TCRAP_Public/090406.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Monday, April 6, 2009, Vol. 12, No. 67

                            Headlines

A U S T R A L I A

FORTESCUE METALS: ASIC to Commence Court Action Today
FORTESCUE METALS: In Talks on Ore Sale to Europe
GENERAL MOTORS: European Units May Need More Drastic Govt. Aid
GOODMAN GROUP: S&P Cuts Rating on Goodman Plus Hybrid to 'BB+'
PAPERLINX LIMITED: Analysts Pare 2009 Profit Outlook by 64%


H O N G  K O N G

AMERSHAM HEALTH: Members' Final Meeting Set for April 28
BEP CORPORATE ET AL: Creditors' Meeting Set for April 7
BEST INNOVATIONS: Member to Receve Wind-Up Report on April 30
BEST UNITED: Members' Meeting Set for March 20
BK338 LIMITED: Members' Meeting Set for May 26

ELTON LIMITED: Creditors' Proofs of Debt Due on May 4
GALLAS PUBLISHING: Annual Meetings Set for May 5
GOLDFLAG LIMITED: Members' Final Meeting Set for April 30
INTERNATIONAL ASSOCIATION: Members' Final Meeting Set for April 28
KWAN TAT: Pays First Dividend to Creditors

KWUN TONG: Tung Steps Down as Liquidator
MICHINOKU FINANCE: Lam and Toohey Step Down as Liquidators
ORIENT PROPERTY: Creditors' Meeting Set for April 17
PERFECT CHARTER: Placed Under Voluntary Wind-Up
SOCORO ENTERPRISES: Creditors' Proofs of Debt Due on May 4

STRONG OFFER: Annual Meetings Set for April 20
SUNICE INTERNATIONAL: Appoints Hang as Liquidator
TOTAL PROFIT ET AL: Creditors Hold Meetings


I N D I A

BIOPAC INDIA: Fitch Assigns 'B-' National Long-Term Rating
EAST COAST: CRISIL Rates Rs.80 Mln Cash Credit Limits at 'BB+'
HP COTTON: Susceptibility to Default Cues 'CARE B' Ratings
JET AIRWAYS: Sahara Airlines Says Company Defaulted on Obligations
NAMAN MALL: CRISIL Rates Rs.400MM Rupee Term Loans at 'BB(so)'

PBM POLYTEX: CARE Rates Long-Term Bank Facilities at 'CARE BB+'
RUSHIL DECOR: CARE Rates Rs.23.44 cr Bank Facilities at 'CARE BB'
SOUTH INDIAN: Fitch Affirms Individual Rating at 'D'
STELCO STRIPS: CARE Assigns 'CARE BB+' Rating on LT Bank Loan
TATA MOTORS: March 2009 Domestic Sales Drop 13%

TATA MOTORS: Singur Factory Set to be Revived, Gov't Official Says
VISHESH ENGINEERING: Low Net Worth Prompts CRISIL 'BB' Rating
WOCKHARDT LIMITED: Fitch Downgrades Long-Term Rating to 'B'


I N D O N E S I A

PAL INDONESIA: BNI Grants US$25.6-Mil. Loan to Build 4 Tankers
SARIJAYA PERMANA: Bapepam-LK Mulls on Revoking Business Permit


J A P A N

CITIGROUP INC: Seeks Bidders for Nikko Asset Management Co.
CITIGROUP INC: 3 Japanese Firms Submit Bids for Nikko Cordial
SANYO ELECTRIC: To Cut Hiring of New Recruits by 80%


K O R E A

BOSTON SCIENTIFIC: South Korean Study Won't Move S&P's BB+ Rating
* KOREA: 15% of Korean Builders Lack Capital, Survey Says


L E B A N O N

* Moody's Upgrades Ratings on Four Lebanese Banks to 'B2'


M A L A Y S I A

AXIS INC: Appoints Ferrier Hodgson as Investigative Accountant
LITYAN HOLDINGS: Loan Default Reached Over MYR42.9-Mln in March
PILECON ENG'G: SC Approves Disposal of 5.1 Million ESB Shares


N E W  Z E A L A N D

GENEVA FINANCE: Banker Reaffirms NZ$35 Mln. Debt Facility
HANOVER FINANCE: Bad Debt Provisioning Increases by NZ$9 Mln.


S O U T H  A F R I C A

PAMODZI GOLD: Wants East Rand Mine Under Provisional Judicial Mgt


S R I  L A N K A

CEYLEASE FINANCIAL: Fitch Assigns 'BB+' National Long-Term Rating


T A I W A N

WAN HAI: Moody's Reviews 'Ba1' Corporate Family Rating


                         - - - - -



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

FORTESCUE METALS: ASIC to Commence Court Action Today
-----------------------------------------------------
The Australian Securities & Investments Commission ("ASIC") will
commence proceedings against Fortescue Metals Group Ltd and its
CEO Andrew Forrest, in Perth, today, April 6, 2009.  The hearing
is before Justice Gilmour and is set down for five weeks.

Tony D'Aloisio, Chairman of ASIC, said the case will examine the
responsibility of listed companies and its executives to keep the
market properly informed in relation to disclosable agreements.

"Keeping markets properly informed underpins confidence in the
integrity of our markets and in doing so, it assists in keeping
the cost of capital low which is important as our companies
recapitalise," Mr. D'Aloisio said in a statement.

The regulator said the case centers on a series of announcements
Fortescue made to the market between August 23, 2004 and
November 9, 2004 concerning certain framework agreements with
three major state owned Chinese companies.

ASIC alleged that Fortescue engaged in misleading and deceptive
conduct by overstating the substance and effect of agreements with
the three Chinese companies, in announcements and media releases
made to the market and investors.

ASIC also alleged Fortescue failed to comply with its continuous
disclosure obligations under the Corporations Act (the Act) by
failing to correct the misleading announcements and disclose the
contents of the agreements.

In relation to Mr. Forrest, ASIC alleged that he was involved in
FMG's alleged contravention and also, that he breached his duty as
a director to exercise care and diligence under the Act by failing
to ensure that Fortescue complied with its obligations under the
Act.

ASIC said it is seeking civil penalties against the company and
Mr. Forrest.  The maximum penalties that Fortescue and Mr. Forrest
could be ordered to pay is $6 million and $4.4 million,
respectively.   ASIC has also asked the Federal Court to consider
disqualifying Mr. Forrest from as acting as a director.

                      About Fortescue Metals

Headquartered in West Perth, Western Australia, Fortescue Metals
Group Limited (ASX: FM) -- http://fmgl.com.au/-- is involved in
the exploration of iron ore through a project to mine iron ore
in the Chichester Ranges, in the Pilbara region of Western
Australia and exporting it from Port Hedland.

                          *     *     *

Fortescue reported consecutive net losses for the past three
fiscal years.  Net loss for the year ended June 30, 2008, was
AU$2.52 billion, while net losses for FY2007 and FY2006 were
AU$192.26 million and AU$2.15 million, respectively.


FORTESCUE METALS: In Talks on Ore Sale to Europe
------------------------------------------------
Andrew Hobbs at Bloomberg News reports Fortescue Metals Group Ltd
is in talks to sell ore to European steel mills as declining
freight rates make shipping to the continent more attractive.

"We've got Europe ringing us up and saying can you supply us,"
Bloomberg News quoted Executive Director Graeme Rowley as saying
at a briefing in Sydney on April 2.  "We are negotiating right
now."  The report relates Mr. Rowley said talks are on with more
than one mill.

Headquartered in West Perth, Western Australia, Fortescue Metals
Group Limited (ASX: FM) -- http://fmgl.com.au/-- is involved in
the exploration of iron ore through a project to mine iron ore
in the Chichester Ranges, in the Pilbara region of Western
Australia and exporting it from Port Hedland.

                        *     *     *

Fortescue reported consecutive net losses for the past three
fiscal years.  Net loss for the year ended June 30, 2008, was
AU$2.52 billion, while net losses for FY2007 and FY2006 were
AU$192.26 million and AU$2.15 million, respectively.


GENERAL MOTORS: European Units May Need More Drastic Govt. Aid
--------------------------------------------------------------
General Motors Corp.'s European units may need "more drastic"
government intervention to save the operations should efforts to
secure help from a third-party investor fail, Sharon Terlep at The
Wall Street Journal reports, citing people familiar with the
matter.

WSJ states that GM promised a revamp of its money-losing European
operations as part of its request for up to $30 billion in U.S.
government loans.

According to WSJ, GM said that its European restructuring may not
be complete until midyear and that the Company is developing
"contingency plans" in case talks with investors and the German
government fail.  WSJ states that GM is seeking government loan
guarantees that would entice a third party to invest in the
Company's Opel/Vauxhall operations.  Citing people familiar with
the matter, WSJ states that GM believes it can secure government
backing by the end of the second quarter.

WSJ relates that GM said that it expects no financial aid from the
Swedish government unless it can find an investor for its Swedish
Saab unit, which the Company is looking to offload.  GM is seeking
court protection for the unit from creditors, the report says.

GM, according to WSJ, said that it is also in talks with the
Export-Import Bank of Thailand about loans for operations there.

         GM to Cut Shifts at Australian Assembly Plant

Dow Jones Newswires reports that GM Holden Chairman and Managing
Director Mark Reuss said that the subsidiary will halve shifts at
its Elizabeth assembly plant in Adelaide.  Australian Broadcasting
Corp. radio quoted Mr. Reuss as saying, "We are going to move from
a two shift set of production here at Elizabeth to a two crew
single shift with no redundancies or retrenchments."

The changes will be made due to the global financial crisis that
decreased export markets of up to 80% for some products, Dow Jones
states, citing Mr. Reuss.  According to Dow Jones, Mr. Reuss said
that despite the slowdown, GM Holden has managed to maintain low
inventory levels and will be continuing to produce V8 vehicles.

                    About General Motors

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries.  In 2007, nearly 9.37 million GM cars and
trucks were sold globally under the following brands: Buick,
Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security and
information services.

GM Europe is based in Zurich, Switzerland, while General Motors
Latin America, Africa and Middle East is headquartered in
Miramar, Florida.

As reported in the Troubled Company Reporter on Nov. 10,
2008, General Motors Corporation's balance sheet at
Sept. 30, 2008, showed total assets of US$110.425 billion, total
liabilities of US$170.3 billion, resulting in a stockholders'
deficit of US$59.9 billion.

General Motors Corp. admitted in its viability plan submitted to
the U.S. Treasury on February 17 that it considered bankruptcy
scenarios, but ruled out the idea, citing that a Chapter 11 filing
would result to plummeting sales, more loans required from the
U.S. government, and the collapse of dealers and suppliers.

A copy of GM's viability plan is available at:

              http://researcharchives.com/t/s?39a4

The U.S. Treasury and U.S. President Barack Obama's automotive
task force are currently reviewing the Plan, which requires an
additional $16.6 billion on top of $13.4 billion already loaned by
the government to GM.

As reported in the Troubled Company Reporter on Nov. 11, 2008,
Standard & Poor's Ratings Services lowered its ratings, including
the corporate credit rating, on General Motors Corp. to 'CCC+'
from 'B-' and removed them from CreditWatch, where they had been
placed with negative implications on Oct. 9, 2008.  S&P said that
the outlook is negative.

Fitch Ratings, as reported in the Troubled Company Reporter on
Nov. 11, 2008, placed the Issuer Default Rating of General Motors
on Rating Watch Negative as a result of the company's rapidly
diminishing liquidity position.  Given the current liquidity level
of US$16.2 billion and the pace of negative cash flows, Fitch
expects that GM will require direct federal assistance over the
next quarter and the forbearance of trade creditors in order to
avoid default.  With virtually no further access to external
capital and little potential for material asset sales, cash
holdings are expected to shortly reach minimum required operating
levels.  Fitch placed these on Rating Watch Negative:

-- Senior secured at 'B/RR1';
-- Senior unsecured at 'CCC-/RR5'.

As reported in the Troubled Company Reporter on June 24, 2008,
DBRS has placed the ratings of General Motors Corp. and General
Motors of Canada Limited Under Review with Negative Implications.
The rating action reflects the structural deterioration of the
company's operations in North America brought on by high oil
prices and a slowing U.S. Economy.


GOODMAN GROUP: S&P Cuts Rating on Goodman Plus Hybrid to 'BB+'
--------------------------------------------------------------
On April 2, 2009, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on the Goodman Group to 'BBB'
from 'BBB+'.  At the same time, the rating was removed from
CreditWatch with negative implications, where it was placed on
Feb. 26, 2009.  The rating on the Goodman Plus hybrid was also
lowered to 'BB+' from 'BBB-'.  The rating outlook is negative.

The rating downgrade reflects S&P's concerns that the group's
financial profile will continue to remain outside S&P's
expectations for the 'BBB+' rating due to higher debt levels and
the expected pressure on future earnings as Goodman's major
tenants cope with declining economies, which may reduce demand for
industrial and office-park space. S&P's concerns are also focused
on the group's reduced access to capital, as evidenced by the
challenging conditions in the global debt and equity markets.
S&P also believe that the group's capital structure is aggressive,
reflecting the debt-funded acquisitions, which have been purchased
on the expectation that they would be sold down into managed funds
and/or to third parties.

Goodman's recently reported half-year results for fiscal 2009
revealed that the company is facing challenges in executing its
business strategy of owning, developing, and managing industrial
property across Asia Pacific, the U.K., and Europe.  Difficult
market conditions for industrial property and the office-park
market, coupled with a sharp depreciation in the Australian dollar
relative to the euro and pound sterling, are depressing Goodman's
financial metrics to levels sub-par for the 'BBB+' rating.  S&P
believes that the financial metrics are unlikely to improve in the
near term and the group's look-through EBIT interest cover is
likely to remain about 2.5x, below expectations for the 'BBB+'
rating of 3x; at the same time, S&P expects the group's gearing
ratio (debt-to-assets) to remain about 52%, above management's
preferred target of 50%.  While Goodman has been recycling
warehoused assets into self-managed funds, and has successfully
undertaken asset sales to reduce its investment holdings, the
increase in its cornerstone investment holdings above its
preferred holding has placed pressure on the group's look-through
credit metrics.  S&P expects that Goodman will continue its
disciplined approach to capital and operational expenditure,
coupled with a prudent approach to capital management, which are
critical to countering the impact of further market weakness.

Standard & Poor's acknowledges that the lower earnings
contribution from the group's more volatile development operations
supports earnings quality and illustrates Goodman's reducing
exposure to development activities.  In the first half of fiscal
2009, property investments comprised 70% of the group's EBIT
(on a look-through basis), with management-fee income contributing
24% and development 6%.  The development pipeline has been
substantially wound back to AU$1.5 billion, from  AU$3.1 billion;
Goodman is responsible for 11% of this development spending, with
the remainder funded by third parties and Goodman funds.  In
addition, management has responded to the challenging market
conditions with an equity raising of AU$956 million and
AU$378 million of asset sales to counter the devaluation in the
Australian dollar and to provide a buffer against portfolio
devaluations.

                            Liquidity

Goodman's liquidity is considered adequate, as available liquidity
will diminish after May 2010.  The next sizeable debt maturities
are: the first tranche of its syndicated facility maturing on
May 24, 2009, drawn to AU$460 million; a AU$115.6 million bank
facility due on Dec. 31, 2009; followed by the second tranche of
its syndicated facility of AU$520 million due on May 24, 2010.
S&P remains focused on the May 2010 debt maturity, as Goodman's
access to cash and undrawn committed bank facilities diminishes
considerably if the preceding debt is not able to be rolled over.
With the combination of the AU$166.7 million of cash held at
Dec. 31, 2008, and about AU$674 million of available bank-debt
facilities, Goodman has liquidity to meet net investment cash
outflows over the next 12 months.

Although Goodman has no existing unfunded capital requirements,
S&P regard ongoing access to capital as a key measure of financial
flexibility for stapled property entities.  Goodman's committed
capital expenditure and short-term debt refinancing tasks are
covered by adequate access to cash and undrawn committed bank
facilities.  Within the funds business, there is AU$124 million of
debt financing due in calendar 2009.  There remains adequate
covenant headroom for Goodman's on-balance-sheet debt facilities
and other managed funds.

Standard & Poor's expects that Goodman will continue with its
strategy of further diversifying its sources of debt capital,
lengthening its debt-maturity profile, and reducing its reliance
on the banking sector.  However, given the difficult financing
markets, this strategy is proving to be problematic.

                        Outlook: Negative

The ability for Goodman to strengthen its financial and liquidity
profile and maintain ready access to capital markets is key to
returning the 'BBB' rating to a stable footing.  This would be
achieved by the group successfully extending its debt-maturity
profile beyond the current weighted average of 3.5 years,
achieving financial metrics that are consistent with the long-term
targets, and successfully maintaining adequate liquidity to meet
forthcoming capital commitments and debt maturities.  Downward
pressure on the long-term rating would be a result of a more
severe weakening in the industrial and office-park markets that
further depress earnings, and if Goodman encounters significantly
higher costs or lender resistance associated with its future debt
rollovers.

                           Ratings List

             Downgraded; CreditWatch/Outlook Action

                          Goodman Group

                               To                 From
                               --                 ----
Corporate Credit Rating       BBB/Negative/--    BBB+/Watch Neg/--

                Goodman Australia Finance Pty Ltd.

                               To                 From
                               --                 ----
Senior Unsecured              BBB                BBB+/Watch Neg

                    Goodman Finance (Lux) sarl

                               To                 From
                               --                 ----
Senior Unsecured              BBB                BBB+/Watch Neg

            Goodman Industrial Finance (Aust) Pty Ltd.

                               To                 From
                               --                 ----
Senior Unsecured              BBB                BBB+/Watch Neg

                        Goodman PLUS Trust

                               To                 From
                               --                 ----
Subordinated                  BB+                BBB-/Watch Neg

                          Goodman Group

                               To                 From
                               --                 ----
Senior Unsecured              BBB                BBB+/Watch Neg


                   Goodman Finance (Jersey) Ltd.

                               To                 From
                               --                 ----
Senior Unsecured              BBB                BBB+/Watch Neg


                    Goodman Finance (Lux) sarl

                               To                 From
                               --                 ----
Senior Unsecured              BBB                BBB+/Watch Neg


                     Goodman Industrial Trust

                               To                 From
                               --                 ----
Senior Unsecured              BBB                BBB+/Watch Neg


                      MG Finance (Jersey) Ltd

                               To                 From
                               --                 ----
Senior Unsecured              BBB                BBB+/Watch Neg


                    MG Finance Australia Trust

                               To                 From
                               --                 ----
Senior Unsecured              BBB                BBB+/Watch Neg


                    MG Finance Luxembourg sarl

                               To                 From
                               --                 ----
Senior Unsecured              BBB                BBB+/Watch Neg

                   MG Finance Singapore PTE LTD

                               To                 From
                               --                 ----
Senior Unsecured              BBB                BBB+/Watch Neg

                  MG Property Opportunities sarl

                               To                 From
                               --                 ----
Senior Unsecured              BBB                BBB+/Watch Neg


                          MGI HK Finance

                               To                 From
                               --                 ----
Senior Unsecured              BBB                BBB+/Watch Neg


PAPERLINX LIMITED: Analysts Pare 2009 Profit Outlook by 64%
-----------------------------------------------------------
Analysts have downgraded PaperlinX Ltd's 2009 profit forecast by
as much as 64 per cent after the paper merchant secured an
extension of waivers over debt covenant breaches from its bankers,
The Age reports.

According to the report, Deutsche Bank analysts said the spike in
bank fees and interest costs negotiated with the lending syndicate
would drag PaperlinX's full year 2009 after-tax profit down by
64 per cent to $17.2 million.

Deutsche's Mark Wilson and Daniel Pi, the report says, retained a
buy recommendation on the stock but reduced their 12-month price
target by five cents to $1.20 and their 2008/09 earnings before
interest and tax (EBIT) forecast by 27 per cent to $116 million.

Net profit should recover to $79.5 million in 2009/10, they said
in a client note obtained by The Age.

Meanwhile, the Age relates Credit Suisse's Rohan Gallagher and
Dominic Smith still rate the stock as neutral but dropped their
price target by 23.5 per cent to 65 cents because of the higher
financing costs.

They expect full year 2009 EBIT to drop by 11.5 per cent to
$136 million and net profit to fall by 36.7 per cent to
$25 million, the report says.

The Troubled Company Reporter-Asia Pacific on April 2, 2009,
reported PaperlinX said its lenders and note holders have extended
waivers relating to the company's non-compliance with certain of
its financial ratio covenants.

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

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

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

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

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

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

A TCR-AP report on Feb. 17, 2009, disclosed PaperlinX agreed to
sell its subsidiary, Paper Australia Pty Ltd, to Nippon Paper
Industries Co. Ltd.

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

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

The target date for the shares transfer is June 2009.

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

                       About PaperlinX

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



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

AMERSHAM HEALTH: Members' Final Meeting Set for April 28
--------------------------------------------------------
The members of Amersham Health Limited will hold their final
meeting on April 28, 2009, at 10:30 a.m., at Level 28 of Three
Pacific Place, in 1 Queen's Road East, Hong Kong.

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


BEP CORPORATE ET AL: Creditors' Meeting Set for April 7
-------------------------------------------------------
A meeting will be held on March 20, 2009, at Room 607 of The boy's
& Girls' Clubs Association of Hong Kong, No. 3 Lockhart Road, in
Wanchai, Hong Kong, for the creditors of:

   -- BEP Corporate Management Limited at 2:30 p.m.; and
   -- Better Electrical Products (HK) Company Limited at 3:30 p.m.


BEST INNOVATIONS: Member to Receve Wind-Up Report on April 30
-------------------------------------------------------------
The member of Bert Innovations Enterprises Limited will receive
the liquidator's report on the company's wind-up proceedings and
property disposal on April 30, 2009, at 4:45 p.m.

The company's liquidator is:

          Natalia K M Seng
          Three Pacific Place, Level 28
          1 Queen's Road East
          Hong Kong


BEST UNITED: Members' Meeting Set for March 20
----------------------------------------------
A final meetings will be held on March 20, 2009, at the 29th Floor
of Caroline Centre, Lee Gardens Two, in 28 Yun Ping Road,
Hong Kong for the members of:

   -- Best United Limited at 10:00 a.m.;
   -- Oriental Merchant Limited at 10:30 a.m.;
   -- South China Binding Limited at 11:00 a.m.;
   -- South China Printing Company (1988) Limited; and
   -- Valiant Printing (Far East) Limited.


BK338 LIMITED: Members' Meeting Set for May 26
----------------------------------------------
The members of BK338 Limited will hold their final meeting on May
26, 2009, at 10:00 a.m., at Room 2102, 21st Floor Centre Mark, 287
Queen's Road in Central, Hong Kong.

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


ELTON LIMITED: Creditors' Proofs of Debt Due on May 4
-----------------------------------------------------
The creditors of Elton Limited are required to file their proofs
of debt by May 4, 2009, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on March 27, 2009.

The company's liquidator is:

         Ng Kam Chiu
         13A Tak Lee Commercial Building
         113-117 Wanchai Road
         Wanchai, Hong Kong


GALLAS PUBLISHING: Annual Meetings Set for May 5
------------------------------------------------
The members and creditors of Gallas Publishing Group Limited will
hold their annual meetings on May 5, 2009, at 3:00 p.m. and
3:30 p.m., respectively, at the Room 203, 2nd Floor of Duke of
Windsor Social Service Building, No. 15 Hennessy Road, in Wanchai,
Hong Kong.

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


GOLDFLAG LIMITED: Members' Final Meeting Set for April 30
---------------------------------------------------------
The members of Goldflag Limited will hold their final meeting on
April 30, 2009, at 10:30 a.m., at 905 Silvercord, Tower 2, 30
Canton Road, Tsimshatsui, in Kowloon, Hong Kong.

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


INTERNATIONAL ASSOCIATION: Members' Final Meeting Set for April 28
------------------------------------------------------------------
The members of International Association of Hot Spring, Spa &
Tourism Limited will hold their final meeting on April 28, 2009,
at 10:00 a.m., at the 22nd Floor, No. 3 Lockahart Road, in
Wanchai, Hong Kong.

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


KWAN TAT: Pays First Dividend to Creditors
------------------------------------------
On April 3, 2009, Kwan Tat Toys Manufactory Limited paid the first
dividend to its creditors.

The company paid 25.155% to all received claims.

The company's liquidator is:

          Lo Ka Ying
          Lippo Centre
          Office Room 1305, Tower II
          89 Queensway, Admiralty
          Hong Kong


KWUN TONG: Tung Steps Down as Liquidator
----------------------------------------
On March 28, 2009, Wong Chor Tung stepped down as liquidator of
Kwun Tong Community Development Association Limited.


MICHINOKU FINANCE: Lam and Toohey Step Down as Liquidators
----------------------------------------------------------
On March 23, 2009, Rainier Hok Chung Lam and John James Toohey
stepped down as liquidators of Michinoku Finance (Hong Kong)
Limited.


ORIENT PROPERTY: Creditors' Meeting Set for April 17
----------------------------------------------------
The creditors of Orient Property Group Limited will hold their
meeting on April 17, 2009, at 10:00 a.m., for the purposes
mentioned in Sections 241, 242, 243, 244 and 255A of the Companies
Ordinance.

The meeting will be held at the office of Ferrier Hodgson Limited,
14th Floor of The Hong Kong Club Building, 3A Chater Road, in
Central, Hong Kong.


PERFECT CHARTER: Placed Under Voluntary Wind-Up
-----------------------------------------------
At an extraordinary general meeting held on March 23, 2009, the
members of Perfect Charter Properties Limited passed a resolution
that voluntarily wind up the company's operations.

The company's liquidator is:

         Shum Lap Chi
         K Wah Bank Centre
         Unit 1201, 12th Floor
         232 Des Voeux Road Central
         Hong Kong


SOCORO ENTERPRISES: Creditors' Proofs of Debt Due on May 4
----------------------------------------------------------
The creditors of Socoro Enterprises Limited are required to file
their proofs of debt by May 4, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 24, 2009.

The company's liquidators are:

          Heng Poi Cher
          Jennifer Tan
          China Resources Building, 4304, 43rd Floor
          26 Harbour Road
          Wanchai, Hong Kong


STRONG OFFER: Annual Meetings Set for April 20
----------------------------------------------
The members and creditors of Strong Offer Investment Limited will
hold their annual meetings on April 20, 2009, at 3:00 p.m. and
3:30 p.m., respectively, at the 12th Floor of Bel Trade Commercial
Building, 1-3 Burrows Street, in Wanchai, Hong Kong.

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


SUNICE INTERNATIONAL: Appoints Hang as Liquidator
-------------------------------------------------
During a meeting held on March 20, 2009, the creditors of Sunice
International Limited appointed Chan Yui Hang as the company's
liquidator.

The Liquidator can be reached at:

          Chan Yui Hang
          New Mandarin Plaza Tower A
          Room 515, 5th Floor
          14 Science Museum Road
          Tsimshatsui, East Kowloon
          Hong Kong


TOTAL PROFIT ET AL: Creditors Hold Meetings
-------------------------------------------
On April 3, 2009, the creditors of Total Profit International
Limited and Kiu Koon Development Limited held a meeting and
discussed matters set out in Sections 241, 242, 243, 244 and 255A
of the Companies Ordinance.



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

BIOPAC INDIA: Fitch Assigns 'B-' National Long-Term Rating
----------------------------------------------------------
Fitch Ratings has assigned Biopac India Corporation Limited a 'B-
(ind)' (B minus(ind)) National Long-term rating with a Stable
Outlook. Fitch has also assigned 'B-(ind)' (B minus(ind)) ratings
to BICL's outstanding long-term bank loans aggregating
INR65 million and to its INR60 million cash credit limits.  Also,
Fitch has assigned 'F4(ind)' Short-term ratings to its
INR25 million fund based and INR62.5 million non-fund based
limits.

The ratings primarily reflect BICL's relatively small scale of
operations, limited financial flexibility and substantial
liquidity pressure.  The company has high days of inventory (176
days to 312 days) over the past three years, which may put
pressure on margins in a declining polystyrene price scenario.
This may result in margin volatility.

The ratings are constrained by pressure on its key consuming
sector, the retail industry, and the relatively low value addition
undertaken by the company.  The ratings are also constrained by
increased competition due to low barriers of entry, which may
result in margin pressure.  The ratings also factor in volatility
in the foreign exchange rate, although BICL follows a conservative
forex policy and has been able to manage the risks.  BICL
restructured its business following a December 2004 plant fire;
however it has yet to achieve positive net profit and stable
operating cash flows.  The short term ratings are constrained by
high working capital requirements due to its export operations and
the nature of the business.

The ratings are supported by a long term demand outlook and
expectations that margins could remain fairly stable over the
medium-to-long-term.  The ratings also factor in benefits from
packaging and hygiene standards for the industry and the growing
acceptability of PS as a food-grade plastic.  The company plans to
diversify its product portfolio, which is expected to give it top
line growth and stronger margins.

BICL's ratings could be upgraded if it is able to achieve two
years of stable financial performance in line with its projected
growth.  However, any material debt-led capex/acquisitions could
apply downward rating pressure.  Any significant negative impact
from working capital, which affects cash flow from operations, or
a greater-than-expected decline in the domestic market could also
apply downward rating pressure.

BICL serves the food service catering industry through the
production of specialist containers.  In FY08 it had net sales of
INR226 million, total adjusted debt/EBITDAR of 3.0x and an EBITDA
margin of 29.9% (FY07: INR205 million, 3.2x and 24.5%
respectively).  As of end-March 2008, cash and equivalents were
INR4.4 million and total debt stood at INR207 million.  BICL
reported revenues of INR244 million (9MFY08: INR155 million), on
which it recorded an EBITDA margin of 21.64% (9MFY08: 36.22%) and
a net profit margin of 1.21% (9MFY08: 5.32%) for the nine months
to end-December 2008 (9MFY09).


EAST COAST: CRISIL Rates Rs.80 Mln Cash Credit Limits at 'BB+'
--------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4' to the various
bank facilities of East Coast Engineering Company (East Coast).

   Rs.80.0 Million Cash Credit Limits      BB+/Stable (Assigned)
   Rs.30.0 Million Bank Guarantee Limits   P4 (Assigned)

The ratings reflect the working capital intensive nature of East
Coast's business, the firm's limited contract-execution capacity
owing to small scale of operations, and exposure to risks relating
to concentration of revenues in a single customer.  However, these
weaknesses are partially offset by the firm's established presence
in the seismic survey and seismic data acquisition services,
healthy project execution skills, and above average financial risk
profile marked by moderate gearing and healthy debt protection
measures.

Outlook: Stable

CRISIL believes that East Coast will maintain stable financial and
business risk profiles over the medium term on the back of healthy
project execution skills.  The outlook may be revised to
'Positive' if a substantial scale-up in operations is supported by
sustainable improvement in financial risk profile for East Coast.
Conversely, the outlook may be revised to 'Negative' if the firm
undertakes large, debt-funded capital expenditure, or if its
margins deteriorate significantly, impacting the financial risk
profile.

                         About East Coast

Set up in 1987 by Mr. B V S Raju in Guntur (Andhra Pradesh), East
Coast undertakes seismic surveys which involve providing on-shore
shot-hole drilling and seismic data acquisition services to
private and public sector oil exploration and procurement
companies.

For 2007-08, East Coast reported a profit after tax (PAT) of
Rs.14.49 million on net sales of Rs.241.29 million, as against a
PAT of Rs.8.01 million on net sales of Rs.239.78 million for
2006-07.


HP COTTON: Susceptibility to Default Cues 'CARE B' Ratings
----------------------------------------------------------
CARE has assigned a 'CARE B' [CARE Single B] rating to the long-
term bank loan facilities of HP Cotton Textile Mills Limited
(HPCTL).  This rating is applicable for facilities having tenure
of more than one year.  Facilities with this rating are
considered to offer low safety for timely servicing of debt
obligations and carry very high credit risk.  Such facilities are
susceptible to default.

Also, CARE has assigned a 'PR4' [PR Four] rating to the short-term
facilities of HPCTL.  This rating is applicable for facilities
having tenure up to 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.  These ratings are assigned to outstanding
long term bank loan facility of Rs.3.94cr, fund-based limits of
Rs.11.00cr and non-fund based limits of Rs.4.70cr.

The ratings are constrained by unfavourable financial risk profile
marked with relatively stagnant top-line, declining profitability
and poor debt servicing indicators, constrained liquidity position
resulting in delays in debt servicing and history of repeated debt
restructuring.  The ratings also factor in subdued outlook for the
Indian textile industry in short to medium term on account of
lower demand from international markets.  The constraints are
partially offset due to vast promoter and management experience,
established marketing and distribution network and broad range of
products.

                         About HP Cotton

HP Cotton Textile Mills Limited (HPCTL), an ex-DORA group company,
was incorporated in September, 1981.  It was promoted by Mr. Arjun
Das Aggarwal, Mr. Ashok Kumar Aggarwal, Mr. Kashmiri Lal Aggarwal
and Mr. Krishnan Kumar Aggarwal in association with Haryana State
Industrial Development Corporation (HSIDC). Subsequently in 1990-
91, HSIDC's stake was completely bought back by the promoters.

The company is being managed by two Dy. Managing Directors from
the promoter group, having long experience in the textile
industry.  Mr. Ashok Kumar Aggarwal, Deputy, Managing Director, is
looking after the day-to-day affairs of the manufacturing
activities while Mr. Kailash Kumar Aggarwal, Deputy Managing
Director, looks after the financial and commercial activities.

HPCTL is primarily involved in manufacturing of hosiery yarn,
knitted yarn and sewing threads in the count range of 5s to 60s.
HPCTL commenced commercial operations since September 1985 with
the setting-up of sewing thread-cumspinning mill at Hissar,
Haryana for the manufacture of cotton sewing thread and
industrial yarn.  Over the years, HPCTL has enhanced its spinning
capacity to present 24,960 spindles and installed post spinning
machines and a processing house for mercerizing bleaching, dyeing,
polishing and gassing.  HPCTL has also been involved in
procurement of cotton yarn from local manufacturers, processing
it and finally selling the value added product.

HPCTL's product range includes gazed & mercerized hosiery (single)
yarns, sewing threads, crochet & hand knitting yarns and
industrial threads in carded and combed qualities.  Hosiery yarn
manufactured is used for knitted hosiery/under garments while
sewing (knitted)threads are used for canvas belting, filter cloth,
tarpaulins, fishing nets, lace material, crochet, leather
stitching, bag-closing, carpet weaving, kite flying thread and
industrial ropes.  Hosiery yarn is a low value product and is
mainly sold in domestic markets while sewing thread and knitted
yarn are value added products and are primarily exported.

Over the years, exports as a percentage of total sales (around
25-33%) have been on a rise on account of increase demand and
better sales realization.

However, in FY08, rupee appreciation vis-à-vis dollar has affected
the export sales mainly to USA, UK, Italy, Sweden, Spain,
Singapore, Philippines etc.  Major raw material is cotton (J-34,
Mac 51, Shankar-6, Dch-32 etc.) procured from mandis, stockists,
ginners and also from dealers & commission agents in Punjab,
Gujarat and Madhya Pradesh etc.  HPCTL normally procures cotton
during the Nov–Jan and stocks cotton for a period of 3-4 months.
However, given the subdued demand and lowered export orders,
company at present stocks cotton for 1 month production only.

Domestic sales are made through the agents and distributors'
network comprising marketing & sales offices situated in New
Delhi, Kolkata, Ahmedabad and Mumbai through experienced team of
25-30 sales executives.  A small quantity of sales is also made
through consignee agent. Commission given to agents and
distributors varies with the product and region being catered to.
Export sales are made directly to the end-users and partially
through agents.

Over the period FY05-08, sales have been more or less stagnant at
around Rs.60-70cr.  For FY08, decline in sales was mainly on
account of reduced domestic sales consequent to lower demand and
poor sales realizations of cotton/ hosiery yarn.

Increase in operating cost dominated by increase in raw material
(cotton) cost, high power cost marked by erratic and long power
cuts by Dakshin Haryana Biji Vitran Nigam and high employee cost
consequent to 40% increase in minimum wages by State Government
resulted in decline in PBILDT in FY08.

Consequent to decline in sales and increase operating costs,
company suffered an operating loss of Rs.6.43cr and a net loss of
Rs. 4.03cr, in FY08.  Consequent to erosion of net-worth to
Rs10.56cr as on 31st March 08 (net losses incurred during FY08),
overall gearing increased to 1.29times as on March 31, 2008 as
compared to 0.94times as on March 31, 2007.

Liquidity as indicated by current ratio was low at 0.97 times as
on March 31, 2008 on account of decline in current assets (sundry
debtors & inventory) coupled with increase in current liabilities
(increase working capital borrowing).

The company faced liquidity constraints during FY08 due to high
inputs costs, subdued industry scenario with lowered demand,
resulting in delays in servicing of its debt and use of short-term
funds for long-term usage.  HPCTL got its outstanding term loan
aggregating Rs.3.94cr restructured for the fourth time by
IDBI Bank in June 08, involving deferment and re-fixation of
repayment schedule.


JET AIRWAYS: Sahara Airlines Says Company Defaulted on Obligations
------------------------------------------------------------------
The Sahara India Commercial Corporation Ltd (SICCL) has moved an
application in the Bombay High Court against Jet Airways (India)
Ltd, claiming the airline had defaulted in its payment
commitments, The Hindu BusinessLine reports.

According to the report, this is the second time that the two
groups are involved in a legal tussle, almost two years after Jet
Airways acquired Sahara Airlines.  The first being even before the
deal was sealed in April 2007, the report says.

The report relates Jet Airways acquired Sahara Airlines, which was
renamed Jet Lite, in an all-cash deal for Rs 1,450 crore.  At the
time the deal was inked, the report states, Jet paid Rs 900 crore,
committing to pay the remaining Rs 550 crore in four equal annual
and interest-free instalments of Rs 137.50 in four years beginning
March 2008.

Meanwhile, the report says Jet claimed the Income-Tax department
has raised certain demands on Sahara Airlines for the period prior
to the takeover and “unrelated to the activities of Jet Lite after
the takeover”.

Sources cited by the report said Jet paid an amount of Rs 100
crore as the first instalment, deducting Rs 37.50 crore.

The Business Line says this was after the Income-Tax department
raised a tax demand of Rs 107 crore, which, Jet claims, is for a
period prior to the takeover.  Hence, it deducted Rs 37.50 crore
from the first instalment, as the airline claimed that it had
deposited the amount, the report notes.

The report says SICCL has sought attachment on some of the movable
properties of the airline, including the 40 leased aircraft.

However, the Bombay High Court gave Jet a temporary reprieve,
staying attachment of Jet property, the report states.

The next hearing in the case has been fixed for April 9.

                         Third Qtr Loss

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 20, 2009, Jet Airways incurred a net loss of Rs 2141.80
million for the quarter ended Dec. 31, 2008, compared with a net
loss of Rs 911.20 million for the quarter ended Dec. 31, 2007.

Total Income increased from Rs 25171.80 million for the quarter
ended Dec. 31, 2007 to Rs 30630.70 million for the quarter ended
Dec. 31, 2008.

For the nine months ended December 31, 2008, Jet Airways reported
a net loss of Rs 4553.30 million, compared with a net loss of
Rs 318.8 million in the same period in 2007.

Total income increased from Rs 60512.00 million for the nine
months ended Dec. 31, 2007 to Rs 90113.30 million in the same
period last year.

"The company, during the quarter and nine months ended Dec. 31,
2008, suffered losses mainly on account of high fuel and other
operating costs and lower lead factors resulting into lower
revenues than expected," Jet Airways said in a filing with the
Bombay Stock Exchange.

                  About Jet Airways (India) Ltd

Jet Airways (India) Ltd (BOM:532617) -- http://www.jetairways.com/
-- currently operates a fleet of 84 aircraft,which includes 10
Boeing 777-300 ER aircraft, 11 Airbus A330-200 aircraft, 52
classic and next generation Boeing 737-400/700/800/900 aircraft
and 11 modern ATR 72-500 turboprop aircraft.  With an average
fleet age of 4.34 years, the airline has one of the youngest
aircraft fleet in the world.  Jet Airways operates over 395
flights daily.

Flights to 64 destinations span the length and breadth of India
and beyond, including New York (both JFK and Newark), San
Francisco, Toronto, Brussels, London (Heathrow), Hong Kong,
Singapore, Shanghai, Kuala Lumpur, Colombo, Bangkok, Kathmandu,
Dhaka, Kuwait, Bahrain, Muscat, Doha, Abu Dhabi and Dubai.  The
airline plans to extend its international operations to other
cities in North America, Europe, Africa and Asia in phases with
the introduction of additional wide-body aircraft into its fleet.


NAMAN MALL: CRISIL Rates Rs.400MM Rupee Term Loans at 'BB(so)'
--------------------------------------------------------------
CRISIL has assigned its rating of 'BB(so)/Stable' to the term
loans of Naman Mall Management Company Pvt Ltd (Naman).

   Rs.400 Million Rupee Term Loans   BB(so)/Stable (Assigned)

The rating reflects Naman's leveraged capital structure, weak debt
protection measures, and its promoters' aggressive development
strategy.  These weaknesses are mitigated by the company's steady
cash inflows from lease rentals, and the escrow mechanism
supporting the debt repayment.

Outlook: Stable

CRISIL expects Naman's financial risk profile to remain stable on
the back of steady cash inflows from lease rentals.  The outlook
could be revised to 'Positive' in case of a significant
improvement in the company's debt protection measures.
Conversely, the outlook could be revised to 'Negative' in case the
cash inflows decline and/or support to group companies increases.

                        About Naman Mall

Naman was incorporated by the Entertainment World Developers Pvt
Ltd (EWDPL) group and Kshitij Venture Capital Fund to construct
the Indore Central Mall.  The company has completed the
construction and has leased out the property.  EWDPL is promoted
by the Indore-based Kalani group, which has interests in
manufacture of FIBC bags, cement pressure pipes, and cement
sheets, wind energy, and real estate development.


PBM POLYTEX: CARE Rates Long-Term Bank Facilities at 'CARE BB+'
---------------------------------------------------------------
CARE has assigned a 'CARE BB+' [double B plus] rating to the long-
term Bank Facilities of PBM Polytex Ltd. (PPL).  Facilities with
this rating are considered to offer inadequate safety for timely
servicing of debt obligations.  Such facilities carry high credit
risk.  Also, CARE assigned, a 'PR4' [PR four] rating to the short-
term Bank Facilities of PPL. 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.  CARE assigns '+' or '-' signs to be
shown after the assigned rating (wherever necessary) to indicate
the relative position within the band covered by the rating
symbol.



                                Amount
   Instrument                (Rs. Crore)           Rating
   ----------                 ----------           ------

   Long-term Bank Facilities    58.50             'CARE BB+'
   Short-term Bank Facilities   21.00             'PR4'
   -------------------------- ----------          ---------
                        Total   79.50

The ratings take into account PPL's long and established
operations in cotton textile industry as a part of Patodia Group
and regular debt servicing track record.  Ratings also take into
account sound business profile with optimum utilization of present
manufacturing facilities and its modest financial profile.  The
ratings are, however, constrained by the losses in FY08 and also
in H1FY09 providing low level of debt protection.  Its relatively
small size of operations and presence in highly competitive
cotton-yarn segment of textile industry, which is witnessing a
slowdown further constrain the ratings.  Company's ability to
improve profitability, which is linked to the revival of industry
prospects and any major deviation in the financial profile are key
rating sensitivities.

                        About PBM Polytex

Earlier named as The Petlad Bulakhidas Mills Co. Ltd., PPL was
incorporated in 1919.  The existing management took over the
company in 1978 and has since then, continuously expanded and
modernized the plant focusing on cotton yarn segment.  Its
manufacturing facilities are located in Petlad in Anand district
of Gujarat and Borgaon in Madhya Pradesh.  PPL is mainly engaged
in manufacturing and selling of cotton yarn finding application in
hosiery, tyre cord, jari yarn, synthetic fabric and in handloom
power looms.  The company has an installed capacity of 57,600
spindles and 840 rotors, which have been operating at optimum
level for last four years.

PPL's total income has remained range bound with 1% CAGR for last
four years and stood at Rs.127.40 crore in FY08.  PBILDT margin
decreased significantly to 7.07% in FY08 from 13.08% in FY07 due
to significant increase in raw material and power costs along with
decline in average product realisation.  Decline in PBILDT margin
along with high depreciation (on account of commissioning of new
wind mills) and increase in interest outgo led to steep decline in
PAT margin to (- )0.6% in FY08 from 5.04% in FY07. Long-term debt
equity and overall gearing ratios were at moderately high level of
0.88 times and 1.42 times as on March 31, 2008.  During H1FY09,
PPL reported net loss of Rs.2.01 crore on the total income of
Rs.70.57 crore.

Overall prospects of the company are expected to be driven by the
revival of textile sector, which has registered a slowdown in
current year due to global economic recessionary trend.  Moreover,
improving margins would be critically dependent on PPL's ability
to improve sales realizations in a highly competitive
industry marked by low/medium entry barriers and low product
differentiation.


RUSHIL DECOR: CARE Rates Rs.23.44 cr Bank Facilities at 'CARE BB'
-----------------------------------------------------------------
CARE has assigned a 'CARE BB' (Double B) rating to the Long-term
Bank Facilities of Rushil Décor Ltd. (RDL).  Facilities with 'CARE
BB' rating are considered to offer inadequate safety for timely
servicing of debt obligations.  Such facilities carry high credit
risk.  Also, CARE assigned, a 'PR 4' [PR Four] rating to the
Short-term Bank Facilities of RDL. Facilities with 'PR 4' rating
would inadequate capacity for timely payment of short-term debt
obligations and carry very high credit risk. Such facilities are
susceptible to default.

                                Amount
   Instrument                (Rs. Crore)           Rating
   ----------                 ----------           ------

   Long-term Bank Facilities    23.44             'CARE BB+'
   Short-term Bank Facilities   15.00              'PR4'
   -------------------------- ----------          ---------
                        Total   38.44

Ratings are constrained by working capital intensive nature of
operations as reflected by high working capital utilization & low
liquidity ratios leading to stressed financial risk profile, low
net worth base which restricts overall financial flexibility and
fragmented nature of industry with susceptibility to economic slow
down.  However, the ratings take into account promoter's
experience in the industry, established market position as one of
the leading exporter of laminates and developed marketing network
with own brand.

                        About Rushil Decor

Promoted by Shri Ghanshyam Thakkar, RDL was incorporated during
1992 as a private limited.  The company is engaged in the
manufacturing of both decorative (single sided) as well as
industrial (double sided) laminates with wide range of design,
colour and finish. RDL has consciously built several brands for
its products out of which, the major brands are: (i) 'Vir
Laminate' – for domestic markets, and (ii) 'Rushil Décor Premium
Laminate'- for export markets.

For FY08, RDL reported total income of Rs.77.39 crore and PAT
(Profit after tax) of Rs.2.06 crore against total income of
Rs.74.20 crore and PAT of Rs.2.60 crore for FY07.  The company has
reported total income of Rs.64.52 crore and PBT (Profit before
tax) of Rs.1.90 crore during 8MFY09.


SOUTH INDIAN: Fitch Affirms Individual Rating at 'D'
----------------------------------------------------
Fitch Ratings has affirmed South Indian Bank's National Long-term
rating at 'A+(ind)', Individual rating at 'D', Support rating at
'5' and its INR1.3 billion Lower Tier 2 bonds at 'A+(ind)'.  The
Outlook is Stable.

SIB's ratings reflect its improved financials between FY05 and
FY08, its relatively small size and predominantly regional
franchise.  The ratings remain underpinned by SIB's above-average
Tier 1 ratio (13.24% at end-December 2008 (Q309)), which provides
cushion against some deterioration in asset quality given the
challenging operating environment.  The Stable Outlook is based on
Fitch's expectation that deterioration in SIB's asset quality
would be only moderately higher relative to other local banks.
SIB's inability to manage rising borrower stress and a consequent
leap in NPLs would exert downward pressure on the rating.

Asset quality pressures have started building up for Indian banks
as the impact of the current economic slowdown is felt in
corporate repayments.  Fitch notes that while SIB's exposure to
vulnerable asset categories (other than the beleaguered textiles
industry) appears manageable, the profiles of SIB's corporate
borrowers remain largely regional and hence deterioration in its
asset quality could be more than that of the system in FY10.
SIB's exposure to the textiles industry remains slightly higher
(Q309: 4.5%) than the systemic average (3.7%).  While SIB reported
a slight increase in gross NPLs ratio (Q309: 1.85%; FY08: 1.78%),
its loan loss coverage (Q309: 79%) remained better than the
systemic median.

SIB's Tier 1 capital entirely comprises 'core' equity capital.
SIB will adopt Basel II norms from FY09; the implementation of
Basel II is unlikely to significantly impact its capital adequacy
ratios given the higher proportion of 'regulatory' retail loans
(SME loans) in its portfolio which are risk-weighted at 75%.
SIB's profitability measured in terms on return on assets (1.1%
for nine-months ended December 2008) could be impacted by rising
credit costs in FY10.  SIB's liquidity is supported by healthy
renewals of its primarily retail deposits.  Non-resident Indian
deposits comprise close to 20% of the bank's total deposit, and a
large part of these deposits are sourced from Gulf countries.
Sourcing incremental NRI deposits may remain challenging if the
global economic conditions persist.

SIB is an 'old' private sector bank based in the state of Kerala.
The bank lends primarily to regional SMEs through its network of
516 branches; over 60% of its deposits and 35% of its advances are
sourced from its home state.


STELCO STRIPS: CARE Assigns 'CARE BB+' Rating on LT Bank Loan
-------------------------------------------------------------
CARE has assigned 'CARE BB+' [CARE Double B (Plus)] rating to the
Long-term Bank Facilities of Stelco Strips Limited (SSL)
aggregating Rs.60.56 crore.  This rating is applicable for
facilities having tenure of over 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
within the band covered by the rating symbol.

Also, CARE assigned 'PR4' [PR Four] rating to the Short-term Bank
Facilities of SSL aggregating Rs.18.00 crore.  This rating is
applicable for facilities having tenure up to 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.

                                Amount
   Instrument                (Rs. Crore)           Rating
   ----------                 ----------           ------

   Long-term Bank Facilities    60.56             'CARE BB+'
   Short-term Bank Facilities   18.00              'PR4'
   -------------------------- ----------          ---------
                        Total   78.56

The ratings are constrained due to working capital intensive
operations, constrained liquidity position reflected by high
utilisation and over withdrawal of working capital limits.  The
rating also factors in the subdued industry outlook in the medium
term.  However, the ratings derive strength from experienced
management and SSL's established relationship with its customers.
Going forward, the ability of the company to sustain profitable
operations in the light of economic slowdown will be the key
rating sensitivities.

                       About Stelco Strips

Stelco Strips Limited was set up and registered as a Private
Limited Company on January 20, 1988.  The company was subsequently
converted into a Public Limited Company with effect from June 12,
1989.  Mr. Bhushan Lal Jindal, Managing Director, son of
Mr. Om Parkash Jindal, looks after the day-to-day affairs of the
company.  The company is engaged in the manufacturing of Cold
rolled and Galvanised plain/Corrugated steel sheets/coil of
varying sizes.  SSL posted total income of Rs.183.19 crore during
FY08.  It recorded PBILDT and PAT of Rs.15.25 crore and Rs.5.04
crore, respectively, during FY08.  However, during 9MFY09, the
company posted total income of Rs.189.1 crore and PAT of Rs.3.7
crore.  Auto and consumer durable industry has been adversely
affected by contracting global and domestic demand.  The industry
has been experiencing low off-take due to decline in consumer
spending.  Global steel prices enjoyed a steady increase since the
beginning of 2008 and peaked in July 2008, but have fallen by more
than 40% from their highs till the beginning of November 2008.
Going forward, the steel prices are expected to be soft in the
medium term on the back of weaker market sentiments coupled with
uncertainty in the demand revival.


TATA MOTORS: March 2009 Domestic Sales Drop 13%
-----------------------------------------------
Tata Motors Limited said its domestic sales for the month of
March 2009 fell 13% from a year earlier.

The company sold 52,686 vehicles in March 2009 in India.  The
company's total sales (including exports) were 54,485 vehicles.
The company's sales (including exports) for the fiscal 2008-09
were 498,581 nos.

Cumulative sales (including exports) for the company were 498,581
nos., 14% lower than 582,390 nos. sold in the last fiscal.

"While the financial stimulus announced by the Government,
particularly for commercial vehicles, has had a positive impact,
the retail market would still take some time to reach the
corresponding period levels of the last fiscal," Tata Motors said
in a statement.

                       Commercial Vehicles

The company's sales of commercial vehicles in March 2009 in the
domestic market were 29,006 nos., 24% higher than that in
February 2009 but 19% lower than 35,993 vehicles sold in March
2008.  M&HCV sales at 12,333 nos. reflect a 40% growth over
February 2009, but 40% lower than March 2008.  LCV sales at 16,673
nos. are 9% higher than March 2008.

Cumulative sales of commercial vehicles in the domestic market for
the fiscal were 265,012 nos., a decline of 15% over 313,360 nos.
last year.  Cumulative M&HCV sales stood at 113,674 nos., a
decline of 32% over last year, while LCV sales for the fiscal were
151,338 nos., a growth of 3% over last year.

During the year, Tata Motors launched the Winger High Roof AC
Ambulance, LPT 407 EX2 truck and the Super Milo range of bus
chassis.

                       Passenger Vehicles

The company's sales of passenger vehicles in March 2009 in the
domestic market at 23,680 nos. were the highest this fiscal, 24%
up over February 2009, but 4% lower than 24,737 vehicles sold in
March last year.  The March 2009 passenger car sales of the Indica
and Indigo range put together at 18,642 nos. were the highest this
fiscal, surpassing February 2009 sales of 15,524.  The Indica
range sales at 13,678 nos. were 5% higher than March 2008 and the
highest this fiscal.  The Indigo range sales of 4,555 nos. were 8%
higher than February 2009, but 11% lower than March 2008.  The
Utility Vehicle/SUV range accounted for sales of 5,038 nos., were
the highest this fiscal, registering a 43% increase over the
previous month of February, but a 23% decline over March 2008.

Cumulative sales of passenger vehicles in the domestic market for
the fiscal were 200,159 nos., a decline of 7% over 214,758 nos. in
the same period last year.  Cumulative sales of the Indica range
at 111,257 nos., reported a decline of 18%. For the January –
March quarter 2009, Indica range sales at 36,426 nos. have grown
by 2.5% over January – March 2008.  Cumulative sales of the Indigo
family were 49,190 nos., a growth of 57%. Cumulative sales of the
Utility Vehicle/SUV range at 39,303 nos. declined by 17.6%.

Tata Motors also did an offtake of 8,075 Fiat cars for
distribution, a 139% increase over 3,377 cars sold by Fiat last
fiscal.

During the year, Tata Motors' major launches included the new
generation Indica Vista, the Xenon XT lifestyle pick-up and the
much awaited Tata Nano.  The Tata Nano has gone on display at
dealer showrooms and other authorised outlets from today along
with the sale of booking forms. The bookings will be accepted from
April 9 to 25, 2009.

                              Exports

The company's sales from exports at 1,799 vehicles in March 2009,
were up 36% over February 2009, but declined by 69% compared to
5,765 vehicles in March 2008.  The cumulative sales from exports
for the fiscal at 33,410 nos. declined by 38% over 54,272 nos. in
the same period last year.

                        About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the company.  The company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.  TML is listed on the Bombay Stock
Exchange, the National Stock Exchange of India and New York
Stock Exchange.  It was ultimately 33.4% owned by the Tata Group
as of December 2007.

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Mar. 27, 2009, Standard & Poor's Ratings Services lowered its
corporate credit rating on India-based automaker Tata Motors Ltd.
to 'B+' from 'BB-'.  The rating remains on CreditWatch with
negative implications, where it was placed on Dec. 12, 2008.  At
the same time, S&P lowered its issue rating on the company's
senior unsecured notes to 'B+' from 'BB-' and also kept the rating
on CreditWatch with negative implications.

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


TATA MOTORS: Singur Factory Set to be Revived, Gov't Official Says
------------------------------------------------------------------
Tata Motor Limited's abandoned factory in Singur, West Bengal will
be revived to produce Nano, as a farmers' protest against it is
tapering off, The Economic Times reports citing a senior official.

According to the report, Sabyasachi Sen, the top bureaucrat in
West Bengal's industry ministry, said the factory is 85 per cent
complete with all the machinery and equipment installed.

"Sooner rather than later, the Nano will be produced from there,"
he told The Associated Press in an interview during a visit to
Malaysia.  The factory "won't become a white elephant."

The Troubled Company Reporter-Asia Pacific on Sept. 22, 2008,
reported that the plan to introduce Nano, the world's smallest
car, on September 2008 was derailed after Tata Motors suspended
operations at Singur in response to violent protests conducted by
Trinamool Congress at the site.  The party, who is representing
farmers affected by the Nano project, demanded return of 400 acres
of land out of the 997 acres Tata Motors acquired.

On Oct. 8, 2008, the TCR-AP reported that after a month-long work
suspension, Tata Motors finally decided to move its Nano car
project out of Singur in the State of West Bengal citing
heightened level of agitation and hostility by opposition party,
Trinamool Congress, led by Ms. Mamata Banerjee.  The company then
relocated the mother plant for its Nano car project to Sanand in
Gujarat.

The Times, citing Mr. Sen, said the farmers' protest, supported by
the opposition party, is now "tapering off and through a process
of dialogue we hope that the little remnants of opposition will be
removed."

However, the Times relates, Tata Motors has been unclear about its
plans for the plant and said it would talk with the state
government about future plans.

"We have our sheds there.  We have the land there which is leased
to us.  We do not have any more information to share at this
point," the report quoted Tata Motors spokesman Debasis Ray as
saying.  "We will discuss whatever plans we have with the West
Bengal government."

                        About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the company.  The company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.  TML is listed on the Bombay Stock
Exchange, the National Stock Exchange of India and New York
Stock Exchange.  It was ultimately 33.4% owned by the Tata Group
as of December 2007.

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Mar. 27, 2009, Standard & Poor's Ratings Services lowered its
corporate credit rating on India-based automaker Tata Motors Ltd.
to 'B+' from 'BB-'.  The rating remains on CreditWatch with
negative implications, where it was placed on Dec. 12, 2008.  At
the same time, S&P lowered its issue rating on the company's
senior unsecured notes to 'B+' from 'BB-' and also kept the rating
on CreditWatch with negative implications.

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


VISHESH ENGINEERING: Low Net Worth Prompts CRISIL 'BB' Rating
-------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the bank
facilities of Vishesh Engineering Company (VEC).

   Rs.75.0 Million Cash Credit Limits      BB/Stable (Assigned)
   Rs.20.0 Million Bank Guarantee Limits   P4 (Assigned)

The ratings reflect VEC's below-average financial risk profile
marked by a low net worth, a high gearing, and moderate debt
protection measures.  The ratings also factor in the firm's large
working capital requirements and small scale of operations. These
weaknesses are mitigated by VEC's established presence in the
seismic survey and seismic data acquisition services.

Outlook: Stable

CRISIL believes that VEC will maintain its financial and business
risk profiles on the back of its project execution skills.  The
outlook may be revised to 'Positive' if VEC substantially
increases its scale of operations and improves its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
the firm undertakes large, debt-funded capital expenditure.

                    About Vishesh Engineering

VEC was set up in 1986 by Mrs. B Jhansi Lakshmi, Mr. P Ashok Raju,
and Mr. N Ramchandra Raju, in Guntur (Andhra Pradesh).  The firm
is engaged in the business of providing seismic survey services.
These services include on-shore shot-hole drilling and seismic
data acquisition services. VEC's clients are private and public
sector oil exploration and procurement companies.

VEC reported a profit after tax (PAT) of Rs.9.84 million on net
sales of Rs.195.29 million for 2007-08 (refers to financial year,
April 1 to March 31), as against a PAT of Rs.2.82 million on net
sales of Rs.183.78 million for 2006-07.


WOCKHARDT LIMITED: Fitch Downgrades Long-Term Rating to 'B'
-----------------------------------------------------------
Fitch Ratings has downgraded India-based pharmaceutical company
Wockhardt Limited's National Long-term Rating to 'B(ind)' from
'BBB(ind)', and maintained the rating on Rating Watch Negative.
Fitch has simultaneously downgraded Wockhardt's rated debt:

  -- INR2,000 million long-term non-convertible debenture
     programme downgraded to 'B(ind)' from 'BBB(ind)'; remains
     on RWN

  -- INR2,500 million long-term loans and INR2,500 million
     fund-based cash credit facilities downgraded to 'B (ind)'
     from 'BBB(ind)'; remain on RWN

  -- INR1,450 million non fund-based limits downgraded to
     'F4(ind)' from 'F3(ind)'; remains on RWN

The rating action follows Wockhardt's announcement of a corporate
debt restructuring programme, in light of adverse market
conditions, liquidity constraints and debt burden.  While details
are not yet available, the rating action reflects the increased
risk to Wockhardt's loan repayments.

The agency awaits clarity from the company with regard to the
terms and conditions of the ongoing financial and operational
restructuring, as well as clarity with regard to its outstanding
foreign exchange liabilities.  Fitch is currently in discussions
with the company for the same.  The RWN will be resolved following
these discussions.

This follows Fitch's rating action published on March 27, 2009.

Wockhardt posted a 40% year on year increase in its consolidated
revenues to INR26 billion for the nine months ended September 2008
(9M08).  Operating profits increased 33% to INR5.9 billion
(limited by the mark-to-market loss of INR164 million as of
September 30, 2008).  However, higher interest costs and forex
losses on Wockhardt's foreign currency loans caused net profit to
fall to INR2,121 million from INR2,770 million in the prior
period.  For CY08, the company estimates a likely debt of
INR34 billion (includes cash reserves of INR3.8 billion).



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

PAL INDONESIA: BNI Grants US$25.6-Mil. Loan to Build 4 Tankers
--------------------------------------------------------------
PT Bank Negara Indonesia (BNI) agreed to extend US$25.6 million in
loan to PT PAL Indonesia to build four vessels, Antara News
reports, citing PAL President Director Harsusanto.

The vessels, which were ordered by Italy and Turkey, will be
completed and handed over in stages at the end of December 2009
and in June 2010, the report cited Mr. Harsusanto as saying.

Citing the Jakarta Globe, the Troubled Company Reporter-Asia
Pacific reported on January 14, 2009, that PAL has suffered huge
losses in recent years, including a IDR120 billion deficit in 2006
and a IDR40 billion loss in 2007.

According to the report, PAL's assets were currently worth
IDR3 trillion, while the company owed $120 million in short-term
debts to local private and state banks.

Ministry figures cited by the report show that PAL's total debt
amounts to IDR1.9 trillion.  The state ministry has categorized
the company as being in an "unsound" state since 2003, the report
adds.

PT Pal Indonesia -- http://www.pal.co.id/v5/index.php-- was
established by the Netherlands's government in 1939 under its
original name of MARINA ship docking.  The company was renamed
Kaigun SE 2124 while under the colonial governance of Japan.  In
1980, the status of the company was changed from a Public Company
(Perusahaan Umum) to a Limited Company (Perseroan Terbatas) in
accordance with notary deed No.12 of Hadi Moentoro, SH.

Pal Indonesia's factory is located at Ujung, Surabaya.  The
company's main activities are the manufacturing of naval and
merchant ship, docking repairs and maintenance, and general
engineering based on job orders.


SARIJAYA PERMANA: Bapepam-LK Mulls on Revoking Business Permit
--------------------------------------------------------------
The Capital Market and Financial Institution Supervisory Agency
(Bapepam-LK) is considering revoking PT Sarijaya Permana
Sekuritas' (SPS) business permit if no new investors come to
rescue (to recapitalize) the ailing securities firm, Jakarta Post
reports citing Bapepam's Head of Legal Division Robinson Simbolon.

"But the worsening condition of Sarijaya makes it unlikely that
new investors will appear, forcing the stock market watchdog to
consider revoking Sarijaya's business permit", Mr. Simbolon was
quoted by The Post as saying.

Some local and foreign investors whose owners came from Hong Kong,
Melbourne, Australia and Indonesia have in the past shown interest
in taking over Sarijaya, but lost their appetite when the
settlement process between the company and its customres dragged
on, the report recounts.

The case is still under police investigation, the report notes.

As reported by the Troubled Company Reporter – Asia Pacific on
Jan. 9, 2009, Herman Ramli, owner of Sarijaya embezzled some
IDR240 billion (US$22.32 million) in investors' funds.

Established in 1990, PT Sarijaya Permana Sekuritas (SPS), the
Globe says, boasts institutional clients in various sectors,
including 30 pension funds, 11 insurance firms, two financial
firms and two large foundations.  The company has about 48
branches around the country.



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

CITIGROUP INC: Seeks Bidders for Nikko Asset Management Co.
-----------------------------------------------------------
Citigroup Inc. has started the auction process to sell Nikko Asset
Management Co. and invited bids from Japanese banks, Bloomberg
News reports citing four people familiar with the matter who
declined to be identified because they are not authorized to
discuss the deal publicly.

According to Reuters, Citigroup has approached Mitsubishi UFJ
Financial Group, Mizuho Financial Group and Sumitomo Mitsui
Financial Group about the sale of Nikko Asset.

Citigroup has also likely approached Nippon Life Insurance Co and
major investment funds on the sale of Nikko Asset, the report
relates.

As of December 31, 2009, Nikko Asset managed JPY9.1 trillion and
had 561 employees, Bloomberg News notes.  The asset manager may be
worth about JPY50 billion to JPY100 billion, the report adds.

                       About Citigroup

Based in New York, Citigroup (NYSE: C) -- http://www.citigroup.com
-- is organized into four major segments -- Consumer Banking,
Global Cards, Institutional Clients Group, and Global Wealth
Management.  Citigroup had $2.0 trillion in total assets on $1.9
trillion in total liabilities as of
Sept. 30, 2008.

As reported in the Troubled Company Reporter on Nov. 25, 2008, the
U.S. government entered into an agreement with Citigroup to
provide a package of guarantees, liquidity access, and capital.
As part of the agreement, the U.S. Treasury and the Federal
Deposit Insurance Corporation will provide protection against the
possibility of unusually large losses on an asset pool of
approximately $306 billion of loans and securities backed by
residential and commercial real estate and other such assets,
which will remain on Citigroup's balance sheet.  As a fee for this
arrangement, Citigroup will issue preferred shares to the Treasury
and FDIC.  In addition and if necessary, the Federal Reserve will
backstop residual risk in the asset pool through a non-recourse
loan.


CITIGROUP INC: 3 Japanese Firms Submit Bids for Nikko Cordial
-------------------------------------------------------------
Alison Tudor at The Wall Street Journal reports that Mitsubishi
UFJ Financial Group Inc., Sumitomo Mitsui Financial Group Inc.,
and Mizuho Financial Group Inc. have presented preliminary offers
for Citigroup Inc.'s Nikko Cordial Securities Inc.

According to WSJ, the winner will get Nikko Cordial's 109 retail
branches across Japan and about 7,000 salespeople.  People
familiar with the matter said that MUFG was an early favorite to
win the bidding, WSJ relates.

WSJ states that Citigroup isn't likely to get JPY1.6 trillion,
which it paid for Nikko Cordial in a series of deals completed in
January 2008.  According to WSJ, financial analysts estimate that
Nikko Cordial is valued JPY300 billion to JPY400 billion.  Citing
people familiar with the matter, WSJ says that the final value is
difficult to predict, partly because it isn't clear if about
JPY200 billion of surplus capital will be included.

Citigroup, WSJ relates, may want to maintain some links between
its investment-banking operations and Nikko Cordial.  WSJ says
that Citigroup could also try to forge a joint venture with one of
the large Japanese banks.  People familiar with the matter said
that this could make SMFG or Mizuho, with no current ties to
Morgan Stanley, a more attractive buyer, WSJ states.

According to WSJ, the second round of bidding is likely to finish
around the end of April.  WSJ, citing people familiar with the
matter, relates that the Japanese banks received documentation
this week and are now conducting their due diligence.

                       About Citigroup Inc.

Based in New York, Citigroup (NYSE: C) -- http://www.citigroup.com
-- is organized into four major segments -- Consumer Banking,
Global Cards, Institutional Clients Group, and Global Wealth
Management.  Citigroup had $2.0 trillion in total assets on $1.9
trillion in total liabilities as of
Sept. 30, 2008.

As reported by the TCR on Nov. 25, 2008, the U.S. government
entered into an agreement with Citigroup to provide a package of
guarantees, liquidity access, and capital.  As part of the
agreement, the U.S. Treasury and the Federal Deposit Insurance
Corporation will provide protection against the possibility of
unusually large losses on an asset pool of approximately $306
billion of loans and securities backed by residential and
commercial real estate and other such assets, which will remain on
Citigroup's balance sheet.  As a fee for this arrangement,
Citigroup will issue preferred shares to the Treasury and FDIC.
In addition and if necessary, the Federal Reserve will backstop
residual risk in the asset pool through a non-recourse loan.


SANYO ELECTRIC: To Cut Hiring of New Recruits by 80%
----------------------------------------------------
Sanyo Electric Co said it will cut the number of new recruits to
be hired in the spring of 2010 by some 80%, sinking to a record
low level since 1979, Japan Today reports.

The report says Sanyo will hire only 50 new graduates next spring,
and won't offer any clerical position due to earnings
deterioration.

The 50 new recruits, Japan Today relates, will work on the
development of solar cells and rechargeable batteries, on which
the company is now focusing.

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.



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

BOSTON SCIENTIFIC: South Korean Study Won't Move S&P's BB+ Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that data from a South
Korean study presented at the American College of Cardiology
annual conference comparing drug-eluting stent performance has no
impact on its BB+/Positive/-- rating for Boston Scientific Corp.
The study concluded that Boston Scientific's Taxus DES rate of re-
treatment is higher than its competitors'.  Moreover, results of
the Spirit II and III trials, conducted by Boston Scientific and
presented at the same conference, also suggest that Abbott
Laboratories' XIENCE DES may have superior outcomes relative to
Taxus.  Boston Scientific markets XIENCE as PROMUS, per rights it
retained when it sold Guidant Corp.'s vascular intervention and
endovascular businesses to Abbott.

At year-end 2008, Boston Scientific held a 25% U.S. market share
with PROMUS and a 24% U.S. market share with TAXUS; its worldwide
share was estimated at 34%.  Given royalties paid to Abbott for
XIENCE sales, XIENCE is only one-half as profitable as TAXUS.  As
a result, the loss of TAXUS revenues, even if recaptured as PROMUS
sales, would have a negative impact on EBITDA.  Still, the
contraction of the DES market over the past several years and the
purchase of Guidant's cardiac rhythm management business has
reduced the company's exposure to DES; coronary stents represented
23% of Boston Scientific's 2008 sales.  As a result, S&P believes
that continued growth in the company's diversified portfolio can
offset further DES shifts in market share.


* KOREA: 15% of Korean Builders Lack Capital, Survey Says
---------------------------------------------------------
Some 8,090, or 15 percent, of Korean builders are unqualified for
lack of capital or technologies, The Chosun Ilbo reports citing
the Ministry of Land, Transport and Maritime Affairs.

According to the report, based on the results of a recent survey
conducted by four construction-related associations, the ministry
disclosed that out of the 55,820 construction firms surveyed, some
2,759, or 21.5 percent, of all general construction companies and
5,331, or 12.4 percent, of all specialty construction firms were
deemed unfit.

Meanwhile, the report notes most or 2,026 builders (25 percent),
lacked capital, followed by 1,327 (16.4 percent) that lack
technological know-how, and 452 (5.6 percent), which lack both.



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

* Moody's Upgrades Ratings on Four Lebanese Banks to 'B2'
---------------------------------------------------------
Moody's Investors Service upgraded to B2 from B3 the constrained
long-term foreign currency deposit ratings of four Lebanese banks
-- BLOM Bank, Byblos Bank, Bank Audi and Bank of Beirut.  Moody's
also upgraded Byblos Bank's constrained foreign currency senior
and subordinated bond ratings to B1 from B2.  The outlook on these
ratings is now stable.

"The rating action was prompted by Moody's recent upgrade of the
Lebanese sovereign ceilings that continue to act as a cap on the
affected bank ratings: the foreign currency deposit ceiling was
upgraded to B2 from B3 and the foreign currency bond ceiling to B1
from B2 (see separate press release dated April 1).  The sovereign
upgrades reflected the substantial improvement in the country's
external liquidity, the proven resilience of the Lebanese public
finances to shocks and the relative strength of the country's
banking system," says Stathis Kyriakides, a Limassol-based Moody's
Assistant Vice President - Analyst, and lead analyst for Lebanese
banks.

The four banks' respective bank financial strength ratings, global
local currency deposit ratings, local and foreign currency short-
term ratings and national scale ratings are not affected by this
rating action.

Moody's previous rating action on these four Lebanese banks was on
December 11, 2008, when it changed the outlook on their long-term
foreign currency deposit ratings to positive from stable.

All four Moody's-rated banks are headquartered in Beirut:

  -- Bank Audi had total assets of LBP30.8 trillion (US$20.4
     billion) at year-end 2008.

  -- BLOM Bank had total assets of LBP26.9 trillion (US$17.9
     billion) at year-end 2008.

  -- Byblos Bank had total assets of LBP16.9 trillion (US$11.2
     billion) at year-end 2008.

  -- Bank of Beirut had total assets of LBP8.6 trillion (US$5.7
     billion) at year-end 2008.



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

AXIS INC: Appoints Ferrier Hodgson as Investigative Accountant
--------------------------------------------------------------
The Provisional Liquidator of Axis Incorporation Berhad disclosed
in a regulatory filing that the company has appointed Ferrier
Hodgson MH Sdn Bhd as investigative accountant.

The appointed investigative accountant will:

   -- undertake investigative work and inquiries into, among
      others but not limited to the total amount owed by
      certain overseas Contract Manufacturers to the Axis Group
      as at March 31, 2008 amounting to MYR130.9 million
      comprising of cash advances and supply of fabrics and
      accessories; and

   -- ascertain the state of affairs of the Group.

As reported in the Troubled Company Reporter-Asia Pacific on
Mar. 25, 2009, the High Court of Malaya at Johor Bahru entered
an order to appoint Gabriel Teo Chun of Insolcorp Advisory Sdn.
Bhd. as provisional liquidator to Axis Incorporation Berhad.

The appointment of provisional liquidator was due to the
application made before the High Court of Malaya by
Messrs. Dennis Nik & Wong, acting for the Bank of East Asia
Singapore Branch.

The Bank of East Asia demanded Axis to pay for the principal sum
of US$2,422,277.23 with interests and costs.

Based in Johor Bahru, Malaysia, Axis Incorporation Berhad
(KUL:AXIS) -- http://www.chongee.com.my-- is principally engaged
in the business of investment holding. The company, through its
subsidiaries, is engaged in fabric knitting and dyeing, and
manufacturer of garments.  Its subsidiaries include Asiapin Sdn.
Bhd., Chongee Enterprise Sdn. Bhd. and GBC Marketing Pte. Ltd.  In
June 2008, Axis Incorporation Berhad announced the disposal of the
entire equity interest in Ganad Corporation Bhd.


LITYAN HOLDINGS: Loan Default Reached Over MYR42.9-Mln in March
---------------------------------------------------------------
In a regulatory filing with the Bursa Malaysia Securities Bhd,
Lityan Holdings Berhad disclosed the status of its payment
default on its credit facilities as of March 31, 2009.

As of end-March 2009, Lityan Holdings owes its creditors
MYR42,940,126.89 in aggregate:

                                             Total Principal and
  Lender              Type of Facility       Interest in Default
  ------              ----------------       -------------------
RHB Bank Berhad       Overdraft Facility           MYR358,995.72
                      of MYR225,000/-

RHB Bank Berhad       Overdraft Facility              719,773.81
                      of MYR450,000/-

Bank Islam Malaysia   Letter of Credit             25,281,701.96
Berhad Labuan         Facility/ Murabah
Offshore Branch       Working Capital
(Formerly known as    Financing/ Revolving
Bank Islam (L) Ltd)   Al-Bai-Bithaman-Ajil
                      Facility of US$10-Mil.
                      (Secured)

Bank Islam Malaysia   Revolving Al-Bai-            14,996,067.94
Berhad Labuan         Bithaman-Ajil Facility
Offshore Branch       of US$5 million
                      (secured)

Ambank Berhad         Overdraft Facility            1,583,587.46
                      of MYR1 million           ----------------
                                                MYR42,940,126.89

The three subsidiaries of Lityan, namely Lityan Systems Sdn.
Berhad, Digital Transmission Systems Sdn. Bhd. and Lityan (L)
Incorporated who have defaulted MYR41,356,539.43 out of the
MYR42,940,126.89 total amount default are not major subsidiaries
of the company.

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.


PILECON ENG'G: SC Approves Disposal of 5.1 Million ESB Shares
-------------------------------------------------------------
The Kenanga Investment Bank Berhad (“KIBB”) on behalf of the Board
of Directors of Pilecon (the “Board”), disclosed that the
Securities Commission (“SC”) approved on March 30, 2009 the
proposed:

   (i) Disposal by Pilecon of up to 5,100,000 ordinary shares
       of MYR1.00 each in Equiventures Sdn Bhd (“ESB”),
       representing up to 25.50% of issued and paid-up ESB
       ordinary share capital, for a total cash consideration
       of up to MYR47,787,000, via the acceptance of the
       conditional take-over offer, by Maybank Investment Bank
       Berhad, on behalf of MMC Corporation Berhad; and

  (ii) utilisation of the disposal proceeds of MYR47,787,000 to
       partly redeem the outstanding redeemable convertible
       secured loan stocks of Pilecon;

subject to these conditions:

   (i) Pilecon should disclose the status of utilisation of the
       disposal proceeds in its quarterly reports; and

  (ii) KIBB and Pilecon should fully comply with the relevant
       requirements of the SC's Guidelines on the Offering of
       Equity and Equity-Linked Securities, in implementing the
       above proposal.

Headquartered in Selangor Darul Ehsan, Pilecon Engineering
Berhad is engaged in building construction and civil engineering
works.  The Company is also involved in trading and hiring of
plant and equipment for foundation engineering and civil
engineering works.  It also undertakes resort operation and
complex management services.  The Group operates in Malaysia,
Hong Kong and Singapore.

The company was classified as an Affected Listed Issuer of the
Amended Practice Note No. 17/2005 of the Listing Requirements of
Bursa Malaysia Securities, as the company defaulted in its
payment and was unable to provide a solvency declaration to the
Bursa Securities.



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

GENEVA FINANCE: Banker Reaffirms NZ$35 Mln. Debt Facility
---------------------------------------------------------
The National Business Review reports Geneva Finance has renewed
its NZ$35 million debt facility with BOS International (Australia)
Limited (BOS) until April 30, 2011.

According to the report, Geneva directors said the loan is now
subject to normal commercial covenants.

On March 31, Geneva Finance said it paid debenture investors their
third principal installment (NZ$14.7 million) plus interest due
under the capital reconstruction plan of April 28, 2008.

The company has now repaid a total of NZ$54.6 million to all
investors, comprising NZ$46.2 million of principal plus interest
approximating NZ$8.4 million, in the space of 11 months.

As reported by the Troubled Company Reporter-Asia Pacific on
October 16, 2008, Geneva Finance said that the group had breached
certain BOSIAL (the company's banker) facility covenants and was
in discussions with BOSIAL with a view to resolving those issues.

                       About Geneva Finance

Geneva Finance Limited -- http://www.genevafinance.co.nz/--
provides finance and financial services to the consumer credit
and small to medium business markets.  The company provides hire
purchase finance and personal loans secured by registered
security interests over personal assets such as motor vehicles,
household goods and residential property.  Geneva Finance's
loans are originated through three distribution channels
(Direct, Retail and Dealer), processed by the central sales desk
and mobile sign-up managers then administered through a national
operations centre located at Mt Wellington, Auckland.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
May 1, 2008, Standard & Poor's Ratings raised its long-term
counterparty credit rating on New Zealand finance company Geneva
Finance Ltd. (Geneva) to 'CCC' from 'CC'.  The three-rating-
notch upgrade follows Geneva debtholders' acceptance of a
recapitalization and new funding proposal, and Geneva's banker
support to the proposal.  The proposal will provide more funding
certainty in the short term, and will materially strengthen the
company's capitalization.   At the same time, the rating was
removed from CreditWatch with developing implications, where it
was initially placed on November 5, 2007.  The outlook on the
rating is negative.


HANOVER FINANCE: Bad Debt Provisioning Increases by NZ$9 Mln.
-------------------------------------------------------------
Hanover Finance Limited has added provisioning for an extra NZ$9
million in bad loans, BusinessDay's Roeland Van Den Bergh reports.

Citing Hanover's belated financial statements for the June 2008
year, the BusinessDay discloses, Hanover posted a NZ$10.9 million
loss and NZ$85.9 million bad debts provisions.  The company's loan
book, the report notes, had a total value of NZ$549.4 million.

According to the report, Hanover Finance chief executive Peter
Fredricson said the delay in filing the accounts had led to a
"subsequent events review" with auditors KPMG, which identified
the additional provisioning.

The company's directors, the report relates, warn the situation
could deteriorate further.

Weakening property market and "widespread uncertainty around
borrowers' ability to meet their future obligations" could lead to
further impairment or delays in the repayment of loans, the
BusinessDay says citing the directors' report.

The Troubled Company Reporter-Asia Pacific on Dec. 10, 2008,
reported that Hanover Finance's investors have voted in favor of
the company's Debt Restructure Proposals, including a plan to
fully repay NZ$552.6 million principal it owes over five years.

                            About HFL

Hanover Finance Limited -- http://www.hanover.co.nz/-- is NZ's
third-largest privately-owned finance company with total assets
of NZ$796 million at December 31, 2007.  The company was
established in 1984 to provide finance to the rural sector
and began lending to property developers and investors in 1995.
The loan portfolio has been gradually downsized since 2006 as a
result of a more cautious approach to lending in the face of
retail funding constraints.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 2, 2008, Fitch Ratings affirmed and simultaneously withdrawn
the ratings of Hanover Finance Limited's Long-term and Short-term
foreign currency Issuer Default Ratings of 'D', Individual rating
of 'F', Support rating of '5' and the Support Rating Floor of
'NF'.

A Long-term foreign currency IDR of 'D' indicates that HFL has
defaulted on its financial obligations.

The withdrawal of the ratings recognizes that HFL is no longer
accepting new debentures and is seeking to implement a debt
restructure plan for existing debenture holders.  As a result,
Fitch said it will no longer provide analytical coverage.



======================
S O U T H  A F R I C A
======================

PAMODZI GOLD: Wants East Rand Mine Under Provisional Judicial Mgt
-----------------------------------------------------------------
Carli Lourens at Bloomberg News reports Pamodzi Gold Ltd asked
that its East Rand mine be placed under provisional judicial
management.

East Rand and the company's Free State mine will be placed under
provisional judicial management after the North Gauteng High Court
approved the company's application April 1, Bloomberg News says
citing Johannesburg-based newspaper Business Report.

Last month, Bloomberg News recalls the company's Orkney unit went
into liquidation.

The report says Pamodzi's shares were suspended on March 20 after
the Pretoria High Court ordered Orkney's provisional liquidation
on the same day.

As reported in the Troubled Company Reporter-Asia Pacific on
Mar. 24, 2009, Business Report said Judge Bill Prinsloo ruled in
favour of three creditors that were seeking the provisional
liquidation of the mine instead of placing the company under
judicial management, which the Industrial Development Corporation
(IDC) sought before the North Gauteng High Court in Pretoria.

The three Orkney creditors who applied for liquidation were
Engineering Labour Hire and Mining Supplies, Accurate Drilling and
Safety Training Practitioners, according to the Business Report.

As reported in the Troubled Company Reporter-Asia Pacific on
Mar. 18, 2009, Bloomberg News's Ron Derby said Pamodzi is in need
of funds after failing to receive an expected sum of 200 million
rand (US$20 million) from Best Rock Investments LLP.

The report recalled the company said Oct. 24 it completed the
terms of a final 200 million rand of necessary fund raising.  On
Dec. 29, the report related Pamodzi said the fund raising would
include an issue of call options to Best Rock Investments (Pty)
Ltd.  Pamodzi added in a Feb. 18 statement obtained by
Bloomberg News that it hadn't received a "definitive timeline" for
the receipt of funds from Best Rock.

As reported in the Troubled Company Reporter-Asia Pacific on
Mar. 9, 2009, around 4,000 workers at Pamodzi Gold's Free State
province mines went on strike over unpaid wages.

Pamodzi, which employs 5,014 workers in South Africa, ended the
10-day strike on March 13 after paying February wages, Bloomberg
News said.

                         Mounting Losses

For the nine months ended September 30, 2008, Pamodzi incurred a
net loss of R427,673,000.  The company recorded a R208,488,000
loss in the year ended December 31, 2007.

According to Business Report, Pamodzi incurred mounting losses
after selling gold below market price and with the acquisition of
two gold mines early last year.

As of September 30, 2008, the company's total assets and total
liabilities stood at R1,917,030,000 and R1,757,518,000
respectively.

Pamodzi said it will use the R400 million fund from the IDC and
Pamodzi Resources for these purposes:

   -- R180 million to settle long outstanding creditors;

   -- settle the loan from MC Resources Limited and Casten
      Holdings Limited, shareholders of Thistle, amounting
      to R34.2 million;

   -- settle the RMB revolving credit facility of
      R26.8 million; and

   -- R160 million for future capital expansion and assumed
      to be split evenly between IDC loan and Pamodzi
      Resources loan.

                       About Pamodzi Gold

Pamodzi Gold Limited (JNB:PZG) -- http://www.pamodzigold.co.za/--
is a junior gold mining company with assets on the Witwatersrand
gold basin in South Africa.  The Company has gold mining
operations in the East and West Rand of Gauteng Province in South
Africa.  The Company has acquired operations in Orkney, in the
North West Province, and the President Gold mine in the Free State
province.  The West Rand operation consists of Pamodzi Gold West
Rand (Pty) Limited (PGWR)'s Middelvlei opencast mine situated 55
kilometers southwest of Johannesburg, extracting the Black Reef
ore body.  The East Rand Operations consist of three underground
operations, namely Grootvlei Proprietary Mines Limited
(Grootvlei), Consolidated Modderfontein Mines Limited (Cons
Modder) and Nigel Gold Mining Company (Pty) Limited situated on
the East Rand, some 40 kilometers east of Johannesburg. The PGWR
operations are an early-stage gold mining project.  The PGER
operations are located approximately 40 kilometers east of
Johannesburg in the Springs area.



================
S R I  L A N K A
================

CEYLEASE FINANCIAL: Fitch Assigns 'BB+' National Long-Term Rating
-----------------------------------------------------------------
Fitch Ratings has affirmed the National Long-term rating of
Ceylease Financial Services Ltd at 'BBB-(lka)' (BBB minus(lka)).
At the same time, the agency assigned a National Long-term rating
of 'BB+(lka)' to CFSL's proposed subordinated debenture issue of
up to LKR300 million.  The rating Outlook is Stable.

The ratings reflect the implied support deemed to be available to
CFSL through its key shareholder Bank of Ceylon (BOC, rated
'AA(lka)'/Stable Outlook), which owns 55%.  The rating is however,
constrained by CFSL's small scale of operations, its weak
profitability and solvency (as measured by net NPL/equity).  Fitch
notes that a perceived weakening in BOC's intention (or ability)
to extend support could result in a downgrade of CFSL's ratings.

Meanwhile, the rating on the proposed subordinated debenture issue
reflects the instrument's lower recoverability in the event of a
default, in line with Fitch's methodology.

CFSL's loan growth has traditionally been slower than that of most
other specialized leasing companies that Fitch rates, driven
largely by its limited reach; the company launched its second
branch in Kandy in late-2007.  However, CFSL has had to limit its
loan growth further in FY08 due to its high regulatory gearing
ratio (7.74x equity at FYE08), which was on a trajectory to breach
the ceiling of 7.0x that came into effect in January 2009
(previously 10x).  Fitch notes that CFSL's high gearing is a
function of its relatively low profitability and weak earnings
retention in the past.  Equity/assets for other Fitch-rated SLCs
stood at 15.74% at FYE08, compared to 11.14% for CFSL.  The agency
also observes that while dividends were not drawn out in FY08 (in
contrast to previous years) in a bid to improve gearing, an equity
infusion may still be required.

Absolute profit declined in FY08 as incremental business
generation was inadequate to cover marginal costs.  Consequently,
ROA declined to 0.52% at FYE08 from 0.84% at FYE07.  Additionally,
operating costs/average assets increased yoy to 4.38% at FYE08
from 3.87%, driven by high inflation and an increase in staff
headcount during the period.  Although increases in operating
costs could moderate in 2009 if inflation levels continue to
decline, CFSL's profitability will likely be constrained by
challenges to loan growth and higher credit costs in a slowing
macroeconomic environment.

CFSL's solvency (at a three month level) weakened to 94.35% at
FYE08 from 86.15% at FYE07, similar to the current industry norm.
However, Fitch notes that CFSL's considerably weak solvency is a
function of its small equity base, high three-month NPL ratio, and
relatively lower provisioning coverage of NPLs.

BOC, together with Phoenix Ventures Ltd (a large conglomerate with
41% ownership of CFSL) were instrumental in establishing CFSL in
1996.  Furthermore, each entity controls three of six board seats
of CFSL.  Additionally, BOC has and continues to function as
CFSL's largest creditor, accounting for 52% of the latter's
borrowings at FYE08.

BOC owns 1.78% of the shares of Fitch Ratings Lanka Limited.  No
shareholder, other than Fitch Ratings Limited of the UK, is
involved in the day-to-day operations of, or credit rating reviews
undertaken by Fitch Ratings Lanka Limited.



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

WAN HAI: Moody's Reviews 'Ba1' Corporate Family Rating
------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade Wan Hai Lines Ltd's Ba1 corporate family rating and Ba2
senior unsecured debt rating.

"The review action is being driven by Moody's concerns that the
continued deterioration in the container shipping industry's
operating environment -- due to the slowdown in global trade --
will negatively impact Wan Hai's financial profile, "says Peter
Choy, a Moody's Vice President & Senior Credit Officer, adding,
"In addition, the further deterioration in its credit metrics may
occur in FY 2009."

"As a result, the headroom for financial covenants under some of
its bank loans will become very tight and thereby expose it to the
risk of an acceleration in debt repayments," says Choy.

"Additionally, while Wan Hai has bought two new container vessels
at bargain prices, they have reduced balance sheet cash and raised
the level of secured debt, further reducing its financial
flexibility," says Choy.

Moody's recognizes that Wan Hai is implementing measures to
counter the difficult market conditions, such as reducing
effective fleet capacity, the costs of short-term chartered
vessels and bunker costs (including hedging costs).  It is also
deferring capital expenditures.  The aim of these measures is to
reduce the pressure on its declining operating margins.

However, Moody's remains concerned about the execution risk
associated with the company's plan and its ability to offset the
negative impact on its credit metrics.

Moody's review will focus on: (i) the measures taken to improve
its operating margins and liquidity position; (ii) financial
arrangements to cover the repayment of debt with vulnerable
covenants; (iii) capital commitments on its new build programs;
(iv) the financial impact from its bunker hedging activities; and
(v) the likely impact of further subordination with its rising
amount of secured debt.

The last rating action was taken on November 11, 2008, when
Moody's downgraded the rating of Wan Hai from Baa3 to Ba1 and its
bond rating was downgraded to Ba2 due to subordination.  Outlook
of the ratings was negative.

Wan Hai Lines Ltd was established in February 1965 in Taiwan as a
log transportation company.  It was subsequently transformed into
a container liner company in 1976 and was listed on the Taiwan
Stock Exchange in May 1996.



                         *********

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

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

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


                            *********


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

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

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

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

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





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