TCRAP_Public/090331.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Tuesday, March 31, 2009, Vol. 12, No. 63

                            Headlines

A U S T R A L I A

OZ MINERALS: Receives Alternative Bid from Minmetals


C H I N A

CHINA TELECOM: 2008 Net Profit Drops 96% on Charges
KINGFISHER PLC: Closing 1/3 of Chinese Stores


H O N G  K O N G

BANANA LEAF: Court to Hear Wind-Up Petition on April 15
BIG RESOURCES: Creditors' Proofs of Debt Due on April 3
BINHAI WASTEWATER ET AL: Court Enters Wind-Up Order
CHINA TOP: Court to Hear Wind-Up Petition on April 29
CITY TELECOM: Tender Offer Won't Affect S&P's 'B+' Ratings

HAMSON DEVELOPMENT: Court to Hear Wind-Up Petition on April 29
KENLY ENGINEERING: Court to Hear Wind-Up Petition on April 22
KING POWER: Court to Hear Wind-Up Petition on April 22
MAXSON RESOURCES: Appoints Ying and Lok as Liquidators
SAGGIO (ASIA PACIFIC): Creditors' Proofs of Debt Due on April 6

STRONG PROGRESS: Appoints Lui and Wai as Liquidators
THE INCORPORATED OWNERS: Wind-Up Petition Hearing Set For April 29
UNIROSS BATTERIES: Court to Hear Wind-Up Petition on April 1
YCY DESIGN ET AL: Court Enters Wind-Up Order


I N D I A

ABHEDYA INDUSTRIES: CRISIL Rates Rs.67.8 Mln Term Loan at 'BB-'
HIGHLAND PRODUCE: CRISIL Puts 'BB' Ratings on Various Bank Loans
LEKH RAJ: CRISIL Places 'B+' Rating on Rs.1.1 Mln Term Loan
ROXY ROLLER: CRISIL Rates Rs.100 Million Cash Credit at 'B+'
TAMILNADU JAIBHARATH: Loan Defaults Spur CRISIL "D" Ratings


I N D O N E S I A

PERUSAHAAN LISTRIK: Posts IDR13.1 Trillion Net Loss in 2008
PT DAVOMAS: Moody's Reviews 'B2' Corporate Rating for Likely Cut


J A P A N

ELPIDA MEMORY: S&P Retains Negative Watch on 'B+' Debt Ratings
ESQUIRE JAPAN: To Cease Publication in May
GODO KAISHA: Moody's Changes Ratings on Various JLOC3 Notes
SAPPORO HOLDINGS: Shareholders OK Reappointment of Board Members


K O R E A

* KOREA: Banks To Liquidate 5 Firms; 15 Others on Debt Workout


M A L A Y S I A

GOLDEN PLUS: Liquidation Hearing Moved to April 21
HO HUP: Court to Hear Wind-Up Petition Against Unit on June 25
NIKKO ELECTRONICS: Liquidator Denies Call to Remove Co. Directors


N E W  Z E A L A N D

DORCHESTER PACIFIC: Debenture Holders Get 2nd Instalment Payment
SASSY TRADERS: Goes Into Liquidation


P H I L I P P I N E S

BAYANTEL: Seeking Partner-Investors to Prepay PHP15-Bil. Debt


S I N G A P O R E

ALMUS PHARMACEUTICALS: Creditors' Proofs of Debt Due on April 27
K SOLUTIONS: Court to Hear Wind-Up Petition on April 17
KODAK POLYCHROME: Creditors' Proofs of Debt Due on April 27
OLIVE GROUP: Creditors' Proofs of Debt Due on April 27
SUNDAY TELECOMMUNICATIONS: Court Enters Wind-Up Order


T A I W A N

EVA AIRWAYS: Delays Share Sale Plan


T H A I L A N D

TMB BANK: Fitch Corrects Press Release; Cuts Rating to 'B+'


X X X X X X X X

* BOND PRICING: For the Week March 23 to March 27, 2009


                         - - - - -



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

OZ MINERALS: Receives Alternative Bid from Minmetals
----------------------------------------------------
OZ Minerals Limited requested trading suspension of its shares
pending announcement on China Minmetals Group's alternative bid
and its banks' decision on extending its debt facilities, The
Australian reports.

In a statement, OZ Minerals said it has received an alternative
but incomplete proposal from China Minmetals, which, when
completed, will result in Minmetals acquiring all of OZ Minerals’
assets except for Prominent Hill, Martabe and the company’s
portfolio of listed assets, including Toro Energy Limited.

The proposal will also provide a complete solution to OZ Minerals’
refinancing issues, the Australian mining company said.

According to The Australian, the main focus on OZ Minerals today
is the decision by its banks to re-finance about AU$1.2 billion
worth of debt.  Without the extension, the report notes, OZ is
likely to fall into administration.

OZ Minerals said it will make a definitive announcement regarding
its refinancing negotiations before the commencement of trading
tomorrow and will endeavour to make a definitive announcement
regarding the proposal in the same timeframe.

The Troubled Company Reporter-Asia Pacific, citing Bloomberg News,
reported on Mar. 30, 2009, that Australia's treasurer blocked
China Minmetals's AU$2.6 billion (US$1.8 billion) takeover offer
for OZ Minerals 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
Bloomberg News.  "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
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 TELECOM: 2008 Net Profit Drops 96% on Charges
---------------------------------------------------
The China Post reported that China Telecom Corp. said Tuesday its
2008 profit tumbled 96 percent from a year earlier due to charges
for shutting down an older mobile service.

For the year ended December 31, 2008, China Telecom reported a net
profit of CNY884 million (US$129 million), or 0.01 yuan per share,
down from CNY24.2 billion , or 0.30 yuan per share in 2007.
Operating revenue rose 3.2 percent to CNY186.8 billion from
CNY180.88 billion a year earlier.

China Telecom booked a CNY23.9 billion (US$3.5 billion) impairment
loss for shutting down its Personal Handyphone System.

At the end of 2008, the company's working capital (total current
assets minus total current liabilities) deficit was CNY121.29
billion, representing an increase of CNY25.16 billion from the
deficit of CNY96.135 million in 2007.  The deficit increase was
mainly attributable to new short-term debt, such as short-term
commercial paper.

The company's latest annual report filing with the Securities and
Exchange Commission recorded CNY55.49 billion in current assets
and CNY176.79 billion in current liabilities for the period
ending Dec. 31, 2008, compared with CNY44,11 billion in current
assets and CNY140.24 billion in current liabilities at Dec. 31,
2007.

The company's balance sheet as at December 31, 2008, showed total
assets of CNY440.34 billion, total liabilities of CNY225.79
billion and total stockholders' equity of CNY214.55 billion.

The ratio of the company's total indebtedness to total assets
increased from 25.6% as of the end of 2007 to 28.0% as of the end
of 2008.

Founded in 2002, Beijing-based, China Telecom Corp. Ltd., together
with its subsidiaries, provides wire line telecommunications and
broadband services in China.  The company provides
telecommunications and information services, including voice,
data, image, and multimedia in 20 provinces, municipalities, and
autonomous regions in China.


KINGFISHER PLC: Closing 1/3 of Chinese Stores
---------------------------------------------
Lilly Vitorovich of Dow Jones Newswires reports that Kingfisher
plc is closing a third of its loss-making Chinese stores and
restructure the rest.  The report says Kingfisher's extensive
review of the badly-performing B&Q China division found that its
"ambitious expansion in recent years had been too fast, resulting
in a rump of loss making and oversized stores."

B&Q China booked a loss of GBP52 million in the year ended Jan. 31
from a year ago, hurt by a 24% drop in sales to GBP431 million and
margin falls due to heavy discounting, the report relates.

In a March 26 press statement, Kingfisher said it will rationalize
store portfolio from 63 to 41 and will revamp all remaining
stores.

An exceptional accounting charge of GBP107 million has been booked
for the cost of the plan.  The net cash cost of the plan will be
around GBP30 million.  The non-cash exceptional impairment charge
is GBP160 million.

In addition, Kingfisher will book a GBP124 million intangible
goodwill write-off of B&Q China, GBP40 million of which arose due
to the adverse impact of exchange rate movements

Based in London, England, Kingfisher plc (LON:KGF) ---
http://www.kingfisher.co.uk/--- is an international home
improvement retailer offering home improvement products through a
network of retail sites, located mainly in the United Kingdom,
Europe and Asia.  As of February 2, 2008, the Company operated
over 780 stores in nine countries across Europe and Asia,
including the United Kingdom, France, Poland, Italy, Turkey and
China.  The Company principally operates through its main retail
brands B&Q, Castorama, Brico Depot and Screwfix Direct.  The
Company operates in four main geographical areas: the United
Kingdom, France, Rest of Europe and Asia.  The Rest of Europe
segment consists of B&Q Ireland, Castorama Poland, Castorama
Italy, Castorama Russia, Brico Depot Spain, Koctas and Hornbach.
The Asia segment consists of B&Q China, B&Q Taiwan and B&Q Home in
South Korea.  In January 2009, the Company sold of its Castorama
Italy business to Leroy Merlin Italy.



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

BANANA LEAF: Court to Hear Wind-Up Petition on April 15
-------------------------------------------------------
A petition to have Banana Leaf Purchasing Limited's operations
wound up will be heard before the High Court of Hong Kong on
April 15, at 9:30 a.m.

Coconut & Allied Products Sdn. Bhd. filed the petition against the
company on February 9, 2009.

The Petitioner's solicitors are:

          Messrs. Li, Chow & Company
          China Merchants Building
          Room 1501, 15th Floor
          303 Des Voeux Road Central
          Hong Kong


BIG RESOURCES: Creditors' Proofs of Debt Due on April 3
-------------------------------------------------------
The creditors of Big Resources Industries Limited are required to
file their proofs of debt by April 3, 2009, to be included in the
company's dividend distribution.

The company's liquidators are:

          Desmond Chung Seng Chiong
          Roderick John Sutton
          c/o Ferrier Hodgson Limited
          The Hong Kong Club Building, 14th Floor
          3A Chater Road
          Central, Hong Kong


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

   -- Binhai Wastewater Treatment & Disposal (Hong Kong)
      Consultants Limited on June 27, 2007;
   -- FAC International Limited on April 1, 2005;
   -- First Ecommerce Asia Limited on April 1, 2005;
   -- Forever Rich Limited on April 1, 2005;
   -- Framework Studio Company Limited on December 10, 2004;
   -- Golden Bright Industrial Limited on December 10, 2004;
   -- i-Amah.com (Holdings) Limited on April 20, 2007;
   -- Jade City International Films Limited on April 1, 2005
   -- Kang Pei Kee Industrial Limited on September 29, 2006;
   -- Maxifirm (H.K.) Limited on December 10, 2004;
   -- Newton Catering Development Company Limited on April 1,
      2005;
   -- Plastikos Company Limited on December 10, 2004;
   -- Prosperity Transportation Limited on April 1, 2005;
   -- Rich Creation Trading Limited on December 10, 2004;
   -- Sagacio Investments Limited on May 17, 2004;
   -- Sun Shing Architectural & Drainage Engineering Limited on
      April 1, 2005; and
   -- Wealth Full Technology Limited on April 1, 2005.

So Yin Wai, Alex and Wong Chak Lun, Alan are the companies'
liquidators.


CHINA TOP: Court to Hear Wind-Up Petition on April 29
-----------------------------------------------------
A petition to have China Top Industries Limited's operations wound
up will be heard before the High Court of Hong Kong on April 29,
at 9:30 a.m.

Shanghai Commercial Bank Limited filed the petition against the
company on February 24, 2009.

The Petitioner's solicitors are:

          Chow, Griffiths & Chan
          South China Building, 6th Floor
          No. 1 Wyndham Street
          Central, Hong Kong


CITY TELECOM: Tender Offer Won't Affect S&P's 'B+' Ratings
----------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings and
outlook on City Telecom (HK) Ltd. (B+/Stable/--) are not
immediately affected by the company's tender offer to purchase for
cash any and all of its outstanding senior unsecured notes due
2015 or its solicitation of bondholders' consent to remove
restrictive covenants.  Standard & Poor's doesn't view the tender
offer as a distress exchange and therefore has decided that it is
not tantamount to a default.

In S&P's view, City Telecom's below-par offer is an opportunistic
move to take advantage of the weak market sentiment and depressed
bond prices.  The company has offered US$750 for every US$1,000 of
the principal amount.  The notes outstanding amounted to
US$87.353 million.  The company will save on interest expenses on
the notes, which have interest rates of 8.75%.  Essentially, it is
swapping its low-yield cash to redeem high-interest notes.

City Telecom had HK$537 million in unrestrictive cash as at
Aug. 31, 2008.  The company's announced earnings growth was in
line with its expectations, and S&P still expect it to generate
positive discretionary cash for fiscal 2009.


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

Bank of China (Hong Kong) Limited filed the petition against the
company on February 20, 2009.

The Petitioner's solicitors are:

         Chu & Lau
         The Chinese General Chamber of Commerce Building
         2nd Floor, No. 24-25 Connaught Road Central
         Hong Kong


KENLY ENGINEERING: Court to Hear Wind-Up Petition on April 22
-------------------------------------------------------------
A petition to have Kenly Engineering Limited's operations wound up
will be heard before the High Court of Hong Kong on April 22, at
9:30 a.m.

Karson Corporation Limited filed the petition against the company
on February 16, 2009.

The Petitioner's solicitors are:

          Messrs. Leung Li & Co.
          Hang Seng Yuen Long Building
          6th Floor & 9th Floor
          Nos. 91-93 Castle Peak Road
          Yuen Long, New Territories
          Hong Kong


KING POWER: Court to Hear Wind-Up Petition on April 22
------------------------------------------------------
A petition to have King Power Contruction Engineering Limited's
operations wound up will be heard before the High Court of Hong
Kong on April 22, at 9:30 a.m.

The Hong Kong Shipyard Limited filed the petition against the
company on February 13, 2009.

The Petitioner's solicitors are:

         Woo, Kwan, Lee & Lo
         Sun Hung Kai Centre, Room 2801
         30 Harbour Road, Wanchai
         Hong Kong
         Telephone: 2586 9898


MAXSON RESOURCES: Appoints Ying and Lok as Liquidators
------------------------------------------------------
On February 14, 2009, Lo Ka Ying and Leung Ka Lok were appointed
as liquidators of Maxson Resources 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


SAGGIO (ASIA PACIFIC): Creditors' Proofs of Debt Due on April 6
---------------------------------------------------------------
The creditors of Saggio (Asia Pacific) Company Limited are
required to file their proofs of debt by April 6, 2009, to be
included in the company's dividend distribution.

The company's liquidators are:

          Desmond Chung Seng Chiong
          Roderick John Sutton
          c/o Ferrier Hodgson Limited
          Hong Kong Club Building, 14th Floor
          3A Chater Road
          Hong Kong


STRONG PROGRESS: Appoints Lui and Wai as Liquidators
----------------------------------------------------
On February 18, 2009, Lui Po San, Anthony and Kwok Tai Wai were
appointed as liquidators of Strong Progress International Limited.

The Liquidators can be reached at:

          Lui Po San, Anthony
          Kwok Tai Wai
          Integrity Corporate Reconstruction Limited
          Bel Trade Commercial Building, 18th Floor
          3 Burrows Street
          Wanchai, Hong Kong


THE INCORPORATED OWNERS: Wind-Up Petition Hearing Set For April 29
------------------------------------------------------------------
A petition to have The Incorporated Owners of Tai On Building,
Shau Kei Wan's operations wound up will be heard before the High
Court of Hong Kong on April 29, at 9:30 a.m.

Yee Tai Cleaning Company Limited filed the petition against the
company on February 23, 2009.

The Petitioner's solicitors are:

          Messrs. Simon Chan and Co.
          Hang Seng Mongkok Building
          Room 1301, 13th Floor
          677, Nathan Road
          Mongkok, Kowloon
          Hong Kong
          Telephone: 2544 8417
          Facsimile: 3104 3188


UNIROSS BATTERIES: Court to Hear Wind-Up Petition on April 1
------------------------------------------------------------
A petition to have Uniross Batteries (HK) Limited's operations
wound up will be heard before the High Court of Hong Kong on
April 1, at 9:30 a.m.

Vanson Electronics Limited filed the petition against the company
on January 30, 2009.

Vanson Electronics' solicitors are:

          Adrian John Taylor
          Oldham, Li & Nie, Solicitors
          St. George's Building, Suite 503
          2 Ice House Street
          Central, Hong Kong
          Telephone: 2868 0696
          Facsimile: 2810 6796


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

   -- YCY Design & Engineering Limited on Feb. 28, 2009;
   -- K-Foods Hong Kong Limited on February 26, 2009;
   -- Hticahi Wei Chu (Hong Kong) Limited on March 9, 2009; and
   -- King's Star Jewellery Company Limited on March 9, 2009.

Ho Man Kit Horace and Kong Sze Man Simone are the companies'
liquidators.



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

ABHEDYA INDUSTRIES: CRISIL Rates Rs.67.8 Mln Term Loan at 'BB-'
---------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4' to the bank
facilities of Abhedya Industries Ltd (Abhedya).

   Rs.67.8 Million Term Loan             BB-/Stable (Assigned)
   Rs.64.7 Million Proposed Term Loan    BB-/Stable (Assigned)
   Rs.62.5 Million Cash Credit           BB-/Stable (Assigned)
   Rs.80.0 Million Letter of Credit      P4 (Assigned)

The ratings reflect Abhedya's weak financial risk profile, and
small scale of operations.  These weaknesses are partially
mitigated by Abhedya's moderately integrated operations backed by
its value-added metallising unit and healthy operating margins.

Outlook: Stable

CRISIL believes that Abhedya will maintain its moderate business
risk profile and healthy operating margins.  The outlook may be
revised to 'Positive' if Abhedya improves its profitability and
increases its net worth, resulting in improved debt protection
indicators.  Conversely, the outlook may be revised to 'Negative'
if the company's profitability declines, resulting in further
weakening of its financial risk profile, or if Abhedya supports
its group companies.

                     About Abhedya Industries

Established in 2004 by the Agarwal family, Abhedya manufactures
bi-axially oriented polypropylene (BOPP) film that is converted to
metallised and laminated sheets and foil.  The company, a part of
the Dukes group, supplies about 30 per cent of its production to
its group company, Dukes Foods Ltd.  For 2007-08 (refers to
financial year, April 1 to March 31), Abhedya reported a profit
after tax (PAT) of Rs.12.88 million on net sales of Rs.420
million, as against a PAT of Rs.12.60 million on net sales of
Rs.364.38 million for 2006-07.


HIGHLAND PRODUCE: CRISIL Puts 'BB' Ratings on Various Bank Loans
----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the bank
facilities of The Highland Produce Co. Ltd (Highland Produce).

   Rs.79.1 Million Long Term Loan      BB/Stable (Assigned)
   Rs.40.0 Million Cash Credit         BB/Stable (Assigned)
   Rs.7.5 Million Letter of Credit *   P4 (Assigned)

   * Interchangeable with Bank Guarantee

The ratings reflect Highland Produce's sub-par financial risk
profile, small size of operations, and vulnerability of its
operations to changes in climatic conditions.  These rating
weaknesses are mitigated by the company's moderate operating
efficiencies, and the extensive industry experience of its
promoters.

Outlook: Stable

CRISIL expects Highland Produce to sustain its business risk
profile on the back of its promoters' industry experience.  The
outlook may be revised to 'Positive' if the company is able to
grow its revenues, sustain its profitability, and reduce its
currently high gearing.  Conversely, a steep decline in tea
prices, or any large additional debt-funded capital expenditure,
leading to a further weakening in the company's financial risk
profile, may result in a revision in the outlook to 'Negative'.

                  About Highland Produce

Established in 1925, Highland Produce is a part of the AV Thomas
Group of companies, which has interests in plantations,
agricultural commodities, rubber, leather, bio-technology, solvent
extraction, and software.  The company manufactures the CTC
variety of tea and sells the same in bulk. Highland Produce's
estates, aggregating 849.31 hectares (428.90 hectares for tea
cultivation, 327.32 hectares for cardamom, and 93.09 for nurseries
and timber), are situated at Pasuparai and Carady Goody in Kerala.
While approximately 25 per cent of the tea leaf requirement is met
through captive plantation, the balance is sourced from farmers
and agents. The company sells 30 to 40 per cent of its produce to
AV Thomas and Company Ltd (the flagship of the AV Thomas group)
and the balance at the auctions.

Highland Produce diversified into the manufacture of wooden
articles in 1994.  The operations of its units, located at Koodal
and Annur in Kerala, became unviable; the division was revived in
2004.  It is yet to attain break-even, and accounts for a
negligible portion of the company's revenues.

For 2007-08 (refers to financial year, April 1 to March 31),
Highland Produce reported a profit after tax (PAT) of Rs.9.0
million (Rs.1.7 million in the previous year) on net sales of
Rs.280.6 million (Rs.224.9 million).  For the nine months ended
December 2008, the company reported a PAT of Rs.12.6 million on
net sales of Rs.319.0 million, compared with a PAT of Rs.14.3
million on net sales of Rs.210.6 million in the corresponding
period of the previous year.


LEKH RAJ: CRISIL Places 'B+' Rating on Rs.1.1 Mln Term Loan
-----------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable/P4' to the various
bank facilities of Lekh Raj Narinder Kumar (LNK).

   Rs.35.0 Million Cash Credit Limit      B+/Stable (Assigned)
   Rs.1.1 Million Term Loan               B+/Stable (Assigned)
   Rs.1055.0 Million Packing Credit *     P4 (Assigned)
   Rs.10.0 Million Bank Guarantee/Letter  P4 (Assigned)
                   of Credit

   * Includes pre-shipment credit of Rs.585.0 million and
     post-shipment credit of Rs.470.0 million.

The ratings reflect LNK's weak financial risk profile, and
exposure to risks relating to fluctuations in the prices of raw
materials, unfavourable changes in government policies, and
customer concentration.  These strengths are, however, partially
offset by the benefits that LNK derives from the experience of its
promoters, and the healthy growth prospects of the basmati rice
industry.

Outlook: Stable

CRISIL believes that LNK's financial risk profile will remain
stretched over the medium term on account of large working capital
requirements and small scale of operations.  The outlook may be
revised to 'Positive' if the firm's capital structure and scale of
operations improve substantially. Conversely, the outlook may be
revised to 'Negative 'if there is any further deterioration in its
capital structure.

                          About Lekh Raj

LNK is engaged in the milling, processing and selling of basmati
rice.  It has a rice processing unit at Kaithal (Haryana) with an
aggregate capacity of 14 tonnes per hour.  It exports more than 90
per cent of its production to the Middle East.  The firm has been
accorded the status of Three Star Export House by the Government
of India.  In the domestic market, the firm sells rice under
brand, JB. LNK reported a loss (after adjustment of derivative
losses) of Rs. 25.0 million on net sales of Rs.1827.0 million for
2007-08 (refers to financial year, April 1 to March 31), as
against a Profit before Tax (after adjustment of derivative
losses) of Rs. 11.0 million on net sales of Rs. 955.0 million for
2006-07.


ROXY ROLLER: CRISIL Rates Rs.100 Million Cash Credit at 'B+'
------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable/P4' to the various
bank facilities of Roxy Roller Flour Mills Pvt Ltd (RRFM).

   Rs.100 Million Cash Credit       B+/Stable (Assigned)
   Rs.5.6 Million Long Term Loan    B+/Stable (Assigned)
   Rs.10 Million Line of Credit     P4 (Assigned)

The ratings reflect RRFM's weak financial risk profile marked by
high gearing and weak debt protection measures, and its exposure
to fragmented nature of industry, resulting in limited pricing
power.  These weaknesses are, however, partially offset by the
benefits that RRFM derives from its established presence in the
flour business.

Outlook: Stable

CRISIL believes that RRFM will maintain its business risk profile
on the back of its established presence in the flour business and
its strong relationships with its customers.  The outlook may be
revised to 'Positive' if the company's capital structure and
operating margins improve substantially.  Conversely, the outlook
may be revised to 'Negative' if the company is unable to maintain
margins at current levels, or if it incurs any large debt-funded
capital expenditure.

                        About Roxy Roller

RRFM, which was acquired by Mr. Sivaram Bansal in 1980 and is
engaged in the business of converting wheat into flour products.
It is a closely-held company with a capacity of 120,000 tonnes per
annum having plants in Hyderabad and Bangalore.  The capacity
utilisation levels are more than 80 per cent. For 2007-08 (refers
to financial year, April 1 to March 31), RRFM reported a profit
after tax (PAT) of Rs.7.82 million on net sales of Rs.1058.79
million, as against a PAT of Rs.4.41 million on net sales of
Rs.934.13 million for 2006-07.


TAMILNADU JAIBHARATH: Loan Defaults Spur CRISIL "D" Ratings
-----------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to the bank facilities
of Tamilnadu Jaibharath Mills Ltd (TNJBL).

   Rs.292.50 Million Cash Credit Limits     D (Assigned)
   Rs.306.20 Million Long-Term Loan         D (Assigned)
   Rs.120 Million Short-Term Loan           P5 (Assigned)
   Rs.30.00 Million Foreign Bills Purchase  P5 (Assigned)
                    Limits
   Rs.45.00 Million Letter of Credit        P5 (Assigned)
                    Limits
   Rs.5 Million Bank Guarantee Limits       P5 (Assigned)


The ratings reflect the default by TNJBL on its term loan
obligations.  The company has approached the bank for re-
scheduling the loan.

                    About Tamilnadu Jaibharath

Established in 1989, TNJBL is part of the Ramalinga group of
companies.  The company manufactures cotton yarn; it had an
installed capacity of around 50,208 spindles as on March 31, 2008.
For 2007-08 (refers to financial year, April 1 to March 31), TNJBL
reported a net loss of Rs.39 million on net sales of Rs.520
million, as against a net loss of Rs.28 million on net sales of
Rs.547 million in the previous year.



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

PERUSAHAAN LISTRIK: Posts IDR13.1 Trillion Net Loss in 2008
-----------------------------------------------------------
PT Perusahaan Listrik Negara (PLN) has posted a net loss of
IDR13.1 trillion (US$1.14 billion) in 2008 against the
IDR6-trillion loss recorded in 2007, Jakarta Post reports.

According to The Post, the biggest contributor to the increased
losses was the company's huge foreign exchange loss.

"PLN suffered around IDR10 trillion from currency exchange losses
alone, and there's also a problem with the electricity subsidy
system," State Minister for State Enterprises Secretary Said Didu
was quoted by The Post as saying.

Commenting on the overall loss, State Minister for State
Enterprises Sofyan Djalil said that it was not because of
mismanagement, but rather reflected electricity pricing policy, in
addition to the massive negative impact of the forex losses, The
Post noted.

Indonesian state utility firm PT Perusahaan Listrik Negara --
http://www.pln.co.id/-- transmits and distributes electricity
to around 30 million customers, roughly 60% of Indonesia's
population.  The Indonesian Government decided to end PLN's
power supply monopoly to attract independents to build more
capacity for sale directly to consumers, as many areas of the
country are experiencing power shortages.

                          *     *     *

PT Perusahaan Listrik Negara continues to carry a Ba3 corporate
family rating -dom curr with stable outlook.


PT DAVOMAS: Moody's Reviews 'B2' Corporate Rating for Likely Cut
----------------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade the B2 corporate family rating of PT Davomas Abadi Tbk
and B2 senior secured bond rating of Davomas International Finance
Company Pte Ltd, which is guaranteed by Davomas.

"The rating action reflects Davomas' expected deteriorating
operating performance and financial profile due to falling market
demand in Europe, which is the company's major market," says
Wonnie Chu, a Hong Kong-based Moody's Analyst, adding "as a
result, Moody's has increasing concerns over Davomas' capacity to
generate adequate cash flow.  This situation exposes the company
to the risk of breaching the Cash and Accounts Management
Agreement stipulated in the bond indenture, and could in turn
trigger an event of default."

Moody's review will focus on (i) Davomas' intention and ability --
and measures to be taken -- to maintain compliance with the
requirement in the bond indenture; and (ii) the company's
liquidity position against the backdrop of challenging market
conditions.

The last rating action with respect to Davomas was taken on
August 31, 2007, when Moody's assigned a B2 senior secured rating
to US$88 million bonds and affirmed the B2 corporate family
rating.

Established in 1990 and listed on the Jakarta Stock Exchange since
1994, PT Davomas Abadi Tbk is one of the dominant producers and
exporters of cocoa butter and cocoa powder in Indonesia.



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

ELPIDA MEMORY: S&P Retains Negative Watch on 'B+' Debt Ratings
--------------------------------------------------------------
Standard & Poor's Ratings Services said that its 'B+' long-term
corporate credit and senior unsecured debt ratings on Elpida
Memory Inc. would remain on CreditWatch with negative
implications, following Elpida's announcement that it would
increase its capital by issuing JPY45.9 billion in new shares via
its subsidiaries.  The new shares are to be underwritten by third
parties.  The ratings on the company were placed on CreditWatch
with negative implications on Feb. 19, 2009, reflecting the
company's weakening financial soundness and uncertainty over its
short-term liquidity.

Standard & Poor's believes that the announcement will, to an
extent, mitigate the company's short-term liquidity risk, as the
plan to increase capital is likely to materially reduce the
likelihood of the company violating the net worth maintenance
provision laid down in the borrowing agreement. However, the DRAM
market remains stagnant, and the company is likely to continue to
suffer operating losses for the fourth quarter of fiscal 2008
(January to March 2009).  As such, the company's financial
standing may continue to weaken, while the rating on the company
will remain under downward pressure.  In resolving the CreditWatch
status on Elpida, Standard & Poor's will examine the feasibility
of the industry consolidation plan led by the Taiwanese government
and its possible impact on the company's business and financial
profile.  To maintain the rating at the current level, there needs
to be an improvement in prospects for a recovery in earnings in
fiscal 2009 and beyond, through a market recovery and
strengthening of the company's earnings base.

This unsolicited rating(s) was initiated by Standard & Poor's.  It
may be based solely on publicly available information and may or
may not involve the participation of the issuer's management.
Standard & Poor's has used information from sources believed to be
reliable, but does not guarantee the accuracy, adequacy, or
completeness of any information used.


ESQUIRE JAPAN: To Cease Publication in May
------------------------------------------
Esquire Japan, the Japanese edition of the U.S. lifestyle
magazine, has said it will cease publication in May, Japan Today
reports.

According to the report, Esquire Japan has suffered from a sharp
decline in advertising revenue amid the global financial crisis.

Japan Today relates that the overall decline in advertising
revenue has also led traditional magazines to suspend publication
after advertising expenditure on magazines in 2008 fell 11.1% to
JPY407.8 billion from a year earlier, according to a survey by
Japan's major ad agency Dentsu Inc.

Esquire Japan was first released in April 1987 as a pioneering
men's lifestyle magazine in Japan.  It once has a monthly
circulation of 60,000 copies.


GODO KAISHA: Moody's Changes Ratings on Various JLOC3 Notes
-----------------------------------------------------------
Moody's Investors Service has changed the ratings for the Class A1
through D2 and X Notes issued by Godo Kaisha JLOC3.  The notes
will mature in January 2015.

  -- Class A1 and Class A2, review for possible downgrade
     continues; previously, Aaa placed under review for possible
     downgrade on January 20, 2009

  -- Class B1 and Class B2, review for possible downgrade
     continues; previously, Aa2 placed under review for possible
     downgrade on January 20, 2009

  -- Class C1 and Class C2, downgraded to Baa2 from A2 and placed
     under review for possible downgrade; previously, A2 placed
     under review for possible downgrade on December 25, 2008

  -- Class D1 and Class D2, downgraded to B3 from Ba2 and placed
     under review for possible downgrade; previously, downgraded
     to Ba2 from Baa2 and placed under review for possible
     downgrade on December 25, 2008

  -- Class X, review for possible downgrade continues; Aaa placed
     under review for possible downgrade on January 20, 2009

On December 25, 2008, Moody's had downgraded and maintained under
review for possible further downgrade the ratings of the Class D1
and D2 Notes.  It also placed under review for possible downgrade
the ratings of the Class C1 and C2 Notes.

Additionally, on January 20, 2009, Moody's placed under review for
possible downgrade the ratings of the Class A1 through B2 and X
Notes.

These rating actions reflected Moody's reconsideration of the
initial assumptions about the collateral recovery of residential
properties and the change the rating agency made to its base case
scenario for the disposition of liquidating loans.  They also
reflected concerns about the collateral recovery of a loan that
backs the hotel properties and matures in March 2009.

The current rating actions reflect Moody's growing concern about
collateral recovery of the loan backing the hotel properties,
since it was accelerated in March 2009.  Moody's will closely
monitor the collateral recovery and disposition of the properties
to decide whether to confirm or downgrade the ratings.

JLOC37, effected in July 2007, represents the securitization of
ten non-recourse loans originated by Morgan Stanley Japan
Securities Co., Ltd.  Three of the non-recourse loans have been
paid in full, and the transaction is currently secured by seven
non-recourse loans backed by 42 properties.

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


SAPPORO HOLDINGS: Shareholders OK Reappointment of Board Members
----------------------------------------------------------------
At a regular shareholders' meeting Friday, Sapporo Holdings Ltd
obtained shareholders' approval for the reappoinment of its board
members despite opposition from its leading shareholder, Steel
Partners Japan Strategic Fund (Offshore) L.P., Japan Today
reports.

According to the report, the company also won approval for its
plan to keep its anti-takeover measures.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 20, 2009, Steel Partners withdrew its offer to raise its
stake in Sapporo Holdings to 33.3 percent due to the firm's poor
performance and refusal to negotiate.

The Financial Times related Steel Partners said it was withdrawing
its proposal to increase its stake in Sapporo from 18.6 per cent
to 33.3 per cent at JPY875 a share, which would have cost it
JPY50.7 billion (US$550 million).

Steel Partners, as cited by the FT, said its decision on Sapporo
was made "due to the company's ever-worsening financial and
operational performance and continued refusal to negotiate the
terms of an acceptable offer to shareholders."

According to FT, Warren Lichtenstein, Steel Partners's founder,
cited as "management mis-steps" Sapporo's fall from third to
fourth largest brewery in Japan, its loss of market share in the
"super premium" beer segment and the termination of its contract
with Diageo to distribute Guinness in Japan.

                      About Sapporo Holdings

Sapporo Holdings Limited -- http://www.sapporoholdings.jp/--
formerly known as Sapporo Breweries, brews beer and operates
more than 200 beer halls and restaurants.  Sapporo is one of
Japan's oldest brewers, and is Japan's third largest brewing
company, with brews ranging from its flagship Black Label to the
pricier Yebisu.  Sapporo also makes the low-malt happoshu brew.
The company sells Guinness beer in Japan through its Sapporo
Guinness Company and owns a beverage company that makes canned
coffee, bottled water, and soft drinks.

                          *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
October 21, 2008, Fitch Ratings affirmed Sapporo Holdings
Limited's Long-term foreign and local currency Issuer Default
ratings as well as the Senior Unsecured debt rating at 'BB' and
its Short-term foreign and local currency IDRs at 'B'.  The
Outlook remains Stable.



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

* KOREA: Banks To Liquidate 5 Firms; 15 Others on Debt Workout
--------------------------------------------------------------
South Korean creditor banks have selected five construction
companies and shipbuilders that will be liquidated and 15 others
to be placed under on a mandatory debt workout program, KBS World
Radio reports.

The creditor banks, according to KBS World, announced the measure
at a news conference on Friday after assessing the financial
health of 70 construction firms and four shipbuilders.

The Korean Herald relates the decision to liquidate and place more
firms under the workout program came after the Financial
Supervisory Service (FSS) requested creditors to tighten their
standards for credit assessments and increase the number of firms
subject to restructuring or liquidation.

According to the Herald, the banks currently classify businesses,
including construction firms and shipbuilders, into four
categories - A, B, C and D.  The Herald notes that those who are
placed in C will be forced to undergo a stringent workout plan,
with companies in the D group being liquidated.

The Herald relates that with the creditor-initiated corporate
restructuring aimed at weeding out unhealthy businesses being
lackluster, the government decided to play a large role by
introducing a pre-workout program and setting up a KRW100 billion
private equity fund (PEF) to help cash-strapped businesses
restructure themselves.  The government also plans to increase the
fund to over KRW1 trillion by attracting money from institutional
and retail investors, the Herald states.

Under the envisioned pre-workout program, the Herald says, those
placed in category B can also be subject to the creditor-initiated
restructuring if they experience a temporary liquidity crunch.

The creditors plan to complete credit assessments and finalize a
list of companies subject to either liquidation or debt
rescheduling by the end of the month, the Herald notes.



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

GOLDEN PLUS: Liquidation Hearing Moved to April 21
--------------------------------------------------
Golden Plus Holdings Bhd (GPLUS) said that the Court has postponed
both the Provisional Liquidator's Notice of Motion and Bursa
Malaysia's Notice of Motion to April 21, 2009 for hearing.

Hearings for Bursa Malaysia's court application and the
provisional liquidator's application were previously fixed for
March 20, 2009.

As reported by the Troubled Company Reporter-Asia Pacific on
Dec. 4, 2008, Bursa Malaysia Securities Berhad said that it has
obtain court's approval to be made a party in the winding up
proceedings against GPLUS.

Bursa Malaysia said it can now proceed with the hearing of its
application filed in court on September 30, 2008, for a court
order directing GPLUS and its provisional liquidator to appoint
a special auditor, BDO Binder, in accordance with the directive
issued on August 26, 2008.

Bursa Malaysia's directive dated August 26, 2008, for GPLUS to
appoint the special auditor was issued after due assessment of all
relevant facts and circumstances.  This includes the failure by
GPLUS to comply with Bursa Malaysia's directive for information
and clarifications and its failure to comply with various
provisions of the Listing Requirements in relation to the
submission of various financial statements within the timeframe
prescribed.

The special auditor, upon appointment, will review the management
of the financial and business affairs of GPLUS for the purpose of
ascertaining its compliance with the Listing Requirements.

Golden Plus Holdings Berhad -- http://www.gplus.com.my/-- is a
Malaysia-based company engaged in the businesses of investment and
property holding, and provision of management services.  The
company has four business segments: investment, which is engaged
in property and investment holding; property development, which is
engaged in the development of residential and commercial
properties; construction, which is engaged in the construction and
engineering works, and leisure and food, which is a water theme
park operator, as well as restaurant franchisee and operator. It
has operations in Malaysia and People's Republic of China. Its
subsidiaries include Sri Serdang Sdn. Bhd., Golden Plus Builders
Sdn. Bhd., Corporate Business (M) Sdn. Bhd., Rengkas Perkasa Sdn.
Bhd., Golden Plus Construction Sdn. Bhd. and Paradize Bazaar Sdn.
Bhd.


HO HUP: Court to Hear Wind-Up Petition Against Unit on June 25
--------------------------------------------------------------
Ho Hup Construction Berhad disclosed in a regulatory filing that a
a winding-up petition has been served on Bukit Jalil Development
Sdn. Bhd. ("BJD"), a major subsidiary of the company, by Muda
Mewah Sdn. Bhd ("MMSB").

The winding-up petition was filed arising from liquidated
ascertained damages in connection with the delayed completion and
handover of one unit of the two-storey shop house to MMSB as
Purchaser.

The total amounts claimed by MMSB against BJD are:

   -- Judgement sum of MYR80,824.99 together with interest of
      MYR12,878.85 from Feb. 15, 2007 to Feb. 10, 2009; and

   -- cost of MYR291.00.

The company is taking steps to settle the matter before the
hearing of the winding-up petition on June 25, 2009.  The
Directors of the Company do not envisage the impact of settlement
on the Group, financially or operationally, to be significant.

The Group is not expected to incur any further losses as the
amounts claimed has been provided for in the accounts.

The winding-up petition will be heard at the High Court at
Kuala Lumpur on June 25, 2009.

                    About Ho Hup Construction

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

                          *     *     *

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

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

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

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


NIKKO ELECTRONICS: Liquidator Denies Call to Remove Co. Directors
-----------------------------------------------------------------
The Provisional Liquidator of Nikko Electronics Berhad disclosed
that it has obtained a legal opinion pertaining to the notice of
requisition for EGM filed by Contrarian Holdings Sdn Bhd and Lee
Poh Leng seeking removal of the company's directors.

Based on the legal opinion, the Provisional Liquidator stated that
"a company which is in provisional liquidation ought not to pass
any resolutions pertaining to the affairs of the company, except
with respect to the liquidation process itself."

Accordingly, the Provisional Liquidator said the requisition
notice is irregular in that the proposed resolutions cannot be
passed, and if passed would be null and void.  In any event, the
Provisional Liquidator said the notice of requisition for an EGM
must be issued and served on the Provisional Liquidator, however,
Contrarian Holdings and Lee Poh Leng, as the requisitioning
parties in this case, had failed to do so.

Noting his principal role of maintaining the status quo of the
company at all times during the pendency of the winding up
petition, the Provisional Liquidator said the Notice of
Requisition dated February 27, 2009 for the EGM will not be acted
on.

                     About Nikko Electronics

Nikko Electronics Berhad manufactures sells radio controlled
toys, electronic and toy related products.  The Group operates
in Malaysia, United States of America, France, Japan, United
Kingdom, Netherlands, Italy, Norway, Hong Kong, Denmark,
Austria, Spain, Australia and other countries.

                          *     *     *

On June 30, 2008, Nikko Electronics Bhd. was classified as an
affected listed issuer under Practice Note 1/2001 (PN1/2001) of
the Listing Requirements of Bursa Malaysia Securities Berhad
because it had defaulted on a bankers' acceptance facility due
on June 27, 2008, for an amount of MYR1,457,084 due to Malayan
Banking Berhad.  Nikko is unable to repay the liability to the
bank due to the difficult cash flow position as a result of the
contraction in the remote-control toys industry.

The company had ceased its manufacturing operations with immediate
effect on June 30, 2008 to prevent incurring further losses.  A
provisional liquidator who was appointed on September 11, 2008,
had also taken over the management affairs of the company and
would ascertain measures to address the default.



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

DORCHESTER PACIFIC: Debenture Holders Get 2nd Instalment Payment
----------------------------------------------------------------
Aaron Lim at BusinessDay reports that Dorchester Finance, the
finance arm of Dorchester Pacific Limited, has repaid debenture
holders their second instalment due under its deferred repayment
plan.

According to the report, secured debenture holders have now been
paid 25% of the total principal repayable.  A further 5 percent is
due to be paid on June 30, 2009, BusinessDay says.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 19, 2008, Dorchester Pacific Limited disclosed that the
deferred repayment plan put to debenture stockholders and
noteholders of its finance company, Dorchester Finance, has been
approved by investors who voted on the plan at the meeting held in
Auckland on Dec. 18.

The company said 97% of Debenture Holders and 99% Noteholders
voted for the plan that will repay their principal over 3 years.

                     About Dorchester Pacific

Headquartered in Auckland, New Zealand, Dorchester Pacific
Limited (NZE:DPC)-- http://www.dorchester.co.nz--is a financial
solutions provider, offering complementary products and services
across finance, insurance, savings and investments.  The Finance
division provides investment opportunities through secured
debenture stock and subordinated unsecured notes, and financing
solutions for the property, business, equipment, motor vehicle
and personal finance sectors.  Its insurance and savings
division provides a range of savings, life insurance, reverse
annuity mortgages, home equity release loans and other financial
products and services.  The Investment Service division includes
equity investment advisers and sharebrokers, MoneyOnline and NZ
Investor Magazine, which provide professional, independent
investment advice, sharebroking and financial planning services.
Dorchester Pacific holds a 25% shareholding in St. Laurence
Limited, the holding company for a property-based investment and
finance group of companies, which manages assets for over 16,000
investors.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
June 27, 2008, Dorchester Finance, a subsidiary of Dorchester
Pacific said it will withdraw and not renew its prospectus and
will seek the approval of debenture holders and note holders to a
deferred repayment plan, but with continued interest payments.

Chairman of Dorchester Finance, Mr. Barry Graham said "As a
result of the rapid decline in the property finance market and a
continuing fall in reinvestment rates the Board has formed the
view that there is now a risk of a cash flow shortfall arising
in future months."

As at June 24, 2008, Dorchester Finance had NZ$168 million in
debenture stock secured against total assets of NZ$212 million,
including NZ$18 million in cash.  In addition it had NZ$8 million
in subordinated notes on issue.


SASSY TRADERS: Goes Into Liquidation
------------------------------------
The Nelson Mail reports that gift shop operator Sassy Traders has
gone into liquidation.

Liquidator Kevin Gilligan said Sassy Traders had become unable to
pay its debts and was placed into liquidation on March 6, the
report relates citing a report posted on the Companies Office
website.

Sassy Traders operates a gift shop in Richmond Mall, Nelson,
New Zealand.  The Companies Office website named Anita Walker of
Stoke as the majority shareholder, according to the report.



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

BAYANTEL: Seeking Partner-Investors to Prepay PHP15-Bil. Debt
-------------------------------------------------------------
Bayan Telecommunication Holding Corp. (BayanTel) is looking for
partner-investors to prepay its PHP15 billion debt, Malaya News
reports.

Citing BayanTel's Chief Finance Officer and Chief Administrative
Officer Fred Bernardo, the report said the company is scheduled to
pay PHP1.4 billion of the debt, consisting of PHP750 million for
the principal and PHP650 million for the interest.

Ninety-two percent of the debt is denominated in US dollars, the
report relates citing Mr. Bernardo as saying.

BayanTel has reported a net loss of PHP777 million in the end of
2008 due to foreign exchange losses, as compared to PHP2 billion
net income recorded in the previous year, the news agency noted.

Bayan Telecommunications Holdings Corporation, which is 85.4%
owned by Benpres Holdings Corp. and the Lopez Group, was
incorporated on October 15, 1993.  Bayan Telecommunications Inc.
-- http://www.bayantel.com.ph/-- is the operating arm of BTHC
and is formerly known as International Communications
Corporation.  BayanTel is a telecommunications company offering
an extensive breadth of traditional links and circuitry as well
as cutting edge data and voice applications.  BayanTel's
existing service areas in Metro Manila and Bicol, as well as its
local exchange service areas in the Visayas and Mindanao regions
combined, cover a population of over 25 million, nearly 33% of
the population of the Philippines.  BayanTel has operations in
Japan and the U.K.

In a report on Aug. 15, 2007, the Philippine Star stated that
BayanTel, which has been under receivership since 2004, is
setting aside PHP760 million to PHP800 million in 2007 to pay
down debt, using internally-generated cash.  It has so far paid
PHP2 billion out of its total debt of US$325 million.

The company has been undergoing rehabilitation since June 28,
2004.  The rehabilitation plan is based on a sustainable debt
level of PHP17.13 billion, payable over 19 years.  Some
creditors are appealing the lower court's decision.



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

ALMUS PHARMACEUTICALS: Creditors' Proofs of Debt Due on April 27
----------------------------------------------------------------
The creditors of Almus Pharmaceuticals Singapore Pte. Ltd. are
required to file their proofs of debt by April 27, 2009, to be
included in the company's dividend distribution.

The company's liquidator is:

          Lai Seng Kwoon
          c/o 16 Raffles Quay #22-00
          Hong Leong Building
          Singapore 048581


K SOLUTIONS: Court to Hear Wind-Up Petition on April 17
-------------------------------------------------------
A petition to have K Solutions Pte Ltd's operations wound up will
be heard before the High Court of Singapore on April 17, 2009, at
10:00 a.m.

National University of Singapore filed the petition against the
company on February 11, 2009.

The Petitioner's solicitors are:

          Drew & Napier LLC
          20 Raffles Place #17-00 Ocean Towers
          Singapore 048620


KODAK POLYCHROME: Creditors' Proofs of Debt Due on April 27
-----------------------------------------------------------
The creditors of Kodak Polychrome Graphics Asia Export Pte Ltd are
required to file their proofs of debt by April 27, 2009, to be
included in the company's dividend distribution.

The company's liquidator is:

          Tam Chee Chong
          6 Shenton Way #32-00
          DBS Building Tower Two
          Singapore 068809


OLIVE GROUP: Creditors' Proofs of Debt Due on April 27
------------------------------------------------------
The creditors of Olive Group Holdings Pte. Ltd. are required to
file their proofs of debt by April 27, 2009, to be included in the
company's dividend distribution.

The company's liquidators are:

          Chee Yoh Chuang
          Lim Lee Meng
          8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


SUNDAY TELECOMMUNICATIONS: Court Enters Wind-Up Order
-----------------------------------------------------
On March 20, 2009, the High Court of Singapore entered an order to
have Sunday Telecommunications Pte Ltd's operations wound up.

United Overseas Bank Limited filed the petition against the
company.

The company's liquidator is:

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



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

EVA AIRWAYS: Delays Share Sale Plan
-----------------------------------
EVA Airways Corp. has delayed plans to sell new shares to later
this year after a drop in the stock price, The China Post reports.

EVA Airways, as cited by the Post, said it will "choose an
appropriate time" to revive the sale.

The airline had previously intended to sell 500 million new shares
by March 29, the report recounts.

The Post says that EVA Airways shares have plunged 57 percent in
the past 12 months as the global recession damped sales and
volatility in fuel prices hurt earnings.

According to the report, the company said it may report NT$9.26
billion (US$273 million) of unrealized losses from fuel hedging
after prices fell.

Taiwan-based Eva Airways Corporation is principally engaged in the
provision of passenger and cargo transportation services
throughout Asia, Europe, the Americas and Oceania.  The company's
passenger air transportation services include regular flights and
regular and irregular charter flights.  It also provides air
cargo, mail and package transportation services.  In addition, the
company sells duty-free items on airplanes.  During the year ended
December 31, 2007, the company obtained 53% and 41% of its total
revenue from its passenger transportation and cargo transportation
services, respectively.

                          *     *     *

Eva Airways reported two consecutive annual net losses of NT$1.87
billion and NT$1.69 billion for the years ended December 31, 2007
and 2006 respectively.



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

TMB BANK: Fitch Corrects Press Release; Cuts Rating to 'B+'
-----------------------------------------------------------
This announcement corrects the version issued.  TMB Bank Public
Company Limited's Tier 1 capital ratio is 10.1% and not 12.3%.

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 THB103.2 billion at end-2008.

Despite TMB's substantial Q408 loss of THB4 billion, which was
mainly due to a more stringent provisioning policy, the bank
reported a small net profit of THB0.5 billion 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 10.1% 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 (US$17.2 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.



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

* BOND PRICING: For the Week March 23 to March 27, 2009
-------------------------------------------------------

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


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


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


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


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


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


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


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


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

Navios Maritime                9.500%  12/15/14     USD    54.00


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


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


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


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


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



                         *********

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

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

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


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

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

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

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

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





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