TCRAP_Public/090330.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Monday, March 30, 2009, Vol. 12, No. 62

                            Headlines

A U S T R A L I A

ABC LEARNING: Receivers Uncertain Over Staff's Future
BABCOCK & BROWN WIND: Major Shareholder Presses on Asset Sales
CENTRO SHOPPING: S&P Cuts Rtngs. on 2 Classes of Tranches to Low-B
CORNERSTONE: Placed in Receivership
LIBERTY PRIME: Fitch Assigns Ratings on 2009-1 Notes

LIBERTY PRIME: S&P Assigns Ratings on AU$600 Million RMBS
OZ MINERALS: Minmetals's Bid Blocked on Proximity to a Gov't Site


C H I N A

CHINA CONSTRUCTION: To Issue Up to CNY80 Bln Subordinated Bonds
EAST STAR: Heading Towards Bankruptcy
NEO-CHINA LAND: Bond Amendment Won't Affect Moody's 'Caa3' Rating
NEO-CHINA LAND: S&P Reports Likely Cut on 'CC' Rating to 'SD'


H O N G  K O N G

B+B NOMINEES: Members' Meeting Set for April 24
CARTO LEATHERWARE: Annual Meetings Set for March 30
COSELSALVAGE LIMITED: Annual Meetings Set for April 15
FREELAND ELECTRICAL: Court to Hear Wind-Up Petition on April 15
FU SHUN: Appoints Lo Ka Ying and Leung Ka Lok as Liquidators

GRAND PALACE: Members and Creditors to Meet on April 28
GREAT HONEST: Court to Hear Wind-Up Petition on April 29
GREAT HONEST: Court to Hear Wind-Up Petition on April 29
HUGHES ASIA: Yip and Ku Steps Down as Liquidators
JAPAN COSMO: Members' Meeting Set for April 21

MEDIALINK INTERNATIONAL: Creditors' Proofs of Debt Due on April 30
PAK WIN: Court to Hear Wind-Up Petition on April 29
SEE YU: Appoints Law Yui Lun as Liquidator
SELCO (HONG KONG): Annual Meetings Set for April 15
VISCOUNTMARINE LIMITED: Annual Meetings Set for April 15


I N D I A

BHAGWATI SPONGE: CRISIL Assigns 'BB' Rating on Rs.65 Mln Term Loan
CHEEMA SPINTEX: Default on Loan Payment Cues CRISIL 'D' Ratings
CLASSIC COTTON: CRISIL Put 'B-' Ratings on Various Bank Facilities
GARUDA AVIATION: CRISIL Rates Rs.80.0 Mln Bank Overdraft at 'BB-'
GOLD STAR: CRISIL Places 'P4' Ratings on Rs.340 Mln Packing Credit

HIRACO JEWELLERY: CRISIL Puts 'P4' Ratings on Various Bank Loans
N SATISHKUMAR: CRISIL Rates Rs.60MM Export Packing Credit at 'P4'
P.K. HOSPITALITY: Low Net Worth Prompts CRISIL 'BB-' Ratings
RAIN CII: S&P Changes Outlook to Negative; Affirms 'B' Rating
SHREE SAI: CRISIL Assigns 'BB'Ratings on Rs.55.20 Mln Term Loan

WESTERN INDIA: CRISIL Rates Rs.155MM Packing Credit Limits at 'P4'
UMIYA CERAMIC: CARE Assigns 'CARE BB' Rating on Rs.101.40 cr Loans


I N D O N E S I A

ANEKA TAMBANG: Net Income Down 73% in 2008
BANK DANAMON: Shareholders Approve IDR3.96 Trillion Rights Issue
BPR TRIPANCA: Placed Under Liquidation, LPS Takes Over


J A P A N

AZEL CORP: To File for Bankruptcy Protection, Reuters Says
CSC SERIES: S&P Puts Low-B Ratings on Two Classes on WatchNeg.
ELPIDA MEMORY: To Raise US$470 Mln Short Term Funds
OSAKA WORLD: Files for Bankruptcy Protection


N E W  Z E A L A N D

FISHERS MEATS: Placed in Receivership
LOMBARD GROUP: Puts Two Subsidiaries Into Liquidation


T A I W A N

NAN YA: 2008 Net Profit Fell 84%


T H A I L A N D

TMB BANK: Fitch Downgrades Foreign Currency Rating to 'B+'
KRUNG THAI: Fitch Downgrades Foreign Currency Rating to 'BB+'


U N I T E D  A R A B  E M I R A T E S

GULF GENERAL: Fitch Downgrades Issuer Default Rating to 'BB+'


                         - - - - -


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

ABC LEARNING: Receivers Uncertain Over Staff's Future
-----------------------------------------------------
Staff at ABC Learning Centres Ltd may be retrenched or paid less
when the company's centres are sold in May, The Australian reports
citing Stephen Parbery, a partner of ABC Learning's receiver, PPB.

The Australian relates Mr. Parbery said the federal Government's
request that buyers retain existing staff and guarantee their
entitlements was part of a "wish list".

"It was never a binding condition," Mr Parbery told The
Australian.  "It's on the wish list.  There's a difference between
the wish list and what happens."

Mr. Parbery, as cited by the report, said he expected many buyers
to retain staff, but the terms and conditions of employment might
change.

According to the report, Mr. Parbery's revelation that some buyers
might not retain all existing staff came after the federal
Government allocated $50 million in taxpayer funds to pay
redundancy payments for ABC Learning workers.

ABC Learning employed 16,000 childcare workers as at Nov. 2008.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 16, 2009, the Canberra Times said the receivers of ABC
Learning received more than 300 new inquiries from potential
buyers for ABC's unviable 241 childcare centres, collectively
known as the ABC2 group.

Receivers McGrath Nichol, Canberra Times noted, is still managing
the remaining 720 ABC Learning centres, while the ABC2 group has
been given AU$34 million by the Federal Government to stay open
until March 31.

                    About ABC Learning Centres

ABC Learning Centres Limited (ASX: ABS) --
http://www.childcare.com.au/-- provides childcare services and
education in more than 1,200 centres in Australia, New Zealand,
the United States and the United Kingdom.  The company's
subsidiaries include ABC Developmental Learning Centres Pty Ltd,
ABC Early Childhood Training College Pty Ltd, Premier Early
Learning Centres Pty Ltd, ABC  Developmental Learning Centres (NZ)
Ltd., ABC New Ideas Pty. Ltd., ABC Land Holdings (NZ) Limited and
Child Care Centres Australia Ltd.

On September 25, 2006, the company acquired Hutchison Child Care
Services Ltd.  On September 7, 2006, it acquired The Children's
Courtyard LLP.  On December 18, 2006, it acquired Busy Bees
Group Ltd.  On January 26, 2007, it acquired La Petite Holdings
Inc.  On February 2, 2007, it acquired Forward Steps Holdings
Ltd.  On March 23, 2007, it acquired Children's Gardens LLP. In
September 2007, the company purchased the Nursery division
(Leapfrog Nurseries) from Nord Anglia Education PLC.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
November 6, 2008, ABC Learning Centres Limited appointed
Peter Walker and Greg Moloney of Ferrier Hodgson as voluntary
administrators of the company and a number of its subsidiaries.

ABC said subsequent to the appointment of administrators, the
company's banking syndicate appointed Chris Honey, Murray Smith
and John Cronin of McGrathNicol as receivers.


BABCOCK & BROWN WIND: Major Shareholder Presses on Asset Sales
--------------------------------------------------------------
The largest shareholder of Babcock & Brown Wind Partners Group
(BBW) has called for the global wind farm owner to be wound up and
its assets sold, The Australian reports.  The report says the call
came as BBW announced plans to change its name to Infigen Energy.

The Australian relates that the Children's Investment Master Fund,
or TCI, a UK-based hedge fund which holds more than 14 per cent of
BBW, called for the fund to sell its non-core assets in Germany
and France and to also test the market for the sale of its
remaining US and Australian wind farms.

TCI, The Age says, is concerned that its securities continue to
trade at a substantial discount to asset value, despite BBW's
separation from Babcock & Brown Ltd (B&B), which has gone into
administration.

According to the Age, BBW chairman Graham Kelly said that
directors agree with TCI the current price of BBW stapled
securities does not reflect the underlying value of its business.

However, the Age relates Mr. Kelly said the successful sale of the
company's Spanish and Portuguese assets put the company in a
strong position to face the current challenging economic
conditions.

BBW said it will hold an extraordinary general meeting on
April 29, 2009, to seek securityholder approval to change its
name to Infigen Energy and to establish an equity incentive scheme
for BBW employees.

                    About Babcock & Brown Wind

Babcock & Brown Wind Partners (BBW)--
http://www.bbwindpartners.com/-- is a global wind energy company,
which owns and operates a portfolio of wind farms.  In December
2007, the company completed the acquisition of a 50% interest in
the Enersis Portfolio of wind farms.  BBW's portfolio comprises
interests in 87 wind farms that have a total installed capacity of
approximately 3,360 megawatts (MW).  BBW is managed by Babcock &
Brown Wind Partners Management Pty Limited.  BBW's portfolio of
assets includes wind farms in Europe, North America and the Asia
Pacific.


CENTRO SHOPPING: S&P Cuts Rtngs. on 2 Classes of Tranches to Low-B
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered the ratings on seven
tranches of notes issued by Centro Shopping Centre Securities Ltd.
CMBS Series 2006-1.

The downgrades reflect a potential increase in senior ranking
liabilities that may be incurred by one of the borrowers in the
transaction, Centro Retail Trust.  S&P has recently been notified
that CER had entered into swaps with BNP Paribas (AA/Negative/A-
1+) to replace pre-existing interest rate swaps attached to two of
the underlying obligations between CER and Centro Property Trust.

"S&P has concerns that the contingent costs associated with the
new swaps could ultimately reduce the cash available to
noteholders," Standard & Poor's credit analyst Narelle Coneybeare
said.  "This, in our opinion, may weaken the credit quality of the
rated cash flows, particularly given the broader challenges facing
the transaction, including the pressure on managing the collateral
portfolio, asset performance, recently reported valuation
reductions, and generally weaker conditions in Australian property
markets."

Standard & Poor's will continue to monitor the collateral
performance as well as developments regarding the refinancing of
the underlying obligations, which have expected repayment dates in
December 2009.  A detailed transaction analysis will be provided
in the Australia and New Zealand CMBS Performance Watch, which
will be published in April 2009.

                          Ratings Lowered

     Centro Shopping Centre Securities Ltd. CMBS Series 2006-1

                   Class     Rating to    Rating from
                   -----     ---------    -----------
                   A-1       AA           AAA
                   A-2       AA           AAA
                   A-3       AA           AAA
                   B         A+           AA
                   C         BBB+         A
                   D         BB+          BBB
                   E         BB           BBB-


CORNERSTONE: Placed in Receivership
-----------------------------------
Melbourne pub owner Cornerstone was placed into receivership on
Friday, March 27, after failing to recover from a debt hangover,
Natalie Craig at The Age reports.  The group has appointed Ferrier
Hodgson Partners John Lindholm and Peter McCluskey as receivers.

"It will be business as usual at the hotels while I examine the
company's financial records," the report quoted Mr. Lindholm as
saying.

The report relates Mr. Lindholm said one option would be to sell
some of the hotels as part of a restructuring.

Cornerstone's managing director Ben Niall, according to The Age,
confirmed the group had reached a close on the sale of three pubs:
Richmond Public House, Q Lounge in Melton and The Local in Port
Melbourne.

Cornerstone owns 15 high-profile Victorian pubs - including the
Botanical in South Yarra, High Moon in Brighton and the Great
Northern in Carlton, the report notes.


LIBERTY PRIME: Fitch Assigns Ratings on 2009-1 Notes
----------------------------------------------------
Fitch Ratings has assigned expected ratings and loss severity
ratings to Liberty PRIME Series 2009-1 Trust's mortgage-backed
floating-rate notes:

  -- AU$44.5 million Class A1 notes: 'F1+';
  -- AU$200.5 million Class A2 notes: 'AAA', LS-1; Outlook Stable;
  -- AU$283.0 million Class A3 notes: 'AAA', LS-1; Outlook Stable;
  -- AU$37.8 million Class AB notes: 'AAA', LS-2; Outlook Stable;
  -- AU$8.4 million Class B notes: 'AA', LS-3; Outlook Stable;
  -- AU$8.4 million Class C notes: 'A', LS-3; Outlook Stable;
  -- AU$8.4 million Class D notes: 'BBB', LS-3; Outlook Stable;
     and
  -- AU$3.0 million Class E notes: 'BB', LS-4; Outlook Stable.

The Class F notes totaling AU$6.0 million represents 1.0% of the
AUD equivalent of the total amount of bonds to be issued and were
not rated by Fitch.

The notes will be issued by Liberty Funding Pty Ltd in respect of
the Liberty PRIME Series 2009-1 Trust.

At the pool cut-off date, the total collateral pool comprised 9.9%
reduced documentation mortgages with the remaining borrowers
provided full documentation.  The portfolio consisted of 2,893
loans originated by Liberty Financial Pty Ltd totaling
approximately AU$591.0 million.  Fitch's calculated weighted
average current loan-to-value ratio was 68.8% and the weighted
average seasoning was just under 26 months.  Investment loans
comprise 12.7% of the pool, and 17.0% of mortgages in the
portfolio are interest-only loans.  In addition, fixed rate loans
make up 7.1% of the pool.  The agency has incorporated all the
abovementioned factors into its credit analysis of the
transaction.

"This issuance is to benefit from the third round of the federal
government's AOFM (Australian Office of Financial Management)
funding program and is the first transaction to issue subordinated
tranches below 'AA-' (AA minus)," notes James Leung, Associate
Director at Fitch Ratings.

The expected 'F1+' rating assigned to the Class A1 notes and the
expected 'AAA' ratings assigned to the Class A2, Class A3 and
Class AB notes are based on:

  -- the quality of the mortgage loan collateral;

  -- the 5.7% credit enhancement provided by the subordination of
     the Class B, C, D, E and the unrated Class F notes and excess
     spread;

  -- Liberty's mortgage underwriting and servicing capabilities;

  -- the liquidity provision of 1.5% of the outstanding rated
     notes funded from the issuance proceeds; and

  -- the interest-rate swap arrangements the trustee has entered
     into with National Australia Bank Limited ('AA'/Outlook
     Stable).

The expected ratings assigned to other Classes of notes is based
on all the strengths supporting the Class A notes, excluding their
credit enhancement levels, but including the credit enhancement
provided by each Class of notes' respective subordinate notes.

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


LIBERTY PRIME: S&P Assigns Ratings on AU$600 Million RMBS
---------------------------------------------------------
Standard & Poor's Ratings Services assigned preliminary ratings to
the AU$600 million Australian residential mortgage-backed
securities issued by Liberty Funding Pty Ltd. in respect of the
Liberty PRIME Series 2009-1 Trust.

"This is Liberty's second prime RMBS issuance and first
transaction in 2009," Standard & Poor's credit analyst Sarah
Samson said.  "This transaction includes a short-term note rated
'A-1+' (Class A-1), which has a legal final maturity period of 12
months.  There is also sufficient subordination and excess spread
to cover expected losses without any reliance on lenders' mortgage
insurance."

                   Preliminary Ratings Assigned
                   Liberty PRIME Series 2009-1

                 Class     Rating         Amount (mil. A$)
                 -----     ------         ----------------
                 A1        A-1+           A$44.5
                 A2        AAA            A$200.5
                 A3        AAA            A$283.0
                 AB        AAA            A$37.8
                 B         AA             A$8.4
                 C         A              A$8.4
                 D         BBB            A$8.4
                 E         BB             A$3.0
                 F         NR             A$6.0


OZ MINERALS: Minmetals's Bid Blocked on Proximity to a Gov't Site
-----------------------------------------------------------------
Jesse Riseborough at Bloomberg News reported Australia's treasurer
blocked China Minmetals Group's AU$2.6 billion (US$1.8 billion)
takeover offer for OZ Minerals Ltd due to a mine's proximity to a
weapons testing site.

"The Woomera Prohibited Area weapons testing range makes a unique
and sensitive contribution to Australia's national defense,"
Treasurer Wayne Swan said in an e-mailed statement obtained by the
news agency.  "It is not unusual for governments to restrict
access to sensitive areas on national security grounds."

According to the report, the Woomera site is located near OZ
Minerals Prominent Hill copper and gold mine in South Australia
state, hence, Mr. Swan said Minmetals's bid can't be approved if
it includes Prominent Hill.

                Debt Repayment Deadline Extension

As reported in the Troubled Company Reporter-Asia Pacific on
March 27, 2009, Reuters said OZ Minerals's lenders are likely to
extend a March 31 debt deadline after the Foreign Investment
Review Board delayed a decision on Minmetals's takeover bid for OZ
by 90 days.

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

According to Reuters, OZ was left at the mercy of its lenders last
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 said 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 Minmetals'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.



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

CHINA CONSTRUCTION: To Issue Up to CNY80 Bln Subordinated Bonds
---------------------------------------------------------------
China Construction Bank Corporation ("CCB") is planning to issue
up to CNY80 billion in subordinated bonds to improve its capital
adequacy ratio, China Daily reports citing CCB in a statement.

The report says the term of the bonds will be longer than 10
years.

Citing a Shanghai Daily report, the Troubled Company Reporter-Asia
Pacific on Feb. 5, 2009, said the bank received regulatory
approval to raise as much as CNY40 billion (US$5.8 billion)
selling subordinated bonds to boost capital.

According to the Daily, the bank said the sale was approved by the
China Banking Regulatory Commission and the People's Bank of
China.

China Construction Bank Corporation (HKG:0939) --
http://www.ccb.com/-- operates in three business segments:
corporate banking, personal banking and treasury business.  Its
corporate banking products and services include corporate loans,
trade financing, deposit taking activities, agency services,
consulting and advisory services, cash management services,
remittance and settlement services, custody services, and
guarantee services.  The Company's personal banking products and
services comprise personal loans, deposit taking activities, card
business, personal wealth management services, remittance services
and securities agency services.  The Bank operates principally in
Mainland China with branches located in 31 provinces, autonomous
regions and municipalities directly under the central government,
and two subsidiaries located in the Bohai Rim.  It also has bank
branch operations in Hong Kong, Singapore, Frankfurt,
Johannesburg, Tokyo and Seoul, and subsidiaries operating in Hong
Kong.

                          *     *     *

China Construction Bank continues to carry Moody's 'D-' bank
financial strength rating.  Moody's Bank Financial Strength
Ratings (BFSRs) represent Moody's opinion of a bank's intrinsic
safety and soundness and, as such, exclude certain external credit
risks and credit support elements that are addressed by Moody's
Bank Deposit Ratings.


EAST STAR: Heading Towards Bankruptcy
-------------------------------------
Xinhua News Agency reported East Star Airlines's creditors have
sent bankruptcy applications for the company to the Intermediate
People's Court in Wuhan City, capital of Hubei Province.

According to Xinhua News, authoritative sources said Friday East
Star will most likely go bankrupt as it faces huge losses and
cannot handle the current difficulties itself.

East Star has had losses of about CNY500 million (about US$73
million), Xinhua News relates citing auditors.

As reported in the Troubled Company Reporter-Asia Pacific on
Mar. 17, 2009, Reuters said the General Administration of Civil
Aviation of China (CAAC) ordered private carrier East Star
Airlines to suspend its operations on March 15 due to unpaid debts
and for "poor internal management".

"The main reason is due to the airline not being able to pay back
its heavy debts, which has lead to operational difficulties,"
Reuters quoted Tan Shizhang, a traffic department spokesman within
the Wuhan city government, as saying in a China Central Television
show.

Reuters related the spokesman said the suspension order came after
General Electric's aircraft leasing arm, GE Commercial Aviation
Services, sought redress from the government of Wuhan City,
capital of Hubei Province, after repeated requests to the company
for unpaid aircraft leasing fees came to nothing.

Headquartered in Wuhan, Hubei Province, East Star Airlines is
China's fourth registered private airline.  East Star flew its
first flight on May 19, 2006.  The airline has 10 rented planes,
seven A320 and three A319, and operated more than 20 domestic
passenger routes between key cities including Shanghai, Guangzhou,
Hong Kong, Macao.


NEO-CHINA LAND: Bond Amendment Won't Affect Moody's 'Caa3' Rating
-----------------------------------------------------------------
Moody's Investors Service sees no immediate impact for Neo-China
Land Group (Holdings) Limited's Caa3 corporate family and senior
unsecured ratings following the company's proposal to revise the
terms of its convertible bonds puttable on June 12, 2009,
including lowering the put price to 40% of principal amount from
120.103% originally.

"While a successful restructuring could reduce the company's
imminent debt burden to a certain degree, the Caa3 rating
continues to reflect Neo-China's ongoing exposure to a high risk
of near-term default, as it has to meet the next coupon payment on
its US$400 million bond due in July 2009 and has short-term loan
payables totaling around HK$2 billion", says Tsang.

"There is a high level of uncertainty surrounding Neo-China's
ability to meet these obligations due to its very tight liquidity
position," continues Tsang.

Moody's last rating action occurred on February 20, 2009, when
Neo-China's ratings were upgraded from Ca to Caa3 with a negative
outlook after it made up the missed coupon payment within the
grace period.

Neo-China Land Group (Holdings) Limited is a Chinese property
developer engaged in residential and mixed-use developments.  It
has 16 major projects under development in 12 cities in China and
a land bank of around 14.8 million sqm in gross floor area.


NEO-CHINA LAND: S&P Reports Likely Cut on 'CC' Rating to 'SD'
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it is likely that the
'CC' corporate credit rating on Neo-China Land Group (Holdings)
Ltd. would be lowered to 'SD' (Selective Default) and the issue
rating on the company's US$400 million 9.75% senior unsecured
notes due in 2014 is likely to remain 'C' if its proposed changes
to the terms of its convertible bonds due in 2011 are accepted by
the CB holders.

If the proposal is accepted, Standard & Poor's is likely to view
the change of terms as constituting a "distressed exchange"
tantamount to an immediate default on the CB under Standard &
Poor's criteria (see the articles listed below for details) for
three key reasons.  First, the proposed new early redemption price
represents a substantial discount to the original redemption price
of the outstanding issues.  Second, S&P regard the proposed change
in the timing of the payment of the coupon and maturity as a loss
of value to investors because the note holders face increased risk
of future nonpayment and therefore may receive less than the
original promise without compensation.  Third, if the proposal is
not accepted, in S&P's view, Neo-China is unlikely to be able to
service all its debt obligations over the next year.

Neo-China proposes to revise the early redemption price to Hong
Kong dollar 4,000 for each HK$10,000 principal amount of the bond,
vs. the original redemption price of HK$12,010 for each HK$10,000.
Alternatively, it proposes to delay the early redemption date by
one year to June 12, 2010 from June 12, 2009 at an early
redemption amount of HK$12,766 per HK$10,000.  According to the
original early redemption price, Neo-China needs to pay a total of
more than HK$1.1 billion if all CB holders opt to exercise the
early redemption option on the current redemption date.  Under the
proposed new terms, about HK$366 million would satisfy a full
early redemption on June 12, 2009.

The company has convened a meeting of CB holders for April 16,
2009.  If less than 75% of the CB holders attend the meeting, the
company plans to convene at a later date.  An approval rate of
56.25% of CB holders will be sufficient to pass the proposed
change of terms.

According to S&P's criteria, following the completion of a
distressed exchange, the issuer is no longer considered to be in
selective default.  Accordingly, once the distressed exchange is
completed and if there are no other extenuating circumstances, it
is likely that Standard & Poor's would change the 'SD' rating.
Any future rating action would take into account S&P's opinion of
whether the proposed change of terms affects the creditworthiness
of Neo-China with respect to its senior obligations.  At this
stage, S&P believes that the company's creditworthiness with
respect to senior obligations may benefit from the proposed
restructure of the CB redemption terms.



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

B+B NOMINEES: Members' Meeting Set for April 24
-----------------------------------------------
The members of B+B Nominees Limited will hold their final general
meeting on April 24, 2009, at 11:15 a.m., at Level 28 of Three
Pacific Place, in 1 Queen's Road East, Hong Kong.

At the meeting, Natalia K M Seng, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


CARTO LEATHERWARE: Annual Meetings Set for March 30
---------------------------------------------------
The members and creditors of Carto Leatherware Company Limited
will hold their annual meetings on March 30, 2009, at 2:30 p.m.
and 3:00 p.m., respectively, at the 2nd Floor of Wing Yee
Commercial Building, 5 Wing Kut Street, in Central, HK.

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


COSELSALVAGE LIMITED: Annual Meetings Set for April 15
------------------------------------------------------
The members and creditors of Coselsalvage Limited will hold their
annual meetings on April 15, 2009, at 9:00 a.m. and 9:30 a.m.,
respectively, at the 20th Floor of Prince's Building, 10 Chater
Raod, in Central, HK.

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


FREELAND ELECTRICAL: Court to Hear Wind-Up Petition on April 15
---------------------------------------------------------------
A petition to have Freeland Electrical Company Limited's
operations wound up will be heard before the High Court of
Hong Kong on April 15, at 9:30 a.m.

Hung Yin Mui filed the petition against the company on Feb. 6,
2009.

The Petitioner's solicitors are:

         Boase Cohen & Collins
         2303-7 Dominion Centre
         43-59 Queen's Road East
         Hong Kong


FU SHUN: Appoints Lo Ka Ying and Leung Ka Lok as Liquidators
------------------------------------------------------------
On February 16, 2009, Lo Ka Ying and Leung Ka Lok were appointed
as liquidators of Fu Shun Furniture Centre Limited.

The Liquidators can be reached at:

         Lo Ka Ying
         Leung Ka Lok
         Lippo Centre, Room 1305, Tower II
         No. 89 Queensway, Admiralty
         Hong Kong


GRAND PALACE: Members and Creditors to Meet on April 28
-------------------------------------------------------
The members and creditors of Grand Palace Industrial 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
Building, 5 Wing Kut Street, 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.


GREAT HONEST: Court to Hear Wind-Up Petition on April 29
--------------------------------------------------------
A petition to have Great Honest Finance Company Limited's
operations wound up will be heard before the High Court of
Hong Kong on April 29, at 9:30 a.m.

The petitioner's solicitor is:

         Lovells
         One Pacific Place, 11th Floor
         88 Queensway
         Hong Kong


GREAT HONEST: Court to Hear Wind-Up Petition on April 29
--------------------------------------------------------
A petition to have Great Honest Investment Company Limited's
operations wound up will be heard before the High Court of
Hong Kong on April 29, at 9:30 a.m.

The petitioner's solicitor is:

         Lovells
         One Pacific Place, 11th Floor
         88 Queensway


HUGHES ASIA: Yip and Ku Steps Down as Liquidators
-------------------------------------------------
On March 9, 2009, Yip Hon Kit and Ku Wing Yan Genevieve stepped
down as liquidators of Hughes Asia Pacific Hong Kong Limited.

The company's former Liquidators can be reached at:

         Yip Hon Kit
         Ku Wing Yan Genevieve
         Gloucester Tower, 39th Floor
         The Landmark
         15 Queen's Road Central
         Hong Kong


JAPAN COSMO: Members' Meeting Set for April 21
----------------------------------------------
The members of Japan Cosmo Securities (Hong Kong) Limited will
hold their final general meeting on April 21, 2009, at 5:45 p.m.,
at Level 28 of Three Pacific Place, in 1 Queen's Road East, Hong
Kong.

At the meeting, Natalia K M Seng, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


MEDIALINK INTERNATIONAL: Creditors' Proofs of Debt Due on April 30
------------------------------------------------------------------
The creditors of Medialink International Limited are required to
file their proofs of debt April 30, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 12, 2009.

The company's liquidators are:

         Lam Kwai Ming
         Chang Lai Ying
         Island Place Tower, Suites 2205-06
         510 King's Road, North Point
         Hong Kong


PAK WIN: Court to Hear Wind-Up Petition on April 29
---------------------------------------------------
A petition to have Pak Win Investment Limited's operations wound
up will be heard before the High Court of Hong Kong on April 29,
at 9:30 a.m.

The petitioner's solicitor is:

         Lovells
         One Pacific Place, 11th Floor
         88 Queensway
         Hong Kong


SEE YU: Appoints Law Yui Lun as Liquidator
------------------------------------------
During the creditors' first meeting on March 5, 2009, Law Yui Lun
was appointed as the company's liquidator.

The Liquidator can be reached at:

         Law Yui Lun
         Prosperous Building, Room 502, 5th Floor
         48-52 Des Voeux Road Central
         Hong Kong


SELCO (HONG KONG): Annual Meetings Set for April 15
---------------------------------------------------
The members and creditors of Selco (Hong Kong) Limited will hold
their annual meetings on April 15, 2009, at 10:00 a.m. and
10:30 a.m., respectively, at the 20th Floor of Prince's Building,
10 Chater Raod, in Central, HK.

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


VISCOUNTMARINE LIMITED: Annual Meetings Set for April 15
--------------------------------------------------------
The members and creditors of Viscountmarine Limited will hold
their annual meetings on April 15, 2009, at 11:00 a.m. and
11:30 a.m., respectively, at the 20th Floor of Prince's Building,
10 Chater Raod, in Central, HK.

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



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

BHAGWATI SPONGE: CRISIL Assigns 'BB' Rating on Rs.65 Mln Term Loan
------------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Negative/P4' to the various
bank facilities of Bhagwati Sponge Pvt Ltd (BSPL).

   Rs.30 Million Cash Credit Limits *   BB/Negative (Assigned)
   Rs.65 Million Term Loan              BB/Negative (Assigned)
   Rs.5 Million Bank Guarantee          P4 (Assigned)

   * Includes proposed limit of Rs.15 million

The ratings reflect BSPL's marginal market share in the steel
industry.  The ratings also factor in the pressures on BSPL's
margins owing to lack of integrated operations, and its exposure
to cyclicality inherent to the steel industry.  However, these
rating weaknesses are partially offset by the company's moderate
business risk profile.

Outlook: Negative

CRISIL expects BSPL's financial risk profile to deteriorate on
account of constrained liquidity, marked by high utilisation of
fund-based limits.  The ratings may be downgraded if the company
reports low operating margins, or undertakes large, debt-funded
capital expenditure (capex).  Conversely, the outlook may be
revised to 'Stable' if BSPL's revenues and profitability improve
substantially, or if equity infusions improve its financial risk
profile, or enhanced fund-based limits improve its liquidity.

                      About Bhagwati Sponge

Incorporated in 2003, BSPL began commercial operation in 2005.
The company, promoted by Mr. Ashok Kumar Sonthalia, produces
sponge iron; its unit in Jamuria, West Bengal, has capacity to
produce 30,000 tonnes of sponge iron per annum.  For 2007-08,
(refers to financial year, April 1 to March 31) BSPL reported a
profit after tax (PAT) of Rs.14 million on net sales of Rs.294
million.  For 2006-07, the company reported net loss of Rs.16
million, which was after adjusting unabsorbed depreciation for
earlier years of Rs.23 million, on net sales of Rs.152 million.


CHEEMA SPINTEX: Default on Loan Payment Cues CRISIL 'D' Ratings
---------------------------------------------------------------
CRISIL has assigned its rating of 'D/P5' to the bank facilities of
Cheema Spintex Ltd (Cheema Spintex).

   Rs.105.0 Million Cash Credit           D (Assigned)
   Rs.344.7 Million Rupee Long Term       D (Assigned)
   Rs.225.0 Million Export Bill           P5 (Assigned)
                    Discounting
   Rs.90.0 Million Letter of Credit       P5 (Assigned)

The ratings reflect the default by Cheema Spintex on its term loan
obligations.

                      About Cheema Spintex

Cheema Spintex was set up by Mr. Cheema in association with the
Punjab State Industrial Development Corporation (PSIDC).
Incorporated in 1994 as a 100 per cent export-oriented unit, the
company manufactures combed and carded cotton yarn in counts
ranging from the 20s to the 40s.  It has an installed capacity of
30,240 spindles.  The company exports its products mainly to Hong
Kong, Taiwan, China, South Korea, Singapore, Thailand, Malaysia,
and Canada.  For 2007-08 (refers to financial year, April 1 to
March 31), Cheema Spintex reported loss of Rs.73.2 million on net
sales of Rs.790.5 million, as against a profit after tax of
Rs.23.7 million on net sales of Rs.927.2 million for 2006-07.


CLASSIC COTTON: CRISIL Put 'B-' Ratings on Various Bank Facilities
------------------------------------------------------------------
CRISIL has assigned its ratings of 'B-/Negative' to the various
bank facilities of Classic Cotton Pvt Ltd (CCPL).

   Rs.50.00 Million Cash Credit Limit     B-/Negative (Assigned)
   Rs.35.00 Million Term Loan             B-/Negative (Assigned)
   Rs.50.00 Million Proposed Long Term    B-/Negative (Assigned)
                    Bank Loan Facility

The ratings reflect CCPL's weak financial risk profile, and
working capital intensive operations.  However, these weaknesses
are partially offset by the benefits that CCPL derives from its
strong network of sales agents in the textile industry.

Outlook: Negative

CRISIL believes that CCPL's credit risk profile will deteriorate
over the medium term on account of reduced margins and the ongoing
economic slowdown.  The ratings may be downgraded if CCPL
undertakes large, debt-funded capital expenditure or reports
substantial decline in margins.  Conversely, the outlook may be
revised to 'Stable' if CCPL achieves significant growth in revenue
and profitability.

                       About Classic Cotton

Incorporated in February 2007, by Mr. Mansukhbhai S Khacharia and
Mr. Kishorbhai Khacharia, CCPL processes raw cotton to produce
cotton bales and cotton seeds.  The company has manufacturing
facilities at Jetpur (Gujarat).  For 2007-08 (refers to financial
year, April 1 to March 31), CCPL reported a net loss of Rs.0.5
million on net sales of Rs.9.6 million.


GARUDA AVIATION: CRISIL Rates Rs.80.0 Mln Bank Overdraft at 'BB-'
----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4' to the various
bank facilities of Garuda Aviation Services Pvt Ltd (Garuda
Aviation).

   Rs.80.0 Million Bank Overdraft    BB-/Stable (Assigned)
   Rs.75.0 Million Bank Guarantee    P4 (Assigned)

The ratings reflect Garuda Aviation's limited long-term visibility
of revenues, and exposure to risks relating to concentration of
revenues in Indira Gandhi International (IGI) airport, expected
increase in gearing, large exposure to group companies, and low
net worth.  These weaknesses are, however partially offset by the
benefits that the company derives from its established presence
and experience of around 10 years in the aviation services
industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Garuda Aviation and P.K. Hospitality
Services Pvt. Ltd.  This is because of the cash flow fungibility
between the entities, and their common set of promoters.  These
entities collectively constitute the Garuda group. CRISIL expects
Garuda Aviation to extend support to its affiliates in case of
distress.

Outlook: Stable

CRISIL expects Garuda Aviation to maintain a stable business risk
profile.  The outlook may be revised to 'Positive' if there is
significant improvement in the company's margins or overall
business risk profile.  Conversely, the outlook may be revised to
'Negative' if Garuda Aviation's gearing and exposure to group
companies increase substantially, or if its business risk profile
deteriorates considerably due to inability to renew contracts with
customers.

                      About Garuda Aviation

Garuda Aviation, promoted by three brothers Pravin Kumar Agarwal,
Alok Kumar Agarwal and Satish Kumar Agarwal, provides car parking
services, airport entry ticket contract services, toll collection
services, Octroi collection services, trolley retrievals, manpower
contract services to airport authorities.  The company currently
has ~300 employees to provide these services. Car parking services
contribute ~60% of the company's revenues.  In the past, Garuda
Aviation has completed 13 car parking contracts (long term
contracts ranging from 3 to 5 years each), including 7 contracts
with airport authorities in different cities.  The company
currently has three airport entry ticket contracts in hand.
Besides this, the Garuda group provides catering services to
restaurants, lounges, coffee shops, flight kitchens and
institutional and flight catering in India. Further, the group
also owns and operates Golden Chariot restaurants in Mumbai and
Chennai.

For 2007-08 (refers to financial year, April 1 to March 31),
Garuda group reported a profit after tax (PAT) of Rs.78 million on
net sales of Rs.812 million, as against a PAT of Rs.25 million on
net sales of Rs.458 million for 2006-07. For nine months ended
December 31, 2008, Garuda Group reported a profit after tax (PAT)
of Rs.65 million, on net sales of Rs.592 million.


GOLD STAR: CRISIL Places 'P4' Ratings on Rs.340 Mln Packing Credit
------------------------------------------------------------------
CRISIL has assigned its ratings of 'P4' to the various bank
facilities of the Gold Star Jewellery Designs Pvt Limited.

   Rs.340 Million Packing Credit          P4 (Assigned)
   Rs.130 Million Post Shipment Credit    P4 (Assigned)
   Rs.100 Million Letter of Credit        P4 (Assigned)
   Rs.50 Million Bank Guarantee           P4 (Assigned)

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 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 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.


HIRACO JEWELLERY: CRISIL Puts 'P4' Ratings on Various Bank Loans
----------------------------------------------------------------
CRISIL has assigned its rating of 'P4' to the various bank
facilities of Hiraco Jewellery (India) Pvt. Ltd. (Hiraco
Jewellery).

   Rs.84 Million Bill Discounting/Post     P4 (Assigned)
                 Shipment Credit

   Rs.36 Million Export Packing Credit     P4 (Assigned)

   Rs.280 Million Proposed Short-Term      P4 (Assigned)
                  Bank Loan Facilities  

The rating is constrained by the company's limited end-customer
visibility on account of concentration of revenues towards Facet
Group (50 per cent shareholder), moderate operating margins and
small size of net worth.  The rating also factors the expected
decline in revenues and profitability on account of the slowdown
in the demand for diamonds and diamond jewellery.  These
weaknesses are partially mitigated by the benefits that Hiraco
Jewellery derives from the long years' of promoter experience in
the jewellery business.

                     About Hiraco Jewellery

Set up by Mr. Nitin Shah and the Facet group in 2005, Hiraco
Jewellery primarily exports diamond-studded jewellery.  The
company has its manufacturing unit in SEEPZ, Mumbai. The company
sells most of the jewellery to the Facet group.  For 2007-08
(refers to financial year, April 1 to March 31), Hiraco Jewellery
reported a profit after tax (PAT) of Rs. 21 million on net sales
of Rs. 699 million, as against a PAT of Rs. 21 million on net
sales of Rs. 551 million for 2006-07.

                 About the Joint Venture Partners

The Facet group, promoted by Mr. Jose Miguel Serret, is a Spain-
based company dealing in diamonds, and studded jewellery, which it
supplies to retail jewellers and jewellery manufacturers all over
Europe.  The Facet group has been in the jewellery business for
the past 30 years.  The group also has offices in Belgium, UK, and
France.

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


N SATISHKUMAR: CRISIL Rates Rs.60MM Export Packing Credit at 'P4'
-----------------------------------------------------------------
CRISIL has assigned its rating of 'P4' to the bank facilities of
N Satishkumar & Co. (N. Satishkumar).

   Rs.60.0 Million Export Packing Credit       P4 (Assigned)
   Rs.180.0 Million Post Shipment Credit       P4 (Assigned)
   Rs.48.0 Million Standby Line of Credit      P4 (Assigned)
   Rs.72.0 Million Proposed Short Term Bank    P4 (Assigned)
                   Loan Facility

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

                     About N Satishkumar & Co.

N. Satishkumar was promoted in 1977 by Mr. Satish Kumar Parikh,
Mr. Narendra Shah and Mr. Ramniklal Shah; the firm is in the
business of diamond manufacturing and trading.  The firm has three
manufacturing units located at Surat and Navsari.  The firm now
has 7 partners, all being family members.  For 2007-08 (refers to
financial year, April 1 to March 31), N Satishkumar reported a
profit after tax (PAT) of Rs.11.4 million on net sales of
Rs.931.2 million, as against a PAT of Rs.10.8 million on net sales
of Rs.675.7 million for 2006-07.


P.K. HOSPITALITY: Low Net Worth Prompts CRISIL 'BB-' Ratings
------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4' to the various
bank facilities of P.K. Hospitality Services Pvt Ltd (P.K.
Hospitality).

   Rs.104.1 Million Term Loan             BB-/Stable (Assigned)
   Rs.80.0 Million Overdraft Facility     BB-/Stable (Assigned)
   Rs.50.0 Million Bank Guarantee         P4 (Assigned)

The ratings reflect PK Hospitality's expected increase in gearing,
ability to sustain the significant revenue growth and improvement
in margins demonstrated in recent years, large exposure to group
companies, and low net worth.  These weaknesses are, however,
partially offset by P.K. Hospitality's experience of nearly 10
years in the hospitality business, and stable revenues backed by
long-term nature of contracts.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of P.K. Hospitality and Garuda Aviation
Services Pvt Ltd.  This is because of the cash flow fungibility
between the entities, and their common set of promoters.  These
entities collectively constitute the Garuda group.  CRISIL expects
PK Hospitality to extend support to its affiliates in case of
distress.

Outlook: Stable

CRISIL believes that P.K. Hospitality will maintain a stable
business risk profile, and manage its growth successfully.  The
outlook may be revised to 'Negative' if the gearing increases
beyond expected levels, or if P.K. Hospitality increases its
exposure in group companies significantly.  Conversely,
considerable improvement in the business risk profile may prompt a
revision in outlook to 'Positive'.

                       About PK Hospitality

PK Hospitality, promoted by three brothers Pravin Kumar Agarwal,
Alok Kumar Agarwal and Satish Kumar Agarwal, provides catering
services.  The scope of activities include providing catering
services to restaurants, lounges, coffee shops, flight kitchens
and institutional and flight catering in India. P.K. Hospitality
currently has multiple long term catering contracts with 14
airports, and 8 restaurant catering contracts, of which 4
restaurants are owned within the group.  The remaining 4
restaurants are on long-term lease basis.  The company also has
been catering to the public cafeterias of P.D. Hinduja Hospital.
P.K. Hospitality currently has flight kitchen catering contract in
Ahmedabad airport (serving Indian airlines and Jet Airways) and
another contract at Guwahati.  Besides this, the Garuda group
provides car parking, toll collection, octroi contracts, airport
entry ticket, trolley retrievals, contract manpower, ground
handing and other aviation related services.  Further, the group
also owns and operates Golden Chariot restaurants in Mumbai and
Chennai.

For 2007-08 (refers to financial year, April 1 to March 31),
Garuda Group reported a profit after tax (PAT) of Rs.78 million on
net sales of Rs.812 million, as against a PAT of Rs.25 million on
net sales of Rs.458 million for 2006-07. For nine months ended
December 31, 2008, Garuda Group reported a profit after tax (PAT)
of Rs.65 million, on net sales of Rs.592 million.


RAIN CII: S&P Changes Outlook to Negative; Affirms 'B' Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services revised its rating outlook on
India's Rain CII Carbon (India) Ltd. to negative from stable.  At
the same time, Standard & Poor's affirmed its 'B' long-term
corporate credit rating on RCCIL.

Standard & Poor's also affirmed its 'B' issue rating on RCCIL's
senior secured bank facility with a recovery rating of '3'.
Concurrently, Standard & Poor's affirmed its 'CCC+' rating on the
senior subordinated notes issued by Rain CII Carbon LLC with a
recovery rating of '6'; the notes are guaranteed by RCCIL.

Our ratings on RCCIL are provided on a consolidated basis.  The
consolidated RCCIL is ring-fenced from other businesses in the
group. However, the U.S. entity RCCL is not ring-fenced from the
Indian entity, RCCIL.

"The outlook revision reflects S&P's expectation that demand for
RCCIL's product -- calcined petroleum coke -- will decline during
the next several quarters, as a result of weak demand for
aluminum," said Standard & Poor's credit analyst Manuel Guerena.
"Therefore, S&P expects the company's consolidated financial risk
profile to weaken during this period."

"The cushion for financial covenants governing the company's
senior secured credit facility will likely shrink, in S&P's view,
given the combination of expected lower EBITDA and step-downs
associated with the covenants," he added.  The required debt-to-
EBITDA ratio in the covenants steps down to 5.0x in fiscal 2009
and to 4.75x in fiscal 2010.

RCCIL has a good market position as the largest CPC producer
globally accounting for 13% of global production.  After the
acquisition and consolidation of CII Carbon LLC, RCCIL has
benefited from cost rationalization.  RCCIL's long-term contracts
with oil refiners for low-sulfur green petroleum coke have also
been beneficial.

Nevertheless, S&P expects pressure on aluminum prices and lower
production volume will remain in the near future, which will
affect RCCIL adversely.  S&P therefore expect lower capacity
utilization and potential margin compression for RCCIL.  RCCIL
will be challenged to maintain 2008's good operating performance.


SHREE SAI: CRISIL Assigns 'BB'Ratings on Rs.55.20 Mln Term Loan
---------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the various
bank facilities of Shree Sai Calnates India Pvt Ltd (SSCIPL).

   Rs.75.00 Million Cash Credit Limit     BB/Stable (Assigned)
   Rs.55.20 Million Term Loan             BB/Stable (Assigned)
   Rs.5.00 Million Bank Guarantee         P4 (Assigned)
   Rs.3.00 Million Inland Letter          P4 (Assigned)
                    of Credit

The ratings reflect SSCIPL's weak financial risk profile, small
scale of operations, and low net worth.  These weaknesses are,
however, partially offset by the benefits that SSCIPL derives from
its promoters' track record and experience, and its diversified
customer base.

Outlook: Stable

CRISIL believes that SSCIPL will maintain a stable credit risk
profile on the back of its established presence in the calcium
carbonate industry, and diversified customer base.  The outlook
may be revised to 'Positive' if the company's capital structure
and scale of operations improve considerably. Conversely, the
outlook may be revised to 'Negative' if the company undertakes
large, debt-funded capital expenditure, leading to deterioration
in debt protection measures.

                         About Shree Sai

Incorporated in 1997, SSCIPL manufactures precipitated calcium
carbonate (PCC) and activated calcium carbonate (ACC).  ACC
contributes for around 90 per cent to its revenues, and PCC
accounts for the remainder.  The company's plant at Surat
(Gujarat) has capacity to manufacture 50,000 tonnes of ACC and PCC
per annum. For 2007-08 (refers to financial year, April 1 to
March 31), SSCIPL reported a profit after tax (PAT) of Rs.19.4
million on net sales of Rs.251.4 million, as against a PAT of Rs.9
million on net sales of Rs.210.6 million for 2006-07.


WESTERN INDIA: CRISIL Rates Rs.155MM Packing Credit Limits at 'P4'
------------------------------------------------------------------
CRISIL has assigned its ratings of 'P4' to the bank facilities of
Western India Cashew Company Pvt Ltd (Western India).

   Rs.155.0 Million Packing Credit Limits *     P4 (Assigned)
   Rs.40.0 Million Letter of Credit Limits      P4 (Assigned)

   * Note: Rs.10 million is interchangeable with Letter of
     Credit & Rs.145.0 million is completely interchangeable
     between Packing Credit in Foreign Currency (PCFC) & Foreign
     Bills Discounting/Purchases (FBDP).

The ratings reflect Western India's below-average financial risk
profile, marked by working-capital-intensive operations, and the
fragmented nature of the cashew industry because of low entry
barriers.  These weaknesses are partially offset by Western
India's established track record in the cashew business, and the
superior quality of its products.

                       About Western India

Western India, based in Kollam, was set up by Mr. K Rajendranathan
Nair in 1964 and was converted into a private limited company in
2001.  The company is managed by his son Mr. Hari Krishnan Nair.
It supplies packed processed cashew to food companies and
distributors in India, and exports its products to Europe,
America, Japan, and the Middle East.  The company also supplies
raw cashew nuts of African origin to cashew processors in India.

Western India has also obtained food-quality certifications which
include Hazard Analysis and Critical Control Point (HACCP),
British Retail Consortium (BRC), International Food Standard
(IFS - Europe) American Institute of Bakery (AIB) Certification
for food safety, KOSHER (UK), and ISO 9002.


UMIYA CERAMIC: CARE Assigns 'CARE BB' Rating on Rs.101.40 cr Loans
------------------------------------------------------------------
CARE assigned 'CARE BB' (Double B) rating to the long-term bank
loans/facilities and 'PR 4' (PR four) rating to the short-term
bank loans / facilities of Umiya Ceramic Private Ltd. (UCPL) for
an aggregate amount of Rs.101.40 crore, including term loan of
Rs.72.00 crore (including proposed term loan of Rs.12.00
crore), fund-based working capital limit of Rs.20.00 crore and
non-fund based sanctioned limits of Rs.9.40 crore.

Facilities with 'CARE BB' rating are considered to offer
inadequate safety for timely servicing of debt obligations.  Such
facilities carry high credit risk.  Facilities with 'PR4' rating
would have inadequate capacity for timely payment of shortterm
debt obligations and carry very high credit risk.

The ratings take into account decade long experience of promoters
of UCPL, who operate various ceramic tile units under the
Vrundavan group of companies and established marketing and
distribution setup of the group. The ratings are constrained on
account of implementation risk associated with UCPL's greenfield
vitrified tile project; highly competitive nature of ceramic tile
industry characterized by low entry barriers and expected slowdown
in the domestic real estate sector.  Weak corporate governance
practices of the Vrundavan group companies further constrain the
ratings. Financial tie-up to fund the cost overrun and timely
completion of the project without any further cost over-run are
the key rating sensitivities.

UCPL was incorporated in 2003 by promoters of the Vrundavan group
of companies, based in Morbi, Gujarat, to setup a manufacturing
unit for vitrified tiles. UCPL is promoted by Shri Jayantilal N.
Patel, Shri Rameshbhai T. Bhoraniya, Shri Odhavjibhai T. Patel,
Shri Jayantilal T. Bhoraniya, and Shri Pravinkumar C. Patel.  The
promoters have over a decade of experience in the ceramic tiles
business. Presently, the Vrundavan group consists of five units
having a total capacity of about 3.27 lakh mtpa (metric tonnes per
annum) of ceramic floor and wall tiles.  All the group concerns
are located in Morbi, Gujarat, which is one of the major tile
manufacturing clusters in the country.  The group markets its
products under the 'Vrundavan' brand and has a network of around
350 distributors / dealers across the country.

UCPL has proposed to setup a vitrified tile manufacturing facility
near the group's existing units in Morbi.  The total capacity of
the unit is proposed to be 1,18,800 mtpa making it one of the
largest capacities for manufacturing vitrified tile in the
country.  The technical viability study of the project has been
done by Gujarat Industrial and Technical Consultancy Organization
Ltd. (GITCO) and the financial appraisal has been done by SBI.

The estimated cost of the project is Rs.113 crore, which is
proposed to be funded through mix of debt and equity in the ratio
of 1.75:1.  As on Sept.30, 2008 UCPL incurred an expenditure of
Rs.41 crore towards the project.  The project cost underwent an
upward revision of around 11% from the initial cost on account of
increase in raw material prices and change in scope of the project
for installation of machinery to manufacture double-charged
vitrified tiles.  Total term loan component for the project is
Rs.72 crore, out of which Rs.60 crore has already been sanctioned
by consortium of State Bank of India, State Bank of Travancore
and State Bank of Hyderabad.  The project is expected to be
completed by April 2009.



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

ANEKA TAMBANG: Net Income Down 73% in 2008
------------------------------------------
PT Aneka Tambang (Antam)'s net income for the year ending
December 31, 2008, decreased 73% to IDR1,368 billion from IDR5,119
billion in 2007.

The audited net income is 4% or IDR55 billion more than the
previously reported unaudited net income which was released in
February 27, 2009.  Following an audit performed by the company's
external auditor KAP Purwantono, Sarwoko & Sandjaja (Ernst &
Young), Antam has made adjustments to the full year 2008 financial
statements as announced, together with accompany notes and a press
release, on February 27, 2009.

Antam's full year 2008 net profit was adjusted due to, among
others, higher final invoice on ferronickel sales of
IDR54 billion.  Higher net profit was also due to IDR33.9 billion
adjustment from the adjustment in actuarial rate from 10% to 12%.
Profits from Antam's subsidiaries, PT Antam Resourcindo and Asia
Pacific Nickel Pty. Ltd. of IDR2 billion and IDR700 million
respectively also increased Antam's profits.

Antam made adjustments to exploration expenses to IDR353.8 billion
from IDR130.4 billion inline with the consolidation of exploration
expenses of PT Gag Nikel.  Following share transfer of BHP Asia
Pacific Nickel Pty. Ltd. from BHP Billiton to Antam, Antam
currently owns 100% of PT Gag Nikel.  The share transfer occurred
following BHP Billiton's decision to withdraw from the Gag nickel
project in November 2008.  Prior to the share transfer to Antam,
BHP Billiton owns 75% of PT Gag Nikel through BHP Asia Pacific
Nickel Pty. Ltd.  Following the share transfer, BHP Asia Pacific
Nickel Pty. Ltd. has changed its name to Asia Pacific Nickel Pty.
Ltd. (APN).

Antam adjusted the account of loss on hedging contract transaction
and foreign exchange under the Finance income (charges) net in
the audited financial statements.  The loss on hedging contract
transactions between the audited and the unaudited financial
statements were unchanged.  Following the share transfer of PT Gag
Nikel, Antam's Other Income Net rose to IDR475.5 billion from
IDR204.9 billion.

                       About Aneka Tambang

PT Aneka Tambang Tbk (JAK:ANTM) -- http://www.antam.com/ -- is an
Indonesia-based diversified mining and metals company.  The
Company is engaged in the mining of natural deposits,
manufacturing, trading, transportation and other related
activities.  The Company undertakes activities from exploration,
excavation, processing to marketing of nickel ore, ferronickel,
gold, silver, bauxite and iron sands.  Its nickel operations are
located in Southeast Sulawesi and North Maluku, its gold mine is
in Pongkor in West Java, while its precious metal refinery is in
Jakarta, its bauxite mine is in Riau province and its iron sands
mine is in Central Java.  Its largest bauxite deposit is located
at Tayan, West Kalimantan and its largest nickel deposit is at
Buli, North Maluku.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 17, 2008, Moody's Investors Service upgraded PT Aneka
Tambang (Persero) Tbk's corporate family rating to Ba3 from B1.
The action concluded the review for possible upgrade w


BANK DANAMON: Shareholders Approve IDR3.96 Trillion Rights Issue
----------------------------------------------------------------
The shareholders of Bank Danamon approved its plan to raise
IDR3.96 trillion (US$344 million) through a limited rights
offering in April, Jakarta Post reports.

According to the report, the share rights will be offered at
IDR1,200 to shareholders whose names are registered as of April 3.
The offering will run from April 7 until April 15, the report
adds.

Citing Bank Danamon Director and Chief Financial Officer Vera Eve
Liem, the report said that the proceeds will be used to enhance
growth in loan disbursements for small and medium enterprises and
automobile financing.

                        About Bank Danamon

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

                          *     *     *

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


BPR TRIPANCA: Placed Under Liquidation, LPS Takes Over
------------------------------------------------------
The State Deposit Insurance Corp. (LPS) has taken over PT BPR
Tripanca Setiadana (Bank Tripanca), a rural bank in Lampung
Province, after it was put into liquidation by the central bank,
Jakarta Globe reports.

LPS will establish a "liquidating team" to smooth out the legal
process, but has yet to appoint officials to the bank's
management, the report says.

Bank Tripanca collapsed in early November after its deposits were
drained by clients, triggered by inability of the Tripanca Group
to pay local coffee suppliers for at least 60,000 metric tons of
robusta beans valued at IDR900 billion (US$78.3 million), the news
agency recounts.

According to the report, Tripanca Group's founder Sugiharto
Wiharjo is blamed for the bank's collapse as he was suspected to
have taken away BPR Tripanca's third-party funds.  Mr. Wiharjo is
accused of involvement in banking offenses, fraud, embezzlement
and corruption, the report relates.

Meanwhile, LPS urged Bank Tripanca's depositors to remain calm and
not make moves that could disturb the liquidation process, the
report notes.



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

AZEL CORP: To File for Bankruptcy Protection, Reuters Says
----------------------------------------------------------
Azel Corp said it would file for bankruptcy due to the property
market slump and credit crunch, Reuters reports.  The firm said it
had about JPY44.2 billion ($451 million) in debts.

Reuters, citing Azel in a statement, relates the firm had given up
trying to continue its business and would liquidate it after it
failing to secure working capital to service debts.

For the nine months ended in December, the report notes, Azel
posted a net loss of JPY8.8 billion.

Azel Corporation is a Japan-based company mainly engaged in the
construction business.  The company operates in four business
segments.  The condominium segment is engaged in the planning,
development, construction and sale of condominiums mainly in Tokyo
metropolitan and Kansai areas.  The Other Real Estate segment is
involved in the leasing and management of real estate properties
of other corporations and the company's offices, as well as the
sale and management of condominiums.  The Construction segment is
engaged in the subcontracting of construction and repair works.
The Leisure segment is engaged in the operation of game halls and
hotels, as well as the management of resort condominiums and
resort properties.  The company has six subsidiaries.


CSC SERIES: S&P Puts Low-B Ratings on Two Classes on WatchNeg.
--------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch with
negative implications its ratings on the class A-2 to class-G-3
yen-denominated bonds issued under the CSC, Series 1 GK
transaction.  At the same time, Standard & Poor's affirmed its
rating on the class X bonds issued under the same transaction.

The negative CreditWatch placements reflect S&P's view of
potential uncertainty over the collection of one of the
transaction's underlying loans.  Specifically, the potential loan
recovery amount may vary depending on the result of proposed
changes to the loan term, contained in an important notice issued
by the servicer.  The proposed changes include extending the date
of the loan's maturity.  It is Standard & Poor's view that there
may be risks associated with the proposed change to the term of
the loan, including the possibility that the period after a loan
default may not in fact provide sufficient time to liquidate the
property before the final maturity date of this transaction.

The aforementioned loan, which is backed by nine real estate
properties (mainly office buildings), accounts for approximately
38% of the total initial issue amount of the commercial mortgage-
backed securities transaction.  Standard & Poor's intends to
review the ratings on the class A-2 to class G-3 bonds after
considering a number of factors, including information pertaining
to significant matters contained in the aforementioned important
notice from the servicer, the estimated collection amount from the
aforementioned loan, and the recovery prospects of the collateral
properties.

Meanwhile, Standard & Poor's affirmed its rating on the class X
bonds because the rating addresses the fact that interest on this
class is paid, only when available, on the respective due dates.

This is a multi-borrower CMBS transaction.  The bonds were
initially secured by 11 nonrecourse loans extended to six
obligors, which are ultimately backed by 72 real estate trust
certificates and real estate properties.  The transaction was
arranged by Credit Suisse Securities (Japan) Ltd., and ORIX Asset
Management & Loan Services Corp. is the transaction servicer.

              Ratings Placed On Creditwatch Negative

                         CSC, Series 1 GK
       JPY36.2 billion yen-dominated bonds due November 2012

            Class   To               From   Initial Balance
            -----   --               ----   ---------------
            A-2     AAA/Watch Neg    AAA    JPY18.1 bil.
            A-3     AAA/Watch Neg    AAA    JPY3.9 bil.
            B-2     AA/Watch Neg     AA     JPY1.7 bil.
            B-3     AA/Watch Neg     AA     JPY1.5 bil.
            C-2     A/Watch Neg      A      JPY3.2 bil.
            D-2     BBB/Watch Neg    BBB    JPY3.2 bil.
            E-2     BBB-/Watch Neg   BBB-   JPY0.9 bil.
            E-3     BBB-/Watch Neg   BBB-   JPY0.6 bil.
            F-3     BB/Watch Neg     BB     JPY1.9 bil.
            G-3     B/Watch Neg      B      JPY1.2 bil.

                         Rating Affirmed

     Class   Rating   Initial Balance
     -----   ------   ---------------
     X*      AAA      JPY36.2 bil. (Initial notional principal)

                        * Interest only


ELPIDA MEMORY: To Raise US$470 Mln Short Term Funds
---------------------------------------------------
Elpida Memory Inc. intends to raise about US$470 million in
short-term funds without diluting its capital base, The Wall
Street Journal reports.

WSJ relates the company, which is now worth just over JPY93
billion ($954.5 million), plans to raise funds by selling shares
in two unlisted units it set up March 2.

Meanwhile, Japan Times reports that Japanese silicon wafer maker
Shin-Etsu Chemical Co. and Taiwan's Powertech Technology Inc. are
among the five firms planning to help Elpida raise funds.

Among the five firms, the Times notes, Taiwan's Powertech
Technology Inc. said it will invest JPY5 billion in one of the two
Elpida subsidiaries.

According to the Times, Elpida has been looking to secure new
funds as it reels under severe price erosion for chips caused by a
supply glut and shrinking demand due to the global economic
downturn.

With payment for the shares due Friday, WSJ states, Elpida's
capital will be boosted enough to meet debt-covenant requirements
by Tuesday, the end of its fiscal year.

                        5th Quarterly Loss

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 10, 2009, Elpida posted its fifth straight quarterly loss
after "an accelerated fall in consumer spending, manufacturing
adjustments and higher rates of unemployment resulting from the
intensified financial crisis worsened global economy drastically
in the third quarter."

The company's net loss for the third quarter ended Dec. 31, 2008,
widened to JPY72.3 billion (US$795 million) from JPY12.1 billion
in the same period in 2007.

Sales dropped 34 percent to JPY61.8 billion from JPY94.0 billion.

The company incurred gross losses of JPY42.9 billion (compared
with an JPY8 billion  loss in the previous quarter) and operating
losses of JPY57.9 billion (a JPY24.5 billion yen loss in the
previous quarter) since selling prices continued to run well below
manufacturing costs and the yen grew stronger, Elpida said in a
Feb. 6 statement.

Ordinary losses came to JPY66.1 billion (a JPY30.3 billion loss in
the previous quarter) partly due to equity method investment
losses of JPY7.4 billion that mainly concerned Rexchip Electronics
Corporation ("Rexchip").

An extraordinary loss of JPY5.4 billion in connection with an
accrued provision to cover litigation settlement costs was a
factor in a net loss of JPY72.3 billion (a JPY31.9 billion loss in
the previous quarter).

                        Rating Downgrade

As reported in the TCR-Asia Pacific on Feb. 23, 2009, Standard &
Poor's Ratings Services lowered to 'B+' from 'BB-' its long-term
corporate credit and senior unsecured ratings on Elpida Memory
Inc., and placed the ratings on CreditWatch with negative
implications.

According to the rating agency, the downgrade and CreditWatch
placement reflect the material weakening of the company's
financial soundness, due to continued losses stemming from
deteriorating market conditions and uncertainty over the company's
short-term liquidity.

                           About Elpida

Elpida Memory Inc. (TYO:6665) -- http://www.elpida.com/ja/-- is a
Japan-based company principally engaged in the development,
design, manufacture and sale of semiconductor products, with a
focus on dynamic random access memory (DRAM) silicon chips.  The
main products are DDR3 SDRAM, DDR2 SDRAM, DDR SDRAM, SDRAM, Mobile
RAM and XDR DRAM, among others.  The Company distributes its
products to both domestic and overseas markets, including the
United States, Europe, Singapore, Taiwan, Hong Kong and others.
The company has eight subsidiaries and two associated companies.


OSAKA WORLD: Files for Bankruptcy Protection
--------------------------------------------
The operating company of the Osaka World Trade Center Building has
filed for bankruptcy protection under the Corporate Rehabilitation
Law with the Osaka District Court, The Yomiuri Shimbun reports.

The building operator filed for protection from creditors
Thursday, March 26, with JPY64 billion (US$652 million) of debt,
Bloomberg News relates citing Teikoku Databank Ltd., a credit
researcher that tracks Japanese bankruptcies.

According to the Yomiuri Shimbun, Osaka World attempted a
corporate restructure based on a court settlement made with
creditors after its previous financial failure in February 2004,
but has been unable to improve its performance.

The move, Yomiuri Shimbun says, came after a plan to sell the 55-
story building to the Osaka prefectural government for use as its
main office fell through.

The Yomiuri Shimbun notes that financial institutions are likely
to seek about JPY49.1 billion as partial repayment of loans given
to the company, based on the 2004 settlement.

According to Bloomberg News, Osaka World Trade Center Building was
set up in 1989 through funding by the Osaka municipal government
and private firms.  The complex, built on reclaimed land on Osaka
Bay, has struggled to attract tenants and visitors since it opened
in 1995, Bloomberg News says.



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

FISHERS MEATS: Placed in Receivership
-------------------------------------
Dunedin-based butchery business Fishers Meats was placed in
receivership Friday, March 27, Otago Daily Times reports.
Malcolm Hollis at PricewaterhouseCoopers was appointed receiver
to the company.

Mr. Hollis, according to the Otago Times, was talking to
management, staff and other parties and also reviewing the
company's financial position.

The report says the company's 24 staff were told at a meeting
Friday morning.

According to the report, New Zealand Meat Workers Union president
Daryl Carran said he hoped the business would continue to trade
and jobs would be preserved, but he declined to comment further.

Established in 1919, Fishers Meats -- http://www.fishersmeats.com/
-- is a meat retailer.  The company currently process and export
from their facilities at Burnside, Dunedin, New Zealand and from
Food Partners at Dinmore Brisbane, Australia.


LOMBARD GROUP: Puts Two Subsidiaries Into Liquidation
-----------------------------------------------------
Lombard Group Limited has placed both its Tasman Mortgages
subsidiaries into liquidation, ahead of an Inland Revenue
application to wind up one of the companies, The National Business
Review reports.  The company appointed Stephen Underwood of
Decisive Securities as liquidator to its subsidiaries.

According to the report, Lombard said putting both companies into
liquidation will assist in "concluding their affairs."

However, according to a Bob Dey report cited by Business Review,
the move comes too late, just four days before a court hearing of
Inland Revenue's application, which means the High Court may void
the voluntary appointment of Lombard's chosen liquidator.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 16, 2009, Lombard Group disclosed that the Inland Revenue
Department has made an application to wind up its subsidiary,
Tasman Mortgage Brokers Limited.

In a statement to the stock exchange, Lombard said the matter
principally relates to unpaid income tax for a period prior to it
acquiring its shareholding in the Tasman Mortgages Group.

According to the Business Review, Lombard said the unpaid tax that
the IRD is chasing from its subsidiary is the responsibility of
former owner Blue Chip.

Lombard said on July 1, 2007, the Group acquired 70% of the shares
in the Tasman Mortgages Group from the Blue Chip Group of
Companies (now called Northern Crest Investments Limited) for
$50,000 in cash with the balance of the purchase price to be paid
on an earn out basis.  Subsequent to this and prior to March 31,
2008, an arrangement was made to acquire the remaining 30% of the
shares for no consideration.

The Business Review related Lombard confirmed that the Tasman
Mortgage Group has lost a significant portion of its trail income
due to one of its major lenders, GE Money, taking over management
of their loans placed with Tasman.

The Tasman group of companies includes two subsidiaries, Tasman
Mortgage Brokers and Tasman Mortgages (which is not subject to the
IRD's liquidation application), according to The Business Review.

Headquartered in Wellington, New Zealand, Lombard Group Limited
(NZE:LOM) -- http://www.lombardgroup.co.nz/-- is primarily
engaged in the business of investment in a portfolio of
mortgage-secured loan advances and other advances.  This is
carried out through the Company's principal subsidiary, Lombard
Finance & Investments Limited.  Lombard Finance provides
property finance to selected customers.  Lombard Group's lending
within the property sector is secured by property and includes
lending for residential and commercial property investment,
property development, bridging loans and mezzanine finance.  The
company's subsidiary, Lombard Asset Finance Limited, provides
loans to business customers, including hire purchase, lease
finance and general business funding.  In March 2008, the
company's wholly owned subsidiary, Lombard Mortgages Limited,
acquired the remaining 30% interest in Tasman Mortgages Limited.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 10, 2008, Lombard Group said that its financial performance
for the year ended March 31, 2008, has been dramatically affected
by the receivership of the Group's significant subsidiary, Lombard
Finance & Investments Limited, which occurred on April 10, 2008.
While the audited Group result is a loss of NZ$3.26 million, the
Board recognizes that does not reflect the full impact of the
receivership.



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

NAN YA: 2008 Net Profit Fell 84%
--------------------------------
Nan Ya Plastics Corp. said its 2008 profit dropped 84.1 percent
due to the weak petrochemicals prices, rising inventory write-
downs and continued losses at other Formosa Group affiliates,
Taipei Times reports.

Citing Nan Ya in a stock exchange filing, the report say Nan Ya
reported NT$9.39 billion (US$278 million) in after-tax net profit
in 2008, compared with a NT$59.05 billion net profit reported in
2007.

Operating profit dropped to NT$11.96 billion, a 67.4 percent
decline from NT$36.74 billion a year earlier, while revenue fell
to NT$208.72 billion last year, down 8.7 percent from NT$228.7
billion recorded in the previous year.

According to the report, Nan Ya also said its board had approved a
proposal to distribute NT$1.1 in dividends per common share based
on last year's earnings, down 83.6 percent from an all-cash
dividend of NT$6.7 it paid in the previous year.

The dividend payout would include NT$0.8 in cash and 3 percent in
stock, the Times adds.

Based in Kaohsiung, Taiwan, Nan Ya Plastics Corporation is
principally engaged in the manufacture and sale of plastic
products, fiber products, electronic materials and petrochemical
products.  The company also provides electromechanical engineering
services.  The segment of electronic materials mainly offers
copper-clad laminates, epoxy resins, glass fabrics, liquid crystal
displays (LCDs) and copper foil; the segment of plastic products
offers plastic plaster, poly urethane (PU) synthetic leathers,
polypropylene (PP) rubber fabric, polyvinyl chloride (PVC) plastic
pellets, plastic doors and windows, plastic injection products and
others; the petrochemical products include glycol, butylene
glycol, bisphenol A, toluene diisocyanate, plasticizers and
others, and the fiber products include polyester products, dyeing
products and others.  The company distributes its products in
Taiwan, mainland China, Hong Kong, the Americas, Southeast Asia
and Europe.



===============
T H A I L A N D
===============

TMB BANK: Fitch Downgrades Foreign Currency Rating to 'B+'
----------------------------------------------------------
Fitch Ratings has downgraded TMB Bank Public Company Limited's
foreign currency hybrid Tier 1 securities rating to 'B+' from
'BB-' (BB minus).  The agency has affirmed TMB's Long-term foreign
currency Issuer Default Rating at 'BBB-' (BBB minus) with a
Negative Outlook, Short-term foreign currency IDR at 'F3',
Individual Rating at 'C/D', Support Rating at '3' and Support
Rating Floor at 'BB'.  Fitch has also affirmed TMB's foreign
currency subordinated debt at 'BB+', National Long-term Rating at
'A+(tha)' with a Stable Outlook, National Short-term Rating at
'F1(tha)', and National subordinated debt rating at 'A(tha)'.

The downgrade of TMB's hybrid Tier 1 rating reflects the
heightened risk of non-coupon payment, on account that the bank
may report a loss in 2009 due to the deteriorating operating
environment.  Performance in 2009 and 2010 is likely to be
significantly affected by the weakening economy, which Fitch
forecasts will contract by 3.8% this year.  According to Bank of
Thailand regulations, hybrid Tier 1 securities coupons may be paid
from profits or retained earnings.  However, if a bank reports a
loss, the coupons can only be paid if payment is approved by the
BoT on a case-by-case basis.  The BoT will take into account a
commercial bank's financial strength, such as capital,
profitability and retained earnings, in making its decision.
While TMB's capital ratios have strengthened since major
shareholder, ING Bank NV, supported its recapitalization in
December 2007, profitability remains weak and the bank still has
large negative retained earnings of THB103.2bn at end-2008.

Despite TMB's substantial Q408 loss of THB4bn, which was mainly
due to a more stringent provisioning policy, the bank reported a
small net profit of THB0.5bn for the full year.  TMB's net
interest margin improved slightly to 2.6% in 2008 from 2.4% in
2007, although this remains the lowest of the banking sector, and
net interest income declined as its loans portfolio continued to
shrink by a further 8.7% y-o-y.  The bank's cost-to-income ratio
remains high at 73.6% due to further losses on asset impairments
and a THB0.9 billion provision for an early retirement scheme.

While TMB's impaired loans declined in 2008 to THB70.6 billion
from THB78 billion, due to non-performing loans sale, its NPL
ratio remains high at 16.6% of total loans.  Given the size of the
NPL overhang and likely further asset quality deterioration in
2009, the adequacy of the bank's loan loss reserve of THB45.9
billion, or 65.1% coverage at end-2008, remains uncertain.  TMB's
plans to accelerate the disposal of its bad loans in the next two
years could result in further losses on disposal.  TMB's Tier 1
and total capital ratios of 12.3% and 13.9%, respectively, provide
some buffer to absorb additional losses if needed.  Hybrid Tier 1
accounts for 15% of Tier 1 capital.  TMB's liquidity measures
appear in line with local peers, but the bank has a weaker deposit
franchise than the largest four Thai banks.

TMB is currently the sixth-largest commercial bank in Thailand
with assets of THB601.9 billion (USD17.2 billion).  ING is the
largest shareholder at 30%, followed by the Ministry of Finance at
26% and Singapore's DBS Bank at 7%.  ING is the second-largest
retail bank in The Netherlands with total assets of US$1.4
trillion and regional retail operations in India and China.
TMB has a sizeable 7% market share of system deposits.  Fitch
believes the probability of external support, if required, from
the government or ING is moderate.


KRUNG THAI: Fitch Downgrades Foreign Currency Rating to 'BB+'
-------------------------------------------------------------
Fitch Ratings has downgraded Krung Thai Bank Public Company
Limited's foreign currency hybrid Tier 1 securities rating to
'BB+' from 'BBB-' (BBB minus) and downgraded KTB's National hybrid
Tier 1 rating to 'A(tha)' from 'A+(tha)'.  At the same time, the
agency has affirmed KTB's Long-term foreign currency Issuer
Default Rating at 'BBB+' with a Negative Outlook, Short-term
foreign currency IDR at 'F2', foreign currency subordinated debt
rating at 'BBB', Individual Rating at 'C/D', Support Rating at
'2', and Support Rating Floor at 'BBB+'.  The agency has also
affirmed the bank's National Long-term Rating at 'AA+(tha)' with a
Stable Outlook, National Short-term rating at 'F1+(tha)' and
National subordinated debt rating at 'AA(tha)'.

The downgrade of KTB's hybrid Tier 1 rating reflects the
heightened risk of coupon non-payment due to the sharp
deterioration in the operating environment; Fitch forecasts
Thailand's GDP will contract 3.8% in 2009.  According to Bank of
Thailand regulations, coupons on hybrid Tier 1 securities may be
paid from profits or retained earnings.  However, if a bank
reports a loss, the coupons can only be paid if payment is
approved by the BoT on a case-by-case basis.  The BoT will take
into account a commercial bank's financial strength, such as
capital, profitability and retained earnings, in making its
decision.  Given KTB has positive retained earnings of THB37.2
billion even if it reported a loss, the BoT could still permit KTB
to pay the coupon, although given the potential for significant
weakening in profitability and capital in the next two years,
Fitch believes risks of non-payment have risen.

KTB's ratings are underpinned by strong government ownership and
support and its improving financial strength.  KTB is Thailand's
second-largest bank with a 16% market share, the BoT's Financial
Institutions Development Fund holds a 55% stake.  Given KTB's size
and importance to the financial system and economy, as well as its
majority state-ownership and control, the agency believes there is
a high probability that KTB would receive state support, if
needed, although this support may not extend to more junior debt
such as hybrid securities.

KTB reported an improved performance for 2008 with a net profit of
THB12.3 billion, double the previous year, due mainly to lower
provisions despite mark-to-market CDO losses of THB2.4 billion.  A
pick-up in loan growth (9.2% y-o-y) and the lower cost of deposits
helped maintain KTB's net interest margin at about 3.6% in 2008.
KTB's performance in 2009 will likely weaken due to margin
pressure from a fall in loan growth.  In addition, renewed asset
quality pressure could result in significant increases in
provisioning costs, as the bank's loan loss coverage ratio is
still low at about 41% of NPLs.  Although KTB's liquidity ratios
are relatively weak compared with Thailand's three largest private
banks, strong government support should mitigate these risks.

KTB's impaired loans declined to THB86bn (8.3% of loans) at end-
2008 from THB96.8 billion (10.1% of loans) at end-2007 due to
write-offs and debt restructuring although NPLs are expected to
rise in 2009.  Current Tier 1 and total capital ratio of about 10%
and 15%, respectively, should provide some buffer against the
deteriorating economic environment.  Nonetheless, the bank's
capital ratios could fall sharply if provisioning coverage is
increased to a comparable level of its peers or if KTB increases
lending to support the country's economic stabilization.



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

GULF GENERAL: Fitch Downgrades Issuer Default Rating to 'BB+'
-------------------------------------------------------------
Fitch Ratings has downgraded Dubai-based Gulf General Investment
Company's Long-term Issuer Default Rating and senior unsecured
rating to 'BB+' from 'BBB', respectively.  All ratings remain on
Rating Watch Negative.

The downgrade reflects Fitch's concerns over a potential weakening
in GGICO's operational performance in 2009 and 2010, which could
lead to reduced liquidity, increased leverage and a risk of
covenant breach as early as December 2009 (given the already tight
headroom).  GGICO's performance is reliant on the Dubai operating
environment, which has become more challenging as economic
conditions have deteriorated.  The company's main activities are
exposed to Dubai's weakening real estate market, which will likely
lead to significantly reduced profitability, asset values and cash
flows.  As of 30 September 2008, GGICO's performance was in line
with Fitch's expectation, with Fitch adjusted net leverage
standing at 2.5x and adjusted net interest coverage at 6.5x,
although Fitch forecasts that these ratios will deteriorate during
2009 and 2010.

The downgrade also reflects GGICO's significant exposure to the
UAE stock market through its large securities portfolio, which
constituted 24.9% of total assets and contributed 24% of operating
profits in 9M08.  The UAE stock market lost 59% of its value in
2008; GGICO limited its trading losses to 15% of the total
portfolio value in 2008 but further losses in 2009 are possible,
putting pressure on GGICO's financial position.

Fitch views GGICO's securities portfolio as a potential source of
emergency liquidity (albeit conservatively assuming a 50%
haircut), and therefore the agency has concerns that GGICO's
liquidity position could weaken if further securities losses are
incurred.  Liquidity could also deteriorate due to weaker
operational cash flows and more restricted access to external
financing in 2009.  As of Q308 GGICO's liquidity score (sources of
liquidity/uses of liquidity over the next 12 months) was
relatively weak (less than one).  To help improve liquidity and to
provide greater covenant headroom, GGICO is undertaking a number
of measures, namely: proposing a 0% cash dividend in 2009;
mothballing all uncommitted residential construction projects
(expected expenditure during 2009 and 2010 will only be against
committed projects, which are already 95-100% pre-sold);
negotiating a new USD200 million (AED734 million) banking
facility; and issuing a AED500 million mandatory convertible bond
(effectively an equity issue).  Nevertheless, Fitch forecasts that
GGICO's liquidity score will remain less than one during 2009.

Fitch considers GGICO's moderate diversification to be a mildly
positive factor (GGICO holds controlling shares in a variety of
operating entities, ranging across the leisure, insurance and
industrials sectors) although a degree of correlation exists given
that the performance of most of these entities is linked to the
economic performance of the UAE.  Fitch also notes the willingness
of the majority owners, the Al Sari family, to participate in the
mandatory convertible bond issuance.  However, the rating of GGICO
is a stand-alone rating, and therefore continues not to assume any
potential support from its majority shareholder.

GGICO's ratings are maintained on RWN, reflecting concerns that if
the deterioration in market conditions accelerates, the risk of a
covenant breach in December 2009 could further increase and the
company may see lower interest coverage and a worse liquidity
position than Fitch currently envisages.  In addition, Fitch is
concerned about GGICO's ability to fully manage the risk within
its large securities portfolio if conditions remain volatile.  In
the agency's view, GGICO's securities trading business now forms a
disproportionately large part of the company's overall risk
profile.

Resolution of the RWN will be contingent upon three factors (1)
Fitch completing its review of GGICO's securities trading
business, particularly with respect to strategy and risk
management, (2) GGICO successfully issuing the mandatory
convertible bond and obtaining the US$200 million banking facility
and (3) GGICO's performance in Q209 and Q309 confirming its
ongoing ability to generate cash flow, retain adequate liquidity
and avoid a potential covenant breach at the December 2009 test
date.  It is anticipated that the RWN will be resolved within the
coming eight months.



                         *********

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,
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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.

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Information contained herein is obtained from sources believed
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