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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Tuesday, April 7, 2009, Vol. 12, No. 68

                            Headlines

A U S T R A L I A

BRISCONNECTIONS: Underwriter to Seek Payment from Investors
CYPRESS LAKES: Raises AU$3.37 Million Rights Issue
CYPRESSTREE SYNTHETIC: Fitch Cuts Rating on AUD40 Mil. Notes to B-
GENERAL MOTORS: Australian Unit Cuts Work Hours to Save Jobs
OMEGA CAPITAL: Fitch Junks Ratings on Two Classes of Notes

VENTRACOR LIMITED: Investors Mull Legal Action to Stop Sale


C A P E  V E R D E

CABO VERDE: In Technical Solvency; Seeks Gov't. Aid


C H I N A

EVERGRANDE: US$1.8 Billion in Debt After Aggressive Land Deals
SANLU GROUP: Sanyuan Won't Bid for the Firm's Remaining Assets


H O N G  K O N G

ATLAS COMMUNICATIONS: Members' Meeting Set for May 4
BROADSPECTRUM ASIA: Lai and Haughey Step Down as Liquidators
CAPE ASIA: Placed Under Voluntary Wind-Up
CAVO FASHION: Creditors' Proofs of Debt Due on May 4
CHINA ECO-HOTEL: Creditors' Proofs of Debt Due on May 2

HILLSBURG GROUP: Creditors' Proofs of Debt Due on May 15
HSH FINANCE: Mitchell and Power Step Down as Liquidators
LAUREL KNITTERS: Creditors' Proofs of Debt Due on May 15
LEHMAN BROTHERS: KGI Asia to Repay HK$1.6-Mln to Minibond Clients
LEGG MASON ET AL: Seng and Lo Step Down as Liquidators

MAGNECOMP TECHNOLOGY: Seng and Lo Step Down as Liquidators
MAXPRO INDUSTRIES: Chin Wing Lok Steps Down as Liquidator
MUSTANG COMPANY: Creditors' Proofs of Debt Due on May 4
STANDARD COMMODITIES: Final Meeting Slated for May 4
WORLDLAND SHIPPING: Creditors' Proofs of Debt Due on March 25

YEE HOP: Creditors' Proofs of Debt Due on May 3


I N D I A

D.A. JHAVERI: CRISIL Lowers Rating on Rs.350MM Facility to 'P4'
FINE JEWELLERY: CRISIL Lowers Ratings on Rs.76.0MM LT Loan to 'BB'
JASUBHAI JEWELLERS: CRISIL Reaffirms 'BB' Ratings on Various Loans
KAMSRI FLEX: CRISIL Puts 'B' Rating on Rs.36.3 Mln Long Term Loan
MOHIT DIAMONDS: CRISIL Cuts Rating on Packing Credit to 'P4'

NEOTERIC INFOMATIQUE: CRISIL Rates Rs.455MM Cash Credit at 'BB'
S NARENDRA: CRISIL Cuts Ratings on Rs. 240-Mln Facilities to 'P4'
SATYAM COMPUTER: Faces Money Laundering Suit from ED
SHREEJI JEWELLERY: CRISIL Cuts Ratings on Bank Facilities to 'P4'
SHREEJI: Stretched Liquidity Prompts CRISIL to Cut Ratings to 'P4'

SPICEJET LTD: Names G P Gupta as Chief Admin Officer
SUBHLAXMI SYNTEX: Fitch Assigns 'BB-' National Long-Term Rating
TATA CHEMICALS: Fitch Downgrades Issuer Default Rating to 'BB+'
TATA MOTORS: In Talks to Refinance US$2 Bln of JLR Bridge Loan
TATA STEEL: Fitch Downgrades Issuer Default Rating to 'BB+'


I N D O N E S I A

BAKRIE & BROTHERS: Revises 2008 Net Loss to IDR15.86 Trillion
* INDONESIA: Exports Dropped 32.9% in February


J A P A N

ASAHI MUTUAL: Sells Head Office Building for JPY80 Billion
MITSUBISHI MOTORS: Moody's Withdraws 'Ba2' Long-Term Debt Rating


S I N G A P O R E

ISTV PTE: Pays First and Final Dividend
LEWEI INDUSTRIES: Court Enters Wind-Up Order
OPTIMUM-3 INTERNATIONAL: Creditors' Proofs of Debt Due on April 17
UNITED ALLIANCE: Pays First and Final Dividend
VISCION MEDIA: Court to Hear Wind-Up Petition on April 17


T A I W A N

PROMOS TECHNOLOGIES: Delays Tender Offer Settlement Date


Z A M B I A

ZAMBIA AIRWAYS: Placed in Receivership; Court Freezes Assets


X X X X X X X X

* BOND PRICING: For the Week March 30 to April 3, 2009


                         - - - - -



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

BRISCONNECTIONS: Underwriter to Seek Payment from Investors
-----------------------------------------------------------
BrisConnections, the company behind a AU$3.3 billion toll road
project in Australia, said one of the underwriters of its share
offer, Macquarie Bank or Deutsche Bank, may approach unitholders
in a bid to break a deadlock over funding obligations, Reuters
reports.

Reuters relates that unitholders in BrisConnections are liable for
an installment payment of AU$1 per security in April, amounting to
millions of dollars.

However, Reuters says, some shareholders have moved to have the
company wound up after the market value of the securities fell to
AU$0.001.  A vote on winding up is scheduled for Thursday,
April 14.

According to Reuters, BrisConnections said it has received
material information from one of its underwriters regarding a
potential approach towards unitholders and their obligations to
pay installments.

Macquarie launched court action last week to hold all parties to
their contractual obligations, Reuters says.

                             ASIC Bid

Richard Gluyas at The Australian reports that investors in
BrisConnections will get a package of detailed financial
information ahead of an April 14 meeting to consider a wind-up of
the toll road operator, after the corporate watchdog intervened in
court proceedings on behalf of unitholders.

According to the Australian, the Australian Securities &
Investments Commission ("ASIC") last week sought Victorian Supreme
Court orders requiring BrisConnections to provide a supplementary
explanatory memorandum to unitholders.

ASIC, the Australian relates, also applied for an injunction to
stop the company from contacting unitholders by telephone ahead of
the extraordinary meetings, originally scheduled for April 9 and
14, which have been called by renegade investor Nicholas Bolton to
consider a wind-up.

While the court made no formal orders, BrisConnections agreed to
send a detailed memorandum to unitholders setting out its
financial position, including the contents of a report to
directors by accounting firm Deloitte, The Australian states.

                        Renegade Investor

Melbourne-based entrepreneur Nicholas Bolton, who owns 77 million
BrisConnections shares, has thrown the future of Brisbane's
Airport Link into doubt after winning a court case against
BrisConnections, according to a report posted in
couriermail.com.au.

In the Victorian Supreme Court last week, couriermail.com.au
relates, Justice Ross Robson rejected the BrisConnection's attempt
to wind up Mr. Bolton's company and stop a meeting of unitholders
called by Mr. Bolton to wind up BrisConnections.

Mr. Bolton had applied to the Victorian Supreme Court to have
BrisConnections wound up to avoid having to pay out millions of
dollars in further instalments, couriermail.com.au recounts.

Mr. Bolton will need 75% of the vote in order to have
Brisconnections wound-up.

                            Background

BrisConnections was awarded a 45-year concession to design,
construct, operate, maintain and finance the AU$4.8 billion
Airport Link toll road in Brisbane, according to a report posted
at Core Economics Web site by Sam Wylie.

The Core Economics relates the equity financing component of the
AU$4.8 billion project is raised by issuing 390 million units at
AU$3 each, $1 is paid in July and additional payments of $1 must
by met by the unit holders on April 20, 2009 and January 29, 2010.

BrisConnections has promised a payment of 5.95c to unit holders in
2009 before the first $1 installment is due.

However, the units fall in price to 41c on their first day of
listing on the ASX.  The issue was undersubscribed, as evidenced
by the large number of shares held by the underwriters after the
listing.

The units continue to fall in price, falling below 5c per unit in
mid September and reaching 0.1c per unit, the lowest possible
price for a listing on the ASX, in November 2008.

BrisConnections had announced that the first distribution to unit
holders will not take place until after the receipt of the first
$1 installment in April 2009.

                      About BrisConnections

BrisConnections Management Company Limited (ASX:BCSCA) --
http://www.brisconnections.com.au/-- is an Australia-based
company.  The company is engaged in designing, constructing,
operating, maintaining and financing Airport Link in Australia.
Airport Link is a 6.7 kilometer toll road, mainly underground,
connecting the North-South Bypass Tunnel, Inner City Bypass and
local road network at Bowen Hills, to the northern arterials of
Gympie Road and Stafford Road at Kedron, Sandgate Road and the
East West Arterial leading to the airport.


CYPRESS LAKES: Raises AU$3.37 Million Rights Issue
--------------------------------------------------
Cypress Lakes Group Limited has raised AU$3.37 million from a
rights issue launched to fend off receivers, The Australian
reports.  The 20-for-one offer launched on March 16 closed on
Wednesday, April 1 with eligible shareholders taking up 52.2 per
cent of the issue.

According to the report, the directors of the ASX-listed Cypress
Lakes Group, said they believed the amount would be enough to keep
the company trading.  The money would support the balance sheet
and help the company in its talks with its banks, the report says.

The Australian relates that this comes after Lasseters CLG
accepted its entire entitlement under the rights issue, taking its
company stake from 51.95 per cent to 95.38 per cent.

Citing an earlier report from The Australian, The Troubled Company
Reporter-Asia Pacific on Mar. 20, 2009, disclosed that the
likelihood of an administration or receivership awaits Cypress
Lakes Group if its second biggest shareholder succeeded in its bid
to stop the proposed rights issue.

Cypress Lakes said Singaporean food and property company Amoy,
which holds 33.4 per cent stake in Cypress, had objected to the
terms of the proposed AU$6.4 million rights issue.

Amoy, the Australian related, demanded Cypress Lakes withdraw the
20-for-1 issue, which could give rival Singaporean investor
Lasseters up to 96 per cent of the company depending on the take-
up by other shareholders.  Lasseters owns 52 per cent of Cypress
Lakes shares.

Cypress Lakes, as cited by the Australian, said it needs between
AU$4 million and AU$6.4 million in cash "to continue trading and
be in a position to restructure its debt obligations", estimated
at AU$30 million.

Cypress Lakes Group Limited (ASX:CLK) --
http://www.cypresslakes.com.au/-- is an Australia-based company.
The principal activities of the company, along with its
subsidiaries, are operator of Cypress Lakes Resort and The Golden
Door Health Retreats and Spas, as well as that of property owner
and developer.  It operates in two business segments: Tourism &
Leisure, and Health Retreat & Spas. Tourism & Leisure segment
comprises two businesses: Cypress Lakes Resort Villa Hotel and
Cypress Lakes Golf and Country Club.  The Hotel comprises some 160
leased villas and central facilities.  The Club has been
established for 16 years and boasts a championship golf course.
Health Retreat & Spas segment comprises two health retreats: the
Golden Door at Willow Vale in Queensland and the Golden Door
Health Retreat Elysia in Hunter Valley in New South Wales.  The
Willow Vale property provides for a program for up to 55 guests
per week.  The Elysia retreat also offers a weekly program for
guests.


CYPRESSTREE SYNTHETIC: Fitch Cuts Rating on AUD40 Mil. Notes to B-
------------------------------------------------------------------
Fitch Ratings has downgraded CypressTree Synthetic CDO Limited's
AU$40 million notes due December 2010 (ISIN: AU300CTSL015) to 'B-'
(B- minus) from 'BB-' (BB minus) and placed the notes on Rating
Watch Negative.

The transaction is a fully funded synthetic corporate CDO
referencing a portfolio of primarily US high yield corporate
obligations, managed by US-based CypressTree Investment Management
Company Limited.

The downgrade rating action reflects the occurrence of an
additional credit event, Smurfit-Stone Container, and further
deterioration in the credit quality of the portfolio resulting in
a material increase in assets rated at 'C' or below since the last
review in January 2009.  The percentage of the portfolio rated in
the 'C' or below categories has increased to 10% from 3% at last
review while the percentage in the 'CCC' category has remained
largely unchanged at 19%.  These 'C' or below rated entities
include GMAC LLC (rated 'RD'/Rating Watch Positive),
AbitibiBowater Inc. (rated 'C'), General Motors Corp (rated 'C')
and MGM Mirage (rated 'C').  The portfolio's weighted average
rating has deteriorated to 'B' from 'B/B+' since the last review.
In addition, 45% of the portfolio is currently either on RWN or
Negative Outlook.

The agency notes that with the remaining credit enhancement level
of 14.86% (adjusted with expected losses from Smurfit-Stone
Container and Lyondell Chemical, and actual losses from Quebecor
World and Dana Corp) the notes may withstand an additional 10
credit events, if assuming an average recovery of 15%.

The RWN reflects the risk of further portfolio deterioration, and
should some of the lowly rated assets default or if they do not
succeed in their restructuring plans, this would lead to further
erosion in the available credit enhancement.  Such an outcome
would potentially result in further downward rating actions on the
note.

At close, proceeds from the issuance of the notes were used to
purchase the charged asset to collateralize CDS between the issuer
and Calyon ('AA-' (AA minus)/'F1+').  The charged asset in this
transaction comprises an AU$40 million guaranteed investment
contract between the issuer and Calyon.

Rating Outlooks have been published for all newly issued Asia
Pacific Structured Finance tranches since June 2008, and
concurrently with rating actions for tranches issued prior to
June 2008.  Unlike a Rating Watch which notifies investors there
is a reasonable probability of a rating change, rating Outlooks
provide forward-looking information to the market and indicate the
likely direction of any rating change over a one-to-two-year
period.


GENERAL MOTORS: Australian Unit Cuts Work Hours to Save Jobs
------------------------------------------------------------
General Motors Corp.'s Australian unit, Holden, will slash work
hours at its only car factory in the country by 50 percent to
avoid cutting jobs as car sales slump, Robert Fenner at Bloomberg
News reported.  Sales at Holden slumped 18 percent in March from a
year earlier, the report says citing data from the Federal Chamber
of Automotive Industries.

The assembly plant in Elizabeth, southern Australia, which employs
about 3,150, will scrap its evening shift from May 4 to preserve
jobs ahead of the introduction of a new fuel-efficient car next
year, Holden Chairman Mark Reuss said in an e-mailed statement to
Bloomberg News.  Employees will get 50 percent of their pay on the
days they don't work, the report says.

Bloomberg News relates Holden, which was among the recipients of
AU$6.2 billion (US$4.5 billion) in Australian government aid
announced in November, has cut the pay of its top 100 executives
by about 10 percent and is instituting a freeze on salaried
workers to contain costs.

                     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.

                          *     *     *

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.


OMEGA CAPITAL: Fitch Junks Ratings on Two Classes of Notes
----------------------------------------------------------
Fitch Ratings has downgraded the notes issued by Omega Capital
Investments Plc Series 40 (also known as "Henley") and assigned
Recovery Ratings:

  -- AU$70 million Class A notes due June 2013 (ISIN:
     AU3FN0001632) downgraded to 'CCC' from 'BB'; removed from
     Negative Outlook; assigned RR6; and

  -- AU$40 million Class B notes due June 2013 (ISIN:
     AU3FN0001640) downgraded to 'CC' from 'B-' (B minus);
     removed from Negative Outlook; assigned RR6.

The transaction was a managed synthetic CDO referencing a
portfolio of primarily investment grade corporate obligations,
formerly managed by Lehman Brothers Australia.  However, the
portfolio management arrangements were terminated following
Lehman's bankruptcy filing in September 2008, and the transaction
has since become static.

The rating downgrades reflect the significant deterioration of the
portfolio credit quality to Fitch derived weighted average rating
of 'BB+' from 'BBB-' (BBB minus) at the last review in October
2008.  In particular, the proportion of the portfolio rated below
investment grade increased to 27.0% from 15.7%, with 7.0% rated
'CCC+' and below (including the three credit events referenced to
Lehman Brothers Holdings Inc., Fannie Mae, and Freddie Mac
totaling 2.6%), 3.5% in the 'B' category, and 16.5% in the 'BB'
category.  Current credit enhancements are expected to fall to
4.27% for Class A and 2.12% for Class B due to the aforementioned
credit events, and it appears unlikely that the available credit
enhancements could withstand the default of all 'CCC+' and below
rated assets.

Given the current portfolio quality as well as the thin tranche
size of 0.5% and 1% for Class A and Class B, respectively, Fitch
expects the recovery rate following an event of default on both
notes to be negligible.  As such, a 'RR6' rating indicating the
recovery of 0% - 10% has been assigned to both classes.

At close, proceeds from the issuance of the notes were used to
purchase the charged asset to collateralize CDS between the issuer
and BNP Paribas ('AA'/'F1+').  The charged asset in this
transaction comprises AUD110m investments in eligible securities
under the repo agreements.


VENTRACOR LIMITED: Investors Mull Legal Action to Stop Sale
-----------------------------------------------------------
Rebecca Urban at The Australian reports that the shareholders of
Ventracor Limited are likely to take legal action to stop a
possible firesale of the company.

According to the report, Vijay Kakani, one of Ventracor's largest
shareholders, confirmed that a group of investors had contacted
legal firm Slater & Gordon to seek advice about applying for a
court injunction to stop the sale going ahead.

The report relates that the investors were angry on the news that
the administrators were considering a purchase offer of between
$5 million and $10 million.

Orqis Medical Corp, a private company based in California, is
believed to be the only company to have made an offer to buy
Ventracor, the report says.

The Australian discloses that together with former Ventracor chief
executive Michael Spooner, Mr. Kakani is lobbying Ferrier Hodgson
to consider instigating a share purchase plan to raise money to
keep the company afloat long enough to obtain marketing approval
for its VentrAssist device from US health regulators.  Approval
was expected to be achieved this year, the report notes.

Ferrier Hodgson, the report says, has agreed to an informal
meeting with shareholders next Tuesday, April 14.

As reported by the Troubled Company Reporter-Asia Pacific on
Mar. 20, 2009, Ventracor said the company has been placed into
voluntary administration as it has not been able to attract
sufficient capital to fund its operations through to June 30,
2009.

Ventracor said "the company has approached over 130 potential
investors in Australia, US and Europe over a period of more than a
year.  In addition, a share purchase plan offer was made to
shareholders, but did not attract sufficient capital."

The company has appointed Steven Sherman and John Gothard of
Ferrier Hodgson as administrators.

Meanwhile, The Australian recalled that in February, Ventracor
defended its decision to keep quiet about the deaths of three
patients who have since been linked to its failed heart pumps.

The Australian related that Ventracor, whose VentrAssist device is
subject to a safety investigation by the Therapeutics Goods
Administration, issued a statement at the time that advised it had
been "in full compliance with its obligation to make continuous
disclosure" under the Australian Securities Exchange listing
rules.

The company's shares have been suspended from trading since early
February, when it reported to the TGA that there had been 11
adverse events associated with its device, according to the
Australian.

Ventracor Limited (ASX:VCR) -- http://www.ventracor.com/-- is a
global medical device company that has developed an implantable
blood pump, the VentrAssist left ventricular assist device (LVAD),
designed as therapy for patients in end-stage heart failure.  The
principal activities of the Company are the research, development,
manufacture, clinical trials and commercialization of the
VentrAssist LVAD and related technologies.  The VentrAssist
product segment utilizes specialist medical companies in Australia
and internationally to assist in the production of VentrAssist
pumps for the clinical trials.  Final testing and assembly of the
VentrAssist is carried out in Australia.  The Company's divisions
are managed in Australia, with operations in Australia, the United
States and Europe.



==================
C A P E  V E R D E
==================

CABO VERDE: In Technical Solvency; Seeks Gov't. Aid
---------------------------------------------------
TACV Cabo Verde Airlines's board have asked the Cape Verde
government to take measures to restructure the company after it is
considered in "technical insolvency," macauhub reports.

Citing TACV director Antonio Neves in a letter to its employees,
the news agency relates the company has been accumulating
"successive losses" over the years that has led to the situation
of technical insolvency.

"The company has only survived because it has accumulated debts on
top of debts.  And also because the creditors have turned a blind
eye and until now, not one has called for its closure – this
spells insolvency," Mr. Neves said in the letter obtained by
macauhub and was shown to the local press.  "We have already
suffered serious refuelling crises at foreign airports.  In
desperation, we have already had to pay route and airport taxes
just to be able to take off from Praia."

The company has also proposed several internal measures to resolve
the situation including:

   -- a review of the company's various subsidies;

   -- looking to stopping overtime payment when this is
      not justified, and finding other ways of paying for it;

   -- cost reduction by freezing recruitment, restructuring
      management positions, and introducing flexible working
      hours;

   -- negotiating a capital increase from the government; and

   -- rescheduling of the company's debt.

Based in Cape Verde, Africa, TACV Cabo Verde Airlines is a
scheduled and charter, passenger and cargo airline.  It is the
national flag carrier of Cape Verde, operating an inter-island
service and flights to Europe, North America, South America and
the West African mainland.  Its main base is Sal Airport (SID),
with a hub at Praia International Airport (RAI).  TACV stands for
"Transportes Aereos de Cabo Verde" meaning Air Transportation of
Cape Verde in Portuguese.



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

EVERGRANDE: US$1.8 Billion in Debt After Aggressive Land Deals
--------------------------------------------------------------
U.S. banks which pumped millions into Evergrande Real Estate Group
may face huge losses after China's housing market collapsed.

David Barboza at The New York Times reports early 2007, bankers
from Merrill Lynch, Deutsche Bank and other financial giants lent
Evergrande US$400 million, encouraged the company to acquire large
tracts of land and in early 2008 promoted a proposed US$2.1
billion public stock offering by the company.

However, the initial public offering fell through after a lukewarm
response helped by the Chinese government's efforts to control a
housing bubble.

According to The NY Times, by withdrawing the offering, Evergrande
was forced to go back to foreign investors, seeking capital to pay
down its huge debt, much of which it owed from its land purchases.
The company, as cited by the news agency, said it has borrowed
US$1.8 billion, much of it from foreign investors like Merrill
Lynch, Deutsche Bank and Credit Suisse.

"Many developers are now or will soon be in default," Jack Rodman,
a specialist in distressed property who is a senior adviser for
King & Wood, the big Chinese law firm, was quoted by The NY Times
as saying.  "Many deals were syndicated, so there are huge
creditor meetings going on."

Mr. Rodman, whose firm is trying to help creditors manage offshore
real estate deals, said because so many deals were made offshore,
unwinding them is proving difficult, The NY Times relates.  The
creditors in many of these deals are big United States-based
private equity funds, hedge funds and nearly all the major Wall
Street banks, the report discloses.

By making short-term and sometimes hasty bets on China's property
market, analysts
cited by The NY Times said some of the world's biggest financial
institutions may have lost as much as US$10 billion.

Based in Guangdong, China, Evergrande Real Estate Group is
controlled by Xu Jiayin, a respected entrepreneur.  The Group's
projects include the Royal Scenic Peninsula development in
Guangzhou, China.


SANLU GROUP: Sanyuan Won't Bid for the Firm's Remaining Assets
--------------------------------------------------------------
Xinhua News Agency reports Beijing Sanyuan Foods Co Ltd would not
join the auction for Sanlu Group's remaining assets.

The company's board of directors had decided not to auction for
the remaining assets of Sanlu Group, Sanyuan said in a statement
obtained by the news agency.

According to Xinhua, the remaining assets held by Sanlu Group
include a 70 percent stake in Tangshan Sanlu Co and a 16.97
percent interest in Junlebao Dairy Co.

The Troubled Company Reporter-Asia Pacific, citing Shanghai Daily,
reported on Mar. 6, 2009, that Beijing Sanyuan won the bidding for
the core assets of the Sanlu Group.

According to the Daily, Beijing Sanyuan bought Sanlu at auction
held Wednesday, March 4, in north China's Hebei Province at the
Intermediate People's Court of Shijiazhuang, for CNY616.5 million
(US$90.1 million).

Beijing Sanyuan, the Daily related, acquired Sanlu's land use
rights, buildings, machinery and equipment as well as one of its
subsidiaries, the Linhe Dairy.

As reported in the TCR-AP on Feb. 16, 2009, China Daily said Sanlu
was declared bankrupt by a Chinese local court on Feb. 12, 2009.

According to China Daily, the Intermediate People's Court of
Shijiazhuang, capital of the northern Hebei Province, accepted the
bankruptcy petition for Sanlu, who faced a CNY1.1 billion
(US$161 million) debt, last December.

The TCR-AP reported on Dec. 29, 2008 that the People's Daily
Online said according to Wang Jianguo, spokesman for the city
government of Hebei provincial capital Shijiazhuang, the petition
was made by the Heipingxi Road branch of Shijiazhuang City
Commercial Bank - a creditor of Sanlu.

Sanlu, according to the Daily Online, stopped production on
Sept. 12.  As of Oct. 31, the group recalled more than 10,000
tonnes of baby formula products worth nearly CNY1 billion.

On September 25, 2008, the Troubled Company Reporter-Asia Pacific
reported that the number of children in China affected by
melamine-contaminated milk has reached 53,000, with Sanlu's
products found to contain the highest levels of the chemical.
Melamine is used to make plastics and fertilizer, and can cause
kidney stones and lead to kidney failure when consumed.

                      About Beijing Sanyuan

Beijing Sanyuan Foods Co., Ltd. is principally engaged in the
manufacture and sale of milk and dairy products, under the brand
Sanyuan.  The company's major products include liquid milk series,
powdered milk series and cheese series.  The company distributes
its products mainly in the domestic market.  During the year ended
December 31, 2007, the company obtained approximately 48% of its
total revenue from Beijing City.  As of December 31, 2007, the
company had four major subsidiaries/associates.

                        About Sanlu Group

Sanlu Group Co is a Chinese dairy products company based in
Shijiazhuang, the capital city of Hebei Province.  The state-owned
company is one of the oldest and most popular brands of infant
formula in China.  Sanlu is 43% owned by Fonterra.



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

ATLAS COMMUNICATIONS: Members' Meeting Set for May 4
----------------------------------------------------
The members of Atlas Communications HK Limited will hold their
meeting on May 4, 2009, at 1301 Eton Tower, 8 Hysan Avenue, in
Causeway Bay, Hong Kong.

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


BROADSPECTRUM ASIA: Lai and Haughey Step Down as Liquidators
------------------------------------------------------------
On March 30, 2009, Lai Kar Yan (Derek) and Darach E. Haughey
stepped down as liquidators of Broadspectrum Asia Pacific Limited.


CAPE ASIA: Placed Under Voluntary Wind-Up
-----------------------------------------
At an extraordinary general meeting held on Mar 18, 2009, the
members of Cape Asia Pacific Limited resolved to voluntarily wind
up the company's operations.

The company's liquidator is:

          Roderick John Sutton
          Ferrier Hodgson Limited
          The Hong Kong Club Building, 14th Floor
          3A Chater Road, Central
          Hong Kong


CAVO FASHION: Creditors' Proofs of Debt Due on May 4
----------------------------------------------------
The creditors of Cavo Fashion Manufacturing Company 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 liquidators are:

          Puen Wing Fai
          Lo Yeuk Ki, Alice
          Kwan Chart Tower, 6th Floor
          6 Tonnochy Road
          Wanchai, Hong Kong


CHINA ECO-HOTEL: Creditors' Proofs of Debt Due on May 2
-------------------------------------------------------
The creditors of China Eco-Hotel Investments Limited are required
to file their proofs of debt by May 2, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 26, 2009.

The company's liquidators are:

          Chen Yung Ngai Kenneth
          Caroline Centre, 29th Floor
          Lee Gardens Two
          28 Yun Ping Road
          Hong Kong


HILLSBURG GROUP: Creditors' Proofs of Debt Due on May 15
--------------------------------------------------------
The creditors of Hillsburg Group Limited are required to file
their proofs of debt by May 15, 2009, to be included in the
company's dividend distribution.

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

The company's liquidator is:

          Moon Sang Chul
          Kai Tak Commercial Building
          Rooms 1905-8, 19th Floor
          161 Connaught Road Central
          Hong Kong


HSH FINANCE: Mitchell and Power Step Down as Liquidators
--------------------------------------------------------
On March 24, 2009, Paul Mitchell and Fergal Power stepped down as
liquidators of HSH Finance Limited.


LAUREL KNITTERS: Creditors' Proofs of Debt Due on May 15
--------------------------------------------------------
The creditors of Laurel Knitters Limited are required to file
their proofs of debt by May 15, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 2, 2009.

The company's liquidator is:

          Liu Wing Ting Stephen
          Shun Kwong Commercial Building, 17th Floor
          No. 8 Des Voeux Road West
          Sheung Wan
          Hong Kong


LEHMAN BROTHERS: KGI Asia to Repay HK$1.6-Mln to Minibond Clients
-----------------------------------------------------------------
The Securities and Futures Commission ("SFC") said that KGI Asia
Ltd has agreed to buy back all outstanding Lehman Brothers
minibonds from clients at the principal amounts, The Standard
reports.

According to the report, KGI has agreed to repay HK$1.6 million to
five clients, who bought minibonds between November 2007 and
May 2008 from KGI.

According to a report posted on CNNMoney.com, the minibonds have
been at the center of major scandal in the city, after they were
sold to investors - including many vulnerable retirees - before
their value collapsed when the U.S. bank went bankrupt last
September.

Since the local financial regulators began an investigation in
September last year, the Standard states, KGI is the second
securities company to buy back the minibonds from clients, after
Sun Hung Kai Financial agreed to repurchase HK$85 million from
minibond customers in January.

                    Lehman Brothers' Collapse

Founded in 1850, Lehman Brothers Holdings Inc. --
http://www.lehman.com-- was the fourth largest investment bank in
the United States, offering a full array of financial services in
equity and fixed income sales, trading and research, investment
banking, asset management, private investment management and
private equity.  Its worldwide headquarters in New York and
regional headquarters in London and Tokyo are complemented by a
network of offices in North America, Europe, the Middle East,
Latin America and the Asia Pacific region.

Lehman filed for chapter 11 on Sept. 15, 2008 (Bankr. S.D.N.Y.
Case No. 08-13555) after Barclays PLC and Bank of America Corp.
backed out of a deal to acquire the company, and the U.S. Treasury
refused to provide financial support that would have eased out a
sale.  Lehman's bankruptcy petition listed $639 billion in assets
and $613 billion in debts, effectively making the firm's
bankruptcy filing the largest in U.S. history.  Several affiliates
filed bankruptcy petitions thereafter.

On Sept. 19, 2008, Lehman Brothers, Inc., was placed in
liquidation pursuant to the provisions of the Securities Investor
Protection Act (Case No. 08-CIV-8119).  James W. Giddens was
appointed trustee for the SIPA liquidation of the business of LBI.

Lehman Brothers Finance AG, aka Lehman Brothers Finance SA, filed
a petition under Chapter 15 of the U.S. Bankruptcy Code on
February 10, 2009.  Lehman Brothers Finance, a subsidiary of
Lehman Brothers Inc., estimated both its assets and liabilities at
more than $1 billion.

LBHI's U.S. bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, has been placed into administration,
together with Lehman Brothers Ltd., LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to wind down the business of LBI
(Europe) on Sept. 15, 2008.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on Sept. 16.  The
two units have combined liabilities of JPY4 trillion -- US$38
billion.  Akio Katsuragi, a former Morgan Stanley executive, runs
Lehman's Japan units.

Lehman Brothers Asia Limited, Lehman Brothers Securities Asia
Limited and Lehman Brothers Futures Asia Limited suspended
operations upon the bankruptcy filing of their U.S. counterparts.

                           Asset Sales

Barclays Bank Plc has acquired Lehman's North American
investment banking and capital markets operations and supporting
infrastructure for US$1.75 billion.  Nomura Holdings Inc., the
largest brokerage house in Japan, on Sept. 22 reached an agreement
to purchased Lehman Brothers Holdings, Inc.'s operations in Europe
and the Middle East less than 24 hours after it reached a deal to
buy Lehman's operations in the Asia Pacific for US$225 million.
Nomura paid only US$2 dollars for Lehman's investment banking and
equities businesses in Europe, but agreed to retain most of
Lehman's employees.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc. and its various
affiliates. (http://bankrupt.com/newsstand/or 215/945-7000)


LEGG MASON ET AL: Seng and Lo Step Down as Liquidators
------------------------------------------------------
On March 20, 2009, Natalia K M Seng and Susan Y H Lo stepped down
as liquidators of:

   -- Legg Mason Investments (Taiwan) Holdings Limited; and
   -- Vicour Limited,


MAGNECOMP TECHNOLOGY: Seng and Lo Step Down as Liquidators
----------------------------------------------------------
On March 21, 2009, Natalia K M Seng and Susan Y H Lo stepped down
as liquidators of Magnecomp Technology Limited.


MAXPRO INDUSTRIES: Chin Wing Lok Steps Down as Liquidator
---------------------------------------------------------
On March 23, 2009, Chin Wing Lok, Ambrose stepped down as
liquidator of Maxpro Industries Limited.


MUSTANG COMPANY: Creditors' Proofs of Debt Due on May 4
-------------------------------------------------------
The creditors of Mustang Company 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 23, 2009.

The company's liquidator is:

          Philip Brendan Gilligan
          Alexandra House, 7th Floor
          18 Chater Road
          Central, Hong Kong


STANDARD COMMODITIES: Final Meeting Slated for May 4
----------------------------------------------------
Standard Commodities (Asia) Limited will hold its final meeting on
May 4, 2009, at 10:00 a.m., at the 7th Floor of Alexandra House,
18 Chater Road, in Central, Hong Kong.

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


WORLDLAND SHIPPING: Creditors' Proofs of Debt Due on March 25
-------------------------------------------------------------
The creditors of Worldland Shipping Limited are required to file
their proofs of debt by March 25, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 25, 2009.

The company's liquidator is:

          Ho Miu Ki
          Convention Plaza
          Room 4908, Office Tower
          1 Harbour Road
          Wanchai, Hong Kong


YEE HOP: Creditors' Proofs of Debt Due on May 3
-----------------------------------------------
The creditors of Yee Hop Tong Land Investment Company Limited are
required to file their proofs of debt by May 3, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on March 26, 2009.

The company's liquidator is:

          Yau Yin Kwun, Joseph
          Pico Tower, 13th Floor
          66 Gloucester Road
          Wanchai, Hong Kong



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

D.A. JHAVERI: CRISIL Lowers Rating on Rs.350MM Facility to 'P4'
---------------------------------------------------------------
CRISIL has downgraded its rating on D.A. Jhaveri's Rs.350 million
Pre-Shipment/Post-Shipment facility to 'P4' from 'P3'.

The downgrade reflects CRISIL's belief that the current
challenging operating environment in cut and polished diamond
industry will put pressure on D.A. Jhaveri's liquidity.  Further,
the rating is also constrained by the firm's small scale of
operations.  The rating continues to reflect the longstanding
experience of D.A. Jhaveri's promoters in the diamond business,
resulting in sustained and good relationships with customers and
suppliers.  This rating strength is partially offset by the firm's
small net worth and limitations of the partnership form of
business.  For arriving at its ratings, CRISIL has combined the
financials of D.A. Jhaveri and Alpa Diamond, due to operational
linkages and common management.

                       About D.A. Jhaveri

D.A. Jhaveri, formed by Mr. Dilip Jhaveri in 1974 as a
proprietorship concern, is engaged in trading of rough and
polished diamonds.  It was converted into a partnership in 1982
with Mr. Jhaveri and his brother Mr. Sanath Jhaveri as equal
partners.  At present, Mr. Jhaveri's family has a 70 per cent
stake, while Mr. Sanath Jhaveri's family holds the balance.  The
manufacturing operations commenced in 1989.  The firm manufactures
and trades in polished diamonds.  Over the years, it has built a
wide customer base of more than 400 clients and has an established
presence in leading markets such as the US, Belgium, Israel, and
Hong Kong.

For 2007-08 (refers to financial year, from April1 to April 06),
the firm reported a net profit of Rs.76 million on net sales of
Rs.2603 million, as against Rs.47 million and Rs.2598 million
respectively in the previous year (all consolidated numbers).


FINE JEWELLERY: CRISIL Lowers Ratings on Rs.76.0MM LT Loan to 'BB'
------------------------------------------------------------------
CRISIL has downgraded its ratings on Fine Jewellery Manufacturing
Ltd's (FJML's) bank facilities to 'BB/Negative/P4' from
'BBB+/Stable/P2'.

   Rs.76.0 Million Long-Term Loan    BB/Negative (Downgraded from
                                                  'BBB+/Stable')

   Rs.24.0 Million Proposed Long-    BB/Negative (Downgraded from
               Term Bank Facility                 'BBB+/Stable')

   Rs.260.5 Million Packing Credit   P4 (Downgraded from 'P2')

   Rs.209.5 Million Post-Shipment   P4 (Downgraded from 'P2')
                    Credit

   Rs.100.0 Million Bank Guarantee   P4 (Downgraded from 'P2')

The downgrade reflects FJML's stretched liquidity because of
significant delays in receivables from export customers.  The
downgrade also reflects CRISIL's expectation that the pressure on
FJML's credit risk profile will continue in the near term because
of sluggish off-take in the export market.  The rating continues
to reflect the company's above-average operational efficiencies.
This rating strength is partially offset by the company's revenue
concentration risks and working-capital intensive nature of
operations.

Outlook: Negative

CRISIL expects FJML's liquidity to remain stressed in the medium
term because of the depressed market conditions and liquidity
pressures at export customers' end.  The rating could be
downgraded in case of a steeper-than-expected deterioration in
FJML's liquidity, leading to inability to service debt
obligations. Conversely, the outlook could be revised to 'Stable'
if the company is able to correct its liquidity, by collecting its
receivables without further delays or through infusion of funds by
promoters.

                      About Fine Jewellery

FJML, promoted by Mr. Premkumar Kothari, is in the business of
manufacture of diamond-studded gold/platinum jewellery exclusively
for the export markets.  FJML is part of the Fine Jewellery group,
which also includes Fine Jewellery (India) Ltd (FJIL).
Established in 1987, FJML was among the first six companies to set
up a jewellery unit in the Santacruz Electronics Export Processing
Zone (SEEPZ), Mumbai.  In 2001, the Fine Jewellery group
incorporated FJML to cater to the export market. In April 2005,
FJML commenced operations at its manufacturing facility, also
located in SEEPZ.


JASUBHAI JEWELLERS: CRISIL Reaffirms 'BB' Ratings on Various Loans
------------------------------------------------------------------
CRISIL's ratings on Jasubhai Jewellers Pvt Ltd's (JJPL's) bank
facilities continue to reflect the jewellery company's weak
financial risk profile, and its low operating margins because of
intense competition in the Ahmedabad market.  These weaknesses are
mitigated by its promoter's longstanding business experience.

   Rs.450 Million Cash Credit Limit     BB/Stable (Reaffirmed)
   Rs.72.5 Million Term Loan            BB/Stable (Reaffirmed)
   Rs.100 Million Proposed Short-Term   P4 (Reaffirmed)
                  Bank Facility

Outlook: Stable

CRISIL believes that JJPL's financial risk profile, marked by high
gearing and low cash accruals, will remain weak over the medium
term.  The outlook may be revised to 'Positive' in case of
improvements in the company's margins and gearing, resulting in
improvement in its financial risk profile.  Conversely, the
outlook may be revised to 'Negative' if the company incurs any
debt-funded capital expenditure, leading to further deterioration
in its capital structure and debt protection measures.

                     About Jasubhai Jewellers

Incorporated in 2002 as CG Jewellers Pvt Ltd by Mr. Jasubhai Soni,
the company is engaged in sales (both wholesale and retail) and
export of jewellery.  The company has two showrooms in Ahmedabad:
one each in Vastrapur and CG Road.  The company has its own
manufacturing set-ups in Ahmedabad and Sachin special economic
zone, Gujarat.

For 2007-08 (refers to financial year, April 1 to April 06), JJPL
reported a profit after tax (PAT) of Rs.7 million on sales of
Rs.3820 million, as against a PAT of Rs.4.02 million on sales of
Rs.1223 million in the previous year.


KAMSRI FLEX: CRISIL Puts 'B' Rating on Rs.36.3 Mln Long Term Loan
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'B/Negative/P4' to the bank
facilities of Kamsri Flex Forms Pvt Ltd (Kamsri), a part of the
Kamsri group.

   Rs.36.3 Million Long Term Loan         B/Negative (Assigned)
   Rs.45.0 Million Cash Credit Limits     B/Negative (Assigned)
   Rs.5.0 Million Stand by Line of        P4 (Assigned)
                   Credit Limits
   Rs.2.5 Million Letter of Credit        P4 (Assigned)
                   Limits
   Rs.2.0 Million Bank Guarantee Limits   P4 (Assigned)

The ratings reflect the Kamsri group's small scale and working
capital-intensive operations.  The ratings also factor in the
group's exposure to risks related to revenue concentration,
intense competition, and volatility in raw material prices.
These weaknesses are partially offset by the group's above-average
financial risk profile and the benefits it derives from its
established presence in the packaging industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Kamsri and Shreya Prints (Shreya),
collectively referred to as the Kamsri group.  This is because
both Kamsri and Shreya are in the same line of business, have
intra-group operational and financial linkages, including fungible
cash flows, and are under a common management.  Further, the
management intends to merge the business of Shreya with that of
Kamsri over the near term.

Outlook: Negative

CRISIL believes that the Kamsri group, with its small scale of
operations, will remain vulnerable to the slowdown in the end-user
industries, which include textiles, health care and
pharmaceuticals.  The rating may be downgraded if the revenues and
margins deteriorate steeply, or the group undertakes large, debt-
funded capital expenditure, or reports cost or time overruns in
its proposed project.  Conversely, the outlook may be revised to
'Stable' if the group substantially increases its scale of
operations, along with a sustainable improvement in its financial
risk profile.

                         About the Group

Set up in 1991 by Mr. S Suresh, Kamsri manufactures cartons from
duplex board and paper.  It supplies packaging products mainly to
the pharmaceutical, health care, and textile industries.  Shreya,
set up in 1999, produces paper products, excluding cartons. Kamsri
proposes to set up its own facility, and increase its capacity, at
a cost of Rs.30 million, over the near term.

For 2007-08 (refers to financial year, April 1 to March 31), the
Kamsri group reported a profit after tax (PAT) of Rs.12 million on
net sales of Rs.156 million, as against a PAT of Rs.11 million on
net sales of Rs.152 million in the previous year.


MOHIT DIAMONDS: CRISIL Cuts Rating on Packing Credit to 'P4'
------------------------------------------------------------
CRISIL has downgraded its rating on Mohit Diamonds Pvt Ltd's
(Mohit's) bank facilities to 'P4' from 'P2'.

   Rs.419.2 Million Packing Credit           P4 (Downgraded from
                                                 'P2')

   Rs.460.8 Million Post Shipment Facility   P4 (Downgraded from
                                                 'P2')

   Rs.175.7 Million Adhoc Post Shipment and  P4 (Downgraded from
                    Packing Credit               'P2')

The downgrade reflects CRISIL's expectation that the challenging
operating environment prevailing in the cut and polished diamonds
business will keep Mohit's profitability under pressure.  The
current decline in accruals, coupled with the risk of price loss
on diamonds inventory, is expected to lead to deterioration in the
company's debt protection measures.  During the nine months ended
December 31, 2008, the company had a low interest coverage ratio
of about 1.1 times.  The rating continues to reflect the
promoter's longstanding and extensive experience in the diamonds
business.

                      About Mohit Diamonds

Established in 1991, Mohit is the flagship company of the Mohit
group. The company has been a (DTC) sightholder since inception.
The sightholder status is due for renewal in 2011.  The company,
headed by Mr. Anoop Mehta, is in the business of manufacture and
distribution of polished diamonds, primarily in the 'small'
diamonds segment.  The promoter family has been in the business
since 1916.  The company has a presence across leading diamond
consuming markets, such as the US, Japan, Middle East, and Asia.


NEOTERIC INFOMATIQUE: CRISIL Rates Rs.455MM Cash Credit at 'BB'
---------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the bank
facilities of Neoteric Infomatique Ltd (Neoteric).

   Rs.455 Million Cash Credit *       BB/Stable (Assigned)
   Rs.20 Million Bills Discounting    P4 (Assigned)
   Rs.580 Million Letter of Credit #  P4 (Assigned)

   * Fully interchangeable with Letter of Credit, Bank Guarantee,
     Buyer's Credit to the extent of Rs. 75 million, with Working
     Capital Demand Loan to the extent of Rs. 60 million, with
     Bill Discounting and Working Capital Demand Loan to the
     extent of Rs. 50 million and with Foreign Currency Loan
     to the extent of Rs. 270 million.

   # Interchangeable with Buyer's credit and Bank Guarantee

The ratings are constrained by the modest financial profile of the
company, marked by high gearing and sub-par debt protection
measures, and the risks inherent to the information technology
(IT) hardware distribution business.  These rating weaknesses are
mitigated by Neoteric's established market position, which will
help the company register steady growth in revenues, and the
healthy long-term prospects for the IT products industry in India.

Outlook: Stable

CRISIL expects Neoteric to maintain its business risk profile in
the medium term driven by moderate growth in the IT hardware
distribution business.  However, the company's financial risk
profile will continue to be constrained by its modest net worth
and high gearing.  The outlook may be revised to 'Positive' in
case of equity infusion or sustained improvement in profitability.
Conversely, the outlook may be revised to 'Negative' in case of
any further decline in operating profitability or higher-than-
expected increase in debt levels due to increase in working
capital requirements.

                    About Neoteric Infomatique

Neoteric started in 1991 as a re-seller of IT products.  The
company commenced distribution operations at a national level in
1997 and currently has an established presence in the domestic IT
hardware distribution space with authorized distributorship of 28
brands.  As of February 28, 2009, Neoteric had 38 branches, 8
representative offices, and 4 logistic centers, catering to over
7500 channel partners in more than 350 cities. T he company also
provides after-sales service for most of its products. Neoteric
has a representative office in Shenzhen, China, which is used for
sourcing components

For 2008-09 (refers to financial year, April 1 to March 31)
Neoteric reported a net profit of Rs.15.4 million on net sales of
Rs.8.1 billion as against a net profit of Rs.45.1 million on net
sales of Rs.6.0 billion in the previous year.


S NARENDRA: CRISIL Cuts Ratings on Rs. 240-Mln Facilities to 'P4'
-----------------------------------------------------------------
CRISIL has downgraded its rating on S Narendra's bank facilities
to 'P4' from 'P3'.

   Rs.42.5 Million Export Packing Credit   P4 (Downgraded from
                                               'P3')

   Rs.197.5 Million Post Shipment Credit   P4 (Downgraded from
                                               'P3')

The downgrade reflects CRISIL's belief that the challenging
operating environment for cut and polish diamond players will keep
S Narendra's sales volumes and profitability under pressure.  The
decline in accruals, coupled with the risk of price loss on
diamond inventory, is expected to adversely affect the company's
debt protection measures and its already weak financial risk
profile.

The rating continues to reflect the strong experience and
conservative risk appetite of S Narendra's promoters, and the
assured supply of rough diamonds from a group company Sauraj
Diamonds NV (Sauraj Diamonds).

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of S Narendra, Saurin Diamonds, and
Siddhanth Diamonds.

                         About S Narendra

S Narendra, a partnership firm, was formed in 1964 by
Mr. Rajnikant Jhaveri. Mr. Jhaveri has more than 60 years
experience in the gems and jewellery industry.  Subsequently, his
son Mr. Amish and grandson Mr. Saurin were inducted into the
partnership firm. Currently, the firm is managed by Mr. Amish and
Mr. Saurin. S Narendra has manufacturing operations in Surat,
Bhavnagar, and Dahisar, and employs over 1000 skilled workers.
The firm buys rough diamonds from group company Sauraj Diamonds,
set up in Antwerp, Belgium. Sauraj Diamonds has been a Rio Tinto
sight holder since 1996.

For 2007-08 (refers to financial year, April 1 to April 06), the
firm reported a net profit of Rs.22 million on sales of Rs.0.66
billion, as against Rs.28 million and Rs.0.9 billion respectively
in the previous year.


SATYAM COMPUTER: Faces Money Laundering Suit from ED
----------------------------------------------------
The Enforcement Directorate ("ED") will register a case against
Satyam Computer Services and its founder-chairman, B Ramalinga
Raju, for alleged money laundering, The Financial Express reports.

The report says the ED claimed to have found prima facie evidence
against Mr. Raju and others of violating the Prevention of Money
Laundering Act.

According to the Express, the ED sources alleged that Mr. Raju had
diverted funds of Satyam into purchasing nearly 50 plots in
Medchal and Qutbullahpur near Hyderabad.

The ED, according to the report, also alleged that several hundred
crore rupees had been diverted from the Satyam Computer accounts
and had been invested in purchasing land and other infrastructure
for Maytas, a firm promoted by the kin of Mr. Raju.

The report relates that the Directorate will go through and
ascertain the genuineness of the deals done by the IT company,
including payments made to acquire companies abroad.

The ED will also send a team to a few countries to investigate and
get documents of bank accounts opened in violation of Indian laws,
the report adds.

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

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

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

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

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

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

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

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

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

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

                          About Satyam

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


SHREEJI JEWELLERY: CRISIL Cuts Ratings on Bank Facilities to 'P4'
-----------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Shreeji
Jewellery Ltd (SJL), a part of the Shreeji group, to 'P4' from
'P3+'.

   Rs.130.0 Million Packing Credit*   P4 (Downgraded from 'P3+')

   Rs.90.0 Million Post Shipment      P4 (Downgraded from 'P3+')
                   Credit*

   Rs.40.0 Million Letter of Credit   P4 (Downgraded from 'P3+')
                   and Bank Guarantee*

   Rs.30.0 Million Proposed Short-    P4 (Downgraded from 'P3+')
                  Term Bank Facility

   * Packing credit and post shipment credit include limits
     interchangeable with each other and limits to be utilised
     only during peak season. Letter of credit and bank guarantee
     limits can be utilised for gold on loan scheme.

The downgrade reflects SJL's stretched liquidity because of
significant delays in receivables from export customers.  The
downgrade also reflects CRISIL's expectation that the pressure on
SJL's credit risk profile will continue in the near term because
of sluggish off-take in the export market.  The group has also
reported a foreign exchange (forex) loss and inventory revaluation
loss of approximately Rs.210 million and Rs.62 million,
respectively, for the nine months ending December 31, 2008.  For
arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SJL and Shreeji Jewellery Designs Ltd
(SJDL), together referred to as the Shreeji group.

The rating continues to be driven by SJL's established presence in
the jewellery business, backed by sound operational efficiencies.
These strengths are partially offset by the group's exposure to
revenue concentration, working capital-intensive operations, and
risks relating to the venture into the domestic retail jewellery
segment.

                         About the Group

Shreeji group, promoted by Mr. Pravin Shah, is engaged in the
manufacturer and export of diamond-studded gold, silver, and
platinum jewellery. SJL, incorporated in 1996, and SJDL, set up in
2005, are both 100 per cent export-oriented units, with
manufacturing facilities at SEEPZ, Mumbai.  For 2007-08, (refers
to financial year, April 1 to April 06), the Shreeji group
reported a profit after tax (PAT) of Rs.150 million on net sales
of Rs.1.97 billion, as against a PAT of Rs.83 million on net sales
of Rs.1.58 billion in the previous year.


SHREEJI: Stretched Liquidity Prompts CRISIL to Cut Ratings to 'P4'
------------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Shreeji
Jewellery Designs Ltd (SJDL), a part of the Shreeji group, to 'P4'
from 'P3+'.

   Rs.302.0 Million Packing Credit*       P4 (Downgraded from
                                              'P3+')

   Rs.296.0 Million Post Shipment         P4 (Downgraded from
                    Credit*                   'P3+')

   Rs.38.0 Million Standby Line of        P4 (Downgraded from
                   Credit                     'P3+')

   Rs.50.0 Million Bank Guarantee*        P4 (Downgraded from
                                              'P3+')

   Rs.20.0 Million Letter of Credit*      P4 (Downgraded from
                                              'P3+')

   Rs.7.0 Million Proposed Short-Term     P4 (Downgraded from
                  Bank Facility               'P3+')  

   * Packing credit and post shipment credit include limits
     interchangeable with each other and limits to be utilised
     only during peak season.  Bank guarantee and letter of
     credit limits can be utilised for gold on loan scheme.

The downgrade reflects SJDL's stretched liquidity because of
significant delays in receivables from export customers.  The
downgrade also reflects CRISIL's expectation that the pressure on
SJDL's credit risk profile will continue in the near term because
of sluggish off-take in the export market.  The group has also
reported a foreign exchange (forex) loss and inventory revaluation
loss of approximately Rs.210 million and Rs.62 million,
respectively, for the nine months ending December 31, 2008.  For
arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SJDL and Shreeji Jewellery Ltd (SJL),
together referred to as the Shreeji group.

The rating continues to be driven by SJDL's established presence
in the jewellery business, backed by sound operational
efficiencies.  These strengths are partially offset by the group's
revenue concentration, working capital-intensive operations, and
risk related to the venture into the domestic retail jewellery
segment.

                         About the Group

Shreeji group, promoted by Mr. Pravin Shah, is engaged in the
manufacturer and export of diamond-studded gold, silver, and
platinum jewellery. SJL, incorporated in 1996, and SJDL, set up in
2005, are both 100 per cent export-oriented units, with
manufacturing facilities at SEEPZ, Mumbai. For 2007-08 (refers to
financial year, April 1 to April 06), the Shreeji group reported a
profit after tax (PAT) of Rs.150 million on net sales of Rs.1.97
billion, as against a PAT of Rs.83 million on net sales of Rs.1.58
billion in the previous year.


SPICEJET LTD: Names G P Gupta as Chief Admin Officer
----------------------------------------------------
SpiceJet Limited has appointed G P Gupta as the Chief
Administrative Officer, The Financial Express reports.

Mr. Gupta will be responsible for all contracts, overall
administration and vendor management, the report cited SpiceJet in
a statement.

SpiceJet Limited -- http://www.spicejet.com/-- is an airline
carrier in India.  During the fiscal year ended May 31, 2007
(fiscal 2007), the company increased its fleet size to 11
aircrafts covering 14 destinations and operating 83 daily
flights.  The aircrafts acquired during fiscal 2007, were the
next generation Boeing737-800.  The company has also integrated
with Tata AIG Insurance Company Limited to commence travel
insurance sales, which was launched in May 2007.

                          *     *     *

SpiceJet Limited booked annual net losses of Rs. 707.43 million in
2007 and Rs. 1,335.07 million in 2008.


SUBHLAXMI SYNTEX: Fitch Assigns 'BB-' National Long-Term Rating
---------------------------------------------------------------
Fitch Ratings has assigned India's fabric manufacturer, Subhlaxmi
Syntex Ltd, a National Long-term 'BB-(BB minus)(ind)' rating with
a Stable Outlook.  Fitch has also assigned a rating of 'BB-(BB
minus)(ind)' to its INR93.5 million long-term bank loans and its
INR75 million fund-based limits and 'F4(ind)' to its
INR7.5 million non-fund based limits.

The ratings reflect SSL's small scale of operations and relatively
high borrowings in relation to its operating cash flows.  The
ratings are also constrained by the company's negative free cash
flows over the last three years as a result of capital spending in
FY07 and high working capital requirements, especially in
maintaining inventories.  Fitch has also factored in the negative
demand outlook for weavers and processors although this is
partially offset by the fact that SSL caters to the smaller budget
segment of the suit industry where demand is less volatile.  SSL
has managed volatility in raw material prices in the past but may
find it difficult to maintain stability in its margins on account
of increasing competition.  Fitch also notes that the company has
generated negligible net income in the last three years with high
interest costs on new loans and higher depreciation on the new
machinery.

The ratings reflect the company's long operational track record
and credit history, and stable profitability.  The ratings also
consider the strong, long-standing relationships that SSL enjoys
with its agents and dealers.  The ratings also take into account
prudent management of capacity expansions and efficiencies, which
is reflected in stable operating EBITDA margin of 10.1% - 11.9% in
the past five years.  The debt repayment schedule of the company
is well spread out.

Achievement of projected sales or improvement in efficiency and
margins leading to an improved liquidity position could act as a
positive rating trigger.  Conversely, any significant increase in
working capital requirements, which raises leverage, or any
greater-than-expected decline in end-market demand, which affects
margins, could lead to negative rating pressure.

Established in 1987, SSL is a manufacturer of finished bottom wear
fabrics situated in Bhilwara, Rajasthan.  In FY08, SSL's net
revenues grew 18.2% to INR300 million, with an EBITDA margin of
10% (11.7% in FY07).  The company's net debt/EBITDA has remained
at 5.8x (5.7x in FY07) but interest coverage has deteriorated to
1.8x (2.8x in FY07).  SSL reported negative free cash flows for
FY08, which Fitch expects to reverse in FY09 since there is no
significant capex in the pipeline, although working capital
requirements are expected to remain high.  For the nine months
ended December 2008, SSL reported net revenues of INR219 million,
an EBITDA margin of 12.2% and a EBITDA/interest of 1.8x.


TATA CHEMICALS: Fitch Downgrades Issuer Default Rating to 'BB+'
---------------------------------------------------------------
Fitch Ratings has downgraded India-based Tata Chemicals Limited's
Long-term foreign currency Issuer Default Rating to 'BB+' from
'BBB-' (BBB minus) and its National Long-Term rating to 'AA(ind)'
from 'AA+(ind)', following the resolution of the Rating Watch
Negative classification, which was assigned on 16 December 2008.
The Outlook is Negative.

Simultaneously, TCL's INR16 billion bank facilities have been
downgraded to 'AA(ind)'/'F1+(ind)' from 'AA+(ind)/F1+(ind)', while
its INR2 billion commercial paper programme has been affirmed at
'F1+(ind)'.  The CP programme forms part of TCL's fund-based
working capital lines.

This follows Fitch's re-assessment of the Tata group's ability to
provide support to TCL.  Fitch notes the sharp drop in valuations
of key listed and unlisted entities within the group, which - in
the agency's view - limits its financial flexibility to provide
support to all group companies, particularly in view of the
deterioration in the credit profiles of some of the other
operating entities in the group.  Therefore, Fitch has now taken a
stand-alone view of TCL and withdrawn the one-notch benefit that
it had previously assigned on account of potential support from
the group.

The Negative Outlooks on the IDR and National Long-term rating
reflect concerns arising from the global economic slowdown which
has impacted the two largest end-user segments for soda ash - i.e.
real estate and automotives.  Fitch will monitor developments on
global demand and the price of soda ash and evaluate their impact
on the long term credit profile of TCL.  Further, the underlying
risk profile of TCL's fertilizer business has deteriorated
following unfavorable changes in fertilizer subsidy policy for
diammonium phosphate, which partly offset the benefits of
increased budgetary allocations from the Government of India for
subsidy support.

The ratings continue to be supported by TCL's established business
position as the second-largest soda ash producer in the world -
and the largest in India - as well as its diversified customer
base and soda ash manufacturing facilities.  The ratings also
reflect the company's track record as the most efficient urea
producer in the country, its multiple income streams, low demand
risk in the fertilizer business and continuation of government
support to the fertilizer industry.

TCL's inability to maintain its net financial leverage - measured
by net adjusted debt to EBITDA - below 2.5x on a sustained basis,
further adverse change in subsidy policy or a larger-than-
anticipated downward trend in the soda ash industry would put
negative pressure on the ratings.  Clear signs of strength in the
soda ash business cycle would likely lead to a revision of the
Outlook to Stable from Negative.


TATA MOTORS: In Talks to Refinance US$2 Bln of JLR Bridge Loan
--------------------------------------------------------------
Abhineet Kumar at Business Standard reports that Tata Motors is in
talks with its lenders to refinance about US$2 billion of the US$3
billion bridge loan it took in June last year to acquire the
Jaguar and Land Rover (JLR) brands from Ford.

The company, the report recalls, had repaid US$1 billion of the
bridge loan from the proceeds of a rights issue and stake sales in
group firms Tata Steel and Tata Teleservices to other Tata
companies.

The report relates the company asked its lenders to refinance the
remaining US$2 billion as a term loan.

According to the report, the company could not raise the remaining
amount by April, as originally planned, owing to the tightening
global market following the sub-prime meltdown.

The bridge loan, whose lead managers include Citigroup and JP
Morgan, is due for repayment on June 1, the report notes.

Citing a banker familiar with the developments, the report says it
will take at least four to six weeks before the refinancing issues
are finalized as the banks are renegotiating the loan terms.

                          Equity Issue

Tata Motors has postponed plans for an overseas equity issue and
sale of investments, although a company spokesperson said it "will
continue to pursue further divestment plans as outlined earlier,
judiciously and in the right market conditions".

                        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 STEEL: Fitch Downgrades Issuer Default Rating to 'BB+'
-----------------------------------------------------------
Fitch Ratings has downgraded Tata Steel Limited's Long-term
foreign currency Issuer Default Rating to 'BB+' from 'BBB-' (BBB
minus), and its National Long-term rating to 'AA(ind)' from
'AAA(ind)'. Simultaneously, Fitch has also downgraded Tata Steel
U.K. Ltd's Long-term foreign currency IDR to 'B+' from 'BB'.  The
Outlook on all the ratings continues to be Negative.  The
instruments impacted by this rating action are listed at the end
of this Rating Action Commentary.

The downgrade reflects a sharp correction in global demand for
steel products in the past six months, the impact of which has
been severe in Europe, in turn impacting the profitability and
credit metrics of TSUK.  While TSL's India operations have also
been impacted by the sharp drop in prices, the volume impact has
been cushioned to an extent by continuing demand from the
construction and infrastructure space.  Fitch notes that the
management of TSL has responded by scaling back its capex plans
from approx. US$11 billion to approx. US$4.8 billion for FY09-
FY11, and has initiated measures to improve efficiencies by
restructuring some of its assets at TSUK as well as divesting some
of its uneconomical and non core assets.  TSUK has also benefited
from significant cost reductions in the past six months which are
expected to provide benefits to the extent of approx. GBP600
million. While Fitch has incorporated into its forecasts the
benefits of these initiatives coupled with the expected benefits
of raw material price reductions, these - in Fitch's opinion -
would not be adequate to compensate for the sharp drop in
profitability at TSUK.

Consequently, Fitch expects financial leverage for the
consolidated entity to revert from its deleveraging trend and
increase to beyond the 3.5x net debt to EBITDA level indicated
previously as a negative rating trigger.  The agency continues to
take a consolidated view on TSL in line with its Parent and
Subsidiary Rating Linkage methodology - with TSUK's rating
benefiting from potential parental support despite TSUK's
acquisition debt remaining non-recourse to TSL.  However, the
extent of this potential parental support factored in has been
reduced, placing the foreign currency IDR of TSUK at 'B+'.

The Negative Outlook continues to reflect the uncertainty over
demand and prices (especially in Europe), and also takes into
account the recent deterioration in conditions in Europe during
the past few weeks which could potentially impact TSUK more than
anticipated presently.  However, Fitch notes that TSUK's more
modest capex plans do provide it with some additional flexibility
and potentially therefore some downside protection.  In any event,
a financial leverage ratio in excess of 4.0x net debt to EBITDA on
a sustained basis would act as a negative trigger for the ratings.

Fitch has also reviewed the ability of the Tata group to provide
support to TSL.  While the agency notes the sharp drop in
valuations of key listed entities in the group - potentially
limiting its ability to provide support to all group companies -
it has drawn comfort from the valuations of some of the group's
unlisted entities, providing it with additional financial
flexibility not factored in at the time of Fitch's last review.
Additionally, in the context of potential group support, Fitch's
draws comfort from its assessment of the strategic importance of
TSL to the Tata group.  Therefore, Fitch continues to provide a
one-notch benefit to TSL's Long-term foreign currency IDR and
National Long-term rating on account of expected support.  Any
weakening of linkages between the group and TSL, and/or the
group's inability to provide support would continue to act as
negative triggers to the rating.

The revised ratings continue to reflect the strength of TSL's low
cost operations in India, with captive sources of iron-ore and
coal.  The liquidity profile of the group remains satisfactory,
with repayments of its debt obligations being fairly back ended.
While Fitch expects EBITDA generation to remain under pressure,
the consolidated entity would benefit from the release of working
capital on account of lower production and expectation of lower
iron-ore and coal prices for its TSUK operations.  With existing
cash balances of US$1.36 billion and undrawn lines of
US$933 million as at March 31, 2009, TSL's liquidity position is
expected to remain comfortable.  However, Fitch notes that the
drop in EBITDA at TSUK could potentially lead to a breach of some
of its covenants stipulated in the financing agreements. TSL has
initiated discussions with its bankers to resolve this issue and
Fitch would continue to monitor this closely.

TSL is the flagship of the Tata Group and the sixth-largest steel
producer in the world. TSL's revenue composition remains tilted
towards Europe, which contributed 69% of revenues in FY08, with
India contributing 15%, Asia contributing12% and 5% from other
markets.

Fitch has also downgraded the ratings on TSL and TSUK's debt
instruments:

TSL:

  -- Long Term Debt aggregating INR58.5 billion: National
     Long-term rating at 'AA(ind)';

  -- Non-Convertible Debenture Issue of INR20 billion: National
     Long-term rating at 'AA (ind)';

  -- Non-Convertible Debenture Issue of INR15 billion: National
     Long-term rating at 'AA (ind)';

  -- Fund Based Cash Credit Limits of INR10.6 billion and Non-Fund
     Based Limits of INR23.40 billion: National Long- term rating
     at 'AA(ind)';

  -- Fund Based Limits of INR7.25 billion and Non-Fund Based
     Limits of INR7.6 billion: National Short-term rating at
     'F1+(ind)'; and Commercial Paper/Short Term Debt of
     INR9.75 billion: National Short-term rating of 'F1+(ind)'.

TSUK and its subsidiaries:

  -- Senior Secured Bank Loan Facilities aggregating
     GBP3.67 billion: Long-term rating at 'BB-' (BB minus).



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

BAKRIE & BROTHERS: Revises 2008 Net Loss to IDR15.86 Trillion
-------------------------------------------------------------
PT Bakrie & Brothers Tbk revised its 2008 net loss figure to
IDR15.86 trillion (US$1.4 billion) from the previously reported
IDR16.624 trillion (US$1.4 billion) loss, Jakarta Globe reports.

The company recorded IDR223.4 billion net profit in 2007, Jakarta
Globe notes.

According to Jakarta Globe, last Saturday, Bakrie & Brothers said
that it booked IDR1.58 trillion in contributions from affiliates
for 2008, more than the IDR582 billion announced last Friday.

The Jakarta Post relates the company attributed the losses
to reverses in partnership sales in its subsidiaries and affiliate
firms worth IDR17.06 trillion and setbacks totaling IDR526 billion
from foreign currency transactions.

                        About PT Bakrie

PT Bakrie & Brothers Tbk is an Indonesia-based group of companies.
It is engaged in general trading, steel pipe manufacturing,
building materials and construction products, telecommunications
systems, electronic and electrical goods and equity investments.
The Company comprises three core business segments:
Infrastructure, Plantations and Telecommunications. The Company
produces a range of products, such as mini telecommunication
switching, telecommunication system integrators, telephone sets,
electric resistance-welded steel pipes, longitudinal steel pipes,
seamless pipes, cement-based industrial construction products,
marble slabs, corrugated steel, agricultural products and cast-
iron auto products. In addition, it also provides a range of
services, including cellular radio wave-based telecommunication
services using code division multiple access (CDMA) technology,
messaging, paging and cellular answering services, as well as
specialized structural and civil engineering services.


* INDONESIA: Exports Dropped 32.9% in February
----------------------------------------------
Indonesia's exports in February contracted by 32.9% from a year
earlier, having slid 1% further from January, with the global
economic crisis cutting demand and pushing down the price of key
commodities, The Jakarta Post reports citing the Central
Statistics Agency (BPS).

The report, citing BPS data, says that between January and
February, Indonesia exported US$14.2 billion of goods in total, a
34.5% decline from the same period in 2008.

"If exports continue to decline, then economic growth will face a
greater downside risk", BPS Head Rusman Heriawan was quoted by The
Post as saying.

"The government’s stimulus package must be carried out immediately
to help stimulate the economy.  The government must also quickly
execute its plan to shift focus from exports to boosting domestic
demand" Mr. Rusman added.

Citing The Post, the Troubled Company Reporter-Asia Pacific
reported on March 5, 2009, that export-oriented industries have so
far laid off around 25,000 workers by January, and are planning to
lay off another 25,000 more in the coming months.



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

ASAHI MUTUAL: Sells Head Office Building for JPY80 Billion
----------------------------------------------------------
Asahi Mutual Life Insurance Co sold its head office building near
JR Tokyo Station to Mitsubishi Estate Co for about JPY80 billion,
Japan Today reports citing Kyodo News.

Sources familiar with the matter, as cited by the report, said
Asahi will book a profit of tens of billions yen from the sale of
the building as a special profit for fiscal 2008 which ended
March 31, 2009.

                     Credi Ratings Downgrade

As reported in the Troubled Company Reporter-Asia Pacific on
Mar. 3, 2009, Standard & Poor's Ratings Services lowered its
long-term counterparty and financial strength ratings on Asahi
Mutual Life Insurance Co. to 'BB' from 'BB+'.  The downgrades
reflect a material erosion of the insurer's capitalization and
reduced financial flexibility amid the turbulent equity and
stagnant credit markets.  The outlook on the insurer is negative.

Asahi Life has been accumulating retained earnings in its
insurance business relatively slowly because the insurer has
weaker profitability than its major peers.  In addition, the
company's domestic equity and exchange-traded fund holdings are
large relative to its capitalization, making its financial base
sensitive to market conditions.  Stock price falls caused the
insurer to post JPY202 billion in write-downs on securities as of
December 2008, and the company incurred unrealized losses on
securities of JPY14.7 billion as of Dec. 31, 2008.  It has also
drawn down most of its price fluctuation reserves and catastrophe
reserves, which has significantly diminished its capital.  As
such, Standard & Poor's believed that Asahi Life's capital is not
consistent with the previous 'BB+' rating on the insurer. S&P
also expected the global downturn in equity and credit markets to
lead to an increase in hedging and financing costs, thereby
affecting the insurer's financial flexibility.  In the insurance
business, the company maintains a certain level of core profit
supported by its third-sector insurance products.  However, given
the difficult business environment for Japanese life insurers
and the impact of the economic downturn, it is likely that Asahi
Life will take time to build up and improve its retained earnings.

Asahi Mutual Life Insurance Company -- http://www.asahi-life.co.jp
--  one of Japan's oldest and largest life insurance firms, Asahi
Mutual Life Insurance sells primarily life and health policies to
individuals and groups.  Its specialized policies include ones
that pay victims of cancer, stroke, and heart attack.  Increased
competition from industry deregulation, the plunging stock market,
and cancellation of policies forced Asahi to cut about a third of
its workforce at one point.  In an effort to increase sales, the
company started selling nonlife insurance products through Tokio
Marine Holdings (formerly Millea Holdings).  A focus on third
sector products, including health insurance, has helped stabilize
the company's outlook.


MITSUBISHI MOTORS: Moody's Withdraws 'Ba2' Long-Term Debt Rating
----------------------------------------------------------------
Moody's Investors Service has withdrawn its Ba2 long-term debt
rating on Mitsubishi Motors Corporation and its supported
subsidiaries, Mitsubishi Motors Credit of America, Inc., and MMC
International Finance (Netherlands) B.V.

Moody's has withdrawn the rating for business reasons.  This
action does not reflect a change in MMC's creditworthiness.

Moody's last rating action with respect to MMC was taken on
December 19, 2008, when the outlook was changed to negative from
positive.

Mitsubishi Motors Corporation, headquartered in Tokyo, is one of
Japan's major automotive manufacturers.



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

ISTV PTE: Pays First and Final Dividend
---------------------------------------
ISTV Pte. Ltd. paid the first and final dividend on April 3, 2009.

The company paid 100% to all received claims.

The company's liquidator is:

         Shirley Lim
         c/o 10 Anson Road
         #15-07 International Plaza
         Singapore 079903


LEWEI INDUSTRIES: Court Enters Wind-Up Order
--------------------------------------------
On March 13, 2009, the High Court of Singapore entered an order to
have Lewei Industries (Singapore) Pte Ltd's operations wound up.

Chee Kuan Heng filed the petition against the company.

The company's liquidator is:

          Chan Yee Hong
          c/o 5 Shenton Way
          #23-03 UIC Building
          Singapore 068808


OPTIMUM-3 INTERNATIONAL: Creditors' Proofs of Debt Due on April 17
------------------------------------------------------------------
The creditors of Optimum-3 International Pte Ltd are required to
file their proofs of debt by April 17, 2009, to be included in the
company's dividend distribution.

The company's liquidator is:

          Goh Boon Kok
          c/o Goh Boon Kok & Co
          1 Claymore Drive #08-11
          Orchard Towers Rear Block
          Singapore 229594


UNITED ALLIANCE: Pays First and Final Dividend
----------------------------------------------
United Alliance Textiles Pte Ltd paid the first and final dividend
to its creditors on March 24, 2009.

The company made paid 100% to its preferential creditors while
1.0483% to its ordinary creditors.

The company's liquidator is:

          The Official Receiver
          The URA Centre (East Wing)
          45 Maxwell Road #06-11
          Singapore 069118


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

One-Twenty-One Studio Pte. Ltd. filed the petition against the
company on March 25, 2009.

The Petitioner's solicitors are:

          M/s Tan Jee Ming & Partners
          No. 58 Tras Street #02-01
          Singapore 078997



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

PROMOS TECHNOLOGIES: Delays Tender Offer Settlement Date
--------------------------------------------------------
ProMOS Technologies Inc. said settlement of its tender offer for
the US$350 million convertible bonds (CBs) would be delayed as it
discusses more details with a lending group helping it pay off the
obligation, Reuters reports.

Citing ProMOS in a statement, the report relates that the delay
was due to a request by syndicate of banks to further assess
recent developments at the company and in the memory chip industry
and update their boards before ratifying their earlier approval.

According to Reuters, ProMOS did not give a new settlement date
but the company said if it was not able to settle by April 17, all
bondholders would receive a second put right on their bonds.
ProMOS on March 30 said the official total tender offer result,
including both those who accepted the tender offer and those who
agreed to hold to maturity is 80.34% (this number excludes the 12%
held by syndicate banks).  The expected settlement date on the
tender offer was on Friday, April 3, 2009.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 18, 2009, AFP said a consortium of Taiwanese banks have
tentatively agreed to provide a new NT$3 billion (US$88.23
million) loan to ProMOS.

According to the Wall Street Journal, the banks making the loan
demanded that ProMOS must buy back the bonds with the loan, saying
that otherwise they won't lend.

The banks will hold the bonds from ProMOS until the company's
position improves, Taiwan Cooperative Bank Vice President John
Chou was cited by WSJ as saying.

The Taipei Times noted that ProMOS intends to use NT$3 billion in
syndicated bank loans to repay its debt.  The company said it
would finalize details with creditors to obtain the loans as soon
as possible, Taipei Times related.

                          About ProMOS

ProMOS Technologies Inc. -- http://www.promos.com.tw--  is a
semiconductor memory solution provider in Taiwan.  The Company is
principally engaged in the research, design, development,
manufacture and sale of synchronous dynamic random access memories
(SDRAMs), as well as the related import and export businesses.
The Company provides 64 megabytes (Mb), 128 Mb and 256Mb SDRAMs,
128Mb, 256Mb and 512Mb double data rate (DDR) SDRAMs and others.
The Company distributes its products within the domestic market
and to overseas markets.  As of December 31, 2007, the Company had
six wholly owned subsidiaries, including United Memories, Inc,
ProMOS Technologies Pte. Ltd, Flourishing Moment Limited, ProMOS
Technologies Japan Limited and ProImage Technologies Inc.



===========
Z A M B I A
===========

ZAMBIA AIRWAYS: Placed in Receivership; Court Freezes Assets
------------------------------------------------------------
The Lusaka High Court has ordered an attachment of all
identifiable assets belonging to Zambian Airways, which has been
placed under receivership by its lenders, Zambia Daily Mail
reports.

The report relates Lusaka High Court Judge, Prisca Nyambe, has
ordered an attachment of assets held by Zambian Airways pending
inter-parte hearing between the airline and National Airports
Corporation Limited (NACL).  The order, the report says, means
that the airline will not have access to the assets until its case
with NACL is disposed of.

According to the Daily Mail, this is the case where NACL obtained
a judgement in default of appearance and defence against Zambian
Airways for the airline’s failure to pay US$1,020,78.95 (K5.6
billion) in passenger service charges collected by the airline on
behalf NACL at Lusaka, Livingstone, Mfuwe, and Ndola international
airports.

The report states the judgement also ordered Zambian Airways to
pay NACL US$1,033,823.08 (about K5.7 billion) in respect of
aeroplane parking, ground handling, air navigation and
aeronautical services provided by the corporation to the airline
as at October 2008.

Ms. Justice Nyambe, according to the Daily Mail, further ordered
Zambian Airways to pay NACL K31,635,120 in office rentals, water
and electricity charges that arose and accumulated through the
airline’s operations at the airports.

Accordingly, Zambian Airways’ identifiable assets such as motor
vehicles have been removed from the airline’s premises and some
have been re-painted with ordinary colours, NACL company secretary
Elita Mwikisa said in an affidavit in support of summons for
interim attachment of the property, the Daily Mail relates.

The report notes that when the matter came up for inter-parte
hearing in chambers, Zambian Airways lawyer, a Ms N Simachela told
Ms Justice Nyambe that Zambian Airways has been placed under
receivership.

Ms. Mwikisa, however, told Ms Justice Nyambe that Zambian Airways
had not responded to NACL’s application for an attachment order,
adding NACL had no information regarding the receivership, the
report relates.

The case was adjourned to April 23, 2009.

Meanwhile, the Daily Mail says the Professional Insurance
Corporation Zambia Limited has also sued Zambian Airways for
US$135,916 (about K754 million) debt in unsettled premiums.

Zambia Airways Corporation was the flag carrier of the Republic of
Zambia.  Zambia Airways was founded in 1964 as a subsidiary of
Central African Airways.



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

* BOND PRICING: For the Week March 30 to April 3, 2009
------------------------------------------------------

   AUSTRALIA
   ---------
A&R Whitcoulls                9.500%   12/15/10   NZS      55.55
Ainsworth Game                8.000%   12/31/09   AUD       0.65
Alumina Finance               2.000%   05/16/13   USD      74.75
AMP Group Financ              6.875%   08/23/22   GBP      74.23
Antares Energy               10.000%   10/31/13   AUD       1.30
Aust & NZ Bank                6.540%   06/29/49   GBP      52.00
Babcock & Brown Pty           8.500%   11/17/09   NZD       8.38
Becton Property Group         9.500%   06/30/10   AUD       0.17
Bemax Resources               9.375%   07/15/14   USD      25.12
Bemax Resources               9.375%   07/15/14   USD      25.12
Bounty Industries Ltd        10.000%   06/30/10   AUD       0.02
Capral Aluminum              10.000%   03/29/12   AUD       1.05
China Century                12.000%   09/30/10   AUD       0.75
Com BK Australia              4.875%   12/19/23   GBP      65.75
Djerriwarrh Inv               6.500%   09/30/09   AUD       3.86
First Australian             15.000%   01/31/12   AUD       0.60
FMG Finance                   9.750%   09/01/13   EUR      74.00
GE Cap Australia              6.000%   04/15/15   AUD      73.66
GE Cap Australia              6.000%   03/15/19   AUD      56.86
Goodman Aust Fin              9.750%   07/16/18   GBP      74.14
Griffin Coal Min              9.500%   12/01/16   USD      37.00
Griffin Coal Min              9.500%   12/01/16   USD      37.00
Hanson Australia              5.250%   03/15/13   USD      42.84
Heemskirk Consol              8.000%   04/29/11   AUD       2.10
Insurance Austra              5.625%   12/21/26   GBP      61.50
Jpm Au Enf Nom 1              3.500%   06/30/10   USD       1.37
Macquarie Bank                5.500%   09/19/16   GBP      35.10
Metal Storm                  10.000%   09/01/09   AUD       0.08
Myer Group Fin               10.194%   03/15/13   AUD      71.10
Natl Australiabk              6.750%   06/26/23   EUR      64.21
National Wealth               6.750%   06/16/26   AUD      42.02
Natural Fuel                  6.750%   04/10/12   USD      19.50
Nylex Ltd                    10.000%   12/08/19   AUD       0.84
Orchard Invest                9.000%   12/15/10   AUD      60.00
Oxiana Ltd                    5.250%   04/15/12   USD      70.00
Paladin Energy                5.000%   03/11/13   USD      73.08
Resolute Mining              12.000%   12/31/12   AUD       0.85
Stockland Financ              5.625%   10/25/13   GBP      74.50
Sun Resources NL             12.000%   06/30/11   AUD       0.10
Suncorp-Metway                6.500%   06/22/16   AUD      70.92
Suncorp Insuran               6.250%   06/13/27   GBP      52.00
Timbercorp Ltd                8.900%   12/01/10   AUD      50.00
Westfield Fin                 3.625%   06/27/12   EUR      72.50
Westfield Fin                 5.500%   06/27/17   GBP      64.40



   CHINA
   -----
China Govt Bond                 4.860%  08/10/14     CNY    00.00
Chinatrust Comm                 5.625%  03/29/49     CNY    52.51
Jiangxi Copper                  1.000%  09/22/16     CNY    72.99


   HONG KONG
   ---------
Bank East Asia                 6.125%  03/29/49     GBP    65.34


   INDIA
   -----
Aftek Infosys                  1.000%  06/25/10     USD    70.00
AKSH Optifibre                 1.000%  01/29/10     USD    57.50
Canara Bank                    6.365%  11/28/21     USD    73.00
Gemini Commnica                6.000%  07/18/12     EUR    52.00
Hindustan Cons                10.000%  10/25/09     INR    33.35
ICICI Bank Ltd                 6.375%  04/30/22     USD    61.00
ICICI Bank Ltd                 7.250%  08/29/19     USD    17.18
ICICI Bank Ltd                 7.250%  08/29/49     USD    45.00
Jindal Saw Ltd                 0.750%  07/01/11     JPY    68.50
Kalindee Rail NI               0.500%  03/07/12     USD    73.00
Kei Industries                 1.000%  11/30/11     USD    45.00
Radico Khaitan L               3.500%  07/27/11     USD    62.00
State BK India                 6.439%  02/28/49     USD    69.73
Subex Azure                    2.000%  03/09/12     USD    16.75
UTI Bank Ltd                   7.250%  08/12/21     USD    70.20
Videocon Indus                 4.500%  07/25/11     USD    42.75
Wanbury Ltd                    1.000%  04/23/12     EUR    62.50


   INDONESIA
   ---------
Bank Pan Indo                 11.000%  06/19/14     IDR    74.99
Indonesia (Rep)                6.625%  02/17/37     USD    70.75
Indonesia (Rep)                6.625%  02/17/37     USD    70.59


   JAPAN
   -----
Aozora Bank                    0.400%  04/27/12     JPY    74.82
Aozora Bank                    1.100%  05/25/12     JPY    71.27
Aozora Bank                    0.560%  06/27/12     JPY    74.97
Aozora Bank                    1.600%  06/27/12     JPY    74.12
Aozora Bank                    0.660%  07/12/12     JPY    74.96
Aozora Bank                    0.660%  07/27/12     JPY    74.68
Aozora Bank                    1.700%  07/27/12     JPY    73.76
Aozora Bank                    0.660%  08/12/12     JPY    74.42
Aozora Bank                    0.660%  08/27/12     JPY    74.11
Aozora Bank                    1.700%  08/27/12     JPY    73.16
Aozora Bank                    0.660%  09/12/12     JPY    73.81
Aozora Bank                    0.660%  09/27/12     JPY    73.53
Aozora Bank                    1.400%  09/27/12     JPY    74.50
Aozora Bank                    0.660%  10/12/12     JPY    73.27
Aozora Bank                    1.600%  10/26/12     JPY    74.53
Aozora Bank                    0.660%  10/27/12     JPY    73.00
Aozora Bank                    0.660%  11/12/12     JPY    72.69
Aozora Bank                    0.660%  11/27/12     JPY    72.41
Aozora Bank                    1.350%  11/27/12     JPY    70.44
Aozora Bank                    0.660%  12/12/12     JPY    72.14
Aozora Bank                    0.660%  12/27/12     JPY    71.87
Aozora Bank                    1.450%  12/27/12     JPY    70.18
Aozora Bank                    0.660%  01/12/13     JPY    71.60
Aozora Bank                    1.250%  01/25/13     JPY    71.89
Aozora Bank                    0.660%  01/27/13     JPY    71.35
Aozora Bank                    0.560%  02/12/13     JPY    70.71
Aozora Bank                    0.560%  02/27/13     JPY    70.43
Aozora Bank                    1.300%  02/27/13     JPY    71.47
Aozora Bank                    0.560%  03/12/13     JPY    70.20
Aozora Bank                    0.560%  03/27/13     JPY    69.93
Aozora Bank                    1.250%  03/27/13     JPY    67.90
Aozora Bank                    0.560%  04/12/13     JPY    69.66
Aozora Bank                    1.300%  04/26/13     JPY    67.51
Aozora Bank                    0.560%  04/27/13     JPY    69.40
Aozora Bank                    0.560%  05/12/13     JPY    69.15
Aozora Bank                    0.560%  05/27/13     JPY    68.85
Aozora Bank                    1.600%  05/27/13     JPY    67.90
Aozora Bank                    0.560%  06/12/13     JPY    68.57
Aozora Bank                    0.560%  06/27/13     JPY    68.31
Aozora Bank                    1.650%  06/27/13     JPY    67.56
Aozora Bank                    0.560%  07/12/13     JPY    68.05
Aozora Bank                    1.700%  07/26/13     JPY    67.22
Aozora Bank                    0.560%  07/27/13     JPY    67.81
Aozora Bank                    0.560%  08/12/13     JPY    67.51
Aozora Bank                    0.560%  08/27/13     JPY    67.25
Aozora Bank                    1.600%  08/27/13     JPY    66.31
Aozora Bank                    0.560%  09/12/13     JPY    66.97
Aozora Bank                    0.560%  09/27/13     JPY    66.72
Aozora Bank                    1.800%  09/27/13     JPY    66.46
Aozora Bank                    0.560%  10/12/13     JPY    66.48
Aozora Bank                    0.560%  10/25/13     JPY    66.24
Aozora Bank                    0.560%  11/12/13     JPY    65.94
Aozora Bank                    0.560%  11/27/13     JPY    65.68
Aozora Bank                    0.400%  12/12/13     JPY    64.84
Aozora Bank                    0.400%  12/27/13     JPY    64.58
Aozora Bank                    0.400%  01/12/14     JPY    64.35
Aozora Bank                    0.400%  01/27/14     JPY    64.06
Aozora Bank                    0.400%  02/12/14     JPY    63.79
Aozora Bank                    0.400%  02/27/14     JPY    63.53
Aozora Bank                    0.400%  03/12/14     JPY    63.31
Aozora Bank                    0.400%  03/27/14     JPY    63.06
Aozora Bank                    0.400%  04/12/14     JPY    62.83
Belluna Co Ltd                 1.100%  03/21/12     JPY    60.40
CSK Corporation                0.250%  09/30/13     JPY    34.80
Daikyo Inc.                    1.880%  03/12/12     JPY    71.03
Ebara Corp                     1.700%  09/30/11     JPY    64.75
Ebara Corp                     1.300%  09/30/13     JPY    48.43
ES-Con Japan Ltd               3.360%  05/10/10     JPY    43.14
Fukoku Mutual                  4.500%  09/28/25     EUR    47.62
Hitachi Zosen                  1.500%  09/30/12     JPY    63.66
JACCS Co Ltd                   1.820%  09/28/15     JPY    73.70
JPN Exp Hld/Debt               0.500%  09/17/38     JPY    57.98
Kenedix Inc                    2.090%  11/09/10     JPY    50.24
Kenedix Realty I               2.370%  03/15/17     JPY    74.50
Kirayaka Holding               2.590%  03/22/16     JPY    66.47
NIS Group                      8.060%  06/20/12     USD    37.62
Oracle MY SPC                  1.480%  07/10/13     JPY     1.48
Orix Corp                      5.480%  11/22/11     USD    66.41
Orix Corp                      1.660%  02/02/15     JPY    74.90
Orix Corp                      2.110%  03/18/16     JPY    72.93
Orix Corp                      2.190%  04/18/17     JPY    69.75
Pacific Golf Gro               1.000%  05/01/12     JPY    65.00
Resona Bank                    3.750%  04/15/15     EUR    70.00
Resona Bank                    5.986%  08/29/49     GBP    37.15
Resona Bank                    4.125%  09/29/49     GBP    37.25
Resona Bank                    5.850%  09/29/49     GBP    47.15
Shinsei Bank                   1.250%  01/25/13     JPY    74.35
Shinsei Bank                   1.300%  02/27/13     JPY    73.97
Shinsei Bank                   1.250%  03/27/13     JPY    73.34
Shinsei Bank                   1.350%  04/26/13     JPY    73.22
Shinsei Bank                   1.600%  05/27/13     JPY    73.51
Shinsei Bank                   1.650%  06/27/13     JPY    73.20
Shinsei Bank                   1.700%  07/26/13     JPY    72.93
Shinsei Bank                   1.600%  08/27/13     JPY    72.11
Shinsei Bank                   1.700%  07/27/13     JPY    72.01
Shinsei Bank                   1.960%  03/25/13     JPY    64.50
Shinsei Bank                   2.010%  10/30/15     JPY    62.18
Shinsei Bank                   3.750%  02/23/16     EUR    45.00
Shinsei Bank                   5.625%  12/29/49     GBP    26.48
Softbank Corp                  7.750%  10/15/13     EUR    55.25
Sumitomo Mitsui                4.375%  07/29/49     EUR    51.92
Sri Lanka Govt                 5.625%  07/29/49     USD    72.09


   MALAYSIA
   --------
Advance Synergy Berhad         2.000%  01/26/18     MYR     0.04
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     0.92
AMBB Capital                   6.770%  01/29/49     USD    64.86
Berjaya Land Bhd               5.000%  12/30/09     MYR     2.10
Cagamas Berhad                 3.640%  05/05/09     MYR     2.37
Crescendo Corp B               3.750%  01/11/16     MYR     1.10
Eastern & Orient               8.000%  04/25/11     MYR     1.00
Huat Lai Resources             5.000%  03/28/10     MYR     0.30
Insas Berhad                   8.000%  04/19/09     MYR     0.26
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.17
Kretam Holdings                1.000%  08/10/10     MYR     1.00
Kumpulan Jetson                5.000%  11/27/12     MYR     0.43
Mithril Bhd                    3.000%  04/05/12     MYR     0.55
Nam Fatt Corp                  2.000%  06/24/11     MYR     0.20
Puncak Niaga Hld               2.500%  11/18/16     MYR     0.73
Rubberex Corp                  4.000%  08/14/12     MYR     0.65
Senai-Desaru Exp               3.500%  12/09/19     MYR    65.87
Tenaga Nasional                3.050%  05/10/09     MYR     0.96
Tradewinds Plant               3.000%  02/28/16     MYR     1.10
Wah Seong Corp                 3.000%  05/21/12     MYR     2.58
Wijaya Baru Glob               7.000%  09/17/12     MYR     0.41
YTL Cement Bhd                 4.000%  11/10/15     MYR     1.12


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

Navios Maritime                9.500%  12/15/14     USD    54.25


   NEW ZEALAND
   -----------
Allied Farmers                 9.600%  11/15/11     NZD    37.18
Allied Nationwid              11.520%  12/29/49     NZD    36.00
BBI Ntwrks NZ Ltd              8.000%  11/30/12     NZD    15.94
Blue Star Print                9.100%  09/15/12     NZD    20.36
Capital Prop NZ                8.500%  04/15/09     NZD    20.00
Capital Prop NZ                8.000%  04/15/10     NZD    17.50
Fidelity Capital               9.250%  07/15/13     NZD    70.01
Fletcher Buildin               7.550%  03/15/11     NZD    12.50
Fletcher Buildin               8.500%  03/15/15     NZD    12.50
Fonterra                       8.740%  11/29/49     NZD    65.55
Generator Bonds                8.200%  09/07/11     NZD    71.59
Hellaby Holdings               8.500%  06/15/11     NZD    39.47
Infrastr & Util                8.500%  09/15/13     NZD    17.50
Infratil Ltd                   8.500%  02/15/20     NZD    58.19
Infratil Ltd                  10.180%  12/29/49     NZD    56.00
Marac Finance                 10.500%  07/15/13     NZD     0.86
Nuplex Industrie               9.300%  09/15/12     NZD    56.53
Pins Securities                9.250%  01/31/14     NZD    26.90
Sky Network TV                 9.370%  10/16/16     NZD    73.00
South Canterbury              10.430%  12/15/12     NZD     0.87
St Laurence Prop               9.250%  07/15/10     NZD    74.45
Trustpower Ltd                 8.500%  09/15/12     NZD     8.20
Trustpower Ltd                 8.500%  03/15/14     NZD    12.50
Vector Ltd                     8.000%  12/29/49     NZD    11.50


   PHILIPPINES
   -----------
First Gen Corp                 2.500%  02/11/13     USD    54.12
Rizal Comm Bank                9.875%  10/29/49     USD    75.00


   SINGAPORE
   ---------
Capitaland Ltd.                2.950%  06/20/22     SGD    63.30
Chartered Semico               6.250%  04/04/13     USD    67.45
Chartered Semico               6.375%  08/03/15     USD    59.23
United ENG Ltd                 1.000%  03/03/14     SGD     0.96
Wan Hai S Pte                  5.500%  06/29/15     USD    55.19


SOUTH KOREA
-----------
GS Caltex Corp                 6.000%  08/08/16     USD    74.69
Hynix Semi Inc.                7.875%  06/27/17     KRW    45.12
Hynix Semi Inc.                7.857%  06/27/17     USD    50.38
Korea Dev Bank                 7.350%  10/27/21     KRW    52.99
Korea Dev Bank                 7.310%  11/08/21     KRW    52.89
Korea Dev Bank                 8.450%  10/31/21     KRW    52.96
Korea Elec Pwr                 6.000%  12/01/26     USD    69.07
NACF                           5.375%  04/26/17     USD    73.50
Rep of Korea                   4.250%  12/07/21     EUR    73.22
Shinhan Bank                   5.663%  03/02/25     USD    48.25
Shinsei Bank                   6.829%  09/20/36     USD    18.50
Woori Bank                     6.125%  05/03/16     USD    72.75
Woori Bank                     6.208%  05/02/37     USD    42.00


SRI LANKA
---------
Sri Lanka Govt                 6.850%  10/15/12     LKR    73.80
Sri Lanka Govt                 7.500%  08/01/13     LKR    71.92
Sri Lanka Govt                 7.500%  11/01/13     LKR    71.02
Sri Lanka Govt                 8.500%  02/01/18     LKR    65.63
Sri Lanka Govt                 8.500%  07/15/18     LKR    65.17
Sri Lanka Govt                 7.500%  08/15/18     LKR    60.41
Sri Lanka Govt                 7.000%  10/01/23     LKR    54.72


  THAILAND
  --------
Advance Agro Pub              11.000%  12/19/12     USD    47.37
Italian-Thai Dev               4.500%  06/10/13     USD    46.47
G Steel                       10.500%  10/04/10     USD    17.98



                         *********

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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