TCRAP_Public/090403.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Friday, April 3, 2009, Vol. 12, No. 66

                            Headlines

A U S T R A L I A

ALLCO FINANCE: Satellite Placed Under Receivership
CITY PACIFIC: Agrees to Reduce Management Fee to 2.5%
HFA HOLDINGS: Chairman Brett Howard Resigns


H O N G  K O N G

AEA HOLDINGS: Members' Final Meeting Set for April 28
ARTPAC RESOURCES: Members and Creditors to Meet on April 27
DAVID C LEE: Members and Creditors to Hold Meeting on April 27
E & L COMPANY: Creditors' Proofs of Debt Due on March 20
FIRST SIGN: Members' Meeting Set for April 28

MULTILAND INVESTMENT: Members' Final Meeting Set for April 28
PRESKO LIMITED: Placed Under Voluntary Wind-Up
SHING HING: Placed Under Voluntary Wind-Up
SILICON INTEGRATED: Creditors' Proofs of Debt Due on April 30
SPIRENT DM: Members to Receive Wind-Up Report on April 29

SUCCESS FINE: Members' Final Meeting Set for April 30
TEEYANO TRADING ET AL: Creditors' Meeting Set for May 8
TN MEDIA: Placed Under Voluntary Wind-Up
WELLY TRAVEL: Creditors' Proofs of Debt Due on April 28
WILMINGTON COMPANY: Members' Final Meeting Set for April 30


I N D I A

AKBAR TRAVELS: CRISIL Assigns 'BB+' Rating on Rs.205MM Cash Credit
BILLETS ELEKTRO: CRISIL Rates Rs.10.0 Mln Cash Credit at 'BB+'
GK DAIRY: Low Net Worth Prompts CRISIL 'BB+' Rating
HIM TEKNOFORGE: CRISIL Puts 'BB' Rating on Rs.80.0 Mln Term Loan
MJ LOGISTICS: Fitch Assigns 'B+' National Long-Term Rating

RAJASTHAN TUBE: CRISIL Places Rs.125.0 Mln Cash Credit at 'B'
RAVIKUMAR DISTILLERIES: CRISIL Rates Rs.9.70MM LT Loan at 'BB-'
RCC (SALES): Delay in Loan Payment Cues CRISIL 'C' Ratings
SATYAM COMPUTER: Final Bids Due by April 9
SUBHARATI KKB: CARE Places 'CARE BB+' Rating on Rs.46.96 cr Loan

TIGAKSHA METALLICS: Default on Term Loans Cues CRISIL 'D' Ratings
VIDYUT METALLICS: CRISIL Puts 'D' Rating on Rs.180MM Cash Credit
WOCKHARDT LTD: Seeking Debt Reprieve, May Sell Assets
* CRISIL Downgrades Ratings on 84 Indian Firms in 2008-09


I N D O N E S I A

PT ARPENI: Fitch Affirms Currency Issuer Default Rating at 'B+'


J A P A N

ELPIDA MEMORY: May Sell 10% Stake to Taiwan Memory
PIONEER CORP: 773 Workers Take Early Retirement
RESONA BANK: Moody's Affirms 'D+' Bank Financial Strength Rating
SAIZEN REIT: Moody's Downgrades Corporate Family Rating to 'Ba3'
SANYO ELECTRIC: Daiwa to Sell 25% Stake in Company

TOKURA CONSTRUCTION: JCR Withdraws Rating on Senior Debts


K U W A I T

KUWAIT FINANCE: Fitch Downgrades Individual Rating to 'C/D'
KUWAIT INTERNATIONAL: Fitch Affirms Individual Rating at 'C/D'
* KUWAIT: Bourse Halts 36 Stocks on Failure to Submit Results


L E B A N O N

* Moody's Upgrades Currency Government Bond Ratings to 'B2'


M A L A Y S I A

GOLD BRIDGE: Reprimanded for Breach of Bursa's Listing Rules
LITYAN HOLDINGS: To Hold Extraordinary Meeting on April 23
RANHILL BHD: Johor Federalization Won't Affect S&P's 'B' Rating


N E W  Z E A L A N D

FELTEX CARPETS: Former Directors Face $41-Mln Lawsuit
FINZSOFT SOLUTIONS: Expects to Incur NZ$750,000 Annual Loss
FLETCHER BUILDING: Raises $406.5MM from Institutional Investors


P H I L I P P I N E S

* PHILIPPINES: ADB Predicts 2.5% Economy Growth in 2009


S I N G A P O R E

MACARTHURCOOK INDUSTRIAL: Moody's Cuts Corp. Family Rating to 'B2'


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                         - - - - -



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

ALLCO FINANCE: Satellite Placed Under Receivership
--------------------------------------------------
The Sydney Morning Herald reports that the receivers were called
in for a listed satellite of Allco Finance Group.

The report says Bank of Scotland International, the institutional
lending arm of British lender, HBOS, appointed Craig Shepard and
Mark Korda at Korda Mentha as receivers and managers of Record
Realty Trust after it failed to pay about $150 million in debts.

According to the report, Record said it had been served with a
notice of default by BOS International, demanding immediate
repayment of funds under an existing loan agreement.  Record said
it was "not in a position to meet the payment demand".

The move, the report says, is expected to lead to the accelerated
sale of its holdings in nearly a dozen major properties, including
the ASX headquarters and Qantas House near Sydney Airport.

In the year to the end of June, the Herald notes, Record, which
has exposure to $1.66 billion worth of debt, posted a loss of $253
million.

Meanwhile, the Herald relates other Allco-linked property groups
remain on thin ice.

The report discloses that the Rubicon Europe Trust recently
revealed a loss of $962 million following huge write-downs on its
property portfolio while its sister fund, Rubicon America Trust,
disclosed a loss of $587 million.

Record Realty is an Australia-based investment management vehicle.
It invests in commercial office buildings with longer term leases
to tenants.  Record Funds Management Limited (RFML) is the
responsible entity of record realty.  RFML has entered into a
management agreement with Allco Funds Management Limited (the
Manager), a subsidiary of Allco Finance Group Limited (AFG) under,
which the Manager is responsible for coordinating much of the day-
to-day operations of Record Realty.  During the fiscal year ended
June 30, 2008, Record Realty sold two of its assets, Vero Office
Tower Chatswood, Sydney and the Symbion Distribution Centre in
Rydalmere, Sydney, and finalized the leasing of vacant space at
King William Street.

                       About Allco Finance

Allco Finance Group Ltd. (ASX: AFG) -- http://www.allco.com.au/
-- is an integrated global financial services business,
specializing in asset origination, funds creation and funds
management.  The company is a fund manager of alternative assets
in its core asset classes, which include aviation, rail,
shipping, infrastructure, property, private equity and financial
assets.  Its primary focus is on commercial property,
predominately completed office buildings and select development
opportunities.  It also purchases new and existing commercial
passenger and cargo aircraft for lease to commercial airlines.
In March 2007, Allco HIT Limited acquired Momentum Investment
Finance Pty Limited, Allco Financial Services and International
Mezzanine Funds Management (Australia) Limited.  The company is
a vendor of Momentum Investment Finance Pty Limited and Allco
Financial Services.  In July 2007, it acquired Allco Equity
Partners Ltd.  In December 2007, it completed the acquisition of
the remaining 79.6% stake of Rubicon Holdings(Aust) Limited.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
November 6, 2008, Allco Finance Group appointed Tony McGrath
and Joseph Hayes of McGrathNicol as the voluntary administrators
of the company and certain of its subsidiaries.

Subsequent to the appointment of administrators to Allco, the
company's banking syndicate appointed Steve Sherman and
Peter Gothard of Ferrier Hodgson as receivers.


CITY PACIFIC: Agrees to Reduce Management Fee to 2.5%
-----------------------------------------------------
City Pacific Limited has agreed to lower the fees charged to its
$827 million City Pacific First Mortgage Fund ("the Fund"), The
Australian's Maurice Dunlevy reports.

According to the report, City Pacific agreed Wednesday, April 1,
to reduce its management fee to 2.5 per cent, and asked
unitholders not to support the 1.5 per cent fee sought by holders
who have forced a special meeting on May 1.

The fee cut had resulted from a review of the structure and cost
of operating the fund, the report cited City Pacific as saying in
a statement to the Australian Securities Exchange.

"As a result of the company's review, the board and management
team have determined they are supportive of the majority of
amendment proposed by unitholders," the statement said.

City Pacific, as cited by the report, said the board believed a
2.5 per cent fee would enable it to continue to manage the fund.

As reported in the Troubled Company Reporter-Asia Pacific on
August 18, 2008, City Pacific Limited said it took the necessary
steps to preserve the value of the Fund's assets and protect
unitholders investments in light of the rapidly changing market
conditions.

As a result of the significant market changes, City Pacific made
the decision in March 2008 to defer the payment of redemptions
from the Fund while continuing the payment of distributions to
unitholders.

The TCR-AP reported on Feb. 23, 2009, that City Pacific Limited
disclosed it has negotiated a 12-month extension to the repayment
date for City Pacific's corporate facilities of AU$95.5 million
and City Pacific First Mortgage Fund's ("the Fund") finance
facility of AU$108 million.  Both facilities have been extended
from February 26, 2009 to February 26, 2010.

City Pacific Limited (ASX: CIY) -- http://www.citypac.com.au/
-- is a diversified financial services company, providing
finance and investment products.  City Pacific, a non-bank loan
provider, has AU$5 billion in mortgage assets under advice,
comprising over AU$1 billion funds under management in the City
Pacific First Mortgage Fund, City Pacific Income Fund, City
Pacific Managed Fund and City Pacific Private Fund, a residential
loan book of AU$3.3 billion and commercial mortgage assets under
management of approximately AU$800 million.  City Pacific
originates nearly AU$3 billion per annum in loans to fund
residential property, property development, commercial
property investment, plant & equipment and business
finance.

                          *     *     *

City Pacific reported a net loss after tax of AU$139.53 million
for the financial year ended June 30, 2008, compared with a net
profit of AU$73.21 million in the previous year.  The company also
reported an operating profit before impairment and tax of
AU$55.5 million down 58.4% from previous year's operating profit
of AU$133.42 million.


HFA HOLDINGS: Chairman Brett Howard Resigns
-------------------------------------------
HFA Holdings Limited said its Board Chairman, Brett Howard, is
leaving the company "for personal reasons."

Mr. Howard served as a director and the chairman of the company
for more than three years.

The company's chief executive officer and founder, Spencer Young,
will serve as acting chairman.

Malcolm Scott at Bloomberg News relates HFA, whose shares plunged
95 percent since their July 2007 peak, last year halted
redemptions from some funds and in February posted a loss of
AU$570.3 million (US$394 million) in the six months ended Dec. 31
as investments soured.

On March 23, HFA said it completed and executed all documentation
with its financier and successfully extended its existing loan
facility to November 2011.

HFA Holdings Limited (ASX:HFA) --- http://www.hfaholdings.com.au/
--- together with its subsidiaries is an Australia-based company.
The wholly owned subsidiaries of the Company are HFA Asset
Management Limited (HFAAM), HFA Admin Pty Ltd (HFA Admin) and
A.C.N. 122 776 550 Pty Ltd (A.C.N 122 776 550).  HFAAM is the
responsible entity for the Australia-based HFA investment schemes
and is the investment manager of HFA Accelerator Plus Limited.
HFA Admin is a service entity to HFAAM and provides administrative
services including staff, premises and other resources to HFAAM
and the Company.  A.C.N 122 776 550 is a dormant entity.  During
the fiscal year ended June 30, 2008 (fiscal 2008), the Company
established two additional foreign subsidiaries, including HFA
Lighthouse Holdings Corp. and HFA Lighthouse Corp.  The Lighthouse
Group comprises five foreign entities being LHP Investments, LLC,
Lighthouse Investment Partners, LLC, Lighthouse Partners NY, LLC,
Lighthouse Partners UK, LLC and Lighthouse Partners Limited (HK).



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

AEA HOLDINGS: Members' Final Meeting Set for April 28
-----------------------------------------------------
The members of AEA Holdings (Asia) Limited will hold their meeting
on April 28, 2009, at 10:00 a.m., at1401, Level 14, Tower 1 of
Admiralty Centre, in 18 Harcourt Road, Hong Kong.

At the meeting, Cosimo Borrelli and G Jacqueline Fangonil Walsh,
the company's liquidators, will give a report on the company's
wind-up proceedings and property disposal.


ARTPAC RESOURCES: Members and Creditors to Meet on April 27
-----------------------------------------------------------
The members and creditors of Artpac Resources China Limited will
hold their meeting on April 27, 2009, at 10:00 a.m. and
10:30 a.m., respectively, at the 21st Floor of Skyline Commercial
Centre, 71-77 Wing Lok Street, in Sheung Wan, Hong Kong.

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


DAVID C LEE: Members and Creditors to Hold Meeting on April 27
--------------------------------------------------------------
The members and creditors of David C Lee Surveyors Limited will
hold their meeting on April 27, 2009, at 3:00 p.m. and 3:30 p.m.,
respectively, at the office of Baker Tilly Hong Kong, Unit 1203-13
of China Merchants Tower, Shun Tak Centrem 168-200 Connaught Road,
in Central, Hong Kong.

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


E & L COMPANY: Creditors' Proofs of Debt Due on March 20
--------------------------------------------------------
The creditors of E & L Company Limited are required to file their
proofs of debt by March 20, 2009, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on March 20, 2009.

The company's liquidator is:

          Luk Sai Yan
          3 Lockhart Road, 12th Floor
          Wanchai, Hong Kong


FIRST SIGN: Members' Meeting Set for April 28
---------------------------------------------
The members of First Sign Capital Limited will hold their meeting
on April 28, 2009, at 11:00 a.m., at the 27th Floor of Tower of
China Merchant Bank, 7088 Shennan Road, Futian, in Shenzhen,
China.

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


MULTILAND INVESTMENT: Members' Final Meeting Set for April 28
-------------------------------------------------------------
The members of Multiland Investment Company Limited will hold
their meeting on April 28, 2009, at 11:00 a.m., at Unit 2506, 25th
Floor, 113 Argyle Street, in Kowloon, Hong Kong.

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


PRESKO LIMITED: Placed Under Voluntary Wind-Up
----------------------------------------------
At an extraordinary general meeting held on March 20, 2009, the
members of Presko Limited resolved to voluntarily wind up the
comapny's operations.

The company's liquidators are:

          Bruno Arboit
          Simon Richard Blade
          Baker Tilly Hong Kong
          China Merchants Tower, 12th Floor
          Shun Tak Centre
          168-200 Connaught Road Central
          Hong Kong


SHING HING: Placed Under Voluntary Wind-Up
------------------------------------------
At an extraordinary general meeting held on March 16, 2009, the
shareholders of Shing Hing Ho Limited resolved to voluntarily wind
up the company's operations.

The company's liquidator is:

          Yuen Kai
          York Mansion, 7th Floor
          No. 161 Argyle Street
          Kowloon, Hong Kong


SILICON INTEGRATED: Creditors' Proofs of Debt Due on April 30
-------------------------------------------------------------
The creditors of Silicon Integrated Systems 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 liquidation proceedings on March 18, 2009.

The company's liquidators are:

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


SPIRENT DM: Members to Receive Wind-Up Report on April 29
---------------------------------------------------------
The members of Spirent DM Limited will hold their meeting on
April 29, 2009, at 10:30 a.m., to hear the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidators are:

          Lai Kar Yan (Derek)
          Darach E. Haughey
          One Pacific Place, 35th Floor
          88 Queensway
          Hong Kong


SUCCESS FINE: Members' Final Meeting Set for April 30
-----------------------------------------------------
The members of Success Fine Investment Limited will hold their
meeting on April 30, 2009, at 12:00 noon, at the 21st Floor of
Richmake Commercial Building, in No. 198-200 Queen's Road Central,
Hong Kong.

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


TEEYANO TRADING ET AL: Creditors' Meeting Set for May 8
-------------------------------------------------------
The creditors of Teeyano Trading Limited and Polerun Limited will
hold a meeting on May 8, 2009, at 12:00 noon and 12:30 p.m.,
respectively, for the purposes of Sections 241, 242, 243 and 244
of the Companies Ordinance.

The meetings will be held at Room 703 of Wah Ying Cheong Central
Building, in 158-164 Queen's Road Central, Hong Kong.


TN MEDIA: Placed Under Voluntary Wind-Up
----------------------------------------
At an extraordinary general meeting held on March 20, 2009, the
members of TN Media Limited resolved to voluntarily wind up the
comapny's operations.

The company's liquidators are:

          Bruno Arboit
          Simon Richard Blade
          Baker Tilly Hong Kong
          China Merchants Tower, 12th Floor
          Shun Tak Centre
          168-200 Connaught Road Central
          Hong Kong


WELLY TRAVEL: Creditors' Proofs of Debt Due on April 28
-------------------------------------------------------
The creditors of Welly Travel Agency 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 liquidation proceedings on March 27, 2009.

The company's liquidator is:

          Kwok Ka Woo
          Fee Tat Commercial Centre, 21st Floor
          No. 603 Nathan Road, Kowloon
          Hong Kong


WILMINGTON COMPANY: Members' Final Meeting Set for April 30
-----------------------------------------------------------
The members of Wilmington Company Limited will hold their meeting
on April 30, 2009, at 10:00 a.m., at Level 28 of Three Pacific
Place, in 1 Queen's Road East, Hong Kong.

At the meeting, Robert Chiu-Yin Kwan and Fong Hup, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.



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

AKBAR TRAVELS: CRISIL Assigns 'BB+' Rating on Rs.205MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4' to the various
bank facilities of Akbar Travels of India Pvt. Ltd (Akbar
Travels).

   Rs.205 Million Cash Credit         BB+/Stable (Assigned)
   Rs.85 Million Working Capital      BB+/Stable   (Assigned)
                 Demand Loan
   Rs.78 Million Proposed Long-Term   BB+/Stable (Assigned)
                 Bank Facility
   Rs.60 Million Bank Guarantee       P4 (Assigned)

The ratings reflect Akbar Travels' exposure to risks relating to
the current slowdown in the airline industry, moderate financial
profile, and strained liquidity position due to a cash flow
mismatch.  These weaknesses are, however, partially offset by
Akbar Travels' established presence in the ticketing segment,
strong operating efficiency, and diverse revenue base.

CRISIL has combined the financial profiles of Akbar Travels and
its associate companies (numbering 40) which are engaged in the
car rental, food and beverages, hotels, tours and travels, and
online ticketing businesses.  CRISIL believes that Akbar Travels
will support its associates in case they face any financial
distress.

Outlook: Stable

CRISIL believes that Akbar Travels will maintain a stable business
risk profile, and service its debt obligations through internal
accruals.  The outlook may be revised to 'Positive' if the
company's financial risk profile improves considerably.
Conversely, the outlook may be revised to 'Negative' if the
slowdown in the airline industry continues.

                       About Akbar Travels

Akbar Travels is a leading IATA-registered travel agency in India.
The company offers a wide range of travel-related services and
facilities through its 60 branches across India.  ATIPL also has
seven offices outside India, mainly in the Middle East.  The
services offered by Akbar Travels are domestic and international
ticketing, foreign exchange, haj packages, visa services, car
rentals, and holiday packages.  Akbar Travels started its
operations in 1978 and was converted into a limited company in
2001.  The company is promoted by Mr. K V Abdul Nazar and Mrs.
Noorjahan Abdul Nazar.  Akbar Travels reported a profit after tax
(PAT) of Rs.31.2 million on net sales of Rs.636.8 million for
2007-08 (refers to financial year, April 1 to March 31), as
against a PAT of Rs.29.8 million on net sales of Rs.484.7 million
for 2006-07.


BILLETS ELEKTRO: CRISIL Rates Rs.10.0 Mln Cash Credit at 'BB+'
--------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4' to the bank
facilities of Billets Elektro Werke Ltd (BEWL).

   Rs.10.0 Million Cash Credit        BB+/Stable (Assigned)
   Rs.40.0 Million Proposed Long      BB+/Stable (Assigned)
         Term Bank Loan Facility
   Rs.78.0 Million Packing Credit     P4 (Assigned)
   Rs.72.0 Million Letter of Credit   P4 (Assigned)

The ratings reflect BEWL's small scale of operations, and exposure
to risks relating to customer and product concentration.  However,
these weaknesses are partially offset by BEWL's above-average
financial risk profile.

Outlook: Stable

CRISIL believes that BEWL will maintain its credit profile over
the medium term, backed by healthy debt protection measures and
profitability margins.  The outlook may be revised to 'Negative'
if BEWL's financial risk profile weakens on account of low
profitability, or if the company undertakes large, debt-funded
capital expenditure.  Conversely, the outlook may be revised to
'Positive' if the company scales up operations substantially,
while maintaining current gearing and profitability.

                      About Billets Elektro

Incorporated in 1991, BEWL manufactures crimping tools and cable
lugs.  The company is promoted by Mr Ashok Patel and his son, Mr
Chirag Patel.  Its manufacturing facilities at Umbergaon (Valsad,
Gujarat) have capacity to manufacture around 201,084,000 tools and
terminals per annum. BEWL derives around 80 per cent of its
revenues from exports.  It reported a profit after tax (PAT) of
Rs.35.4 million on net sales of Rs.368.6 million in 2007-08
(refers to financial year, April 1 to March 31) as against a PAT
of Rs.14.5 million on net sales of Rs.301.7 million for 2006-07.


GK DAIRY: Low Net Worth Prompts CRISIL 'BB+' Rating
---------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable' to the various
bank facilities of GK Dairy and Milk Products Pvt Ltd (GK Dairy).

   Rs.150 Million Cash Credit Limit   BB+/Stable (Assigned)

The ratings reflect GK Dairy's weak financial risk profile, marked
by low net worth, high gearing, and weak debt protection measures.
The ratings also factor in the company's low operating margins,
driven by presence in the low value-added product segment,
moderate scale of operations, and exposure to risks relating to
unfavourable government regulations and epidemic-related factors.
However, these weaknesses are partially offset by the benefits
that the company derives from its promoters' experience in the
dairy industry, and comfortable procurement network.

Outlook: Stable

CRISIL expects GK Dairy's financial risk profile to remain weak
over the medium term on account of future capital expenditure. The
outlook may be revised to 'Positive' if the company's financial
risk profile improves substantially, owing to higher operating
margins or cash accruals or fresh equity infusions. Conversely,
the outlook may be revised to 'Negative' if the company undertakes
large, debt-funded capital expenditure, or if the group faces
profitability pressures.

                        About the Company
Incorporated in 1998, GK Dairy began operations with a milk
processing plant at Ballabhgarh (Haryana).  The company has a milk
handling capacity of 850,000 litres per day (LPD); it manufactures
processed milk and milk products such as ghee, and skimmed and
whole milk powder.  GK Dairy is managed by Mr. Gopal Dixit, and
his son, Mr. Gaurav Dixit.

For 2007-08, GK Dairy reported a profit after tax (PAT) of
Rs.12.1 million on net sales of Rs.2478.7 million, as against a
PAT of Rs.8.2 million on net sales of Rs.1566.7 million for
2006-07.


HIM TEKNOFORGE: CRISIL Puts 'BB' Rating on Rs.80.0 Mln Term Loan
----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the various
bank facilities of Him Teknoforge Ltd (HTL).

   Rs.300.0 Million Cash Credit Limit    BB/Stable (Assigned)
   Rs.80.0 Million Term Loan             BB/Stable (Assigned)
   Rs.120.0 Million Letter of Credit     P4 (Assigned)
   Rs.10.0 Million Bank Guarantee        P4 (Assigned)

The ratings reflect the moderate financial risk profile, and
slowdown in the end-user tractor and commercial vehicle industry.
These weaknesses are, however, partially offset by Him
Teknoforge's established presence in the forging industry, with
long-standing relationships with clients.

Outlook: Stable

CRISIL expects Him Teknoforge Ltd (HTL) to maintain its credit
profile with established presence in the segment.  The outlook may
be revised to 'Positive' in case of more than expected growth and
operating margins.  Conversely, the outlook may be revised to
'Negative' in case company undertakes large debt funded capex
leading to decline in gearing and debt protection measures.

                       About Him Teknoforge

Incorporated in 1989 by Mr. Vijay Aggarwal, Him Teknoforge
undertakes forging and machining of components, and was set up as
an ancillary to Eicher Motors. HIM Forgings Pvt Ltd, a group
company in the same line of business, was merged with the Him
Teknoforge in 1996.  Over the years, Him Teknoforge has
diversified into manufacturing of gears.  Its units at Baddi
(Himachal Pradesh) and Pitampura (Madhya Pradesh) have a combined
capacity to manufacture 16,500 tonnes per annum of forgings and
7.2 million finished components.  Him Teknoforge went under the
purview of the Board for Industrial and Financial Reconstruction
(BIFR) in 2004-05 (refers to financial year, April 1 to March 31).
However, following a one-time settlement with banks in 2006-07, it
emerged from the BIFR's purview.

For 2007-08, Him Teknoforge reported a profit after tax (PAT) of
Rs. 25.3 million on net sales of Rs. 879.1 million, as against a
PAT of Rs. 217.5 million (including extraordinary income of
Rs. 199 million) on net sales of Rs. 790.8 million for 2006-07.


MJ LOGISTICS: Fitch Assigns 'B+' National Long-Term Rating
----------------------------------------------------------
Fitch Ratings has assigned India's MJ Logistics Services Limited a
National Long-term rating of 'B+(ind)' and a 'B+(ind)' rating to
its term loans aggregating to INR1,313 million.  The Outlook is
Stable.

MJLSL's rating factors in the implementation of a project in the
high growth - high margin Third party logistics sector, fully-tied
project equity of INR1,045 million and project debt of
INR1,313 million and its existing relationship with reputed
corporate clients.  The company, on project completion, will be
one of the leading warehousing service providers in North India,
having total dry warehousing space of 679,679 sq ft and cold
storage facility of 180,631 sq ft.  For the year ending March 31,
2008, MJLSL reported a revenue of INR95 million and a net loss of
INR1.2 million (compared to a revenue of INR52 million and profit
after tax of INR1.1 million in FY07).

The company's rating is constrained by it being in the project
stage (all three facilities to be fully operational only at the
end of FY11), lack of promoter's experience to handle projects of
such scale, the small size of its business even on project
completion, and weakening business profile of logistics companies
given the general economic slowdown. Also there are no firm orders
in place as of now for the capacity to come up.  The company is in
a high operating leverage business and high capacity utilization
will be critical for meeting projected earnings and debt
obligations.  While the first phase of the Faridabad facility is
expected to start in May 2009, there are some risks related to
pending land acquisition in Punjab and timely construction of
facilities at Uttarakhand and Punjab.  Further, since equity
infusion is milestone-based, there could be potential delays in
planned equity infusions in the event of delays in meeting
milestones; this in turn could delay commissioning of the project
and impact its scheduled debt servicing from FY11.  However, Fitch
notes that INR622 million of equity has already been infused by
Eredene Capital Plc.

Project completion within time and cost estimates with firm orders
for ensuring high capacity utilization would be positive rating
drivers.  While execution risk and deferment of commissioning of
warehouse facilities or project cost escalations, and lower
occupancy levels would act as negative rating triggers.

Incorporated in July 2005, MJLSL presently manages 500,000 sq ft
warehousing space.  It does not provide the space but provides
carry & forwarding, transportation and distribution services to
its clients.  The company is implementing a project to set up and
operate three multi user logistic centres in a "Hub & Spoke" model
in North India.  The Hub will be located at Palwal near Faridabad,
and one spoke each will be located in Uttarakhand and Punjab.  The
project cost is estimated at INR2,358 million.  The cost of the
project is proposed to be funded in a debt equity ratio of 1.26
with project debt of INR1,313 million and equity of
INR1,045 million.  It has already tied up total project debt with
a consortium of 4 bankers.  On December 19, 2007, MJLSL entered
into a shareholders and share subscription agreement with a
private equity company, Eredene Capital Plc, which will eventually
have a 74% stake in MJLSL.  As at January 31, 2009, MJLSL had
spent a total amount of INR479.7 million on the project, and
expects to start phase in May 1, 2009.


RAJASTHAN TUBE: CRISIL Places Rs.125.0 Mln Cash Credit at 'B'
-------------------------------------------------------------
CRISIL has assigned ratings of 'B/Negative/P4' to the bank
facilities of Rajasthan Tube Manufacturing Company Ltd (Rajasthan
Tubes).

   Rs.125.0 Million Cash Credit       B/Negative (Assigned)
   Rs.12.5 Million Bank Guarantee     P4 (Assigned)
   Rs.80.0 Million Letter of Credit   P4 (Assigned)

The ratings reflect Rajasthan Tubes' small scale of operations,
and weak financial risk profile, marked by low net worth and weak
debt protection indicators.  These weaknesses are, however,
partially offset by the benefits that Rajasthan Tubes derives from
its established customer relationships and long track record.

Outlook: Negative

CRISIL believes that Rajasthan Tubes' financial risk profile will
remain weak over the medium term on account of low operating
margins and hence low cash accruals.  The rating may be revised
downwards if the company's financial risk profile deteriorates
further owing to weak liquidity, or if the company undertakes
large debt-funded capital expenditure.  Conversely, improvement in
financial risk profile, backed by fresh equity infusions or
enhanced profitability, may drive a revision in outlook to
'Stable'.

                      About Rajasthan Tubes

Incorporated in 1985, Rajasthan Tubes was promoted by Mr. Harish
Jain with his associates.  The company implemented its maiden
electric resistance welded (ERW) pipes manufacturing project at
Sirohi (Rajasthan) in 1987. The company today has capacity to
manufacture approximately 45,000 tonnes of pipes per annum.
Rajasthan Tubes reported a profit after tax (PAT) of
Rs.3.7 million on net sales of Rs.604.9 million for 2007-08
(refers to financial year, April 1 to March 31), as against a PAT
of Rs.3.3 million on net sales of Rs.550.6 million for 2006-07.


RAVIKUMAR DISTILLERIES: CRISIL Rates Rs.9.70MM LT Loan at 'BB-'
---------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4' to the bank
facilities of Ravikumar Distilleries Ltd (Ravikumar Distilleries).

   Rs.170 Million Cash Credit Limits    BB-/Stable (Assigned)
   Rs.9.70 Million Long Term Loan       BB-/Stable (Assigned)
   Rs.9 Million Bank Guarantee Limits   P4 (Assigned)

The ratings reflect Ravikumar Distilleries' weak financial risk
profile and exposure to regulatory risks in the distillery
industry.  These weaknesses are mitigated by Ravikumar
Distilleries' status as an established player with sound operating
capabilities.

Outlook: Stable

CRISIL expects Ravikumar Distilleries to maintain its business
risk profile backed by its established market position and sound
operating capabilities.  The outlook may be revised to 'Positive'
in case of an improvement in margins due to cost efficiencies and
better product mix.  Any unexpected, large debt-funded capital
expenditure leading to deterioration in the capital structure, or
fall in margins may result in a revision in the outlook to
'Negative'.

                  About Ravikumar Distilleries

Incorporated in 1993, Ravikumar Distilleries is a closely-held
public limited company promoted by Mr. R V Ravikumar.  It
manufactures Indian-made foreign liquor (IMFL) at its facility at
Puducherry, which has an installed capacity of 720,000 cases per
annum. For 2007-08 (refers to financial year, April 1 to
March 31), Ravikumar Distilleries reported a profit after tax
(PAT) of Rs.13.69 million on net sales of Rs.384.25 million,
as against a PAT of Rs.10.35 million on net sales of
Rs.424.47 million for the previous year.


RCC (SALES): Delay in Loan Payment Cues CRISIL 'C' Ratings
----------------------------------------------------------
CRISIL has assigned its ratings of 'C/P4' to the bank facilities
of RCC (Sales) Pvt Ltd (RCC), as the company has delayed servicing
of its payments obligations under letter of credit facility
because of weak liquidity.

   Rs.4 Million Cash Credit          C (Assigned)
   Rs.2.8 Million Rupee Term Loans   C (Assigned)
   Rs.152 Million Bills Purchase     P4 (Assigned)
            Discounting Facility
   Rs.5 Million Bank Guarantee       P4 (Assigned)
   Rs.118 Million Letter of Credit   P4 (Assigned)

For arriving at the ratings, CRISIL has combined the financials of
RCC, Vidyut Metallics Pvt Ltd (VMPL), and Tigaksha Metallics Pvt
Ltd (Tigaksha), together referred to as the R.K. Malhotra group.
This is because the three companies have common promoters, are in
the same line of business, and have high intra-group operational
and financial linkages.

                         About the Group

RCC, a part of the R.K. Malhotra group, was incorporated in 1970.
The other group companies include VMPL and Tigaksha. The group
manufactures and sells razor blades under the brand name Supermax.
RCC initially manufactured razor blades and steel strips on a job
work basis for VMPL. Since 2006-07 (refers to financial year,
April 1 to March 31), the company started the production and sales
of double-edge blades. For 2007-08, the group reported a profit
after tax of Rs.7.2 million on net sales of Rs.4.09 billion, as
against a loss of Rs.1.4 million on net sales of Rs.3.94 billion
in the previous year.


SATYAM COMPUTER: Final Bids Due by April 9
------------------------------------------
Financial bids for Satyam Computer Limited will be put in by next
week, the Financial Express reports citing three banking sources
involved in the deal.

"By April 9 we have to put in the final and financial bids," the
report quoted one banker directly involved in the deal as saying.

The report, citing another source with knowledge of the
proceedings, says the sale of the Indian outsourcer is likely to
be completed by mid-April earlier than what the company's
government-appointed board had hoped.

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.


SUBHARATI KKB: CARE Places 'CARE BB+' Rating on Rs.46.96 cr Loan
----------------------------------------------------------------
CARE has assigned 'CARE BB+' [CARE Double B (Plus)] rating to the
Longterm Bank Facilities aggregating Rs.46.96 cr of Subharati KKB
Charitable Trust (SKKB).  This rating is applicable for facilities
having tenure for more than one year.  Facilities with this rating
are considered to offer inadequate safety for timely servicing of
debt obligations. Such facilities carry high credit risk. CARE
assigns '+' or '-' signs to be shown after the assigned rating
(wherever necessary) to indicate the relative position of the
company within the band covered by the rating symbol.

Further, CARE has assigned 'PR4' [PR Four] rating to the Short-
term Bank Facilities aggregating Rs.27.96 cr of SKKB.  This rating
is applicable for facilities having a tenure upto one year.
Facilities with this rating would have inadequate capacity for
timely payment of short-term debt obligations and carry very high
credit risk. Such facilities are susceptible to default.

The ratings are constrained by the weakened financial profile with
increasing deficit over the last two years and ongoing debt-funded
capital expenditure, risk associated with stabilisation of the
project viz. timely receipt of statutory approvals for the
proposed PG courses and timely enrolment of students.  The
ratings also considered the regulatory challenges involved in the
educational sector in India.

The constraints are offset by the well-established operations of
SKKB primarily driven by its well-known dental college, stable
cash flows stemming from various educational colleges and
hospital, professionally qualified trustees, wellestablished
infrastructure and buoyant prospects of higher education in India.

                       About Subharati KKB

Subharati KKB Charitable Trust (SKKB) was formed in 1991 by
Smt. Rajwati Bhatnagar, mother of Dr. Atul Krishna Bhatnagar, a
reputed surgeon of North India and the President of the Trust.
Subsequently, in August 1995, SKKB got registered under Indian
Trust Act, 1882. SKKB is primarily engaged in establishing and
running educational institutions and providing healthcare services
at its campus situated at Subhartipuram, Delhi-Haridwar, Meerut
Bye-Pass Road.  SKKB has well-established Dental, Medical, Nursing
& Para-medical, Physiotherapy, Engineering, Management, Law
colleges etc. SKKB's educational institutions have been granted
University status viz.  Swami Vivekananda Subharati University
(SVSU) in September 2008.  SKKB also has a well established
super-specialty hospital (Chatrapati Shivaji Subharati Hospital)
in the main campus of SVSU.

SKKB is currently setting up a new cancer hospital and
infrastructure addition for PG courses for Medical & Dental
College, Engineering and Law College at its campus.  The Medical
Council of India has granted its recommendation for starting
PG courses in eight departments with 24 annual admissions.

During FY08, SKKB suffered a net deficit of Rs.2.24 cr as compared
to surplus of Rs.0.22 cr in FY08.  Over the period FY05-08, the
operating expenditures increased due to addition of new colleges
and courses and setting up of infrastructure for the same,
resulting in decline in Surplus before Interest and Depreciation
(SBID).  Further, higher incidence of depreciation and interest
resulted in net deficit in FY08.


TIGAKSHA METALLICS: Default on Term Loans Cues CRISIL 'D' Ratings
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to the bank facilities
of Tigaksha Metallics Pvt Ltd (Tigaksha), as the company has
defaulted on its term loans because of weak liquidity.

   Rs.5.5 Million Cash Credit       D (Assigned)
   Rs.288 Million Rupee Term Loans  D (Assigned)
   Rs.193 Million Letter of Credit  P5 (Assigned)
   Rs.20 Million Bank Guarantee     P5 (Assigned)

For arriving at the ratings, CRISIL has combined the financials of
Vidyut Metallics Pvt Ltd (VMPL), RCC (Sales) Pvt Ltd (RCC), and
Tigaksha, together referred to as the R.K. Malhotra group. This is
because the three companies have common promoters, are in the same
line of business, and have high intra-group operational and
financial linkages.

                     About Tigaksha Metallics

Tigaksha, incorporated in 2004-05 (refers to financial year,
April 1 to March 31), is a part of the R.K. Malhotra group, which
manufactures and sells razor blades under the brand name Supermax.
Tigaksha manufactures razor blades at Shogi, Himachal Pradesh.
For 2007-08, the group reported a profit after tax of
Rs.7.2 million on net sales of Rs.4.09 billion, as against a loss
of Rs.1.4 million on net sales of Rs.3.94 billion in the previous
year.


VIDYUT METALLICS: CRISIL Puts 'D' Rating on Rs.180MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to the bank facilities
of Vidyut Metallics Pvt Ltd (VMPL), as the company has defaulted
on its term loans because of weak liquidity.

   Rs.180 Million Cash Credit        D (Assigned)
   Rs.250 Million Rupee Term Loans   D (Assigned)
   Rs.780 Million Bills Purchase     P5 (Assigned)
            Discounting Facility
   Rs.615 Million Letter of Credit   P5 (Assigned)
   Rs.50 Million Bank Guarantee      P5 (Assigned)

For arriving at the ratings, CRISIL has combined the financials of
VMPL, RCC (Sales) Pvt Ltd (RCC), and Tigaksha Metallics Pvt Ltd
(Tigaksha), together referred to as the R.K. Malhotra group.  This
is because the three companies have common promoters, are in the
same line of business, and have high intra-group operational and
financial linkages.

                     About Vidyut Metallics

The Mumbai-based VMPL was incorporated in 1953 as Panama Ltd.  The
company got its current name in 1973. VMPL is a part of the R.K.
Malhotra group, which manufactures razor blades under the brand
name Supermax; razor blades account for about 99 per cent of its
net sales. Its other products include twin-type shaving system
razors, razor blades manufacturing machines and accessories, and
industrial blades, among other.  For 2007-08 (refers to financial
year, April 1 to March 31), the group reported a profit after tax
of Rs.7.2 million on net sales of Rs.4.09 billion, as against a
loss of Rs.1.4 million on net sales of Rs.3.94 billion in the
previous year.


WOCKHARDT LTD: Seeking Debt Reprieve, May Sell Assets
-----------------------------------------------------
Saikat Chatterjee at Bloomberg News reports Wockhardt Limited has
sought to restructure its debt, citing liquidity constraints and
adverse market conditions.

According to Bloomberg News, the company and its lender ICICI Bank
Ltd. have approached the Corporate Debt Restructuring Cell, a
voluntary organization backed by the central bank that assists
lenders and borrowers.

Wockhardt had net debt of about Rs. 34 billion (US$670 million) in
the year ended Dec. 31, pegging the company's debt- to-equity
ratio at 2.3 times, Bloomberg News says citing data from the
company's Web site.

Bloomberg News relates Chairman Habil Khorakiwala is seeking to
raise funds to repay debt that has ballooned to four times its
current market value.

The founders of Wockhardt have pledged about 54 percent of
outstanding stock with lenders, the company said in a stock
exchange filing obtained by Bloomberg News.

Business Standard relates sources said Wockhardt was hoping to
reduce debt by selling its Irish subsidiary, Pinewood
Laboratories, and a stake in Chairman Habil Khorakiwala's
privately-held Wockhardt Hospitals.

"Pinewood will be the first to be hived off, as a couple of
London-based private equity players are interested in buying it,"
Business Standard quoted an investment banking source as saying.
Wockhardt, which acquired Pinewood for US$150 million in October
2006, is looking to raise US$150-200 million from the deal, but
interested investors are quoting less, Business Standard says
citing sources.

Wockhardt, Bloomberg News notes, postponed its earnings
announcement for the year ended Dec. 31 from March 31 until the
auditing of its accounts is completed by April 25.

India-based Wockhardt Limited (BOM:532300) ---
http://www.wockhardt.com/--- is a pharmaceutical company.  The
Company is a subsidiary of Khorakwala Holdings and Investments
Private Limited.  The geographical segments of the Company are
India, the United States/Western Europe and Rest of the World.  In
November 2007, the Company completed the acquisition of Morton
Grove Pharmaceuticals Inc.  In May 2007, the Company completed the
acquisition of Megma Lerads, France.


* CRISIL Downgrades Ratings on 84 Indian Firms in 2008-09
---------------------------------------------------------
CRISIL said a slowing economy, and a sharp downturn in the
investment environment, particularly during the second half of
2008-09 (refers to financial year, April 1 to March 31), have
affected Indian companies' credit quality.  CRISIL downgraded
ratings on 84 entities in 2008-09, while upgrading those on only
2; in contrast, there were 14 downgrades and 9 upgrades in
2007-08.  Moreover, after three years with no defaults, CRISIL's
rated portfolio registered as many as 13 defaults in 2008-09,
albeit on a much larger base: as on March 31, 2009, CRISIL had
ratings outstanding on about 1600 entities, up significantly from
about 400 a year ago.

CRISIL's modified credit ratio (MCR, the ratio of upgrades plus
reaffirmations to downgrades plus reaffirmations) reached a
10-year low in 2008-09 at 0.86 times, declining from 0.97 times
for 2007-08.  The previous low for CRISIL's MCR was in 1998-99, at
0.61 times. However, the intensity of the decline in MCR between
2004-05 and 2008-09 has been less severe than that of the decline
between 1995-96 and 1998-99 was.  This is because both
manufacturing and financial sector entities have much stronger
balance sheets this time around, to support their credit quality.

CRISIL predicted the steep decline in credit quality in its
October 2008 six-monthly analysis of its rating actions.
According to Ms. Roopa Kudva, Managing Director and CEO, CRISIL
Ltd, "The present trend of downgrades outnumbering upgrades began
as far back as the financial year starting April 2007.  Over the
past six months, the pace of downgrades has clearly accelerated.
Moreover, as on March 31, 2009, 13.8 per cent of CRISIL's long-
term ratings had negative outlooks, the highest since CRISIL
introduced rating outlooks in 2003.  This indicates that continued
economic deceleration can cause more downgrades over the next 12
to 18 months, unless the ongoing efforts to revive the global
economy with fiscal and monetary measures start showing results."

Of the 84 entities whose ratings were downgraded in 2008-09, 15
were from the automobile and automotive ancillaries industries, 14
from the financial sector, 8 from the textiles industry, and 7
each from the metals and mining industry and the construction and
real estate industry.  As many as 68 of the 84 downgrades were
driven either by lack of access to adequate funding, or by a sharp
decline in demand, or both.  In October 2008, CRISIL had
highlighted that three macro factors would be the most significant
drivers of credit quality over the near term.  These are: access
to funding at reasonable rates, the intensity of the demand
slowdown, and movements in foreign exchange rates.  These factors
continue to be key drivers of Indian companies' credit quality.

According to Mr. Ajay Dwivedi, Director-Ratings, CRISIL Ltd, "Most
entities that defaulted on their debt obligations in 2008-09 did
so after facing a severe strain on their working capital positions
because of the economic slowdown. Of the 13 defaults in 2008-09, 7
were in the textile industry, and 3 were suppliers to the real
estate industry.  We expect severe credit quality pressure to
continue in the textile and real estate industries; suppliers to
the real estate industry are vulnerable to delayed payments and
even write-offs."



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

PT ARPENI: Fitch Affirms Currency Issuer Default Rating at 'B+'
---------------------------------------------------------------
Fitch Ratings has affirmed PT Arpeni Pratama Ocean Line Tbk's
Long-term foreign and local currency Issuer Default Ratings at
'B+' and its National Long-term rating at 'A(idn)'.  At the same
time, the agency also affirmed the US$160 million senior unsecured
notes due 2013 at 'B' with a recovery rating of 'RR5'.  The agency
has simultaneously removed all ratings from Rating Watch Negative
and assigned a Stable Outlook.

The rating actions reflects the completion of the sale of the
remaining two product tankers, which were delivered to the buyer
on March 12 and March 25, 2009, respectively - that alleviates
previous liquidity concerns.

The Stable Outlook reflects Fitch's expectation that Arpeni's
business model will continue to be driven by long-term contracts
and that Arpeni will maintain credit metrics appropriate for the
current ratings.  A change in business mix away from the stable
long-term contracts and/or a sustained leverage as measured by
adjusted debt net of cash to operating EBITDAR of 4.0x may trigger
a negative rating action.  Fitch does not envisage any positive
rating action on Arpeni's ratings over the next 18 to 24 months.

Arpeni is Indonesia's second largest shipping company with
reported revenues and EBITDA of 1,846.7 billion and IDR640 billion
respectively for the nine months ended September 2008.  Arpeni's
core business is dry bulk (mainly coal) transportation but it also
derives revenue from liquid carriers, general cargo and shipping
services.  Arpeni is held 51.71% by its founder Mr. Surya and his
family members, and 48.29% by the public.



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

ELPIDA MEMORY: May Sell 10% Stake to Taiwan Memory
--------------------------------------------------
Pavel Alpeyev at Bloomberg News reports that Elpida Memory Inc.
may consider selling a stake of about 10 percent to Taiwan Memory
Co. after the state-led semiconductor company named it as its
technology partner.

Elpida is considering a private stock placement and may ask Taiwan
Memory to underwrite preferred shares and loans, Kumi Higuchi, an
Elpida spokeswoman, told Bloomberg News by telephone.

According to the report, the partnership will help lower research
costs at Elpida and may bolster the Japanese chipmaker's capital.

Taiwan Memory, which was set up by the island's government to
rescue the country's $23.6 billion industry, will develop dynamic
random access memory with Elpida and will jointly own intellectual
property rights to new technologies, Bloomberg News cited John
Hsuan, who heads Taiwan Memory, as saying in Taipei.

Bloomberg News, citing Ms. Higuchi, said Elpida is also
considering setting up a research and development center on the
island by around 2011 as part of technology partnership with
Taiwan Memory.

                       5th Quarterly Loss

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

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

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

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

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

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

                        Rating Downgrade

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

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

                          About Elpida

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


PIONEER CORP: 773 Workers Take Early Retirement
-----------------------------------------------
Pioneer Corp. said that a total of 773 employees at its two plasma
TV panel affiliates have accepted early retirement offers.

According to a report posted on tradingmarkets.com, the workforce
cutback is part of the company's plan announced in February to
pull out of the TV business and shed some 10,000 jobs at home and
abroad by March next year.

Headquartered in Tokyo, Japan, Pioneer Corporation --
http://www.pioneer.co.jp/-- manufactures and sells electronic
products.  The Company operates in four business segments.  The
Home Electronics segment offers plasma televisions, digital
versatile disc players/recorders/drives, blu-ray disc
players/drives, audio systems, telephones, cable television-
related machines and peripheral equipment.  The Car Electronics
segment offers navigation systems, stereos, audio systems,
speakers and peripheral products for automobile uses.  The Special
Permission segment offers license agreement for optical discs.
The Others segment offers electroluminescence (EL) displays,
factory automation (FA) equipment, electronic components and
commercial audio and visual (AV) systems.  The Company has a
global network. The Company merged with its subsidiary, Pioneer
Design Corporation and another Tokyo-based subsidiary, on Dec. 1,
2008.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
Feb. 17, 2009, Moody's Investors Service downgraded Pioneer
Corporation's local currency issuer rating to Ba3 from Ba1.  At
the same time, Moody's continues its review for a further possible
downgrade.

The rating action was prompted by the rapid deterioration in
Pioneer's profitability and financial flexibility under the severe
conditions surrounding the consumer electronics markets.

The TCR-AP also reported on Feb. 17, 2009, that Standard & Poor's
Ratings Services lowered to 'BB-' from 'BB+' its long-term
corporate credit and senior unsecured ratings on Pioneer
Corporation due to rapid capital erosion experienced by the
company in fiscal 2008 (ending March 31, 2009).  The ratings
action also reflects the risk of further deterioration in the
company's financial profile due to expected net losses through
fiscal 2009, related to the cost burden of structural reform.  At
the same time, Standard & Poor's placed the long-term corporate
credit and senior unsecured debt ratings on the company on
CreditWatch with negative implications.


RESONA BANK: Moody's Affirms 'D+' Bank Financial Strength Rating
----------------------------------------------------------------
Moody's Investors Service has affirmed the D+ bank financial
strength rating, Baa3 baseline credit assessment, and the
A1/Prime-1 long- and short-term deposit ratings for Resona Bank,
Ltd.  The bank's A2 senior and junior subordinated debt ratings
have been affirmed.  The rating outlooks are stable.

At the same time, Moody's Investors Service has withdrawn the C+
BFSR, A2 BCA as well as the A1/P-1 long- and short-term deposit
ratings of Resona Trust & Banking Co., Ltd.

The affirmation of Resona Bank's ratings and the withdrawal of
Resona Trust's ratings are in response to the completion of the
merger between the two companies that takes effect on April 1,
2009.  As announced in December 2008, Resona Bank acquired Resona
Trust on April 1, 2009, and Resona Trust was dissolved.

Moody's understands that the merger is in line with the group's
strategy to further strengthen its trust business franchise and
streamline operations within the group to achieve higher
efficiency.

Also, Moody's is of the opinion that the financial impact of the
merger on Resona Bank will be limited in light of Resona Trust's
revenue, despite the positive diversification impact on Resona
Bank's revenue.  Accordingly, there will be no rating impact on
Resona Bank, especially in light of Resona Trust's higher BFSR
rating (although the two entities have the same A1/P-1 deposit
ratings).

Moody's last rating action with respect to Resona Bank and Resona
Trust was taken on May 4, 2007, when Resona Bank's BFSR and long-
and short-term ratings were upgraded and Resona Trust's BFSR and
long-term ratings were upgraded.

Resona Bank, Ltd. is a major operating bank subsidiary of Resona
Holdings, Inc., which is a major banking group in Japan.

Resona Trust & Banking Co., Ltd., a wholly owned subsidiary of
Resona Holdings, Inc., is a trust bank and specializes in trust
and fiduciary services for wholesale and institutional clients.


SAIZEN REIT: Moody's Downgrades Corporate Family Rating to 'Ba3'
----------------------------------------------------------------
Moody's Investors Service has downgraded Saizen REIT's corporate
family rating to Ba3 from Ba1.  At the same time, the rating
remains on review for further possible downgrade.

"The downgrade reflects Saizen's rising liquidity pressure with
the presence of material refinancing risk in 4Q2009," says Kaven
Tsang, a Moody's AVP/Analyst.

"While Saizen has suspended dividend payouts to preserve liquidity
and is conducting a rights issue to address part of the
refinancing needs, a significant portion of the maturing CMBS
still does not have any committed funding arrangements.  This
material liquidity exposure will position Saizen more
appropriately at the Ba3 rating level," adds Tsang, also Moody's
lead analyst for the trust.

"The slow process in refinancing and the narrow nature of its
banking relationships would further increase Saizen's exposure to
market uncertainties, in view of the tightened nature of the
global credit environment and the distressed state of the banking
sector," comments Tsang.

"Meanwhile, Saizen is exposed to the weakening in the operating
environment and asset devaluation risk, as Japan's recession
deepens.  The latter could narrow the headroom for loan covenant
compliance," adds Tsang.

Partly mitigating these concerns is the fact that its properties
are in cities whose rental housing markets display fairly stable
histories, even during the downturns of the late 1990s and early
2000s.

Saizen's rating remains on review for possible downgrade and the
review will focus on the company's abilities to raise committed
funding to address the unfunded portion of the maturing CMBS in
4Q2009 against the backdrop of turbulence in the financial
markets.

Further downward rating pressure would evolve if Saizen's
liquidity position weakens, in the event that 1) Saizen fails to
complete its rights issues, and 2) there is no material progress
in securing committed funds -- over the next 2 months -- to
refinance the unfunded portion of the maturing CMBS in 4Q 2009.

The last rating action was on February 26, 2009, when Saizen's
rating was downgraded to Ba1 and Moody's continued its review for
further possible downgrade.

Saizen REIT is a multi-family REIT investing in Japanese regional
residential properties.  It listed on the Singapore Stock Exchange
in November 2007.  Its portfolio has 166 residential properties in
13 Japanese regional cities.  The total value of properties under
management is around JPY49 billion (US$500 million).  By revenue,
Sapporo is the largest contributor, representing 26%, followed by
Hiroshima (17%), and Kumamoto (14.7%).


SANYO ELECTRIC: Daiwa to Sell 25% Stake in Company
--------------------------------------------------
Bloomberg News reports Daiwa Securities Group Inc. agreed to sell
around 25% of its 29% holding in Sanyo Electric Co. to Panasonic
Corp.  The timing of the sale hasn't been decided, the report said
citing Daiwa in a statement.

The report relates Panasonic on Dec. 19 offered to pay as much as
JPY806.7 billion (US$8.2 billion), or JPY131 per share, to buy
Sanyo, which is poised to report a loss this year.

Sanyo, Bloomberg News recalls, was bailed out by Goldman Sachs
Group Inc., Daiwa and Sumitomo Mitsui Financial Group Inc. for
JPY300 billion in 2006 for a combined 70.5 percent stake in the
company.

Meanwhile, Reuters reports Panasonic said Wednesday it has asked
Daiwa to retain some of its holdings in Sanyo to reduce
acquisition costs.

Citing the Nikkei business daily, Reuters discloses Panasonic had
made similar requests to Sanyo's two other major shareholders,
Goldman Sachs and Sumitomo Mitsui.

Panasonic expects a net loss of JPY380 billion (US$3.85 billion)
for the just-ended business year due to slow demand and a firmer
yen, Reuters says.

                           About Sanyo

Headquartered in Osaka, Japan, Sanyo Electric Co. Ltd. --
http://www.sanyo.com/-- is one of the world's leading
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
November 14, 2008, Fitch Ratings placed Sanyo Electric Co. Ltd.'s
'BB+' Long-term foreign and local currency IDRs and senior
unsecured ratings on Rating Watch Positive.


TOKURA CONSTRUCTION: JCR Withdraws Rating on Senior Debts
---------------------------------------------------------
Japan Credit Rating Agency (JCR) has withdrawn the BB+/Negative
rating on senior debts of Tokura Construction Co. Ltd. at the
company's request.



===========
K U W A I T
===========

KUWAIT FINANCE: Fitch Downgrades Individual Rating to 'C/D'
-----------------------------------------------------------
Fitch Ratings has affirmed Kuwait Finance House's Long-term Issuer
Default Rating at 'A+' and Short-term IDR at 'F1'.  The Individual
Rating was downgraded to 'C/D' from 'C' and placed on Rating Watch
Negative.  KFH's Support '1' and Support Rating Floor 'A+' were
affirmed.  The Outlook for the Long-term IDR is Stable.

The downgrade in KFH's Individual Rating reflects Fitch's concerns
that the bank is highly exposed to Kuwait's distressed investment
companies, which contributed in part to the bank's significantly
higher loan impairment provisions and impaired loans for FY08.

"While the Kuwaiti sovereign support package to stabilize
financial markets, approved last week, is a positive development,
it is too early to judge its impact on KFH's credit fundamentals,"
" says Mahin Dissanayake, Associate Director in Fitch's Financial
Institutions team.  KFH anticipates being able to reverse some of
the provisions and impairments taken in 2008 for its investment
company exposure during 2009, if the sovereign's rescue plan is
successful.

The RWN on KFH's Individual Rating reflects the continuing
uncertainty surrounding Kuwaiti investment companies, as well as
KFH's large exposure to real estate, local equities and other
investments, which are experiencing sharply lower valuations in
the current downturn.  Fitch will resolve the RWN once the agency
has reviewed KFH's H109 figures and the agency has assessed the
bank's future provisioning requirements, asset quality and the
impact on profitability and capitalization.

KFH's IDRs and Support Rating reflect Fitch's view that there is
an extremely high probability that the bank would receive support
from the Kuwaiti authorities, if required.  This view is based on
the State's strong history of supporting local banks, KFH's
government-related shareholders and its systemic importance.
Downside risk to the IDRs is limited as the Long-term IDR is at
the Support Rating Floor.

Established in 1977 as Kuwait's first Islamic bank, KFH offers a
wide range of Shari'ah-compliant financial products and services.
KFH is the second largest bank in Kuwait.  The bank is listed on
the Kuwait Stock Exchange and the Kuwaiti government holds an
indirect stake of around 43%.


KUWAIT INTERNATIONAL: Fitch Affirms Individual Rating at 'C/D'
--------------------------------------------------------------
Fitch Ratings has affirmed Kuwait International Bank's Long-term
Issuer Default Rating at 'A-' (A minus), Short-term IDR at 'F2',
Individual Rating at 'C/D', Support Rating at '1' and Support
Rating Floor at 'A-' (A minus).  The Outlook on the Long-term IDR
is Stable.

KIB's IDRs and Support Rating reflect the extremely high
probability of support that could be expected from the Kuwaiti
authorities in case of need, based on the state's history of
support for local banks during past systemic crises.

The Individual Rating reflects KIB's successful conversion into an
Islamic bank and the many structural improvements to its business
since the July 2007 conversion.  It also considers KIB's
relatively small size, modest financial profile, high NPL ratio
and constraints on the funding side.

Previously known as Kuwait Real Estate Bank, the bank changed its
name to KIB upon conversion.  Before this, the bank operated under
a restricted banking license permitting real estate lending only.
As an Islamic bank, KIB has diversified into retail and corporate
banking, hired experienced managers and improved its risk
management framework. Fitch views these initiatives positively.

Fitch's main credit concerns stem from KIB's high exposure to
domestic real estate (most of which is historical lending) and
lending to Kuwaiti investment companies, as both sectors appear
vulnerable amid the current economic downturn.  KIB's NPL ratio at
end-2008 was a high 7%, and reserve coverage was a relatively low
76%, reflecting the collateral available in real estate finance.
The agency believes that KIB's liquidity has seen some tightening
with loan growth outpacing deposit growth, leading to its Fitch
calculated loan/deposit ratio rising to 113% at end-2008 (2007:
100%), although the bank continues to comply with Central Bank of
Kuwait liquidity requirements.

KIB's profitability grew strongly in 2008 as lending activity
accelerated from a low base.  Fitch expects KIB's prospects to
improve as it is only one of three Islamic banks in Kuwait.
Funding is primarily sourced from Islamic customer deposits, which
tend to be stable, although Fitch notes the very large
concentrations in the bank's customer deposit base and an
increasing reliance on short-term money market funds.  KIB is
adequately capitalized, reporting regulatory Tier 1 and total
capital ratios of 14.1% and 14.7% respectively.  However, the
agency notes that KIB's capital buffer has come under some stress
from its exposure to investment companies and its unreserved NPLs.

Established in Kuwait in 1973, KIB has a domestic market share of
around 3%.  Three local Kuwaiti enterprises each hold stakes of up
to 5% in the bank, with the outstanding shares widely held.


* KUWAIT: Bourse Halts 36 Stocks on Failure to Submit Results
-------------------------------------------------------------
AFP reports the Kuwait Stock Exchange suspended trading on
Wednesday in the stocks of 36 companies, mostly investment firms,
for failing to report in time their financial results for last
year.  The suspension is indefinite until companies report their
financial results, AFP says citing a statement on the KSE website.

According to the report, there are around 210 firms listed on the
Kuwait Stock Exchange and many of the companies which declared
2008 results have reported either massive losses or a sharp drop
in profit.

Twenty-five of the suspended stocks are investment companies, many
of which delayed results because they are expected to declare
heavy losses, traders cited by AFP said.

The report relates many Kuwaiti investment firms, which have
witnessed a rapid expansion in the past six years, have been
battered by the global economic crisis and the credit crunch and
some have defaulted on their debts.

Kuwait's 99 investment firms -- half of which are listed on the
bourse -- have a total debt of 17.2 billion dollars, about eight
billion dollars of which are owed to foreign banks and financial
institutions, AFP discloses.



=============
L E B A N O N
=============

* Moody's Upgrades Currency Government Bond Ratings to 'B2'
-----------------------------------------------------------
Moody's Investors Service has upgraded Lebanon's local and foreign
currency government bond ratings to B2 from B3.  The primary
reasons for this rating action are the substantial improvement in
external liquidity, the proven resistance of the public finances
to shocks, and the willingness and ability of the country's
resilient banking system to finance fiscal deficits.  Moody's has
also upgraded Lebanon's country ceiling for foreign currency bank
deposits to B2 from B3, while its country ceiling for foreign
currency bonds has been raised to B1 from B2.  Lebanon's local
currency country ceilings remain at Ba1.  The outlook on Lebanon's
sovereign ratings is stable.

"Lebanon's public finances have proven remarkably resistant to
serious political and economic shocks in recent years.  This is
due to the resilience of the country's banking system, which is
the government's primary creditor," explains Mr. Tristan Cooper,
lead sovereign analyst for Lebanon within Moody's Sovereign Risk
Group.  "Confidence in Lebanon's financial system has been
bolstered by the central bank's large cushion of foreign exchange
reserves, which protects the exchange rate peg, and its effective
regulation of domestic banks."

Moody's notes that the central bank's foreign exchange reserves
rose to US$17.6 billion in January 2009, up from US$9.8 billion at
the end of 2007.  This places the country's External Vulnerability
Index (the ratio of residual maturity short-term debt to official
foreign exchange reserves) in a more favorable position to serve
as a buffer to shocks while also providing ample cover for the
government's maturing foreign currency debt.  Following a debt
exchange in March 2009, the government does not face a significant
Eurobond maturity until March 2010.  In 2010 as a whole, the
government's Eurobond maturities amount to around US$2 billion.
Moreover, the central bank also holds a large amount of gold,
worth US$8.5 billion in January, although the liquidity of the
gold could potentially be constrained given that parliament must
approve its sale.

Lebanon's commercial banks also remain liquid, are well-
capitalized and have continued to attract deposits from abroad.
Total bank deposits increased by around 14% in the 12 months to
January.  Moody's notes that Lebanon's banks have not been exposed
to toxic financial assets or failed western financial
institutions, partly because of rigorous central bank regulations.
While there is a risk that bank deposits could fall in the event
of a serious political or economic upheaval, Moody's observes that
they have displayed a high level of stability during previous
crises.  The bulk of deposits are sourced from the country's wide
and loyal diaspora.

"Moody's is well aware of Lebanon's significant political and
economic vulnerabilities.  These include wide twin deficits, a
very high public debt overhang, a fractious domestic political
environment, and a precarious geopolitical location," says Mr.
Cooper.  The rating agency cautions that the country's heated
politics could be stirred up by the elections in June, and that
there is no guarantee that the government's weak effectiveness
will improve thereafter.  Moody's remains concerned by the
sluggish progress in implementing much-needed economic reforms.
Lebanon's economy is expected to suffer this year as the real
sector and the balance of payments are hit by falling external
demand and lower inward remittances, symptoms of the global
economic slump.

"However, Moody's believes that such risks are adequately
encapsulated in a B2 rating, which is low on Moody's global
scale," says Mr. Cooper.  Moody's also derives reassurance from
Lebanon's history of financial support from committed external
donors.

The last rating action on Lebanon was implemented by Moody's on 11
December 2009, when Moody's changed the outlook on the country's
ratings to positive from stable.



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

GOLD BRIDGE: Reprimanded for Breach of Bursa's Listing Rules
------------------------------------------------------------
On April 1, 2009, Bursa Malaysia Securities Berhad publicly
reprimanded Gold Bridge Engineering & Construction Berhad for
breaching Paragraphs 9.16(1)(a) and 15.13(1)(g) of Bursa
Securities Listing Requirements.

In addition, Gold Bridge was required to carry out a limited
review on the company's quarterly report submission.  The limited
review must be performed by the company's external auditors for
four quarters commencing from the quarterly report for the
financial period ended March 31, 2009.  The quarterly report
announcements must state that it has been reviewed by the
company's external auditors.

Bursa Securities has also taken enforcement action against the
these Gold Bridge directors in relation to the company's breach of
paragraph 9.16(1)(a):


Director              Position                  Penalty
--------              --------                  -------

Dato' Nadzir Bin      Non Executive Chairman    Public Reprimand
Haji Sheikh Fadzir                              and fine of
                                                 MYR25,000

Dato' Abdul Aziz bin  Managing Director         Public Reprimand
Haji Sheikh Fadzir                              and fine of
                                                 MYR50,000

Dato' Abdul Manaf bin Independent Non           Public Reprimand
Abdul Hamid           Executive Director        and fine of
                       Audit Committee Member    MYR25,000


Ishak @Abd Rahman     Independent Non           Public Reprimand
bin Mohamad           Executive Director        and fine of
                       Audit Committee Chairman  MYR25,000

Rosli Bin Rashid      Executive Director        Public Reprimand
                       Audit Committee Member    and fine of
                                                 MYR25,000

Baba Zain bin         Independent Non-Executive Public Reprimand
Baba Ein              Director                  and fine of
                       Audit Committee Member    MYR10,000

According to Bursa Securities, Gold Bridge has breached:

   (a) Paragraph 9.16(1)(a) of the LR in relation to the
       company's announcement dated August 30, 2007, on
       the fourth quarterly report for the financial year
       ended June 30, 2007 ("4th QR 2007") which failed to
       take into account the adjustments as stated in the
       company's announcement dated March 28, 2008.

       Gold Bridge had reported an unaudited loss after
       taxation and minority interest of MYR24.819 million
       in the 4th QR 2007 ("Unaudited Results").  However,
       the company had on March 28, 2008, reported an audited
       loss after taxation and minority interest of MYR49.235
       million in its annual audited accounts for the financial
       year ended June 30, 2007 ("Audited Results").  The
       difference between the Unaudited Results and the
       Audited Results of MYR24.416 million represents a
       deviation of approximately 98.4%; and

   (b) Paragraph 15.13(1)(g) of the LR for failing to ensure
       the Audit Committee reviewed the 4th QR 2007 prior to
       the approval of the Board of Directors.

       Dato' Nadzir Bin Haji Sheikh Fadzir, Dato' Abdul Aziz
       bin Haji Sheikh Fadzir, Dato' Abdul Manaf bin Abdul
       Hamid, Ishak @Abd Rahman bin Mohamad, Rosli Bin Rashid
       and Baba Zain bin Baba Ein who were the directors of
       the company at the material time were found to be in
       breach of paragraph 16.11(b) of the LR for permitting
       either knowingly or where they had reasonable means of
       obtaining such knowledge the Company to commit the
       breach of paragraph 9.16(1)(a) of the LR.

The penalties on Gold Bridge and the directors are imposed
pursuant to paragraph 16.17 of the LR upon completion of due
process and after taking into consideration all facts and
circumstances of the matter including in relation to the
directors, the roles and responsibilities of each director in the
Company particularly pertaining to the maintenance and preparation
of financial statements.

Bursa Securities views the above contraventions seriously and
cautions Gold Bridge and its Board of Directors on their
responsibility to maintain appropriate standards of corporate
responsibility and accountability in order to achieve greater
disclosure and transparency to its shareholders and the investing
public.

                        About Gold Bridge

Headquartered in Kuala Lumpur, Malaysia, Gold Bridge Engineering
& Construction Berhad develops residential and commercial
properties and provision of civil engineering and general
construction services.  The Company's other activities include
boat building and repairing of ships, manufacturing and
supplying of ready-mixed concrete and provision of related
services, management of golf and beach resort and investment
holding.  Operations are carried out principally in Malaysia.
The Company has incurred losses in the past.  It also defaulted
on several loan facilities, which caused it to fall under Bursa
Malaysia Securities Berhad's Practice Note 1/2001 category.

                          *     *     *

Gold Bridge is currently listed as an affected  issuer under
Amended Practice Note No. 17/2005 List of Companies of the Bursa
Malaysia Securities Bhd, and is required to submit a
regularization plan.


LITYAN HOLDINGS: To Hold Extraordinary Meeting on April 23
----------------------------------------------------------
Lityan Holdings Berhad will hold an extraordinary general meeting
at 10:00 a.m., on April 23, 2009, at Ballroom I, Tropicana Golf &
Country Resort, Jalan Kelab Tropicana, 47410 Petaling Jaya, in
Selangor Darul Ehsan.

At the meeting, the members will be asked to consider and if
thought fit, pass this resolution as ordinary resolution:

  -- proposed disposal of levels 1 to 6 located within a
     six (6)-storey office building known as Bangunan C,
     Peremba Square, Saujana Resort, Section U2, 40150
     Shah Alam, Selangor Darul Ehsan held under H.S. (D)
     86913, Lot No. P.T. 100, in the Town of Bandar Saujana,
     District of Petaling, State of Selangor Darul Ehsan
     and on-site fittings, machinery, equipment and fixture
     material to ownership, maintenance, use or operation
     of the building by Lityan Management Sdn Bhd, a
     wholly owned subsidiary of Lityan, to Lembaga Tabung
     Haji for a cash consideration of MYR18,113,178.

Headquartered in Selangor Darul Ehsan, Malaysia, Lityan Holdings
Berhad -- http://www.lityan.com.my/-- sells and provides
maintenance services and rental of computer equipment,
peripherals, telecommunication equipment and related services.
The Company's other activities include provision of building
maintenance and management services, developing and marketing of
new client-server programming tools and application software,
operation of public mobile data network, property investment and
investment holding.  The Group carries out its operations in
Malaysia and the Philippines.

On May 10, 2005, the company was classified as an affected
listed issuer pursuant to Bursa Malaysia Securities Berhad's
Practice Note 17 category.  On January 16, 2006, the Company
entered into a conditional Restructuring Agreement to undertake
the Proposed Restructuring Scheme with the intention of
restoring itself onto stronger financial footing via an
injection of new viable businesses.


RANHILL BHD: Johor 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 its 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
====================

FELTEX CARPETS: Former Directors Face $41-Mln Lawsuit
-----------------------------------------------------
Five former directors of Feltex Carpets are facing another court
claim for up to $41 million in damages, filed by liquidators
McDonald Vague, The National Business Review reports.

John Whittfield and Peri Finnigan, according to the report, issued
proceedings in the High Court at Auckland against Peter Hunter,
Peter Thomas, Tim Saunders, Michael Feeney and John Hagen.

The report relates the liquidators' counsel, Kerry Fulton, said
the claims fall into 3 classes: failure to act in good faith and
best interest of Feltex; failure to disclose to market; and
reckless trading.

The Troubled Company Reporter-Asia Pacific, citing The New
Zealand Herald, reported the five former directors appeared in the
Auckland District Court on Feb. 2, to face criminal charges laid
against them by the Registrar of Companies.

The Herald said the charges relate to information provided in the
company's interim financial statements for the six-month period
ended December 31, 2005.

The matter, the Herald noted, was remanded to April 7 for a status
hearing.

According to the Business Review, Feltex directors are also
fighting a class action brought against them and Feltex's former
owners, Credit Suisse First Boston Asian Merchant Partners, Credit
Suisse Private Equity as promoter of the 2004 IPO, and organizing
participants and joint lead managers, First NZ Capital and Forsyth
Barr.

                       About Feltex Carpets

Headquartered in Auckland, New Zealand, and established over 50
years ago, Feltex Carpets Limited -- http://www.feltex.com/--
has built a reputation for being one of the world's leading
manufacturers of superior-quality carpet.  The Feltex operation
includes a wool scouring plant, six spinning mills, three tufted
carpet mills, a woven carpet mill and offices in New Zealand,
Australia and the United States.  The company also leads the way
in exports, with customers throughout South East Asia, Japan,
the United States, the Middle East and other key world markets.

NZ Bank placed the company in receivership on Sept. 22, 2006,
and named Colin Nicol, Peter Anderson and Kerryn Downey,
of McGrathNicol+Partners, as receivers and managers.

The TCR-AP reported on Oct. 4, 2006, that Godfrey Hirst
acquired Feltex as a going concern, including its assets and
undertakings in New Zealand, Australia, and the United States.
Proceeds of the sale will be used to ease the company's NZ$128-
million debt to ANZ Bank.

On Dec. 13, 2006, the High Court in Auckland ruled in favor of
an application by the Shareholders Association against Feltex
Carpets putting the carpet maker into liquidation.  John Vague was
appointed as liquidator.


FINZSOFT SOLUTIONS: Expects to Incur NZ$750,000 Annual Loss
-----------------------------------------------------------
Finzsoft Solutions Ltd is expecting to make an after tax loss of
NZ$750,000 in the year ended March 31, The New Zealand Herald
reports.

The company, which is a financial software provider, reported a
loss of NZ$330,000 last year, the report adds.

"Finzsoft advises that the difficult trading conditions in the
banking and finance sector have had a flow-on effect on the
company, although more recent trends provide greater confidence
for the forthcoming year", the company was quoted as saying by
Computerworld in its preliminary announcement to the New Zealand
Stock Exchange.

Finzsoft Solutions Limited (NZE:FIN) -- http://www.finzsoft.com
-- is a New Zealand-based information technology company that has
focused on the development, sales and support of the Sovereign
finance and banking software.  This software operates the core
business for finance companies, building societies, mortgage
lenders, credit unions and all finance institutions that lend
money or take savings and deposits.  The Company operates in two
segments: software delivery and support, and transactional
banking. Software delivery and support segment is engaged in the
development, sale and implementation of Sovereign software.
Transactional banking segment is engaged in the Diamond Card
transactional banking revenue and direct costs.


FLETCHER BUILDING: Raises $406.5MM from Institutional Investors
---------------------------------------------------------------
Fletcher Building Limited said it has successfully raised
$406.5 million of new equity to institutional investors.

Chief Executive Officer, Mr. Jonathan Ling, said 76 million shares
had been placed at $5.35 per share.

Mr. Ling said, "The completion of the placement represents a vote
of confidence in the company's strategy of proactively acting to
strengthen its capital structure and appropriately restructure the
business for the current environment.  There has been significant
support from existing institutional shareholders and strong
interest from a range of additional domestic and international
institutional shareholders."

The new shares are expected to be settled on April 8 with
quotation on April 9.  Goldman Sachs JB Were and Macquarie acted
as Joint Lead Managers and Underwriters for the placement.

The institutional placement will be complemented by a $100 million
Share Purchase Plan and Top-Up Offer, which will provide retail
shareholders in New Zealand and Australia the opportunity to
participate in the capital raising.

As reported in the Troubled Company Reporter-Asia Pacific on
April 2, 2009, Fletcher Building said it is seeking to raise
equity of between NZ$465 million and NZ$505 million to reduce net
debt.

                     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



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

* PHILIPPINES: ADB Predicts 2.5% Economy Growth in 2009
-------------------------------------------------------
The Philippine economy is likely to decelerate this year, before
picking up slightly in 2010, as weak global demand for the
country's goods and services slows down consumption and
investment, the Asian Development Bank (ADB) says in a new major
report.

ADB's flagship annual economic publication, Asian Development
Outlook 2009 (ADO 2009), predicts the country's economy is likely
to expand by 2.5% this year down from 4.6% in 2008 and 7.2% in
2007.  It forecasts that the economy will recover slightly to 3.5%
in 2010, assuming that the global economy and trade pick up late
next year.

"Similar to other countries in Southeast Asia, the near-term
challenges for the Philippines are twofold: safeguarding the
achievements of recent years among them stronger growth momentum
and progress in fiscal management and protecting the most
vulnerable groups in society at risk during the slowdown," says
ADB Acting Chief Economist Jong-Wha Lee.

Domestic consumption is projected to grow by just 3%, as
remittances from overseas Filipino workers stagnate in US dollar
terms on the back of a weak global labor market.  The number of
workers going abroad last year rose until November on a year-on-
year basis, but fell by 5.8% in December.  In addition, the local
labor market is also bleak as export industries trim their
workforce and more laid-off overseas workers return home.

Domestic and foreign private investment is expected to remain
sluggish this year because of the weak demand for exports and the
global credit squeeze.

On the other hand, public spending on infrastructure and social
welfare projects is expected to pick up the slack in economic
activities, supported by the government's US$6.9 billion
(PHP330 billion) economic stimulus package.

As a result, fiscal spending is projected to rise substantially,
with the budget deficit widening to about 2.5% of GDP.  The report
warns that further fiscal slippage beyond this level could
unsettle financial markets and rating agencies, raising borrowing
costs for the country.

"Further increases in revenue as a share of GDP and reductions in
debt would not only reduce vulnerabilities, but also build the
fiscal resources required for development spending on
infrastructure and on social programs," says Dr. Lee.

Average inflation is set to moderate to 4.5% this year down from
an average of 9.3% in 2008 as a result of the economic slowdown
and lower prices for imported oil and food.  This could pave the
way for further easing in monetary policy to support growth.

Domestic risks to the outlook include delays to the economic
stimulus package and capacity constraints that could hamper
implementation of stimulus-related projects.



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

MACARTHURCOOK INDUSTRIAL: Moody's Cuts Corp. Family Rating to 'B2'
------------------------------------------------------------------
Moody's Investors Service has downgraded Macarthurcook Industrial
REIT's corporate family rating to B2 from B1.  At the same time,
Moody's continues its review of the rating for possible further
downgrade.

"The downgrade reflects the existence of heightened liquidity
pressure, given that the company has not yet secured definitive
long-term refinancing for its S$201 million loan originally due on
April 18, 2009," says Kathleen Lee, a Moody's VP/ Senior Analyst
and its lead analyst for the trust.

Moody's notes that the trust announced on March 31, 2009, that its
existing bankers, Commonwealth Bank of Australia Limited and
National Australia Bank Limited, have granted for the maturing
debt a 2-month extension to June 16, 2009.

"And while Moody's recognizes the steps taken by the trust to
address this maturing loan, it remains uncertain as to what terms
and conditions will accompany any refinancing exercise", says Lee.

"The downgrade to B2 also reflects Moody's concerns that MI-REIT
has unfunded financing needs of S$91 million for the completion of
a put & call option over the 4A International Business Park by
December 31, 2009; a situation which means funding challenges,
given tight credit market conditions and the trust's limited
financial flexibility, as all its assets are encumbered to
existing lenders," adds Lee.

"Moreover, MI-REIT's committed acquisition was priced at a time
when real estate values were still on the up-trend in August 2007,
while the values of industrial property assets have softened from
4Q08", adds Lee.

Moody's review for possible further downgrade will focus on
MI-REIT's 1) progress in -- and terms of -- the refinancing
efforts for its debt maturing on June 16, 2009; 2) funding of the
4A International Business Park acquisition under a "sale & lease
back" call & put option by December 31, 2009; and 3) steps to
refinance the company's loan of JPY1.5 billion due in
December, 2009.

The last rating action on MI-REIT was taken on February 5, 2009,
when the rating was downgraded to B1 from Ba2, with a continued
review for downgrade.

Headquartered in Singapore, MI-REIT is a real estate investment
trust that owns and invests in a portfolio of industrial
properties.  The company reported investment property assets of
approximately S$553.4 million and gross revenue of $13 million for
the second quarter ended December 31, 2008.



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

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

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


AUSTRALIA

ADVANCE HEAL-NEW           AHGN      16933460.19     -8226075.95
ADVANCE HEALTHCA            AHG      16933460.19     -8226075.95
ALLOMAK LTD                 AMA      40685785.47     -5913422.67
ALLSTATE EXPLORA            ALX      16169603.20    -50619940.96
ALLSTATE EXPL-PP          ALXCC      16169603.20    -50619940.96
ANTARES ENERGY L            AZZ      14174189.76     -6756494.56
ARC EXPLORATION             ARX      56414197.69    -20454926.06
AUSMELT LTD                 AET      10421943.80     -1558622.35
AUSTAR UNITED               AUN     448602007.58   -261905005.38
AUSTRAILIAN Z-PP          AZCCA      77741918.88     -2566335.24
AUSTRALIAN ZIRC             AZC      77741918.88     -2566335.24
BABCOCK & BROWN             BCM    7921901248.89   -381294562.59
BIRON APPAREL LT            BIC      19706738.17     -2220069.83
BISALLOY STEEL G            BIS      54556820.43     -7472108.44
CHEMEQ LIMITED              CMQ      25194855.59    -24254413.72
CITY PACIFIC LTD            CIY     171501648.08     -6383353.75
ELLECT HOLDINGS             EHG      18245003.37    -15487781.92
ETW CORP LTD                ETW      83708786.34    -58673955.65
FORTESCUE METALS            FMG    4293524492.00   -378456209.91
FULCRUM EQUITY L            FUL      19209266.15     -3664831.35
LAFAYETTE MIN               LAF     105239389.93   -190859526.77
MAC COMM INFR-CD            MCGCD  8104415200.76   -103343256.49
MACQUARIE COMMUN            MCG    8104415200.76   -103343256.49
METAL STORM LTD             MST      14309243.10     -5126410.11
TOOTH & CO LTD              TTH     143720715.19    -94300033.83
VERTICON GROUP              VGP      21729291.58    -11591492.96
VIDELLI LTD                 VID     180731676.67    -11205963.43

CHINA

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

HONG KONG

APTUS HLDGS LTD            8212      54183295.49     -5233351.51
ASIA TELEMEDIA L            376      16618871.08     -5369335.42
CHIA TAI ENTERPR            121     313740803.76    -49562387.78
CHINA GRAND PHAR            512      23135825.94     -7596740.75
CHINA HEALTHCARE            673      29513119.73     -7815705.47
CORE HEALTHCARE            8250      27890609.26    -11660364.96
EGANAGOLDPFEIL               48     557892423.39   -132858951.98
EMPEROR ENTERTAI           8078      35493733.40     -2976735.60
HISENSE ELEC-H              921     710500493.66    -81769686.15
NEW CITY CHINA             456      113178595.41     -9932226.54
PALADIN LTD                495      186461196.61     -9780904.71
PALADIN LTD -PRE           642      186461196.61     -9780904.71
WAI CHUN MINING            660       20322907.97     -8149450.16

INDIA

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


INDONESIA

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


JAPAN

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


KOREA

FIRST FIRE & MAR         000610    2044031310.36     -1780221.91

MALAYSIA

ENERGREEN CORP             ECB       25339141.27    -43055041.82
LITYAN HLDGS BHD            LIT      22219653.83    -28844509.51
NIKKO ELECTRONIC          NIKKO      11848555.26     -8049133.18
PANGLOBAL BHD               PGL     154526312.03   -196600884.35
PECD BHD                   PECD     192983533.96   -369308385.35
WONDERFUL WIRE               WW      22721443.48     -1936371.54
WWE HOLDINGS BHD            WWE      67986614.2      -3400656.26


NEW ZEALAND

DOMINION FINANCE           DFH      258902749.12    -55312405.88


PHILIPPINES

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


SINGAPORE

ADV SYSTEMS AUTO            ASA       15738651.44    -8778195.07
CHUAN SOON HUAT             CSH       35287522.69   -11167501.56
FALMAC LTD                  FAL       10907421.75    -5669361.14
HL GLOBAL ENTERP           HLGE      105185881.93    -8816485.24
INFORMATICS EDU            INFO       24731271.45    -5096073.27
LINDETEVES-JACOB             LJ      160132958.13   -73605538.13
OCEAN INTERNATIO          OCEAN       61659949.85   -13720313.13
SUNMOON FOOD COM          SMOON       16158450.92   -13753828.36
WESTECH ELECTRON            WTE       28098021.50   -12602338.58

TAIWAN

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


THAILAND

ABICO HOLDINGS            ABICO       16687406.79    -9849452.81
ABICO HOLD-NVDR         ABICO-R       16687406.79    -9849452.81
ABICO HLDGS-F           ABICO/F       16687406.79    -9849452.81
BANGKOK RUB-NVDR          BRC-R       86059276.81   -66357490.80
BANGKOK RUBBER              BRC       86059276.81   -66357490.80
BANGKOK RUBBER-F          BRC/F       86059276.81   -66357490.80
CENTRAL PAPER IN          CPICO       13252670.48  -241782725.56
CENTRAL PAPER-NV        CPICO-R       13252670.48  -241782725.56
CENTRAL PAPER-F         CPICO/F       13252670.48  -241782725.56
CIRCUIT ELEC PCL         CIRKIT       61295807.28   -25886476.66
CIRCUIT ELE-NVDR     CIRKIT-RTB       61295807.28   -25886476.66
CIRCUIT ELEC-FRN       CIRKIT/F       61295807.28   -25886476.66
DATAMAT PCL                 DTM       12690638.93    -6132014.29
DATAMAT PCL-NVDR          DTM-R       12690638.93    -6132014.29
DATAMAT PLC-F             DTM/F       12690638.93    -6132014.29
ITV PCL                     ITV       32184803.45   -75222598.62
ITV PCL-NVDR              ITV-R       32184803.45   -75222598.62
ITV PCL-FOREIGN           ITV/F       32184803.45   -75222598.62
K-TECH CONSTRUCT          KTECH       83204235.85    -5693045.29
K-TECH CONTRU-R         KTECH-R       83204235.85    -5693045.29
K-TECH CONSTRUCT        KTECH/F       83204235.85    -5693045.29
KUANG PEI SAN            POMPUI       18782550.85   -14068562.52
KUANG PEI-NVDR       POMPUI-RTB       18782550.85   -14068562.52
KUANG PEI SAN-F        POMPUI/F       18782550.85   -14068562.52
MALEE SAMPRAN             MALEE       56829657.96    -6993880.74
MALEE SAMPR-NVDR        MALEE-R       56829657.96    -6993880.74
MALEE SAMPRAN-F         MALEE/F       56829657.96    -6993880.74
NEW PLUS KNITT              NPK       10075187.17    -2034472.09
NEW PLUS KN-NVDR          NPK-R       10075187.17    -2034472.09
NEW PLUS KNITT-F          NPK/F       10075187.17    -2034472.09
SAFARI WORLD PUB         SAFARI      105846131.92   -13361065.40
SAFARI WORL-NVDR     SAFARI-RTB      105846131.92   -13361065.40
SAFARI WORLD-FOR       SAFARI/F      105846131.92   -13361065.40
SAHAMITR PRESSUR           SMPC       27259301.93   -34589170.90
SAHAMITR PR-NVDR         SMPC-R       27259301.93   -34589170.90
SAHAMITR PRESS-F         SMPC/F       27259301.93   -34589170.90
SUNWOOD INDS PCL            SUN       29427364.98    -6703524.31
SUNWOOD INDS-NVD          SUN-R       29427364.98    -6703524.31
SUNWOOD INDS-F            SUN/F       29427364.98    -6703524.31
THAI-DENMARK PCL          DMARK       15715462.27   -10102519.69
THAI-DENMARK-F           DMARK/F      15715462.27   -10102519.69
THAI-DENMARK-NVD         DMARK-R      15715462.27   -10102519.69
UNIVERSAL STARCH            USC       86972750.14   -49004706.42
UNIVERSAL S-NVDR          USC-R       86972750.14   -49004706.42
UNIVERSAL STAR-F          USC/F       86972750.14   -49004706.42



                         *********

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

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

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


                            *********


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

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

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

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

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





                 *** End of Transmission ***