TCRAP_Public/090402.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

           Thursday, April 2, 2009, Vol. 12, No. 65

                            Headlines

A U S T R A L I A

HMP CONSTRUCTIONS: In Voluntary Administration; 500 Jobs at Risk
LYCO INNOVATIONS: Placed in Receivership; 80 Jobs Affected
PAPERLINX LIMITED: Lenders Extend Waivers to May 31
RAPTIS GROUP: Creditors Approve Restructure Plan
SAMSON OIL: Macquarie Bank Grants Waiver on Debt Covenant Breach


C H I N A

FORD MOTOR: Robert Graziano Replaces Mei-Wei Cheng at Chinese Unit


H O N G  K O N G

ARROW SHIPBROKERS: Creditors' Proofs of Debt Due on April 30
CHAODA MODERN: Moody's Downgrades Corporate Family Rating to 'Ba3'
CHARTER ELECTRICAL: Kenny King Ching Tam Steps Down as Liquidator
CLIPSAL ELECTRICAL: Creditors' Proofs of Debt Due on April 28
CLIPSAL INTEGRATED: Creditors' Proofs of Debt Due on April 28

EMH TRANSPORTATION: Appoints Chan as Liquidator
GRAND MARINE: Members' and Creditors' Meeting Set for April 7
HABIB METROPOLITAN: Placed Under Voluntary Wind-Up
HENG TAI: Lo Wa Kei Steps Down as Liquidator
IMAGE PRINTING: Creditors' Meeting Set for April 3

JIA HE: Members' Meeting Set for April 28
LUDGATE ASIA ET AL: Arboit and Blade Step Down as Liquidators
MASTER GATE: Creditors' Proofs of Debt Due on April 20
NAVA SC ET AL: Oswin and Hague Step Down as Liquidators
NEO-CHINA LAND: Denies Report it is Selling Land at CNY17.4 Bln.

ORIENT PROPERTY: Commences Wind-Up Proceedings
SENTROL LIFESAFETY: Members' Meeting Set for April 28
SHEEN KING: Creditors' Proofs of Debt Due on May 5
SINGAN PROJECTS: Fitch Assigns 'BB' Rating with Stable Outlook
THE BUSH: Seng and Lo Step Down as Liquidators

THE GRANTHAM: Members' Meeting Set for April 30
THE MOVIE: Members' Meeting Set for April 30


I N D I A

DINABANDHU STEEL: Loan Payment Default Cues CRISIL "D" Ratings
DIVYA SPINNING: CRISIL Rates Rs.295.3 Mln Long Term Loan at 'B-'
KARNATAKA CHEMSYN: CRISIL Places 'B-' Rating on Rs.140MM LT Loan
MAGADH INDUSTRIES: CRISIL Puts 'BB-' Ratings on Various Bank Loans
MB TIMBER: CRISIL Assigns 'B+' Rating on Rs.30 Mln Cash Credit

RAITANI ENGINEERING: CRISIL Rates Rs.100 Mln Cash Credit at 'BB'
REFRACAST METALLURGICALS: Low Net Worth Cues CRISIL 'BB-' Rating
RH AGRO: CRISIL Assigns 'B-' Ratings on Various Bank Facilities
SATYAM COMPUTER: About 300 Employees to Join Bank of America
SUBRATA IRON: CRISIL Rates Rs.125.3 Mln Cash Credit at 'B+'

SURYA WIRES: CRISIL Places 'P4' Rating on Rs.23MM Bank Guarantee
VAIDYANATH SAHAKARI: CRISIL Rates Rs.661.1MM Cash Credit at 'BB+'
ZIM LABORATORIES: CRISIL Puts 'BB+' Ratings on Various Bank Loans


I N D O N E S I A

* INDONESIA: State Firms Fail to Settle Overseas Debts, KPK Says


J A P A N

SEIBU RAILWAY: Ordered To Pay JPY23.74 Bln in Damages


K O R E A

DAEWOO ELECTRONICS: Creditors Extend Debt Workout Program


M A L A Y S I A

RANHILL BHD: Planned Federalization Won't Affect S&P's 'B' Rating


N E W  Z E A L A N D

AIR NEW ZEALAND: Execs Volunteer to Act as Cabin Staff Amid Strike
AIR NEW ZEALAND: Union Calls Off Planned 4-day Strike Action
FLETCHER BUILDING: To Raise Up to NZ$505 Mln. in Equity
NLG INSURANCE: Fitch Downgrades Insurer Strength Rating to 'B'


P H I L I P P I N E S

BMW PHILIPPINES: Shuts Down Operations, Posts PHP186.53-Mln Loss
LEGACY GROUP: Planholders Have Until April 15 to File Claims
LEVI STRAUSS (PHIL.): Incurs Losses After Closure of Factory


S I N G A P O R E

MOBILE & WIRELESS: Creditors' Proofs of Debt Due on April 14


                         - - - - -



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

HMP CONSTRUCTIONS: In Voluntary Administration; 500 Jobs at Risk
----------------------------------------------------------------
HMP Constructions has filed for voluntary administration with the
loss of an estimated 500 jobs and debts of about $150 million,
various reports say.  The company has appointed Deloitte partners
John Greig and Nicholas Harwood as voluntary administrators.

According to a report posted on the gold coast Mail, HMP was hit
by BHP Billiton's decision to cancel a services contract at its
Goonyella and Norwich Park mines in central Queensland, which
affected about 350 HMP staff.

In addition, gold coast Mail says, more than 300 workers will
finish up at Brisbane's Fisher and Paykel refrigerator factory on
Thursday as the company prepares to shift operations to Thailand.

The company has also 200 staff working at the Wesfarmers-owned
Curragh Mine that also fear losing their jobs.

Based in Brisbane, Queensland, HMP Constructions --
http://www.hmpconstructions.com.au/-- is a mining and civil
contracting company.


LYCO INNOVATIONS: Placed in Receivership; 80 Jobs Affected
----------------------------------------------------------
Ballarat manufacturer Lyco Innovations was placed into
receivership Wednesday, March 31, after efforts to save jobs
failed, The Courier reports.  The receiver expected to meet Lyco's
80 staff later this week, the report says.

Lyco made eight of its staff redundant in November to lower the
company's operational costs, the Courier notes.  The report says
it also implemented a four-day week work for up to 12 weeks, which
was intended to retain workers in anticipation of business picking
up.

According to the report, managing director Richard Lyons said in a
statement he hoped a new owner for the company could be found and
that the business could continue in some form.

Originally Beaufort-based, Lyco centralized its operations to
Ballarat in 2005.  The company manufactures high-quality
commercial-grade equipment to the food processing industry.


PAPERLINX LIMITED: Lenders Extend Waivers to May 31
---------------------------------------------------
PaperlinX Limited said that its lenders and note holders have
extended waivers relating to the company's non-compliance with
certain of its financial ratio covenants.

The waivers have been extended to May 31, 2009, pending either
completion of the sale of Australian Paper or agreement over
alternative long term arrangements, PaperlinX said in a statement.

PaperlinX said it will provide its lenders with security over
certain assets as agreed under the initial waiver granted in
February.

The company requires the approval of its lenders and note holders
to complete the sale of Australian Paper and is in discussions
aimed at completing the sale as early as practicable to the
benefit of all stakeholders.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 17, 2009, PaperlinX agreed to sell its subsidiary, Paper
Australia Pty Ltd, to Nippon Paper Industries Co. Ltd.

Paper Australia's major asset is the Maryvale paper mill.  The
sale to Nippon Paper will exclude two Tasmanian mills at Burnie
and Wesley Vale.

Nippon Paper intends to buy all of Paper Australia's 3,208,084,653
outstanding shares for AU$600 million (JPY36 billion) plus
performance link consideration, Nippon Paper President Yoshio Haga
said in a statement.  Ten percent of the cash consideration is
payable on signing.  Other considerations include assumed
liabilities and an earn-out that will allow PaperlinX to
participate in positive earnings growth of the divested operations
over the next three years.

The target date for the shares transfer is June 2009.

"Cash proceeds from the sale will be applied to reduce debt,"
PaperlinX said in a separate statement.

PaperlinX said Feb. 16 its lenders and note holders have provided
waivers in respect of the non-compliance by the company with
certain of its financial ratio covenants for the period ending
December 31, 2008.

Under the terms of the waivers, PaperlinX must satisfy conditions,
including:

   --- payment of a higher lending margin,
   --- payment of new facilitation fees, and
   --- provision of certain security by March 31, 2009.

Additionally, PaperlinX must gain approval from lenders and note
holders before declaring dividends or making distribution payments
on its ordinary shares and hybrid securities.

PaperlinX noted the waiver agreement was not conditional on the
sale of its unit, however, the sale of its unit is "conditional on
the approval of our lenders."

Australia-based PaperlinX Limited (ASX:PPX) --
http://www.paperlinx.com.au/-- is a fine paper merchant and
manufacturer of communication and packaging paper. PaperlinX
employs over 9,600 people in 28 countries.


RAPTIS GROUP: Creditors Approve Restructure Plan
------------------------------------------------
Maurice Dunlevy at The Australian reports that creditors of Raptis
Group Limited have approved a restructure plan.

According to the report, the proposed deed of company arrangement
(DOCA) was approved Tuesday by two meetings of creditors on the
Gold Coast.

The Australian relates the DOCA involves a debt-for-equity swap
that will result in creditors owning 40 million shares in the
publicly listed group.

BRI Ferrier's Brian Silvia, as cited by the report, said the
restructure plan still needed to be finalized.

"Subject to that sign-off, the agreed arrangement provides a
commercial settlement for all creditors with the potential to be
involved in any upside in the Raptis Group moving forward," the
report quoted Mr. Silvia as saying.  "We are appreciative of the
support of the banks in accelerating a good outcome."

The DOCA, the report says, also paves the way for the group's
relisting on the Australian Stock Exchange, after being suspended
since September 12 last year.

The Troubled Company Reporter-Asia Pacific reported on Feb. 5,
2009, that Raptis Group appointed Mr. Brian Silvia and Mr. Andrew
Cummins of BRI Ferrier (NSW) Pty Ltd as administrators to the
company.

According to The Age, the administrators were assessing the books
of the group of companies founded by Mr. Jim Raptis.

"Raptis Group has in excess of 90 subsidiary entities, with all
assets having been mortgaged to 27 banks and financiers owed in
excess of AU$940 million," the Age quoted Mr. Silvia as saying.

Raptis Group, according to the Australian, has more than
$1 billion in total liabilities.

                        About Raptis Group

Based in Sydney, Australia, Raptis Group Limited (ASX:RPG) --
http://www.raptis.com/-- engaged in property development,
property investment, residential property management and resort
hotel operations.  Its projects include Platinum on the river
Brisbane, Southport Central Tower 1 Southport Gold Coast and
Southport Central Tower 2 Southport Gold Coast.  In April 2007,
the Gold Coast International Hotel and adjoining 1.1 hectares
development parcel were settled in a 50/50 joint venture with CP 1
Limited.  In June 2007, the refurbishment of the Holiday Inn
Surfers Paradise was completed.  During the fiscal year ended June
30, 2007 (fiscal 2007), it acquired a 100% interest in a number of
companies, including Alexia Investments Pty Limited, Baronvale Pty
Limited, Building Services (QLD) Pty Limited, Civic Glass &
Aluminum Pty Limited and Civic Manufacturing Pty Limited.  During
fiscal 2007, the company's 100% owned subsidiaries, Amaristine Pty
Limited, Korelli Pty Limited, Waters Edge Management Pty Limited
and Solero Pty Limited were de-registered.


SAMSON OIL: Macquarie Bank Grants Waiver on Debt Covenant Breach
----------------------------------------------------------------
Samson Oil & Gas Limited's semi-annual accounts, as at Dec. 31,
2008, and published on March 14, 2009, included an acknowledgment
that Samson was in breach of a covenant within the convertible
note facility with Macquarie Bank Limited ("Macquarie").

On March 25, 2009, Macquarie granted a waiver in respect of this
breach.  The covenant at issue requires the company's Proved
Developed Producing reserve value to exceed the outstanding loan
amount by 20%.  The forward price curve in this test is discounted
by 5%.  The breach was caused by the dramatic price drop of both
oil and natural gas which occurred in the later part of 2008.
Macquarie has included a number of conditions in this waiver,
including entering into additional hedging arrangements, some of
which have already been put in place, as previously advised.
Additional hedges with respect to oil production and natural gas
production have also been entered into.

Oil – Ratio Collar priced at West Texas Intermediate

                                                  Price per Barrel
   Date                Call/Put   Volume/barrels         USD
   ----                --------   --------------   ---------------
April 2009 – Dec. 2009   Put         10,951           $46.00
April 2009 – Dec. 2009   Call         6,352           $55.00
Jan.  2010 – Dec. 2010   Put         13,256           $53.00
Jan.  2010 – Dec. 2010   Call         9,147           $62.00

By using a combination of a put and a call, Samson is fixing a
floor for the remainder of 2009 at $46.00 a barrel and for 2010 at
$53.00 a barrel while still allowing participation in upward
movements in the price of oil.  Samson has reduced the volumes
associated with the calls in order to limit the volume of oil
which will have a fixed price of $55.00 for the remainder of 2009
and $62.00 for 2010.

Natural Gas – Fixed Forward Swap priced at Henry Hub

                                                Price per mmbtu
  Date                    Volume - mmbtu                USD
  ----                    --------------        ---------------

April 2009 – Dec. 2009      52,399                    $4.06
Jan.  2010 – Dec. 2010      59,396                    $5.62

In addition, Macquarie has agreed to take an equity position in
Samson in exchange for its options under the credit facility which
will when fully effected amount to a 15% holding.

Samson Oil & Gas Limited (ASX:SSN) -- http://samsonoilandgas.com/
--  is engaged in oil and gas exploration, development and
production in the United States of America.  The Company's
projects include Baxter Shale Oil, Brown's Ranch, Codell Sandstone
Wet Gas, Firehole Canyon, Flaming Gorge, Gold Coast Coal Bed
Methane, Greens Canyon Gas Field, Hawk Springs, Jonah Field, Look
Out Wash Field, North Stockyard Project, South Goose Lake
Prospect, Stage Coach East and State GC Oil and Gas Field.  In
May 2008, the Company sold its interests in the Amber Field in
Grady County.  In June 2008, the company sold its interest in the
Kaye Teapot Oil Unit in Converse and Niobrara Counties, Wyoming.



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

FORD MOTOR: Robert Graziano Replaces Mei-Wei Cheng at Chinese Unit
------------------------------------------------------------------
Ford Motor Co. has appointed Robert J. Graziano, Ford Motor China
President and CEO, to assume Mei-Wei Cheng's responsibilities, Dow
Jones Newswires reports.

Mr. Wei Cheng will retire as group vice president and Ford China
executive chairperson, Dow Jones says.

According to Dow Jones, Mr. Cheng joined Ford Motor in 1998 and
was chairperson and CEO of Ford Motor China for 10 years before
assuming his current position early in 2008.  The report relates,
Mr. Cheng is responsible for Ford Motor China's business strategy
and in strengthening strategic partnerships and government
relations.  Mr. Cheng, the report says, is vice chairman of
Jiangling Motor Co. and vice chairman of Changan Ford Automobile
Corp.

                         About Ford Motor

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

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

                          *     *     *

As reported by the Troubled Company Reporter on March 6, 2009,
Standard & Poor's Ratings Services said it lowered its corporate
credit rating on Ford Motor Co. to 'CC' from 'CCC+'.  S&P also
lowered the issue-level ratings on the company's senior secured
term loan, senior unsecured debt, and subordinated debt, while
leaving the issue-level rating on Ford's senior secured revolving
credit facility unchanged.  In addition, the counterparty credit
ratings and issue-level ratings on Ford Motor Credit Co. (Ford
Credit) and FCE Bank PLC remain unchanged.  The outlooks on Ford
and Ford Credit are negative.

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



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

ARROW SHIPBROKERS: Creditors' Proofs of Debt Due on April 30
------------------------------------------------------------
The creditors of Arrow Shipbrokers (Hong Kong) Limited are
required to file their proofs of debt by April 30, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on March 17, 2009.

The company's liquidators are:

          James T. Fulton
          Cordelia Tang
          905 Silvercord, Tower 2
          30 Canton Road
          Tsimshatsui, Kowloon
          Hong Kong


CHAODA MODERN: Moody's Downgrades Corporate Family Rating to 'Ba3'
------------------------------------------------------------------
Moody's Investors Service has downgraded Chaoda Modern Agriculture
(Holdings) Ltd's corporate family and foreign currency debt
ratings to Ba3 from Ba2.  The outlook for the ratings is negative.

"The rating action reflects Moody's concern that Chaoda's
liquidity cushion is tight in relation to its US$225 million high-
yield debt repayment due in February 2010, after taking into
account of the RMB1.4 billion out-of-the-money convertible bonds
that could possibly be put back to the company in May 2009," says
Ken Chan, a Moody's Vice President, adding, "The company will have
to rely on accumulating projected monthly free cash flow to meet
such obligations."

"Chaoda's financial management is considered aggressive with an
annual discretionary capex plan of RMB2.5-2.8 billion resulting in
tight projected FCF at a time of large debt repayment falling due;
such a situation will allow for little margin of error for
uncontrollable exogenous factors over the next 11 months," adds
Chan.

The company has cash of around RMB2 billion but approximately only
RMB700 million is situated offshore.  The company plans to
repatriate cash out of China in April to meet the put amount of
convertible bonds.

At the same time, Moody's recognizes that with a resilient
business model, the company's operating performance has met
Moody's expectation while the recent share placement of
RMB350 million has slightly improved its balance sheet liquidity.
Moreover, the company has RMB410 million of undrawn credit
facilities available.

The possibility of upward rating pressure is limited in the near
term, given the current negative outlook.  However, the
establishment of a more prudent financing plan, or a slowdown in
capex spending to preserve cash for debt servicing, could change
the outlook back to stable.

On the other hand, downward rating pressure would emerge if 1) its
liquidity profile weakens, such that there is little or no buffer
against its debt repayment obligation while no appropriate
refinancing plan is put in place; 2) there is evidence of cash
leakage to fund related companies; and/or 3) it pursues a more
aggressive debt-funded expansion plan or invests in non-core
businesses.

The last rating action with respect to Chaoda was taken on
December 8, 2008 when its outlook was changed to negative from
stable.

Chaoda's ratings were assigned by evaluating factors Moody's
believe are relevant to the credit profile of the issuer, such as
i) the business risk and competitive position of the company
versus others within its industry; ii) the capital structure and
financial risk of the company; iii) the projected performance of
the company over the near to intermediate term; and iv)
management's track record and tolerance for risk.

These attributes were compared against other issuers both within
and outside of Chaoda's core industry; Chaoda's ratings are
believed to be comparable to those of other issuers of similar
credit risk.

Chaoda Modern Agriculture (Holdings) Ltd is a vertically-
integrated agricultural company.  It produces and distributes
fruit and vegetables in China and is also involved in livestock
breeding and sales.


CHARTER ELECTRICAL: Kenny King Ching Tam Steps Down as Liquidator
-----------------------------------------------------------------
On March 17, 2009, Kenny King Ching Tam stepped down as liquidator
of Charter Electronics Limited.


CLIPSAL ELECTRICAL: Creditors' Proofs of Debt Due on April 28
-------------------------------------------------------------
The creditors of Clipsal Electrical Limited are required to file
their proofs of debt by April 28, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 23, 2009.

The company's liquidator is:

          Kong Chi How, Johnson
          BDO Financial Services Limited
          Wing On Centre, 25th Floor
          111 Connaught Road Central
          Hong Kong


CLIPSAL INTEGRATED: Creditors' Proofs of Debt Due on April 28
-------------------------------------------------------------
The creditors of Clipsal Integrated Systems (HK) Limited are
required to file their proofs of debt by April 28, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on March 23, 2009.

The company's liquidator is:

          Kong Chi How, Johnson
          BDO Financial Services Limited
          Wing On Centre, 25th Floor
          111 Connaught Road Central
          Hong Kong


EMH TRANSPORTATION: Appoints Chan as Liquidator
-----------------------------------------------
During a meeting held on March 20, 2009, the creditors of EMH
Transportation Limited appointed Chan Kin Hang, Danvil as the
company's liquidator.

The Liquidator can be reached at:

          Chan Kin Hang, Danvil
          Ginza Square, Room 2301, 23rd Floor
          565-567 Nathan Road
          Yaumatei, Kowloon
          Hong Kong


GRAND MARINE: Members' and Creditors' Meeting Set for April 7
-------------------------------------------------------------
The members and creditors of Grand Marine Holdings Limited will
hold their meeting on April 7, 2009, at 2:30 p.m. and 2:45 p.m.,
respectively, at Room 32B1 of One Pacific Place, in 88 Queensway,
Hong Kong.

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


HABIB METROPOLITAN: Placed Under Voluntary Wind-Up
--------------------------------------------------
At an extraordinary general meeting held on March 20, 2009, the
members of Habib Metropolitan Trade Services Limited resolved to
voluntarily wind up the company's operations.

The company's liquidators are:

          Kassim Parekh
          Mohamedali Habib
          Three Pacific Place, Level 28
          1 Queen's Road East
          Hong Kong


HENG TAI: Lo Wa Kei Steps Down as Liquidator
--------------------------------------------
On March 20, 2009, Lo Wa Kei, Roy stepped down as liquidator of
Heng Tai Enterprise International Development Limited.


IMAGE PRINTING: Creditors' Meeting Set for April 3
--------------------------------------------------
The creditors of Image Printing Company Limited will hold their
meeting on April 3, 2009, at 12:30 p.m., for the purposes
mentioned in Sections 241, 242, 243, 244 and 255A of the said
Ordinance.

The meeting will be held at Room 1705 of Ginza Plaza, 2A Sai Yeung
Choi Street, in Mongkok, Kowloon.


JIA HE: Members' Meeting Set for April 28
-----------------------------------------
The members of Jia He Company Limited will hold their meeting on
April 28, 2009, at 10:00 a.m., at Flat B, 3rd Floor of Pak Lok
Building, in 324 Nathan Road, Kowloon.

At the meeting, Ho Miu Ki, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.


LUDGATE ASIA ET AL: Arboit and Blade Step Down as Liquidators
-------------------------------------------------------------
On February 27, 2009, Bruno Arboit and Simon Richard Blade stepped
down as liquidators of:

   -- Ludgate Asia Limited; and
   -- Infoplan (Hong Kong) Limited.


MASTER GATE: Creditors' Proofs of Debt Due on April 20
------------------------------------------------------
The creditors of Master Gate Limited are required to file their
proofs of debt by April 20, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on March 17, 2009.

The company's liquidator is:

          Cheuk Yee Man
          Room 2810, 28th Floor
          113 Argyle Street
          Kowloon


NAVA SC ET AL: Oswin and Hague Step Down as Liquidators
-------------------------------------------------------
On March 20, 2009, Joanne Oswin and David Richard Hague stepped
down as liquidators of:

   -- Nava SC Securities Limited;
   -- Nava SC Securities Finance Limited;
   -- Nava SC Nominees Limited;
   -- Nava SC Securities Holdings Limited; and
   –- Nava SC Securities Investment Limited.


NEO-CHINA LAND: Denies Report it is Selling Land at CNY17.4 Bln.
----------------------------------------------------------------
Neo-China Land Group (Holdings) Ltd is selling a total of five
land parcels in Beijing, Chongqing, Xi'an and Shenyang for
CNY17.4 billion, JLM Pacific Epoc reported citing Guandian.cn.

The Pacific Epoc says the land covers more than 1.8 million square
meters, with the largest piece, an 826,000-square meter plot with
650,000 square meters of selling area, located in Beijing.

The report says Neo China owns 56% stake in the Beijing plot,
whose remaining stake is held by Donghuan Investment, and is
asking for CNY2.3 billion for the parcel.

However, according to a report posted on the China Knowledge
Online, Neo-China CEO Liu Yi denied the company will resell
properties.

Hong Kong-based Neo-China Land Group (Holdings) Limited, formerly
Neo-China Group (Holdings) Limited, is an investment holding
company.  The segments of the company are property development and
property investment.  The property development segment is engaged
in the development and selling of commercial and residential
properties. The property investment segment is engaged in the
leasing of properties to generate rental income and to gain from
the appreciation in the properties' values in the long term.  The
company's subsidiaries include Capital Team Investment Limited,
DIVO Success Limited, Eastern Winway Limited, Joyful Fortune
Limited, Lead Mix Limited, Leadway Pacific Limited, Lucky Merit
Development Limited (Lucky Merit), Maxsun Limited, Neo-China
Property Limited, New Direction Development Limited (New
Direction) and Oasiscity Limited (Oasiscity).  On February 28,
2007, it acquired 67% interest in Hunan Qianshuiwan Shuangya and
100% in Zhongzhu Jiazhan Real Estate.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Mar. 30, 2009, Standard & Poor's Ratings Services said 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.

The TCR-AP also reported that Moody's Investors Service saw no
immediate impact for Neo-China Land Group'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.


ORIENT PROPERTY: Commences Wind-Up Proceedings
----------------------------------------------
Orient Property Group Limited commenced wind-up proceedings on
March 20, 2009.

The company's provisional liquidators are:

          Fok Hei Yu
          Desmond Chung Seng Chiong
          Ferrier Hodgson Limited
          The Hong Kong Club Building, 14th Floor
          3A Chater Road
          Central, Hong Kong


SENTROL LIFESAFETY: Members' Meeting Set for April 28
-----------------------------------------------------
The members of Sentrol Lifesafety China Limited will hold their
meeting on April 28, 2009, at 10:00 a.m., at Level 28 of Three
Pacific Place, in 1 Queen's Road East, Hong Kong.

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


SHEEN KING: Creditors' Proofs of Debt Due on May 5
--------------------------------------------------
The creditors of Sheen King Real Estate Agency Limited are
required to file their proofs of debt by May 5, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on March 16, 2009.

The company's liquidator is:

          Young Kathy
          House D, 65-69 Mt. Kellett Road
          The Peak
          Hong Kong


SINGAN PROJECTS: Fitch Assigns 'BB' Rating with Stable Outlook
--------------------------------------------------------------
Fitch Ratings has assigned India's Singan Projects Ltd a National
Long-term Rating of 'BB(ind)', with a Stable Outlook.  Fitch has
also assigned ratings to Singan's bank loans,:

Fund-based cash credit limits totaling INR100 million: 'BB(ind)'
Bank Guarantees totaling INR400 million: 'BB(ind)'/'F4(ind)'
(wherever interchangeable between long term and short term) Letter
of credit facilities totaling INR65 million: 'BB(ind)' / 'F4(ind)'
(wherever interchangeable between long term and short term)

The ratings reflect Singan's fairly successful operational track
record in a highly competitive environment, its comfortable
financial leverage and current order book of approximately
INR2.8 billion which is around 2.8 times estimated FY09 revenues.
Key concerns are its small size and pressure on margins making it
vulnerable to liquidity pressures in an economic slowdown.  Its
ability to meet increasing working capital requirements and its
ability to implement higher value-added projects and build its
technical competencies would be put to test in the medium term.
Singan has recently decided to focus on water and drainage works
where it has built up its operating strengths.

Singan is one of several small size project contractors in Andhra
Pradesh that have sprung up in the last decade.  The company aims
to take advantage of the government's thrust on infrastructure in
both rural and urban areas, particularly in the areas of water and
sewer.  In the last 5 years, Singan has executed projects worth
INR2.2 billion.  All of these were in Andhra Pradesh and
therefore, the company faces some concentration risk.

Positive rating triggers are two more years of successful track
record, improvement in business risk profile, sustenance of
existing EBITDA margins and financial leverage.  While negative
rating triggers would be increased liquidity pressures due to
compression in EBITDA margins and increasing working capital
pressures and deterioration in interest coverage.

In FY08, Singan's revenues, EBITDA and net income were
INR727 million (FY07: INR457 million), INR71 million (FY07:
INR46 million) and INR25 million ((FY07: INR15 million)
respectively.  The company had a debt balance of INR101 million as
of March 31, 2008; of this INR73 million was short term in nature.
Total adjusted debt / Operating EBITDAR was 1.4x and Total
adjusted debt / Total capitalization was 47% at March 31, 2008.


THE BUSH: Seng and Lo Step Down as Liquidators
----------------------------------------------
On March 14, 2009, Natalia K M Seng and Susan Y H Lo stepped down
as liquidators of The Bush Corporation Limited.


THE GRANTHAM: Members' Meeting Set for April 30
-----------------------------------------------
The members of The Grantham Hospital Ex-Patients Association
Limited will hold their meeting on April 30, 2009, at 5:00 p.m.,
at Room 502, 5th Floor of Prosperous Building, 48-52 Des Voeux
Road, in Central, Hong Kong.

At the meeting, Law Yui Lun, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.


THE MOVIE: Members' Meeting Set for April 30
--------------------------------------------
The members of The Movie Limited will hold their meeting on
April 30, 2009, at 10:00 a.m., at Room 3501, 35th Floor of
Gloucester Tower, The Landmark, in 15 Queen's Road Central,
Hong Kong.

At the meeting, Chan Sin Yiu, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.



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

DINABANDHU STEEL: Loan Payment Default Cues CRISIL "D" Ratings
--------------------------------------------------------------
CRISIL has assigned its rating of 'D/P5' to the various bank
facilities of Dinabandhu Steel & Power Ltd (DSPL).

   Rs.104.4 Million Cash Credit       D (Assigned)
   Rs.870 Million Term Loan           D (Assigned)
   Rs.93.3 Million Letter of Credit   P5 (Assigned)
                 and Bank Guarantee

The rating reflects the default by DSPL in its repayment of term
loan obligations, owing to weak liquidity.

                      About Dinabandhu Steel

Incorporated in October 2003 by the Sahoo family, DSPL produces
sponge iron, billets, and thermo-mechanically treated (TMT) bars.
It began commercial production in July 2004.  It has capacity to
produce 60,000 tonnes per annum (tpa) of sponge iron, 40,000 tpa
of billets/ingots and 50,000 tpa of TMT bars. For 2007-08 (refers
to financial year, April 1 to March 31), DSPL reported a profit
after tax (PAT) of Rs.8.2million on net sales of Rs.491.6 million,
as against a PAT of Rs.(30.6) million on net sales of Rs.197.6
million for 2006-07.


DIVYA SPINNING: CRISIL Rates Rs.295.3 Mln Long Term Loan at 'B-'
----------------------------------------------------------------
CRISIL has assigned its ratings of 'B-/Negative/P4' to the bank
facilities of Divya Spinning Mill Pvt Ltd (DSMPL), which is part
of the Flower group.

   Rs.295.3 Million Long Term Loan         B-/Negative (Assigned)
   Rs.210.0 Million Cash Credit Limits     B-/Negative (Assigned)
   Rs.15.0 Million Letter of Credit        P4 (Assigned)
                   Limits

   Rs.47.9 Million Bank Guarantee Limits   P4 (Assigned)

The ratings reflect the Flower group's weak financial risk
profile, and its exposure to risks relating to customer
concentration and fluctuations in cotton prices and foreign
exchange rates.  These weaknesses are mitigated by the Flower
group's established presence across the textile value chain, and
vertically-integrated operations.

For arriving at the ratings, CRISIL has combined the business and
financial profiles of DSMPL, and its group entities Flower
Hosieries, Flower Textiles, Divya Hosieries, Flower Garments,
Flower Knitting Mills, and Divya Dyeing, together referred to as
the Flower group.  This is because the group is vertically
integrated and all entities are part of the textile value chain.
They are under a common management, with centralised raw material
procurement and marketing arrangements with fungibility of funds.

Outlook: Negative

CRISIL expects the Flower group's revenues to slowdown on account
of recession in the export markets, and the adverse impact of any
volatility in cotton prices and rupee exchange rates on the
group's margins.  The ratings may be downgraded in the event of a
substantial increase in debt, or further deterioration in group's
revenues or margins.  Conversely, improvement in margins, or
diversification in client profile may prompt a revision in outlook
to 'Stable'.

                         About the Group

Formed in the 1980s, the Flower group is engaged in the production
of undergarments and other readymade garments of 20s to 40s
counts.  The group is vertically integrated, and is managed by
Mr. S.Subramani, the founder, and his son, Mr.S.Senthil Kumar.
DSMPL produces cloth and yarn, mainly for captive consumption by
the group entities.  It has 35,280 spindles and 101 knitting
machines.  For 2007-08 (refers to financial year, April 1 to
March 31), the group reported a profit after tax (PAT) of Rs.29
million on net sales of Rs.825 million, as against a PAT of Rs.51
million on net sales of Rs.783 million for the previous year.


KARNATAKA CHEMSYN: CRISIL Places 'B-' Rating on Rs.140MM LT Loan
----------------------------------------------------------------
CRISIL has assigned its ratings of 'B-/Negative/P4' to the bank
facilities of Karnataka Chemsyn Ltd (KCL).

   Rs.5 Million Cash Credit Facilities   B-/Negative (Assigned)
   Rs.140 Million Long Term Loan         B-/Negative (Assigned)
   Rs.20 Million Letter of Credit        P4 (Assigned)
                & Bank Guarantee
   Rs.25 Million Packing Credit          P4 (Assigned)

The ratings reflect KCL's below-average financial risk profile,
weak operating efficiencies, and exposure to risks relating to
intense competition from domestic pharmaceutical players and
pricing pressures in the global generics market.  These rating
weaknesses are mitigated by the benefits that KCL derives from the
experience of its promoters in the pharmaceutical industry.

Outlook: Negative

CRISIL believes that KCL's credit risk profile will continue to be
under pressure given the company's debt-funded capital expenditure
plans.  The ratings could be downgraded in case of a significant
deterioration in KCL's credit profile or delay in completion of
its expansion project.  Conversely, the outlook may be revised to
'Stable' in case KCL's expected long-term contracts in the
domestic as well as global markets result in higher-than-expected
sales and profitability thereby improving its financial risk
profile, along with a significant diversification in its revenue
stream.

                     About Karnataka Chemsyn

KCL was incorporated in 1992 in the joint sector with Karnataka
State Industrial Investment and Development Corporation Ltd
(KSIIDC).  The company develops Active Pharmaceutical Ingredients
(APIs) for leading generic drug manufacturers; it is under the
purview of the Board for Industrial and Financial Reconstruction
(BIFR) since 1998.  KCL reported a net loss of Rs.5.4 million on
net sales of Rs.2.0 million in 2007-08 (refers to financial year,
April 1 to March 31).


MAGADH INDUSTRIES: CRISIL Puts 'BB-' Ratings on Various Bank Loans
------------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Negative' to the various
bank facilities of Magadh Industries Pvt Ltd (Magadh Industries).

   Rs.120 Million Cash Credit *     BB-/Negative (Assigned)
   Rs.130 Million Term Loan         BB-/Negative (Assigned)

   * Includes proposed limit of Rs 3.5 Million

The ratings reflect the Magadh group's (of which Magadh Industries
is part) exposure to risks relating to weak financial risk
profile, and low market share in, and cyclicality inherent to, the
steel industry.  These weaknesses are, however, partially
mitigated by benefits that the Magadh group derives from the vast
experience of its promoters, and expected improvement in business
profile with the commissioning of the thermo-mechanically treated
(TMT) rods manufacturing division.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of Magadh Industries and Magadh Iron Pvt
Ltd (Magadh Iron; the two companies are referred to, herein, as
the Magadh group).  This is because Magadh Industries and Magadh
Iron are in the same line of business, and have common customers
and suppliers, and a common management.

Outlook: Negative

CRISIL believes that Magadh group's business risk profile will
remain constrained over the short term due to reducing steel
prices and slowdown in demand.  The outlook may be revised to
'Stable' if the group reports higher growth in revenues and
profitability or greater integration of operations than expected.
Conversely, the rating may be downgraded if the group's capacity
utilisation levels reduce, resulting in deterioration in operating
margins, or if it undertakes large, debt-funded capex.

                       About Magadh Group

Magadh Industries, incorporated in 1998 is engaged in the steel
trading business.  In May 2008, the company started production of
TMT rods with an installed capacity of 100,000 tonnes per annum.
Its TMT rods are sold under the brand, Magadh TMT.  Magadh Iron
was incorporated in 1996 to trade in iron and steel and cement. It
is the dealer for Tata Steel Ltd, Steel Authority of India Ltd
(SAIL), Rashtriya Ispat Nigam Ltd and Jaypee Reva Cement.  The
company also has dealership in Jaypee asbestos cement sheets.  For
2007-08 (refers to financial year, April 1 to March 31), the
Magadh group reported a profit after tax (PAT) of Rs.2.1 million
on net sales of Rs.687.8 million, as against a PAT of Rs.1.8
million on net sales of Rs.678.1 million for 2006-07.


MB TIMBER: CRISIL Assigns 'B+' Rating on Rs.30 Mln Cash Credit
--------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable/P4' to the various
bank facilities of MB Timber Pvt Ltd (MBT).

   Rs.30 Million Cash Credit         B+/Stable (Assigned)
   Rs.250 Million Letter of Credit   P4 (Assigned)

The ratings reflect MBT's weak financial risk profile marked by
low profitability and net worth, and exposure to risks relating to
high dependence on timber supplies from Malaysia.  These
weaknesses are, however, partially offset by the benefits that MBT
derives from the experience of its promoters in the procurement of
timber.

For arriving at the ratings, CRISIL has combined the financials of
MBT, G B Logs and Timber Pvt Ltd, and MB Enterprises; this is
because the three entities are in the same line of business and
have a common management.

Outlook: Stable

CRISIL believes that MBT's financial risk profile and debt
protection indicators will remain weak over the medium term.  The
outlook may be revised to 'Positive' if MBT's profitability
improves substantially, and if fresh equity infusions lead to
increase in its net worth.  Conversely, the outlook may be revised
to 'Negative' if the company undertakes large, debt-funded capital
expenditure.

                         About MB Timber

MBT, set up as a proprietorship concern in 1991 by Mr. Ajay Kumar
Gupta and Mr. Ganga Prasad Gupta, converted to a closely-held
company in 2001.  The company is engaged in timber trading and
manufacturing operations, and has a saw mill capacity of 2200
cubic feet per day.  MBT procures timber primarily from Malaysia,
which accounts for around 70 per cent of the total purchases. The
group reported a consolidated profit after tax (PAT) of
Rs.4.3 million on net sales of Rs.1271.7 million for 2007-08
(refers to financial year, April 1 to March 31), as against a PAT
of Rs.2.3 million on net sales of Rs.868.1 million for 2006-07.


RAITANI ENGINEERING: CRISIL Rates Rs.100 Mln Cash Credit at 'BB'
----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the bank
facilities of Raitani Engineering Works Pvt Ltd (REW).

   Rs.100 Million Cash Credit       BB/Stable (Assigned)
   Rs.315 Million Bank Guarantee    P4 (Assigned)

The ratings reflect REW's high working capital requirements, and
exposure to risks related to customer and geographic concentration
in its revenue profile.  The rating weaknesses are mitigated by
REW's strong revenue visibility on the back of a healthy order
book position.

Outlook: Stable

CRISIL expects REW to benefit from the growth prospects of the
civil construction industry.  The outlook may be revised to
'Positive' if the company strengthens its business risk profile
through greater diversity in revenues and maintains operating
margins at current levels.  Conversely, the outlook may be revised
to 'Negative' if REW's financial risk profile gets affected by
additional debt-funded capital expenditure (capex) or acquisition
programmes.

                    About Raitani Engineering

Set up in 1974, REW (formerly, Raitani Engineering Works) was
converted into a partnership firm in 1976, and subsequently into a
private limited company in 1992.  The company undertakes various
infrastructure related construction activities for the Government
of India and public sector entities, mainly railways.  The company
is engaged in bridge work, earth work, embankments, track laying,
and building work.  Besides railways, the company also executes
projects for Public Works Department (PWD) and National Building
Construction Corporation. The company is currently managed by Mr.
Anand Raitani.

REW reported a profit after tax (PAT) of Rs.16 million on net
sales of Rs.498 million for 2007-08 (refers to financial year,
April 1 to March 31), as against a PAT of Rs.13 million on net
sales of Rs. 481 million for 2006-07.


REFRACAST METALLURGICALS: Low Net Worth Cues CRISIL 'BB-' Rating
----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4' to the various
bank facilities of Refracast Metallurgicals Pvt Ltd (Refracast).

   Rs.50 Million Cash Credit Limits   BB-/Stable (Assigned)
   Rs.50 Million Letter of Credit     P4 (Assigned)

The ratings reflect Refracast's weak financial risk profile, small
scale of operations in the metallurgical and refractory products
industry, and low net worth.  These weaknesses are, however,
partially offset by Refracast's moderate business profile.

Outlook: Stable

CRISIL believes that Refracast's financial risk profile will
remain strained over the medium term.  The outlook may be revised
to 'Positive' if there is significant improvement in
profitability, or if further infusions of equity result in a
higher net worth.  Conversely, the outlook may be revised to
'Negative' if the company undertakes large, debt-funded capital
expenditure or reports decline in profitability.

                         About Refracast

Refracast is a Raipur-based company promoted in 1995 by
Mr. S K Jain and his friend Mr. Arnab Roy. The company
manufactures metallurgical and refractory products.  The main raw
material for the products is industrial scrap; the company
extracts metal such as nickel, molybdenum, and cobalt from scrap
through a process of metallurgy.

For 2007-08 (refers to financial year, April 1 to March 31),
Refracast reported a profit after tax (PAT) of Rs.7.50 million on
net sales of Rs.259.3 million, as against a PAT of Rs.4.09 million
on net sales of Rs.230.2 million for 2006-07.


RH AGRO: CRISIL Assigns 'B-' Ratings on Various Bank Facilities
---------------------------------------------------------------
CRISIL has assigned its ratings of 'B-/Stable/P4' to the various
bank facilities of RH Agro Overseas Pvt Ltd (RH Agro).

   Rs.810.0 Million Cash Credit ^       B-/Stable (Assigned)
   Rs.40.0 Million Stand By Line        B-/Stable (Assigned)
                   of Credit  
   Rs.190.0 Million Term Loan           B-/Stable (Assigned)
   Rs.20.0 Million Letter of Credit/    P4 (Assigned)
                   Bank Guarantee
   ^ including proposed limit of Rs 160.0 Million

The ratings reflect RH Agro's weak financial risk profile, owing
to working capital-intensive operations and low net worth.  The
ratings also factor in the company's small scale of operations and
exposure to regulatory risks in the agricultural commodity
industry, and fluctuations in the prices of raw materials.
However, these weaknesses are partially offset by the benefits
that RH Agro derives from its promoters' experience in the
agricultural commodity industry, and the healthy growth prospects
for the basmati rice industry.

Outlook: Stable

CRISIL expects RH Agro's financial risk profile to remain
stretched over the medium term owing to high working capital
intensity of operations, large debt-funded capital expenditure,
and low net worth.  The outlook may be revised to 'Positive' if
there is substantial improvement in the company's capital
structure, most likely through fresh equity infusions.
Conversely, further deterioration in capital structure or
pressures on profitability may drive a revision in outlook to
'Negative'.

                          About RH Agro

Set up in 2005-06 (refers to financial year, April 1 to March 31),
by Mr. Dilbagh Rai Chawla and Mr. Sukhchain Chawla, RH Agro is
engaged in milling, processing, and selling of basmati rice.
RH Agro's promoters have been in the rice business for the past 25
years, through LT Foods Ltd (owner of Dawat basmati brand).
RH Agro's old rice milling unit at Sonepat (Haryana) has a rice
milling, grading and sorting capacity of 10 tonnes per hour.

For 2007-08, RH Agro reported a profit after tax (PAT) of
Rs.26 million on revenues of Rs.1.61 billion, as against a PAT of
Rs.12 million on revenues of Rs.921 million for 2006-07.


SATYAM COMPUTER: About 300 Employees to Join Bank of America
------------------------------------------------------------
The Business Standard reported Wednesday that about 250 to 300
employees at Satyam Computer Services Limited are joining Bank of
America ("BoFA").

The report relates that these employees were working on a Satyam
project for Merrill Lynch, which was bought by BoFA in September
last year.

These employees, the report says, will join the BoFA office at
Hitec City between April 2 and 8.  They have been given salary
raises of around 10 per cent and a joining bonus.

The Standard states the project was not renewed after Satyam
plunged into crisis.  Instead, BoFA will handle the work in-house
at its Hyderabad office.

As reported in the Troubled Company Reporter-Asia Pacific, on
January 7, 2009, former Satyam Chairman Ramalinga Raju resigned
after saying he manipulated the company's accounts.  Specifically,
Mr. Raju said that as of September 30, 2008, the company's balance
sheet carries:

   (1) inflated (non existent) cash and bank
       balances of 50.40 billion rupees (US$1.04 billion)
       (as against 53.61 billion reflected in the books);

   (2) an accrued interest of 3.76 billion rupees which
       is non existent;

   (3) an understated liability of 12.30 billion rupees
       on account of funds arranged by Mr. Raju; and

   (4) an overstated debtors position of
       4.90 billion rupees (as against 26.51 billion
       reflected in the books).

Mr. Raju's confession prompted investigations into the company by
different entities including Andhra Pradesh state police, the U.S.
Securities and Exchange Commission and the Securities and Exchange
Board of India.  Several groups also considered filing class
action suits against the company.

A three-member board was subsequently created by the government
which appointed KPMG and Deloitte Touche Tohmatsu for re-
evaluation of the software company's books.

Mr. Raju was later found to have invented more than one quarter of
Satyam's workforce and used fictitious names to siphon
Rs200 million (US$4.1 million) a month out of the company, The
Financial Times said in a report.

The TCR-AP, citing Bloomberg News, reported on Mar. 9, 2009, that
Satyam won approval to sell stake in itself, as the company seeks
to restore investor confidence and stem client defections.

Satyam said it received approval from the Securities and Exchange
Board of India ("SEBI") to facilitate a global competitive bidding
process which, subject to receipt of all approvals, contemplates
the selection of an investor to acquire a 51% interest in the
company.

                          About Satyam

Headquartered in Secunderabad, India, Satyam Computer Services
Limited (BOM:500376) -- http://www.satyam.com/-- is a global
information technology (IT) services provider, offering a range of
services, including systems design, software development, system
integration and application maintenance.  It offers a range of IT
services to its customers, including application development and
maintenance, consulting and enterprise business solutions,
extended engineering solutions and infrastructure management
services. Satyam BPO Limited (Satyam BPO), a majority-owned
subsidiary of the Company, is engaged in providing business
process outsourcing (BPO) services.  Satyam operates in two
segments: IT services and BPO services.  On January 4, 2008, the
Company acquired Nitor global Solutions Ltd.  On April 4, 2008, it
acquired Bridge Strategy Group LLC.  In November 2008, it
announced the take over of Motorola Inc.'s software development
centre in Malaysia.


SUBRATA IRON: CRISIL Rates Rs.125.3 Mln Cash Credit at 'B+'
-----------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable/P4' to the various
bank facilities of Subrata Iron Foundry (Subrata).

   Rs.125.3 Million Cash Credit *     B+/Stable (Assigned)
   Rs.10 Million Bank Guarantee       P4 (Assigned)

   * Includes proposed limit of Rs 55.9 million

The ratings reflect Subrata's large working capital requirements,
small scale of operations in the foundry business, and low net
worth.  These weaknesses are partially offset by the benefits that
Subrata derives from the experience of its promoters, and
favourable business risk profile.

Outlook: Stable

CRISIL believes that Subrata will maintain a favourable business
risk profile, backed by benefits derived from the experience of
its promoters.  The outlook may be revised to 'Positive' if the
firm reports a substantial increase in revenues, or if capital
infusions drive improvement in its net worth.  Conversely, the
outlook may be revised to 'Negative' if the firm reports lower-
than-expected profit margins, or undertakes large, debt-funded
capital expenditure over the medium term.

                        About Subrata Iron

Subrata was set up as a partnership firm dealing in foundry
operations in cast iron in 1973.  The firm has four partners —
Mr. Asit Karar, Mr. Santu Karar, Mr. Sounava Karar and Mr. Subrata
Karar. The firm manufactures air brake components, electro
mechanic equipments and spare parts for the railways.  Subrata
reported a profit after tax (PAT) of Rs.10.4 million on net sales
of Rs.131.4 million for 2007-08 (refers to financial year, April 1
to March 31), as against a PAT of Rs.1.7million on net sales of
Rs.116.8 million for 2006-07.


SURYA WIRES: CRISIL Places 'P4' Rating on Rs.23MM Bank Guarantee
----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4' to the various
bank facilities of Surya Wires Pvt Ltd (Surya Wires).

   Rs.105 Million Cash Credit Limits    BB-/Stable (Assigned)
   Rs.30 Million Letter of Credit      P4 (Assigned)
   Rs.23 Million Bank Guarantee        P4 (Assigned)

The ratings reflect Surya Wires' weak financial risk profile, low
net worth, and limited scale of operations in the wires industry.
These weaknesses are, however, partially offset by Surya Wires'
average business risk profile.

Outlook: Stable

CRISIL expects Surya Wires' financial position to remain strained
over the medium term together with the debt protection measures
remaining weak.  The outlook may be revised to 'Positive' if there
is significant improvement in profitability and further infusion
of equity resulting in betterment of the low networth.
Conversely, any large debt-funded capex or decline in
profitability may lead to a 'Negative' bias in the rating.

                        About Surya Wires

Surya Wires was incorporated as a closely-held company by
Mr. S K Jain in 1989. The company manufactures galvanised iron
(GI) and stay wires at its facility at Raipur (Chattisgarh).  For
2007-08 (refers to financial year, April 1 to March 31), Surya
Wires reported a profit after tax (PAT) of Rs.1.76 million on net
sales of Rs.565.7 million, as against a PAT of Rs.1.59 million on
net sales of Rs.414.3 million for 2006-07.


VAIDYANATH SAHAKARI: CRISIL Rates Rs.661.1MM Cash Credit at 'BB+'
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4' to the bank
facilities of Vaidyanath Sahakari Sakhar Karkhana Ltd (VSSK).

   Rs.661.1 Million Cash Credit        BB+/Stable (Assigned)
   Rs.57.8 Million Long Term Loan      BB+/Stable (Assigned)
   Rs.360.4 Million Short Term Loan    P4 (Assigned)
   Rs.17.3 Million Bank Guarantee      P4 (Assigned)

The ratings reflect VSSK's moderate financial risk profile, and
exposure to regulatory risks governing the sugar industry.  These
weaknesses are, however, partially offset by the benefits that
VSSK derives from its healthy operational efficiencies supported
by integrated nature of operations.

Outlook: Stable

CRISIL believes that VSSK will maintain its existing business risk
profile, backed by benefits derived from forward integration
initiatives.  The outlook may be revised to 'Positive' if there is
a significant improvement in the company's financial profile due
to high cash accruals, coupled with a comfortable capital
structure maintained over the medium term. Conversely, the outlook
may be revised to 'Negative' if VSSK undertakes any large, debt-
funded capital expenditure.

                         About Vaidyanath

VSSK, incorporated in 1996, is a co-operative sugar mill.  The
company has a cane crushing capacity, including the capacity of
leased sugar units, of 7750 tonnes crushed per day (tcd).  The
company has two distilleries, each with a capacity of 30 kilo
litre per day and captive power plants of 8.5 mega watts in total,
including the capacity in its three leased units.  VSSK, a co-
operative society, functions as a non-profit organisation and
distributes most its profits to the sugarcane farmers after
considering maturing debt obligations.

The company is promoted by Mr. Gopinathrao Munde (former Deputy
Chief Minister of Maharashtra).  The Maharashtra state government
has invested Rs.160 million in preference shares in the company.
The equity capital is held primarily by 8604 producer members
(farmers).  The co-operative society was started in 1996 during
the regime of the then Shiv Sena–BJP government.

VSSK reported a profit after tax (PAT) of Rs.71 million on net
sales of Rs.1,563 million in 2007-08 (refers to financial year,
April 1 to March 31) as against a net loss of Rs.60 million on net
sales of Rs.1,045 million for 2006-07.


ZIM LABORATORIES: CRISIL Puts 'BB+' Ratings on Various Bank Loans
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4' to the various
bank facilities of ZIM Laboratories Ltd (ZIM Labs).

   Rs.200 Million Cash Credit        BB+/Stable (Assigned)
   Rs.92.5 Million Long Term Loans   BB+/Stable (Assigned)
   Rs.297.5 Million Proposed Long    BB+/Stable (Assigned)
          Term Bank Loan Facility

   Rs.50 Million Bank Guarantee      P4 (Assigned)
         / Letter of Credit

The ratings reflect ZIM Labs' highly leveraged capital structure
and limited financial flexibility due to small capital base.
These weaknesses are offset by ZIM Labs' strong presence in the
niche areas of pelletisation, taste-masking and granulation and
diversified revenue profile.

For arriving at the ratings CRISIL has combined the business and
financial risk profiles of ZIM Labs and ZIM Labs' majority owner,
Unijules Life Sciences Ltd (Unijules).  This is because both
companies (together referred to as the Unijules group) have common
promoters and management, and are in similar lines of business.

Outlook: Stable

CRISIL believes that ZIM will maintain a stable financial risk
profile on the back of capacity expansions.  The outlook may be
revised to 'Positive' if the company strengthens its capital base
by getting in additional equity.  Conversely, the outlook may be
revised to 'Negative' if ZIM Labs' capital structure deteriorates
further.

                         About the Group

The Unijules group has a presence in manufacturing, distribution
and marketing of allopathic and herbal drugs for human and
veterinary consumption. Its product line includes all dosage forms
(solids, liquids, semisolids, powder and parenterals). The group
is also involved in organic cultivation of phytochemicals and
extraction.

                     About ZIM Laboratories

ZIM Labs, incorporated in 1984, manufactures small formulation
dosages, granules and pellets.  The company is a majority-owned
subsidiary of the Unijules group.  In 2007-08 (refers to financial
year, April 1 to March 31) the group acquired a 50.2 per cent
stake in ZIM Labs; it was earlier held directly by the Unijules
group's promoters.

ZIM Labs' formulations account for around 48 per cent of its
revenues, while granules (pharmaceutical formulation intermediates
– PFIs - which can be directly compressed into
formulations/tablets), pellets (coated granules which are filled
in capsules), taste-masked granules, and other products account
for the remainder of sales.  Nearly 80 per cent of ZIM Labs'
revenues come from exports. ZIM Labs reported a profit after tax
(PAT) of Rs.32.5 million on net sales of Rs.45.2 million for
2007-08, as against a PAT of Rs.25.6 million on net sales of
Rs.34.3 million for 2006-07.



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

* INDONESIA: State Firms Fail to Settle Overseas Debts, KPK Says
----------------------------------------------------------------
State companies have failed to settle at least IDR15 trillion
(about US$1.3 billion) in matured overseas debts, The Jakarta Post
reports citing the Corruption Eradication Commission (KPK).

The report relates KPK, which based its calculations on the data
from the Office of the State Ministry for State Enterprises, said
there were 44 loan agreements involving a total of IDR49 trillion
in foreign debts, of which IDR15 trillion were non-performing.

Haryono Umar, KPK deputy chairman for prevention, told The Post
that the loans were due from a long time ago and some of them were
not settled immediately, causing the unpaid value to increase.

"We'll investigate whether the state companies use the loans
accordingly or not.  If they can not provide us with the evidence,
there might be a case of irregularities or even corruption",
Mr. Umar was quoted by The Post as saying.

However, the report, citing State Minister for State Enterprises
Sofyan A. Djalil, said that in general, state companies were in no
problems whatsoever in meeting their debt obligations, but will
verify the findings with the KPK to seek clarification.

Said Didu, the secretary to the minister, disputed that by the
ministry's calculation, the non-performing loans were actually
estimated at around IDR5 trillion, the report adds.



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

SEIBU RAILWAY: Ordered To Pay JPY23.74 Bln in Damages
-----------------------------------------------------
Japan Today reports the Tokyo District Court has ordered Seibu
Railway Co Ltd to pay a total of around JPY23.74 billion in
compensation to 16 institutional investors for investment losses
incurred due to the falsification of financial reports by the
railroad firm.

The report says the amount awarded is the largest in a series of
damages suits against the Seibu Railway group.

According to the report, the three-judge panel ruled on a suit
seeking JPY24.87 billion in damages filed by investors against
Seibu Railway, group firm Prince Hotels Inc and Yoshiaki Tsutsumi,
who was the de facto owner of the Seibu Railway group.

Seibu Railway Co Ltd is one of the leading Japanese railway
operators and is the centerpiece of the Seibu Railway Group of
companies.  Other Seibu Railway group interests include trucking,
hotels, and recreation parks.  In 2006 a holding company called
Seibu Holdings was established to own Seibu Railway and Prince
Hotels.  Cerberus owns 30% of Seibu Holdings while Nikko Principal
holds 15%.  Yoshiaki Tsutsumi's Kokudo Corp. had owned about 80%
of Seibu Railway.  Tsutsumi quit as the railway's chairman in 2004
amid a payoff scandal that led to charges against several lower-
ranking executives.  Former president Hiroyuki Toda, who was not
charged, also stepped down.



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

DAEWOO ELECTRONICS: Creditors Extend Debt Workout Program
---------------------------------------------------------
Creditors of Daewoo Electronics Co. said Tuesday they will
extend a debt workout program for the company by one year until
March 2010, Antara News reports citing Business in Asia Today.

According to the report, the planned sale of Daewoo Electronics to
U.S.-based private equity fund Ripplewood Holdings LLC hit a snag
early this year as Daewoo's creditors, led by the state-run Korea
Asset Management Corp, failed to reach an agreement with the
bidder over the price of the controlling stake.

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

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



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

RANHILL BHD: Planned Federalization Won't Affect S&P's 'B' Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services said there is no immediate
impact on the corporate credit rating or issue rating on Malaysia-
based Ranhill Bhd. (B/Negative/--) from the proposed
federalization of its Johor water assets held by subsidiary SAJ
Holdings Bhd.  Under the arrangement, SAJH will transfer the water
assets to government-owned Pengurusan Aset Air Bhd., which will
also assume the corresponding liabilities.  At the same time, SAJH
will cease to be the concessionaire for these assets and
subsequently lease the water assets from PAAB under a long-term
license to manage water services in the state of Johor.

Although the development may be positive for Ranhill's liquidity
and leverage, S&P will only factor it into S&P's ratings on
completion of the proposed transaction.  This is likely to occur
in second half 2009.  S&P would also assess the impact on
Ranhill's business risk profile and profitability, as well as the
use of any sales proceeds at that time.  The current rating and
outlook reflects Ranhill's exposure to high legal, regulatory, and
operating risks, and that negotiations to enhance some of
Ranhill's contract provisions have not been formalized.
Mitigating this exposure is S&P's expectation of continued stable
operations in Ranhill's utility businesses.



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

AIR NEW ZEALAND: Execs Volunteer to Act as Cabin Staff Amid Strike
------------------------------------------------------------------
Air New Zealand Limited has outlined its plan to cope with the
disruptions, including some of the airline's executives filling in
striking cabin crew, The New Zealand Herald reports.

The report says some of the airline's executives will be acting as
cabin crew next week on flights affected by staff at subsidiary
Zeal 320 Ltd. taking strike action over Easter.

"We have around 100 fully qualified Air New Zealand staff, many of
whom have volunteered, to operate as cabin crew to cover the Zeal
roster in the lead up to Easter," the report quoted Air New
Zealand's group general manager for short haul airlines Bruce
Parton as saying on National Radio.

Mr. Parton, according to the report, confirmed these volunteers
include some top executives at Air New Zealand.

Meanwhile, The New Zealand Herald says that Air New Zealand has
begun recruiting flight attendants in what appears to be a
dramatic bid to keep flights operating when its trans-tasman and
Pacific Islands cabin crews go on strike at Easter.

According to the Herald, a large three-colour advertisements in
weekend newspapers, under the name of Hudson Managed Services but
carrying the Air New Zealand logo, sought flight attendants on the
routes where 250 existing staff have given notice of a four-day
strike from April 8.

The Herald relates that the Engineering, Printing and
Manufacturing Union, which represents the striking workers, has
threatened to seek a court injunction if it does not get
assurances that the new staff will not be used to break the
strike.

Union secretary Andrew Little, who is also president of the Labour
Party, said the action appeared to be illegal under section 97 of
the Labour Government's Employment Relations Act 2000, which bans
recruitment of strike-breakers except for health or safety
reasons.

But Mr. Parton, as cited by the Business Review, dismissed
speculation that the ads were designed to find replacement staff
at the last minute.

Mr. Parton said the ads were "unrelated to the Easter strike" and
are "part of a project to consider longer-term options to provide
surety of service" to Air New Zealand customers.

The Troubled Company Reporter-Asia Pacific, citing Bloomberg News,
reported on Mar. 25, 2009, the EPMU said attendants will stop
work from April 8 to April 11 after being unable to agree on a pay
deal.

The union said about 250 workers who are employed by Zeal 320
failed to agree to new terms with the airline after six months of
talks, Bloomberg News related.

These attendants, Bloomberg News noted, are  paid less than
colleagues hired directly by Air New Zealand and don't get the
same allowances.

The threatened strike action will affect flights to Australia and
some Pacific Islands, Bloomberg News added.

                     About Air New Zealand

Based in Auckland, New Zealand, Air New Zealand Ltd --
http://www.airnewzealand.com/--is the country's flag air carrier,
with domestic and international passenger and freight operations,
and an aviation engineering business.  Air New Zealand flies to
the United States, United Kingdom, Canada, Europe and other Asian
cities.

                          *     *     *

On Aug. 5, 2008, Moody's Investor's Service affirmed Air New
Zealand Limited's Ba1 Senior Unsecured Issuer rating.  At the
same time, it changed the outlook on the rating to stable from
positive.


AIR NEW ZEALAND: Union Calls Off Planned 4-day Strike Action
------------------------------------------------------------
Tracy Withers at Bloomberg News reports Air New Zealand Ltd. said
a planned flight attendants strike next week has been called off.

The Engineering, Printing and Manufacturing Union (“EPMU”) has
withdrawn notice of a strike by 250 attendants who work on Airbus
SAS A320 aircraft that was planned from April 8 to April 11,
Bloomberg News cited Air New Zealand in an e-mailed statement.

According to Bloomberg News, Air New Zealand said it will continue
talks with union representatives to resolve the dispute over pay
and conditions.

The National Business Review relates that the decision is due to
legal issues rather than a sudden caving-on on the part of either
Air New Zealand or the EPMU.

The Business Review says Air New Zealand had applied to the
Employment Court for an injunction to prevent the strike, arguing
that one aspect of the strike notice was unclear.

The union, according to the Business Review, decided the strike
action wouldn't survive the court action.  However, the EPMU said
it is considering re-issuing the strike notice and will make a
decision with the next two days.

The Troubled Company Reporter-Asia Pacific, citing Bloomberg News,
reported on Mar. 25, 2009, the EPMU said attendants will stop
work from April 8 to April 11 after being unable to agree on a pay
deal.

The union said about 250 workers who are employed by Zeal 320
failed to agree to new terms with the airline after six months of
talks, Bloomberg News related.

These attendants, Bloomberg News noted, are  paid less than
colleagues hired directly by Air New Zealand and don't get the
same allowances.

The threatened strike action will affect flights to Australia and
some Pacific Islands, Bloomberg News added.

                      About Air New Zealand

Based in Auckland, New Zealand, Air New Zealand Ltd --
http://www.airnewzealand.com/--is the country's flag air carrier,
with domestic and international passenger and freight operations,
and an aviation engineering business.  Air New Zealand flies to
the United States, United Kingdom, Canada, Europe and other Asian
cities.

                          *     *     *

On Aug. 5, 2008, Moody's Investor's Service affirmed Air New
Zealand Limited's Ba1 Senior Unsecured Issuer rating.  At the
same time, it changed the outlook on the rating to stable from
positive.


FLETCHER BUILDING: To Raise Up to NZ$505 Mln. in Equity
-------------------------------------------------------
Fletcher Building said it is seeking to raise equity of between
NZ$465 million and NZ$505 million to reduce net debt.

According to the company, the fund raising is expected to
comprise:

   -- an underwritten institutional placement of new shares
      to raise NZ$405 million;

   -- an offer to shareholders of new shares by way of a
      Share Purchase Plan ("SSP"), which is underwritten to
      $60 million.  Applications under the SPP will be scaled
      back if total demand exceeds an amount capped at
      NZ$100 million;

   -- a Top-Up Offer to a small number of eligible shareholders
      whose holding would otherwise be diluted by the Placement.
      The Top-Up Offer will be a maximum of NZ$20 million and
      will only be available if the SPP is not fully subscribed
      to the amount of NZ$100 million.

The Placement is being conducted at a fixed price of $5.35 per
share which represents a discount of 12.5% to Fletcher Building's
weighted average share price traded on the NZX on March 31, 2009.
The Placement has been fully underwritten.

Fletcher Building will also offer New Zealand and Australian
shareholders the opportunity to subscribe for new shares under the
SPP to be underwritten to NZ$60 million.  The subscription price
will be the lower of the Placement price or a 3% discount to the
average price of Fletcher Building shares over a set pricing
period, and shareholders participating in the SPP will not incur
brokerage or transaction costs Applications under the SPP will be
scaled back if total demand exceeds NZ$100 million.

The company has received advice from the New Zealand Securities
Commission that a Securities Act exemption will be granted, and
has received a waiver from the NZX, so that shareholders will be
able to subscribe for up to NZ$11,500 worth of shares rather than
the lower level of NZ$5,000 which is currently prescribed.  The
Australian Securities and Investments Commission has also granted
relief to allow Australian shareholders to subscribe for up to
AU$9,000 worth of shares. Further details of the SPP will be
provided to New Zealand and Australian shareholders in due course
including an offer document explaining how they can participate,
once all formal regulatory approvals have been received.

The Top-Up Offer will be available to a limited number of
shareholders in New Zealand who satisfy the criteria for eligible
investors under New Zealand securities laws.  Those shareholders,
who would otherwise be diluted by the placement, will receive
additional documentation explaining how they can participate in
that offer.  Shareholders who were offered participation in the
Placement will not be entitled to participate in the Top-Up Offer.

The subscription price for the Top-Up Offer will be the Placement
price.  The Top-Up Offer will be limited to a maximum of
NZ$20 million, and will only be available if the SPP amount of
NZ$100 million is not fully subscribed.  The Top-Up Offer is not
underwritten.

All new shares issued by way of the Placement, SPP and Top-Up
Offer will be fully paid and will rank equally with existing
Fletcher Building ordinary shares on issue.  However, they will
not be entitled to receive Fletcher Building's dividend of 24 cps
in respect of the six months ended December 31, 2008, which is to
be paid on April 8, 2009.

                  Benefits of the Equity Raising

The proceeds from the equity raising will be used to reduce
Fletcher Building's borrowings and strengthen the balance sheet.
In particular, the improvement in the balance sheet will position
Fletcher Building as having a capital structure comparable to
companies with an investment grade credit rating, which is seen as
important for continued access to credit markets and debt funding
on acceptable terms.

As a result of undertaking the Placement and SPP, the company
expects to raise between $465 million and $505 million.  If
$465 million is raised, pro forma gearing at December 31, 2008,
would be reduced from 41.3% to 35.2% after unusual items.

                             Dividend

Fletcher Building has previously signaled that the final dividend
for the 2009 financial year would be determined in light of the
full year trading result and the forward outlook for 2010.
Fletcher Building now anticipates that a final dividend of around
14 cents per share will be paid on the expanded capital base
(around 28 cents per share annualized).  The exact level of
dividend will be determined with reference to earnings performance
and trading conditions at that time.

The reduced dividend, together with tighter working capital
management and lower capital expenditure, will enable cash to be
retained in the business.  Fletcher Building considers this to be
prudent in the context of current market conditions.

                    Updated Earnings Guidance

At the time of the half year result announcement in February,
Fletcher Building's guidance was for net earnings before unusual
items to be towards the lower end of the analysts' consensus range
at that time of NZ$289 million to NZ$336 million.  This analyst's
consensus range has subsequently narrowed to $280 million to
$301 million.

Although operating conditions have softened further since the date
of the half year result announcement, Fletcher Building's guidance
is unchanged from the commentary provided at that time.  This
reflects the Company's success to date in realizing efficiencies
to offset the impact of lower activity levels.

The reaffirmed guidance is provided subject to no further
significant deterioration in market conditions and activity
levels.

                       Restructuring Costs

Plans to further rationalize business operations and reduce
operating costs are continuing to be implemented, and charges
arising from these initiatives in the second half of the current
financial year are expected to be approximately $25 to $45 million
after tax, in addition to the $15 million incurred in the first
half of the current year.  This amount will be reclassified as an
unusual item for the full year.

Specific initiatives will be confirmed to the market as the plans
are implemented, along with any expected savings and synergies.

                  Capacity Reduction Initiatives

Fletcher Building has reviewed its portfolio of manufacturing
facilities in light of current building activity levels.  This
review has identified scope to streamline current manufacturing
activity across a number of businesses.  Should current demand
conditions persist, then initiatives to restructure and reduce
manufacturing capacity will be implemented.

The accounting charges associated with the manufacturing capacity
restructuring are expected to be up to NZ$100 million after tax,
of which the cash component would be approximately NZ$40 million.
If incurred, these charges will be recognised during the remainder
of the 2009 financial year.  While no final decision has yet been
taken in respect of specific facilities that may be impacted,
Fletcher Building's objective is to ensure that the group is well
placed to benefit from a recovery in markets, with efficient
manufacturing operations scaled appropriately from a capacity
perspective, and lower unit costs.

                    Potential Adjustments to
                     Asset Carrying Values

Fletcher Building has undertaken a preliminary review of the
balance sheet carrying value of certain assets including Formica.
This preliminary review has indicated that the value of those
assets has been adversely impacted due to the deterioration in
current market conditions, and a more cautious outlook for
sustainable mid-cycle earnings.

Based on this preliminary assessment, an asset impairment of up to
NZ$150 million may be recognised at the next balance date.  Most
of this potential impairment charge arises in the Laminates &
Panels division, but represents only just over 2 percent of the
group's total assets as at December 31, 2008.

The amount of the asset impairment is indicative at this stage and
will be subject to a full impairment review at the next balance
date.

                    US Tax Benefit Recognition

At the time of the Formica acquisition in 2007, tax losses arising
on acquisition were recognised.  Due to the market outlook for
Formica's US operations, the realisation of the benefit of those
tax losses is likely to be significantly delayed.  Accordingly,
Fletcher Building has determined to write-off the entire
NZ$50 million carrying value of those tax benefits.
Notwithstanding the write-down (which is entirely of a non-cash
nature), the benefit of these tax losses is expected to be
realised in future years as taxable earnings are generated.

                    Dividend Reinvestment Plan

As a result of the announcement of these capital structure
initiatives and the trading update, it has been determined that it
would be inappropriate to proceed with the allotment of shares
under the company's Dividend Reinvestment Plan in respect of the
2009 interim dividend, which is payable on April 8, 2009.
Accordingly, all participants in that Plan will be paid a cash
dividend, and eligible shareholders will be able to invest the
proceeds in additional shares of the Company under the SPP.

The Dividend Reinvestment Plan will remain operative for future
dividends.

                     About Fletcher Building

Headquartered in Penrose, New Zealand, Fletcher Building Finance
Limited -- http://www.fletcherbuilding.com/-- is the holding
company of the Fletcher Building group.  The operating segments of
the company include the Building Products division; the
Infrastructure division, and the Laminates & Panels division.
The Building Products division comprises six business streams,
including insulation, metal roof tiles, roll-forming and
coatings, long steel, plasterboard and a single businesses
stream comprising four business units.  The Infrastructure
division is an integrated manufacturer of cement, aggregates,
ready mix concrete and concrete products. It is also a general
contractor and residential house builder in New Zealand and the
South Pacific. The Laminates & Panels division manufactures and
sells high pressure and low-pressure decorative surface
laminates, raw medium density fiberboard, particle board and
kitchen components.  It distributes other products, such as
hardware and timber in some regions.  The company acquired the
Dunedin-based O'Brien's Group on May 1, 2006.

Fletcher Building's businesses operate at more than 300 sites
around New Zealand, Australia, Finland, Slovenia, United
Kingdom, Japan, Taiwan, among others.

                          *     *     *

The Troubled Company Reporter-Asia Pacific, on March 31, 2009,
listed these Fletcher Building bonds as distressed:

           Coupon          Maturity              Price
           ------          --------              -----
           7.800%          03/15/09            NZ$12.50
           7.550%          03/15/11             NZ$8.50


NLG INSURANCE: Fitch Downgrades Insurer Strength Rating to 'B'
--------------------------------------------------------------
Fitch Ratings has downgraded NLG Insurance Limited's Insurer
Financial Strength rating to 'B' from 'BB-' (BB minus).  The
Outlook for the rating is Stable.

On October 31, 2008, NLG Insurance ceased accepting new business
and was placed into run-off.  Although the risk portfolio
continues to perform well and reflects the strong underwriting
performance shown by NLG Insurance since its inception, the
downgrade represents deterioration in its financial profile as
surplus cash at the insurer was moved to elsewhere in the group.
While the intention was to manage insurance liabilities from
within the group, the rating reflects Fitch's expectation of
continuous support from the parent, Noel Leeming Holdings Limited,
and takes into account an additional NZ$0.5 million of cash
resources which will be transferred into NLG Insurance to support
run-off liabilities.

The agency notes the highly stable performance and short-tail
nature of the portfolio, which provides greater certainty around
the ultimate liabilities of the run-off book.  Risks underwritten
by NLG Insurance are goods and debt repayment insurance for hire
purchase customers, while the acceptance of insurance risk was
predicated by a customer conforming to the credit criteria of a
hire purchase contract.  Fitch notes that NLG Insurance's risks
are well spread by geography and employment profile, reflecting
the broad footprint of the electrical appliance retailing
operations.

NLG Insurance is a captive insurer that is wholly owned by NLH.
NLH is also the holding company for Noel Leeming Group Limited,
New Zealand's largest electrical appliance retailer with a
heritage in New Zealand dating back over 100 years.  Incorporating
89 stores spread throughout New Zealand, NLG's turnover of
NZ$500 million represents around 25% of the electrical goods
retail market.



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

BMW PHILIPPINES: Shuts Down Operations, Posts PHP186.53-Mln Loss
----------------------------------------------------------------
BMW Philippines Corp., a joint venture between BMW AG of Germany
and Asian Carmakers Corp., has posted a higher net loss of
PHP186.53 million in 2008, after terminating lease agreements and
other major contracts effective on Dec. 31, 2008, BusinessWorld
reports.

The company recorded PHP22.43 million net loss in 2007,
BusinessWorld relates.

Sales of the car brand inched up by only PHP15 million to
PHP1.89 billion in 2008, the report adds.

Last September, the report recounts BMW AG announced the
dissolution of its Philippine operations, citing the need to
improve business efficiency worldwide.  The company however
assured the move will not affect customers, the report says.  The
company paid PHP25.2 million in separation packages to its 34
employees, the report discloses.


LEGACY GROUP: Planholders Have Until April 15 to File Claims
------------------------------------------------------------
The Securities and Exchange Commission (SEC) has extended until
April 15, the deadline for planholders to file claims against the
three collapsed pre-need companies under the Legacy group, namely:
Legacy Consolidated Plans Inc., Scholarship Plan Phils. Inc and
All Asia Plans Corp., The Philippine Daily Inquirer's Doris Dumlao
reports.

Citing SEC Secretary Gerard Lukban, the report relates the
extension was given to accommodate late filers.

"Reminder has been issued for planholders to bring their pre-need
contracts, certificates, receipts of premiums paid and other
documents to facilitate processing," Mr. Lukban was quoted by the
news agency as saying.

Legacy Consolidated and some of its affiliates filed for corporate
dissolution at the SEC, admitting it had become insolvent, the
report recounts.

                       About Legacy Group

Headquartered in Quezon City, Philippines, The Legacy Group --
http://www.legacy.com.ph/thelegacy.html-- is a conglomerate of
banks and pre-need companies.  The banks offer various financial
products and pre-need firms have pension, education and memorial
plans.  Other members of The Group are companies that provide
credit cards, micro-lending and automotive financing services.


LEVI STRAUSS (PHIL.): Incurs Losses After Closure of Factory
------------------------------------------------------------
Levi Strauss (Philippines) Inc. incurred losses of PHP30.43
million for its 2008 fiscal year ending November, compared to
PHP67.06 million profits recorded in the previous year, following
the closure of its manufacturing facility, BusinessWorld reports
citing the company's audited financial statements.

Sales dropped by over a third to PHP942.94 million, the report
relates citing documents from the Securities and Exchange
Commission.

According to the report, Levi's Philippines closed on July 31 its
cut-and-sew apparel plant in Makati, which employed 257 workers.
The firm paid severance and retirement packages worth
PHP109.9 million and PHP124.8 million, respectively, the report
says.

The company has been reduced to retailing Dockers and Levi's
products, the report discloses.

                     About Levi Strauss & Co.

Headquartered in San Francisco, California, Levi Strauss & Co. --
http://www.levistrauss.com/-- is one of the world's leading
branded apparel companies.  The company designs and markets jeans,
casual and dress pants, tops, jackets and related accessories, for
men, women and children under the Levi's(R), Dockers(R) and
Signature by Levi Strauss & Co.(TM).  The company markets its
products in three geographic regions: Americas, Europe and Asia
Pacific.

As reported in the Troubled Company Reporter on July 10, 2008, the
company's consolidated balance sheet at May 25, 2008, showed
US$2.9 billion in total assets, US$3.2 billion in total
liabilities, and US$5.1 million in temporary equity, resulting in
a US$387.1 million total stockholders' deficit.

                         *     *     *

Moody's Investors Service placed Levi Strauss & Co.'s long term
corporate family and probability of default ratings at 'B1' in
March 2007.  The ratings still hold to date with a positive
outlook.



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

MOBILE & WIRELESS: Creditors' Proofs of Debt Due on April 14
------------------------------------------------------------
Mobile & Wireless Group Pte Ltd, which is in voluntary
liquidation, requires its creditors to file their proofs of debt
by April 14, 2009, to be included in the company's dividend
distribution.

The company's liquidators are:

         Chee Yoh Chuang
         Lim Lee Meng
         c/o Stone Forest Corporate Advisory Pte Ltd
         8 Wilkie Road, #03-08, Wilkie Edge
         Singapore 228095



                         *********

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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