TCRAP_Public/090415.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

           Wednesday, April 15, 2009, Vol. 12, No. 73

                            Headlines

A U S T R A L I A

BRISCONNECTIONS: Windup Bid Fails after Bolton-Leigthon Deal
KLEENMAID: Claims of Trading While Insolvent to be Investigated
RUBICON EUROPE: Lender Calls in $86-Mln Put Deed
* AUSTRALIA: 50 Big Firms Face $25-Bln Shortfall on Pension Funds


C H I N A

GENERAL MOTORS: SAIC No Interest in Acquiring Vauxhall and Opel
SANLU GROUP: Sells 95% Stake in Sanlu (Shandong) to Sanyuan


G U I N E A

UC RUSAL: Guinean President Mulls Legal Action on Friguia Sale


H O N G  K O N G

ANWELL BUILDING: Releases Arboit and Blade as Liquidators
BECKEY LIMITED: Creditors' Proofs of Debt Due on May 11
CELLON HONG KONG: Creditors' Proofs of Debt Due on April 17
CYBERSPEED INTERNATIONAL: Court to Hear Wind-Up Petition on May 6
FABRIC FOCUS: Court to Hear Wind-Up Petition on May 27

FINE HORSE: Creditors' and Contributories' Meeting Set for May 11
FULLBRIGHT COMPANY ET AL: Court Enters Wind-Up Order
GALLEX TECHNOLOGY: Court to Hear Wind-Up Petition on May 20
GENMAY: Appoints Toohey & Lam as Provisional Liquidators
GETRONICS (HK): Creditors' Proofs of Debt Due on May 11

GLAWIN INTERNATIONAL: Members Pass Resolution
HUNG FUNG: Creditors' Proofs of Debt Due on April 25
LUCKY ET AL: Contributories' & Creditors' Meeting Set for April 17
RISE CHINA: Creditors' Proofs of Debt Due on May 11
YUEXIN INTERNATIONAL: Court Enters Wind-Up Order


I N D I A

LAKSHMI MILLS: Liquidity Problems Prompts CRISIL 'C' Ratings
MACROTECH: Default on Loan Payments Cues CRISIL 'D' Rating
MEDICA HOSPITALS: CRISIL Rates Rs.460.00 Mln Term Loan at 'BB'
MEDICA PHARMACY: CRISIL Puts 'BB-' Ratings on Various Bank Loans
MEGHDEV ENTERPRISES: CRISIL Rates Rs.12.50MM Term Loan at 'BB+'

PITAMBER CREATIONS: CRISIL Cuts Rating on Rs.96.5MM LT Loan to 'C'
PRABHAT DAIRY: Delays in Loan Repayments Cues CRISIL 'C' Ratings
TATA POWER: To Appeal Before Supreme Court on Sasan Project Case
TECHNOVA IMAGING: CRISIL Puts 'B-' Ratings on Rs.550MM Cash Credit


I N D O N E S I A

PERUSAHAAN LISTRIK: To Sign US$1.4BB Loan Deals With Chinese Banks


J A P A N

SHINKIN CENTRAL: S&P Junks Bank Fundamental Strength Rating


K O R E A

HYUNDAI MOTOR: Unit Claims US$104MM from Collapsed Car Rental Firm
HYNIX SEMICONDUCTOR: Japan to Lift Tariffs on Chip


N E W  Z E A L A N D

* NEW ZEALAND: Feb. 2009 Retail Sales Flat, Statistics NZ Says


P A K I S T A N

ROYAL BANK: Two Banks Vie for Pakistan Unit


S I N G A P O R E

@SOURCE INVESTMENTS: Court Enters Wind-Up Order
AZAG ASIA: Creditors' Proofs of Debt Due on May 11
CONTAINER BRIDGE: Court to Hear Wind-Up Petition on April 24
SANTA ROSA: Creditors' Proofs of Debt Due on May 11
SAVE-MONEY-DIVING.COM: Court to Hear Wind-Up Petition on April 24


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                         - - - - -



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

BRISCONNECTIONS: Windup Bid Fails after Bolton-Leigthon Deal
------------------------------------------------------------
A vote to wind up BrisConnections failed after renegade investor
Nicholas Bolton sold his voting rights to Leighton Holdings Ltd,
The Australian reports citing the Courier Mail.

The Australian, citing Leighton Holdings in filing to the
Australian stock exchange, says the company has agreed to pay
AU$4.5 million for the voting rights associated with Mr. Bolton's
19.8 percent stake in BrisConnections.

According to the report, Mr. Bolton yesterday voted against his
own motion to wind up BrisConnections.

The report says the motion to wind the company up failed with
63.34% of votes against the motion and 35.66% of votes in favour.

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.


KLEENMAID: Claims of Trading While Insolvent to be Investigated
---------------------------------------------------------------
An investigation will be made over allegations that Kleenmaid has
been trading while being insolvent, Couriermail reports citing
John Greig of Deloitte, voluntary administrators for the company.

According to the report, there have been suspicions for months
that the company was trading while insolvent.

"I work in the call centre and we hear the brunt of customers'
complaints and problems...from January, bills weren't being paid,
refunds weren't being paid for six to eight weeks.  It's been all
downhill since then", the report quoted a Kleenmaid employee who
did not want to be named as saying.

Fortnightly wages for staff were also consistently paid late since
February and one worker said her superannuation fund had received
no payments from Kleenmaid since she started with the company last
August, the report says.

Up to 6000 customers who have paid top dollar for kitchen
appliances may not know for weeks if they can get refunds on the
undelivered goods, the report noted.

Citing various reports, the Troubled Company Reporter-Asia Pacific
reported on April 13, 2009, that Kleenmaid has been placed into
administration with debts of US$67 million.

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


RUBICON EUROPE: Lender Calls in $86-Mln Put Deed
------------------------------------------------
The Australian reports that Credit Suisse has called in an
$86 million put deed on Rubicon Europe Trust, in a last-ditch bid
to recover some of the $100 million it is owed by the property
empire.

According to the report, the bank had exercised an "issuer's
right" over a loan to Rubicon Finance Europe, a Rubicon affiliate
in Luxembourg that was declared bankrupt in February.

Under the put deed, the report relates, Rubicon Europe Trust II,
Rubicon Europe Trust III and Rubicon Europe Pty Limited are
required to buy securities in Rubicon Finance worth EUR23.3million
($42 million) and GBP21.7 million ($44 million).

The report notes the group said neither Rubicon Europe Trust II,
Rubicon Europe Trust III nor Rubicon Europe has sufficient funds
to make those payments.

Rubicon group, as cited by the report, said the move by Credit
Suisse triggered a default of a loan from National Australia Bank
("NAB"), which would allow the bank to take control of the assets
of the three Rubicon Europe entities.  Rubicon Europe owed NAB
$128 million, according to The Australian.

The auditors of Rubicon Europe late last month declared the group
insolvent, The Australian recounts.

                     About Rubicon Europe

Rubicon Europe Trust Group (ASX:REU) --
http://www.rubiconeurope.com.au--   is engaged in investing in
commercial real estate and commercial real estate loans (CRE
loans) in Europe.  REU is a stapled security comprising one unit
in Rubicon Europe Trust I (RET I) and one unit in Rubicon Europe
Trust II.  REU’s manager is Rubicon Asset Management Limited,
which is a wholly owned subsidiary of Rubicon Holdings (Aust)
Limited.


* AUSTRALIA: 50 Big Firms Face $25-Bln Shortfall on Pension Funds
-----------------------------------------------------------------
Tim Blue at The Australian reports that at least 50 of Australia's
largest companies face a combined AU$25 billion shortfall on
company superannuation funds, brought on by plunging bond and
equity markets.

The report says that according to a study by consultants Watson
Wyatt of ASX-listed companies' unfunded defined benefit super
liability, this figure has blown out from a modest shortfall of
about $2 billion in super fund liabilities on the books of
Australian companies at June 30 last year.

According to the report, among other big Australian companies
whose scheme assets are not enough to cover anticipated payments
to retired staff are:

   -- AMP with superannuation deficit estimated at
      $120 million at December 31;

   -- Westpac with deficit of  $473 million at September 30; and

   -- Rio Tinto with a $US2.6 billion deficit on its various
      superannuation schemes around the world as disclosed
      last month.

Watson Wyatt, according to the report, declined to name specific
companies but said a relatively few companies -- largely in the
materials sector -- held much of the liabilities.

"At June 30, 2008, the companies in our study were holding $58
billion in defined benefit superannuation liability and backing
that with $56 billion in assets," the report quoted David McNeice,
a principal at Watson Wyatt, as saying.

"All funded superannuation funds have had a torrid 15 months: many
are now dealing with underfunding and the sponsoring employers are
dealing with the deteriorating balance sheets."

The Watson Wyatt study covers ASX-listed companies only and does
not survey unlisted companies (including subsidiaries of overseas
businesses) or the public sector, the Australian notes.



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

GENERAL MOTORS: SAIC No Interest in Acquiring Vauxhall and Opel
---------------------------------------------------------------
Shanghai Automotive Industry Corporation (Group) (SAIC) denied
that it is considering an acquisition of General Motors Corp.'s
Vauxhall and Opel brands, Gasgoo.com reports citing the Shanghai
Securities Journal.

Gasgoo.com relates the Shanghai Securities Journal said SAIC has
no plans for foreign mergers and acquisitions SinoCast Daily
Business says the company is focusing on building up self-
developed brands.

On April 11, 2009, Mark Kleinman at Telegraph.co.uk reported that
SAIC has requested a sale document from GM.

According to Telegraph.co.uk, Commerzbank is orchestrating the
sale process on behalf of GM, which is to establish a new
subsidiary comprising Vauxhall, which employs about 5,000 people
in Britain, and Opel.

Telegraph.co.uk said Geely Automotive, the Chinese company which
owns a stake in Manganese Bronze, the maker of London's black
cabs, has also requested the information from Commerzbank.

The sale, Telegraph.co.uk noted, will exclude Saab, which GM is
attempting to sell separately, and the European sales operations
of Chevrolet.

                       About General Motors

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

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

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

                          *     *     *

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

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

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

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


SANLU GROUP: Sells 95% Stake in Sanlu (Shandong) to Sanyuan
-----------------------------------------------------------
Beijing Sanyuan has successfully bid CNY49 million ($7.2 million)
to buy a 95-percent stake in the Sanlu (Shandong) dairy company,
previously owned by the Sanlu Group, China Daily reports.

The Daily, citing sources with the Hebei Jiahai Auction Co Ltd,
relates the shares were put up for sale at an auction in the
northern city of Shijiazhuang, capital of Hebei province.

According to the Daily, Sanlu (Shandong), which was set up in
2006, specializes in making and selling liquid milk products.  The
company changed its name to Shandong Ecological Pasture Co Ltd in
October last year, the Daily notes.

Meanwhile, the People's Daily Online reports that the fourth and
final planned auction of assets of Sanlu has failed.

The Daily Online says the assets at Monday's auction included the
group's shares in 11 dairy companies.  Sanlu holds a controlling
stake in seven of these companies.

According to the Daily Online, four bidders attended the auction,
but none of them took the bid after the auctioneer announced the
prices of the Sanlu assets, including CNY51 million for 70 percent
stake Tangshan Kangsheng Dairy Company.

Hebei Jiahai Auction Chairman Yuan Guoliang, as cited by the Daily
Online, said the auction company would work with the bankruptcy
administrator on how to deal with the remaining assets of Sanlu
Group.

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

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

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

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

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

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

The TCR-AP, citing the People's Daily Online, reported on Dec. 29,
2008, Sanlu stopped production in September last year and on
Oct. 31 recalled more than 10,000 tonnes of baby formula products
worth nearly CNY1 billion.

                      About Beijing Sanyuan

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

                        About Sanlu Group

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



===========
G U I N E A
===========

UC RUSAL: Guinean President Mulls Legal Action on Friguia Sale
--------------------------------------------------------------
Bloomberg News reports Guinean President Moussa Camara said he
asked the country's Justice Ministry to consider legal action over
a 2006 transaction that gave control of the Friguia bauxite and
alumina complex to United Co. Rusal.

According to the report, Mr. Camara said Rusal paid US$19 million
for the assets, while consultants had valued it at US$257 million.

The report relates the president also said action will be taken
against the Guineans who negotiated the transfer of the company to
Rusal.

                         About UC RUSAL

Headquartered in Moscow, Russia, United Company RUSAL --
http://www.rusal.com/-- is an aluminum producer.  Formed in 2000
from various parts of the old Soviet state apparatus, RUSAL
produces about 4 million tons of aluminum, 11 million tons of
alumina, and 6 million tons of bauxite.  Its aluminum business
include packaging and foil operations in addition to a network of
smelters.  Those Soviet spare parts were significantly augmented
in 2007 when the company merged with fellow Russian aluminum
producer Sual and Glencore's alumina unit.  RUSAL is majority
owned by Board member Oleg Deripaska, who had owned the company
completely prior to the merger.

                         *     *     *

As reported in the Troubled Company Reporter-Europe on April 13,
2009, Rusal, which signed a standstill agreement with its lenders
in March, has until early May to negotiate the terms of a long-
term debt.

Rusal is seeking to extend its repayments on the loan to five to
10 years and link them to the aluminum price in London, according
to Bloomberg News.

In a statement, Rusal said the standstill agreement covers more
than 30 transactions, including syndicated and bi-lateral loan
agreements, bank guarantees and letters of credit, which involve
more than 70 banks.

The agreement obtained support from majority of RUSAL's
international lending banks and Russian lenders as well, the
company said.

At present, Rusal's debt is US$14 billion, including US$7.4
billion owed to its international banks.

Credit Suisse Group, BNP Paribas SA, Merrill Lynch & Co., ABN Amro
Holding NV, Citigroup Inc., Natixis, Commerzbank AG, ING Groep NV
and Calyon are among Rusal’s creditors, according to data compiled
by Bloomberg.



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

ANWELL BUILDING: Releases Arboit and Blade as Liquidators
---------------------------------------------------------
On February 18, 2009, Messrs. Bruno Arboit and Simon Blade were
released as liquidators of Anwell Building Construction Company
Limited.


BECKEY LIMITED: Creditors' Proofs of Debt Due on May 11
-------------------------------------------------------
The creditors of Beckey Limited are required to file their proofs
of debt by May 11, 2009, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on March 31, 2009.

The company's liquidators are:

          Stephen Briscoe
          Wong Teck Meng
          Briscoe & Wong Limited
          1801 Wing On House, 18th Floor
          71 Des Voeux Road
          Central, Hong Kong


CELLON HONG KONG: Creditors' Proofs of Debt Due on April 17
-----------------------------------------------------------
The creditors of Cellon Hong Kong Limited are required to file
their proofs of debt by April 17, 2009, to be included in the
company's dividend distribution.

The company's liquidators are:

          Cosimo Borrelli
          Jacqueline Walsh
          Admiralty Centre
          1401, Level 14, Tower 1
          18 Harcourt Road
          Hong Kong


CYBERSPEED INTERNATIONAL: Court to Hear Wind-Up Petition on May 6
-----------------------------------------------------------------
A petition to have Cyberspeed International 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 solicitor is:

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


FABRIC FOCUS: Court to Hear Wind-Up Petition on May 27
------------------------------------------------------
A petition to have Fabric Focus (Textile) 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 solicitor is:

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


FINE HORSE: Creditors' and Contributories' Meeting Set for May 11
-----------------------------------------------------------------
The creditors and contributories of Fine Horse Company Limited
will hold their meeting on May 11, 2009, at 2:30 p.m. and
3:00 p.m., respectively, at Grant Thornton, 6th Floor of Sunning
Plaza, 10 Hysan Avenue, in Causeway Bay, Hong Kong.

At the meeting, Alison Wong Lee Fung Ying and Alan C W Tang, the
company's liquidators will give a report on the company's wind-up
proceedings and property disposal.


FULLBRIGHT COMPANY ET AL: Court Enters Wind-Up Order
----------------------------------------------------
The High Court of Hong Kong entered an order to wind up the
operations of:

   -- Fullbright Company Limited on March 19, 2009;
   -- Touro Tesoura Manufactory Limited on March 25, 2009;
   -- Gold View Jewellery International Limited on March 25, 2009;
   -- Kam Fung Furniture International Limited on March 25, 2009;
   -- Winner Group HKE Co. Limited on March 25, 2009;
   -- Hung Wun Transportation Co. Limited on March 25, 2009;
   -- Yue Lee Logistics Limited on March 25, 2009;
   -- Jumbo Merit International Limited on March 25, 2009;
   -- China Ascend Indutrial Limited on March 25, 2009;
   -- Riselink International Limited on March 25, 2009;
   -- Pacusma Company Limited on March 25, 2009;
   -- C.Y.I. Creation Limited on March 25, 2009;
   -- Gartlett Investments Limited on March 25, 2009;
   -- Sum Fung International Trading Limited on March 25, 2009;
   -- Tommy International Industrial Limited on March 25, 2009;
      and
   -- Keen Billion Limited on March 25, 2009.


GALLEX TECHNOLOGY: Court to Hear Wind-Up Petition on May 20
-----------------------------------------------------------
A petition to have Gallex Technology Limited's operations wound up
will be heard before the High Court of Hong Kong on May 20, 2009,
at 9:30 a.m.

Standard Chartered Bank (Hong Kong) Limited filed the petition
against the company on March 18, 2009.

The Petitioner's solicitors are:

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


GENMAY: Appoints Toohey & Lam as Provisional Liquidators
--------------------------------------------------------
On October 8, 2008, John James Toohey and Rainer Hok Chung Lam
were appointed as provisional liquidators of Genmay Industries
Limited.


GETRONICS (HK): Creditors' Proofs of Debt Due on May 11
-------------------------------------------------------
The creditors of Getronics (HK) Limited are required to file their
proofs of debt by May 11, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on March 31, 2009.

The company's liquidators are:

          Stephen Briscoe
          Wong Teck Meng
          Briscoe & Wong Limited
          1801 Wing On House, 18th Floor
          71 Des Voeux Road
          Central, Hong Kong


GLAWIN INTERNATIONAL: Members Pass Resolution
---------------------------------------------
During a general meeting held on March 27, 2009, the members of
Glawin International (H.K.) Limited resolved that the books and
papers of the company and the liquidators be placed in the custody
of the liquidators or their appointee, who may destro the same
after the expiry of three months from the date of dissolution of
the company.


HUNG FUNG: Creditors' Proofs of Debt Due on April 25
----------------------------------------------------
The creditors of Hung Fung Holdings Limited are required to file
their proofs of debt by April 25, 2009, to be included in the
company's dividend distribution.

The company's liquidators are:

          Joseph Kin Ching Lo
          Darach E. Haughey
          One Pacific Place, 35th Floor
          88 Queensway
          Hong Kong


LUCKY ET AL: Contributories' & Creditors' Meeting Set for April 17
------------------------------------------------------------------
A meeting will be held on April 17, 2009, at Room 603 of The Boys'
& Girls' Clubs Association of Hong Kong, 3 Lockhart Road, in
Wanchai, Hong Kong for the contributories and creditors of:

   -- Lucky Way Enterprises Limited at 10:00 a.m. and 9:30 a.m.
      respectively;
   -- Ever Earth Limited at 11:00 a.m. and 10:30 a.m.
      respectively;
   -- New Choice Industrial Limited at 12:00 noon and 11:30 a.m.
      respectively;
   -- Ever Union Enterprises Limited at 2:30 p.m. and 2:00 p.m.,
      respectively; and
   -- Crownson Industrial Limited  at 3:30 p.m. and 3:00 p.m.,
      respectively.

Yu Tak Yee Beryl and Choi Tse Kit Sammy are the companies'
liquidators.


RISE CHINA: Creditors' Proofs of Debt Due on May 11
---------------------------------------------------
The creditors of Rise China Properties Limited are required to
file their proofs of debt by May 11, 2009, to be included in the
company's dividend distribution.

The company's liquidators are:

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


YUEXIN INTERNATIONAL: Court Enters Wind-Up Order
------------------------------------------------
The High Court of Hong Kong entered an order to wind up the
operations of:

   -- Yuexin International Limited on February 17, 2009;
   -- T & C Interior Design Limited on December 30, 2008;
   -- Sun Wong Restaurant Limited on November 28, 2008;
   -- Sin Wealth Trading (Int'l) Co. Limited on Feb. 25, 2009;
   -- Wise Ocean Industrial (Hong Kong) Limited on Dec. 29, 2008;
   -- Hanstar Limited on December 30, 2008;
   -- Doright Limited on November 26, 2008; and
   -- Source Bonus Limited on January 23, 2009.

Tso Hei Sing and Lai Chi Kwong are the companies' liquidators.



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

LAKSHMI MILLS: Liquidity Problems Prompts CRISIL 'C' Ratings
------------------------------------------------------------
CRISIL's ratings on the bank facilities of The Lakshmi Mills
Company Ltd (LMC) continue to reflect the delays in debt servicing
by the company because of liquidity problems.  The ratings also
reflect LMC's weak financial risk profile and vulnerability of its
operating margins to volatility in raw material prices.  CRISIL
believes that the liquidity pressure will continue over the medium
term, given the current situation in the textile industry, coupled
with the company's weak financial profile.

   Rs.78 Million Cash Credit             C (Reaffirmed)
   Rs.148 Million Working Capital        C (Reaffirmed)
                   Demand Loan
   Rs.699.50 Million Long-Term Loan      C (Reaffirmed)
   Rs.14 Million Packing Credit          P4 (Reaffirmed)
   Rs.20 Million Bills Purchase          P4 (Reaffirmed)
           Discounting Facility
   Rs.246.50 Million Letter of Credit    P4 (Reaffirmed)
   Rs.56 Million Bank Guarantee          P4 (Reaffirmed)
   Rs.100 Million Export Forward Cover   P4 (Reaffirmed)

   * Rs.20 million interchangeable with letter of credit limit.

                     About The Lakshmi Mills

Set up in 1910, Coimbatore-based LMC manufactures cotton and
polyester blended yarn.  The company has 0.14 million spindles and
also earns a small portion of its income from grey fabrics and
made-ups; the made-ups are sold under the brand Tyche.  For 2007-
08 (refers to financial year, April 1 to March 31), LMC reported a
loss of Rs.49.80 million on net sales of Rs.1.01 billion, as
against a profit after tax of Rs.55.78 million on net sales of
Rs1.41 billion in the preceding year.


MACROTECH: Default on Loan Payments Cues CRISIL 'D' Rating
----------------------------------------------------------
CRISIL has downgraded its rating on the Rs.2050 million long-term
bank facilities of Macrotech Construction Pvt Ltd (Macrotech) to
'D' from 'BB/Negative', as the company is in default on its term
loans from State Bank of India (SBI), State Bank of Travancore,
and State Bank of Bikaner and Jaipur. CRISIL had earlier revised
its rating outlook on the facilities to 'Negative' from 'Stable'
to reflect the expected deterioration in the liquidity of the
Lodha group and its adverse impact on Macrotech; Macrotech has
high financial linkages, including fungible fund flows, with other
companies in the Lodha group.

Macrotech had, in February 2009, applied for restructuring of the
term loans, because of the liquidity constraints being faced by
the Lodha group.  Pending restructuring, the company has not paid
its February and March 2009 instalments to SBI, and the March 2009
instalments to the other two banks. So far, only the loan from SBI
has been restructured; the other restructuring proposals are under
consideration.

                         AboutMacrotech

Macrotech is a private company promoted by Lodha Developers Pvt
Ltd, the flagship company of the Lodha group. Macrotech has a
single project, Lodha Bellissimo, under construction at the Apollo
Mills site in Mumbai. The site covers a 1.1 million square foot
(sq ft) saleable area with residential development of 0.84 million
sq ft.


MEDICA HOSPITALS: CRISIL Rates Rs.460.00 Mln Term Loan at 'BB'
--------------------------------------------------------------
CRISIL has assigned its rating of 'BB/Stable' to the term loan
facility of Medica Hospitals Pvt Ltd (MHPL), which is a part of
the Medica group.

   Rs.460.00 Million Term Loan     BB/Stable (Assigned)

The rating reflects Medica group's weak financial risk profile
owing to its project stage and the initial losses incurred in
other operating businesses.  Also, the construction stage of the
Kolkata hospital exposes the company to risks related to time
overruns.  These weaknesses are, however, partially offset by the
benefits that the company derives from the promoters' experience
in the healthcare industry and the support expected from the
Medica group.

As part of this rating exercise, CRISIL has consolidated the
business and financial risk profiles of MHPL, Medica Pharmacy Pvt
Ltd (MPPL), Medica Synergie Pvt Ltd (MSPL), and North Bengal
Clinic Pvt Ltd (NBCPL).  This is because all the entities are held
by MSPL, share a common management, are in similar lines of
business, and have integrated operations.

Outlook: Stable

CRISIL believes the Medica group will maintain its credit risk
profile owing to the project stage of its operations, and the
small scale of operations of other group companies.  The outlook
may be revised to 'Positive' if the operations of the Kolkata
hospital are stabilised and if the group reports high cash
accruals from other businesses, leading to improved debt
protection measures.  Conversely, the outlook may be revised to
'Negative' if the group is unable to start the operations of the
hospital project on time, or if its debt increases substantially
due to increased capital expenditure plans and lower-than-expected
cash accruals from group companies.

                     About Medica Hospitals

Set up in January 2007, MHPL handles the Kolkata hospital project
of the Medica group. MHPL is a 100 per cent subsidiary of MSPL.
MHPL is currently building a 300-bed super specialty hospital on a
3.8 acre plot of land on the Eastern Metropolitan By-pass,
Kolkata. Besides this hospital, the company plans a multi-
specialty hospital at Asansol (West Bengal), on the National
Highway, for which 2-acres land has been acquired. The Asansol
hospital is planned to be commissioned by October 2009.

                         About the Group

The Medica group comprises four companies. Set up in March 2003,
MSPL is the flagship company of the group. Its main activities
include consultancy and advisory services for setting up hospital
projects, which are divided into three domains - public health,
hospital planning and management, and quality and accreditation.
The company's boutique ear, nose, and throat (ENT) hospital, which
has about 15 beds, commenced operations in October 2008. The
hospital is managed by three Indian doctors, with previous
experience in the UK. In November 2007, MSPL acquired a 67 per
cent stake in the 31-year-old NBCPL, based at Siliguri.

The Medica group reported a Net Loss of Rs.64.3 million on net
sales of Rs.121.5 million for 2007-08 (refers to financial year,
April 1 to March 31), as against a Net Loss of Rs.4.9 million on
net sales of Rs.64.6 million for 2006-07.


MEDICA PHARMACY: CRISIL Puts 'BB-' Ratings on Various Bank Loans
----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable' to the various
bank facilities of Medica Pharmacy Pvt Ltd (Medica Pharmacy),
which is a part of the Medica group.

   Rs.42.10 Million Cash Credit           BB-/Stable (Assigned)
   Rs.4.70 Million Proposed Cash Credit  BB-/Stable (Assigned)
   Rs.73.20 Million Term Loan             BB-/Stable (Assigned)

The ratings reflect Medica group's weak financial risk profile on
account of its project stage and the initial losses incurred in
other operating businesses.  Also, the construction stage of the
Kolkata hospital exposes the company to risks related to time
overruns.  These weaknesses are, however, partially offset by the
benefits that the company derives from the promoters' experience
in the healthcare industry, and the support expected from the
Medica group.

As part of this rating exercise, CRISIL has consolidated the
business and financial risk profiles of Medica Pharmacy, Medica
Hospitals Pvt Ltd (MHPL), Medica Synergie Pvt Ltd (MSPL), and
North Bengal Clinic Pvt Ltd (NBCPL).  This is because all the
entities are held by MSPL, share a common management, are in
similar lines of business, and have integrated operations.

Outlook: Stable

CRISIL believes the Medica group will maintain its credit risk
profile due to the project stage of its operations, and the small
scale of operations of other group companies.  The outlook may be
revised to 'Positive' if the operations of the Kolkata hospital
are stabilised and if the group reports high cash accruals from
other businesses, leading to improved debt protection measures.
Conversely, the outlook may be revised to 'Negative' if the group
is unable to start the operations of the hospital projects on
time, or if its debt increases substantially due to increased
capital expenditure plans and lower-than-expected cash accruals
from group companies.

                      About Medica Pharmacy

Set up in January 2007, Medica Pharmacy's main objective is to
handle the Medica group's pharmacy retail business. The company
currently has about 58 outlets, all in Eastern India with a focus
on Kolkata, under the Medica Health Shoppe brand. Medica Pharmacy
is a 100 per cent subsidiary of MSPL.

                         About the Group

The Medica group comprises four companies.  Set up in March 2003,
MSPL is the flagship company of the group.  Its main activities
include consultancy and advisory services for setting up hospital
projects, which are divided into three domains - public health,
hospital planning and management, and quality and accreditation.
The company's boutique ear, nose, and throat (ENT) hospital, which
has about 15 beds, commenced operations in October 2008. The
hospital is managed by three Indian doctors with previous
experience in the UK.  MHPL is a wholly-owned subsidiary of MSPL
and is currently building a 300-bed super specialty hospital on a
3.8 acre plot of land on the Eastern Metropolitan By-pass,
Kolkata. In November 2007, MSPL acquired a 67 per cent stake in
the 31-year-old NBCPL, which is based at Siliguri.

The Medica group reported a Net Loss of Rs.64.3 million on net
sales of Rs.121.5 million for 2007-08 (refers to financial year,
April 1 to March 31), as against a Net Loss of Rs.4.9 million on
net sales of Rs.64.6 million for 2006-07.


MEGHDEV ENTERPRISES: CRISIL Rates Rs.12.50MM Term Loan at 'BB+'
---------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable' to the bank
facilities of Meghdev Enterprises (Meghdev).


   Rs.60.00 Million Cash Credit Limit    BB+/Stable (Assigned)
   Rs.20.00 Million Letter of Credit *   BB+/Stable (Assigned)
   Rs.12.50 Million Term Loan            BB+/Stable (Assigned)

   * Fully fungible with CC

The ratings reflect Meghdev's small scale of operations, large
working capital requirements, and exposure to intense market
competition in the decorated laminates segment.  The rating
weaknesses are partially off-set by Meghdev's comfortable
financial risk profile marked by low gearing and comfortable debt
protection measures and the benefits the firm derives from its
strong brand value in the decorative laminates market in India.

Outlook: Stable

CRISIL expects Meghdev to maintain its credit risk profile backed
by comfortable financial risk profile and its strong brand value
in the decorative laminates market in India.  The outlook may be
revised to 'Positive' if the firm scales up its operations and
sustains a healthy financial risk profile.  Conversely, the
outlook may be revised to 'Negative' if the firm undertakes large
debt-funded capital expenditure or if its working capital
requirements increase, thereby weakening its capital structure.

                          About Meghdev

Set up in 1978, Meghdev is a partnership firm, and is into
manufacturing paper-base high-pressure decorative laminates; its
products bear the brand 'Royale Touche'.  The firm has established
a strong brand value for over the past 30 years in the decorative
laminates market in India.

Meghdev reported a profit after tax (PAT) of Rs.1.3 million on net
sales of Rs.309.0 million for 2007-08 (refers to financial year,
April 1 to March 31), as against a PAT of Rs.19.3 million on net
sales of Rs.292.8 million for 2006-07.


PITAMBER CREATIONS: CRISIL Cuts Rating on Rs.96.5MM LT Loan to 'C'
------------------------------------------------------------------
CRISIL has downgraded its rating on Pitamber Creations (India) Pvt
Ltd's (Pitamber's) long-term loan and cash credit limits to 'C'
from 'BB/Stable' because of the recent delays in term loan
servicing by the company.

   Rs.96.5 Million Long-Term Loan       C (Downgraded from
                                           'BB/Stable')

   Rs.195.0 Million Cash Credit Limits  C (Downgraded from
                                           'BB/Stable')

   Rs.5.5 Million Bank Guarantee        P4 (Reaffirmed)


The rating on the company's bank guarantee has been reaffirmed at
'P4'.  The ratings continue to reflect Pitamber's stretched
financial risk profile marked by a high gearing and moderate debt
protection indicators, and its working capital-intensive
operations.  These weaknesses are mitigated by Pitamber's
established presence in the garments business, with an established
brand and strong retail customer base.

                     About Pitamber Creations

Promoted by Mr. Rajendra Goenka in 2005, Pitamber manufactures
readymade garments under the brand, Alan Paine, for men, and
trades in garments and accessories for women and children.  It has
an installed capacity to produce around 10,000 garment pieces per
day, and 39 showrooms.  For 2007-08 (refers to financial year,
April 1 to March 31), Pitamber reported a profit after tax (PAT)
of Rs.24.46 million on net sales of Rs.462.46 million, as against
a PAT of Rs.11.89 million on net sales of Rs.179.50 million in the
preceding year.


PRABHAT DAIRY: Delays in Loan Repayments Cues CRISIL 'C' Ratings
----------------------------------------------------------------
CRISIL has assigned its ratings of 'C' to the various bank
facilities of Prabhat Dairy Pvt Ltd (Prabhat).

   Rs.88.9 Million Term Loan        C (Assigned)
   Rs.50.0 Million Cash Credit      C (Assigned)
   Rs.5.0 Million Line of Credit    C (Assigned)

The ratings are constrained by delays in repayments of debt
obligations in recent months, latest being in November 2008.  The
ratings also reflect Prabhat's small scale of operations, moderate
financial risk profile, and exposure to risks relating to changes
in government regulations, and epidemic-related factors.  These
weaknesses are, however, partially offset by Prabhat's established
relations with milk suppliers and distributors, and good operating
efficiency.

                       About Prabhat Dairy

Incorporated in 1998, Prabhat is promoted by Mr. Sarang Nirmal,
Mr. Kishore Nirmal, and Mr. Arvind Nirmal.  The company processes
and sells milk and milk products.  The dairy products marketed by
the company include toned milk, raw chilled milk, sterilised
condensed milk, milk powder, lassi, butter and ghee.  Its
production unit at Shrirampur (Maharashtra) has capacity to
process 150,000 litres per day (LPD) of milk.  For 2007-08 (refers
to financial year, April 1 to March 31), Prabhat reported a profit
after tax (PAT) of Rs.12.5 million on net sales of Rs.877.5
million, as against a PAT of Rs.10.0 million on net sales of
Rs.710.0 million for 2006-07.


TATA POWER: To Appeal Before Supreme Court on Sasan Project Case
----------------------------------------------------------------
Tata Power plans to make an appeal before the India’s Supreme
Court over the dismissal of the company's petition challenging the
government's decision to allow surplus coal from Sasan power
project to be used in other projects, Bloomberg News reports.

The government’s decision to allow diversion of coal from Sasan to
other Reliance Power projects was taken "after the conclusion of
the bidding process... this has disturbed the fairness,
transparency and the level playing field and is not in accordance
with the bidding documents", the report quoted the company as
saying.

Reliance Power Ltd., which won the auction to build the Sasan
project, said a group of cabinet ministers had in August 2008
allowed it to use the surplus coal in other projects, Bloomberg
News recalls.

Sasan is one of 12 coal- based power projects that are being
planned to help Asia’s third-largest economy meet electricity
demand and end blackouts, according to Bloomberg News.

                   About Tata Power Company Ltd

Tata Power Company Ltd. -- http://www.tatapower.com/-- is a
licensee engaged in generation and supply power to bulk
consumers in the Mumbai metropolitan area.  The company operates
four thermal plants with a combined capacity of 1,350 MW, and
three hydroelectric plants aggregating 447 MW; all of these
supply power to the Mumbai licence area.  The company also has a
plant that supplies power to Tata Steel.  In addition, Tata
Power has an 81-MW independent power project at Belgaum that
sells power to Karnataka Power Transmission Corporation Limited.

                          *     *     *

Standard & Poor's Ratings Services, on Aug. 24, 2007, lowered
its corporate credit rating on India's Tata Power Co. Ltd. to
'BB-' from 'BB+'.  S&P said the outlook is stable.  At the same
time, the rating on Tata Power's US$300 million senior unsecured
bonds have been lowered to 'BB-' from 'BB+'.

Moody's Investors Service, on July 3, 2007, downgraded the
corporate family rating of Tata Power Company to Ba3 from Ba1.
At the same time, Moody's downgraded its senior unsecured
bond rating to B1 from Ba2.  Moody's said the ratings outlook is
negative.

All ratings still hold to date.


TECHNOVA IMAGING: CRISIL Puts 'B-' Ratings on Rs.550MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its ratings of 'B-/Negative/P4' to the various
bank facilities of Technova Imaging Systems Pvt Ltd (TechNova).

   Rs.1663.4 Million Rupee Term Loan      B-/Negative (Assigned)
   Rs.550.0 Million Cash Credit           B-/Negative (Assigned)
   Rs.606.6 Million Proposed Long Term    B-/Negative (Assigned)
            Bank Loan Facility
   Rs.1080.0 Million Letter of Credit     P4 (Assigned)
   Rs.100.0 Million Bank Guarantee        P4 (Assigned)

The ratings reflect significant weakening in TechNova's financial
risk profile due to heavy extraordinary losses in FY09 linked to
adverse movements in forex rates & commodity (aluminium) prices,
necessitating a re-schedulement of its loans, and exposure to
risks relating to scalability of volumes due to the current
economic slowdown.  These weaknesses are, however, partially
offset by TechNova's dominant market position in the printing
consumables industry, being the sole manufacturer of offset
printing plates in India, and healthy operating efficiency backed
by technical collaborations.

Outlook: Negative

CRISIL believes that TechNova's debt repayment ability will remain
under pressure over the near term due to its weak financial risk
profile.  The rating may be downgraded if the company is unable to
restructure its term debt, or to raise the proposed working
capital loan.  The outlook may be revised to 'Stable', if the debt
restructuring as tentatively approved by the lenders' consortium
is finally sanctioned, and the company reports operating revenues
and profitability at expected levels for two consecutive quarters.

                        About TechNova

TechNova, founded in 1971, is a leading manufacturer of printing
consumables in India.  The company is promoted by Mr. Pranav
Parikh, who has an experience of over four decades in the printing
industry.  TechNova is a part of the Parikh group of companies,
which has interests in logistics business under DHL Lemuir
Logistics Ltd., Lee & Muirhead Ltd. Etc.  The company's product
profile includes offset printing plates (analog and digital),
chemicals, digital print media, inks and other related products.
The company enjoys leadership position in India in the printing
consumables segment, and is among the top five manufacturers of
offset plates in the world.  TechNova has a long-term technical
collaboration with Agfa-Gevaert group of Europe, one of the
world's leading manufacturers of offset plates.  TechNova has been
a leading pioneer in innovating new technologies and has won the
prestigious award of Technology Pioneer from World Economic Forum.
The company was recently awarded worldwide patents for the next
generation of inkjet digital plates developed by its own R&D team.
The company has also formed a Joint-venture with Toyo Ink, Japan,
the third largest manufacturer of printing inks in the world.



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

PERUSAHAAN LISTRIK: To Sign US$1.4BB Loan Deals With Chinese Banks
------------------------------------------------------------------
PT Perusahaan Listrik Negara (PLN) will sign US$1.4-billion worth
of loan deals with Chinese banks in May to finance four coal-fired
power plants, Jakarta Globe reports citing PLN President Director
Fahmi Mochtar.

The report, citing Mr. Fahmi, says China Export Import Bank will
act as lead arranger to finance the construction of three coal-
fired power plants namely:

   -- 900 MW plant in Pelabuhan Ratu, West Java Province worth
      US$482 million;
   -- 600 MW plant in Pacitan, East Java Province worth
      US$293 million; and
   -- 200 MW plant in Aceh Province worth US$124 million.

A further loan agreement will be signed later in May, with Bank of
China as the lead arranger, to finance a US$455 million expansion
of the 900 MW Teluk Naga plant in Banten Province, the report
adds.

“The funds will be disbursed around three months after the signing
of the deals, once all the requirements are met,” Mr. Fahmi was
quoted by the news agency as saying.

PLN will push ahead with the projects during the interval and bill
the costs to the lenders later, the report notes.

Indonesian state utility firm PT Perusahaan Listrik Negara --
http://www.pln.co.id/-- transmits and distributes electricity
to around 30 million customers, roughly 60% of Indonesia's
population.  The Indonesian Government decided to end PLN's
power supply monopoly to attract independents to build more
capacity for sale directly to consumers, as many areas of the
country are experiencing power shortages.

                          *     *     *

PT Perusahaan Listrik Negara continues to carry a Ba3 corporate
family rating -dom curr with stable outlook.



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

SHINKIN CENTRAL: S&P Junks Bank Fundamental Strength Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'C+' from 'B' its
bank fundamental strength rating on Shinkin Central Bank, and
lowered to 'A-1' from 'A-1+' its short-term counterparty rating on
SCB.  The downgrade reflects SCB's deteriorating financial base,
due to losses on asset holdings, and increased risk volume amid a
volatile securities market.  At the same time, S&P affirmed its
'A+' long-term counterparty rating on SCB.  The outlook on the
long-term rating remains stable.

The affirmation of the long-term counterparty rating follows the
lowering of the stand-alone rating, which excludes government
support in the event of an emergency, and an increase in the
government support factor to three notches from two notches.  The
one-notch increase reflects the likelihood of government support,
given the important role SCB plays in Japan's financial system as
a central bank of shinkin banks.

SCB expects to post net losses of JPY184 billion for fiscal 2008
(ended March 31, 2009), mainly due to an increase in impairment
losses on securities, estimated to stand at JPY208.6 billion for
the year.  SCB's ratio of securities to total assets is high,
standing at about 60%, as the bank manages the excess funds of
shinkin banks.  Accordingly, the bank is subject to market
fluctuations.  For the quarter ended March 31, 2009, the bank
expects to post over JPY100 billion in impairment losses, mainly
attributable to plunging stock and investment trust prices.  The
bank has sold a portion of its assets in a bid to reduce the risk
of future impairment losses.  However, Standard & Poor's expects
the bank's financial base to remain pressured, as its exposure to
equities and foreign securities remains high.

SCB plans to raise JPY200 billion worth of capital in June 2009
through the issuance of common shares to shinkin banks.  If this
plan materializes, the bank's Tier 1 capital, which stood at
JPY423.7 billion as of Dec. 31, 2008, would recover to some
extent.  However, Standard & Poor's believes that SCB will need to
provide more support to its shinkin members under its "Shinkin
Bank Management Strengthening System" if the markets remain
unstable and the economy continues to deteriorate.  As such, S&P
feel that the bank's financial risk is likely to increase, even
when the positive effects from the planned capital increase are
taken into consideration.

Standard & Poor's had assigned its 'A-1+' short-term counterparty
rating to SCB, which was higher than the short-term counterparty
ratings assigned to Japanese banks with 'A+' long-term
counterparty ratings.  This was based on the relatively high
growth rate of deposits at the shinkin banks when compared to
other financial institutions.  However, S&P has lowered its short-
term counterparty rating on SCB to the same level as that on other
Japanese banks with 'A+' long-term counterparty ratings,
reflecting financial and capital market instability and
deterioration in the stand-alone credit quality of SCB.

The stable outlook is based on S&P's expectations that the
increase in risk is likely to remain within a manageable range for
the current ratings, given the profitability of the bank's core
business and its stable liquidity, provided asset values do not
fluctuate greatly.  The ratings or outlook may come under downward
pressure if asset risks increase due to market deterioration, or
SCB's financial burden exceeds S&P's assumptions as a result of
deterioration in the business environment of the shinkin banks.
Conversely, the outlook or ratings may experience upward movement
if SCB's risk volume declines or its financial base improves
through a reduction in asset risk and a stabilization in
profitability.  The size of the government support notch-up may
expand if the stand-alone rating is lowered.



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

HYUNDAI MOTOR: Unit Claims US$104MM from Collapsed Car Rental Firm
------------------------------------------------------------------
Hyundai Motor Finance, Hyundai Motor Company's financing firm in
the U.S., is claiming US$104 million from car rental firm
Advantage Rental and Leasing, which has filed for bankruptcy,
according to car magazine Automotive News.

The report, citing filing in U.S. Bankruptcy Court in Minneapolis,
says Hyundai gave Advantage two loans in February and August last
year to refinance the purchase of 4,477 vehicles for Advantage
Rent A Car Co.

However, the report relates Hyundai said it hasn't received a
payment since December and hasn't been able to take control of the
vehicles, which were used as collateral.

The Troubled Company Reporter-Asia Pacific on April 2, 2009,
reported that Hertz Global Holdings Inc. won the right to purchase
certain assets of Advantage Rent A Car which, according to company
filings, generated full year 2008 revenues of about $146 million.
The purchase price, subject to court approval, is approximately
$33 million.

On December 8, 2008, the corporate entities that owned and
operated Advantage Rent A Car each filed a voluntarily petition
for relief under Chapter 11 of the United States Code in the
United States Bankruptcy Court for the District of Minnesota.  Two
bidders participated in the Bankruptcy Court auction with Hertz
winning the auction.

According to the Automotive News, Michael Buckingham, president of
Hyundai Motor Finance, said he's hopeful the captive can recoup a
substantial amount now that Hertz has acquired Advantage.

                    About Advantage Rent A Car

Advantage Rent A Car -- http://www.advantage.com-- is a car
rental company with 50 locations in the U.S. and 130 international
affiliate locations.  It is privately held by Denny Hecker Family
Ventures, with headquarter operations in Minneapolis.  Advantage
serves travel and leisure, lifestyle, business, government and
insurance replacement rentals.  The Hecker group of companies
include automobile dealerships, leasing, daily automobile and
motorcycle rental, commercial, and residential real estate
development, aviation, hospitality, and technology.

                       About Hyundai Motor

Headquartered in Seoul, South Korea, Hyundai Motor Company
(SEO:005380) -- http://www.hyundai-motor.com/-- is an automobile
manufacturer in Korea.  The company markets the Atoz Prime, Getz,
Accent, Elantra, Hyundai Coupe, Sonata, Grandeur XG and Centennial
passenger cars; the Trajet, Terracan, Tucson, Santa Fe, H-1 and
Matrix recreational vehicles, and commercial vehicles, which
include trucks, buses, tractors, and specialty vehicles, such as
refrigerated vans, ready mixed concrete (remicon) mixers and oil
tankers.  It operates overseas plants in North America, India and
China, and research and development centers in North America,
Japan and Europe.  During the year ended December 31, 2007, the
company produced 1,706,727 vehicles sold around the globe.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
Jan. 16, 2009, Fitch Ratings downgraded Hyundai Motor's long-term
foreign currency Issuer Default Ratings to 'BB+' from 'BBB-' (BBB
minus), and the Short-term ratings to 'B' from 'F3'.  The agency
revised the Outlook to Negative from Stable.


HYNIX SEMICONDUCTOR: Japan to Lift Tariffs on Chip
--------------------------------------------------
Japan has decided to lift punitive tariffs on computer chips made
by Hynix Semiconductor Inc., in a move expected to settle a three-
year trade dispute between the two countries, Yonhap News Agency
reports citing officials.

The news agency says Japan will remove the 9.1-percent tariff
imposed on Hynix later this month.

According to Bloomberg News, Japan's Ministry of Economy, Trade
and Industry said the final recommendation by a government panel
to scrap the tariff will need approval at a Cabinet meeting on
April 17, and an official announcement will be made on April 22.

The decision, Bloomberg News relates, follows a similar removal of
duties on Hynix by the European Union and the U.S. last year.
Japan on Sept. 1 lowered the duty on Hynix’s chips to 9.1 percent
from 27.2 percent and in October started a review of the levies,
Bloomberg News recounts.

Hynix expects to increase sales of its memory chips in Japan after
the tariff is scrapped, and aims to boost its market share in the
country to more than 20 percent from about 15 percent now,
Bloomberg News cited Hynix in a statement.

Hynix Semiconductor Inc. (HSI) of Icheon, Korea --
http://www.hynix.com/-- is a memory semiconductor supplier
offering Dynamic Random Access Memory chips ("DRAMs") and Flash
memory chips to a wide range of established international
customers.  The company's shares are traded on the Korea Stock
Exchange, and the Global Depository shares are listed on the
Luxemburg Stock Exchange.

                          *     *     *

As reported by the Troubled Company Reporter-Asia pacific on
Dec. 29, 2008, Standard and Poor's Ratings Services lowered to
'B+' from 'BB-' its long-term corporate credit and senior
unsecured debt ratings on Korea-based Hynix Semiconductor Inc. to
reflect the extremely challenging market situation and the rapid
deterioration in the company's financial risk profile.  The
outlook on the long-term corporate credit rating is negative.

Moody's Investors Service downgraded to B1 from Ba3 Hynix
Semiconductor Inc's corporate family and senior unsecured bond
ratings on Dec. 26, 2008.  The outlook for both ratings remains
negative.



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

* NEW ZEALAND: Feb. 2009 Retail Sales Flat, Statistics NZ Says
--------------------------------------------------------------
In February 2009, there was almost no change in seasonally
adjusted total retail sales, up just 0.2 percent (NZ$10 million)
from January, Statistics New Zealand said.  This followed a fall
of 1.2 percent in January.

Although total sales were flat in February, there were again
notable movements in the vehicle-related industries, with
automotive fuel retailing up 6.7 percent (NZ$34 million) and motor
vehicle retailing down 3.2 percent (NZ$17 million). Fifteen of the
24 industries surveyed increased or decreased by NZ$5 million or
less.

Sales in core retailing, which excludes the four vehicle-related
industries, were also flat in February 2009, down just 0.1 percent
(NZ$5 million).  This followed a small rise of 0.2 percent in
January.  The largest decreases in the latest month were in
recreational goods retailing (down 4.9 percent or NZ$10 million)
and accommodation (down 4.2 percent or NZ$9 million), while
supermarket and grocery stores (up 1.0 percent or NZ$12 million)
had the greatest increase from January.

The trend in total retail sales has been in decline or flat since
December 2007, falling 3.4 percent since then. In early and mid-
2008 the monthly decline averaged 0.1 percent but this decline has
increased to 0.5 percent per month since August 2008.  The trend
in core retailing has risen almost continually since September
1995, but has flattened since April 2007, rising at a monthly
average of 0.1 percent since then.

Seasonally adjusted sales in all regions were either down or flat
compared with January.  Sales trends are in decline for all
regions except Canterbury.



===============
P A K I S T A N
===============

ROYAL BANK: Two Banks Vie for Pakistan Unit
-------------------------------------------
Bloomberg News reports MCB Bank Ltd. and Habib Bank Ltd. are
competing to buy Royal Bank of Scotland Group Plc's operations in
Pakistan.

Citing MCB and Habib Bank in separate statements to the Karachi
Stock Exchange,
the report says the lenders plan to apply to the central bank for
approval to begin a due diligence review of RBS Pakistan, which
has a market value of Rs. 21.4 billion (US$266 million).

The report recalls RBS said in February that it plans to reduce
operations in 36 countries in the Middle East and Asia and sell
assets after posting the largest loss in British corporate
history.

As reported in the Troubled Company Reporter-Europe on Feb. 27,
2009, RBS incurred a GBP24.0 billion full year net loss from a net
income of GBP6.8 billion in 2007,
the bank's results for the full year ending Dec. 31, 2008 show.

Total income for 2008 decreased 20% to GBP26.8 billion from
GBP33.5 billion in 2007.

                            About RBS

The Royal Bank of Scotland Group plc (NYSE:RBS) --
http://www.rbs.com/-- is a holding company of The Royal Bank of
Scotland plc (Royal Bank) and National Westminster Bank Plc
(NatWest), which are United Kingdom-based clearing banks.  The
company's activities are organized in six business divisions:
Corporate Markets (comprising Global Banking and Markets and
United Kingdom Corporate Banking), Retail Markets (comprising
Retail and Wealth Management), Ulster Bank, Citizens, RBS
Insurance and Manufacturing.  On October 17, 2007, RFS Holdings
B.V. (RFS Holdings), a company jointly owned by RBS, Fortis N.V.,
Fortis SA/NV and Banco Santander S.A. (the Consortium Banks) and
controlled by RBS, completed the acquisition of ABN AMRO Holding
N.V. (ABN AMRO).  In July 2008, the company disposed its entire
interest in Global Voice Group Ltd.



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

@SOURCE INVESTMENTS: Court Enters Wind-Up Order
-----------------------------------------------
On March 27, 2009, the High Court of Singapore entered an order to
have @source Investments Pte Ltd's operations wound up.

S. L. Properties Limited filed the petition against the company.

The company's liquidator is:

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


AZAG ASIA: Creditors' Proofs of Debt Due on May 11
--------------------------------------------------
The creditors of Azag Asia Holdings Pte Ltd are required to file
their proofs of debt by May 11, 2009, to be included in the
company's dividend distribution.

The company's liquidators are:

          Chia Soo Hien
          Leow Quek Shiong
          c/o BDO Raffles
          19 Keppel Road
          #02-01 Jit Poh Building
          Singapore 089058


CONTAINER BRIDGE: Court to Hear Wind-Up Petition on April 24
------------------------------------------------------------
A petition to have Container Bridge (S) Pte Ltd's operations wound
up will be heard before the High Court of Singapore on April 24,
2009, at 10:00 a.m.

Winson Oil Trading Pte Ltd filed the petition against the company
on April 2, 2009.

The Petitioner's solicitors are:

          Messrs. Rajah & Tann LLP
          4 Battery Road
          #15-01 Bank of China Building
          Singapore 049908


SANTA ROSA: Creditors' Proofs of Debt Due on May 11
---------------------------------------------------
The creditors of Santa Rosa Investments Pte. Ltd. are required to
file their proofs of debt by May 11, 2009, to be included in the
company's dividend distribution.

The company's liquidators are:

          Bob Yap Cheng Ghee
          Tay Puay Cheng
          c/o 16 Raffles Quay #22-00
          Hong Leong Building
          Singapore 048581


SAVE-MONEY-DIVING.COM: Court to Hear Wind-Up Petition on April 24
-----------------------------------------------------------------
A petition to have Save-money-diving.com pte. Ltd.'s operations
wound up will be heard before the High Court of Singapore on
April 24, 2009, at 10:00 a.m.

SLABC Pte. Ltd. filed the petition against the company on April 2,
2009.

The Petitioner's solicitors are:

          Messrs. Rajah & Tann LLP
          4 Battery Road
          #15-01 Bank of China Building
          Singapore 049908



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

* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
Apr. 1-4, 2009
AMERICAN BANKRUPTCY INSTITUTE
    27th Annual Spring Meeting
       Gaylord National Resort & Convention Center,
       National Harbor, Md.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 16-19, 2009
COMMERICAL LAW LEAGUE OF AMERICA
    2009 Chicago/Spring Meeting
       Westin Hotel on Michigan Ave., Chicago, Ill.
          Contact: (312) 781-2000; http://www.clla.org/

Apr. 17-18, 2009
NATIONAL ASSOCIATION OF BANKRUPTCY TRUSTEES
    NABT Spring Seminar
       The Peabody, Orlando, Florida
          Contact: http://www.nabt.com/

Apr. 20, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Consumer Bankruptcy Conference
       John Adams Courthouse, Boston, Massachusetts
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 27-28, 2009
TURNAROUND MANAGEMENT ASSOCIATION
    Corporate Governance Meetings
       Intercontinental Hotel, Chicago, Illinois
          Contact: www.turnaround.org

Apr. 28-30, 2009
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Spring Conference
       Intercontinental Hotel, Chicago, Illinois
          Contact: www.turnaround.org

May 1, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Nuts and Bolts for Young Practitioners
       Alexander Hamilton Custom House, New York City
          Contact: 1-703-739-0800; http://www.abiworld.org/

May 4, 2009
AMERICAN BANKRUPTCY INSTITUTE
    New York City Bankruptcy Conference
       New York Marriott Marquis, New York City
          Contact: 1-703-739-0800; http://www.abiworld.org/

May 7-8, 2009
RENASSANCE AMERICAN MANAGEMENT, INC.
    6th Annual Conference on
    Distressted Investing - Europe
       The Le Meridien Piccadilly Hotel, London, U.K.
          Contact: 1-903-595-3800 or
                   http://www.renaissanceamerican.com/

May 7-10, 2009
AMERICAN BANKRUPTCY INSTITUTE
    27th Annual Spring Meeting
       Gaylord National Resort & Convention Center
       National Harbor, Maryland
          Contact: http://www.abiworld.org/

May 12-15, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Litigation Skills Symposium
       Tulane University, New Orleans, La.
          Contact: http://www.abiworld.org/

May 14-16, 2009
ALI-ABA
    Chapter 11 Business Reorganizations
       Langham Hotel, Boston, Massachusetts
          Contact: http://www.ali-aba.org

June 10-13, 2009
ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
    25th Annual Bankruptcy & Restructuring Conference
       The Ritz-Carlton Orlando Grande Lakes
          Orlando, Florida
             Contact: http://www.aria.org/

June 11-14, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa
          Traverse City, Michigan
             Contact: http://www.abiworld.org/

June 21-24, 2009
INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY &
    BANKRUPTCY PROFESSIONALS
       8th International World Congress
          TBA
             Contact: http://www.insol.org/

July 16-19, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Mt. Washington Inn
          Bretton Woods, New Hampshire
             Contact: http://www.abiworld.org/

July 29-Aug. 1, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Westin Hilton Head Island Resort & Spa,
       Hilton Head Island, S.C.
          Contact: http://www.abiworld.org/

Aug. 6-8, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Conference
       Hotel Hershey, Hershey, Pa.
          Contact: http://www.abiworld.org/

Sept. 10-11, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Complex Financial Restructuring Program
       Hyatt Regency Lake Tahoe, Incline Village, Nevada
          Contact: http://www.abiworld.org/

Sept. 10-12, 2009
AMERICAN BANKRUPTCY INSTITUTE
    17th Annual Southwest Bankruptcy Conference
       Hyatt Regency Lake Tahoe, Incline Village, Nevada
          Contact: http://www.abiworld.org/

Oct. 2, 2009
AMERICAN BANKRUPTCY INSTITUTE
    ABI/GULC "Views from the Bench"
       Georgetown University Law Center, Washington, D.C.
          Contact: http://www.abiworld.org/

Oct. 5-9, 2009
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       Marriott Desert Ridge, Phoenix, Arizona
          Contact: 312-578-6900; http://www.turnaround.org/

Oct. 20, 2009
AMERICAN BANKRUPTCY INSTITUTE
    NCBJ/ABI Educational Program
       Paris Las Vegas, Las Vegas, Nev.
          Contact: http://www.abiworld.org/

Dec. 3-5, 2009
AMERICAN BANKRUPTCY INSTITUTE
    21st Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 29-May 2, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 17-20, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa, Traverse City, Michigan
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 7-10, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Ocean Edge Resort, Brewster, Massachusetts
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Ritz-Carlton Amelia Island, Amelia, Fla.
          Contact: http://www.abiworld.org/

Aug. 5-7, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 4-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Grande Lakes, Orlando, Florida
          Contact: http://www.turnaround.org/

Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
    22nd Annual Winter Leadership Conference
       Camelback Inn, Scottsdale, Arizona
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa
          Traverse City, Michigan
             Contact: http://www.abiworld.org/

Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    23rd Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/



                         *********

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

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

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


                            *********


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

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

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

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

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





                 *** End of Transmission ***