TCRAP_Public/090414.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

           Tuesday, April 14, 2009, Vol. 12, No. 72

                            Headlines

A U S T R A L I A

BABCOCK & BROWN: Next Creditors Meeting Set for August 17
BRISCONNECTIONS: Court Allows Windup Vote to Proceed
FLIGHT CENTRE: Slashed 1,000 Jobs; More Job Losses Seen
OZ MINERALS: Agrees on Asset Sale Terms with China Minmetals


C H I N A

CHINA MERCHANTS: 2008 Net Profit Up 38%
PING AN: Net Profit Fell 94.4% in 2008
SHANGHAI PUDONG: To Raise CNY30-Bln by Selling Shares, Bonds


H O N G  K O N G

ANTEX ELETRONIC: Court to Hear Wind-Up Petition on May 27
CHI SHING: Appoints Hung and Keng as Liquidators
CITIC PACIFIC: Two Resignations Won't Affect Moody's 'Ba1' Rating
DE CORO: Appoints Wardell and Charles as Provisional Liquidators
GLOBAL FANCY: Court to Hear Wind-Up Petition on May 6

GOOD HARVEST: Court Hears Wind-Up Petition
HONOUR JOIN: Court to Hear Wind-Up Petition on May 13
KING EXPRESS: Court to Hear Wind-Up Petition on May 13
LBQ HONG KONG: Appoints Middleton and Cowley as Liquidators
LEHMAN BROTHERS ASIA: Appoints Liquidators

LEHMAN BROTHERS COMMERCIAL: Appoints Liquidators
LEHMAN BROTHERS FUTURES: Appoints Liquidators
LEHMAN BROTHERS NOMINEES: Appoints Liquidators
NAM WAH: Court to Hear Wind-Up Petition on May 27
SURE BEST: Court to Hear Wind-Up Petition on May 6

TAMON INVESTMENT: Court to Hear Wind-Up Petition on May 13


I N D I A

COTTON WORLD: CRISIL Rates Rs.49MM.0 Mln Long Term Loan at 'BB+'
JAWAHAR SHETKARI: CRISIL Reaffirms Various 'B' Credit Ratings
KATARIA AUTOMOBILES: CRISIL Rates Rs.125.50MM Term Loan at 'BB+'
MADHAV MARBLES: CARE Places 'CARE BB+' Rating on LT Bank Loans
OSWAL OVERSEAS: Low Net Worth Cues CRISIL 'B+' Rating

RITCO LOGISTICS: CRISIL Puts 'BB-' Rating on Rs.470MM Cash Credit
SATYAM COMPUTER: Tech Mahindra Emerges as Top Bidder
SIDDHI VINAYAK: CRISIL Places 'B+' Rating on Rs.727.3MM Term Loans
SPENTEX INDUSTRIES: CARE Retains 'CARE D' Ratings on Various Loans
TODAYS PETROTECH: Default on Loan Payment Cues CRISIL 'D' Ratings

TODAYS WRITING: CRISIL Cuts Rating on Various Bank Loans to 'D'


I N D O N E S I A

UOB BUANA: Workers May Stage Another Strike if Demands Not Met
PERTAMINA: Receives IDR36-Trillion Standby Loan
* INDONESIA: Loss Making Brokerages in 2008 Rose to 51


J A P A N

JAPAN AIRLINES: May Ask Development Bank of Japan for Funds
SUMITOMO MITSUI: Expects to Post JPY390-Bln Annual Loss
* S&P Puts Junk Ratings on 14 Tranches on Negative CreditWatch


M A L A Y S I A

AXIS INC: Court Sets Aside Appointment of Provisional Liquidator
MECHMAR CORP: Unit Placed Back Under Provisional Liquidation
PANGLOBAL: Bourse Commences Delisting Procedures
UBG BERHAD: Bourse Extends Time for Shareholders to Ratify RRPTs


P H I L I P P I N E S

LEGACY GROUP: PDIC to Start Payout by End of April
* Moody's Comments on Fundamentals Backing Philippines' B1 Rating


S I N G A P O R E

C3i GROUP: Court to Hear Wind-Up Petition on April 17
FACES DE ORIENT: Court to Hear Wind-Up Petition on April 24
LIN LONG: Court Enters Wind-Up Order
OPTIMUM-3 INTERNATIONAL: Creditors' Meeting Set for April 17
TEAM ENERGY: Creditors' Meeting Set for April 16


T A I W A N

AU OPTRONICS: March 2009 Sales Dropped 53% as Shipments Fell


U N I T E D  A R A B  E M I R A T E S

MGM MIRAGE: Lenders Consent to $70MM Payment for CityCenter


X X X X X X X X

* BOND PRICING: For the Week April 6 to April 10, 2009


                         - - - - -



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

BABCOCK & BROWN: Next Creditors Meeting Set for August 17
---------------------------------------------------------
The administrators of Babcock & Brown Limited has obtained court
approval to delay the next creditors' meeting for four months,
The Australian reports.

The Australian relates that Deloittes' David Lombe and
Simon Cathro asked Sydney's Federal Court last week for more time
to investigate the collapsed investment bank citing the complex
nature of the job ahead.

The administrators now have until August 17 to convene the next
meeting, the report says.

As reported in the Troubled Company Reporter-Asia Pacific on
March 13, 2009, Babcock & Brown appointed voluntary administrators
after investors in the company's subordinated notes listed in New
Zealand voted on March 13 against the special resolution to
restructure the terms of the notes.  Under the special resolution,
the company's equity and subordinated note holders won't receive
any return.  Babcock & Brown appointed David Lombe and
Simon Cathro of Deloitte Touche Tohmatsu as Voluntary
Administrators.

                      About Babcock & Brown

Headquartered in Sydney, Australia, Babcock & Brown Limited
(ASX:BNB) -- http://www.babcockbrown.com/-- creates, syndicates
and manages investment products for itself, as a principal, and
its investor clients; management of specialised listed and
unlisted funds, and advising and arranging leasing, project
financing and structured finance transactions.  It has five
segments: real estate, which engages in principal investment and
investment management activities in the real estate sector;
infrastructure, which engages in financial advisory, principal
finance and funds management activities in the infrastructure and
project finance sector; corporate and structured finance, which is
engaged in the origination, structuring and participation in and
management of equity and debt investments, and operating leasing,
which is engaged in asset acquisition and syndication, and ongoing
management of portfolios of aircraft, railcars and semi-conductor
equipment.  In October 2007, it acquired Bluewater.
In November 2007, it acquired Coinmach Service Corp.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
November 25, 2008, Standard & Poor's Ratings Services lowered its
long-term issuer credit rating on Australia-based Babcock & Brown
International Pty Ltd. to 'CC' from 'CCC+', following disclosure
of a dispute relating to the release of a deposit with a bank.
The short-term rating remains on 'C', and the long-term and the
short-term ratings remain on CreditWatch with negative
implications, where they were initially placed on Nov. 10, 2008.
The CreditWatch negative reflects that the rating on BBIPL is
expected to be lowered to 'D' if the worsening liquidity problems
lead to a default.  The rating is also likely to be lowered to 'D'
if BBIPL fails to meet its AU$3.1 billion corporate facilities'
financial covenants and the banks accelerate payments under the
facilities, or if a facility is restructured in such a way that is
deemed by Standard & Poor's as a distressed exchange.  For
example, a restructure could result in lenders not receiving
appropriate compensation.  S&P notes that Babcock & Brown intends
to negotiate with its lenders for amendments in the corporate bank
facilities.

Babcock & Brown International Pty Ltd. is the holding company of
Babcock & Brown Limited.


BRISCONNECTIONS: Court Allows Windup Vote to Proceed
----------------------------------------------------
Bloomberg News' Malcolm Scott reports that a shareholder vote on
the possible windup of Australian road builder BrisConnections is
under way in Brisbane after underwriter Macquarie Group Ltd.'s bid
to block the meeting failed.

The report, citing BrisConnections in a statement today, says
Queensland Supreme Court judge Peter Dutney ruled against an
injunction request from Macquarie that sought to block the meeting
set at 10:00 a.m. today in Brisbane.

The Troubled Company Reporter-Asia Pacific, citing Reuters,
reported on April 6, 2009, that BrisConnections, the company
behind a AU$4.8 billion (US$3.4 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 related that unitholders in BrisConnections are liable for
an installment payment of AU$1 per security in April, amounting to
millions of dollars.

However, Reuters said some shareholders have moved to have the
company wound up after the market value of the securities fell to
AU$0.001.

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 has launched court action to hold all parties to their
contractual obligations, Reuters said.

                           Injunction

According to the Australian, ASIC has sought Victorian Supreme
Court orders requiring BrisConnections to provide a supplementary
explanatory memorandum to unitholders.

ASIC, the Australian related, 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
today, April 14.  The meetings have been called by renegade
investor Nicholas Bolton to consider a wind-up.

                        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, couriermail.com.au related,
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
be 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.


FLIGHT CENTRE: Slashed 1,000 Jobs; More Job Losses Seen
-------------------------------------------------------
Flight Centre Ltd managing director Graham Turner says more staff
will go at the travel agency after laying off more than 1,000 jobs
globally, the Herald Sun reports.

"Globally we've actually had to let go about 1000 people,"
Mr. Turner told Sky News.  "We certainly will be losing more
people just through attrition - people who resign we won't be
replacing - and we've been doing that for the last six to eight
months."

The report, citing Mr. Turner, relates the company has so far cut
approximately 100 Australian jobs and many more internationally.

According to the Herald Sun, Flight Centre has forecasted annual
profit to fall by more than two-thirds because of a slump in air
travel.

The company expects to report a net profit of between $36 million
and $44 million for the year to June 30, 2009, compared with a net
profit of $143.15 million in the previous financial year, the
report notes.

Headquartered at Brisbane, in Queensland, Australia, Flight
Centre Ltd. -- http://www.flightcentre.com/-- is an Australian
owned and New Zealand-run independent retail travel group,
guaranteeing the lowest prices on all airfares.  It had a
turnover in excess of $3 billion worldwide and 18 years of
consecutive profits until its shares plunged more than 8%
following the announcement of its first ever annual profit
decline.


OZ MINERALS: Agrees on Asset Sale Terms with China Minmetals
------------------------------------------------------------
OZ Minerals Limited and China Minmetals Non-ferrous Metals Co.
have agreed on the commercial terms for a sale to Minmetals of
certain of OZ Minerals assets – excluding Prominent Hill and
Martabe – for US$1.206 billion.

OZ Minerals said that both companies have now signed a formal sale
implementation agreement detailing final terms of the transaction.

"We are pleased that we have now agreed binding terms with
Minmetals.  Once implemented, this transaction will provide a
complete solution to our financing issues and see shareholders
retain their OZ Minerals shares and therefore exposure to the
Prominent Hill operation and its long-term growth profile," said
OZ Minerals Managing Director and CEO Andrew Michelmore.

The transaction involves the sale of Sepon, Golden Grove, Century,
Rosebery, Avebury, Dugald River, High Lake, Izok Lake and certain
other exploration and development assets.

OZ Minerals will retain Prominent Hill, Martabe, specific
exploration assets in Cambodia and Thailand and its listed equity
interests (including its interest in Toro Energy).

OZ Minerals said it expect to also retain a cash balance of
approximately AU$500 million immediately upon completion of the
transaction, assuming that it retires all its debt (except for the
Convertible Bonds on issue).

Subject to regulatory approvals, both parties are aiming for
completion of the transaction in mid/late June 2009.

As reported in the Troubled Company Reporter-Asia Pacific on
Mar. 31, 2009, OZ Minerals said under the alternative proposal,
Minmetals will acquire all of OZ Minerals' assets except for
Prominent Hill, Martabe and the company's portfolio of listed
assets, including Toro Energy Limited.

OZ Minerals may sell the assets for as much as AU$1.6 billion,
enough to repay debt owed to 11 banks, RBC Capital Markets said as
cited by Bloomberg News.

Bloomberg News says OZ Minerals has gained a one-month extension
on about AU$1.2 billion (US$830 million) of debt.

OZ Minerals Chief Executive Andrew Michelmore, as cited by
Reuters, said the company will look to pay off all its loans if
Minmetals's revised offer is approved.

Minmetals's revised proposal will provide a complete solution to
the company's refinancing issues, OZ Minerals said in a statement.

Bloomberg News said the extension of OZ Minerals's debt facilities
is a condition of Minmetals's takeover offer.

                      About China Minmetals

China Minmetals is one of the largest metals and minerals trading
companies in the world and the largest iron and steel trader in
China.  The company exports coke, coal, and ferroalloys; imports
iron ore, steel scraps, and slabs and billets; and sells about 20
million tons of steel products annually.  It has domestic iron ore
mining operations and also helps steel producers abroad with
facility construction and equipment supply.  Other subsidiaries
deal in financial services, real estate development, and
transportation logistics.  China Minmetals' sales network
stretches through Africa, the Americas, Asia, Australia, and
Europe.  It operates more than 100 offices in China and more than
40 companies abroad.

                        About OZ Minerals

OZ Minerals Limited, formerly Oxiana Limited, --
http://www.ozminerals.com/-- is an Australia-based mining
company.  The company is a producer of zinc, copper, lead, gold
and silver.  OZ Minerals was formed through a merger of Australia-
based international mining companies Oxiana Limited and Zinifex
Limited.  The company has five mining operations located in
Australia and Asia, three new mining projects in development and a
portfolio of advanced and early-stage exploration projects
throughout Australia, Asia and North America.  Its projects
include the Century mine in Queensland, Sepon copper operation in
Laos, the gold operation at Sepon, the Golden Grove underground
base and precious metals mine in Western Australia, the Rosebery
mine in Tasmania, the Avebury nickel mine in Tasmania, the
Prominent Hill copper-gold project in South Australia, the Martabe
gold project in Indonesia, the Dugald River deposit in Queensland,
and the Izok Lake and High Lake copper and zinc deposits in the
Nunavut territories of Canada.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
December 12, 2008, Fitch Ratings downgraded OZ Minerals Limited's
Long-term foreign currency Issuer Default Rating to 'CC' from
'BBB-' (BBB minus), and has simultaneously withdrawn it.  The
rating remained on Rating Watch Negative at the time of
withdrawal.



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

CHINA MERCHANTS: 2008 Net Profit Up 38%
---------------------------------------
China Merchants Bank (CMB) said profit in 2008 rose 38 percent
from a year earlier, Theresa Tang at Bloomberg News reports.

Citing CMB in a filing of preliminary financial data to the
Hong Kong stock exchange, Bloomberg News relates the bank reported
net income of CNY21.08 billion ($3.1 billion), or CNY1.43 per
share, compared with a net income of CNY15.24 billion, or CNY1.04
per share, in 2007.

The numbers were based on Chinese accounting standards and weren't
audited, Bloomberg News says.

The report, citing President Ma Weihua, says the bank is taking
advantage of the government's $585 billion stimulus package to
bolster infrastructure lending.

"The bank can benefit from the stimulus package by offering more
medium- to long-term loans," the report cited Ma in an interview
at the lender's headquarters in Shenzhen, southern China.  "It can
help improve the asset quality on our loan book."

According to Bloomberg News, lending by Chinese banks soared this
year as the government directed them to help finance construction
of roads, railways and bridges, countering the effects of a plunge
in exports.  Extending credit to state-backed projects offers a
way for banks to increase revenue while limiting the risk of more
bad loans, the report adds.

China Merchants Bank -- http://www.cmbchina.com/-- is the
second largest bank among China's 12 nationwide shareholding
commercial banks.  It was established in 1987 and listed on the
Shanghai Stock Exchange in 2002.  The Ministry of
Communications-owned China Merchants Group is the bank's main
shareholder with a 26% stake (through various companies).  The
bank had 410 banking outlets nationwide and 17,829 employees
at end-2004.

                          *     *     *

The company continues to carry Moody's Investors Service's
Baa3/P-3 long-term/short-term foreign currency deposit ratings and
D+ bank financial strength rating.  The affirmation follows CMB's
planned purchase of Wing Lung Bank ("WLB", C+/A2).  The ratings'
outlook remains stable.


PING AN: Net Profit Fell 94.4% in 2008
--------------------------------------
Ping An Insurance (Group) Company of China said its 2008 net
profit plunged 94.4 percent due to rising insurance claims caused
by severe natural disasters and stock market fluctuation, China
Daily reports.

China Daily, citing a company statement to the Hong Kong Stock
Exchange, says Ping An reported net profit of CNY873 million
($127.82 million) in 2008.

According to the Daily, net profit for Ping An's insurance
business fell 59.8 percent to CNY834 million from a year earlier,
as natural disasters like snow storms and earthquake last year had
caused a rise in the insurance claims in life and property
insurance.

The Daily says the group's investment in Fortis NV also cut down
on its profit, as Ping An took CNY22.8 billion as provision for
asset impairment on Fortis shares.

As reported in the Troubled Company Reporter – Asia Pacific on
October 29, 2008, Ping An Insurance posted a sharp third quarter
loss after an impairment charge from its investment in Fortis NV
and slumping stocks in China.

Ping An reported a net loss of CNY7.88 billion (US$1.15 billion)
for the quarter ended September, against a profit of CNY5.28
billion a year ago, while investment loss for the period was
CNY12.4 billion from a gain of CNY17.1 billion a year ago.

                     About Ping An Insurance

Ping An Insurance (Group) Co of China, Ltd. --
http://www.pingan.com/homepage/-- is a China-based company.  The
company is engaged in providing a range of financial products and
services with a focus on life and property and casualty insurance
products.  The company conducts its insurance business through
Ping An Life, Ping An Annuity and Ping An Health.  The property
and casualty insurance business of the company is conducted
through Ping An Property & Casualty and Ping An Hong Kong.  The
company provides asset management services to the customers
through Ping An Trust.  In addition, Ping An Trust also provides
infrastructure investment and property investment services to
other subsidiaries.  The company conducts securities business
through Ping An Securities, and provide securities services to
customers through the PA18 Internet financial portal. During the
year ended Dec. 31, 2006, the company completed the acquisition of
Shenzhen Commercial Bank.


SHANGHAI PUDONG: To Raise CNY30-Bln by Selling Shares, Bonds
------------------------------------------------------------
Shanghai Pudong Development Bank Co Ltd said it plans to raise as
much as CNY30 billion ($4.4 billion) selling shares and bonds to
improve its capital adequacy, Xinhua News Agency reports.

According to the news agency, the lender will sell CNY15 billion
of yuan-denominated shares in a private placement with
institutional investors and CNY15 billion of subordinated debt.

Xinhua says the funds will be used to bolster the bank's core
capital and boost its capital adequacy ratio, which stood at 9.06
percent at the end of 2008.

Headquartered in Shanghai, China, Shanghai Pudong Development
Bank Co., Ltd. -- http://www.spdb.com.cn/-- is a commercial
bank involved in personal banking, corporate banking, and inter-
bank business.  The bank also offers Internet banking and
telephone banking.

                          *     *     *

The bank continues to carry Moody's Investors Service's "Ba1"
long-term bank deposit rating and "D" bank financial strength
rating.  It also carries Fitch Ratings' "D" individual rating.



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

ANTEX ELETRONIC: Court to Hear Wind-Up Petition on May 27
---------------------------------------------------------
A petition to have Antex Electronic Systems Company Limited's
operations wound up will be heard before the High Court of
Hong Kong on May 6, 2009, at 9:30 a.m.

Cheung Fung Ling filed the petition against the company on
March 4, 2009.


CHI SHING: Appoints Hung and Keng as Liquidators
------------------------------------------------
On January 30, 2009, Lau Siu Hung and Liang Yang Keng were
appointed as liquidators of Chi Shing Drilling Engineering Company
Limited.

The Liquidators can be reached at:

          Lau Siu Hung
          Liang Yang Keng
          Sammy Lau CPA Limited
          Wing Yee Commercial Building, 2nd Floor
          5 Wing Kut Street
          Central, Hong Kong


CITIC PACIFIC: Two Resignations Won't Affect Moody's 'Ba1' Rating
-----------------------------------------------------------------
Moody's Investors Service sees no immediate impact on the Ba1
corporate family rating of CITIC Pacific Ltd and the Ba1 bond
rating of CITIC Pacific Finance (2001) Ltd after the resignation
of two of CITIC Pacific's directors.  The outlook on these ratings
remains negative.

"The resignation of the two key directors -- the Chairman,
Mr Larry Yung, and the Managing Director, Mr Henry Fan -- is
unlikely to materially impact the day-to-day operations, or the
immediate business or financial profiles of CITIC Pacific," says
Elizabeth Allen, a Moody's Vice President & Senior Credit Officer.

"However, it is uncertain whether the resignations would result in
any changes in CITIC Pacific's business strategy, corporate
culture and financial profile in the medium term," says Allen,
adding "Such uncertainties are captured in the current negative
outlook."

At the same time, the appointment as Chairman and Managing
Director of Mr Chang Zhenming -- also Vice Chairman and President
of CITIC Group (Baa2/Negative), CITIC Pacific's majority
shareholder -- demonstrates the close ties between the two
entities and the fact that they extend beyond CITIC Group's latest
equity injection.

Accordingly, the Ba1 rating currently reflects such linkages
between the two -- and hence potential support from CITIC Group --
in the form of a 2-notch rating uplift from CITIC Pacific's Ba3
standalone rating.

Moody's further notes that CITIC Pacific is under investigation by
the Securities and Futures Commission as well as the Commercial
Crime Bureau of the Hong Kong Police Force with respect to
leveraged foreign exchange contracts entered into during 2007 and
2008. These contracts resulted in material losses, which were
reported in FY2008.

The extent and outcome of these investigations are unknown at this
stage. Should they materially and adversely impact the company's
financial or operating profile, then downward rating pressure
could emerge.

The negative rating outlook reflects CITIC Pacific's increasing
leverage and weakening liquidity as it goes through its peak
investment period over the next 12-18 months.  It further captures
the uncertainties with respect to the company's medium-term
business direction and the official investigations.

The last rating action with respect to CITIC Pacific was on
February 17, 2009 when the rating was upgraded from Ba2 to Ba1
with a negative outlook.

CITIC Pacific Ltd, listed in Hong Kong, is a conglomerate 57.6%
owned by CITIC Group.  It is engaged in a range of businesses,
including special steel manufacturing, iron ore mining, property
development and investment, power generation, aviation,
infrastructure, communications and distribution.

CITIC Group, headquartered in Beijing, is a conglomerate
investment company wholly owned by the State Council of the
Chinese government.


DE CORO: Appoints Wardell and Charles as Provisional Liquidators
----------------------------------------------------------------
On February 18, 2009, James Wardell and Chan Wai Dune Charles were
appointed as provisional liquidators of De Coro Limited.

The Provisional Liquidators can be reached at:

          James Wardell
          Chan Wai Dune Charles
          CCIF Corporate Advisory Services Limited
          Room 1601-1602, 16th Floor
          1 Hysan Avenue
          Causeway Bay, Hong Kong


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

Industrial and Commercial Bank of China (Asia) Limited filed the
petition against the company on Feb. 24, 2009.

The Petitioner's solicitors are:

          Y.T. Chan & Co.
          The Chinese Bank Building, 5th Floor
          61-65 Des Voeux Road Central
          Hong Kong


GOOD HARVEST: Court Hears Wind-Up Petition
------------------------------------------
On April 8, 2009, the High Court of Hong Kong heard a petition to
have Good Harvest Textiles Limited's operations wound up.

Wintex Agency Limited filed the petition against the company on
Feb. 4, 2009.

The Petitioner's solicitors are:

          Lo & Lo
          The Landmark, Gloucester Tower, 35th Floor
          15 Queen's Road Central
          Hong Kong


HONOUR JOIN: Court to Hear Wind-Up Petition on May 13
-----------------------------------------------------
A petition to have Honour Join Limited's operations wound up will
be heard before the High Court of Hong Kong on May 13, 2009, at
9:30 a.m.

Standard Chartered Bank (Hong Kong) Limited filed the petition
against the company on March 6, 2009.

The Petitioner's solicitors are:

          Tsang, Chan & Wong
          Wing On House, 16th Floor
          No. 71 Des Voeux Road Central
          Hong Kong


KING EXPRESS: Court to Hear Wind-Up Petition on May 13
------------------------------------------------------
A petition to have King Express International Logistics Limited's
operations wound up will be heard before the High Court of
Hong Kong on May 13, 2009, at 9:30 a.m.

Lam Kwai Fong filed the petition against the company on March 9,
2009.

The Petitioner's solicitors are:

          Messrs. Terry Yeung & Lai
          Wing On Centre
          Rooms 1411-1412, 14th Floor
          No. 111 Connaught Road Central
          Hong Kong
          Telephone: 2366 2088
          Facsimile: 2316 2098


LBQ HONG KONG: Appoints Middleton and Cowley as Liquidators
-----------------------------------------------------------
On March 23, 2009, Edward Simon Middleton and Patrick Cowley were
appointed as liquidators of LBQ Hong Kong Funding Limited.

The Liquidators can be reached at:

          Edward Simon Middleton
          Patrick Cowley
          Prince's Building, 8th Floor
          10 Chater Road, Central
          Hong Kong


LEHMAN BROTHERS ASIA: Appoints Liquidators
------------------------------------------
On March 23, 2009, Paul Brough, Edward Middleton and Patrick
Cowley were appointed as liquidators of Lehman Brothers Asia
Capital Company.

The Liquidators can be reached at:

          Paul Jeremy Brough
          Edward Simon Middleton
          Patrick Cowley
          Prince's Building, 8th Floor
          10 Chater Road
          Central, Hong Kong


LEHMAN BROTHERS COMMERCIAL: Appoints Liquidators
------------------------------------------------
On March 20, 2009, Paul Jeremy Brough, Edward Simon Middleton and
Patrick Cowley were appointed as liquidators of Lehman Brothers
Commercial Corporation Asia Limited.

The Liquidators can be reached at:

          Paul Jeremy Brough
          Edward Simon Middleton
          Patrick Cowley
          Prince's Building, 8th Floor
          10 Chater Road
          Central, Hong Kong


LEHMAN BROTHERS FUTURES: Appoints Liquidators
---------------------------------------------
On March 23, 2009, Paul Jeremy Brough, Edward Simon Middleton and
Patrick Cowley were appointed as liquidators of Lehman Brothers
Futures Asia Limited.

The Liquidators can be reached at:

          Paul Jeremy Brough
          Edward Simon Middleton
          Patrick Cowley
          Prince's Building, 8th Floor
          10 Chater Road
          Central, Hong Kong


LEHMAN BROTHERS NOMINEES: Appoints Liquidators
----------------------------------------------
On March 23, 2009, Edward Simon Middleton and Patrick Cowley were
appointed as liquidators of Lehman Brothers Nominees (H.K.)
Limited.

The Liquidators can be reached at:

          Edward Simon Middleton
          Patrick Cowley
          Prince's Building, 8th Floor
          10 Chater Road, Central
          Hong Kong


NAM WAH: Court to Hear Wind-Up Petition on May 27
-------------------------------------------------
A petition to have Nam Wah (Holdings) Company Limited's operations
wound up will be heard before the High Court of Hong Kong on
May 27, 2009, at 9:30 a.m.

Dah Sing Bank, Limited filed the petition against the company on
March 20, 2009.

The Petitioner's solicitors are:

          Wilkinson & Grist
          Prince's Building, 6th Floor
          Chater Road, Central
          Hong Kong
          Telephone: 2524-6011
          Facsimile: 2520-2090


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

Cheung Fung Ling filed the petition against the company on
March 4, 2009.


TAMON INVESTMENT: Court to Hear Wind-Up Petition on May 13
----------------------------------------------------------
A petition to have Tamon Investment Limited's operations wound up
will be heard before the High Court of Hong Kong on May 13, 2009,
at 9:30 a.m.

Standard Chartered Bank (Hong Kong) Limited filed the petition
against the company on March 6, 2009.

The Petitioner's solicitors are:

          Tsang, Chan & Wong
          Wing On House, 16th Floor
          No. 71 Des Voeux Road Central
          Hong Kong



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

COTTON WORLD: CRISIL Rates Rs.49MM.0 Mln Long Term Loan at 'BB+'
----------------------------------------------------------------
CRISIL has assigned its ratings of ‘BB+/Stable/P4’ to the bank
facilities of Cotton World.

   Rs.49.0 Million Long Term Loan         BB+/Stable (Assigned)
   Rs.36.0 Million Export Packing         P4 (Assigned)
                   Credit Limit
   Rs.2.5 Million Letter of Credit Limit  P4 (Assigned)
   Rs.2.5 Million Bank Guarantee Limit    P4 (Assigned)

The ratings reflect Cotton World’s small scale of operations,
revenue concentration, and exposure to volatility in the value of
the rupee.  These weaknesses are mitigated by Cotton World’s
established relationships with customers, and its above-average
business and financial risk profile.

Outlook: Stable

CRISIL believes that Cotton World will maintain its stable credit
risk profile on the back of steady export orders.  The outlook may
be revised to ‘Positive’ if the firm diversifies its customer
base, with sustainable improvement in its financial risk.
Conversely, the outlook may be revised to ‘Negative’ if the firm
undertakes large, debt-funded capital expenditure or in case of
decline in its net worth, because of withdrawals by partners.

                        About Cotton World

Cotton World, a partnership firm, was established in 1994 by Mr. B
N Monnappa and his wife.  The firm manufactures and exports
readymade garments for women and children.  It has an installed
capacity of about 3 million pieces per annum. Cotton World
reported a profit after tax (PAT) of Rs.16.83 million on net sales
of Rs.311.14 million for 2007-08 (refers to financial year, April
1 to March 31), as against a PAT of Rs.11.25 million on net sales
of Rs.182.57 million for 2006-07.


JAWAHAR SHETKARI: CRISIL Reaffirms Various 'B' Credit Ratings
-------------------------------------------------------------
CRISIL's rating on Jawahar Shetkari Sahakari Sakhar Karkhana Ltd's
(Jawahar's) bank facilities continues to reflect the society's
weak financial risk profile and average business risk profile.

   Rs.500 Million Term Loans        B/Stable (Reaffirmed)
   Rs.700 Million Sugar Pledge      B/Stable (Reaffirmed)
                   Cash Credit
   Rs.300 Million Cash Credit for   B/Stable (Reaffirmed)
                  Cane Development

The ratings also factor in Jawahar's working capital-intensive
nature of operations and high degree of regulatory risks in the
sugar industry.  These weaknesses are mitigated by the society's
average business risk profile.

Outlook: Stable

CRISIL believes that Jawahar will sustain its average business
risk profile, and maintain a weak financial risk profile, over the
short to medium term because of the society's relatively small
scale of operations, and high levels of debt.  A stronger-than-
expected financial performance resulting in an improved credit
risk profile could result in the outlook being revised to
'Positive'.  Conversely, any substantial debt-funded capital
expenditure and significant cost and time overruns in the proposed
expansions could result in the outlook being revised to
'Negative'.

                      About Jawahar Shetkari

Jawahar was established in January 1990 as a cooperative society
by the cane producers of Kolhapur, Maharashtra, who hold close to
65 per cent of the society's share capital; the rest was
contributed by the Government of Maharashtra.  In September 1990,
Jawahar purchased the industrial licence of Godawari Sugar Mills
Ltd, Sakarwadi, along with the machinery; it had a capacity of
1016 tonnes crushed per day (tcd), which was later enhanced to
2500 tcd. By 1999, the society had increased its crushing capacity
to 5000 tcd, and in 2007 to 7500 tcd.  In 1995, the company
installed a cogeneration capacity of 1.5 megawatts (MW) using
bagasse (a by-product of sugar) as fuel.  The cogeneration
capacity was increased to 25.5 MW in 2001 by installing two
turbines of 12 MW capacities each.  In 2007-08 (refers to
financial year, April 1 to March 31), sale of sugar accounted for
about 89 per cent of Jawahar's total sales, followed by power at 7
per cent, with molasses and bagasse contributing the balance.

For 2007-08, Jawahar reported a net profit of Rs.26 million (loss
of Rs.131 million in 2006-07) on net revenues of Rs.1971 million
(Rs.2145 million).


KATARIA AUTOMOBILES: CRISIL Rates Rs.125.50MM Term Loan at 'BB+'
----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4' to the bank
facilities of Kataria Automobiles Ltd (KAL).

   Rs.330.00 Million Cash Credit Limit*   BB+/Stable (Assigned)
   Rs.125.50 Million Term Loan            BB+/Stable (Assigned)
   Rs.73.10 Million Proposed Long term    BB+/Stable (Assigned)
                    Facility  
   Rs.220.00 Million Bank Guarantee       P4 (Assigned)

   * Cash Credit of Rs. 60.0 Million is interchangeable
     with Bank Guarantee

The ratings reflect KAL's weak financial risk profile because of
its working-capital-intensive operations, debt-funded capital
expenditure (capex), and intense competition in the automotive
dealership market.  These rating weaknesses are mitigated by KAL's
established track record in the automobile dealership market, and
increasing revenue from workshop services.

Outlook: Stable

CRISIL expects KAL to maintain its stable credit risk profile,
backed by its established market position and an expected
improvement in its gearing over the medium term.  A significant
improvement in profitability or capital structure could result in
the outlook being revised to 'Positive'.  Conversely, the outlook
could be revised to 'Negative' if there is a decline in
profitability, or if the company undertakes debt-funded capex
beyond the levels expected, worsening its gearing and debt
protection measures.

                     About Kataria Automobiles

KAL was promoted in 1995 by the Kataria Group, one of the biggest
transport operators in India.  The group was founded by Mr.
Shobhagmal Kataria in 1956.  KAL is in the automobile dealership
and transportation businesses.  The company is an authorised
dealer of Maruti Suzuki India Ltd (MSIL).  It is one of four MSIL
dealers in Ahmedabad (where it has a 35 per cent market share),
one of two in Surat, and the only dealer in Vapi and Navsari.  The
other group companies are Kataria Motors Pvt Ltd (a TVS Motors
dealer) and Kataria Teleservices (a distributor of Samsung).

For 2007-08 (refers to financial year, April 1 to March 31), KAL
reported a profit after tax (PAT) of Rs.28 million on net sales of
Rs.3857.5 million, as against a PAT of Rs.19.4 million on net
sales of Rs.3208.1 million for 2006-07.


MADHAV MARBLES: CARE Places 'CARE BB+' Rating on LT Bank Loans
--------------------------------------------------------------
CARE has assigned 'CARE BB+' (Double B plus) rating to the Long-
term Bank Facilities of Madhav Marbles and Granites Limited (MMGL)
aggregating Rs.51.23 crore.  Facilities with this rating are
considered to offer inadequate safety for timely servicing of debt
obligations. Such facilities carry high credit risk.  CARE
assigns '+' or '-' signs to be shown after the assigned rating
(wherever necessary) to indicate the relative position of the
company within the band covered by the rating symbol.

Further, CARE has assigned a 'PR4' [PR Four] rating to the short-
term facilities of MMGL aggregating Rs.7.84 crore.  This rating is
applicable for facilities having tenure up to one year.
Facilities with this rating would have inadequate capacity for
timely payment of short-term debt obligations and carry very high
credit risk.  Such facilities are susceptible to default.

Ratings are mainly constrained by de-growth in its core business
viz. Granite & marbles, lack of own mines, weak financial risk
profile, high working capital cycle due to high level of debtors
for more than six months and declining profitability
margins.  The ratings are also constrained by its exposure in land
selling activity, slow down in the global housing market and forex
fluctuation risk.  These outweigh its experienced promoters,
established export player in granite industry and location
advantage w.r.t sourcing of raw material.

                       About Madhav Marbles

MMGL, promoted by Shri Raj Singh Dungarpur (Former Chairman) and
Shri Ashok Doshi, was incorporated in 1989. MMGL came out with
pubic offer in 1992 to set up granite processing (100% EOU) and a
marble processing unit.  MMGL has marble unit at Udaipur,
Rajasthan and two granite processing units at Selam, Tamilnadu. It
has main focus on export sales which constituted 83% of total
sales of granite & marble during FY08.

For FY08, MMGL reported a profit after tax (PAT) of Rs.5.77 crore
on total income of Rs.82.53 crore as against a PAT of Rs.13.20
crore on total income of Rs.89.64 crore for FY07. During 9MFY09,
MMGL reported PAT of Rs.2.01 crore on total income of Rs.49.09
crore.

OSWAL OVERSEAS: Low Net Worth Cues CRISIL 'B+' Rating
-----------------------------------------------------
CRISIL has assigned its rating of 'B+/Stable' to the cash credit
facility of Oswal Overseas Ltd (Oswal Overseas).

   Rs.70.0 Million Cash Credit Limit     B+/Stable (Assigned)

The rating reflects Oswal Overseas' weak financial risk profile
marked by low net worth and high gearing, and exposure to risks
relating to unfavourable changes in climate conditions and in
regulations governing the sugar industry.  These weaknesses are,
however, partially offset by Oswal Overseas' average business risk
profile.

Outlook: Stable

CRISIL believes that Oswal Overseas will maintain an average
business risk profile and weak financial risk profile over the
short to medium term on account of volatile sugar prices, small
scale of operations, and rising debt.  The outlook may be revised
to 'Positive' if high cash accruals result in improved credit risk
profile for the company.  Conversely, the outlook may be revised
to 'Negative' if the company's earnings are severely impacted by
slowdown in the industry, or if it undertakes larger than expected
debt-funded capital expenditure, leading to further deterioration
in debt protection measures.

                       About Oswal Overseas

Oswal Overseas, incorporated in 1984 was acquired by the present
management headed by Mr Mohan Singh from the Ashok Oswal group in
1998, manufactures sugar (which contributes 80 per cent to its
revenues) and steel ingots.  Its sugar facility at Bareilly (Uttar
Pradesh) has a capacity of 3500 tonnes crushed per day (tcd).
Oswal Overseas procures cane from 13,000 hectares of cane area
allocated to it, and markets its product through agents.  Its
steel ingots facility procures iron scrap from the domestic and
international (mainly Dubai) markets.  The company sells ingots to
rolling mills in India.  Oswal Overseas reported a profit after
tax (PAT) of Rs.1.2 million on net sales of Rs. 738 million for
2007-08 (refers to financial year, April 1 to March 31), as
against a PAT of Rs. 0.007 million on net sales of Rs. 540 million
for 2006-07.


RITCO LOGISTICS: CRISIL Puts 'BB-' Rating on Rs.470MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Negative/P4' to the
various bank facilities of Ritco Logistics Pvt Ltd (Ritco
Logistics).

   Rs.470.0 Million Cash Credit *   BB-/Negative (Assigned)
   Rs.30.0 Million Bank Guarantee   P4 (Assigned)

   * Including FCNR 0f Rs240 million

The ratings reflect Ritco Logistics' weak financial risk profile,
marked by high gearing and weak debt protection measures, and
working capital-intensive operations.  The ratings also factor in
the company's exposure to risks relating to cyclicality in the
end-user industry, and low margins in the transportation business.
These weaknesses are, however, partially offset by the benefits
that Ritco Logistics derives from its comfortable market position
in the full truck load (FTL) segment, and the promoters'
experience in the transportation industry.

Outlook: Negative

CRISIL believes that Ritco Logistics' cash accruals will be
impacted by the economic slowdown, which may constrain its
financial risk profile.  The ratings may be downgraded if the
company's cash accruals decline considerably on account of the
economic slowdown.  Conversely, the outlook may be revised to
'Stable' if Ritco Logistics reports strong cash accruals and
stability in the level of receivables.

                      About Ritco Logistics

Set up in 2001, Ritco Logistics is engaged in FTL bulk transport
services, freight forwarding, parcel and express cargo business,
and transportation.  It has a fleet of 28 owned vehicles and hires
around 135 trucks on a daily basis.  It has around 116 branches,
and a major presence in the metro cities.  The company also has a
three-year contract with Indian Railways for 8000 tonnes Vehicle
Parcel Van (VPU) per month between all the major metro routes.

The company is promoted by the R S Chadha family and Mr. Sanjeev
Kumar.  In April 2006, Ritco Logistics was amalgamated with Ritco
Kirti Associates Pvt Ltd (another company under the same
management).  In April 2008, Ritco Logistics also bought over the
business of Rajdhani Interstate Transport Company, which was set
up as a proprietorship in 1971, by Mr. R S Chadha.

For 2007-08 (refers to financial year, April 1 to March 31), Ritco
Logistics reported a profit after tax (PAT) of Rs. 57 million on
net sales of Rs. 2308 million, as against a PAT of Rs. 34 million
on net sales of Rs. 1303 million for 2006-07.


SATYAM COMPUTER: Tech Mahindra Emerges as Top Bidder
----------------------------------------------------
The Financial Express reports that Tech Mahindra Limited on Monday
emerged as the top bidder with an offer of Rs 58 a share for a 31
per cent stake in Satyam Computer Services Limited, beating
strong rival L&T.

According to the report, Tech Mahindra would acquire the stake in
an all-cash deal, followed by an open offer for a 20 per cent
stake to take management control of the company.

In a statement, Satyam said it has selected Venturbay Consultants
Private Limited, a subsidiary controlled by Tech Mahindra, as the
highest bidder to acquire a controlling stake in the company,
subject to the approval of the Company Law Board.

The company has been administered by a new Board appointed
pursuant to the orders of the Company Law Board dated January 9,
2009.  The process to select a strategic investor has reached this
significant stage within three months of the new Board's first
meeting.

"On behalf of all Satyamites and their families, we congratulate
Tech Mahindra on being the highest bidder.  The selection of the
highest bidder, in a fair, open and transparent process, signals a
new stage for the Company in its progress towards stabilization
and  growth.  We hope this will infuse greater confidence and
comfort amongst customers, who continue to be happy with Satyam's
excellent service delivery.  This event ought to dispel the
anxiety of all stakeholders as it re-positions the Company's
commitment to revival and good governance," said Kiran Karnik, the
Chairman of the Board.

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.


SIDDHI VINAYAK: CRISIL Places 'B+' Rating on Rs.727.3MM Term Loans
------------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable/P4' to the bank
facilities of Siddhi Vinayak Logistic Ltd (SVLL).

   Rs.727.3 Million Term Loans      B+/Stable (Assigned)
   Rs.23.0 Million Cash Credit      B+/Stable (Assigned)
                    Facility
   Rs.2.0 Million Bank Guarantee    P4 (Assigned)

The ratings reflect SVLL's weak financial risk profile, marked by
a low net worth and a high gearing.  This weakness is mitigated by
the benefits that SVLL derives from its stable business model,
backed by long-term contracts with large customers.

Outlook: Stable

CRISIL expects SVLL to exhibit steady revenue growth, backed by
long-term contracts with large cement manufacturers and petroleum
marketing companies.  The outlook may be revised to 'Positive' if
SVLL obtains sizeable equity infusions and maintains stable
operating margins.  Conversely, the outlook may be revised to
'Negative' if the company undertakes large debt-funded capital
expenditure.

                       About Siddhi Vinayak

Set up as a private limited company in 2002, SVLL became a
closely-held public limited company in 2006.  It commenced
operations in October 2006, providing transportation services to
cement, oil and tractor manufacturers.  It has a fleet size of
over 500 vehicles, and a fabrication unit at Hazira, Surat, where
trailers are designed and fabricated.  SVLL is promoted by Mr.
Rajkumar Baid, Ms. Laxmidevi Baid, and Mr. Ravi Kothari.  The
promoters have experience in liquid petroleum gas (LPG)
transportation through their other companies, Raj Automobiles,
Raj International, Sai Enterprises, Siddhi Vinayak Roadlines, and
Rajkamal Logistics Pvt Ltd (RLPL). All these companies, other than
RLPL, are being consolidated under SVLL.

For 2007-08 (refers to financial year, April 1 to March 31), SVLL
reported a profit after tax (PAT) of Rs.20.5 million on net sales
of Rs.186.5 million, as against a PAT of Rs.0.7 million on net
sales of Rs.40.1 million for 2006-07.


SPENTEX INDUSTRIES: CARE Retains 'CARE D' Ratings on Various Loans
------------------------------------------------------------------
CARE has retained the rating 'CARE D' [D] assigned to the Long-
term Bank Facilities and NCD Issue of Spentex Industries Ltd
(SIL).  This rating is applicable to facilities having tenure of
more than one year.  Instruments with this rating are of the
lowest category.  They are either in default or are likely to be
in default soon.

CARE has also retained the rating of 'PR5' [PR Five] assigned to
Short-term Bank Facilities of SIL.  This rating is applicable to
facilities having a tenure upto one year.  The instrument is in
default or is likely to be in default on maturity.

                                 Amount Rated
   Instrument                      (Rs. cr)         Rating
   ----------                    ------------       ------

   Long-term Bank Facilities         433.9          CARE D
   Long/Short-term Bank Facility     285.3          CARE D/PR5
   Long-term NCD Issue                36.5          CARE D
                                 ------------
   Total                             755.7


The ratings take into consideration the declining profitability,
cash losses leading to irregularities in debt servicing and high
financial risk profile of the company primarily resulting from
debt-funded growth.  The ratings also factor in the unfavorable
industry scenario and currency risk and price cycle risks
associated with the company's product.  On account of distress and
the adverse industry scenario, the company has approached its
bankers/lenders for restructuring of its debt obligations.

                     About Spentex Industries

SIL's business portfolio is spread over two segments, viz,
manufacturing of cotton & synthetic yarns and trading activities.
Higher cost of operations led by firm raw material costs,
appreciation in value of rupee and increases in interest burden
led to the losses in the company. Constrained liquidity coupled
with significant debt repayments in the near-to-medium term has
adversely affected the debt-servicing capability of the company
who has approached its bankers/lenders for restructuring of its
debt obligations.


TODAYS PETROTECH: Default on Loan Payment Cues CRISIL 'D' Ratings
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Todays
Petrotech Ltd (TPL) to 'D/P5' from 'BB/Stable/P4' because the
company has defaulted on some of its rated debt obligations.

   Rs.230 Million Term Loan         D (Downgraded from BB/Stable)
   Rs.50 Million Cash Credit        D (Downgraded from BB/Stable)
                  Facility
   Rs.15 Million Letter of Credit   P5 (Downgraded from P4)
   Rs.10 Million Bank Guarantee     P5 (Downgraded from P4)

                      About Todays Petrotech

TPL, a subsidiary of Todays Writing Products Ltd (rated 'D/P5' by
CRISIL), was incorporated in 2006 to manufacture pump components
and oilfield equipment.  As part of its agreement with ITT
Corporation (the world leader in fluid handling solutions), TPL
set up two conjoined facilities in Vadodra, Gujarat, in 2008, and
leased the facility for assembly, testing, and packing to ITT.  As
part of the arrangement, ITT will source the machined products
from TPL on a preferred basis, and TPL will distribute ITT's
products in India through a dedicated sales and service network
for the next 10 years.  TPL also has plans to enter the oilfield
services sector, and has an alliance with Wellco Oil for the same.

For 2007-08 (refers to financial year, April 1 to March 31), TPL
reported a net loss of Rs.0.42 million on revenues of Rs.0.94
million.


TODAYS WRITING: CRISIL Cuts Rating on Various Bank Loans to 'D'
---------------------------------------------------------------
CRISIL has downgraded its ratings on Todays Writing Products Ltd's
(TWPL's) bank facilities to 'D/P5' from 'BB/Stable/P4', as the
company has defaulted on some of its rated debt obligations. TWPL
has approached its bankers for restructuring of the term loan and
the working capital facilities.

   Rs.765 Million Cash Credit Facility  D (Downgraded from
                                            'BB/Stable')
   Rs.105 Million Proposed Long-Term    D (Downgraded from
                  Bank Facility             'BB/Stable')

   Rs.80 Million Letter of Credit       P5 (Downgraded from 'P4')
   Rs.30 Million Bill Discounting       P5 (Downgraded from 'P4')

                       About Todays Writing

Promoted by Mr. Rajesh Drolia in 1992, TWPL is among the top five
writing instrument companies in the country in terms of market
share.  The company has an installed production capacity of around
2 million pens per day at Dadra and Nagar Haveli.  TWPL has
ventured into a number of businesses, such as manufacture of
equipment for pumps, oilfield equipment and services, and real
estate development, through subsidiaries.

For 2007-08 (refers to financial year, April 1 to March 31), TWPL
reported a consolidated profit after tax (PAT) of Rs.113.7 million
on revenues of Rs.2.17 billion, as against Rs.121.3 million and
Rs.1.93 billion, respectively, in the previous year.



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

UOB BUANA: Workers May Stage Another Strike if Demands Not Met
--------------------------------------------------------------
The UOB Buana Bank labor union may launch another strike if their
demands for pay rises and bonuses will not be met during the
the consultations tomorrow, April 15, with the bank’s parent
company, Singapore-based United Overseas Bank Ltd, Jakarta Post
reports.

"If they (the head office) refuse to grant our demands, we will
set another strike," UOB labor union secretary general Endang
Sutisna told The Post.

According to the report, the UOB Buana labor union launched a
three-day strike since Monday, disrupting the bank’s operations
nationwide with 4,000 workers from 23 branches joining in.

Established in 1956, Buana is ranked among the 20 largest banks in
Indonesia.  UOB first acquired a 23% stake in Buana in June 2004
and later raised it to 98.997% in October 2008 through a tender
offer.

                         *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
Nov. 14, 2008, Fitch Ratings affirmed PT Bank UOB Buana Tbk's
Long-term foreign and local currency Issuer Default Ratings at
'BB' with a Stable Outlook, Short-term foreign currency IDR at
'B', National Long-term Rating at 'AA+(idn)' with a Stable
Outlook, Individual Rating at 'C/D' and Support Rating at '3'.


PERTAMINA: Receives IDR36-Trillion Standby Loan
-----------------------------------------------
PT Pertamina has received a standby loan worth US$3 billion
(IDR36 trillion) from 13 local and international financial
institutions, The Jakarta Post reports citing Antara News.

"We will use the fund to finance some upstream and downstream
projects aimed at boosting oil production and smoothing oil and
liquied petroleum gas [LPG] distribution to the public," Pertamina
Financial Director Frederick Siahaan was quoted by The Post as
saying.

                        About PT Pertamina

PT Pertamina (Persero) -- http://www.pertamina.com/-- is a
wholly state-owned enterprise.  The enactment of Oil and Gas Law
No. 22/2001 in November 2001 and Government Regulation
No.31/2003 has changed its legal status from a special state
owned enterprise into a Limited Liability Company.  In carrying
out its activities, PT Pertamina implements an integrated system
from upstream to downstream.  Pertamina operates seven oil
refineries with a total output capacity of around 1 million
barrels per day.  However, these refineries only cover about
three-quarters of domestic oil demand, the rest is supplied by
imports.

                         *     *     *

In August 2005, Pertamina's debt to United States firm Karaha
Bodas Company rose from IDR2.54 trillion to IDR2.99 trillion.
The debt had increased when, in 2003, a U.S. court ordered the
Company to pay compensation to KBC, relating to an international
arbitration decision, when the Indonesian Government halted a
geothermal project in Karaha Bodas, East Java.  Since that time,
the debt has steadily risen due to the Company's failure to pay
the compensation immediately.

A report by the Troubled Company Reporter-Asia Pacific on
Aug. 21, 2008, said the company owes more than IDR300 billion
(US$32.72 million) to Indonesian Steel Cylinder Producers
Association (Asitab), and the Indonesian Gas Stove Producers
Association (Apkogi).


* INDONESIA: Loss Making Brokerages in 2008 Rose to 51
------------------------------------------------------
In 2008, the number of loss-making security houses in Indonesia
rose to 51, as compared to only 8 in 2007, The Jakarta Post
reports citing Indonesia Stock Exchange (IDX) Director Guntur
Pasaribu as saying.

According to the report, the losses were mostly due to significant
drops in  companies’ shares portfolios, which started to drop last
October when the global liquidity crunch hit, coupled with fears
of full-blown global recession, sending shockwaves to stock
markets around the globe, battering the value of shares and other
assets.

Indonesia's stock market lost more than half of its value after
the crash, with its main index dropping to 1,111, having
previously reached a record high of 2,830, the report recounts.

The Post, citing the latest data from the IDX, noted that out of
the total 119 brokerages listed in the bourse, 63 were still in
the black.

Thus, IDX is planning to impose stricter policies and rules on
margin trading transactions.  It also plans to allow short selling
practices, which were previously banned from the market, the
report adds.



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

JAPAN AIRLINES: May Ask Development Bank of Japan for Funds
-----------------------------------------------------------
Japan Airlines Corp may seek funds from state-run Development Bank
of Japan to repay debt, Chris Cooper at Bloomberg News reported.

According to the report, spokeswoman Sze Hunn Yap said the airline
may apply to its largest creditor for a loan.  Japan Airlines is
studying options for repayment of debt, buying aircraft and other
investments, Yuichiro Kito, director of finance, said as cited by
the news agency.

The report says based on the airline's financial statements, Japan
Airlines had JPY153 billion of short-term borrowings, bonds and
loans maturing within a year at the end of December.  Japan
Airlines has to redeem JPY30 billion (US$300 million) of bonds by
August, the report relates.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 10, 2009, for the third quarter ended Dec. 31, Japan Airlines
incurred a net loss of JPY38.50 billion, compared with a JPY13.1
billion net income in the year-ago period.  The company incurred
an operating loss of JPY39 billion, reversed from an operating
profit of JPY25.9 billion in the year-ago period.  Third quarter
operating revenue stood at JPY485.70 billion, slightly lower than
the JPY558.20 revenue it reported in the same period in 2007.

Japan Airlines expects operating revenue to decline by JPY116
billion to JPY1,977 billion in FY2008.  The airline also expects
to post an operating loss of JPY37 billion, an ordinary loss of
JPY63 billion, and net loss of JPY34 billion.

                       About Japan Airlines

Japan Airlines Corporation -- http://www.jal.co.jp/-- is a Japan-
based holding company that is active in five business segments
through its 225 subsidiaries and 82 associated companies.  The Air
Transportation segment is engaged in the operation of passenger
and cargo planes.  The Air Transportation-Related segment is
engaged in the transportation of passengers and cargoes, the
preparation of in-flight food catering, the maintenance of
aircraft and land equipment, as well as the fueling business.  The
Travel Planning and Marketing segment is involved in the planning
and sale of travel packages.  The Card and Leasing segment is
engaged in the provision of finance, cards and leasing services.
The Others segment is involved in businesses related to hotels,
resorts, logistics, wholesale, retail, real estate, printing,
construction, manpower dispatch, as well as information and
communication.  The Company has numerous global operating
locations.

JAL International Co. Ltd. is a wholly owned operating subsidiary
of Japan Airlines Corporation.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 11, 2009, Moody's Investors Service changed the outlook on
the Ba3 long-term debt rating and issuer rating of Japan Airlines
International Co. Ltd. to negative from positive.  The outlook
change reflects Moody's view that JALI's profitability is likely
to remain pressured amid the recent sharp decline in airline
passenger
demand.

As reported in the Troubled Company Reporter-Asia Pacific on
Apr. 17, 2008, Fitch Ratings revised the Outlook on Japan Airlines
Corporation and its wholly owned operating subsidiary, JAL
International Co. Ltd.'s Long-term Issuer Default ratings to
Stable from Negative.  At the same time, Fitch affirmed both
companies' Long-term IDRs and ratings of outstanding bonds at
'BB-'.  The Outlook revision follows JAL's operational turnaround
and better liquidity.

Japan Airlines Corporation continues to carry Standard & Poor's
Ratings 'B+' LT Foreign & Local Issuer Credit.  The outlook is
positive.


SUMITOMO MITSUI: Expects to Post JPY390-Bln Annual Loss
-------------------------------------------------------
Japan Today reports that Sumitomo Mitsui Financial Group expects
to post JPY390 billion net loss for fiscal year ended March 31,
2009, due to the economic crisis.  The bank previously projected a
net income of JPY180 billion.

The report relates the group also announced a plan to issue new
shares worth up to JPY800 billion to help it ride out the
turbulent economic times.

Headquartered at Chiyoda-ku, in Tokyo, Japan, Sumitomo Mitsui
Financial Group, Inc. -- http://www.smfg.co.jp/-- is a
financial holding company.  It is principally involved in the
provision of financial services and products, which include
banking, leasing, securities, credit cards, investment and
lending, financing and venture capital.  The Company has two core
business segments.  The Banking segment offers services, such as
deposits, loans, securities transaction, securities investment,
domestic and foreign exchange, futures trading, bond fiduciary and
registration, trust, securities investment trust and insurance
over-the-counter(OTC) sales. The Leasing segment mainly offers
leasing services through Sumitomo Mitsui Finance & Leasing Company
Limited. and Sumitomo Mitsui Auto Service Company , Limited in
Japan and SMBC Leasing and Finance, Inc. overseas. The Company is
also engaged in the credit cards, business consulting, membership
business, accommodation loan, factoring, system development, debt
management and collection, information processing, money
collection, venture capital, investment adviser and financial
derivative businesses, among others.


* S&P Puts Junk Ratings on 14 Tranches on Negative CreditWatch
--------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on 36
tranches relating to 27 Japanese synthetic CDO transactions on
CreditWatch with negative implications, and placed its ratings on
four Japanese synthetic CDO tranches on CreditWatch with positive
implications.  At the same time, Standard & Poor's affirmed its
ratings on four tranches relating to four Japanese synthetic CDO
transactions and removed them from CreditWatch with negative
implications.

The 36 tranches placed on CreditWatch with negative implications
had SROC (synthetic rated overcollateralization) levels that fell
below 100% during S&P's monthly run on March 31, 2009.  The SROC
levels of the four tranches whose ratings were affirmed and
removed from CreditWatch with negative implications, meanwhile,
recovered to 100% or above during S&P's monthly run on March 31,
2009.  The ratings on the tranches relating to the series 13, 14,
15, and 16 transactions issued by Silk Road Plus PLC were placed
on CreditWatch with positive implications because their SROC
levels had risen above 100% at higher ratings than the current
ratings during March's month-end run.

The tranches listed below that have been placed on CreditWatch,
along with any other tranches with ratings that are currently on
CreditWatch with negative or positive implications, are intended
to be reviewed by the end of this month.

                           Ratings List

                           Andante Ltd.
               Credit-linked secured notes series 2

           Class   To              From   Issue Amount
           -----   --              ----   ------------
           A-1     CCC/Watch Neg   CCC    JPY1.7 bil.
           A-2     CCC/Watch Neg   CCC    JPY1.3 bil.

                    Corsair (Jersey) No. 2 Ltd.
  Floating rate secured portfolio credit-linked notes series 27
                            (Trinity)

               To              From   Issue Amount
               --              ----   ------------
               AAA/Watch Neg   AAA    $10.0 mil.

    Fixed rate secured portfolio credit-linked loan series 45

               To              From   Issue Amount
               --              ----   ------------
               BB+/Watch Neg   BB+    JPY3.0 bil.

    Fixed rate secured portfolio credit-linked loan series 46

               To               From   Issue Amount
               --               ----   ------------
               BBB-/Watch Neg   BBB-   JPY3.0 bil.

     Floating rate secured portfolio credit-linked series 52
                         (Portfolio F360)

               To              From   Issue Amount
               --              ----   ------------
               BB+/Watch Neg   BB+    JPY1.0 bil.

    Fixed rate secured portfolio credit-linked loan series 53

               To     From             Issue Amount
               --     ----             ------------
               BBB-   BBB-/Watch Neg   JPY3.0 bil.

           Floating-rate credit-linked notes series 56

               To              From   Issue Amount
               --              ----   ------------
               BB-/Watch Neg   BB-    JPY2.2 bil.

           Floating rate credit-linked notes series 63

               To            From   Issue Amount
               --            ----   ------------
               B/Watch Neg   B      JPY3.1 bil.

   Floating-rate secured portfolio credit-linked notes series 76

               To              From   Issue Amount
               --              ----   ------------
               CCC/Watch Neg   CCC    $20.0 mil.

  Floating-rate secured portfolio credit-linked notes series 78

               To              From   Issue Amount
               --              ----   ------------
               CCC/Watch Neg   CCC    JPY3.0 bil

                          Eirles Two Ltd.
         Portfolio credit linked secured notes series 310

           Class   To               From   Issue Amount
           -----   --               ----   ------------
           A       BBB-/Watch Neg   BBB-   JPY5.0 bil.
           B       B+/Watch Neg     B+     JPY1.0 bil.

                 Ethical CDO I (Jersey No. 1) Ltd.
       Floating-rate extendible maturity secured portfolio
                   credit-linked notes series 2

               To              From   Issue Amount
               --              ----   ------------
               CCC/Watch Neg   CCC    A$50.0 mil.

                        Helium Capital Ltd.
    Corporate basket credit-linked note series 60 (Esperance)

               To               From   Issue Amount
               --               ----   ------------
               CCC+/Watch Neg   CCC+   A$85.0 mil.

                 Hummingbird Securitisation Ltd.
                          Series 2 loan

         Class      To               From   Issue Amount
         -----      --               ----   ------------
         #2 Loan    BBB-/Watch Neg   BBB-   JPY3.0 bil.

                    Momentum CDO (Europe) Ltd.
      Secured credit-linked notes (Louvre CDO) series 2005-1

         Class   To              From   Issue Amount
         -----   --              ----   ------------
         AF      BB/Watch Neg    BB     JPY1.0 bil.
         AX      BB/Watch Neg    BB     JPY1.5 bil.
         BF      B/Watch Neg     B      JPY1.0 bil.
         BX      B/Watch Neg     B      JPY200.0 mil.

     Secured credit-linked notes Louvre II CDO series 2005-2

         Class   To              From   Issue Amount
         -----   --              ----   ------------
         BF      BBB/Watch Neg   BBB    JPY1.5 bil.
         BX      BBB/Watch Neg   BBB    JPY2.2 bil.

           SONATA 5 floating rate notes series 2006-22

               To              From   Issue Amount
               --              ----   ------------
               CCC/Watch Neg   CCC    $10.0 mil.

                  Omega Capital Investments PLC
              Class A-1 series 11 secured 1.5% notes

               To              From   Issue Amount
               --              ----   ------------
               BBB/Watch Neg   BBB    JPY2.2 bil.

               Series 29 secured fixed rate notes

           Class   To              From   Issue Amount
           -----   --              ----   ------------
           A1      CCC/Watch Neg   CCC    JPY2.3 bil.

                     Series 48 secured notes

           Class   To              From   Issue Amount
           -----   --              ----   ------------
           5Y-A1   B/Watch Neg      B      JPY1.3 bil.
           5Y-A2   B/Watch Neg      B      JPY1.2 bil.
           5Y-B    CCC+/Watch Neg   CCC+   JPY1.0 bil.

                         Orpheus II Ltd.
                    Secured credit link notes

           Class   To              From   Issue Amount
           -----   --              ----   ------------
           BF      CCC+/Watch Neg   CCC+   JPY2.3 bil.
           BX      CCC+/Watch Neg   CCC+   JPY400.0 mil

                       Signum Vanguard Ltd.
             Secured credit-linked loan series 2004-6

                To             From   Issue Amount
                --             ----   ------------
                A-/Watch Neg   A-     JPY4.0 bil.

Class A secured floating rate credit-linked notes series 2004-08

            To             From           Issue Amount
            --             ----           ------------
            A-/Watch Neg   A-             JPY1.0 bil.

Class A secured floating rate credit-linked notes series 2005-06

            To                  From      Issue Amount
            --                  ----      ------------
            BBBpNRi/Watch Neg   BBBpNRi   JPY3.0 bil.

     Secured floating rate credit-linked notes series 2006-02

               To               From   Issue Amount
               --               ----   ------------
               CCC+/Watch Neg   CCC+   JPY2.0 bil.

     Secured floating rate credit-linked notes series 2006-03

               To             From   Issue Amount
               --             ----   ------------
               B+/Watch Neg   B+     $10.0 mil.

      Series 2006-06 secured fixed rate credit-linked notes

               To               From   Issue Amount
               --               ----   ------------
               CCC+/Watch Neg   CCC+   JPY500.0 mil.

     Secured floating rate credit-linked notes series 2006-10

               To               From   Issue Amount
               --               ----   ------------
               CCC+/Watch Neg   CCC+   JPY300.0 mil.

                        Silk Road Plus PLC
Limited recourse secured floating-rate credit-linked notes series
                           5 class C1-J

               To     From             Issue Amount
               --     ----             ------------
               BBB-   BBB-/Watch Neg   JPY1.0 bil.

Limited recourse secured floating rate credit-linked notes series
                          7 class A1-U

               To     From             Issue Amount
               --     ----             ------------
               BBB+   BBB+/Watch Neg   $0.1 mil.

Limited recourse secured floating-rate credit-linked notes series
                          10 class A1-E

               To     From             Issue Amount
               --     ----             ------------
               BBB+   BBB+/Watch Neg   EUR10.0 mil.

Series 13 limited recourse secured fixed rate credit-linked notes

               To               From   Issue Amount
               --               ----   ------------
               BBB-/Watch Pos   BBB-   S$8.064 mil.

Series 14 limited recourse secured fixed rate credit-linked notes

               To               From   Issue Amount
               --               ----   ------------
               BBB-/Watch Pos   BBB-   S$8.5 mil.

Series 15 limited recourse secured fixed-rate credit-linked notes

               To               From   Issue Amount
               --               ----   ------------
               BBB-/Watch Pos   BBB-   S$8.0 mil.

Series 16 limited recourse secured fixed-rate credit-linked notes

               To               From   Issue Amount
               --               ----   ------------
               BBB-/Watch Pos   BBB-   S$9.0 mil.



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

AXIS INC: Court Sets Aside Appointment of Provisional Liquidator
----------------------------------------------------------------
In a regulatory filing with the Bursa Securities, Axis
Incorporation Berhad disclosed that the Learned Judicial
Commissioner has set aside the appointment of the provisional
liquidator to the company effective on April 7, 2009.

The company said all the powers of the board of directors will be
restored.

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

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

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

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


MECHMAR CORP: Unit Placed Back Under Provisional Liquidation
------------------------------------------------------------
Mechmar Corporation (Malaysia) Berhad disclosed that the Tanzania
Court of Appeal has set aside the Administration Order granted by
the Tanzanian High Court ("High Court") to Standard Chartered Bank
(Hong Kong) Ltd ("SCBHK") for the appointment of an Administrator
on January 27, 2009, in Independent Power Tanzania Ltd ("IPTL"), a
major subsidiary of the company, and ordered for a fresh hearing
of the case by another judge at the High Court.

Following this new order, Mechmar said IPTL is now placed under
the original Provisional Liquidator pending a fresh hearing of
SCBHK's inter-parte application for Administrator Order.

Mechmar Corporation (Malaysia) Berhad is an investment holding
company providing management services to its subsidiaries.
Through its subsidiaries, the company is engaged in the
manufacture and marketing of industrial boilers, burners, steam
generating plant, vessels, fabrication and associated product
support activities; operating of a power generation plant;
retailing of solar-heaters, and retailing and leasing of ice
machines, and investment holding.  Its manufacturing and trading
activities are located in Malaysia, Great Britain, Hong Kong,
Indonesia, Sri Lanka and Singapore.  Its power generation activity
is based in Tanzania, whereas its property development and
financing activities are located in Malaysia.  In April 2008, the
company announced that Mekmore Sdn Bhd has a 100% interest in the
company.

Mechmar Corporation has been considered as an Affected Listed
Issuer under Practice Note No. 17/2005 of the Bursa Malaysia
Securities Berhad as:

   -- the company's major subsidiary, Independent Power of
      Tanzania (IPTL) has stop payment on its scheduled
      instalment to its lender; and

   -- the company was unable to provide a solvency declaration.


PANGLOBAL: Bourse Commences Delisting Procedures
------------------------------------------------
Bursa Malaysia Securities Berhad has commenced delisting
procedures against PanGlobal Berhad.

The Bourse has decided to remove the company's securities from
the official list after PanGlobal failed to submit its
regularisation plan to the Securities Commission and other
relevant authorities for approval within the timeframe stipulated
by Bursa Securities.

On April 10, 2009, Bursa Malaysia served PanGlobal a notice to
show cause to make representations to Bursa Securities as to why
its securities should not be de-listed from the Official List of
Bursa Securities.

Headquartered in Kuala Lumpur, Malaysia, PanGlobal Berhad --
http://home.panglobal.com.my/-- is engaged in underwriting all
classes of general insurance business, extracting of logs,
sawmilling, manufacturing of veneer and extraction of coal.
Other activities include property investment and development and
leasing of real estate, investment holding, business management,
building and fitness club management.

PanGlobal is listed under Practice Note 4/2001.  The Bursa
Malaysia Securities has required the company to regularize its
financial condition, curb huge losses and settle debts in order
to continue operating.  The company has already submitted a
Proposed Restructuring Scheme to the Securities Commission on
Sept. 9, 2005.  On April 6, 2006, the Securities Commission
approved PanGlobal Berhad's proposed restructuring scheme for
implementation.


UBG BERHAD: Bourse Extends Time for Shareholders to Ratify RRPTs
----------------------------------------------------------------
CIMB Investment Bank Berhad, on behalf of the board of directors
of UBG Berhad, disclosed that Bursa Malaysia Securities Berhad has
approved an extension of time for UBG to procure its shareholders’
ratification and mandate for the Recurrent Related Party
Transactions ("RRPTs") entered into from July 2, 2008, up to the
company's next annual general meeting to be convened.

On April 6, 2009, UBG announced that it proposes to:

   (i) seek shareholders' ratification for the RRPTs entered
       into by the company and its subsidiaries ("Group") from
       July 2, 2008, (being the date on which the related
       parties' interests first arose after CMS Roads Sdn Bhd
       ("CMS Roads") and CMS Pavement Tech Sdn Bhd ("CMS
       Pavement") became the wholly-owned subsidiaries of UBG)
       to the date of the forthcoming Annual General Meeting
       "AGM"), and shareholders’ mandate pursuant to Paragraph
       10.09  of Chapter 10 and Practice Note No. 12/2001 of the
       Listing Requirements of Bursa Malaysia Securities Berhad
       for the Group to enter into RRPTs from the date of the
       forthcoming AGM until the conclusion of the next AGM
       following the conclusion of the forthcoming AGM; and

  (ii) obtain authority from the shareholders to allot and
       issue ordinary shares of MYR0.25 each in UBG pursuant
       to Section 132D of the Companies Act 1965 of up to
       ten per cent (10%) of the issued and paid-up share
       capital of the company.

UBG had, on February 26, 2009, announced that the Company had
entered into a conditional share sale agreement with Putrajaya
Perdana Berhad ("PPB") for the proposed disposal by UBG of:

   (i) 1,000,000 ordinary shares of MYR1.00 each in CMS Roads
       representing 100% of the issued and paid-up share
       capital of CMS Roads; and

  (ii) 5,000,000 ordinary shares of MYR1.00 each in CMS Pavement,
       representing 100% of the issued and paid-up share capital
       of CMS Pavement; at an aggregate cash consideration of
       MYR75 million ("Proposed Disposal").  Barring unforeseen
       circumstances, the Proposed Disposal is expected to be
       completed by the end of the second quarter of 2009.

In the event that the proposed disposal is completed before the
forthcoming Extraordinary General Meeting ("EGM") to be convened,
the approval of the shareholders of UBG for the Proposed Mandate
will no longer be required at UBG level as both CMS Roads
and CMS Pavement would then have ceased to be wholly-owned
subsidiaries of UBG.

Formerly known as Utama Banking Group Berhad, UBG Berhad's
principal activities are banking and related financial services.
Other activities include investment holding and provision of
nominees services.  Operations of the Group are carried out in
Malaysia.

                          *     *     *

The company is classified under Amended Practice Note 17 of the
Bursa Malaysia Securities Bhd's Listing Requirements after it
completed the disposal of its entire investment in Rashid
Hussain Berhad, leaving UBG with no significant business
operations.



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

LEGACY GROUP: PDIC to Start Payout by End of April
--------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) will soon
start paying out the deposit insurance claims of depositors of the
closed 12 Legacy-affiliated banks with balances of up to the
maximum deposit insurance coverage of PHP250,000.

"We will start mailing check payments for valid deposit insurance
claims, or letters regarding the status of claims by the end of
April", PDIC President Jose C. Nograles said.  He said that PDIC
had been mailing checks for depositors of other closed banks in
the past through registered mail.  It is the fastest way to send
payments to depositors.

PDIC reported that as of April 2, 2009, it had distributed claim
forms to 109,726 depositors or about 78% of the estimated total
number of depositors of the 12 Legacy-affiliated banks.  These
Legacy banks have about 135,000 deposit accounts owned by an
estimated 141,000 depositors.

A total of 70,152 depositors or 64% of the 109,726 depositors who
have already been given claim forms have already filed their
claims with PDIC.  The remaining depositors are expected to file
their claims on their designated appointment dates scheduled this
month.

PDIC said it will issue an advisory to announce within the week
the schedule and payout sites for the resumption of claim form
distribution and filing of claims for the Legacy banks.

                        About Legacy Group

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


* Moody's Comments on Fundamentals Backing Philippines' B1 Rating
-----------------------------------------------------------------
Moody's Investors Service says that the credit fundamentals
backing the Philippines' B1 rating with a positive outlook on
government bonds have held up well through the global economic
turmoil of the past year, while its external payments position is
stronger than a year earlier with support from a flexible exchange
rate policy and continuing large inflows of remittances from
overseas Filipino workers.

"Moreover, the domestic financial system has not posed risks, as
it has avoided the types of stress evident in many other systems
regionally and globally," says Tom Byrne, a Moody's Senior Vice
President, who was speaking on the release of Moody's annual
report -- which he authored -- on the Philippines.

"Furthermore, the dollar credit crunch has had little impact,
given ample liquidity in the domestic market with top grade
corporates issuing bonds, even through the last quarter of 2008,
and robust double-digit bank loan growth," adds Byrne.  "And the
central bank has not had to resort to blanket bank deposit or
external loan guarantees."

The new report looks in detail at the factors contributing to
Moody's assessment, including Economic Strength (assessed as low),
Institutional Strength (moderate), Government Financial Strength
(low) and Susceptibility to Event Risk (low).

Economic growth in 2008 slowed, but did not collapse late in the
year, as it did elsewhere, in large part due to the steady
increase in OFW remittances, the report says.  But investment and
exports faltered in the fourth quarter of 2008, suggesting that
contagion effects from the global recession on domestic economic
activity will become increasingly evident in 2009.

The government's intention to increase the national government
deficit only moderately in 2009, rather than adhering to its
previously stated aim of balancing the budget this year, would not
necessarily reverse the progress made in recent years in placing
its debt metrics on an improving trend, the report says.

Nevertheless, stronger tax revenue performance is crucial to long-
term fiscal sustainability, while adept management of debt and
controls on expenditure alone cannot ensure such sustainability.
Moody's notes that its Sovereign Bond Methodology scores the
Philippines in the Ba2-B1 range, which mainly reflects the large
overhang in public sector debt and strained government finances.

Specifically, Moody's positive outlook on the B1 rating for
government foreign and local currency bonds, the Ba3/Not Prime
foreign currency country ceiling, and the B1/Not Prime foreign
currency bank deposit ceiling was affirmed in February 2009.
Upward movement in the rating will depend on the ability of the
authorities to protect the fortified external payments position
and minimize adverse affects on government finances from the
global recession.



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

C3i GROUP: Court to Hear Wind-Up Petition on April 17
-----------------------------------------------------
A petition to have C3i 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.

Graphikate Private Limited filed the petition against the company
on March 17, 2009.

The Petitioner's solicitors are:

          Mr. Eugene Ho Tze Herng
          Messrs. Eugene Ho & Partners
          20 Maxwell Road #08-07
          Maxwell House
          Singapore 069113


FACES DE ORIENT: Court to Hear Wind-Up Petition on April 24
-----------------------------------------------------------
A petition to have Faces de Orient Group Pte. Ltd.'s operations
wound up will be heard before the High Court of Singapore on
April 24, 2009, at 10:00 a.m.

Liau Soon Heng (Liao Shunxing) filed the petition against the
company on March 26, 2009.

The Petitioner's solicitors are:

          Hoh Law Corporation
          60 Eu Tong Sen Street #01-08
          Furama Hotel Shopping Centre
          Singapore 059804


LIN LONG: Court Enters Wind-Up Order
------------------------------------
On April 3, 2009, the High Court of Singapore entered an order to
have Lin Long Printing Private Limited's operations wound up.

The Bank of East Asia Limited filed the petition against the
company.

The company's liquidator is:

          The Official Receiver
          The URA Centre (East Wing)
          45 Maxwell Road #05-11/#06-11
          Singapore 069118


OPTIMUM-3 INTERNATIONAL: Creditors' Meeting Set for April 17
------------------------------------------------------------
The creditors of Optimum-3 International Pte Ltd will hold their
meeting on April 17, 2009, at 3:00 p.m., at 400 Orchard Road, #08-
02 Orchard Towers, Singapore 238875.

At the meeting, the creditors will be asked to:

   -- receive a brief account on the conducts of liquidation;
   -- propose a second dividend payment; and
   -- discuss other business.

The company's liquidator is:

          Goh Boon Kok
          1 Claymore Drive #08-11
          Orchard Towers (Rear Block)
          Singapore 229594


TEAM ENERGY: Creditors' Meeting Set for April 16
------------------------------------------------
The adjourned first meeting of Team Energy Asia-Pacific Singapore
Pte. Limited's creditors will be held on April 16, 2009, at
9:30 a.m.

The company's liquidator is:

          EE Meng Yen Angela
          c/o Ernst & Young Solutions LLP
          One Raffles Quay
          North Tower, Level 18
          Singapore 048583



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

AU OPTRONICS: March 2009 Sales Dropped 53% as Shipments Fell
------------------------------------------------------------
AU Optronics Corp said sales in March 2009 dropped 53 percent from
a year ago after computer and television panel shipments fell 26
percent to 5.93 million units as the global slowdown hit demand,
Lisa Wang at the Taipei Times reports.

According to the report, the latest shipment figure brought first-
quarter PC and TV panel shipments to 13.15 million units,
plummeting 40 percent from 22 million units during the same period
last year.

On a quarterly basis, the Times relates, shipments in the first
quarter were down 12.8 percent, beating the company's forecast of
a sequential decline of between 15 percent and 20 percent made in
January.

AU Optronics, as cited by the report, said that consolidated sales
last month reached NT$22.11 billion (US$659 million), bringing
first-quarter revenues to NT$50.73 billion, down 62.9 percent
year-on-year or 15 percent quarter-on-quarter as prices dropped on
shrinking demand.

AU Optronics sees quarterly losses narrow to NT$19 billion in the
first quarter, from record loss of NT$26.6 billion in the previous
quarter, the report says citing Yuanta Securities Corp.

                        About AU Optronics

AU Optronics Corp. (AUO) -- http://auo.com/-- is the worldwide
manufacturer of thin film transistor liquid crystal display panels
(TFT-LCD).  AUO provides customers a full range of panel sizes and
comprehensive applications, offering TFT-LCD panels in sizes
ranging from 1.5 inches to greater than 65 inches.  AUO generated
NT$480.2 billion (US$14.8 billion) in sales revenue in 2007 and
now houses the staff of more than 42,000 employees throughout its
global operations spreading across Taiwan, Mainland China, Japan,
Singapore, South Korea, the U.S., and Europe.  Additionally, AUO
is the first pure TFT-LCD manufacturer to successfully list at the
New York Stock Exchange (NYSE).

                          *     *     *

The company continues to carry Fitch Ratings' 'BB+' long-term
foreign and local currency Issuer Default ratings.  The Outlook
is Positive.



=====================================
U N I T E D  A R A B  E M I R A T E S
=====================================

MGM MIRAGE: Lenders Consent to $70MM Payment for CityCenter
-----------------------------------------------------------
Bloomberg News' Beth Jinks reports that MGM MIRAGE has won a
waiver from lenders to pay about $70 million on its CityCenter
project without partner Dubai World, staving off for now a
possible bankruptcy filing by the development.  Sources told
Bloomberg that the deal extends an agreement in March that allowed
MGM MIRAGE pay both partners' obligations.

Ms. Jinks says the sources declined to be identified because the
negotiations are private.

As reported by the Troubled Company Reporter on April 7, 2009, MGM
MIRAGE says lenders to its CityCenter project have temporarily
waived through April 13, 2009, certain defaults and potential
defaults under CityCenter Holdings, LLC's senior secured credit
facility relating to required sponsor equity capital contributions
to CityCenter.

MGM MIRAGE entered into Amendment No. 3, dated March 26, 2009, to
its Fifth Amended and Restated Loan Agreement, as previously
amended, with MGM Grand Detroit, LLC, as initial co-borrower, the
various lenders and Bank of America, N.A., as administrative
agent.

Amendment No. 3 modified the Company's ability to make additional
investments in CityCenter.  Pursuant to Amendment No. 3, the
Company is permitted, within seven business days after March 24,
2009 and subject to certain conditions, to make investments in
CityCenter in an amount not to exceed the lesser of (i) the
aggregate amount requested by CityCenter from the Company and
Dubai World, including from their respective affiliates and (ii)
$200 million.  No other future investments by the Company in
CityCenter are permitted by the Fifth Loan Agreement, as amended,
except up to $20 million to ensure public health, safety and
welfare or regulatory compliance.  The Company paid a customary
amendment fee to the lenders party to the Loan Agreement in
connection with the execution of Amendment No. 3.

Certain of the lenders party to the Loan Agreement and their
respective affiliates have in the past engaged in financial
advisory, investment banking, commercial banking or other
transactions of a financial nature with the Company and its
subsidiaries, including the provision of advisory services for
which they received customary fees, expense reimbursement or other
payments.

On March 27, 2009, the Company funded $200 million in cash to
CityCenter to satisfy the required sponsor equity capital
contributions due on or about March 24.  The funding included
$100 million that should have been funded by Dubai World.

The Company has said it intends to work with Dubai World,
CityCenter and its lenders, and the Company's lenders, to obtain
necessary waivers or amendments prior to April 13, 2009, and to
find a long-term solution for the financing of CityCenter.
However, there can be no assurance that any waiver, amendment or
long-term solution will be available or that CityCenter will not
determine to seek relief through a filing under the U.S.
Bankruptcy Code.

Bloomberg notes that Shirley Norton, a spokeswoman for Bank of
America, didn't immediately respond to a request for comment
regarding the waiver.

                       Dubai World Proposal

According to one of Bloomberg's sources, Dubai World has submitted
a proposal to MGM Mirage and CityCenter lenders that may see it
resume payments to finish the still-under-construction project in
exchange for concessions.  The source declined to provide details
of the plan, Bloomberg notes.

"We cannot comment on specifics of our discussions but we continue
to be fully committed to completing CityCenter and we continue to
work with our partners and the lenders to seek a solution," George
Dalton, Dubai World's general counsel, told Bloomberg in an e-
mailed response to questions.

Dubai World has sued MGM Mirage in Delaware Chancery Court to be
freed from further CityCenter funding obligations.

"We have already contributed $4.3 billion, and we are standing
ready to commit more money to see the project finished once we are
sure our partners and the lenders will also commit, and there's
certainty about the future viability of MGM Mirage," Mr. Dalton
told Bloomberg.  "This is in the interests of everyone."

Dubai World alleged in its complaint that MGM Mirage violated
terms of their partnership.  Dubai World cited cost overruns on
CityCenter and MGM Mirage's inability to borrow or guarantee it
can remain a going concern.

According to Bloomberg, MGM Mirage Chief Executive Officer James
Murren said on a March 17 conference call that the equal partners
had agreed to fund "just under" $500 million each to fill a
construction-payment shortfall until a $1.8 billion bank facility
becomes available in June.

                      About MGM Mirage

Headquartered in Las Vegas, Nevada, MGM Mirage (NYSE: MGM) --
http://www.mgmmirage.com/-- is a hotel and gaming company.  It
owns and operates 17 properties located in Nevada, Mississippi
and Michigan, and has investments in three other properties in
Nevada, New Jersey and Illinois.

MGM MIRAGE reported a net loss of $1.14 billion on revenues of
$1.62 billion for the three months ended December 31, 2008.  MGM
MIRAGE reported a net loss of $855.2 million on revenues of
$7.20 billion for year 2008.  MGM MIRAGE had $23.2 billion in
total assets, including $1.53 billion in total current assets;
$3.0 billion in total current liabilities; and $12.4 billion in
long-term debt.  A full-text copy of the Annual Report on Form
10-K is available at no charge at:

              http://researcharchives.com/t/s?3ae0

The Company does not expect to be in compliance with the financial
covenants under its senior credit facility at March 31, 2009.  On
March 17, Company obtained an amendment to the senior credit
facility, which included a waiver of the requirement to comply
with the financial covenants through May 15, 2009.  Following
expiration of the waiver on May 15, 2009, the Company will be
subject to an event of default related to the expected
noncompliance with financial covenants under the senior credit
facility at March 31, 2009.

The report of Deloitte & Touche, LLP, MGM MIRAGE's independent
registered public accounting firm on the Company's consolidated
financial statements for the year ended December 31, 2008,
contains an explanatory paragraph with respect to the Company's
ability to continue as a going concern.

                       *     *     *

As reported by the Troubled Company Reporter on March 23, 2009,
Moody's Investors Service downgraded MGM MIRAGE's Probability of
Default Rating to Caa3 from Caa2 and its Corporate Family Rating
to Caa2 from Caa1.

According to the TCR on March 23, 2009, Standard & Poor's Ratings
Services lowered its corporate credit and issue-level ratings on
Las Vegas-based MGM MIRAGE and its subsidiaries by two notches;
the corporate credit rating was lowered to 'CCC' from 'B-'.  These
ratings were removed from CreditWatch, where they were initially
placed with negative implications on Jan. 30, 2009.  S&P said that
the rating outlook is negative.

The TCR reported on March 25, 2009, that Fitch Ratings took these
rating actions for MGM MIRAGE following the lawsuit filed against
MGM by City Center JV partner Dubai World, and the two-month
covenant waiver obtained from its bank lenders:

-- Issuer Default Rating downgraded to 'C' from 'CCC';

-- Senior secured notes downgraded to 'CCC/RR2' from 'B/RR2';

-- Senior unsecured credit facility downgraded to 'CC/RR3' from
    'B-/RR3';

-- Senior unsecured notes downgraded to 'CC/RR3' from 'B-/RR3';

-- Senior subordinated notes affirmed at 'C/RR6'.



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

* BOND PRICING: For the Week April 6 to April 10, 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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