompts Wind-Up
ING SECURITIES: Members to Hold Final Meeting on April 22
KERRY INVESTMENTS: Members to Hold Final Meeting on April 27

METEOR (HONG KONG): Members to Hold Final Meeting on April 21
MINAMI INTERNATIONAL: Members and Creditors to Meet on April 23
MOL HOLDINGS: Members to Hold Final Meeting on April 21
PENTIX INVESTMENT: Members to Hold Final Meeting on April 24
SAN SHAN: Creditors' Meeting Set for March 31

SOFMAP CO: Members and Creditors to Hold Meeting on April 28


I N D I A

ASHWIN DIAMONDS: Low Net Worth Prompts CRISIL "P4" Ratings
DIAM STAR: CRISIL Rates Rs.260 Mln Export Packing Credit at 'P4'
GOLD STAR: CRISIL Places 'P4' Ratings on Various Bank Facilities
GOLD STAR: CRISIL Puts 'BB' Rating on Rs.22.8 Million Term Loan
HYUNDAI MOTOR: Unit Inks Auto Finance Deal With Bank of Baroda

KALIKA BUILDCON: CARE Assigns 'CARE BB' Rating on Long Term Loan
M/S AGARWALA: CRISIL Puts 'BB' Rating on Rs.80.00 Mln Cash Credit
RATHI RE-ROLLERS: CRISIL Rates Rs.130 Mln Term Loan at 'BB-'
STAR JEWELLERY: CRISIL Rates Various Bank Facilities at 'P4'
TATA MOTORS: S&P Downgrades Corporate Credit Rating to B+'


J A P A N

NIS GROUP: S&P Downgrades Counterparty Credit Rating to 'CCC-'


M A L A Y S I A

MECHMAR CORP: Loan Default Totaled MYR229.73 Mln in February


N E W  Z E A L A N D

PLUS SMS: To Raise Funds Through Rights Issue
VTL GROUP: Fined NZ$40,000 for Listing Rules Breaches
* NEW ZEALAND: Economy Contracts For 4th Consecutive Quarter
* NEW ZEALAND: Exports Fell 6.6% in February 2009
* NEW ZEALAND: 2008 Current Account Deficit Rises to 8.9% of GDP


S I N G A P O R E

STATS CHIPPAC: S&P Changes Outlook to Negative; Keeps 'BB+' Rating


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                         - - - - -



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

BABCOCK & BROWN INFRA: Taps Macquarie Capital as Advisers
---------------------------------------------------------
Babcock & Brown Infrastructure said its subsidiary, BBI (DBCT)
Management Pty Limited, has engaged Macquarie Capital Advisers
Limited (Macquarie) as advisers for the Dalrymple Bay Coal
Terminal (DBCT) sale process.

BBI said the price discovery process for DBCT recently concluded
and interest was shown at both the minority and 100% level.

BBI's Managing Director, Jeff Kendrew said, "The appointment of
Macquarie will provide valuable input for the DBCT sales process.
Macquarie's appointment follows the recent engagement of Dresdner
Kleinwort and RBS (UK Office) as joint advisers for the PD Ports
capital optimisation initiative."

BBI in conjunction with Macquarie will now proceed with the formal
due diligence process.  BBI will update the market on the outcome
of this process in due course.

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

                          *     *     *

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


LEIGHTON HOLDINGS: Middle East Projects Put on Hold, Cancelled
--------------------------------------------------------------
Leighton Holdings projects in the Middle East worth some AU$600
million have been put on hold or cancelled because of the global
financial crisis, The Australian reports citing a JPMorgan
analyst.

In a note on Australia's largest construction and property group
cited by the report, JPMorgan equities analyst Alastair Reid said
this could translate into 20 per cent less revenue in the next two
financial years.

The Australian relates that through its joint venture, Al Habtoor
Leighton, the group had a combined work in hand worth AU$5.3
billion at December 31, 2008, with more than AU$3.5 billion in
Dubai.

According to the report, Mr. Reid said Leighton's profitability in
the region was "suffering" from an increase in late payments by
financially stressed developer clients.

Mr. Reid said some AU$2 billion worth of projects had been
cancelled, with another US$335 billion put on hold, the Australian
relates.

Leighton, the Australian recounts, reported last month a 56 per
cent drop in first-half net profit to AU$111 million.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 8, 2009, the Financial Times said Leighton Holdings warned
first-half profits will fall by about 60 per cent after the
value of its listed investment declined by a further AU$200
million (US$143 million) in the last three months of 2008.

The company's results for this financial year will be impacted by
the values of investments in Connect East, RiverCity Motorway,
BrisConnections, Devine and Macmahon, Leighton said in a
statement.

At December 31, 2008, the value of listed investments had fallen
by a further AU$200 million since September 30, 2008.  The total
asset write downs for the six months will reduce the half year
result by AU$170 million after tax.

CEO, Mr. Wal King, said that the performance of the Group
operating companies continues to be strong, with the exception of
Leighton Properties.

The operating result for the six months to December 31, prior to
the impact of investment values, is expected to be approximately
AU$270 million which is an increase of 8% on the previous year.

For the full year, the company expects to report an operating
result after tax of approximately AU$650 million, up 8% compared
to last year's operating result of AU$608 million.  The Group
said profit will be affected by the write down of investment
values.

According to Leighton, work in hand has increased to approximately
AU$37 billion at the end of December compared to AU$35.3 billion
at September 30, 2008.

Leighton said it expects to maintain both its interim and full
year dividend per share at the same level as last year.

The group's shares, FT relates, dropped 12 per cent to AU$25 on
the warning.

Australia-based Leighton Holdings Limited (ASX:LEI) --
http://www.leighton.com.au/-- along with its subsidiaries,
operates in the infrastructure, resources and property markets.
Principal activities of the Company within these markets are
construction, contract mining, property development and other
services (including environmental, telecommunications, and
operations and maintenance).  Australia/Pacific involves
operations throughout Australia, New Zealand and the Pacific
region in all business segments. Asia involves operations
predominantly in Hong Kong and Macau, Indonesia, Malaysia, India,
the Gulf and the Philippines.  The principal activities undertaken
in this region are construction, contract mining, property
development and other services (including environmental,
telecommunications and operations and maintenance).


OZ MINERALS: Debt Repayment Deadline Extension Likely, Lender Says
------------------------------------------------------------------
OZ Minerals Ltd.'s lenders are likely to extend a March 31 debt
deadline after the Foreign Investment Review Board delayed a
decision on China Minmetals takeover bid for OZ by 90 days,
Reuters reports.

"OZ Minerals lenders will extend the deadline.  Most of the banks
are currently in the midst of getting their internal approvals,"
Reuters cited a lender to OZ who asked not to be named due to the
sensitive stage of the talks.

According to Reuters, OZ was left at the mercy of its lenders this
week after the foreign investment regulator extended its probe
into Minmetals' takeover to June 22, well past the deadline for OZ
to repay its debt due to be repaid by March 31.

Meanwhile, the Australian relates that asset sales would be OZ's
only option if the proposed takeover bid fails.

"We would have to sell assets that we consider important to the
future of the business," the Australian quoted Bruce Loveday,
executive general manager of business support at OZ Minerals, as
saying at a conference in Singapore.  "The only way Minmetals
would agree (to refinance OZ Minerals' debt) was if they take over
100 per cent of the business and that seems fair enough in the
circumstances."

Mr. Loveday, as cited by the Australian, said the company's board
explored all refinancing options in debt and equity markets before
deciding the Minmetals takeover was in the shareholders' best
interests.

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 The 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 Australian said, didn't disclose the amount of interim
financing it is seeking.

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.


MACQUARIE COUNTRYWIDE: Sells 5 More Assets to Pay Debts
-------------------------------------------------------
Florence Chong at The Australian reports that Macquarie
CountryWide Trust has sold five more assets for $92.6 million --
bringing the total asset sale since 2006 to $1.1 billion.

The report says the sale of four Australian supermarkets and a US
asset will help reduce Macquarie CountryWide's debt-to-total-asset
ratio to 55 per cent.

"Our stated objective is to bring our gearing to around 40 per
cent -- a level with which our investors would be comfortable
with," the trust's chief executive, Stephen Sewell, was cited by
the report as saying.

                         U.S. Asset Sale

As reported by the Troubled Company Reporter-Asia Pacific on
Jan. 28, 2009, Macquarie CountryWide disclosed it entered into
contracts with Inland Real Estate Acquisitions Inc. for the sale
of the equity and debt interests of 30 U.S. shopping center assets
for approximately US$427 million (AU$646 million).

The sale included all but five of the assets that were part of the
first two Regency joint ventures established with the Trust,
Macquarie CountryWide said in a statement to the Australian
Securities Exchange.

Proceeds from the sale will be used to reduce debt and position
the Trust to meet its refinancing obligations in the second half
of 2009.

The TCR-AP, citing The Australian, reported on Dec. 12, 2008, that
Macquarie CountryWide may be forced to raise at least AU$1 billion
through share issues or asset sales to pay down debts totaling
AU$3.8 billion.

"In our view MCW has little option but to sell assets, as cutting
distributions (even to zero), or raising equity will not be enough
on their own to sufficiently pay down debt," The Australian quoted
Goldman Sachs JBWere's David Lloyd as saying.

Some AU$450 million in commercial mortgage-backed securities are
due in December 2009, The Australian noted.

                About Macquarie CountryWide Trust

Macquarie CountryWide Trust (ASX:MCW) --
http://www.macquarie.com.au/-- is a fully integrated listed
property trust investing in retail properties with assets under
management of AU$6.1 billion.  More than AU$36 billion of real
estate assets are managed globally by Macquarie Real Estate and
its associates, across a portfolio of listed and unlisted property
trusts, unlisted development funds and property investment
syndicates.


STORM FINANCIAL: Court Orders Liquidation of Firm
-------------------------------------------------
The Australian Securities and Investments Commission (ASIC) won
its bid to liquidate Storm Financial Group after the Federal Court
ruled yesterday that the company be wound up, various reports say.

The Herald Sun relates that federal court Justice John Logan
appointed Ivor Worrell and Raj Khatri of Worrells Solvency and
Forensic Accountants as liquidators to the company.  Messrs. Logan
and Khatri were called in as administrators to the company in
January.

According to the Herald Sun, the judge's ruling means that
creditors will not meet on Monday or vote on a contentious deed of
company arrangement backed by Storm co-founders Emmanuel and Julie
Cassimatis.

Justice Logan, according to the report, sided with ASIC's view
that the deed was a misleading document that held out the false
hope that it offered a "simple solution".

Meanwhile, ABC News relates that the corporate regulator said the
court decision is a victory, but it will continue investigating
the activities of the company and its directors.

"This is a major collapse because it affects the lives and
livelihoods of so many people," ABC News quoted ASIC deputy
chairman Jeremy Cooper as saying.  "It'll be probably quite some
time before there's further clarity about what comes next."

According to ABC News, ASIC is unwilling to comment on the
possibility of criminal charges against the Cassimatises.

ABC News says Storm Financial's assets will now be sold off and
the proceeds divided among creditors, although it is not clear how
much money is left.

Receivers for the Commonwealth Bank will also auction off six
properties, ABC News adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Mar. 20, 2009, the Herald Sun said ASIC had urgently applied to
the Federal Court to put Storm Financial into liquidation.

The corporate regulator, Herald Sun related, said its application
was triggered by "misleading" information from Storm co-founders
Emmanuel and Julie Cassimatis, who want creditors to back their
deed of company arrangement scheme.

The TCR-AP, citing The Australian, reported on Mar. 18, 2009, that
the administrators advised creditors to place the business in
liquidation because "it is insolvent" instead of accepting a deed
of company arrangement (DOCA) from Storm's founders Emmanuel and
Julie Cassimatis.

The Cassimatises, the Australian related, had urged clients, staff
and creditors to vote in favour of the DOCA, which would see Storm
founders lead a legal action against the Commonwealth Bank of
Australia for allegedly causing the company's failure.

"Placing the company into liquidation will provide the liquidator
with powers to conduct further investigations into the affairs of
the company; look at the matter of insolvent trading; recover any
preferential payments made to creditors; examine and recover any
other insolvent transactions and examine the general affairs of
the company," the Australian cited the administrators as saying in
a written statement.

The Australian said liquidation would also allow Storm employees
to make a claim under the federal Government's General Employee
Entitlements and Redundancy Scheme.

                      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 Financial 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
=========

ICBC: Goldman Sachs Agrees to Keep 80% Stake for Another Year
-------------------------------------------------------------
Industrial and Commercial Bank of China Limited (ICBC) said that
Goldman Sachs Group, Inc. has committed to a new lock-up in
relation to its investment in ICBC.

Under the existing lock-up, the ICBC shares held by Goldman Sachs
would have become free in equal installments on April 28, 2009 and
October 20, 2009.  Under the new lock-up, Goldman Sachs will not
sell 80% of its ICBC shares at any time prior to April 28, 2010.

In addition, ICBC and Goldman Sachs reaffirmed that they will
continue their collaborative efforts under the existing terms of
the January 2006 Strategic Cooperation Agreement.  These efforts
are focused on sharing global best practices in areas such as
credit, market and operational risk management, corporate
governance, corporate and investment banking and asset management.

Mr. Jiang Jianqing, Chairman of ICBC, said: "We are delighted that
Goldman Sachs will remain a major strategic investor in ICBC.  Our
relationship over the past three years has proven very successful
and we look forward to continued close cooperation between our two
firms."

Mr. Lloyd C. Blankfein, Chairman and Chief Executive Officer of
Goldman Sachs, said:  "Today's announcement underscores our firm's
confidence in ICBC and our commitment to China.  We look forward
to working closely with ICBC, one of the most important financial
institutions in the world, and further developing our strategic
cooperation."

Goldman Sachs' investment in ICBC represents approximately 4.93%
of ICBC's total outstanding shares.

If Goldman Sachs pursues a sale of its ICBC shares that will be
released from the existing lock-up on April 28, 2009, it will
explore all potential methods of sale that would maximize value
and minimize market impact, with a preference for a private sale
to investors.

                         Annual Results

ICBC disclosed its annual results for the financial year 2008.

Based on International Financial Reporting Standards, ICBC's
profit after tax for the year ended December 31, 2008, was
RMB 111.2 billion, up 35.2% from the year 2007.  Earnings per
share were RMB 0.33.

In 2008, ICBC's return on average total assets reached 1.21%, up
19 basis points from 2007.  Return on weighted average equity was
19.43%, up 320 basis points from 2007.  Net interest margin
reached 2.95%, up 15 basis points from 2007.  The Bank continued
to effectively control cost, with its cost-to-income ratio
decreasing by 5.18 percentage points from 2007 to 29.84%.  Capital
adequacy ratio was maintained at 13.06%, while core capital
adequacy ratio was 10.75%.  The strong capital position ensured
the bank's sustained development capability.

The Board proposed a final dividend of RMB 1.65 per 10 shares
(including tax), an increase of 24.06% over 2007.

                          Shares Rally

Bloomberg News reports that ICBC jumped the most in five months in
Hong Kong trading after shareholder Goldman Sachs agreed to keep
most of its stake for at least another year.   The report says
ICBC jumped as much as 12 percent, the biggest intraday gain since
Oct. 30.

Before yesterday's share rally, Bloomberg News relates, ICBC had
fallen 12 percent in Hong Kong this year, the worst performance
among six Chinese banks traded in the city, on speculation Goldman
would sell its $8.5 billion holding.

                        About Goldman Sachs

The Goldman Sachs Group, Inc. (Goldman Sachs) is a bank holding
company and global investment banking, securities and investment
management firm that provides services worldwide to a
corporations, financial institutions, governments and high-net-
worth individuals.  Its activities are divided into three
segments: Investment Banking, Trading and Principal Investments,
and Asset Management and Securities Services.  On December 11,
2007, Credit-Based Asset Servicing and Securitization LLC, a sub-
prime mortgage investor, completed the sale of its Litton Loan
Servicing business to Goldman Sachs.  In May 2008, MBF Healthcare
Partners, LP and Goldman Sachs announced the acquisition of OMNI
Home Care (OMNI), a provider of skilled nursing and therapy home
healthcare services.  MBF Healthcare Partners, LP and Goldman
Sachs will share joint ownership of OMNI.  In June 2008, its
division, Goldman Sachs Urban Investment Group, and Cordova, Smart
& Williams, LLC announced the acquisition of H2O Plus, LLC.

                            About ICBC

The Industrial and Commercial Bank of China (ICBC) --
http://www.icbc.com.cn/-- is the largest state-owned commercial
bank, and is authorized by the State Council and the People's Bank
of China.  ICBC conducts operations across China as well as in
major international financial centers.

                          *     *     *

ICBC continues to carry Fitch Ratings' Individual D rating.

On May 4, 2007, Moody's Investors Service affirmed Industrial &
Commercial Bank of China Ltd's Bank Financial Strength Rating at
D-.  The outlook for BFSR is stable.  The outlook for the long-
term deposit rating is positive.


ICBC: Reaffirms Cooperative Relationship After Lock-Up Period
-------------------------------------------------------------
Industrial and Commercial Bank of China Ltd.(ICBC) and American
Express Company (American Express) reaffirmed their strategic
cooperative relationship and addressed plans for the potential
sale of ICBC shares held by American Express.

Pursuant to the Shareholder Rights Agreement between ICBC and
American Express, the lock-up period for the H-shares held by
American Express will expire in two equal installments on April 28
and October 20, 2009.

American Express said that depending on market conditions the
company may sell its ICBC shareholding at some point after lock-up
period, and will explore all potential methods of sale that would
maximize value and minimize market impact, with a preference for a
private sale to investors.

Through a network partnership agreement, ICBC has been issuing
American Express branded consumer and commercial cards in China
since 2004.  By the end of 2008, the number of co-brand cards
issued exceeded 600,000, and the total consumption amount exceeded
RMB 10 billion.  The companies plan to expand their cooperation in
various areas including credit card products development,
marketing, risk management, customer service, and staff training.

Mr. Jiang Jianqing, Chairman of ICBC, said: "The cooperation
between ICBC and American Express in the past few years has been
fruitful and rewarding, we feel very satisfied with the
achievements we made together.  We look forward to further and
deeper partnership between our two companies to provide our
clients with better products and services."

"China is a key focus for American Express and ICBC is one of our
most important card issuing partners" said Kenneth I. Chenault,
Chairman and Chief executive officer of American Express.
"Working together we've been able to build a strong card presence
in one of the world's fastest growing markets.  We look forward to
expanding our partnership in the years to come, by delivering new
and innovative payment products to ICBC's customers, and
continuing to serve them as they travel around the world."

The total shareholding in ICBC by American Express represents
approximately 0.38% of ICBC's total outstanding shares.

                     About American Express

American Express Company (American Express) is a global payments
and travel company.  The Company's principal products and services
are charge and credit payment card products, and travel-related
services offered to consumers and businesses around the world.
The Company's Global Consumer Group and Global Business-to-
Business Group provide a variety of products and services
worldwide.  The Global Consumer Group offers a range of products
and services, including charge and lending (credit) card products
for consumers and small businesses worldwide; consumer travel
services, and stored value products, such as Travelers Cheques and
prepaid products.  On February 29, 2008, Company completed the
sale of its international banking subsidiary, American Express
Bank Ltd. (AEB), to Standard Chartered PLC.

                            About ICBC

The Industrial and Commercial Bank of China (ICBC) --
http://www.icbc.com.cn/-- is the largest state-owned commercial
bank, and is authorized by the State Council and the People's Bank
of China.  ICBC conducts operations across China as well as in
major international financial centers.

                          *     *     *

ICBC continues to carry Fitch Ratings' Individual D rating.

On May 4, 2007, Moody's Investors Service affirmed Industrial &
Commercial Bank of China Ltd's Bank Financial Strength Rating at
D-.  The outlook for BFSR is stable.  The outlook for the long-
term deposit rating is positive.



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

ALPS PRECISION: Members to Hold Final Meeting on April 20
---------------------------------------------------------
The members of Alps Precision Company Limited will hold their
final meeting on April 20, 2009, at 10:00 a.m., at Room 1701 of
Olympia Plaza, 255 King's Road, in North Point, Hong Kong.

At the meeting, Lui Wan Ho and To Chi Man, the company's
liquidators, will give  a report on the company's wind-up
proceedings and property disposal.


CHAINLUCK ENTERPRISE: Members and Creditors to Meet on April 23
---------------------------------------------------------------
The members and creditors of Chainluck Enterprise Limited will
hold their final meeting on April 23, 2009, at 11:00 a.m. and
11:30 a.m., respectively, at Room 10, 16th Floor of Parklane
Centre, 25 Kin Wing Street, Tuen Mun, in N.T., Hong Kong.

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


CITIC PACIFIC: Posts HK$12.66 Bln Net Loss in 2008
--------------------------------------------------
CITIC Pacific Ltd reported a massive full-year loss in 2008 after
making wrong-way currency bets.

CITIC Pacific posted a HK$12.66 billion net loss in 2008 compared
with a profit of HK$10.84 billion in 2007.

The company said it booked a realized and marked to market loss of
HK$14.63 billion on a number of foreign exchange contracts, which
significantly impacted the bottom line of the company.

CITIC Pacific said it recommends not paying a final dividend.  It
has also decided that no bonuses will be paid to directors for
2008.

In a separate statement, CITIC Pacific said the company has
appointed Mr. Zhang Jijing and Mr. Ju Weimin as non-executive
Directors of the company with effect from April 1, 2009.

Mr. Zhang Jijing, is currently a director, the assistant president
and the director-general of the Strategy and Planning Department
of CITIC Group.

Mr. Ju Weimin, is currently a director and the chief financial
officer of CITIC Group.  He is also the chairman of CITIC Trust
Co. Ltd., a non-executive director of CITIC Securities Co., Ltd.
(listed on the Shanghai Stock Exchange), China CITIC Bank
Corporation Limited (listed on the Hong Kong Stock Exchange and
the Shanghai Stock Exchange), Asia Satellite Telecommunications
Holdings Limited (listed on the Hong Kong Stock Exchange), CITIC
International Financial Holdings Limited (listed on the Hong Kong
Stock Exchange until its withdrawal of listing on Nov. 5, 2008, as
a result of its privatisation pursuant to a scheme of arrangement)
and CITIC Ka Wah Bank Limited.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 22, 2008, various reports said Citic Pacific may post a
nearly US$2 billion loss from unauthorized currency trade by two
of its executives.

The Wall Street Journal reported that the company's Group Finance
Director Leslie Chang and Group Financial Controller Chi Yin Chau
were fired from their post for neglecting to provide proper
oversight.  It was "regrettable that policies and procedures on
risk management were not followed," the same report cited Citic
Pacific Chairman Larry Yung, as saying.

Citic Pacific's bet that the Australian dollar would rise resulted
into losses as the currency tumbled about 30% against its U.S.
counterpart from a 25-year high reached in July, Bloomberg News
reported.  According to the WSJ, the hit to the company's bottom
line could reach HK$14.7 billion (US$1.89 billion), which is
roughly a third more than the company earned in 2007.

Citic Pacific's state-owned parent, Citic Group, has agreed to
step in with a standing loan of US$1.5 billion.  Citic Group holds
a 29% stake in Citic Pacific.

                       About CITIC Pacific

Headquartered in Hong Kong, CITIC Pacific Ltd --
http://www.citicpacific.com/-- is engaged in a range of
businesses in China and Hong Kong, including steel manufacturing,
property development and investment, power generation, aviation,
infrastructure, communications and distribution.  It is 29%
indirectly owned by China International Trust & Investment
Corporation.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 17, 2009, Standard & Poor's Ratings Services raised its long-
term corporate credit rating on CITIC Pacific Ltd. to 'BB+' from
'BB'.  The outlook is stable.  At the same time, Standard & Poor's
also raised its issue rating on the senior unsecured notes issued
by CITIC Pacific Finance (2001) Ltd. to 'BB+' from 'BB'; the notes
are guaranteed by CITIC Pacific.  Both ratings were removed from
CreditWatch, where they were placed with developing implications
on Nov. 14, 2008.  They were originally placed on CreditWatch with
negative implications on Oct. 21, 2008.

On Nov. 18, 2008, the TCR-AP reported that Moody's Investors
Service changed the rating review to direction uncertain for both
CITIC Pacific Ltd's Ba2 corporate family rating and the Ba2 rating
of CITIC Pacific Finance (2001) Ltd's US$450 million bonds, which
are guaranteed by CITIC Pacific.   The ratings were previously
downgraded to Ba2 from Ba1 and placed under review for further
possible downgrade on Oct. 21, 2008, following the company's
report of material losses from leveraged foreign exchange
contracts.


DEBTTRADERS LIMITED: Creditors' Meeting Set for April 6
-------------------------------------------------------
The creditors of Debttraders Limited will hold their meeting on
April 6, 2009, at 10:30 a.m., for the purposes provided for on
Sections 241, 242, 243, 244 and 255A of the Companies Ordinance.

The meeting will be held at the 35th Floor of One Pacific Place,
in 88 Queensway, Hong Kong.


FAY TSAI: Members to Hold Final Meeting on April 20
---------------------------------------------------
The members of Fay Tsai Cheung Poultry Limited will hold their
final meeting on April 20, 2009, at 10:30 a.m., at Room 1701 of
Olympia Plaza, 255 King's Road, in North Point, Hong Kong.

At the meeting, Lui Wan Ho and To Chi Man, the company's
liquidators, will give  a report on the company's wind-up
proceedings and property disposal.


FLUIDMASTER/BEMIS: Members to Hold Final Meeting on April 20
------------------------------------------------------------
The members of Fluidmaster/Bemis Asia Pacific Limited will hold
their final meeting on April 20, 2009, at 2:00 p.m., at the
29th Floor of Caroline Centre, Lee Gardens Two, in 28 Yun Ping
Road, Hong Kong.

At the meeting, Chen Yung Ngai Kenneth, the company's liquidator,
will give  a report on the company's wind-up proceedings and
property disposal.


GARY PRODUCTS: Members and Creditors to Meet on April 23
--------------------------------------------------------
The members and creditors of Gary Products Group (H.K.) Limited
will hold their final meeting on April 23, 2009, at 11:00 a.m. and
11:30 a.m., respectively, at Room 10, 16th Floor of Parklane
Centre, 25 Kin Wing Street, Tuen Mun, in N.T., Hong Kong.

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


HANG SUNG: Inability to Pay Debts Prompts Wind-Up
-------------------------------------------------
At an extraordinary general meeting held on December 16, 2008, the
members of Hang Sung (Lau's) Industrial Company Limited resolved
to voluntarily wind up the company's operations.

The company's liquidators are:

          Ng Kwok Wai
          Lui Chi Kit
          JCG Building, Unit A, 14th Floor
          16 Mongkok Road, Mongkok
          Kowloon, Hong Kong


ING SECURITIES: Members to Hold Final Meeting on April 22
---------------------------------------------------------
The members of ING Securities (Overseas) Limited will hold their
final meeting on April 22, 2009, at 10:00 a.m., at the 39th Floor
of One International Finance Centre, 1 Harbour View Street, in
Central, Hong Kong.

At the meeting, Barthold Jakob Duco Egressy, the company's
liquidator, will give  a report on the company's wind-up
proceedings and property disposal.


KERRY INVESTMENTS: Members to Hold Final Meeting on April 27
------------------------------------------------------------
The members of Kerry Investments Limited will hold their final
meeting on April 27, 2009, at 3:00 p.m., at Suite No. A, 11th
Floor of Ritz Plaza, 122 Austin Road, Tsimshatsui, in Kowloon,
Hong Kong.

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


METEOR (HONG KONG): Members to Hold Final Meeting on April 21
-------------------------------------------------------------
The members of Meteor (Hong Kong) Limited will hold their final
meeting on April 21, 2009, at 10:00 a.m., at Level 28 of Three
Pacific Place, in 1 Queen's Road East, Hong Kong.

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


MINAMI INTERNATIONAL: Members and Creditors to Meet on April 23
---------------------------------------------------------------
The members and creditors of Minami International (Hong Kong)
Limited will hold their final meeting on April 23, 2009, at
11:00 a.m. and 11:30 a.m., respectively, at Room 10, 16th Floor of
Parklane Centre, 25 Kin Wing Street, Tuen Mun, in N.T., Hong Kong.

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


MOL HOLDINGS: Members to Hold Final Meeting on April 21
-------------------------------------------------------
The members of MOL Holdings Limited will hold their final meeting
on April 21, 2009, at 10:00 a.m., at Level 28 of Three Pacific
Place, in 1 Queen's Road East, Hong Kong.

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


PENTIX INVESTMENT: Members to Hold Final Meeting on April 24
------------------------------------------------------------
The members of Pentix Investment Limited will hold their final
meeting on April 24, 2009, at Room 1209, 12th Floor of HSH Mongkok
Plaza, 794-802 Nathan Road, in Kowloon, Hong Kong.

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


SAN SHAN: Creditors' Meeting Set for March 31
---------------------------------------------
The creditors of San Shan Rhone Group Limited will hold their
meeting on March 31, 2009, at 10:30 a.m., for the purposes
provided for on Sections 241, 242, 243, 244 and 255A of the
Companies Ordinance.

The meeting will be held at Room 103 of Duke of Windsor Social
Service Building, No. 15 Hennessy Road, in Wanchai, Hong Kong.


SOFMAP CO: Members and Creditors to Hold Meeting on April 28
------------------------------------------------------------
The members and creditors of Sofmap Co., Limited will hold their
final meeting on April 28, 2009, at 2:30 p.m. and 2:45 p.m.,
respectively, at the 2nd Floor of Wing Yee Commercial Buildng, in
Central, Hong Kong.

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



=========
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ASHWIN DIAMONDS: Low Net Worth Prompts CRISIL "P4" Ratings
----------------------------------------------------------
CRISIL has assigned its ratings of "P4" to the various bank
facilities of Ashwin Diamonds.

   Rs.180.0 Million Packing Credit        P4 (Assigned)
   Rs.320.0 Million Post-Shipment Credit  P4 (Assigned)

The ratings reflect the expected weakening in Ashwin Diamonds'
operating margins on account of slowdown in demand for diamonds,
leading to accumulated inventory of polished diamond.  The ratings
also factor in the company's weak financial risk profile
constrained by low net worth, increasing working capital
requirements, and the partnership nature of business.  These
weaknesses are, however, partially offset by the benefits that the
firm derives from its established market presence and its
promoters' experience in the diamonds business.

                      About Ashwin Diamonds

Set up in 1975, Ashwin Diamonds is a partnership firm trading in
rough and polished diamonds.  Head-quartered in Mumbai, the firm
has sales offices in Tokyo, New York, Dubai, and Hong Kong.  The
firm outsourcers the manufacturing of polished diamonds to its
contract manufacturing facility based at Cambay in Gujarat.

For 2007-08 (refers to financial year, April 1 2007 to March 31
2008), Ashwin Diamonds reported a profit after tax (PAT) of Rs 25
million on net sales of Rs. 1.16 billion, as against a PAT of Rs.
12 million on net sales of Rs. 683 million for 2006-07.


DIAM STAR: CRISIL Rates Rs.260 Mln Export Packing Credit at 'P4'
----------------------------------------------------------------
CRISIL has assigned its ratings of 'P4' to the various bank
facilities of the Diam Star Jewellery (India) Pvt Limited.

   Rs.260 Million Export Packing Credit    P4 (Assigned)
   Rs.170 Million Post Shipment Credit     P4 (Assigned)
   Rs.130 Million Letter of Credit and     P4 (Assigned)
                  Bank Guarantee

The ratings reflect the Goldstar group's moderate financial risk
profile, and exposure to risks relating to lengthening of the
debtors cycle due to the current economic slowdown.  These
weaknesses are, however, partially offset by the group's
established presence in the gems and jewellery business.

For arriving at the ratings, CRISIL has combined the business and
financial profiles of Goldstar Diamonds Pvt Ltd (GDPL), Goldstar
Jewellery Ltd (GJL), Goldstar Jewellery Designs Pvt Ltd (GJDPL)
and Diamstar Jewellery (I) Pvt Ltd (DJPL) (collectively referred
to as the Goldstar group).  This is because these entities are
under a common management, have inter-company transactions, and
derive operational synergies from each other.

                         About the Group

Set up by Mr. Satish Shah in 1996, the Goldstar group is engaged
in trading of diamonds and manufacturing of gold jewellery. The
diamond business is carried on by GDPL, the flagship company of
the group with manufacturing facilities at Surat and Mumbai. The
company is a DTC sight holder and supplies mostly to their group
companies doing gold jewellery business besides clients in US,
Belgium, Dubai and Hong Kong. The gold jewellery business is
carried on through GJL, GJDPL and DJPL who cater to the export
market.


GOLD STAR: CRISIL Places 'P4' Ratings on Various Bank Facilities
----------------------------------------------------------------
CRISIL has assigned its ratings of 'P4' to the various bank
facilities of the Gold Star Jewellery Limited.

   Rs.500 Million Export Packing Credit     P4 (Assigned)
   Rs.100 Million Post Shipment Credit      P4 (Assigned)
   Rs.100 Million Letter of Credit and      P4 (Assigned)
                  Bank Guarantee

The ratings reflect the Goldstar group's moderate financial risk
profile, and exposure to risks relating to lengthening of the
debtors cycle due to the current economic slowdown.  These
weaknesses are, however, partially offset by the group's
established presence in the gems and jewellery business.

For arriving at the ratings, CRISIL has combined the business and
financial profiles of Goldstar Diamonds Pvt Ltd (GDPL), Goldstar
Jewellery Ltd (GJL), Goldstar Jewellery Designs Pvt Ltd (GJDPL)
and Diamstar Jewellery (I) Pvt Ltd (DJPL) (collectively referred
to as the Goldstar group).  This is because these entities are
under a common management, have inter-company transactions, and
derive operational synergies from each other.

                          About Gold Star

Set up by Mr. Satish Shah in 1996, the Goldstar group is engaged
in trading of diamonds and manufacturing of gold jewellery.  The
diamond business is carried on by GSDPL, the flagship company of
the group with manufacturing facilities at Surat and Mumbai.  The
company is a DTC sight holder and supplies mostly to their group
companies doing gold jewellery business besides clients in US,
Belgium, Dubai and Hong Kong.  The gold jewellery business is
carried on through GJL, GJDPL and DJPL who cater to the export
market.


GOLD STAR: CRISIL Puts 'BB' Rating on Rs.22.8 Million Term Loan
---------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Negative/P4' to the various
bank facilities of the Gold Star Diamond Private Limited.

   Rs.22.8 Million Term Loan         BB/Negative (Assigned)
   Rs.552.5 Million Post Shipment    P4 (Assigned)
            Credit
   Rs.297.5 Million Export Packing   P4 (Assigned)
            Credit *

   * Interchangeable with Post Shipment Credit

The ratings reflect the Goldstar group's moderate financial risk
profile, and exposure to risks relating to lengthening of the
debtors cycle due to the current economic slowdown.  These
weaknesses are, however, partially offset by the group's
established presence in the gems and jewellery business.

For arriving at the ratings, CRISIL has combined the business and
financial profiles of Goldstar Diamonds Pvt Ltd (GDPL), Goldstar
Jewellery Ltd (GJL), Goldstar Jewellery Designs Pvt Ltd (GJDPL)
and Diamstar Jewellery (I) Pvt Ltd (DJPL) (collectively referred
to as the Goldstar group).  This is because these entities are
under a common management, have inter-company transactions, and
derive operational synergies from each other.

Outlook: Negative

CRISIL expects Goldstar Group's financial and business profile to
be constrained over the near on account of the slowdown in the key
markets.  The outlook may be revised to Stable in case of better
than expected operating revenues and margins, and improvement in
the working capital cycle.  The rating may be downgraded in case
of a significant deterioration in the debt protection indicators,
or further lengthening of the debtors cycle.

                       About Goldstar group

Set up by Mr. Satish Shah in 1996, the Goldstar group is engaged
in trading of diamonds and manufacturing of gold jewellery.  The
diamond business is carried on by GDPL, the flagship company of
the group with manufacturing facilities at Surat and Mumbai.  The
company is a DTC sight holder and supplies mostly to their group
companies doing gold jewellery business besides having clients in
US, Belgium, Dubai and Hong Kong.  The gold jewellery business is
carried on through GJL, GJDPL and DJPL who cater to the export
market.


HYUNDAI MOTOR: Unit Inks Auto Finance Deal With Bank of Baroda
--------------------------------------------------------------
Hyundai Motor Company's Indian unit, Hyundai Motor India Ltd
(HMIL), said Wednesday it is in partnership with Bank of Baroda to
provide financing facility to its customers, the Economic Times
reports.

Citing HMIL in a statement, the report says the tie-up is extended
to cover financing by all the branches of the bank in the country
and the two partners will utilise and leverage on each other's
strengths to cross sell Hyundai vehicles and the bank's car loans
and schemes.

"Considering the slowdown in the auto industry, this association
with BoB at this juncture is an attempt to ensure that we are able
to reach out with more finance options with rationalised interest
rates for the benefit of our customers," HMIL Senior Vice-
President (Marketing and Sales) Arvind Saxena was quoted by the
report as saying.

                            About HMIL

Hyundai Motor India Limited (HMIL) is a wholly owned subsidiary of
Hyundai Motor Company, South Korea and is the second largest car
manufacturer in India.  HMIL presently markets 34 variants of
passenger cars across segments.  The Santro in the B segment, the
Getz Prime and the i10 in the B+ segment, the Accent and the Verna
in the C segment, the Sonata Embera in the E segment and the
Tucson in the SUV segment.

                       About Hyundai Motor

Headquartered in Seoul, South Korea, Hyundai Motor Company
(SEO:005380) -- http://www.hyundai-motor.com/-- is an automobile
manufacturer in Korea.  The company markets the Atoz Prime, Getz,
Accent, Elantra, Hyundai Coupe, Sonata, Grandeur XG and Centennial
passenger cars; the Trajet, Terracan, Tucson, Santa Fe, H-1 and
Matrix recreational vehicles, and commercial vehicles, which
include trucks, buses, tractors, and specialty vehicles, such as
refrigerated vans, ready mixed concrete (remicon) mixers and oil
tankers.  It operates overseas plants in North America, India and
China, and research and development centers in North America,
Japan and Europe.  During the year ended December 31, 2007, the
company produced 1,706,727 vehicles sold around the globe.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
Jan. 16, 2009, Fitch Ratings downgraded Hyundai Motor's long-term
foreign currency Issuer Default Ratings to 'BB+' from 'BBB-' (BBB
minus), and the Short-term ratings to 'B' from 'F3'.  The agency
revised the Outlook to Negative from Stable.


KALIKA BUILDCON: CARE Assigns 'CARE BB' Rating on Long Term Loan
----------------------------------------------------------------
CARE assigned 'CARE BB' (Double B) rating to the long-term bank
loans facilities of Kalika Buildcon Pvt. Ltd. (KBPL) for
sanctioned term loan of Rs.7.25 cr.

Facilities with BB rating are considered to offer inadequate
safety for timely servicing of debt obligations.  Such facilities
carry high credit risk.

Ratings are constrained by expected impact on saleability of
project in the current slow down of economy, inherent risk
associated with the real estate industry and low net worth base,
which restricts overall financial flexibility. These outweigh
promoter's experience in the industry with execution of many
projects in Ahmedabad without availing bank finance and presence
of project site in the prime location of Ahmedabad city.

                            About KBPL

KBPL is Ahmedabad based company promoted by Shri Amrish R.
Patel.  It commenced business during 1997 to implement a real
estate project.

Kalika Group had executed various mid sized projects under
residential, commercial and hybrid segment of real estate in
Ahmedabad.  The proposed project called "3rd Eye Two" is located
facing C.G.Road, which is considered as the business centre of
Ahmedabad city.  Cost of project is Rs.18.30 cr which is proposed
to be funded through term loan of Rs.7.25 cr, promoter's
contribution of Rs.7.50 cr and member booking of Rs.3.55 cr.
Looking at the present slow down and inherent volatility
associated with the real estate industry, KBPL would be exposed to
revenue risk on account of risk associated with saleability.
During FY08, KBPL reported total operating income of Rs.3.47 cr
and PAT of Rs.0.19 cr against total operating income of Rs.2.86 cr
and PAT of Rs.0.23 cr reported during FY07.


M/S AGARWALA: CRISIL Puts 'BB' Rating on Rs.80.00 Mln Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the bank
facilities of M/S Agarwala's (Agarwala).

   Rs.80.00 Million Cash Credit Limit     BB/Stable (Assigned)
   Rs.30.00 Million Proposed Long Term    BB/Stable (Assigned)
                    Bank Loan Facility

   Rs.20.00 Million Bank Guarantee        P4 (Assigned)

The ratings reflect Agarwala's weak financial risk profile, and
small scale of operations and the partnership nature of its
business, restricting its financial flexibility.  These weaknesses
are, however, partially offset by the benefits that Agarwala
derives from its status as exclusive distributor for Haldia
Petrochemicals Limited (HPL) in Orissa.

Outlook: Stable

CRISIL expects Agarwala to maintain a stable credit risk profile
on the back of its sound risk management policies; Agarwala's
financial risk profile may, however, remain constrained by low net
worth and high gearing.  The outlook may be revised to 'Positive'
if the firm's capital base and turnover improve considerably,
while it ensures adequate risk management.  Conversely, the
outlook may be revised to 'Negative' if adverse movements in
interest rates affect its spreads.

                          About Agarwala

Agarwala, set up in 1999, is a partnership firm promoted by Mr.
Jinendra Jain and Mrs. Neena Agarwala.  The firm is a del credere
agent and consignee stockist for HPL's polymer products in Orissa.
For 2007-08 (refers to financial year, April 1 to March 31),
Agarwala reported a profit after tax (PAT) of Rs.2.34 million on
net sales of Rs.5.58 million, as against a PAT of Rs.1.03 million
on net sales of Rs.3.57 million for 2006-07.


RATHI RE-ROLLERS: CRISIL Rates Rs.130 Mln Term Loan at 'BB-'
------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable' to the various
bank facilities of Rathi Re-Rollers (India) Ltd (Rathi Re-
Rollers).

   Rs.50 Million Cash Credit Limit    BB-/Stable (Assigned)
   Rs.130 Million Term Loan           BB-/Stable (Assigned)

The ratings reflect Rathi Re-Rollers' low net worth, small scale
of operations, limited track record in steel bar manufacturing,
and moderate financial risk profile, expected to deteriorate over
the near term.  The ratings further factor in the company's
exposure to risks relating to downturns in the end-user,
construction industry.  However, these weaknesses are partially
offset by the benefits the company derives from its established
brand name in the domestic market.

Outlook: Stable

CRISIL expects Rathi Re-Rollers to maintain a stable business risk
profile over the medium term.  The financial risk profile is
likely to remain leveraged over the same term owing to increasing
working capital requirements.  The outlook may be revised to
'Positive' if the company's profitability improves significantly.
Conversely, the outlook may be revised to 'Negative' if
substantial working capital requirements lead to further
deterioration in the Rathi Re-Rollers' financial risk profile.

                     About Rathi Re-Rollers

Incorporated in 1992, Rathi Re-Rollers is promoted by the Mittal
and Rathi families.  The company manufactures and markets
construction steel bars and thermo-mechanically treated (TMT)
bars. Its plant at Silvassa has capacity to manufacture 10,000
tonnes of bars per month.  For 2007-08, (refers to financial year,
April 1 to March 31), Rathi Re-Rollers reported a profit after tax
(PAT) of Rs.6.7 million on net sales of Rs.994.3 million, as
against a PAT of Rs.5 million on net sales of Rs.137.9 million for
2006-07.


STAR JEWELLERY: CRISIL Rates Various Bank Facilities at 'P4'
------------------------------------------------------------
CRISIL has assigned its ratings of 'P4' to the various bank
facilities of RT Star Jewellery Pvt. Ltd., which is part of the RT
Star group.

   Rs.182.0 Million Export Packing Credit   P4 (Assigned)
   Rs.168.0 Million Post Shipment Credit    P4 (Assigned)
   Rs.50.0 Million Proposed Short Term      P4 (Assigned)
                   Bank Loan Facility

The ratings reflect the group's weak financial risk profile,
expected deterioration in operating profitability and losses from
cancellation of foreign exchange contracts, which are likely to
result in probable loss at net level in 2008-09 (refers to
financial year, April 1 to March 31).  The ratings also factor the
expected pressure on RT Star's revenues and profitability owing
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 significant
experience in the diamond and jewellery business.

For arriving at the ratings, CRISIL has combined the business and
financial risk profile of M/s RT Star Solitaires, RT Star
Jewellery Pvt. Ltd., and M/s RT Star Diamonds, together known as
the RT Star group.  This is because these entities derive
significant business and operational synergies from each other,
including fungibility of cash flows and common set of promoters.

                     About the RT Star Group

Promoted by Mr. Nitin Shah in 1970, the RT Star group primarily
exports polished diamonds (solitaires) and high-end jewellery.

For 2007-08, (refers to financial year, April 1 to March 31), RT
Star group reported a profit after tax (PAT) of Rs. 63.64 million
on net sales of Rs. 2048.7 million, as against a PAT of Rs. 66.53
million on net sales of Rs. 1263.18 million for 2006-07.

                 About RT Star Jewellery Pvt. Ltd.

Started in 2002 by Mr. Nitin Shah, RT Star Jewellery Pvt. Ltd. is
into manufacturing and export of diamond studded jewellery.

For 2007-08, (refers to financial year, April 1 to March 31),
RT Jewellery Pvt. Ltd. reported a profit after tax (PAT) of
Rs. 50.66 million on net sales of Rs. 746.40 million, as against a
PAT of Rs.57.55 million on net sales of Rs. 583.79 million for
2006-07.


TATA MOTORS: S&P Downgrades Corporate Credit Rating to B+'
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on India-based automaker Tata Motors Ltd. to 'B+' from
'BB-'.  The rating remains on CreditWatch with negative
implications, where it was placed on Dec. 12, 2008.  At the same
time, S&P lowered its issue rating on the company's senior
unsecured notes to 'B+' from 'BB-' and also kept the rating on
CreditWatch with negative implications.

The rating action follows material deterioration in Tata Motors'
cash flows and related metrics on a consolidated basis, derived
from an adverse operating environment, which, combined with
significantly high debt levels, will affect its credit protection
measures beyond those consistent with a 'BB' rating category.

The CreditWatch with negative implications reflects (1) the
pending refinancing for the remaining US$2 billion of bridge loan
facility, which is due on June 2, 2009; and (2) the significantly
high level of short-term debt as of Dec. 31, 2008.

"The rating is likely to be affirmed if the refinancing plan is
implemented," said Standard & Poor's credit analyst Manuel
Guerena.  "However, even after the CreditWatch resolution, the
rating is likely to be assigned a negative outlook, reflecting the
possibility of further weakening in the global auto market
conditions."

Tata Motors' operating performance has been hit by weak global
auto market conditions although that is partly offset by the
general fall in commodity prices.  The demand situation in India
weakened post September 2008 but has recovered somewhat starting
January 2009 because of increased liquidity in the vehicle finance
market and the government's economic stimulus.

"Although the sustainability of this recovery is uncertain,
considering the weak economic environment in India, the market, in
S&P's view, is not likely to return to the challenging levels in
the quarter ended December 2008," Mr. Guerena said.

The newly launched Nano has the potential to gradually provide
material benefit to Tata Motors cash flows after fiscal 2010 post
the commissioning of the Gujarat plant.  Jaguar and Land Rover,
which have been much more severely affected globally by weak
demand conditions (with the exception of the Jaguar XF model until
lately), continue to register volume declines and that is expected
to prevail for the rest of 2009.

The debt levels could further increase as the company is expected
to have negative free operating cash flow on a consolidated basis
after funding significant capital expenditure for fiscal 2009,
largely toward new product development.  The new products are
expected to benefit Tata Motors' business only in the medium term,
Mr. Guerena noted.



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NIS GROUP: S&P Downgrades Counterparty Credit Rating to 'CCC-'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
counterparty credit rating on NIS Group Co. Ltd. to 'CCC-' from
'CCC+', and its long-term senior unsecured debt rating on the
company to 'CC' from 'CCC'.  The downgrade is based on S&P's
expectations that NIS Group's ability to repay its debt is
weakening, as the company may not be able to raise funds as
planned due to uncertainty over the business performance of
Incubator Bank of Japan Ltd., which is one of NIS Group's main
banks as well as being a business partner.  The outlook on the
long-term counterparty credit rating remains negative.

The financial assistance provided by the Incubator Bank of Japan
has supported the ratings on NIS Group to a certain extent.
However, Standard & Poor's believes that the bank's ability to
finance NIS Group may decline, as a result of the recent
bankruptcy of SFCG Co. Ltd., a finance company that sold the same
loan receivables to the Incubator Bank of Japan and other
companies.  Total losses incurred by the bank are as yet unknown.
Consequently, S&P expects funding pressure on NIS Group to further
increase, on top of its already restricted liquidity, due to
deteriorating asset quality, declining profitability, and a
worsening financing environment.

The negative outlook reflects the likelihood that NIS Group's
business relationships with its financial institutions will
worsen.  In addition, cash flow from receivables may decline due
to further deterioration in asset quality and profitability amid
the global economic downturn.  The negative outlook also
incorporates S&P's expectations that the entire money-lending
industry will continue to face financial burdens relating to
refunds of overpaid interest.  Standard & Poor's may consider
lowering its ratings on NIS Group if liquidity and bankruptcy
risks emerge.  Conversely, S&P could raise the ratings or revise
the outlook upward if NIS Group's profitability improves and
stable financing sources are secured.

The long-term senior unsecured debt rating is one notch lower than
the counterparty credit rating, reflecting a recent increase in
the percentage of pledged assets to total assets, leading to
structural subordination.

                        Ratings List

                         Downgraded

                     NIS Group Co. Ltd.

                               To                 From
                               --                 ----
Counterparty Credit Rating     CCC-/Negative/--   CCC+/Negative/--
Sr Unsec (foreign currency)    CC                 CCC



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

MECHMAR CORP: Loan Default Totaled MYR229.73 Mln in February
------------------------------------------------------------
Pursuant to Practice Note 1 disclosure obligations, Mechmar
Corporation (Malaysia) Berhad revealed that as of February 28,
2009, its loan default totaled to MYR229.73 million.

The company and its subsidiaries' respective default are:

   Borrower               Loan Amount (Mil.)     In Default (MYR)
   --------               -----------------      ---------------
   Mechmar Corporation    MYR50                  MYR8,500,000
   (Malaysia) Bhd

   Mechmar Corporation    MYR5.386               MYR6,500,000
   (Malaysia) Bhd

   Mechmar Corporation    MYR49.4                MYR288,000
   (Malaysia) Bhd


   Mechmar Corporation    MYR5.554               MYR300,000
   (Malaysia) Bhd

   Mechmar Corporation    MYR3.631               MYR240,000
   (Malaysia) Bhd

   Mechmar Corporation    MYR7.288               MYR240,000
   (Malaysia) Bhd

   Mechmar Boilers S/B    MYR5                   MYR7,500,000

   Relau Estates S/B      MYR10.0                MYR12,510,000

   Mechmar Corporation    MYR10.7                MYR13,386,000
   (Malaysia) Bhd                                -------------
                                       Subtotal: MYR49,464,000

   Independent Power      US$105                 US$48,458,000
   Tanzania Limited                              -------------
                                          Total: MYR229,727,760

Mechmar said Independent Power Tanzania Ltd (IPTL), a major
subsidiary of the company, has stop payment on its scheduled
instalment to its lender, Standard Chartered Bank (HK) Limited.

Further payment is pending the outcome of its recovery action with
the International Centre for Settlement of Investment Disputes
(ICSID)on debts owed by TANESCO and/ or the Government of Tanzania
to IPTL.

                    About Mechmar Corporation

Mechmar Corporation (Malaysia) Berhad is an investment holding
company providing management services to its subsidiaries.
Through its subsidiaries, the company is engaged in the
manufacture and marketing of industrial boilers, burners, steam
generating plant, vessels, fabrication and associated product
support activities; operating of a power generation plant;
retailing of solar-heaters, and retailing and leasing of ice
machines, and investment holding.  Its manufacturing and trading
activities are located in Malaysia, Great Britain, Hong Kong,
Indonesia, Sri Lanka and Singapore.  Its power generation activity
is based in Tanzania, whereas its property development and
financing activities are located in Malaysia.  In April 2008, the
company announced that Mekmore Sdn Bhd has a 100% interest in the
company.

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

   -- the company's major subsidiary, Independent Power of
      Tanzania (IPTL) has stop payment on its scheduled
      instalment to its lender; and

   - the company was unable to provide a solvency declaration.



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

PLUS SMS: To Raise Funds Through Rights Issue
---------------------------------------------
Plus SMS Holdings Ltd is seeking to raise just over NZ$600,000
from a rights issue to existing shareholders, The National
Business Review reports.

According to the report, the issue price has been set at 0.5 cents
per share, a discount to the current 1 cent trading price.

Each investor can invest a maximum $5,000 for 1 million new
shares, the Business Review relates.

As reported in the Troubled Company Reporter-Asia Pacific on
Mar. 5, 2009, the Business Review said Plus SMS made a NZ$2.7
million loss for the half year to December 31, 2008.  Revenue fell
11 percent to NZ$2.4 million.

Plus SMS shareholders' equity has dropped to NZ$4.7 million and
cash on hand is under the NZ$1 million mark, the report said.

The Business Review said the company was planning to raise NZ$5
million through a convertible notes issue and was considering an
issue to existing shareholders.

Citing an auditor's note on the company's last annual report, the
Business Review stated that if Plus SMS did not meet its operating
targets it would need to raise extra funds to remain a going
concern.

                         About Plus SMS

Plus SMS Holdings Ltd. (NZX: PLS) -- http://www.cre-eight.com/
-- along with its subsidiaries, is principally engaged in the
provision of mobile entertainment and network services.  Some of
its wholly owned subsidiaries include CRE8 Limited, which is
engaged in content and network services; Content Technology, S A
De C V, which is engaged in content services, and CRE8
Consultoria, which is engaged in administration services.

                          *     *     *

The company incurred three consecutive net losses of NZ$6.96
million, NZ$11.89 million, and NZ$4.49 million for the financial
years ended March 31, 2008, 2007 and 2006, respectively.


VTL GROUP: Fined NZ$40,000 for Listing Rules Breaches
-----------------------------------------------------
VTL Group has been censured by the New Zealand Markets
Disciplinary Tribunal and ordered to pay NZX $40,000 after VTL
breached listing rules, The National Business Review reports.

The Review says that the breach relates to a resolution passed by
VTL's board in 2006 to provide a letter of credit in favour of
CapitalSource Finance, which was lending money to All Seasons, a
company in which VTL held notes that if converted would have given
it 66% of All Seasons stock.

The breach, according to the report, occurred because a VTL
director with an interest in the transaction, Mervyn Doolan, voted
in favor of the resolution.

VTL Group Limited (NZX: VTL) is a global franchisor, with its
franchised brands represented internationally including in
Australasia, North America, UK and Europe.  VTL Group's
franchise model is supported by a complete management system
including its proprietary technology and financing.  The
company's primary growth strategy for 24seven and Shop24(TM)
is based around purchasing quality electronic vending equipment
for 24seven or the manufacturing of its Shop24 units, installing
proprietary control technology and building a network of
franchised owner/operators.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 4, 2008, VTL Group disclosed that all of its directors have
resigned and that it invited Colin McCloy to become the receiver
of the company.

VTL Group has declared itself insolvent.  Its wholly owned
subsidiary, Nathans Finance NZ Ltd, went into receivership
in August 2007.


* NEW ZEALAND: Economy Contracts For 4th Consecutive Quarter
------------------------------------------------------------
New Zealand's economy contracted 0.9 percent in the December 2008
quarter, Statistics New Zealand said today.  This is the fourth
consecutive decline in economic activity, as measured by Gross
Domestic Product (GDP).

The main drivers of the decline in economic activity in the latest
quarter were the manufacturing and wholesale trade industries.
Manufacturing activity declined 3.8 percent in the December 2008
quarter, with nearly all the manufacturing sub-industries
recording decreases.  The only manufacturing sub-industry to
increase this quarter was food and beverage manufacturing.  Value
added in the wholesale trade industry declined 4.9 percent, the
fourth consecutive quarterly decrease. Partly offsetting the
declines within GDP was finance, insurance and business services,
which was up 2.2 percent in the December 2008 quarter.

On an annual basis, GDP was up 0.2 percent for the December 2008
year.  Annual GDP was higher than for the December 2007 year,
despite the four quarters of declining activity.  This occurred
because the economy grew at a faster rate in 2007 than it
contracted in 2008.

The expenditure measure of GDP, released concurrently with the
production measure, was down 0.6 percent in the December 2008
quarter.  Household consumption expenditure, which measures the
volume of goods and services purchased by New Zealand households,
was flat this quarter.  Household spending on durables (which
includes cars, furniture and appliances) and non-durables (which
includes food and beverages) were both down this quarter.
Household spending on services offset these decreases.

Gross fixed capital formation, which measures capital investment
in fixed assets, decreased 5.3 percent in the December 2008
quarter.  The main categories in which investment declined were
residential building (down 14.0 percent), and plant, machinery and
equipment (down 4.8 percent).  Investment in residential building
has decreased for five quarters in a row, reflecting the decline
in new housing construction.  The decrease in plant, machinery and
equipment investment is a result of lower imports of these types
of goods.


* NEW ZEALAND: Exports Fell 6.6% in February 2009
-------------------------------------------------
Merchandise exports fell $243 million (6.6 percent) in February
2009 compared with February 2008, Statistics New Zealand said
today.  The value of merchandise imports fell $490 million (14.2
percent) over the same period.

This is the first fall in exports since August 2007.  The fall was
led by decreases in milk powder, butter and cheese, down $288
million mainly due to a decrease in whole milk powder.  Prices
were generally lower for commodities throughout this category.
The largest offsetting increase was from a $120 million rise in
meat and edible offal, led by lamb cuts.

This month's fall in imports (14.2 percent) is the largest in 16
years, and was led by a fall in crude oil imports of $265 million
(70.1 percent).  The fall in crude oil was mainly due to much
lower quantities being imported.  The timing of crude oil
shipments is irregular and can cause large percentage fluctuations
in the total imports series.  Passenger motor cars were down $158
million (62.5 percent) to their lowest value for any month since
January 1994.

In February 2009, the monthly trade balance was a surplus of $489
million, or 14.2 percent of exports.  The trade balance tends to
be in surplus in February months, however, as a percentage of
exports, this month recorded the highest February surplus since
2001.

The New Zealand exchange rate as measured by the Reserve Bank's
Trade Weighted Index (TWI) has fallen 28.3 percent since February
2008.  A decreased dollar value has an upward influence on prices
for both exports and imports.


* NEW ZEALAND: 2008 Current Account Deficit Rises to 8.9% of GDP
----------------------------------------------------------------
The current account deficit for the year ended December 2008 was
$16.1 billion (8.9 percent of GDP), according to the Statistics
New Zealand. This compares with a deficit of $15.5 billion (8.6
percent of GDP) for the year ended September 2008, and a deficit
of $14.4 billion (8.2 percent of GDP) for the year ended December
2007.

The main reasons for the increase in the deficit between the year
ended September 2008 and the year ended December 2008 were a rise
in the value of imports of transportation services and a fall in
the value of exports of travel services.  The increased imports of
transportation services was mainly due to higher freight costs,
while the decrease in exports of travel services was caused by
fewer visitors coming to New Zealand.  Exports of goods increased,
with higher values of dairy products behind the rise. This was
offset by an increase in goods imports, which was due to an
increase in the prices of imports of petroleum and petroleum
products.

The seasonally adjusted current account deficit for the December
2008 quarter was $3,772 million, $236 million smaller than the
deficit in the September 2008 quarter.  The smaller deficit in the
latest quarter was due to an increase in the value of exports of
goods, which was partly offset by increased value of imports of
services. Exports of goods increased due to higher exports of
dairy and forestry products.

The December 2008 quarter investment income deficit of $3,199
million is $58 million smaller than the September 2008 quarter
deficit.  This is the second consecutive fall in the quarterly
investment income deficit.  In the December 2008 quarter, foreign
investors' earnings in New Zealand were $160 million lower than in
September 2008, and New Zealand investors' earnings from abroad
were down $102 million.

New Zealand's current account deficit has the effect of increasing
its net overseas liabilities, as external funding is required to
finance the deficit.  At December 31, 2008, New Zealand's overseas
liabilities exceeded its overseas assets by $167.7 billion (92.9
percent of GDP).  This compares with net overseas liabilities of
$152.6 billion (87.1 percent of GDP) at 31 December 2007.



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

STATS CHIPPAC: S&P Changes Outlook to Negative; Keeps 'BB+' Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services said it revised its rating
outlook on Singapore-based STATS ChipPAC Ltd. to negative from
stable.  At the same time, Standard & Poor's affirmed its 'BB+'
long-term corporate credit rating on STATS ChipPAC and the 'BB+'
issue rating on the senior unsecured notes.

"The outlook revision on STATS ChipPAC reflects the challenging
conditions in the outsourced semiconductor assembly and testing
services industry and the possible adverse impact on the company's
financial metrics if the downturn becomes prolonged," said
Standard & Poor's credit analyst Wee Khim Loy.

STATS ChipPAC reported flat revenue of US$1,658.2 million for the
year ended Dec. 28, 2008, compared with 2007, and a significantly
lower net profit of US$25.7 million for 2008 versus  US$93.7
million previously.  It was the unprecedented contraction in
worldwide demand for semiconductors, particularly in the last
quarter of 2008, that more than offset the performance of STATS
ChipPAC in the first three quarters.

Gross profit margin for fourth quarter 2008 deteriorated sharply
to 11.6%, from 18.5% in the prior quarter and 19.5% in the last
quarter of 2007.  "This reflects the extremely challenging OSATS
environment that STATS ChipPAC is facing, in which customers have
generally responded to the current global downturn by aggressively
reducing inventory and new-build orders," Ms. Loy said.  S&P
expects further downward pressure on STATS ChipPAC's profitability
if the semiconductor downturn prolongs, she added.

The rating on STATS ChipPAC reflects the company's involvement in
the high-risk and capital-intensive OSATS business.  STATS ChipPAC
invests continually in new equipment and technology to remain
among the industry leaders, despite the industry's cyclicality.
Since 2006, the company has, in S&P's view, been disciplined in
its capital expenditure, which lowered its lease-adjusted debt-to-
EBITDA ratio to 1.4x in 2008 from a high of 2.7x in 2005.

However, capital expenditure controls may not be sustainable
without adversely affecting revenue, profitability, and
competitiveness.  In addition, S&P consider STATS ChipPAC's
customer concentration risk to be high; its top-10 customers
generated more than 60% of total revenue in 2008.  Loss of orders
from one of them could have a major impact on cash flow.



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

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

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


AUSTRALIA

ADVANCE HEAL-NEW           AHGN      16933460.19     -8226075.95
ADVANCE HEALTHCA            AHG      16933460.19     -8226075.95
ALLOMAK LTD                 AMA      40685785.47     -5913422.67
ALLSTATE EXPLORA            ALX      16169603.20    -50619940.96
ALLSTATE EXPL-PP          ALXCC      16169603.20    -50619940.96
ANTARES ENERGY L            AZZ      14174189.76     -6756494.56
ARC EXPLORATION             ARX      56414197.69    -20454926.06
AUSMELT LTD                 AET      10421943.80     -1558622.35
AUSTAR UNITED               AUN     448602007.58   -261905005.38
BABCOCK & BROWN             BCM    7921901248.89   -381294562.59
BIRON APPAREL LT            BIC      19706738.17     -2220069.83
BISALLOY STEEL G            BIS      54556820.43     -7472108.44
CHEMEQ LIMITED              CMQ      25194855.59    -24254413.72
ELLECT HOLDINGS             EHG      18245003.37    -15487781.92
ETW CORP LTD                ETW      83708786.34    -58673955.65
FORTESCUE METALS            FMG    4293524492.00   -378456209.91
FULCRUM EQUITY L            FUL      19209266.15     -3664831.35
JAMES HARDIE NV           JHXCC    2357299968.00   -237600000.00
JAMES HARDIE-CDI            JHX    2357299968.00   -237600000.00
LAFAYETTE MIN               LAF     105239389.93   -190859526.77
MAC COMM INFR-CD            MCGCD  8104415200.76   -103343256.49
MACQUARIE COMMUN            MCG    8104415200.76   -103343256.49
METAL STORM LTD             MST      14309243.10     -5126410.11
TOOTH & CO LTD              TTH     143720715.19    -94300033.83
VERTICON GROUP              VGP      21729291.58    -11591492.96
VIDELLI LTD                 VID     180731676.67    -11205963.43

CHINA

ALONG TIBET CO-A         600773      10333935.67      -913954.99
AMOI ELECTRONICS         600057     414934259.50    -30399649.61
ANHUI KOYO GROUP         000979      60298626.62    -47685854.30
CHANG LING GROUP         000561      49675731.32   -115810769.64
CHENGDU UNION-A          000693      59526570.13      -188881.87
CHINA KEJIAN-A           000035      65124488.98   -167311537.11
CHINESE.COM LOGI         000805      13883647.68     -8947568.12
CHONGWING INTL-A         000736      24753183.26    -13379849.30
DANDONG CHEM F-A         000498     115942688.34    -91597754.91
FUJIAN SANNONG-A         000732      64417775.39    -90239301.91
FUJIAN START-A           600734     105659572.63    -14337777.19
GUANGDONG HUAL-A         600242      22465173.76     -2740933.18
GUANGDONG KEL-A          000921     710500493.66    -81769686.15
GUANGMING GRP FU         000587      62369338.74    -12083332.13
GUANGXIA YINCH-A         000557      53463085.53    -61325483.02
HEBEI BAOSHUO CO         600155     313380313.25   -212285683.69
HEBEI JINNIU C-A         600722     223470984.32   -222746304.24
HISENSE ELEC-H              921     710500493.66    -81769686.15
HUATONG TIANXI-A         600225      73838152.81    -41138558.42
HUDA TECHNOLOG-A         600892      20117117.87     -1494139.58
HUNAN ANPLAS CO          000156      83999120.28    -81350940.74
HUNAN AVA HOLDIN         000918     176943487.87    -11256248.54
JIAOZUO XIN'AN-A         000719      50815905.85    -25450082.53
LAN BAO TECH INF         000631      29435531.87    -22701113.38
MIANYANG GAO-A           600139      30657523.00    -12436839.12
QINGHAI SALT L-A         000578     105635944.61     -4914371.18
QINGHAI SUNSHI-A         600381      52481259.62    -33816335.98
REAL GOLD MINING         000246      34172339.37      -299845.13
SHANG WORLDBES-A         600094     327982181.09   -175167931.11
SHANG WORLDBES-B         900940     327982181.09   -175167931.11
SHENZ CHINA BI-A         200017      29379003.11   -244527119.11
SHENZ CHINA BI-B         200017      29379003.11   -244527119.11
SHENZ SEG DASH-A         000007     101024087.57     -1144993.15
SHENZHEN DAWNC-A         000863      36847332.84   -142582249.37
SHENZHEN KONDA-A         000048     155014461.99    -24446764.56
SHENZHEN SHENXIN         000034      44989232.03   -113368102.97
SICHUAN DIRECT-A         000757     128549383.42   -102619767.95
STELLAR MEGAUNIO         000892      64925448.82   -162463426.22
SUCCESS INFORMAT         000517      30118378.44    -14826121.30
SUNTEK TECHNOLOG         600728      44691434.84    -22949595.64
SUNTIME INTERN-A         600084     355378023.17   -100009910.49
TAIYUAN TIANLON          600234      12693007.72    -51581680.70
TIANJIN MARINE           600751      75440814.59    -26602770.52
TIANJIN MARINE-B         900938      75440814.59    -26602770.52
TIBET SUMMIT I-A         600338      63612758.53    -10426824.98
TOPSUN SCIENCE-A         600771     232677660.69   -131983172.54
WINOWNER GROUP C         600681      21498115.00    -81284231.50
XIAMEN OVERSEAS          600870     433188523.84    -13781679.05
YUEYANG HENGLI-A         000622      40266532.05    -14337174.21
ZHANGJIAJIE TO-A         000430      46479019.96     -4406094.66

HONG KONG

APTUS HLDGS LTD            8212      54183295.49     -5233351.51
ASIA TELEMEDIA L            376      16618871.08     -5369335.42
CHIA TAI ENTERPR            121     313740803.76    -49562387.78
CHINA GRAND PHAR            512      23135825.94     -7596740.75
CHINA HEALTHCARE            673      29513119.73     -7815705.47
CORE HEALTHCARE            8250      27890609.26    -11660364.96
EGANAGOLDPFEIL              48      557892423.39   -132858951.98
EMPEROR ENTERTAI          8078       35493733.40     -2976735.60
NEW CITY CHINA             456      113178595.41     -9932226.54
PALADIN LTD                495      186461196.61     -9780904.71
PALADIN LTD -PRE           642      186461196.61     -9780904.71
SANYUAN GROUP LT           140       17768260.98     -2131329.68
WAI CHUN MINING            660       20322907.97     -8149450.16

INDIA

ALCOBEX METALS             AML       27036820.49    -16751727.41
APPLE FINANCE              APL       70832103.73    -29253849.19
ARTSON ENGR                 ART      10310745.75      -705781.13
ASHIMA LTD                 ASHM      83553376.09    -43417749.51
BALAJI DISTILLER            BLD      59974008.41    -50890026.26
BELLARY STEELS             BSAL     512415670.40   -101442229.54
BHAGHEERATHA ENG           BGEL      22646453.72    -28195273.09
CFL CAPITAL FIN           CEATF      20637497.85    -48884440.84
CORE HEALTHCARE            CPAR     185364966.99   -241912027.81
DIGJAM LTD                 DGJM      98769193.78    -14623833.58
DISH TV IND-PP             DITVPP   229160606.28     -8850096.00
DISH TV INDIA              DITV     229160606.28     -8850096.00
DUNCANS INDUS               DAI     164653351.85   -220922929.88
GANESH BENZOPLST            GBP      77840261.61    -41865917.86
GUJARAT SIDHEE             GSCL      59440728.18      -660003.43
GUJARAT STATE FI            GSF      30159595.18   -234918081.46
HIMACHAL FUTURIS           HMFC     633329926.05   -104792044.71
HINDUSTAN PHOTO            HPHT      93725753.93  -1229352757.43
HMT LTD                     HMT     206932743.85   -263572925.12
ICDS                       ICDS      13300348.69     -6171079.46
IFB INDS LTD               IFBI      50668510.63    -65490798.77
JCT ELECTRONICS            JCTE     122542558.60    -49996834.55
JENSON & NIC LTD             JN      15734678.26    -92089109.12
JK SYNTHETICS               JKS      20208078.76     -2171303.89
JOG ENGINEERING             VMJ      50080964.36    -10076436.07
KALYANPUR CEMENT           KCEM      37538318.01    -41771703.35
LLOYDS METALS              LYDM      76625324.31      -409399.15
LLOYDS STEEL IND           LYDS     392561769.16   -102160401.76
MILLENNIUM BEER             MLB      39726352.09      -732186.48
NATH PULP & PAP            NPPM      11602126.35    -34768739.20
ORIENT PRESS LTD             OP      15616522.24    -10040802.92
OSWAL SPINNING             OWSW      18536688.83     -4258142.35
PANCHMAHAL STEEL            PMS      51024827.03      -325116.26
PANYAM CEMENTS              PYC      30241162.87     -9403739.61
PARASRAMPUR SYN             PPS     111971290.89   -317111727.95
PAREKH PLATINUM            PKPL      61081050.43    -88849040.15
PSI DATA SYSTEMS            PSI      11676002.06     -2481336.90
PTL ENTERPRIESES           PTLE      54293986.93      -397481.92
RATHI ISPAT LTD            RTIS      44555929.56     -3933592.50
REMI METALS GUJA            RMM      82273746.28     -1650461.11
ROLLATAINERS LTD            RLT      22965755.05    -22244556.92
ROYAL CUSHION              RCVP      29192373.45    -73115309.68
RPG CABLES LTD              RPG      51431409.37    -20192930.18
SEN PET INDIA LT           SPEN     13283611.52     -25431862.10
SHREE RAMA MULTI           SRMT      81405835.45    -64134056.23
SIL BUSINESS ENT           SILB      12461159.02    -19961202.41
SPICE COMMUNICAT           SPCM     263692459.52    -19679192.67
STI INDIA LTD              STIB      44107456.00      -300149.59
TATA TELESERVICE           TTLS     857960649.86    -50009972.82
TRANS FREIGHT               TFC      14196928.74     -9623049.18
TRIVENI GLASS              TRSG      34542881.89     -6209872.78
UNIWORTH LTD                 WW     178225972.59   -131624807.91
USHA INDIA LTD             USHA      12064900.61    -54512967.31
WIRE AND WIRELES            WNW     106984536.93    -23622538.56


INDONESIA

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


JAPAN

APRECIO CO LTD             2460      15981315.82     -2395526.71
L CREATE CO LTD            3247      42344509.56     -9146496.90
LIFE STAGE CO LT           8991     140521332.90     -4256881.43
LINK CONSULTING            4798      20858257.56    -22890695.36
LINK ONE                   2403      12290544.83     -5772835.00
MOC CORP                   2363      56468378.86    -18149241.94
OPEN INTERFACE I           4302      32715547.40     -5699491.16
PACIFIC HD CO              8902    2822421445.26    -55823540.44
PION CO LTD                2799      50289757.53     -4685410.43
PLACO CO LTD               6347      26260220.44      -997325.51
SOWA JISHO CO LT           3239      54007939.02    -15643863.67
TERRANETZ CO LTD           2140      11633353.37     -4293462.63

KOREA

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


MALAYSIA

ENERGREEN CORP             ECB       25339141.27    -43055041.82
LITYAN HLDGS BHD            LIT      20867100.91    -27979954.44
NIKKO ELECTRONIC          NIKKO      12072911.27     -7832098.21
PANGLOBAL BHD               PGL     154526312.03   -196600884.35
PECD BHD                   PECD     377122467.92   -295360985.56
WONDERFUL WIRE               WW      22721443.48     -1936371.54
WWE HOLDINGS BHD            WWE      67986614.2      -3400656.26

NEW ZEALAND

DOMINION FINANCE           DFH      258902749.12    -55312405.88


PHILIPPINES

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


SINGAPORE

ADV SYSTEMS AUTO            ASA       18177825.52    -7877731.57
CHUAN SOON HUAT             CSH       39144678.93    -7539646.47
FALMAC LTD                  FAL       10907421.75    -5669361.14
HL GLOBAL ENTERP           HLGE      105185881.93    -8816485.24
INFORMATICS EDU            INFO       24731271.45    -5096073.27
LINDETEVES-JACOB             LJ      192873034.63   -73862882.72
OCEAN INTERNATIO          OCEAN       61659949.85   -13720313.13
SUNMOON FOOD COM           SMOON      16158450.92   -13753828.36


TAIWAN

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


THAILAND

ABICO HOLDINGS            ABICO       16687406.79    -9849452.81
ABICO HOLD-NVDR         ABICO-R       16687406.79    -9849452.81
ABICO HLDGS-F           ABICO/F       16687406.79    -9849452.81

BANGKOK RUB-NVDR          BRC-R       86059276.81   -66357490.80
BANGKOK RUBBER              BRC       86059276.81   -66357490.80
BANGKOK RUBBER-F          BRC/F       86059276.81   -66357490.80
CENTRAL PAPER IN          CPICO       13252670.48  -241782725.56
CENTRAL PAPER-NV        CPICO-R       13252670.48  -241782725.56
CENTRAL PAPER-F         CPICO/F       13252670.48  -241782725.56
CIRCUIT ELEC PCL         CIRKIT       61295807.28   -25886476.66
CIRCUIT ELE-NVDR     CIRKIT-RTB       61295807.28   -25886476.66
CIRCUIT ELEC-FRN       CIRKIT/F       61295807.28   -25886476.66
DATAMAT PCL                 DTM       12690638.93    -6132014.29
DATAMAT PCL-NVDR          DTM-R       12690638.93    -6132014.29
DATAMAT PLC-F             DTM/F       12690638.93    -6132014.29
ITV PCL                     ITV       32184803.45   -75222598.62
ITV PCL-NVDR              ITV-R       32184803.45   -75222598.62
ITV PCL-FOREIGN           ITV/F       32184803.45   -75222598.62
K-TECH CONSTRUCT          KTECH       83204235.85    -5693045.29
K-TECH CONTRU-R         KTECH-R       83204235.85    -5693045.29
K-TECH CONSTRUCT        KTECH/F       83204235.85    -5693045.29
KUANG PEI SAN            POMPUI       18782550.85   -14068562.52
KUANG PEI-NVDR       POMPUI-RTB       18782550.85   -14068562.52
KUANG PEI SAN-F        POMPUI/F       18782550.85   -14068562.52
MALEE SAMPRAN             MALEE       62534877.53    -6947140.27
MALEE SAMPR-NVDR        MALEE-R       62534877.53    -6947140.27
MALEE SAMPRAN-F         MALEE/F       62534877.53    -6947140.27
NEW PLUS KNITT              NPK       10075187.17    -2034472.09
NEW PLUS KN-NVDR          NPK-R       10075187.17    -2034472.09
NEW PLUS KNITT-F          NPK/F       10075187.17    -2034472.09
SAFARI WORLD PUB         SAFARI      105846131.92   -13361065.40
SAFARI WORL-NVDR     SAFARI-RTB      105846131.92   -13361065.40
SAFARI WORLD-FOR       SAFARI/F      105846131.92   -13361065.40
SAHAMITR PRESSUR           SMPC       27259301.93   -34589170.90
SAHAMITR PR-NVDR         SMPC-R       27259301.93   -34589170.90
SAHAMITR PRESS-F         SMPC/F       27259301.93   -34589170.90
SUNWOOD INDS PCL            SUN       29427364.98    -6703524.31
SUNWOOD INDS-NVD          SUN-R       29427364.98    -6703524.31
SUNWOOD INDS-F            SUN/F       29427364.98    -6703524.31
THAI-DENMARK PCL          DMARK       15715462.27   -10102519.69
THAI-DENMARK-F           DMARK/F      15715462.27   -10102519.69
THAI-DENMARK-NVD         DMARK-R      15715462.27   -10102519.69
UNIVERSAL STARCH            USC       86972750.14   -49004706.42
UNIVERSAL S-NVDR          USC-R       86972750.14   -49004706.42
UNIVERSAL STAR-F          USC/F       86972750.14   -49004706.42



                         *********

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

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

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


                            *********


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

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

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

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

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





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