TCRAP_Public/090413.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Monday, April 13, 2009, Vol. 12, No. 71

                            Headlines

A U S T R A L I A

CLIFFS NATURAL: Cuts Production at West Virginia, Alabama Sites
KLEENMAID: Falls Into Administration With $67MM Debt
LEIGHTON HOLDINGS: Unveils Management Changes
MDP CONSOLIDATED: Moved Into Liquidation
RESONANCE FUNDING: S&P Puts Ratings on Two Notes on Negative Watch

STORM FINANCIAL: Court Extends Freeze Order on $2MM Payment


C H I N A

SHIMAO PROPERTY: Share Offering Won't Affect Moody's 'Ba3' Rating
SHIMAO PROPERTY: Share Placement Won't Affect S&P's 'BB' Rating


H O N G  K O N G

ARIES TECH: Members' Meeting Set for May 5
ASIA PLUS: Releases Arboit and Blade as Liquidators
BILLION PROFITS: Members' Meeting Set for May 18
CITIC PACIFIC: Chairman Yung Leaves as Probe on Firm Continues
CITIC PACIFIC: Management Changes Won't Affect S&P's 'BB+' Rating

CONTINENTAL DRAGON: Court to Hear Wind-Up Petition on May 13
GIBB, LIVINGSTON ET AL: Members' Meeting Set for May 4
I-TALENT ASIA: Members' Meeting Set for May 4
JVC LITE-ON: Members' Meeting Set for May 6
LEO SHIP: Creditors' Proofs of Debt Due on May 4

MCCANN HEALTHCARE: Final General Meeting Set for May 4
MAK HON: Mak King Mun, Philip Stepd Down as Liquidator
PEAK FORCE: Members' Meeting Set for May 5
QUEENSTOWN CDO: Fitch Cuts Ratings on US$30 Mil. Notes to 'D'
SUPER AIM: Court to Hear Wind-Up Petition on May 6

STUDIO SVS: Annual Meetings Set for April 9
SUCCESSFUL GOLD: Creditors' Proofs of Debt Due on May 4
UNIQUE INTERNATIONAL: Annual Meetings Set for April 9
YUKKO CARGO: Court to Hear Wind-Up Petition on May 6


I N D I A

IDBI BANK: Fitch Affirms Individual Rating at 'D'
IML LOAN: Fitch Downgrades National Short-Term Rating on Certs.
KOPRAN LTD: CRISIL Assigns 'B-' Rating on Rs.152.0 Mln Cash Credit
NATIONAL CONSTRUCTION: CRISIL Puts 'B' Rating on Cash Credit Limit
ORICON ENTERPRISES: CRISIL Rates Rs.20.0 Mln Cash Credit at 'B+'

PAKIZA RETAIL: Fitch Assigns National Long-Term Rating at 'BB'
PENGUIN CREDITS: RBI Cancels Certificate of Registration
RAUNAQ ICE: CRISIL Places 'B-' Ratings on Various Bank Facilities
ROOP AUTOMOTIVES: CRISIL Assigns 'BB+' on Rs.68 Million Term Loan
VIVA BOOKS: CRISIL Rates Rs.60.0 Mln Cash Credit Limit at 'BB+'

WOCKHARDT LIMITED: Fitch Junks National Long-Term Rating from 'B'
WOCKHARDT LTD: Wockhardt Hospitals to Have Minory Partner in May
* INDIA: 19 Coop Banks Went Bankrupt in 2008-09


I N D O N E S I A

PT FAJAR: S&P Changes Outlook to Negative; Affirms 'B' Rating


J A P A N

NISHIMATSU CONSTRUCTION: S&P Cuts Corporate Credit Rating to 'BB-'
PIONEER CORP: Inks Optical Disk Joint Venture With Sharp
SHARP CORP: Expects Annual Losses to Reach JPY130 Billion
WMT GLOBAL: S&P Puts Ratings on JPY10.7 Bil. Notes on Neg. Watch
* JAPAN: Corporate Bankruptcies Up 14.1% in March


N E W  Z E A L A N D

BLUE CHIP: Liquidator Takes Legal Action


S I N G A P O R E

FRASERS COMMERCIAL: S&P Puts 'BB' Rating on Negative CreditWatch


S O U T H  A F R I C A

REDEFINE INCOME: Fitch Puts 'BB' Rating on Rating Watch Positive


T A I W A N

OMEGA CAPITAL: Fitch Downgrades Ratings on US$30 Mil. Notes to 'D'
QUANTA COMPUTER: Misses First Quarter Shipment Target


X X X X X X X X

* S&P Puts Ratings on 31 Asia-Pacific CDOs on Negative CreditWatch


                         - - - - -



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

CLIFFS NATURAL: Cuts Production at West Virginia, Alabama Sites
---------------------------------------------------------------
Cliffs Natural Resources Inc., citing a continuing softness in the
demand for metallurgical coal used by the steel industry, said it
is taking a number of steps at its mines in West Virginia and
Alabama to align its 2009 production with customer demand.

In West Virginia, its wholly owned subsidiary Pinnacle Mining
Company, LLC, has indefinitely idled its Green Ridge No. 1 mine.
In addition, its Pinnacle mine will halt production beginning on
April 13 for approximately two months.  Layoffs associated with
the idling of the Green Ridge No. 1 mine and reduced operations at
the Pinnacle Prep Plant affect 90 employees.  The production
curtailment at the Pinnacle mine will affect approximately 200
employees.

Operating levels at Cliffs' wholly owned Alabama subsidiary Oak
Grove Resources, LLC, will also be reduced, resulting in the
layoff of about 65 employees at its Oak Grove mine and Concord
Prep Plant.

"We are making these production adjustments due to the reduced
demand for metallurgical coal in the United States and throughout
the world," said Don Gallagher, president of Cliffs Natural
Resources North American Business Unit.  "As we go forward, we
will continue to review our operating levels to ensure that we
balance our production and inventory with customer demand."

These production adjustments will put the current 2009 annual
operating rate at approximately 2.2 million tons.

The Pinnacle, Green Ridge No. 1 and Oak Grove mines produce
metallurgical coal for the steel industry.  Metallurgical coal
demand has been reduced as the steel industry has cut back
production in the face of the global economic slowdown.

                  About Cliffs Natural Resources

Based in Cleveland, Ohio, Cliffs Natural Resources --
http://www.cpg-llc.com/-- is an international mining and natural
resources company.  The Company is the largest producer of iron
ore pellets in North America, a major supplier of direct-shipping
lump and fines iron ore out of Australia and a significant
producer of metallurgical coal.  The Company is organized through
three geographic business units -- The North American business
unit is comprised of six iron ore mines owned or managed in
Michigan, Minnesota and Eastern Canada, and two coking coal mining
complexes located in West Virginia and Alabama.  The Asia Pacific
business unit is comprised of two iron ore mining complexes in
Western Australia and a 45% economic interest in a coking and
thermal coal mine in Queensland, Australia.  The South American
business unit includes a 30% interest in the Amapa Project, an
iron ore project in the state of Amapa in Brazil, as well as a
number of smaller greenfield projects not yet in production.


KLEENMAID: Falls Into Administration With $67MM Debt
----------------------------------------------------
The Kleenmaid kitchen and laundry company has been placed into
administration with debts of $67 million, various reports say.
The company appointed Deloitte partners John Greig, Richard Hughes
and David Lombe as voluntary administrators.

The Australian, citing the administrators, says 150 staff had been
made redundant, with Kleenmaid's 20 stores nationwide -- which
included 15 franchises -- to close their doors.

The Australian relates Deloitte said trade and secured creditors
were owed $40 million while customers who had paid deposits for
products, but not yet received them, owed a further $27 million.

According to the Brisbane Times, Mr. Greig said the global
financial crisis has severely impacted sales and margins, and all
attempts by the directors to obtain new financial support for the
business have failed.

Founded in 1985, Kleenmaid -- http://www.kleenmaid.com.au/--
sells kitchen and laundry appliances.


LEIGHTON HOLDINGS: Unveils Management Changes
---------------------------------------------
Leighton Holdings Ltd said it will transfer its Indonesian
operations to the control of Leighton Asia, The Age reports.

According to the report, Leighton Holdings said that operational
responsibility for its two coal mines in Indonesia would be
transferred from Leighton International to Leighton Asia.

The move, Leighton said, will "better align the geography of the
market with the management of the group's operations in Asia."

The Age says Leighton Asia currently oversees projects in Hong
Kong, the Philippines and Macau worth $A706 million.

Meanwhile, the report notes the company also disclosed management
changes, including:

   -- promotion of Leighton Contractors' deputy managing director
      Laurie Voyer as managing director of Leighton International;

   -- transfer of John Holland managing director David Stewart
      to the position of Leighton Holdings' chief operating
      officer from July 1; and

   -- appointment of Leighton's chief operating officer of
      construction, Glenn Palin, as John Holland managing
      director.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 8, 2009, the Financial Times said Leighton Holdings warned
first-half profits will fall by about 60 per cent after the
value of its listed investment declined by a further AU$200
million (US$143 million) in the last three months of 2008.

The company's results for this financial year will be impacted by
the values of investments in Connect East, RiverCity Motorway,
BrisConnections, Devine and Macmahon, Leighton said in a
statement.

At December 31, 2008, the value of listed investments had fallen
by a further AU$200 million since September 30, 2008.  The total
asset write downs for the six months will reduce the half year
result by AU$170 million after tax.

CEO, Mr. Wal King, said that the performance of the Group
operating companies continues to be strong, with the exception of
Leighton Properties.

The operating result for the six months to December 31, prior to
the impact of investment values, is expected to be approximately
AU$270 million which is an increase of 8% on the previous year.

For the full year, the company expects to report an operating
result after tax of approximately AU$650 million, up 8% compared
to last year's operating result of AU$608 million.  The Group
said profit will be affected by the write down of investment
values.

According to Leighton, work in hand has increased to approximately
AU$37 billion at the end of December compared to AU$35.3 billion
at September 30, 2008.

Leighton said it expects to maintain both its interim and full
year dividend per share at the same level as last year.

The group's shares, FT relates, dropped 12 per cent to AU$25 on
the warning.

Australia-based Leighton Holdings Limited (ASX:LEI) --
http://www.leighton.com.au/-- along with its subsidiaries,
operates in the infrastructure, resources and property markets.
Principal activities of the Company within these markets are
construction, contract mining, property development and other
services (including environmental, telecommunications, and
operations and maintenance).  Australia/Pacific involves
operations throughout Australia, New Zealand and the Pacific
region in all business segments. Asia involves operations
predominantly in Hong Kong and Macau, Indonesia, Malaysia, India,
the Gulf and the Philippines.  The principal activities undertaken
in this region are construction, contract mining, property
development and other services (including environmental,
telecommunications and operations and maintenance).


MDP CONSOLIDATED: Moved Into Liquidation
----------------------------------------
MDP Consolidated, a private company associated with businessman
Matthew Perrin, was moved into liquidation on Monday, April 6, as
another creditor filed a AU$56 million claim, the Gold Coast
reports.

According to the report, creditors met for the second time since
the company moved into administration, voting for the go-ahead for
liquidation.

Financial services group Babcock and Brown, the reports says, is
lodging the multimillion-dollar claim against MDP.

The company's other creditors include:

   -- Chinese funder Citic Capital Finance, which is the largest
      creditor and owed AU$37.951 million;

   -- the CBA, which is owed AU$13.389 million; and

   -- PCI Equity, which is owed AU$8 million.

Liquidator Julie Williams, of Brisbane's Insolvency Turnaround
Solutions, as cited by the report, said the company's debt level
continued to grow.  As of Monday, April 6, Ms. Williams said the
company's debt had grown from about AU$60 million to about
AU$116 million, the report notes.

The report relates Mr. Perrin, who filed for bankruptcy last month
owing AU$28 million in personal debts, is the director of Christie
Qld, which is in liquidation.

In 2005, Mr. Perrin, through well-known local businessmen
including three of the Thynne brothers and Corey Brown, became
involved in Chinese supermarket company Global Mart, which is also
in receivership, according to the report.


RESONANCE FUNDING: S&P Puts Ratings on Two Notes on Negative Watch
------------------------------------------------------------------
Standard & Poor's Ratings Services placed the ratings on the
AU$21.0 million Class F and AU$12.0 million Class G notes of
Series 2006-1 issued by Resonance Funding Pty Ltd. on CreditWatch
with negative implications.

The two classes were placed on CreditWatch negative because their
synthetic rate overcollateralization levels fell below 100% at the
current rating level in the SROC analysis for March 2009.  This
occurred following negative rating migration in the underlying
portfolio and indicates that the available credit enhancement for
the tranches is lower than the level required to maintain their
current ratings.

The rating actions taken on the affected transaction are:

                               Rating           Rating
                               ------           ------
  Transaction                  To               From    Sroc
  -----------                  --               ----    ----
  Resonance Funding Pty Ltd.   BBB-/Watch Neg   BBB-    99.7869%
  Series 2006-1 Class F
  Resonance Funding Pty Ltd.   B+/Watch Neg     B+      99.8794%
  Series 2006-1 Class G


STORM FINANCIAL: Court Extends Freeze Order on $2MM Payment
-----------------------------------------------------------
A Supreme Court in Brisbane has extended a freeze order on the
$2 million dividend payment Storm Financial founders Emmanuel and
Julie Cassimatis paid to themselves last year, Sara Rich at The
Australian reports.

The freeze order, which was originally applied for by corporate
watchdog the Australian Securities and Investments Commission
("ASIC"), is extended until May 14, 2009, the report relates.

According to the Australian, Worrells Solvency and Forensic
Accountants, the liquidators appointed to the financial planning
business by a Federal Court judge last month, sought the extension
after recently taking over the regulator's role in the
proceedings.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 6, 2009, The Age said the Brisbane Supreme Court has ordered
a freeze on a AU$2 million dividend.

The Age said that ASIC has sought a court order to freeze the
payment, made by Storm Financial's founders Emmanuel and
Julie Cassimatis, until February 18.

According to the Age, ASIC lawyers told the court the couple
acted improperly by paying themselves the dividend even though
they knew the company was already in trouble.

                      About Storm Financial

Storm Financial Limited -- http://www.stormfinancial.com.au/--
operates in the Australian wealth management industry that manages
over one trillion dollars in investment fund assets for over nine
million investors, distributed through investment administration
providers and financial advisers.  These funds are invested
through different investment products and structures, including
superannuation, nonsuperannuation managed funds and life insurance
products.  Non-superannuation managed funds, which form the
majority of Storm's products, total approximately 26.5% of total
investment fund assets in Australia, as of June 30, 2007.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 14, 2009, Storm Financial appointed Worrells as voluntary
administrators after the Commonwealth Bank of Australia Ltd (CBA)
demanded debt repayment of around AU$20 million.

Storm later closed its business and fired all of its 115 staff.

The closure, the company's administrators said, was due to the
significant reduction in Storm's income resulting in trading
losses being incurred "at a rate which the company could no longer
absorb."

The TCR-AP, citing Sydney Morning Herald, reported on Jan. 22,
2009, that the Commonwealth Bank of Australia, Storm's largest
creditor, lodged a AU$27.09 million debt claim at a first meeting
of the company's creditors on January 20.

According to the Herald, Administrators Worrells Solvency &
Forensic Accountants said the group's remaining creditors are owed
AU$51 million, plus a provision for dividends of AU$10 million.



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

SHIMAO PROPERTY: Share Offering Won't Affect Moody's 'Ba3' Rating
-----------------------------------------------------------------
Moody's Investors Service says that it does not expect any near-
term impact on either the Ba3 corporate family rating or the
negative outlook of Shimao Property Holdings Limited.  This
follows the company's announcement that it offers to place 282
million new shares at HK$6.95 per share.

The net proceeds of the issuance of about HK$1.9 billion will be
used to early repay the company's US$328 million syndicated loan.

"The issue of new equity will reduce Shimao's liquidity risk as it
will be relieved of its obligations to comply with the onerous
financial covenants under the syndicated loan," says Peter Choy, a
Moody's Vice President & Senior Credit Officer.

"It will also restore Shimao's debt leverage which would otherwise
be affected by the devaluation of its investment properties as
announced in its recent profit warning," says Choy.

"Finally, the equity issuance reflects the fact that Shimao
retains some financial flexibility, even amid challenging
financial and property market conditions," he adds.

While the new equity issuance will address some of the concerns
driving the company's negative outlook, Shimao continues to face
difficult conditions in the Chinese property market, such as
declining prices and funding needs for its large sized portfolio.
These factors could limit any significant improvement to its
credit metrics that could exert upgrade pressure on the current
ratings.

Moody's will continue to monitor Shimao's developments, including
contracted presales volume, profitability, property revaluations,
construction progress, funding for investment properties, appetite
for land acquisitions and liquidity management.

Moody's last rating action with regard to Shimao was taken on
December 15, 2008, when the company's corporate family rating was
downgraded to Ba3 and senior unsecured bond rating was downgraded
to B1 with a negative outlook.

Shimao Property Holdings Ltd is incorporated in Grand Cayman and
was listed on the Hong Kong Stock Exchange in July 2006.  It has
33 projects in China, mainly located in Shanghai, Beijing, the
Yangtze River Delta and the Bohai Rim.


SHIMAO PROPERTY: Share Placement Won't Affect S&P's 'BB' Rating
---------------------------------------------------------------
Standard & Poor's Rating Services said that its outlook and long-
term corporate credit rating on Shimao Property Holdings Ltd. (BB/
Negative/--) are not immediately affected by the share placement
announced on April 7, 2009.  The net proceeds of HK$1.9 billion,
together with internal funds, will be used to repay a
US$328 million syndicate loan due in 2010.

S&P believes the repayment should release the company from
stringent bank loan covenants and alleviate the pressure exerted
on Shimao's credit metrics.  Although financial flexibility and
leverage should improve and its recent property sales have picked
up, S&P remain cautious on Shimao's profitability outlook and its
aggressive appetite for expansion.  S&P does not expect the
company's profit warning, also announced on April 7, 2009, to have
a material impact on the rating.



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

ARIES TECH: Members' Meeting Set for May 5
------------------------------------------
The members of Aries Tech Electronics Limited will hold their
meeting on May 5, 2009, at 10:30 a.m., at the 35th Floor of One
Pacific Place, in 88 Queensway, Hong Kong.

At the meeting, Lai Kar Yan (Derek) and Darach E. Haughey, the
company's liquidator, will give a report on the company's wind-up
proceedings and property disposal.


ASIA PLUS: Releases Arboit and Blade as Liquidators
---------------------------------------------------
On March 6, 2009, Bruno Arboit and Simon Blade were released as
liquidators of Asia Plus Broadcasting Limited.


BILLION PROFITS: Members' Meeting Set for May 18
------------------------------------------------
The members of Billion Profits Development Limited will hold their
meeting on May 18, 2009, at 4:00 p.m., at Room 403, 4th Floor of
Wing On House, 71 Des Voeux Road, in Central, Hong Kong.

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


CITIC PACIFIC: Chairman Yung Leaves as Probe on Firm Continues
--------------------------------------------------------------
Bettina Wassener at The New York Times reports Citic Pacific Ltd
replaced its top management Wednesday last week amid an
investigation by regulators into currency losses at the company
last year.

According to the report, Citic Pacific said its chairman,
Larry Yung, the son of a former Chinese vice president and once
the richest man in mainland China, will be succeeded by Chang
Zhenming, vice chairman of the parent company, Citic Group.

The managing director of Citic Pacific, Henry Fan, also resigned,
the Times says.

The company's shares, which were suspended April 3 and extended
until April 6, resumed trading Thursday last week, according to
The Wall Street Journal.

As reported in the Troubled Company Reporter-Asia Pacific,
Bloomberg News said Citic Pacific was suspended from Hong Kong
trading after its offices were raided by police in a probe of
alleged false statements and conspiracy to defraud.

Citic Pacific confirmed in a statement that trading in the shares
of the company were suspended with effect from 9:30 a.m. on
April 6 pending the release of an announcement which is or may be
price sensitive in nature.

Two weeks ago, the Commercial Crime Bureau of the Hong Kong Police
Force executed a search warrant requiring the company and its
directors to provide certain information with regard to the
foreign exchange contracts entered into in 2007 and 2008 and
announcements made by the company from July 1, 2007 to March 16,
2009, Citic Pacific said in an earlier statement.

The company said the warrant related to an investigation of
alleged offences, ie (i) false statements by company directors;
and/or (ii) conspiracy to defraud under the common law, noting
there have not been any charges or arrests made by the police.

The company's board confirmed that there should not be any
material impact to the operations of the company as a result of
the investigation.

Bloomberg News said Citic Pacific, which was forced to seek state
aid after recording the largest currency derivative loss by a
Chinese company, has been criticized by lawmakers for a six-week
delay in revealing the losses last year.

The Securities and Futures Commission is investigating Mr. Yung,
Mr. Fan and 15 directors, Bloomberg News said citing the company
in a Jan. 2 statement.

As reported in the Troubled Company Reporter-Asia Pacific on
Mar. 27, 2009, Citic Pacific reported a massive full-year loss in
2008 after making wrong-way currency bets.

According to Ms. Wassener at The NY Times, Citic Pacific took big
losses on ill-timed currency transactions, mainly through bets on
the value of the Australian dollar in a botched attempt to hedge
the currency risks associated with a large mining investment in
Australia.

Citic Pacific posted a HK$12.66 billion net loss in 2008 compared
with a profit of HK$10.84 billion in 2007.

The company said it booked a realized and marked to market loss of
HK$14.63 billion on a number of foreign exchange contracts, which
significantly impacted the bottom line of the company.

Citic Pacific said it recommends not paying a final dividend.  It
has also decided that no bonuses will be paid to directors for
2008.

                       About CITIC Pacific

Headquartered in Hong Kong, CITIC Pacific Ltd --
http://www.citicpacific.com/-- is engaged in a range of
businesses in China and Hong Kong, including steel manufacturing,
property development and investment, power generation, aviation,
infrastructure, communications and distribution.  It is 29%
indirectly owned by China International Trust & Investment
Corporation.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 17, 2009, Standard & Poor's Ratings Services raised its long-
term corporate credit rating on CITIC Pacific Ltd. to 'BB+' from
'BB'.  The outlook is stable.  At the same time, Standard & Poor's
also raised its issue rating on the senior unsecured notes issued
by CITIC Pacific Finance (2001) Ltd. to 'BB+' from 'BB'; the notes
are guaranteed by CITIC Pacific.  Both ratings were removed from
CreditWatch, where they were placed with developing implications
on Nov. 14, 2008.  They were originally placed on CreditWatch with
negative implications on Oct. 21, 2008.

On Nov. 18, 2008, the TCR-AP reported that Moody's Investors
Service changed the rating review to direction uncertain for both
CITIC Pacific Ltd's Ba2 corporate family rating and the Ba2 rating
of CITIC Pacific Finance (2001) Ltd's US$450 million bonds, which
are guaranteed by CITIC Pacific.   The ratings were previously
downgraded to Ba2 from Ba1 and placed under review for further
possible downgrade on Oct. 21, 2008, following the company's
report of material losses from leveraged foreign exchange
contracts.


CITIC PACIFIC: Management Changes Won't Affect S&P's 'BB+' Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that its rating on CITIC
Pacific Ltd. (BB+/Stable/--) was not immediately affected by a
change in the company's top management or the current police
investigation into certain foreign-exchange contracts.  In S&P's
view, the replacement of CITIC Pacific's chairman Mr. Yung Chi-kin
and managing director Mr. Fan Hung-ling by Mr. Chang Zhen-ming,
the vice chairman and president of CITIC Group (BBB-/Stable/A-3),
further demonstrates the two companies' strengthened links, which
are a key supporting rating factor for CITIC Pacific.  S&P don't
expect the police investigation to have a material impact on the
company's credit profile because the rating already factors in the
credit implications from its loss-making derivative contracts and
change in its shareholding structure.

The rating on CITIC Pacific is based on the company's standalone
credit quality and the benefits it derives from being
strategically important to the wider CITIC Group, which owns
57.56% of the company.


CONTINENTAL DRAGON: Court to Hear Wind-Up Petition on May 13
------------------------------------------------------------
A petition to have Continental Dragon Cleaning Services Limited's
operations wound up will be heard before the High Court of
Hong Kong on May 13, 2009, at 9:30 a.m.

Leung Sin Man filed the petition against the company on March 11,
2009.


GIBB, LIVINGSTON ET AL: Members' Meeting Set for May 4
------------------------------------------------------
On May 4, 2009, a meeting will be held at the 20th Floor of
Prince's Building, in Central, Hong Kong for the members of:

   -- Gibb, Livingston & Company Limited; and
   –- J.P. Pacific Limited.

At the meeting, Rainier Hok Chung Lam, the companies' liquidator,
will give a report on the companies' wind-up proceedings and
property disposal.


I-TALENT ASIA: Members' Meeting Set for May 4
---------------------------------------------
The members of I-Talent Asia Limited will hold their meeting on
May 4, 2009, at 4:00 p.m., at Room 2301-02, 23rd Floor of The
Kwangtung Provincial Bank Building, 409-415 Hennessy Road, in
Causeway Bay, Hong Kong.

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


JVC LITE-ON: Members' Meeting Set for May 6
-------------------------------------------
The members of JVC Lite-On IT Manufacturing and Sales, Limited
will hold their meeting on May 6, 2009, at 11:00 a.m., at Baker
Tilly Hong Kong, 12th Floor of China Merchants Tower, Shun Tak
Centre, 168-200 Connaught Road, in Central, Hong Kong.

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


LEO SHIP: Creditors' Proofs of Debt Due on May 4
------------------------------------------------
The creditors of Leo Ship Management 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 21, 2009.

The company's liquidators are:

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


MCCANN HEALTHCARE: Final General Meeting Set for May 4
------------------------------------------------------
On May 4, 2009, a final general meeting will held for the members
of:

   -- Maccan Healthcare HK Limited at 10:00 a.m.;
   -- Group Asia Limited at 10:30 a.m.;
   -- Lowe Digital Hong Kong Limited at 11:00 a.m.; and
   -- Scotchbrokk-BSMG Worldwide (Hong Kong) Limited at 11:30 a.m.

The meetings will be held at the offices of Baker Tilly Hong Kong,
Room 1203-1213, 12th Floor of China Merchants Tower, Shun Tak
Centre 168-200 Connaught Road, in Central, Hong Kong.


MAK HON: Mak King Mun, Philip Stepd Down as Liquidator
------------------------------------------------------
On March 31, 2009, Mak King Mun, Philip stepped down as liquidator
of Mak Hon Fun King Mun Tong Commemorative Association Limited.


PEAK FORCE: Members' Meeting Set for May 5
------------------------------------------
The members of Peak Force Investment Limited will hold their
meeting on May 5, 2009, at 10:00 a.m., at the 21st Floor of Fee
Tat Commercial Centre, No. 613 Nathan Road, in Kowloon, Hong Kong.

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


QUEENSTOWN CDO: Fitch Cuts Ratings on US$30 Mil. Notes to 'D'
-------------------------------------------------------------
Fitch Ratings has downgraded the US$30 million notes due 2012
issued by Queenstown CDO Limited Series 2007-2 to 'D', from 'C'
and withdrawn the rating simultaneously.

This synthetic corporate CDO note has been fully written down to
zero as a result of the cumulative losses from the seven credit
events experienced by the reference portfolio, namely, Lehman
Brothers Holding Inc, Washington Mutual Inc, Freddie Mac, Fannie
Mae, Landsbanki Islands hf, Glitnir Banki hf and Kaupthing Bank
hf.  The transaction has been terminated following the issuer's
receipt of the loss calculation notice from Calyon, the
calculation agent.


SUPER AIM: Court to Hear Wind-Up Petition on May 6
--------------------------------------------------
A petition to have Super Aim (Holding) Limited's operations wound
up will be heard before the High Court of Hong Kong on May 6,
2009, at 9:30 a.m.

Law Wai King filed the petition against the company on March 4,
2009.


STUDIO SVS: Annual Meetings Set for April 9
-------------------------------------------
The members and creditors of Studio SVS Limited will hold their
annual meetings on April 9, 2009, at 4:00 p.m. and 4:30 p.m.,
respectively, at the 2nd Floor of Double Building, 22 Stanley
Street, in Central, Hong Kong.

At the meeting, Wong Ka Lam King, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


SUCCESSFUL GOLD: Creditors' Proofs of Debt Due on May 4
-------------------------------------------------------
The creditors of Successful Gold Profits 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 6, 2009.

The company's liquidators are:

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


UNIQUE INTERNATIONAL: Annual Meetings Set for April 9
-----------------------------------------------------
The members and creditors of Unique International (HK) Limited
will hold their annual meetings on April 9, 2009, at 3:00 p.m. and
3:30 p.m., respectively, at the 2nd Floor of Double Building, 22
Stanley Street, in Central, Hong Kong.

At the meeting, Wong Ka Lam King, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


YUKKO CARGO: Court to Hear Wind-Up Petition on May 6
----------------------------------------------------
A petition to have Yukko Cargo Limited's operations wound up will
be heard before the High Court of Hong Kong on May 6, 2009, at
9:30 a.m.

Kok Tak Yuk filed the petition against the company on March 2,
2009.



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

IDBI BANK: Fitch Affirms Individual Rating at 'D'
-------------------------------------------------
Fitch Ratings has assigned a National rating of 'AA+(ind)' to IDBI
Bank Ltd.'s senior and Lower Tier 2 subordinated bonds to be
issued in the domestic market during FY10.  Currently, IDBI plans
to raise up to INR40 billion through these instruments during the
year.  Fitch has also assigned an 'AA-(ind)' (AA minus(ind))
rating to IDBI's proposed INR10 billion Upper Tier 2 subordinated
bonds issue, reflecting the loss absorption role of hybrid
instruments through their junior status and the in-built deferral
clauses.  These borrowings are planned under the "Omni Bond" and
"Flexi Bond" programmes of IDBI.

The Upper Tier 2 subordinated bonds carry a coupon and principal
deferral clause if the capital adequacy ratio of the bank is below
the regulatory minimum (currently 9%).  In the event of a net loss
during the year, coupon payment is subject to regulatory approval.
The coupon is cumulative in the event of a deferral.  The bonds
have a minimum tenure of 15 years and may carry a call and coupon
step-up clause after 10 years.

IDBI's outstanding ratings are:

  -- Long-term foreign currency Issuer Default Rating: 'BBB-' (BBB
     minus)

  -- Short-term foreign currency IDR: 'F3'

  -- National Long-term rating: 'AA+(ind)'

  -- National Short-term rating: 'F1+(ind)'

  -- National rating for INR15 billion Upper Tier 2 subordinated
     bond programme: 'AA-(ind)' (AA minus)

  -- Individual Rating: 'D'

  -- Support Rating: '2'

  -- Support Rating Floor: 'BBB-' (BBB minus)

The Outlooks for the ratings are Stable.

The foreign currency and National Long-term ratings are driven by
expectations of continued support from the government to enable
IDBI to improve its competitiveness and financial standing, which
remain weaker than that of other large government banks in India.


IML LOAN: Fitch Downgrades National Short-Term Rating on Certs.
---------------------------------------------------------------
Fitch Ratings has downgraded the National Short-term rating of
Pass Through certificates issued by IML Loan Trust and removed it
from Rating Watch Negative:

  -- INR752.5 million, Series A1 PTCs downgraded to 'F5(ind)(SO)'
     from 'F4(ind)(SO)', removed from RWN

The rating is directly linked to Fitch's National Short-term
rating of Wockhardt Ltd.

The downgrade of the PTCs and resolution of the RWN follows the
downgrade of Wockhardt Ltd's National Long- and Short-term ratings
to 'C(ind)' from 'B(ind)' and to 'F5(ind)' from 'F4(ind)',
respectively, as well as the resolution of the RWN.


KOPRAN LTD: CRISIL Assigns 'B-' Rating on Rs.152.0 Mln Cash Credit
------------------------------------------------------------------
CRISIL has assigned its ratings of 'B-/Negative/P4' to the bank
facilities of Kopran Ltd (Kopran).

   Rs.152.0 Million Cash Credit         B-/Negative (Assigned)
   Rs.172.5 Million Working Capital     B-/Negative (Assigned)
                     Term Loan
   Rs.139.5 Million Letter of Credit    P4 (Assigned)
   Rs.5.5 Million Bank Guarantee        P4 (Assigned)

   Rs.5.5 Million Proposed Short-Term   P4 (Assigned)
                   Bank Loan Facility

The ratings reflect Kopran's weak financial risk profile and past
delays in term loan servicing.  The company has liquidated a
significant portion of its term loans; as on March 31, 2008, the
term loans outstanding were around Rs.114 million, about 25 per
cent of the company's total bank borrowings outstanding as on that
date.  These rating weaknesses are partially mitigated by the
benefits that Kopran derives from its promoters' experience, and
the expected support from group companies.

Outlook: Negative

CRISIL believes that Kopran's credit risk profile will remain
constrained over the near term because of its weak financial risk
profile marked by weak, albeit improving, profitability.  The
rating may be downgraded if Kopran over draws its working capital
bank lines, or continues to report losses, leading to further
deterioration in its financial risk profile.  Conversely, the
outlook may be revised to 'Stable' if the company reports
operating profits for two consecutive quarters.

                         About Kopran Ltd

Incorporated in 1958, Kopran manufactures bulk drugs and
formulations at its facilities at Mahad and Khopoli (both in
Maharashtra).  The company's wholly-owned subsidiary, Kopran
Research Laboratories Ltd, is engaged in pharmaceutical research.
Kopran is part of the Parijat group of companies promoted by the
Somani family of Mumbai, and is managed by Mr. Surendra Somani,
its vice-chairman. Kopran reported a net loss of Rs.132.0 million
on net sales of Rs.858 million for the nine months ended
December 31, 2008; as against a net loss of Rs.210.7 million on
net sales of Rs.607.4 million for the nine months ended
December 31, 2007.


NATIONAL CONSTRUCTION: CRISIL Puts 'B' Rating on Cash Credit Limit
------------------------------------------------------------------
CRISIL has assigned its ratings of 'B/Stable/P4' to the various
bank facilities of National Construction Company (NCC).

   Rs.50.0 Million Cash Credit Limit   B/Stable (Assigned)
   Rs.120.0 Million Bank Guarantee     P4 (Assigned)

The ratings reflect NCC's exposure to risks relating to its small
scale of operations and tender-based revenue stream.  The ratings
also factor in NCC's weak financial risk profile, marked by high
gearing, moderate debt protection measures, and low net worth.
These weaknesses are, however, partially offset by the benefits
that the firm derives from its promoters' experience.

Outlook: Stable

CRISIL believes that NCC will maintain its business risk profile
on the back of its strong order book.  However, the firm's
financial risk profile is expected to remain stretched owing to
its high gearing.  The outlook may be revised to 'Positive' if the
firm's capital structure improves and its cash flow cycle reduces,
leading to strong financial flexibility.  Conversely, the outlook
may be revised to 'Negative' if the firm is unable to generate
projected cash flows due to delay in payments by customers.

                   About National Construction

Incorporated in 1984 as a partnership firm by Mr. Khimji Patel and
Mr. Bhikhalal Patel, NCC executes open-cast mining contracts
involving removal of over burden and mineral excavation.  It owns
around 120 heavy earth-moving machinery (HEMM) equipments,
including 70 dumpers, three front-end loaders, 12 excavators, and
six bulldozers.  It is an approved 'AA' class contractor for the
Government of Gujarat and an 'A' class contractor for Indian
Railways.  NCC reported a profit after tax (PAT) of Rs.9.6 million
on net sales of Rs.393.4 million for 2007-08 (refers to financial
year, April 1 to March 31), as against a PAT of Rs.2.6 million on
net sales of Rs.229.9 million for 2006-07.


ORICON ENTERPRISES: CRISIL Rates Rs.20.0 Mln Cash Credit at 'B+'
----------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable/P4' to the various
bank facilities of Oricon Enterprises Ltd (Oricon).

   Rs.80.0 Million Working Capital     B+/Stable (Assigned)
                    Demand Loan *
   Rs.20.0 Million Cash Credit *       B+/Stable (Assigned)
   Rs.50.0 Million Letter of Credit    P4 (Assigned)

   * includes Packing Credit sub-limit of Rs 10.0 Million and
     Foreign Bills Purchased\Discounted\Negotiated Sub-Limit
      of Rs 10 Million.

The ratings reflect Oricon's moderate financial risk profile and
significant Off balance sheet exposure to group entities.
However, these weaknesses are partially offset by the benefits
that Oricon derives from its promoters' experience, and its
diversified revenue profile.

Outlook: Stable

CRISIL expects Oricon to maintain a stable business risk profile
on the back of steady revenues from lease rentals coupled with the
support from its petrochemical and trading businesses.  The
outlook may be revised to 'Positive' if the company's
profitability margins and debt protection measures improve
considerably, and the real estate project is commissioned as per
schedule.  Conversely, the outlook may be revised to 'Negative' if
the company incurs large debt funded capital expenditure or its
profitability margins and debt protection measures deteriorate
further.

                     About Oricon Enterprises

Set up in 1968 by the Somani family, Oricon was earlier a part of
Oriental Containers Ltd (OCL).  OCL was engaged in packaging,
petrochemical and real estate business.  In September 2006, to
enable Kuala Lumpur-based private equity investor, Navigate
Mauritius Ltd (Navigate) to invest solely in OCL's packaging
operations, the company hived off the packaging division, along
with the name, Oriental Containers Ltd.  The real estate and
petrochemicals operations were then renamed as Oricon Enterprises
Ltd.

Oricon manufactures mixed pentane, a petrochemical with industrial
applications, and has a presence in the real estate business, and
in trading in aluminium and chemicals.  The company's plant at
Khopoli (Maharashtra) has a capacity of 10,000 tonnes per annum.
Oricon also owns 2 acres of land at Worli (Mumbai).  For 2007-08
(refers to nine months period from July 1 to March 31), Oricon
reported a profit after tax (PAT) of Rs.27.6 million on net sales
of Rs.2097.2 million, as against a PAT of Rs.27.9 million on net
sales of Rs.2208.1 million for 2006-07 (refers to financial year,
July 1 to June 30).


PAKIZA RETAIL: Fitch Assigns National Long-Term Rating at 'BB'
--------------------------------------------------------------
Fitch Ratings has assigned India's Pakiza Retail Ltd a National
Long-term rating of 'BB(ind)'.  The Outlook is Stable.  Fitch has
also assigned a rating of 'BB(ind)' to Pakiza's fund based cash
credit limits of INR800 million.

The ratings take into account Pakiza's strong position in Indore's
organised value retailing business, locational advantage of its
three stores and its operating track record of over 30 years.  The
ratings also reflect the sustained level of sales and margins over
the past few years, as well as improvements in store level
efficiencies.  The ratings factor in Pakiza's moderate business
strategy in terms of expansion and customer-focused approach.  The
company targets mid-market customers and is focused on maintaining
its relationships.

The ratings are constrained by the low margins and working capital
intensive nature of the business which have put pressure on the
company's cash flow from operations.  The company had marginal
negative free cash flows at 1.3% of revenue for FY08 reflecting an
increased inventory levels during the year.  Fitch also remains
concerned on the relatively high leverage of the entity with
adjusted debt /EBITDAR at 5.2x in FY08 (FY07: 5.2x).  With
additional capex from expansion of its Madhya Pradesh operations
and additional working capital requirements coupled with the
weaker economic outlook and its impact on the consumer retail
business, Fitch expects financial leverage to remain relatively
high in the short-to-medium term and has factored this
deterioration in its forecasts; any material deterioration beyond
6.5x on an adjusted debt /EBITDAR basis could potentially act as a
negative rating trigger.

Pakiza is a multi-brand multi-product hypermarket which stocks an
entire range of fabric, garments, home furnishing, FMCG,
accessories, kitchenware, cosmetics and related products.  For the
year to end-March 2008, Pakiza had a net revenue of
INR507.9 million (FY07: INR488.1 million), with an EBITDAR margin
of 7.3% (FY07: 6.7%) and a net income of INR3.8 million (FY07:
INR2.8 million).  For the nine months to end-December 2009, Pakiza
had net revenue of INR419.1 million with an EBITDAR margin of
6.4%.


PENGUIN CREDITS: RBI Cancels Certificate of Registration
--------------------------------------------------------
The Reserve Bank of India has cancelled the certificate of
registration granted to M/s Penguin Credits & Securities Limited,
for carrying on the business of a non-banking financial
institution.

Under powers conferred by Section 45-IA (6) of the Reserve Bank of
India Act, 1934, the Reserve Bank can cancel the registration
certificate of a non-banking financial company.  The business of a
non-banking financial institution is defined in clause (a) of
Section 45-I of the Reserve Bank of India Act, 1934.

M/s Penguin Credits & Securities Limited's registered office is at
321-S Chirag Delhi, in New Dehli.


RAUNAQ ICE: CRISIL Places 'B-' Ratings on Various Bank Facilities
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'B-/Stable/P4' to the various
bank facilities of Raunaq Ice & Cold Storage (Raunaq).

   Rs.50.0 Million Cash Credit Limit       B-/Stable (Assigned)
   Rs.22.0 Million Standby Line of         B-/Stable (Assigned)
                   Credit *
   Rs.18.0 Million Proposed Long Term      B-/Stable (Assigned)
                   Bank Loan Facility
   Rs.60.0 Million Foreign Bill Purchase   P4 (Assigned)

   * Company being a Gold Card customer of the bank, gets
     SLC limit of 20% of it's fund based limits.

The ratings reflect Raunaq's stretched financial risk profile,
small scale of operations, and exposure to risks inherent to the
seafoods industry, and to intense competition.  These weaknesses
are, however, partially offset by the benefits that Raunaq derives
from the established track record of its promoters in the seafoods
industry.

Outlook: Stable

CRISIL believes that Raunaq will maintain a stable business risk
profile on the back of established relationships with suppliers
and customers.  The firm's financial risk profile may remain
leveraged over the medium term owing to debt taken to fund large
working capital requirements.  The outlook may be revised to
'Positive' if the firm generates higher-than-expected cash
accruals, resulting in improvement in financial risk profile.
Conversely the outlook may be revised to 'Negative' if the firm
undertakes significant debt-funded capital expenditure, leading to
deterioration in capital structure.

                         About Raunaq Ice

Raunaq, set up as a partnership firm in 1995, is a Gujarat-based
exporter of sea foods such as squid, cuttle-fish, ribbon fish,
croakers, and shrimps.  The firm's exports are mainly to USA,
Europe, China and the Middle East.

Raunaq reported a profit after tax (PAT) of Rs.0.3 million on net
sales of Rs.266.8 million for 2007-08 (refers to financial year,
April 1 to March 31), as against a PAT of Rs.1.8 million on net
sales of Rs.321.3 million for 2006-07.


ROOP AUTOMOTIVES: CRISIL Assigns 'BB+' on Rs.68 Million Term Loan
-----------------------------------------------------------------
CRISIL has assigned its rating of 'BB+/Negative/P4' to the bank
facilities of Roop Automotives Ltd (Roop).

   Rs.140 Million Cash Credit Facility *  BB+/Negative (Assigned)
   Rs.68 Million Term Loan                BB+/Negative (Assigned)
   Rs.30 Million Bill Discounting         P4 (Assigned)
                 Facility
   Rs.2 Million Bank Guarantee            P4 (Assigned)
   Rs.20 Million Letter of Credit         P4 (Assigned)

   * Includes cash management services of Rs.5 million.

The rating reflects the extensive experience of Roop's promoters
in the manufacture of steering yokes, and the improvement in the
company's financial risk profile.  Roop's debt declined sharply in
2008-09 (refers to financial year, April 1 to March 31), and its
profitability improved considerably; this was because of an
increase in export revenues, benefiting from depreciation in the
Indian rupee.  The rating also factors in CRISIL's expectation
that, in the medium term, Roop's profitability will increase
because of a decline in raw material prices.  These ratings
strengths are partially offset by lack of diversity in the
company's revenue profile, and its dependence on its two key
customers, the Gurgaon-based Sona Koyo Steering Systems Ltd, and
the US-based TRW Automotive Inc (rated B+/Negative by Standard &
Poor's).  CRISIL believes that Roop's credit risk profile will be
constrained by the pressure on its profitability because of
sluggish off-take, and the effect of the weakening business
environment on its key customers.

Outlook: Negative

CRISIL expects Roop's profitability to remain constrained because
of sluggish off-take and pricing pressures.  Despite the reduction
in debt, the company has a high gearing because of its working
capital-intensive operations.  The rating could be downgraded if
the company undertakes debt-funded capital expenditure, or in case
of a prolonged slowdown in off-take and decline in operating
margins.  Conversely, the outlook may be revised to 'Stable' in
case of improvement in the company's financial risk profile,
particularly in its capital structure.

                      About Roop Automotives

Roop was set up in 1992. The company manufactures steering yokes,
steering joints, slip shaft assemblies, oil shaft assemblies, jack
assemblies, rack housings, rotor oil filters, and gear shift
drums, for domestic and international automobile original
equipment manufacturers.  Steering yokes manufacture is a
technology-intensive process requiring critical skills.  This has
led to high entry barriers in the segment.  Roop has its
manufacturing unit in Sohna in Gurgaon, with an installed
production capacity of 6.8 million units per annum. For 2007-08,
Roop reported a net profit of Rs.24.3 million on net revenues of
Rs.581.7 million.


VIVA BOOKS: CRISIL Rates Rs.60.0 Mln Cash Credit Limit at 'BB+'
---------------------------------------------------------------
CRISIL has assigned its rating of 'BB+/Stable' to the cash credit
facility of Viva Books Private Limited (Viva).

   Rs.60.0 Million Cash Credit Limit   BB+/Stable (Assigned)

The rating reflects Viva's weak debt protection measures due to
high working capital requirements and small scale of operations
with a small net worth.  These weaknesses are partially offset by
Viva's established market position and tie-ups with reputed
publishing houses and comfortable financial flexibility.

Outlook: Stable
CRISIL expects Viva to maintain its current credit profile over
the medium term backed by its established relations with many
publishing houses.  The outlook may be revised to 'Positive' if
there is higher-than–expected improvement in the company's cash
accruals and profitability; or there is improvement in its capital
structure on the back of conversion of unsecured loans from
promoters into equity.  Conversely, the outlook may be revised to
'Negative' if Viva's debt protection measures weaken due to
decline in profitability or higher-than-expected debt-funded
capex.

                        About Viva Books

Viva, incorporated in 1991 by Mr. Vinod Kumar Vasishat, is into
trading and publishing books.  Its product profile comprises
mainly books for technical education.  The customer profile of the
company comprises mainly educational institutions and whole-
sellers.  Viva has its head office in New Delhi and branch offices
in Chennai, Navi Mumbai, Kolkata, Bangalore and Hyderabad. For
2007-08 (refers to financial year, April 1 to March 31), Viva
reported a profit after tax (PAT) of Rs. 5 million on net sales of
Rs. 310 million, as against a PAT of Rs. 2 million on net sales of
Rs. 215 million for 2006-07.


WOCKHARDT LIMITED: Fitch Junks National Long-Term Rating from 'B'
-----------------------------------------------------------------
Fitch Ratings has downgraded India-based Wockhardt Limited's
National Long-term rating to 'C(ind)' from 'B(ind)', and removed
it from Rating Watch Negative.  Fitch has simultaneously
downgraded Wockhardt's rated instruments and removed them from
RWN:

  - INR2,000 million Long-term non-convertible debenture programme
    downgraded to 'C(ind)'from 'B(ind)', removed from RWN;

  - INR2,500 million Long-term loans and INR2,500 million fund-
    based cash credit facilities downgraded to 'C(ind)' from
    'B(ind)', removed from RWN; and

  - INR1,450 million Non fund-based limits downgraded to 'F5(ind)'
    from 'F4(ind)', removed from RWN.

The rating action follows public information indicating that that
the company has stopped making its scheduled debt payments pending
finalization of its Corporate Debt Restructuring scheme, details
of which are awaited.


WOCKHARDT LTD: Wockhardt Hospitals to Have Minory Partner in May
----------------------------------------------------------------
The Hindu Business Line reports that Wockhardt Limited will seal a
deal to get a minority partner for Wockhardt Chairman Habil
Khorakiwala's privately-held Wockhardt Hospitals.

The report, citing Mr. Khorakiwala, says the deal to get a
minority partner, be it a private equity player or a hospital
major, will be sealed next month.

The Business Line notes the company is scheduled to hold its
rescheduled board meeting on April 25, 2009.

The Troubled Company Reporter-Asia Pacific, citing Bloomberg News,
reported on April 3, 2009, that Wockhardt Limited sought to
restructure its debt, citing liquidity constraints and adverse
market conditions.

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

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

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

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

Business Standard related sources have said Wockhardt was hoping
to reduce debt by selling its Irish subsidiary, Pinewood
Laboratories, and a stake in Wockhardt Hospitals.

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

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


* INDIA: 19 Coop Banks Went Bankrupt in 2008-09
-----------------------------------------------
The Deposit Insurance and Credit Guarantee Corporation ("DICGC"),
a wholly-owned subsidiary of the Reserve Bank of India ("RBI"),
has paid over Rs142 crore to depositors of 19 cooperative banks
which went bankrupt in 2008-09, Indopia.com reports.

The 19 cooperative banks have failed to repay deposits to
customers during the last fiscal, the report says.

According Indopia.com, the banks that have received payment from
DICGC are:

   -- District Cooperative Bank Ltd of Gonda in
      Uttar Pradesh (Rs 45.4 crore);

   -- The Maratha Co-operative Bank of Karnataka (Rs 17.7 crore);

   -- Parivartan Co-operative Bank of Maharashtra (Rs 16.7 crore);
   -- Ravi Co-operative Bank (Rs 16.2 crore);
   -- Indira Priyadarshini Mahila Nagrik Sahakari Bank of
      Chhattishgarh (Rs 13.1 crore);
   -- Varda Co-operative Bank (Rs 2.4 crore);
   -- Harugeri Urban Co-operative Bank (Rs 3.1 crore);
   -- Kittur Rani Channamma Mahila Pattana Sahakari
      Bank (Rs 2.2 crore);
   -- Challakere Urban Co-operative Bank (Rs 3.2 crore); and
   -- Basavakalyan Pattana Sahakari Bank (Rs 0.24 crore).

The report says four banks each in Maharashtra and Gujarat went
bankrupt, while two cases were reported in Uttar Pradesh.

During 2007-08, the report discloses, as many as 22 cooperative
banks closed operations.



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

PT FAJAR: S&P Changes Outlook to Negative; Affirms 'B' Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
rating outlook on Indonesian pulp and paper company, PT Fajar
Surya Wisesa Tbk., to negative from stable.  At the same time,
Standard & Poor's affirmed its 'B' long-term corporate credit
rating on Fajar and its 'B' issue rating on the company's senior
secured bonds guaranteed by Fajar Paper Finance B.V.

"The outlook revision reflects our view that Fajar's financial
risk profile has weakened as a result of reduced demand and lower
prices for paper products, which have directly affected its
margins, and that its leverage position will moderately weaken.
S&P expects any near-term improvement in pricing to be limited and
that Fajar's utilization rate is likely to decline in the near
term, given a weak industry outlook," said Standard & Poor's
credit analyst Yasmin Wirjawan.

Prices of various paper products have dropped in both the domestic
and export markets; declining about 30% in the first quarter of
2009 from their peak 2008.  The company's utilization rate
remained about 92% in the first two months of 2009, down from 101%
in fiscal 2008.  S&P believes the company has the flexibility to
increase its export sales, but margins are about 10-15% lower for
exports than domestic sales due to intense competition and high
transportation costs.

"Fajar's financial risk profile is likely to further weaken over
the near term, in our view, because of lower sales and pressure on
margins.  S&P project that the company's ratio of debt to EBITDA
will moderately deteriorate over the near term from 3.5x in fiscal
2008 due to its lower utilization levels and significantly lower
profitability," said Ms. Wirjawan.

Fajar has put on hold its US$85 million capital expenditure plan
for its proposed fifth paper machine, due to weakening economic
conditions.  The company expects capital expenditure (mainly for
maintenance) to be about US$3 million in 2009, financed through
internal cash generation.  The company has postponed a planned
US$50 million rights issue to fund the expansion due to
weak market conditions.

The company achieves cost efficiencies by using a high proportion
of recycled paper (99%) and having its own power plant.



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

NISHIMATSU CONSTRUCTION: S&P Cuts Corporate Credit Rating to 'BB-'
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'BB-' from 'BB' its
long-term corporate credit and senior unsecured debt ratings on
Nishimatsu Construction Co. Ltd.  This rating action was based on
the increasing likelihood of a further deterioration in
Nishimatsu's earnings base and financial profile due to a
reduction in orders to be placed by Japanese private companies and
overseas companies, in addition to a temporary suspension from
public works projects following a series of alleged legal
violations.  The ratings were removed from CreditWatch, where they
were placed with negative implications on Feb. 13, 2009.  S&P
believes that the negative impact of the company's weak corporate
governance system, which was revealed upon the investigation of
the alleged potential legal violations, and the deteriorating
business environment may be more pronounced than S&P initially
anticipated.  The outlook on the long-term corporate credit rating
is negative.

A former president of Nishimatsu was arrested on Jan. 20, 2009, on
suspicion of violating the Foreign Exchange and Foreign Trade
Control Law.  He was rearrested on suspicion of potentially
violating the Political Funds Control Law, and on March 24, 2009,
he was indicted by the Tokyo District Public Prosecutors Office.
The financial outlook for Nishimatsu is growing increasingly
unclear amid the deterioration in its credit quality, and the
three-month term of temporary suspension from public works
projects assigned to the company (which began Jan. 26, 2009) may
be extended.  As per the company's announcement on Feb. 26, 2009,
Nishimatsu estimated that the amount of orders it received fell by
32% to JPY260 billion in fiscal 2008 (ended March 31, 2009) from a
year earlier.

Nishimatsu's cash plus marketable securities were virtually level
with its debt maturing within one year at the end of December
2008.  However, Standard & Poor's believes that the company's
funding capacity has diminished, considering that its total
commitment lines were reduced to JPY41.1 billion at the end of
December 2008 from JPY61.2 billion in March 2008.  In addition,
Nishimatsu agreed to pledge an additional JPY27.3 billion in
assets as collateral against its JPY45 billion worth of bank debt.
S&P will consider a further downgrade if S&P determine that the
company is not capable of limiting further earnings deterioration
over the next year or so despite cost reduction efforts, or if the
company's liquidity deteriorates further due to late payment or
nonpayment by its customers.

                           Ratings List

                   Downgraded; CreditWatch Action

       Nishimatsu Construction Co. Ltd. (Unsolicited Ratings)

                               To                 From
                               --                 ----
Corporate Credit Rating       BB-/Negative/--    BB/Watch Neg/--
Senior Unsecured              BB-                BB/Watch Neg


PIONEER CORP: Inks Optical Disk Joint Venture With Sharp
--------------------------------------------------------
Pioneer Corporation and Sharp Corporation have signed a
partnership agreement on the establishment of a joint venture in
the optical disk business area.

The goal of the new joint venture is to make more effective use of
the management resources of the two companies in the optical disk
business field, and to capture a leadership position in this area,
particularly in the Blu-ray Disc market where significant growth
is expected in the future, Pioneer said in a statement.

The optical disk businesses of the two companies will be
transferred to the new joint venture, with a target date for the
start of operations around October 1, 2009.  The new company will
engage in the development, design, manufacture, and sales of
optical disk products, focusing on optical disk drives, recorders,
and players.

Concerning details of the joint venture, the two companies will
elaborate the necessary matters, and are committed to negotiating
in good faith with the goal of officially signing the joint
venture agreement by June 25, 2009.

Integrating the technological expertise of Pioneer and Sharp in
the areas of optical pick-up heads, optical disk drives, and
system design will make their joint optical disk business even
stronger, and their cooperative relationship will serve to further
enhance the market competitiveness of both company’s audio-visual
businesses.

The joint venture company is to be established on Oct. 1, 2009.

                          About Sharp

Based in Japan, Sharp Corporation (TYO:6753) -- http://sharp-
world.com/ --  manufactures and sells electronic telecommunication
devices, electronic machines and components.  The company operates
in two business divisions.  The Electronics Equipment division
offers audio and video (AV)/communication products, including
liquid crystal color televisions, projectors, digital versatile
disc (DVD) players and recorders, compact disc (CD) players and
various telephones; electric appliances, as well as information
equipment, such as personal computers (PCs), digital dictionaries,
calculators, liquid crystal color monitors, information displays
and copy machines.  It also offers software.  The Electronic
Component division provides large-scale integrated (LSI) circuits,
liquid crystal display (LCD) modules and other electronic
components, such as batteries and parts for satellite
broadcasting, among others.  In July 2008, United Drug plc
acquired the company.

                          About Pioneer

Headquartered in Tokyo, Japan, Pioneer Corporation (TYO:6773) --
http://www.pioneer.co.jp/-- manufactures and sells electronic
products.  The company operates in four business segments.  The
Home Electronics segment offers plasma televisions, digital
versatile disc players/recorders/drives, blu-ray disc
players/drives, audio systems, telephones, cable television-
related machines and peripheral equipment.  The Car Electronics
segment offers navigation systems, stereos, audio systems,
speakers and peripheral products for automobile uses.  The Special
Permission segment offers license agreement for optical discs.
The Others segment offers electroluminescence (EL) displays,
factory automation (FA) equipment, electronic components and
commercial audio and visual (AV) systems.  The company has a
global network.  The company merged with its subsidiary, Pioneer
Design Corporation and another Tokyo-based subsidiary, on Dec. 1,
2008.

                          *     *     *

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

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

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


SHARP CORP: Expects Annual Losses to Reach JPY130 Billion
---------------------------------------------------------
Sharp Corporation said it has revised its forecast of financial
results announced on February 6, 2009, in the light of recent
business performance.

According to The Japan Times, Sharp said its group net loss is
likely to expand to JPY130 billion, rising from the JPY100 billion
it projected earlier, and its operating loss to JPY60 billion, up
from JPY30 billion, in its third downward revision of its annual
earnings forecast for fiscal 2008.

The projected losses, according to the report, compare with a
year-earlier net profit of JPY101.92 billion and operating profit
of JPY183.69 billion.  The losses will be the first on record
since 1977, the Times states.

Sharp's group sales are also expected to fall to JPY2.85 trillion,
down from its February forecast of JPY2.90 trillion and year-
earlier sales of JPY3.42 trillion, according to the report.

The Times says Sharp attributed the latest downward revision of
its earnings forecast to expenses related to reducing its growing
inventories of liquid crystal display TVs and panels and
consolidating its LCD plants.

                     About Sharp Corporation

Based in Japan, Sharp Corporation manufactures and sells
electronic telecommunication devices, electronic machines and
components.  The company operates in two business divisions.  The
Electronics Equipment division offers audio and video
(AV)/communication products, including liquid crystal color
televisions, projectors, digital versatile disc (DVD) players and
recorders, compact disc (CD) players and various telephones;
electric appliances, as well as information equipment, such as
personal computers (PCs), digital dictionaries, calculators,
liquid crystal color monitors, information displays and copy
machines.  It also offers software.  The Electronic Component
division provides large-scale integrated (LSI) circuits, liquid
crystal display (LCD) modules and other electronic components,
such as batteries and parts for satellite broadcasting, among
others.  In July 2008, United Drug plc acquired the company.


WMT GLOBAL: S&P Puts Ratings on JPY10.7 Bil. Notes on Neg. Watch
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had placed on
CreditWatch with negative implications its ratings on WMT Global
Funding I Inc.'s JPY10.7 billion fixed-rate notes, classes A to E.

The CreditWatch placements reflect Standard & Poor's view of risks
in the WMTGF I transaction, based on these two factors.

1) S&P has observed increasing uncertainty over the recovery
   prospects of the transaction's underlying loan after it
   defaulted in October 2008.  Specifically, in view of the
   procedures described in the notes' agreement, it may take
   considerable time to reach decisions with respect to the
   recovery of claims relating to the defaulted loan.  Standard &
   Poor's believes that any delay may hamper recovery by the
   transaction's legal final maturity date in November 2010.

2) The liquidity reserve, which had been established at the loan
   level, was used to repay principal on the defaulted loan based
   on the agreement of relevant transaction parties.  Hence,
   contrary to Standard & Poor's initial assumptions, the only
   source of funds available to cover interest payments relating
   to the transaction is net cash flow from the collateral real
   estate properties.

The CreditWatch placements are based on what S&P view as
uncertainty over principal and interest payments on the notes by
the legal final maturity date in November 2010.  Nevertheless, if
principal and interest payments on the notes are not made by the
legal final maturity date, S&P still believe that there is a
significant likelihood that the principal and interest payments,
especially on the higher tranches, will ultimately be made.

Standard & Poor's intends to review its ratings on WMTGF I's notes
after closely examining a number of factors, including recovery
prospects and the properties' performance.

This is a single-borrower multi-asset CMBS transaction.  The notes
issued under this transaction are backed by a loan extended to a
single borrower.  The loan was originally secured by eight
extended-stay limited-service apartment properties.  The
transaction was arranged by Lehman Brothers Japan Inc. Capital
Servicing Co. Ltd. acts as the servicer for this transaction.

             Ratings Placed On Creditwatch Negative

                    WMT Global Funding I Inc.
        JPY10.7 billion fixed-rate notes due November 2010

           Class   Rating          Initial Issue Amount
           -----   ------          --------------------
           A       AAA/Watch Neg   JPY5.9 bil.
           B       AA/Watch Neg    JPY1.4 bil.
           C       A/Watch Neg     JPY1.2 bil.
           D       BBB/Watch Neg   JPY1.0 bil.
           E       BB/Watch Neg    JPY1.2 bil.


* JAPAN: Corporate Bankruptcies Up 14.1% in March
-------------------------------------------------
Toru Fujioka at Bloomberg News reports Japan's corporate
bankruptcies rose to a six-year high in March as companies
struggled to obtain funds to close books in the final month of the
fiscal year.

Bankruptcies climbed 14.1 percent from a year earlier to 1,537
cases, the most since March 2003, the report says citing data from
Tokyo Shoko Research Ltd.

The report relates the central bank's Tankan survey last week
showed companies in the world's second-largest economy say access
to funds is the tightest in a decade.

The government plans to make JPY37 trillion available to companies
struggling to meet their funding needs, Bloomberg News says citing
a Nikkei newspaper report.



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

BLUE CHIP: Liquidator Takes Legal Action
----------------------------------------
The liquidator of Blue Chip has applied to the High Court for
direction as to whether the company breached securities
legislation, stuff.co.nz reports citing the New Zealand Press
Associatin (NZPA).

Liquidator Meltzer Mason Heath, the report says, believes Blue
Chip breached securities law in not issuing a prospectus.

According to the report, a prospectus is not usually required for
investment in property but the liquidator believes the structure
of Blue Chip investments was such that a prospectus was required.

The report, citing liquidator Jeff Meltzer, says the liquidator
had a legal opinion that Blue Chip may have breached securities
legislation in the promotion and sale of its investment products.

The report notes the opinion was partly funded by the Economic
Development Ministry as Blue Chip has no assets available to fund
such work.

The application is likely to be heard between May and July, the
report says.

                       About Blue Chip NZ

Blue Chip New Zealand Ltd. is a financial services company with
offices throughout New Zealand.  It is a subsidiary of Blue Chip
Financial Solutions Limited, now known as Northern Crest
Investments.  Northern Crest operates in two divisions:
financial services and leasing services.  The financial services
division is engaged in the provision of financial structuring
services and investment product to a variety of clients.  The
leasing activities division is engaged in rental of residential
property.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
April 15, 2008, Blue Chip New Zealand Ltd. is in voluntary
liquidation, joining 20 other Blue Chip companies that are now
being wound up.  Blue Chip New Zealand is a subsidiary of the
company of Northern Crest Investment Limited, formerly known as
Blue Chip Financial Solutions Limited.



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

FRASERS COMMERCIAL: S&P Puts 'BB' Rating on Negative CreditWatch
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB' long-term
corporate credit rating on Singapore-based Frasers Commercial
Trust on CreditWatch with negative implications.

Although S&P's current rating on FCOT factors in S&P's assumption
that the trust will be able to successfully refinance S$400
million in debts due July 31, 2009, and S$150 million due Dec. 31,
2009, owed to the Commonwealth Bank of Australia (CBA,
AA/Stable/A-1+), the CreditWatch placement is the result of FCOT
not having in place refinancing arrangements to the level of
certainty anticipated by Standard & Poor's at this stage.

Backed by the financial flexibility and satisfactory credit
profiles of Frasers Centrepoint Ltd. (which owns 21% of FCOT) and
Frasers & Neave Ltd. (which owns 100% of Frasers Centrepoint),
FCOT informed Standard & Poor's that it is currently negotiating
with financial institutions to obtain a firm commitment to
refinance the debts owed to CBA.

"In resolving the CreditWatch, S&P anticipate firm committed
refinancing arrangements to be in place by middle of May 2009,"
said Standard & Poor's credit analyst Wee Khim Loy.  "In the
absence of that, a rating downgrade would be likely."

"There is a possibility that the rating on FCOT could be lowered
by more than one category if Standard & Poor's believes that the
likelihood of FCOT successfully completing its refinancing
exercise in a timely manner has declined materially," Ms. Loy
said.

Even after the CreditWatch resolution, the rating outlook is
likely to be negative, reflecting the challenging conditions in
the commercial and office properties segment and the highly
leveraged capital structure of FCOT.  The outlook may be revised
to stable if FCOT's capital structure and the commercial office
real estate sector improve.



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

REDEFINE INCOME: Fitch Puts 'BB' Rating on Rating Watch Positive
----------------------------------------------------------------
Fitch Ratings has placed Redefine Income Fund Ltd's Secured
National Long-term rating of 'A-(A minus)(zaf)', Unsecured
National Long-term Rating of 'BBB(zaf)' and Subordinated
Debentures rating of 'BB(zaf)' on Rating Watch Positive.

The Rating Watch Positive reflects the potential positive credit
implications of the expected acquisition of both ApexHi Properties
Ltd and Madison Property Fund Managers Ltd, which are currently
pending final approval from the South African Competition
authorities, and the High Court for the ApexHi and Madison schemes
of arrangement.  Investors in all three companies have already
voted in favor of the planned deals.  The RWP will be resolved as
and when the transactions are closed.  Fitch expects any potential
upgrade of the Long-term ratings to be limited to a maximum of one
notch.

Redefine's ratings continue to reflect the strength of its good
historical trading performance and the improvement of its loan-to-
value ratio which stood at 35% in FY08.  It has also maintained a
strong tenant base and a low vacancy rate (4.8% at FYE08).
However, Fitch is concerned that increasingly difficult conditions
in the retail and business sectors will negatively affect lease
renewals, and it remains to be seen what percentage of leases
maturing in the next four years (55% of total leases) will be
renewed.

The acquisition of ApexHi, in particular, will make Redefine one
of the largest listed property companies in South Africa.
Management's estimated market capitalisation of the enlarged group
is ZAR18 billion, and it will own a commercial property portfolio
valued at about ZAR15.2 billion (ZAR6.0 billion for Redefine at
FYE08).  The significantly increased portfolio will help to reduce
trading risks to any particular property sector or major tenant as
a result of increased scale and diversification.  Madison manages
the property portfolios of Redefine and ApexHi, as well as other
companies, so the acquisition of Madison will bring this function
in-house, along with the potential for increased efficiencies and
cost saving benefits.

Fitch notes that the ApexHi/Madison transactions are being funded
by the issue of Redefine-linked units.  Redefine's bank borrowings
will not be affected by this deal, except to the extent that
ApexHi and Madison's borrowings will be consolidated onto
Redefine's balance sheet.  ApexHi had a relatively low LTV gearing
of 15% at FYE08 compared to Redefine's 35%.  Madison had minimal
debt at its year end (actually net cash positive).  Fitch
therefore expects that an enlarged Redefine will report a LTV
ratio of about 27%, once all debt is consolidated.  Although
future property acquisition plans are not known, Fitch would
expect Redefine to maintain LTV gearing around the expected level.

Redefine is a property loan stock company which has investments in
a portfolio of retail, office and industrial properties.  Most of
the properties are situated in and around the main commercial hubs
of greater Johannesburg, the Western Cape and Durban.  The company
also holds a portfolio of listed property securities which provide
a second, though smaller income stream.



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

OMEGA CAPITAL: Fitch Downgrades Ratings on US$30 Mil. Notes to 'D'
------------------------------------------------------------------
Fitch Ratings has downgraded the US$30 million notes due 2014
issued by Omega Capital Investments Plc Series 44 to 'D' from 'C'.

This self-managed synthetic corporate CDO note has been fully
written down to zero as a result of the cumulative losses from the
seven credit events experienced by the reference portfolio,
namely, Lehman Brothers Holding Inc., Washington Mutual Inc.,
Freddie Mac, Fannie Mae, Landsbanki Islands hf, Glitnir Banki hf
and Kaupthing Bank hf.  This rating action follows receipt by the
issuer of the loss calculation notice from the calculation agent,
BNP Paribas.


QUANTA COMPUTER: Misses First Quarter Shipment Target
-----------------------------------------------------
Quanta Computer Inc. missed its first quarter shipment target by
2 percent, as damped consumer spending cut demand among its
clients, Reuters reports.

Citing Quanta in a statement, Reuters relates the company shipped
2.7 million laptops in March and Reuters calculations of company
numbers showed Quanta shipped 6.9 million laptop PCs in the
January-March quarter.

This is less than the 7.07 million units the company had
previously said it was expecting to ship, Reuters relates.

According to Reuters, Quanta's revenue has seen double-digit falls
on an annual basis since the beginning of this year, compared with
smaller rival Compal Electronics, whose revenue declined by an
average of 3 percent in the first two months of the year.

Headquartered in Taoyuan, Taiwan, Quanta Computer Inc. --
http://www.quantatw.com/-- is principally engaged in the
manufacture, research, development and sale of laptop computers
and components.  The company offers laptops, cellular
telephones, liquid crystal display televisions, servers, LCD
monitors, computer peripherals, computer components, wireless
local area network (WLAN) bridges and communications products.
It serves overseas markets, predominantly the Americas, Asia and
Europe.

                         *     *     *

The company continues to carry Fitch Ratings' "BB" long-term
foreign currency issuer default rating.



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

* S&P Puts Ratings on 31 Asia-Pacific CDOs on Negative CreditWatch
------------------------------------------------------------------
Standard & Poor's Ratings Services placed the ratings on 31
Asia-Pacific (excluding Japan) synthetic collateralized debt
obligations on CreditWatch with negative implications.  In
addition, the ratings on five CDOs were taken off CreditWatch
negative and affirmed.

The 31 transactions have been placed on CreditWatch negative due
to a fall in their SROC to below 100% at the current rating level
in the end-of-month analysis for March 2009.  This reflects the
negative rating migration within the portfolios.

                                  Rating
                                  ------
Deal Name                         To                  From     SROC
---------                         --                  ----     ----
ARLO IX Ltd. 2007
(Pascal SCO A-1)                  BB-/Watch Neg       BB-        9.7280%
ARLO Ltd. Series 2006 (OCL-1)      CCC/Watch Neg       CCC       99.9885%
ARLO Ltd. Series 2006
(SKL CDO Series 11)               BBBpNRi/Watch Neg   BBBpNRi   99.6011%
Athenee CDO PLC Series 2007-2      BBB+/Watch Neg      BBB+      99.3212%
Athenee CDO PLC Series 2007-3      BBB+/Watch Neg      BBB+      99.5077%
Athenee CDO PLC Series 2007-8      BBB+/Watch Neg      BBB+      99.5077%
Athenee CDO PLC Series 2007-9      BBB+/Watch Neg      BBB+      99.3212%
Athenee CDO PLC Series 2007-10     AAA/Watch Neg       AAA       99.7607%
Athenee CDO PLC Series 2007-11     BBB+/Watch Neg      BBB+      99.3212%
Athenee CDO PLC Series 2007-15     BBB+/Watch Neg      BBB+      99.4678%
Chess II Ltd. Series 2004-6        AAA/Watch Neg       AAA       99.9514%
Chess II Ltd. Series 2004-7        AA/Watch Neg        AA        99.8611%
Corsair (Jersey) No. 2 Ltd.
Series 72                         B-/Watch Neg        B-        99.0520%
Eirles Two Ltd. Series 241         B/Watch Neg         B         99.9949%
Magnolia Finance I PLC
Series 2006-21                    B-/Watch Neg        B-        99.9462%
Magnolia Finance I PLC
Series 2006-22                    B-/Watch Neg        B-        99.9462%
Morgan Stanley Managed ACES SPC
Series 2006-12 Class IA           CCC+/Watch Neg      CCC+      99.4017%
Morgan Stanley Managed ACES SPC
Series 2006-7 Class IIA           CCC/Watch Neg       CCC       99.6900%
Morgan Stanley ACES SPC
Series 2006-31                    BB-/Watch Neg       BB-       99.9792%
Sceptre Capital B.V.
Series 2005-3                     BBB+/Watch Neg      BBB+      85.5362%
Sceptre Capital B.V.
Series 2007-2                     B/Watch Neg         B         92.4445%
Signum Platinum III Ltd.
Series 2007-1                     CCC+/Watch Neg      CCC+      98.8722%
United Investment Grade ABS/CDO Fund
2005-1A                           AA/Watch Neg        AA        98.0133%
Xelo PLC Series 2006 (Spinnaker III Asia Mezz)
Tranche B                         B/Watch Neg         B         99.7231%
Xelo PLC Series 2007
(Spinnaker III Asia Mezzanine 3)  B/Watch Neg         B         99.7711%
Castlereagh Trust Series 1         CCC/Watch Neg       CCC       99.9033%
Echo Funding Pty Ltd. Series 16    B/Watch Neg         B         90.4000%
Echo Funding Pty Ltd. Series 19    CCC+/Watch Neg      CCC+      99.9125%
Echo Funding Pty Ltd. Series 21    B+/Watch Neg        B+        99.9125%
SELECT ACCESS Investments Ltd.
Series 2005-2                     BB/Watch Neg        BB        98.4046%
Security Holding Investment
Entity Linking Deals (SHIELD)
Series 24                          AA/Watch Neg        AA        99.9515%

The ratings on these five CDOs were taken off CreditWatch negative
and affirmed as their SROC passed 100% at their current rating
level in the end-of-month analysis for March 2009, thereby
reflecting a positive rating migration within the portfolios.

Deal Name                  Rating To    Rating From    SROC
---------                  ---------    -----------    ----
Zenesis SPC Series 2005-3    AA           AA/Watch Neg   111.8172%
Zenesis SPC Series 2005-4    AAA          AAA/Watch Neg  105.4753%
Jacaranda Trust Series 1     AAA          AAA/Watch Neg  100.0690%
Jacaranda Trust Series 2     AA-          AA-/Watch Neg  100.3584%
Wollemi 2005-1 Trust         AAA          AAA/Watch Neg  100.9642%

Note: Where the final price on defaulted reference names in CDO
portfolios is not known, S&P's analysis takes into consideration
the auction results for these names from the International Swaps
and Derivatives Association, Inc.

NRI — Interest is not rated.

The Global SROC Report with the SROC analysis as of end-March 2009
will be published shortly.  In the week following the publication
of the report, a full review of the affected tranches of Asia-
Pacific synthetic CDOs will be performed and appropriate rating
actions, if any, will be taken.  The Global SROC Report provides
SROC and other performance metrics on more than 3,000 individual
CDO tranches.



                         *********

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

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

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


                            *********


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

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

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

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

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





                 *** End of Transmission ***