---

        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

           Friday, April 17, 2009, Vol. 12, No. 75

                            Headlines

A U S T R A L I A

FORTESCUE METALS: China to Formally Approve Valin Deal on April 19
GPT GROUP: Sells Stakes in Two Trusts for $143 Mln.
MACCARAL DEVELOPMENTS: Financier Calls in Receivers
NATURAL FUEL: Placed Under Administration
PMP LIMITED: To Cut 67 Jobs at its Clayton Print Site

SAMSON OIL: Going Concern Doubt Cues Re-Issuance of Audit Report
TIMBERCORP LTD: In Talks with Financiers after Asset Sale Failed


B A H R A I N

ARCAPITA BANK: To Complete $400 Mln Rights Issue by End of April


C H I N A

CHINA SOUTHERN: Delaying This Year's Aircraft Deliveries
GREENTOWN CHINA: Moody's Reviews 'B1' Corporate Family Rating
GREENTOWN CHINA: To Sell Shanghai Project for CNY1.2 Bln.


H O N G  K O N G

ACLEX LIMITED ET AL: Liquidator to Give Wind-Up Report on May 11
DAYTHER COMPANY: Appoints Yu as Liquidator
GERMAN-STEELS: Leung Shiu Tong Steps Down as Liquidator
GIAN ANDREA: Members' Meeting Set for May 19
GOOD HARVEST: Inability to Pay Debts Prompts Wind-Up

HIDDEN DRAGON: Placed Under Creditors' Voluntary Liquidation
HONG KONG HUAAN: Yang Xiaoxue Steps Down as Liquidator
INSTITUTE OF SUPPLY: Commences Wind-Up Proceedings
JE FULFILMENT: Member to Receive Wind-Up Report on May 13
LOK SIN: Quinnie Sau Hing Lau Step Down as Liquidator

LONG WINNER: Sun Steps Down as Liquidator
RENOWN IFG ET AL: Lam and Toohey Step Down as Liquidators
SHING SIU: Au Chun Fai Jeffrey Steps Down as Liquidator
UNIQUE PRO: Commences Wind-Up Proceedings
YAM SINCERE ET AL: Wan and Nassar Step Down as Liquidators


I N D I A

ALPHA CARBONLESS: CRISIL Rates Rs.24.4MM Term Loans at 'BB+'
APEX AUTO: Loan Repayment Delays Prompt CRISIL 'D' Ratings
BCL INDUSTRIES: CRISIL Rates Rs.435.0MM Cash Credit Limit at 'BB-'
CEASAN GLASS: CRISIL Assigns 'B+' Rating on Rs.200 Mln LT Loan
CHHAYA GEMS: CRISIL Places 'P4' Ratings on Various Bank Facilities

FIRST FLIGHT: CRISIL Puts 'BB' Rating on Rs.120.0 Mln Cash Credit
INTEGRAL BIOSCIENCES: CRISIL Rates Rs.145.00 Mln Term Loan at 'B'
J. L. MORISON: CRISIL Puts 'BB+' Rating on Rs.70 Mln Cash Credit
KIRLOSKAR ELECTRIC: CRISIL Rates Rs.116.50MM Long Term Loan at 'B'
LAXMI ENTERPRISES: Fitch Assigns 'BB-' National Long-Term Rating

NAV DURGA: CRISIL Asssigns 'B+' Rating on Rs.75 Mln Cash Credit
PAKIZA RETAIL: Fitch Corrects Rating Press Release on April 8
RAVIKIRAN CERAMICS: CRISIL Rates Various Bank Facilities at 'BB+'
SAINSONS PAPER: Low Net Worth Prompts CRISIL 'BB+' Ratings
TRIBHOVANDAS BHIMJI: CRISIL Rates Rs.100MM Cash Credit at 'BB'


I N D O N E S I A

PERTAMINA: Mulls on Buying Tridaya's 37.15% Stake in Elnusa
PERUSAHAAN PENERBIT: Fitch Assigns 'BB' Senior Unsecured Rating
PT DAVOMAS: Moody's Junks Corporate Family Rating from 'B2'
TELEKOM INDONESIA: Tie-Up w/ Orange to Boost Revenue to IDR100BB
TELEKOMUNIKASI INDONESIA: In Final Stages of ICT Acquisition

* Moody's Assigns 'Ba3' Rating on Indonesia's Foreign Currency
* S&P Assigns 'BB-' Issue-Rating on Republic of Indonesia


J A P A N

DTC THREE: S&P Keeps BB Ratings on Two Class E Notes
GK L-JAC4: S&P Cuts Rating on Class G-3 of Bonds to 'BB'
RENOWN INC: Unveils Management Changes
RENESAS TECHNOLOGY: Continues Various Cost Cutting Measures


N E W  Z E A L A N D

PARKSIDE DEVELOPMENTS: IRD Moves to Liquidate Unit


P H I L I P P I N E S

MARIBOJOC RURAL BANK: Placed Under PDIC's Receivership


S O U T H  A F R I C A

PAMODZI GOLD: Best Rock Funding Expected Today


S I N G A P O R E

UBS AG: To Cut 240 Jobs in Asia-Pacific, Bloomberg News Says


T A I W A N

AU OPTRONICS: Acquires 35% in Lighthouse Technology for NT$384MM
CHINA BILLS: Fitch Affirms Support Rating Floor at 'B+'
E SUN: Volatile Profitability Cues Fitch's 'D' Individual Rating
ELPIDA MEMORY: Partnership with Taiwan Memory Supported by Govt.
* TAIWAN: Legislators Question Taiwan Memory's Purpose


X X X X X X X X

Large Companies with Insolvent Balance Sheets


                         - - - - -



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

FORTESCUE METALS: China to Formally Approve Valin Deal on April 19
------------------------------------------------------------------
John Durie at The Australian reports that China will shortly
approve Hunan Valin Iron & Steel Group's AU$1.2 billion investment
in Fortescue Metals Group Ltd.  Hunan Valin will acquire a 17.6
percent stake in Fortescue through new stock and from shareholder
Harbinger Capital Partners.

The report says the pact between Fortescue Metals and Hunan Valin
will be formally agreed to in an official ceremony at the Boao
Fourm on Hainan Island in China on Sunday.

According to the Australian, the Boao Forum is an Asian version of
the World Economic Forum and will hold its annual meeting on
Sunday, April 19.

                        About Hunan Valin

China-based Hunan Valin Iron & Steel Group Co. Ltd. --
http://www.chinavalin.com/-- makes steel pipes, bars, wires,
sectional products, and hot-rolled steel plates along with copper
plate pipes and inner-twisted pipes.  Its annual output is about 9
million tons of steel and 8 million tons of steel products; hot-
rolled steel plate is the company's biggest revenue generator.
Hunan Valin products are distributed in mainland China and
exported throughout much of Asia as well as to the US.  It was
formed in 1999.  In 2005, the company sold about a one-third stake
in publicly listed subsidiary Hunan Valin Steel Tube & Wire
Company to what is now ArcelorMittal.

                     About Fortescue Metals

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

                          *     *     *

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


GPT GROUP: Sells Stakes in Two Trusts for $143 Mln.
--------------------------------------------------
The Australian reports that the GPT Group has sold a 5 per cent
stake in each of two wholesale trusts to Australian-based
institutions for $143 million -- an estimated 30 per cent discount
on book value.

According to the report, the buyers were existing investors in the
GPT Wholesale Office Fund and the GPT Wholesale Shopping Centre
Fund.

"There was a market level discount but we are not disclosing the
level of discount," GPT's acting chief executive Michael O'Brien
was quoted by The Australian as saying.

However, the report relates JP Morgan's property analyst Rob
Stanton said it looked like the units were sold at 30 per cent
below book value.

The Australian says GPT had reduced its stakes in both funds to
around 35 per cent after the deal.

Mr O'Brien, as cited by the report, said the proceeds from the
sale would increase "the headroom we have against our covenant and
reduces the amount we have to refinance next year."

According to the Australian, GPT's next debt maturity is in
October next year, with $2.1 billion due for refinancing, but it
has $900 million in cash on its balance sheet.  It has $1.4
billion of non-core assets, mainly its hotel portfolio, in
Australia and overseas on the market, the report notes.

GPT has also sold three non-core assets, including Cradle Mountain
Lodge in Tasmania, for $47 million, bringing the total disposals
so far to $86 million, The Australian recounts.

As reported in the Troubled Company Reporter-Asia Pacific on
Mar. 4, 2009, GPT Group reported a net loss of AU$3.25 billion for
the year ended December 31, 2008, compared with a net profit of
AU$1.18 billion in the prior year.

The company's revenue dropped 75 percent to AU$470.2 million from
AU$1.85 billion it reported in 2007.

As at December 31, 2008, the company's balance sheet showed total
assets of AU$13.03 billion, total liabilities of AU$6.22 billion
and total stockholders' equity of AU$6.81 billion.  The company's
balance sheet at December 31, 2008, also showed strained liquidity
with AU$1.74 billion in total current assets available to pay
AU$1.75 billion in total current liabilities.

                         About GPT Group

Listed on the Australian Stock Exchange since 1971, the GPT Group
-- http://www.gpt.com.au-- is one of Australia's largest
diversified listed property groups, with total assets of AU$13.9
billion.  The Group has a substantial investor base, with
approximately 50,000 investors and is one of the top 100 stocks by
market capitalisation.


MACCARAL DEVELOPMENTS: Financier Calls in Receivers
---------------------------------------------------
A secured creditor and financier of Maccaral Developments Pty Ltd
has called in receivers for the company due to default in  loan
repayments, The Chronicle reports.

The report says the creditor has appointed SV Partners' Paul
Sweeney and Glenn Shannon as receivers and managers of Maccaral
Developments, which is part of the Ikin Group of companies.

"Maccaral's repayments to its financier were in default, arising
from the poor performance of the facility," the report quoted
Mr. Sweeney as saying.  "While we're continuing to operate this
storage facility, we're actively considering our options to either
lease it up and sell later, or to sell immediately."

The move, the report relates, comes after the recent appointment
of administrators to another firm within the group, the Ikin Move
It offices in Mackay.

According to the report, Maccaral Developments is the developer of
the 544-shed, Ikin Store It facility located at 518 to 524
Boundary Street in Toowoomba.


NATURAL FUEL: Placed Under Administration
-----------------------------------------
Natural Fuel Limited ("NFL") has been placed under administration,
WA Business News reports.  The company appointed Darren Weaver,
Martin Jones and Andrew Saker of Ferrier Hodgson as administrators
of NFL.

"The administrators are working with the board and management to
look at options for the restructure of the company and its
financial position," the report cited Ferrier in a statement.

The report says the company entered a trading halt on Thursday,
April 9, pending an announcement regarding its financial position.

According to the report, Natural Fuel reported a net loss of
$47.6 million and $7.4 million in cash and cash equivalents for
the six months ended December 31, 2008.

The Troubled Company Reporter-Asia Pacific reported on Sept. 24,
2008, that Natural Fuels Australia Limited, a 50-50 joint venture
between Natural Fuel Limited and Babcock and Brown Environmental
Investments Limited, has appointed Peter Walker and Steven Sherman
of Ferrier Hodgson as joint and several voluntary administrators
under Part 5.3A of the Corporations Act 2001.

Natural Fuels Australia and its subsidiary Natural Fuel Darwin Pty
Ltd, own and operate the biodiesel production facility in Darwin.

The directors of Natural Fuels Australia resolved to appoint
administrators on Friday Sept. 19, 2008, following the withdrawal
of funding support by Babcock and Brown Environmental Investments
Limited, with the effect that the Sept. 30, 2008, repayment date
for Natural Fuels Australia's secured loan to that shareholder
would not be extended.

                        About Natural Fuel

Natural Fuel Limited (ASX:NFL)-- http://www.naturalfuel.com/ --
is engaged in the construction and commissioning of a biodiesel
plant in Darwin, Australia with its 50% joint venture partner and
the construction of a biodiesel plant in Singapore. It is engaged
in the development of biodiesel plants with the plan to produce,
market and distribute bio-diesel products in the future. It is
organized on a global basis through three geographical segments:
Australia, Singapore and United States of America.  Its
subsidiaries are Natural Fuel Pte Ltd and Natural Fuel & Energy
Inc.


PMP LIMITED: To Cut 67 Jobs at its Clayton Print Site
-----------------------------------------------------
PMP said it has decided to reduce the number of permanent
employees at its Clayton print site, with effect immediately.

PMP Print anticipates 67 permanent positions will be made
redundant, primarily on a voluntary basis.  PMP Print will work
with local management, employees and the union over the coming
weeks to support all staff while the redundancies take effect.

"This decision has been made as a consequence of declining print
volumes in a deteriorating market.  The reduction in permanent
employees will reflect a more appropriate match of labour to
production and will not have any adverse impact on PMP Print's
customers," the company said in a statement.

PMP estimates this decision will incur an additional $4.5 million
in redundancy costs for FY09 to those previously foreshadowed in
the market outlook announced in February where significant items
were contemplated in the 2nd half to result in a further
$15 million in one off costs.

Given the decline in print volume in the 2nd half of FY09, PMP
said it now expects its 2nd half earnings (EBIT before significant
items) to be below its 1st half results.  FY09 full year debt is
still on target for circa. $200 million.

Chief Executive Officer, Richard Allely, said that this is a
further decision consistent with the previously announced process
of optimising PMP Print's press operations to ensure the company
continues to structure its business to reflect market conditions.
He also said "That while PMP had sought to avoid redundancies
through other initiatives it was left with no alternative at this
time."

                        About PMP Limited

Australian-based PMP Limited (ASX:PMP) --
http://www.pmplimited.com.au/-- is engaged in commercial
printing, digital premedia and letterbox and magazine distribution
services.  It operates in the areas of data-driven market and
customer analytics, creative advertising solutions, premedia,
creative and photographic services, printing, letterbox and
magazine distribution through its Pacifi c MicroMarketing,
Pinpoint (NZ), PMP Maxum (NZ), PMP Digital, PMP Print, PMP
Distribution, Gordon & Gotch and Griffin Press businesses.  During
the fiscal year ended June 30, 2008, PMP launched PMP Edge, which
is a sales and marketing initiative for the letterbox distribution
business combining a technology-based value proposition with a
significant investment in training of sales staff.
On September 21, 2007, PMP Limited acquired Times Printers
(Australia) Pty Limited.  On November 29, 2007, Times Printers
(Australia) Pty Limited changed its name to Argyle Print Pty Ltd.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Mar. 26, 2009, Standard & Poor's Ratings Services said that it had
affirmed its 'BB+' long-term corporate credit rating on PMP Ltd.
and revised the outlook on the rating to negative from stable.
The outlook revision reflects S&P's view of the increasingly
challenging market conditions for the company and the Australian
printing sector.  At the same time, the 'BB+' rating on PMP's
senior unsecured bank facilities were affirmed.


SAMSON OIL: Going Concern Doubt Cues Re-Issuance of Audit Report
----------------------------------------------------------------
Samson Oil & Gas Limited has said its audit report and financial
statements, as included in its Annual Report on Form 20-F for the
fiscal year ended June 30, 2008, have been re-issued to note the
existence of substantial doubt as to Samson's ability to continue
as a going concern.  This announcement is in compliance with the
NYSE Amex Company Guide Rule 610(b) requiring a public
announcement of the receipt of an audit opinion that indicates
uncertainty as to the going concern of the company.  This
announcement does not reflect any change or amendment to the
consolidated financial statements as filed.

Samson Oil said the re-issuance arose out of a violation of one of
its covenants under its credit facility with Macquarie Bank
Limited as of December 31, 2008.  As of March 25, 2009, Macquarie
granted a waiver in respect of this covenant, and therefore the
Company's debt is in good standing with Macquarie.  However, due
to uncertainty with respect to future compliance with the debt
facility, the uncertainty with respect to the Company's ability to
continue as a going concern remains.

The covenant at issue requires the company's Proved Developed
Producing reserve value to exceed the outstanding loan amount by
20%.  The forward price curve in this test is discounted by 5%.
The breach was caused by the dramatic price drop of both oil and
natural gas which occurred in the later part of 2008.

Macquarie has included a number of conditions in this waiver,
including entering into additional hedging arrangements, some of
which have already been put in place.  Additional hedges with
respect to oil production and natural gas production have also
been entered into.

In addition, Macquarie has agreed to take an equity position in
Samson in exchange for its options under the credit facility which
will when fully effected amount to a 15% holding.

Samson Oil explained that the re-issuance of the June 2008 audit
report and financial statements was required in light of the
Company's need to incorporate the financial statements and the
related audit opinion into a Form F-3 secondary registration
statement to be filed in the near future.

Samson's Ordinary Shares are traded on the Australian Securities
Exchange under the symbol "SSN."  Samson's American Depository
Receipts are traded on the NYSE Amex under the symbol "SSN," and
each ADR represents 20 fully paid Ordinary Shares of Samson.

                         About Samson Oil

With offices in Perth, Western Australia, and Lakewood, Colorado
Samson Oil & Gas Limited -- http://www.samsonoilandgas.com/-- is
a company limited by shares, incorporated on April 6, 1979 under
the laws of Australia.  The Company's principal business is the
exploration and development of oil and natural gas properties in
the United States, currently focused on the Rocky Mountain region.
The Company does not operate any of its material, producing
properties; rather, it owns a working interest in each property
and has entered into operating agreements with third parties under
which the oil and gas are produced and sold.

In early 2005, Samson entered the United States oil and gas market
by the acquisition of a control position in Kestrel Energy Inc., a
Colorado corporation, and increased its holdings from 78.8% of
Kestrel's outstanding shares at June 30, 2005 to 93.7% at June 30,
2006.  The Kestrel acquisition signaled a change in its business
strategy, whereupon the Company moved from holding investments in
resources companies to active oil and gas exploration, production
and development in the United States.  Kestrel was subsequently
merged with and into Samson's other wholly-owned subsidiary,
Samson Oil and Gas USA, Inc., a Colorado corporation, effective
March 5, 2007.


TIMBERCORP LTD: In Talks with Financiers after Asset Sale Failed
----------------------------------------------------------------
Timbercorp Limited said it is in discussions with its financiers
with a view to renegotiating, extending and amending its various
debt facilities.  The company said it is also working with its
advisers on a number of alternative funding and restructuring
options aimed at raising additional cash for operations and
reducing debt.

"Unless the company is able to reach agreement with its financiers
to restructure the existing debt facilities, or an alternative
funding or restructure plan is implemented before May 1, 2009,
there is significant uncertainty regarding the ability of the
company to continue as a going concern," the company said in a
statement.

                           Asset Sale

The company announced an asset sale program when it released its
2008 full year results on November 27, 2008.  The purpose of the
asset sale program was to substantially reduce debt and fund the
business going forward.

The company said it has now received non-binding indicative offers
for the forestry assets from a number of parties following a
period of due diligence.  The offers are at values substantially
below book value and are incomplete and conditional in nature.

The company said it is continuing the sale process however, based
on the offers received to date it is unlikely that the company
will be able to sell the forestry assets within the timeframe
required to satisfy the objectives of the sale program.

Indeed, there can be no assurance that a sale will be achieved,
the company said.

The company has also received several expressions of interest
regarding the sale of selected horticultural assets.  However, it
is too early in the process to determine whether any formal offer
for the horticultural assets will be received by the company and,
if any offer is received, whether the offer will be in a form or
at a price capable of acceptance.

                          Debt Position

As disclosed in Note 1 to the Financial Statements of the company
for the year ended September 30, 2008, the company restructured
its borrowing arrangements so as to obtain waivers for certain
bank covenants which would otherwise have been breached as at
September 30, 2008.  The company undertook to sell selected assets
and apply a portion of the proceeds to reduce debt.  The revised
facility terms matched some of the principal repayments to the
expected asset sale program.

The Financial Statements were prepared on a going concern basis,
subject to the asset sale program proceeding as planned or, in the
absence of asset sales, the continued support of the company's
financiers subject to agreeing alternative restructuring solutions
acceptable to them.

Given the status of the forestry sale program, the company is now
in discussions with its financiers with a view to renegotiating,
extending and amending its various facilities.

Details of the key features and current status of the company's
major bank facilities are:

  Syndicated Loan Facility
  ------------------------
The company has a syndicated loan facility with a limit of $200
million and which is fully drawn.  The facility is repayable by
monthly amortisation amounts up to July 2009 with final repayment
in December 2010.

The monthly installments include principal repayments of
$5 million on each of April 1,  May 1 and June 1, 2009, principal
repayments of $15 million in each of July and November 2009 and a
principal repayment of $50 million in December 2009.  The
financiers have agreed to extend the payment date for the payment
due on April 1, 2009 until May 1, 2009.  This means that the
company is obliged to make repayments of principal totaling
$10 million on May 1, 2009.

  Bilateral Facilities
  --------------------
The company has the following bilateral facilities with its
various financiers:

   * a bilateral facility with a limit of $150 million which
     has been fully drawn and which is due to be repaid in
     August 2011.

   * a bilateral facility with a limit of $45 million which
     has been fully drawn and which is due to be repaid in
     September 2009.

   * a bilateral facility with a limit of $89.3 million of
     which $83.3 million has been drawn and which is due to
     be repaid in March 2010.

   * two related bilateral facilities with a combined limit
     of $49.6 million which have been fully drawn and which
     are due to be repaid at the end of May 2009.

   * a bilateral bridging facility with a limit of $35 million
     which has been fully drawn and which is due to be repaid
     as to $10 million in December 2009 and the balance in
     June 2010.

                 Summary of Repayment Obligations
                          on May 1, 2009

The company's financiers have agreed to extend the date for
interest payments under all facilities which would otherwise be
payable during April 2009 until May 1, 2009.  As a consequence,
unless this date is extended by agreement with the company's
financiers, on May 1, 2009, the company is required to make the
following payments:

   * interest payments totaling $10.5 million under all
     facilities; and

   * principal repayments totaling $10 million under the
     Syndicated Loan Facility.

Based in Melbourne, Australia, Timbercorp Limited (ASX:TIM) --
http://www.timbercorp.com.au/-- is engaged in the establishment,
development, marketing and management of primary industry-based
projects, the acquisition of land, water rights and infrastructure
to support these projects, and the provision of finance to growers
in these projects.  The company is also involved in eucalypt and
olive oil processing operations, asset development, asset
management, the sale of agricultural assets and holding
investments in agricultural-related enterprises.  The company is
organized in four business segments: Horticulture, Forestry,
Finance and Asset development. Horticulture segment is engaged in
orchard / vineyard establishment, including securing access to
land, water rights and other infrastructure.  Forestry segment is
engaged in land acquisition and management.  Finance segment is
engaged in the provision of loan finance to new and existing
project grower investors.  Asset development segment develops and
manages orchards and vineyards under contract to third parties.



=============
B A H R A I N
=============

ARCAPITA BANK: To Complete $400 Mln Rights Issue by End of April
----------------------------------------------------------------
Arcapita Bank has secured more than two thirds of a $400 million
rights issue from existing shareholders and hopes to conclude the
deal by end of April, Reuters reports citing Arcapita chief
executive Atif Abdulmalik.

"We are talking to existing shareholders as we speak," Atif
Abdulmalik said at the Reuters Islamic Banking and Finance Summit
in Bahrain on Wednesday.  "We have secured commitments for more
than two thirds of the rights issue."

Mr. Abdulmalik, as cited by Reuters, said the bank expects to
raise the rest of the rights issue from strategic investors or
Gulf Arab sovereign wealth funds.

The report relates Mr. Abdulmalik said Arcapita had completed a
reduction of its short-term liabilities to "not even" $300 million
from between $800 million to $900 million and that the bank was
now well-capitalized with a $300 million facility signed at the
end of last year.

Arcapita was not planning to issue any more notes in the near
future, Reuters notes citing Mr. Abdulmalik.

According to Reuters, Mr. Abdulmalik also said that:

   -- Arcapita wants to conclude two acquisitions in the Asian
      infrastructure or real estate sectors by June and is also
      still in the running for buying up the assets of Babcock &
      Brown Power Ltd;

   -- the bank wants to launch a "senior lending fund" focusing
      on the United States, of which details would be made
      public in two weeks;

   -– a planned $3.5 billion residential real estate project in
      Qatar with Kuwait's Al Imtiaz Investment was on track,
      as was a $2 billion wind park project in China; and

   -- Arcapita was also working on the sale of one of its U.S.-
      based companies by the end of June.

Bahrain-based Arcapita Bank -- http://www.arcapita.com-  is an
international investment bank with four main lines of business:
corporate investment, real estate investment, asset-based
investment, and venture capital.  Its corporate investments
involve acquiring controlling interests in market-leading
companies around the world in the consumer, energy, health care,
manufacturing, and technology industries.  Arcapita's real estate
dealings include forming joint ventures to acquire properties
(from residential to resort) and undertaking development projects.
Arcapita's portfolio includes Caribou Coffee Company and Tensar
Corporation.  It has some $5 billion under management, with
transactions generally ranging from $100 million to $1 billion.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Apr. 8, 2009, Standard & Poor's Ratings Services lowered its long-
term counterparty credit rating on Bahrain-based Arcapita Bank to
'BB' from 'BB+' and kept the rating on CreditWatch with negative
implications where it was initially placed on Jan. 28, 2009.  At
the same time, Standard & Poor's affirmed its 'B' short-term
rating on Arcapita.

"The rating action reflects the very weak investment climate,
which has challenged Arcapita's business model and has decreased
the value of its assets in S&P's view," said Standard & Poor's
credit analyst Mohamed Damak.  "In this light, S&P believes
Arcapita's leverage indicators have weakened, which has put
pressure on its credit profile."



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

CHINA SOUTHERN: Delaying This Year's Aircraft Deliveries
--------------------------------------------------------
Neil Denslow at Bloomberg News reports China Southern Airlines Co
Ltd is delaying this year's deliveries of Airbus SAS A380s and
Boeing Co. 787s to pare growth amid the global recession.

The 13 787s and five A380s will now arrive from 2011, Board
Secretary Xie Bing said as cited by the report.

The carrier is also in talks to postpone four Boeing 777
freighters due this year, the report relates citing Chief
Financial Officer Xu Jiebo.

China Southern and its parent are also seeking further funds from
the government to help pare debts, the report adds citing Chairman
Si Xianmin.

The report relates according to Chairman Si, last year, the
airline's state-controlled parent won a CNY3 billion (US$439
million) capital injection after lobbying the government for more
than two years.

Headquartered in Guangzhou, China, China Southern Airlines Co.
Ltd. -- http://www.cs-air.com-- operates airlines, as well as
perform aircraft maintenance and air catering operations in the
People's Republic of China and internationally.  It provides
commercial airlines, cargo services, logistics operations, air
catering, utility service, hotel operation, travel services,
aircraft leasing, and Internet services.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 3, 2008, Fitch Ratings affirmed China Southern Airlines
Co. Ltd.'s "B+" Long-term Foreign Currency and Local Currency
Issuer Default Ratings.  The Outlook on the ratings is Stable.


GREENTOWN CHINA: Moody's Reviews 'B1' Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service has put Greentown China Holdings
Limited's B1 corporate family rating and B2 senior unsecured bond
rating on review for possible downgrade.

The review follows Greentown's announcement that it has entered
into an agreement to obtain a high-cost trust financing.

"While the financing could diversify Greentown's funding channel
and provide some liquidity for its operation and working capital
needs, the resultant increase in debt leverage and the high cost
of funding could erode the company's profit margins and financial
coverage metrics that would eventually pressure its ratings," says
Kaven Tsang, Moody's lead analyst for Greentown.

"Still, Greentown's liquidity position remains tight and would
need further financing for its committed land payment and debt
repayment obligations, including a potential put of RMB2.3 billion
convertible bonds in May 2010, in the next 12-18 months," adds
Tsang.

In its review, Moody's will assess the impact of this high-cost
financing on Greentown's debt service coverage positions.  Moody's
will also review Greentown's liquidity position, future business
and funding strategies, and ability to maintain access to onshore
bank financing.

Moody's last rating action with regard to Greentown occurred on
February 5, 2009, when the company's corporate family rating was
downgraded to B1 and senior unsecured bond rating to B2 with a
negative outlook.

Greentown China Holdings Ltd is one of China's major property
developers with a primary focus in Hangzhou and Zhejiang Province.
It has a land bank spread over 25 cities with an attributable
gross floor area of 16 million square meters.


GREENTOWN CHINA: To Sell Shanghai Project for CNY1.2 Bln.
---------------------------------------------------------
Greentown China Holdings Ltd has agreed to sell its Shanghai
project company to Harbour Centre Development Ltd, a subsidiary of
Hong Kong conglomerate Wharf Holdings, Shanghai Daily reports
citing Greentown in a statement filed to the Hong Kong stock
exchange.

The report says Greentown will sell its residential project
located in Shanghai's Yangpu District, New Jiangwan Town, which it
acquired in June 2007 for about CNY1.26 billion, or per gross
floor area price of CNY12,500 per square meter.

Greentown, the report relates, would also purchase a 40-percent
stake that Harbour Centre owned in a Hangzhou property firm for
about CNY1.38 billion.

According to the report, Greentown said the sale of the Shanghai
project will allow the company to realize its investment in the
local project and proceeds from the sale will enable it to wholly
own the Hangzhou property firm which is now 60 percent owned by
Greentown.

                      About Greentown China

Greentown China Holdings Limited is a residential property
developer in China.  The company has operations in Shanghai,
Beijing and other selected cities across the country, including
Hefei in Anhui Province, Changsha in Hunan Province and Urumqi
in Xinjiang Uygur Autonomous Region.  It develops residential
properties targeting middle- to higher-income residents in
China. The company has three main product series: villas, which
are typically independent houses with one or two storeys; low-
rise apartment buildings, which are typically 3 to 5 storeys,
and high-rise apartment buildings, which are typically higher
than six storeys.  Many of its residential developments are
integrated residential complexes, which typically have a total
site area over 150,000 square meters, and offer a combination of
different product series with ancillary facilities, such as
clubhouses, kindergartens and grocery stores.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 9, 2009, Moody's Investors Service downgraded Greentown China
Holdings Limited's corporate family rating to B1 from Ba3.  At the
same time, Moody's has downgraded Greentown's senior unsecured
bond rating to B2 from B1.  The outlook for both ratings remains
negative.



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

ACLEX LIMITED ET AL: Liquidator to Give Wind-Up Report on May 11
----------------------------------------------------------------
On May 11, 2009, at 10:00a.m., Ying Hing Chiu will present the
companies' wind-up report and property disposal to the members of:

   -- Aclex Limited; and
   -- Uniprince Limited

The meeting will be held at Level 28 of Three Pacific Place, in 1
Queen's Road East, Hong Kong.


DAYTHER COMPANY: Appoints Yu as Liquidator
------------------------------------------
At an extraordinary general meeting held on March 27, 2009, the
members of Dayther Company Limited appointed Yu Hon Wing Allan as
the company's liquidator.

The Liquidator can be reached at:

          Yu Hon Wing Allan
          Wing Hang Finance Centre, 23rd Floor
          60 Gloucester Road
          Wanchai, Hong Kong


GERMAN-STEELS: Leung Shiu Tong Steps Down as Liquidator
-------------------------------------------------------
On April 3, 2009, Leung Shiu Tong stepped down as liquidator of
German-Steels Company Limited.


GIAN ANDREA: Members' Meeting Set for May 19
--------------------------------------------
The members of Gian Andrea Companile Limited will hold their
meeting on May 19, 2009, at 4:00 p.m., at Room 3B of Grand
Progress Building, 58 D'Aguilar Street, in Central, Hong Kong.

At the meeting, Liu Chi Tat Stephen, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


GOOD HARVEST: Inability to Pay Debts Prompts Wind-Up
----------------------------------------------------
At an extraordinary general meeting held on March 31, 2009, the
members of Good Harvest Textiles Limited resolved to voluntarily
wind up the company's operations due to its inability to pay debts
when it fall due.

The company's liquidators are:

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


HIDDEN DRAGON: Placed Under Creditors' Voluntary Liquidation
------------------------------------------------------------
On March 27, 2009, the sole shareholder of Hidden Dragon Gifts
Limited passed a resolution that voluntarily liquidates the
company's business.

The company's liquidators are:

          Yu Tak Yee Beryl
          Choi Tze Kit Sammy
          T.K. Choi and Company
          Empire Land Commercial Centre, 15th Floor
          81-85 Lockhart Road
          Wanchai, Hong Kong


HONG KONG HUAAN: Yang Xiaoxue Steps Down as Liquidator
------------------------------------------------------
On March 30, 2009, Yang Xiaoxue stepped down as liquidator of
Hong Kong Huaan Foundry Limited.


INSTITUTE OF SUPPLY: Commences Wind-Up Proceedings
--------------------------------------------------
At an extraordinary general meeting held on April 1, 2009, the
members of Institute of Supply & Demand Chain Management Limited
resolved to voluntarily wind up the company's operations.

The company's liquidators are:

         Lui Wan Ho
         To Chi Man
         Olympia Plaza, Room 1701
         255 King's Road
         North Point
         Hong Kong


JE FULFILMENT: Member to Receive Wind-Up Report on May 13
---------------------------------------------------------
The member of JE Fulfilment Limited will hear the liquidator's
report on the company's wind-up proceedings and property disposal
on May 13, 2009, at 9:00 a.m.

The meeting will be held at 6-222 Dai Shun Street, Tai Po
Industrial Estate, Tai Po, in N.T., Hong Kong.


LOK SIN: Quinnie Sau Hing Lau Step Down as Liquidator
-----------------------------------------------------
On April 4, 2009, Quinnie Sau Hing Lau stepped down as liquidator
of Lok Sin Tong Chan Cho Chak Primary Shool Parents' and Teachers'
Association Limited.


LONG WINNER: Sun Steps Down as Liquidator
-----------------------------------------
On March 31, 2009, Tseng Yih Sun stepped down as liquidator of
Long Winner Trading Limited.


RENOWN IFG ET AL: Lam and Toohey Step Down as Liquidators
---------------------------------------------------------
On March 31, 2009, Rainier Hok Chung Lam and John James Toohey
stepped down as liquidators of:

   -- Renown I.F.G. Hong Kong Limited; and
   -- Paul Bennett (H.K.) Limited.


SHING SIU: Au Chun Fai Jeffrey Steps Down as Liquidator
-------------------------------------------------------
On March 30, 2009, Au Chun Jeffrey stepped down as liquidator of
Shing Siu Development Limited.


UNIQUE PRO: Commences Wind-Up Proceedings
-----------------------------------------
Unique Pro Auto Car (Hong Kong) Limited commenced wind-up
proceedings on April 3, 2009.  D.C. (CPA) Limited was appointed as
provisional liquidator.


YAM SINCERE ET AL: Wan and Nassar Step Down as Liquidators
----------------------------------------------------------
On April 9, 2009, Tam Chun Wan and Tse Chiang Kwok, Nassar stepped
down as liquidators of:

   -- Yam Sincere Limited;
   -- Brilliant Gain Enterprise Limited; and
   -- Luen Pak Investment Company Limited.



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

ALPHA CARBONLESS: CRISIL Rates Rs.24.4MM Term Loans at 'BB+'
------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4' to the bank
facilities of Alpha Carbonless Paper Manufacturing Co Pvt Ltd
(Alpha).

   Rs.24.4 Million Term Loans       BB+/Stable (Assigned)
   Rs.53.5 Million Cash Credit      BB+/Stable (Assigned)
   Rs.38.3 Million Proposed Long    BB+/Stable (Assigned)
          Term Bank Loan Facility
   Rs.7.5 Million Letter of Credit  P4 (Assigned)

The ratings reflect Alpha's exposure to risks related to product
concentration and the company's small scale of operations.  This
weakness is, however, partially offset by Alpha's modest financial
risk profile, and the benefits it derives from synergies with its
group companies.

For arriving at the ratings, CRISIL has combined the financials of
Alpha and Vipul Chemicals (India) Pvt Ltd (Vipul), as the
companies have significant operating synergies. Paper manufactured
by Alpha is used by Vipul to test coating agents and to
demonstrate their effectiveness to clients, thereby ensuring
product quality and adding value for clients.

Outlook: Stable

CRISIL believes that Alpha's financial risk profile will remain
stable on the back of steady demand for its products, and growth
in revenues on account of utilisation of additional capacity
installed by Vipul.  The outlook may be revised to 'Positive' if
the company scales up its operations and operating margins and
debt protection measures improve.  Conversely, the outlook may be
revised to 'Negative' if the company undertakes large debt-funded
capital expenditure, or if it is adversely impacted by decline in
demand for its products.

                     About  Alpha Carbonless

Alpha was established as a partnership firm in 1990, with Mr. L V
Kadam, Mr. R V Kadam, Mr. A V Kadam, and Mr. Jawale as partners.
It was converted into a private limited company in 1996.  Alpha's
unit at Navi Mumbai manufactures carbonless paper and heat-
sensitive thermal paper, and has an installed capacity to produce
4500 tonnes per annum of paper. The company derives around 80 per
cent of its revenues from the sale of thermal paper, and the
balance from carbonless paper.

Alpha reported a profit after tax (PAT) of Rs. 16 million on net
sales of Rs.300.2 million for 2007-08 (refers to financial year,
April 1 to March 31), as against a PAT of Rs. 13.9 million on net
sales of Rs. 245.9 million for 2006-07.


APEX AUTO: Loan Repayment Delays Prompt CRISIL 'D' Ratings
----------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to the bank facilities
of Apex Auto Ltd (Apex Auto).

   Rs.103.0 Million Cash Credit       D (Assigned)
   Rs.594.0 Million Term Loan         D (Assigned)
   Rs.33.0 Million Foreign Bill       P5 (Assigned)
                   Discounting

   Rs.50.0 Million Bank Guarantee     P5 (Assigned)
   Rs.20.0 Million Letter of Credit   P5 (Assigned)

The ratings reflect the delays in repayment of term loan
instalments obligations by Apex Auto due to its weak liquidity.

                         About Apex Auto

Apex Auto, incorporated in 1994, manufactures construction
equipment ancillary parts such as arms, buckets and loaders for
excavators, cranes and back-hoe loaders.  These components are
mainly sold to Telco Construction Equipment Co. Ltd. (TELCON),
which is a construction equipment manufacturer.  Apex Auto's
products are used in mining, and hard and soft soil digging.  Apex
Auto has recently started manufacturing machinery parts for the
cottonseed processing industry.  It has three manufacturing units
of which two are at Dharwad, and one at Jamshedpur.  The company
has also set-up a fourth manufacturing unit at Dharwad, in 2007-08
(refers to financial year, April 1 to March 31), which is expected
to start commercial production by March, 2009.

For 2007-08, Apex Auto reported a profit after tax (PAT) of Rs.90
million on net sales of Rs.1130 million, as against a PAT of Rs.70
million on net sales of Rs.720 million in the previous year.


BCL INDUSTRIES: CRISIL Rates Rs.435.0MM Cash Credit Limit at 'BB-'
------------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Negative/P4' to the
various bank facilities of BCL Industries & Infrastructures Ltd
(BCL).

   Rs.435.0 Million Cash Credit Limit *   BB-/Negative (Assigned)
   Rs.150.0 Million Letter of Credit      P4 (Assigned)
   Rs.25.0 Million Bank Guarantee         P4 (Assigned)

   * Interchangeable with Packing Credit of Rs.10.0 million,
       FOBP of Rs.10.0 million and FOBNLC of Rs.30.0 million.

The ratings reflect BCL's weak financial risk profile, and
exposure to risks relating to the fragmented nature of, and
intense competition in, the edible oil segment, fluctuations in
the prices of raw materials, and exposure to the real estate
sector which is prone to recessionary trend on account of demand .
These weaknesses are, however, partially offset by the benefits
that BCL derives from the integrated nature of the edible oil
manufacturing operations, and established presence in the edible
oil industry.

Outlook: Negative

The 'Negative' outlook reflects CRISIL's expectation that BCL's
business and financial risk profiles may deteriorate over the
medium term owing to increasing exposures to real estate and other
unrelated businesses.  The outlook may be revised to 'Stable' if
BCL reports sustained, profitable growth in excess of current
expectations.  Conversely, the rating may be downgraded if there
is anticipated deterioration in the capital structure due to
increased working capital requirements and increased investment in
real estate segments and other unrelated areas.

                    About Bhatinda Chemicals

BCL, (formerly, Bhatinda Chemicals Ltd), is part of the Mittal
group of companies which also has interests in real estate.  The
company is engaged in the business of refined oils in the name of
"Homecook", vanaspati ghee under brand name "Do Khajoor" and
mustard oil as "Murli" and non basmati rice at its facilities
located at Bhatinda.

For 2007-08 (refers to financial year, April 1 to March 31), BCL
reported a profit after tax (PAT) of Rs.21.4 million on net sales
of Rs.3961 million, as against a PAT of Rs.25.4 million on net
sales of Rs.2040 million for 2006-07.


CEASAN GLASS: CRISIL Assigns 'B+' Rating on Rs.200 Mln LT Loan
--------------------------------------------------------------
CRISIL has assigned its rating of 'B+/Negative' to the Rs.200.0
million long term loan of Ceasan Glass Pvt Ltd (Ceasan Glass).
The rating reflects Ceasan Glass's exposure to risks relating to
commissioning of its patterned glass manufacturing plant, and to
slowdown in demand from the real estate sector. However, these
weaknesses are partially offset by the benefits that the company
derives from the experience of its promoters and management.

Outlook: Negative

CRISIL believes that time overruns on commissioning of Ceasan
Glass's patterned glass facility might impact the debt servicing
ability in the near term, thereby constraining the company's
credit risk profile.  The outlook may be revised to 'Stable' if
the project is completed on time, with no significant cost
overruns, and there is sufficient demand potential for the
products of the company.  Conversely, the rating may be downgraded
if there is significant delay in the completion of the project,
and in revival of the economic/sectoral outlook, resulting in
offtake risks for the company.

                        About Ceasan Glass

Promoted by Mr. C H V N Raghurama Gupta, and Mr. G Satish Kumar in
2007, Ceasan Glass is a private limited company. The company
proposes to manufacture figured/patterned/wired glass, with a
capacity of 80 tonnes per day; its facility at Ongole (Andhra
Pradesh) is expected to be completed by December 2009.


CHHAYA GEMS: CRISIL Places 'P4' Ratings on Various Bank Facilities
------------------------------------------------------------------
CRISIL has assigned its rating of 'P4' to the bank facilities of
Chhaya Gems.

   Rs.193.0 Million Packing Credit         P4 (Assigned)
   Rs.477.0 Million Post Shipment Credit   P4 (Assigned)

The rating reflects Chhaya Gems' weak financial risk profile, and
the expected deterioration in its profitability and revenues on
account of the current economic slowdown.  These weaknesses are,
however, partially offset by the benefits that the company derives
from its promoters' experience in the diamond-cutting industry.

                        About Chhaya Gems

Set up in 1976 as a partnership firm, Chhaya Gems manufactures and
trades in cut and polished diamonds.  The firm is managed by
brothers Mr. Bhupendra Gandhi and Mr. Jayesh Gandhi.  The brothers
have been in the diamond industry since 1971.  The firm owns four
manufacturing facilities – three in Surat and one at Rajkot.
Chhaya Gems reported a profit after tax (PAT) of Rs.24.5 million
on net sales of Rs.1901 million for 2007-08 (refers to financial
year, April 1 to March 31), as against a PAT of Rs.23.8 million on
net sales of Rs.1814 million for 2006-07.


FIRST FLIGHT: CRISIL Puts 'BB' Rating on Rs.120.0 Mln Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the various
bank facilities of First Flight Couriers Ltd (First Flight).

   Rs.120.0 Million Cash Credit *      BB/Stable (Assigned)
   Rs.100.0 Million Overdraft          BB/Stable (Assigned)
   Rs.200.0 Million Bank Guarantee/    P4 (Assigned)
            Standby Letter of Credit/
             Letter of Credit**

   * Interchangeable with Working Capital Demand Loan/ Bank
     Guarantee with maximum limit of Rs.120.0 million.

   ** Includes sub limit of Rs.150 million. for Cash Credit/
      Working Capital Demand Loan and sub limit of Rs.50 million
       for Short term loan.

The ratings reflect First Flight's moderate financial risk
profile, weakening of the capital structure due to the recent
losses on account of the closure of the aviation division and the
delayed realisation from the customers.  These weaknesses are,
however, partially offset by the benefits that First Flight
derives from its established presence in the courier business,
backed by the long-standing experience of its management.

Outlook: Stable

CRISIL expects First Flight to maintain its business risk profile
on the back of its pan-India presence and established
relationships with its clients and suppliers.  The outlook may be
revised to 'Positive' if the company's operating profitability
improves substantially.  Conversely, the outlook may be revised to
'Negative' if the company's operating profitability or liquidity
deteriorates considerably, or if its revenue profile is affected
by adverse changes in the government regulations regarding the
courier industry.

                        About First Flight

Set up in 1986 by Mr. O P. Saboo as a proprietary firm called
Express Air Service, First Flight was incorporated as a private
limited company named First Flight Couriers Pvt. Ltd. in 1988, and
got its present name when it was converted into a public limited
company in 1995.  First Flight is engaged in the distribution of
courier and cargo in the domestic and international market.  It
has 17 regional head offices, with 931 branches (owned offices)
and 582 franchise offices. Currently, it is managed by Mr. O. P.
Saboo as the Chairman & Managing Director of the company.

For 2007-08 (refers to financial year, April 1 to March 31), First
Flight reported a net loss of Rs.406.0 million on net sales of
Rs.3428.1 million, as against a Profit after tax of Rs.100.2
million on net sales of Rs.2832.1 million for 2006-07.


INTEGRAL BIOSCIENCES: CRISIL Rates Rs.145.00 Mln Term Loan at 'B'
-----------------------------------------------------------------
CRISIL has assigned its rating of 'B/Stable' to the bank
facilities of Integral Biosciences Pvt Ltd (IBPL).

   Rs.5.00 Million Cash Credit      B/Stable (Assigned)
   Rs.145.00 Million Term Loan      B/Stable (Assigned)

The rating reflects IBPL's small scale of operations in the
contract research outsourcing space, revenue concentration,
limited financial flexibility because of low net worth, and risks
related to entry into a new business; the company is planning to
enter the biological segment.  These rating weaknesses are
mitigated by IBPL's cost-plus business model, resulting in stable
cash accruals.

Outlook: Stable

CRISIL expects IBPL's scale of operations to remain small, and its
dependence on a single customer, Medivation Inc, to continue, over
the medium term.  The outlook may be revised to 'Positive' in case
of a considerable improvement in IBPL's scale of operations and
net worth.  Conversely, the outlook may be revised to 'Negative'
if there are significant delays in payments or any significant
pressure on revenue from Medivation Inc, IBPL's single customer.

                    About Integral Biosciences

IBPL was set up in 2007 as a joint venture between USA -based
Integral Biosciences Inc and the Thakkar family.  The Thakkar
family is the promoter of Euphoric Pharmaceuticals Ltd, which
primarily manufactures and distributes generic pharmaceutical
products. IBPL does contract research in medicinal chemistry for
Medivation Inc, a San Francisco-based bio-pharmaceutical company.
The company started operations in July 2008 and is a 100 per cent
export-oriented unit.


J. L. MORISON: CRISIL Puts 'BB+' Rating on Rs.70 Mln Cash Credit
----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Negative/P4' to the
various bank facilities of J. L. Morison (India) Ltd. (JLML).

   Rs.70.0 Million Cash Credit      BB+/Negative (Assigned)
   Rs.403.70 Million Letter of      P4 (Assigned)
       Credit & Bank Guarantee

The ratings reflect JLML's limited pricing flexibility and weak
operating margins.  The ratings also factor in absence of strong
brands with sustainable revenue generating potential in JLML's
product profile.  These weaknesses are, however, partially offset
by the benefits that JLML derives from its promoters' established
presence and vast experience in the fast-moving consumer goods
(FMCG) segment.

Outlook: Negative

CRISIL expects JLML's credit profile to remain under strain due to
pressure on operating margins.  The rating may be downgraded if
the company reports operating margins below expected levels or in
case of a further deterioration in the debt protection indicators.
Conversely, the outlook may be revised to 'Stable' in case of a
substantial and sustainable improvement in operating margins and
revenues from current levels.

                       About J. L. Morison

Set up in 1934 by British nationals, JLML became part of the Rasoi
group in 1986.  The company is engaged in the trading,
manufacturing and marketing of FMCGs.  The two other major
companies in the group are Rasoi Ltd and Hindustan Composites Ltd.
For 2007-08, (refers to financial year, April 1 to March 31), JLML
reported a profit after tax (PAT) of Rs.40 million on net sales of
Rs.1745 million, as against a PAT of Rs.40 million on net sales of
Rs.1027 million for 2006-07.


KIRLOSKAR ELECTRIC: CRISIL Rates Rs.116.50MM Long Term Loan at 'B'
------------------------------------------------------------------
CRISIL has assigned its rating of 'B/Stable' to the Rs.116.50
million long term loan facility of Kirloskar Electric Charitable
Trust (KECT).  The rating reflects the trust's small scale of
operations, and the expected deterioration in its financial risk
profile because of the large, debt-funded ongoing capital
expenditure (capex).  The rating also factors in the trust's
exposure to implementation risks in its ongoing capacity expansion
project, and the geographical concentration of its revenues.
These weaknesses are mitigated by KECT's established presence in
the health care industry. CRISIL believes that the Kirloskar group
will extend need-based support to the trust.

Outlook: Stable

Despite the expected weakening in KECT's financial risk profile
over the medium term, CRISIL believes that the trust will maintain
its stable business risk profile on the back of its established
market presence.  CRISIL believes that the Kirloskar group will
extend need-based support to KECT.  The outlook may be revised to
'Positive' in case of an improvement in KECT's financial risk
profile, following a substantial and sustained increase in its
revenues and accruals, or in case of further infusions into the
trust's corpus, resulting in improvement in its capital structure.
Conversely, the outlook may be revised to 'Negative' if the trust
undertakes further large debt–funded capex, or faces considerable
time or cost overruns in its ongoing capex.

                         About the Trust

KECT is an irrevocable charitable trust, set up in 1981 by
Kirloskar Electric Company Ltd (KECL), Mr. Ravi Kirloskar, the
late chairman of KECL, and other key management personnel of the
company, to promote educational and medical institutions.  The
trust runs the Ravi Kirloskar Memorial Hospital in Bangalore, and
is undertaking a capex of Rs.175 million to increase its capacity
to 247 beds from 72.  For 2007-08 (refers to financial year,
April 16 to March 31), KECT reported a profit after tax (PAT) of
Rs.5 million on net revenues of Rs.40 million, as against a PAT of
Rs.5 million on net revenues of Rs.36 million in the previous
year.


LAXMI ENTERPRISES: Fitch Assigns 'BB-' National Long-Term Rating
----------------------------------------------------------------
Fitch Ratings has assigned India's Laxmi Enterprises a National
Long-term rating of 'BB-(ind)' (BB minus(ind)) with a Stable
Outlook.  Fitch has also assigned a 'BB- (ind)' (BB minus(ind))
rating to Laxmi's long-term bank loans aggregating INR241.7
million and a 'F4(ind)' rating to its INR384m fund based and
INR10 million non-fund based limits.

The ratings assigned to Laxmi reflect its large ongoing capex
program compared to its operating cash flows.  Capex of INR240
million will be largely funded through long-term debt of around
INR180 million, with the rest financed through internal accruals.
Consequently, Fitch expects Laxmi to exhibit higher leverage until
FY10, when the new capacities are expected to become operational.
Laxmi's ratings are also constrained by the firm's negative free
cash flows during FY07 and FY08 as a result of high working
capital requirements and capex.  The liquidity risks are partly
offset by unutilized fund-based limits of INR77 million.  The
firm's performance in FY08 was also impacted due to adverse forex
movements, which reduced operating cash flows.  However, Fitch
notes that this is likely to be a one-off impact, as the firm has
moved towards a more conservative forex management policy.
Although the partnership structure reduces the firm's financial
flexibility, Fitch notes that the firm's assets and cash flows are
ring-fenced from those of the partners by the partnership
agreement.  The agreement states that no lien/claim on the firm's
assets and cash flows can be undertaken without the written
consent of all partners, and Laxmi has confirmed that no such
claims exist as of the present time.

Laxmi's ratings reflect the partnership's long operational track
record, and the stable outlook on its spice business, driven by
the stable outlook for Laxmi's key consuming sectors of food and
food processing.  The ratings also consider the strong, long-
standing relationship that Laxmi enjoys with its customers and
suppliers.  The ratings further consider the strength and quality
of management as well as the conservative policies followed by the
partnership with regards to managing commodity price risks.  The
partnership purchases stocks only on confirmed orders, and most
large purchases are undertaken in discussion with customers.  This
is reflected in the stable operating EBITDA margins (excluding
forex) of the partnership in the region of 8.5%-10% in four of the
past five years.

The agency notes that a successful completion of the capex
programme, along with a demonstrated improvement in sales and
margins, leading to an improved liquidity position, could act as a
positive rating trigger.  Any significant negative impact from
working capital, which could substantially raise leverage levels,
or any greater-than-expected decline in end-market demand, which
could affect margins, could act as a negative rating trigger.

In FY08 Laxmi's net revenues grew 15.4% to INR607.6 million, with
an EBITDA margin of 4.3% (FY07: 9.5%) and a profit after tax of
INR0.7 million (FY07: INR29.1 million). The partnership's net
debt/EBITDA increased to 6.77x (FY07: 1.74x), primarily due to the
impact of its capex programme.  Laxmi has reported negative free
cash flows for FY08, which Fitch expects to continue in FY09 and
FY10 due to the ongoing INR240 million capex programme, and the
increased working capital requirements.  Laxmi reported net
revenues of INR725 million with EBITDA margins of 6.6%, and an
EBITDA/interest of 4.5x for the 10 months ended January 2009.


NAV DURGA: CRISIL Asssigns 'B+' Rating on Rs.75 Mln Cash Credit
---------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable/P4' to the various
bank facilities of Nav Durga Ispat Pvt Ltd (NDIPL).

   Rs.75 Million Cash Credit        B+/Stable (Assigned)
   Rs.10 Million Letter of Credit   P4 (Assigned)

The ratings reflect NDIPL's small scale of operations, low net
worth, weak financial risk profile and exposure to risks relating
to cyclicality in the end-user industry — steel.  These weaknesses
are, however, partially offset by NDIPL's average business risk
profile, marked by strong clientele and healthy revenue growth.

Outlook: Stable

CRISIL believes that NDIPL will maintain a moderate business risk
profile backed by its strong customer base.  The outlook may be
revised to 'Positive' if the company reports high growth in
revenues and profitability, or integrates its operations to a
greater degree than expected.  Conversely, the outlook may be
revised to 'Negative' if the company's financial risk profile
deteriorates on account of decline in operating margins, or owing
to large, debt-funded capital expenditure, or fresh support to
group entities.

                         About Nav Durga

NDIPL was formed in 2004 when the current promoters, Mr. Mukesh
Pandey, Mr. Dayanand Goel and Mr. Mahesh Goel took over Rank Vinyl
Pvt Ltd.  NDIPL produces a wide range of steel-rolled structures,
including beams, joists, channels, angles, round bars, and flats.
It has capacity to produce 30,000 tonnes per annum (tpa) of
structural steel items.  NDIPL reported a profit after tax (PAT)
of Rs.2.4 million on net sales of Rs.502.1 million for 2007-08
(refers to financial year, April 1 to March 31), as against a PAT
of Rs.1.7 million on net sales of Rs.326.2 million for 2006-07.


PAKIZA RETAIL: Fitch Corrects Rating Press Release on April 8
-------------------------------------------------------------
This announcement corrects the version issued earlier on April 8,
2009.  Pakiza Retail Ltd has a total cash credit limit of
INR1000 million and an outstanding term loan of INR11.4 million as
on March 19, 2009.  A corrected version is:

Fitch Ratings has assigned India's Pakiza Retail Ltd a National
Long-term rating of 'BB(ind)'.  The Outlook is Stable.  Fitch has
also assigned a rating of 'BB(ind)' to Pakiza's Pakiza's long-term
loan of INR11.4 million and its fund based cash credit limits of
INR1000 million.

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

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

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


RAVIKIRAN CERAMICS: CRISIL Rates Various Bank Facilities at 'BB+'
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4' to the various
bank facilities of Ravikiran Ceramics Pvt Ltd (RCPL).

   Rs.10.0 Million Cash Credit Limit   BB+/Stable (Assigned)
   Rs.58.3 Million Term Loan           BB+/Stable (Assigned)
   Rs.2.0 Million Proposed Long        BB+/Stable (Assigned)
                  Term Facility
   Rs.1.5 Million Standby Line of      BB+/Stable (Assigned)
                   Credit
   Rs.2.0 Million Letter of Credit     P4 (Assigned)

The ratings reflect RCPL's exposure to risks relating to small
scale of operations and customer concentration.  These weaknesses
are, however, partially offset by the benefits that RCPL derives
from the vast experience of its promoters, moderate financial risk
profile, and diversified product portfolio.

Outlook: Stable
CRISIL believes that RCPL will maintain a stable market position
in the electrical ceramics category, and a comfortable financial
risk profile.  The outlook may be revised to 'Positive' if the
company reports more-than-expected growth in sales and improvement
in market share.  Conversely, the outlook may be revised to
'Negative' if the company incurs large, debt-funded capex, leading
to deterioration in its debt protection measures.

                     About Ravikiran Ceramics

RCPL, set up in 1963 as a partnership firm, was converted to a
private limited company in 1999.  It manufactures electrical
ceramics (70 per cent of sales) and technical ceramics (30 per
cent of sales). For 2007-08 (refers to financial year, April 1 to
March 31), RCPL reported a profit after tax (PAT) of Rs.18.3
million on net sales of Rs.138.9 million, as against a PAT of
Rs.20.7 million on net sales of Rs.121.3 million for 2006-07.


SAINSONS PAPER: Low Net Worth Prompts CRISIL 'BB+' Ratings
----------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable' to Sainsons Paper
Industries Ltd's (SPIL's) bank facilities.

   Rs.100 Million Cash Credit Limit    BB+/Stable (Assigned)
   Rs.197 Million Term Loan            BB+/Stable (Assigned)

The ratings reflect the vulnerability of SPIL's profitability to
competition, and to the cyclicality in kraft paper prices.  The
ratings also factor in the company's weak financial risk profile
marked by a low net worth and high gearing.  These rating
weaknesses are mitigated by the company's moderate business risk
profile.

Outlook: Stable

CRISIL believes that SPIL will maintain its business risk profile
supported by stable operations.  The company's financial risk
profile is expected to improve in the medium term on the back of
repayment of term debt, and the absence of any major capital
expenditure (capex).  The outlook may be revised to 'Positive', if
profitability improves significantly and the new capacities
stabilise earlier than expected.  Conversely, it may be revised to
'Negative' if paper prices weaken substantially, the current
capacity expansion is unsuccessful, or if the company undertakes
significant debt-funded capex.

                      About Sainsons Paper

Incorporated in 1989, SPIL is engaged in the business of
manufacture of kraft paper.  The company's production facility, at
Kurukshetra (Haryana), has a total capacity of 24,000 tonnes per
annum (tpa) and uses agri-residues as its primary raw material.
The company recently installed a cogeneration power plant for
captive power consumption, which has improved its operating
performance.  The company is in the process of increasing its
production capacity to about 45,000 tpa.

In 2007-08 (refers to financial year, April 1 to March 31), SPIL
reported a profit after tax (PAT) of Rs.13.7 million on net sales
of Rs.389.6 million, as against a PAT of Rs.8.8 million on a net
sales of Rs.350.5 million in the previous year.


TRIBHOVANDAS BHIMJI: CRISIL Rates Rs.100MM Cash Credit at 'BB'
--------------------------------------------------------------
CRISIL has assigned its rating of 'BB/Stable' to the Rs.100.0
million cash credit facility of Tribhovandas Bhimji Zaveri & Sons
(TBZ).  The rating reflects TBZ's exposure to risks relating to
geographical concentration of revenues, and the firm's modest
financial risk profile.  These weaknesses are, however, partially
offset by TBZ's established market presence in the jewellery
business, supported by the vast experience of its promoters.

Outlook: Stable

CRISIL believes that TBZ will maintain a stable market position in
the Mumbai region over the medium term, on the back of the
promoters' experience in the business.  The outlook may be revised
to 'Positive' if the firm reports a higher-than-expected increase
in operating revenues and margins.  Conversely, the outlook may be
revised to 'Negative' if the firm undertakes large debt-funded
capital expenditure, or if its operating margins decline from
current levels.

                     About Tribhovandas Bhimji

TBZ is a partnership firm promoted by the Pratap Zaveri faction of
the Zaveri family, who have been in the retail jewellery business
since 1864 in Mumbai.  TBZ was formed in 1977, when the firm
commenced operations with its first jewellery showroom at Opera
House, Mumbai.  The firm has launched its second showroom in
October 2008 at Ahmedabad.  The business is currently managed by
Mr. Pratap Zaveri and his three sons.  TBZ reported a profit after
tax (PAT) of Rs. 4.9 million on net sales of Rs. 272 million for
2007-08 (refers to financial year, April 1 to March 31), as
against a PAT of Rs. 2.8 million on net sales of Rs. 260 million
for 2006-07.



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

PERTAMINA: Mulls on Buying Tridaya's 37.15% Stake in Elnusa
-----------------------------------------------------------
PT Pertamina is interested in buying a 37.15 percent stake of PT
Elnusa, which was offered by PT Tridaya Esta, The Jakarta Globe
reports.

Tridaya bought the Elnusa shares from Pertamina in early 1997, the
report says.  Presently, Pertamina holds a 41.1 percent stake in
Elnusa, according to the report.

"At one stage, we actually held a controlling stake in the
company.  So, if we get the opportunity chance to buy it back, why
shouldn’t we go ahead and do so? Elnusa has in-depth experience in
this business," Pertamina’s vice president for communication,
Anang Rizkani Noor, was quoted by the report as saying.

The Jakarta Globe, citing an earlier report by Dow Jones, says
Tridaya Esta was seeking to sell its 37 percent stake in Elnusa
for about IDR1 trillion (US$91.4 million).

                        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).


PERUSAHAAN PENERBIT: Fitch Assigns 'BB' Senior Unsecured Rating
---------------------------------------------------------------
Fitch Ratings has assigned the upcoming Perusahaan Penerbit SBSN
Indonesia I's trust certificates (Sukuk) due 2014 an expected 'BB'
senior unsecured rating.  The final rating is contingent upon
receipt of final documents conforming to information already
received.

Perusahaan Penerbit SBSN Indonesia I is a special purpose company,
wholly-owned by the Republic of Indonesia's Ministry of Finance,
whose sole purpose is to participate in this transaction.

The rating reflects Fitch's judgment that the Sukuk can be
considered an unconditional, unsubordinated and general obligation
of the RoI, ranking equally with Indonesia's other senior
unsecured and unsubordinated public external debt obligations.
The rating is therefore in line with Indonesia's 'BB' Long-term
foreign currency Issuer Default Rating, on which the Outlook is
Stable.

The Sukuk follows an 'ijara' (sale and leaseback) structure.  The
issuing company (PPSI-I) uses the proceeds of the Sukuk to make
payment to the RoI, acting through MOF, for purchase of beneficial
rights over certain real properties in the Republic (including
buildings, improvements and fixtures thereon) and over buildings,
improvements and fixtures located on real properties in the
Republic (but not including the relevant real properties), which
it then leases back to MOF for a period equal to the tenor of the
Sukuk.  The issuer declares a trust over the assets in favour of
certificate holders.  Semi-annual rental payments, paid in USD,
are to be made by RoI, acting through MOF, to the issuer, equal to
the periodic distribution amounts (coupon) made by the issuer to
the Sukuk investors.

Pursuant to a Purchase Undertaking provided by RoI in favour of
PPSI-I, RoI undertakes to purchase the trust assets (the real
properties, buildings, improvements and fixtures located on real
properties and their related rights) against payment, which is
irrevocable, of the outstanding face amount of the Certificates
either at maturity or in the case of a dissolution event.  Hence
RoI, acting through MOF, is required to provide sufficient funds
to satisfy any outstanding periodic distribution amounts in full
plus the termination payment, including in the case of a
dissolution event (in the event of default).

Fitch affirmed Indonesia's foreign and local currency IDRs at 'BB'
with Stable Outlooks in January 2009. Indonesia's sovereign
ratings reflect a balance between the strength of the sovereign's
public finance position against lingering external finance
weaknesses.  Indonesia's conservative public finances, fiscal
restructuring efforts and increased surveillance of fiscal
variances to minimize negative fiscal shocks are a sovereign
rating strength.  However, Fitch notes that Indonesia's external
finances remain vulnerable to shifts in investor sentiment which
could lead to further portfolio equity or debt outflow, as well as
a larger accumulation of external assets.  Indonesia's net
external indebtedness and refinancing needs also remain heavy
amidst an environment of tight external funding conditions and
weakening external receipts.


PT DAVOMAS: Moody's Junks Corporate Family Rating from 'B2'
-----------------------------------------------------------
Moody's Investors Service has downgraded to Caa1 from B2 the
corporate family rating of PT Davomas Abadi Tbk and senior secured
bond rating of Davomas International Finance Company Pte Ltd,
which is guaranteed by Davomas.  This rating action concludes the
review for possible downgrade initiated on March 27, 2009. The
outlook on the ratings is negative.

"The rating action follows Davomas' failure to address its non-
compliance with the 80%-20% collection requirement stipulated in
its bond indenture for 4Q08 and 1Q09," says Wonnie Chu, a Hong
Kong-based Moody's Analyst, adding "Its cash-on-hand has also
declined significantly against the backdrop of a rapidly
deteriorating operating environment."

This situation raises Moody's concerns over the company's actual
ability to service interest coupons in 2009 with a total
US$13 million in semi-annual interest payments due in May and
November," says Chu.

The negative outlook reflects the expectation that the operating
challenges faced by Davomas -- slowing demand and the tough
pricing demanded by customers -- will continue to pressure the
company's profitability measures and liquidity profile for the
next 12 months.

The possibility of a rating upgrade is limited, given the negative
outlook.

On the other hand, the ratings could be lowered further if its
liquidity profile continues to deteriorate, or it fails to meet
its interest payment obligations.

The last rating action with respect to Davomas was taken on
March 27, 2009, when Moody's put the ratings on review for
possible downgrade.

Established in 1990 and listed on the Jakarta Stock Exchange since
1994, PT Davomas Abadi Tbk is one of the dominant producers and
exporters of cocoa butter and cocoa powder in Indonesia.


TELEKOM INDONESIA: Tie-Up w/ Orange to Boost Revenue to IDR100BB
----------------------------------------------------------------
PT Telekomunikasi Indonesia Tbk's (Telkom) recent tie-up with
Orange Business Services is expected to boost the company's
Internet-related revenue from the corporate sector by up to
IDR100 billion annually, Jakarta Globe reports.

Under the agreement, Orange, a service of France Telecom, and
Telkom Solution Business Partner, a unit of Telkom, will provide
corporate customers with high speed voice, data and applications
traffic in a single network, the report relates.

"We will actively try to net multinational corporations that use
IT services here, either Orange clients or other multinational
firms", Telkom’s President Director Rinaldi Firmansyah was quoted
by the Jakarta Globe as saying.

Telkom and Orange are also expecting new connections as a result
of the agreement, the report notes.

                    About PT Telkom Indonesia

Based in Bandung, Indonesia, PT Telekomunikasi Indonesia Tbk
-- http://www.telkom-indonesia.com/-- provides local and long
distance telephone service in Indonesia.  Known as Telkom, the
company also offers fixed wireless service, leased lines, and
data transport through affiliates.

                          *     *     *

As reported by the Troubled Company Reporter – Asia Pacific on
November 17, 2008, Fitch Ratings affirmed P.T. Telekomunikasi
Indonesia Tbk's Long-term foreign and local currency Issuer
Default ratings at 'BB'.  The Outlook is Stable.

The TCR–AP also reported on October 17, 2008, that Standard &
Poor's Ratings Services affirmed the 'BB+' long-term corporate
credit rating on PT Telekomunikasi Indonesia Tbk. (Telkom) with a
stable outlook before withdrawing the rating at the company's
request.


TELEKOMUNIKASI INDONESIA: In Final Stages of ICT Acquisition
------------------------------------------------------------
PT Telekomunikasi Indonesia Tbk is now in the final stages of
negotiations in its plan to acquire a local information and
communications technology (ICT) firm.

"I can’t discuss the price for now, but we’re close to a deal, as
the due diligence has been completed.  So hopefully the deal can
be done by June this year", Rinaldi Firmansyah, Telkom’s president
director, was quoted by The Jakarta Globe as saying.

According to the report, the company had put aside about
IDR1 trillion for the acquisition.

The report, citing Mr. Rinaldi, says that the acquisition will
complement Telkom’s range of businesses.

                    About PT Telkom Indonesia

Based in Bandung, Indonesia, PT Telekomunikasi Indonesia Tbk
-- http://www.telkom-indonesia.com/-- provides local and long
distance telephone service in Indonesia.  Known as Telkom, the
company also offers fixed wireless service, leased lines, and
data transport through affiliates.

                          *     *     *

As reported by the Troubled Company Reporter – Asia Pacific on
November 17, 2008, Fitch Ratings affirmed P.T. Telekomunikasi
Indonesia Tbk's Long-term foreign and local currency Issuer
Default ratings at 'BB'.  The Outlook is Stable.

The TCR–AP also reported on October 17, 2008, that Standard &
Poor's Ratings Services affirmed the 'BB+' long-term corporate
credit rating on PT Telekomunikasi Indonesia Tbk. (Telkom) with a
stable outlook before withdrawing the rating at the company's
request.


* Moody's Assigns 'Ba3' Rating on Indonesia's Foreign Currency
--------------------------------------------------------------
Moody's Investors Service has assigned a foreign currency rating
of Ba3 with a stable outlook to the Republic of Indonesia's
forthcoming Global Sukuk.

On account of the ongoing global crisis, the year on year real
growth rate of Indonesia's economy may slow to 3 -- 3.5% this
year, down from 6% in 2008.  "Weakening global demand will hurt
Indonesia's exports which remain heavily dependent on commodities,
and the investment cycle will also decelerate"--said Aninda Mitra,
Moody's lead sovereign analyst for Indonesia, adding--
"Nonetheless, this is still a robust growth rate in the sharply
weakening global environment."

According to Mr. Mitra, Indonesia's economic resilience is
supported by a large, domestic demand driven economy; relatively
lower exposure to global trade and capital flows than at most
other East Asian economies; and improving institutional
capabilities.  And its vulnerability to external shocks is limited
by the declining trend in external indebtedness, adequate foreign
currency reserves.  An appropriate mix of fiscal and monetary
policy responses will likely be sustained through the ongoing
elections and beyond.

"At a time of global de-leveraging, the lack of a more stable
investor base for government bonds coupled with the dependence on
foreign financing of the government deficits has raised
Indonesia's debt market volatility more than its rating peers,"
said Mitra.

However, Indonesia's external and the government's fiscal
financing needs are not onerous.  The country's overall short-term
external financing needs --including foreign bank deposits- were
comfortably positioned at around 65% of currently available
foreign currency reserves, said Mitra.

"Moreover, several precautionary lines of credit with multilateral
institutions and foreign currency swap arrangements on a bilateral
basis, and Indonesian authorities' widening range of issuance
strategies would also broadly support the balance of payments as
well as the fiscal position," added Mitra.

The susceptibility of the ratings to event risks is moderate,
according to Mitra.  The legislative elections of April and the
presidential elections of June may result in a change in the
coalition support base but seem likely to return to power a
government headed by President Yudhoyono, backed by a strong
mandate for his political party.  Political risks from other
factors, ranging from conservative Islamic political activism to
Jemaah Islamiyah terrorism or Acehnese separatism, have been
contained.

Furthermore, financial risks from derivatives, or the un-hedged
foreign currency debt of the corporate sector or currency
mismatches in the banking sector's assets and liabilities were low
and supervision and enforcement of regulations have improved.

"As a result, the banking and corporate sector will encounter more
stress, but Indonesia faces the ongoing global financial
volatility from a stronger position than at the time of the 1997
crisis," says Mitra.

The stable outlook on the Ba3 government bond rating is premised
on the authorities' ability to continue managing the country's
vulnerability to the global financial market crisis and recession
in an appropriate fashion, while avoiding a deep and sustained
deterioration in relative credit metrics.


* S&P Assigns 'BB-' Issue-Rating on Republic of Indonesia
---------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' long-term
foreign currency issue rating to the Republic of Indonesia's
(foreign currency BB-/Stable/B, local currency BB+/Stable/B)
proposed benchmark size, five-year global Sukuk trust
certificates.

The rating on the trust certificates of the issuer Perusahaan
Penerbit SBSN Indonesia I., the special purpose vehicle set up and
wholly owned by the Republic of Indonesia, reflects the strength
of the lease agreement, under which the sovereign as the lessee is
obliged to make all payments needed to ensure that the issuer has
funds sufficient to pay the certificate holders.

The issue represents the sovereign's first foray into the global
Islamic debt market as a source of foreign currency funding.
Standard & Poor's decision to rate this issue on par with the
sovereign's commercial financial obligations takes into account
representations of the Republic, indicating that all payments
under the deal are viewed as equal ranking in priority to other
external debt obligations of the Republic.

The sovereign credit ratings on Indonesia are underpinned by
continued improvements in the country's public debt and fiscal
position, and its enhanced external liquidity cushion built up
over the past several years.  General government debt is expected
to have fallen to about 32% of GDP in 2008, nearly half its level
in 2004, owing to consistent primary budget surpluses and strong
nominal GDP growth.  The country's external liquidity position
remains moderately strong at US$54.8 billion at the end of March,
notwithstanding a sharp drop from the record high of
US$60.5 billion in July 2008.

The sovereign ratings are also supported by a continued prudent
fiscal stance.  Standard & Poor's believes the government's 2009
spending plan and associated rise of the fiscal deficit to a
targeted 2.5% GDP do not represent a weakened commitment to fiscal
prudence, and that the public debt ratios will remain on an
improving path.

The ratings, however, remain constrained by the country's external
and government debt burden and attendant vulnerability to external
shocks, and adverse exchange rate movements.  Indonesia's net
external debt burden (including liquid assets), at an estimated
40% of current account receipts in 2008, is higher than that for
most similarly rated countries, or the 'BB' median's small net
external creditor status.

In addition, numerous microeconomic distortions continue to
detract from the sovereign's creditworthiness.  Despite recent
reform efforts, infrastructure shortfalls, legal uncertainties,
corruption, and labor market rigidities stunt the country's growth
potential.  A key challenge for the government is to maintain
support for ongoing reforms and to ensure that momentum is
maintained beyond this year's elections.

The stable outlook on the sovereign ratings reflects Standard &
Poor's view that debt reduction in recent years and an improved
policy environment, particularly the flexible exchange rate
regime, will enable the government to sustain an adequate external
liquidity cushion in the face of ongoing external shocks.



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

DTC THREE: S&P Keeps BB Ratings on Two Class E Notes
----------------------------------------------------
Standard & Poor's Ratings Services lowered to 'AA' from 'AAA' (two
notches) its ratings on DTC Three Funding Ltd.'s class A-1 and A-2
apartment mortgage-backed pass-through notes and its ratings on
DTC Eight Funding Ltd.'s class A pass-through secured notes, and
withdrew the ratings from CreditWatch with negative implications.
At the same time, Standard & Poor's affirmed its ratings on the
class B to E notes issued under both DTC3 and DTC8, and withdrew
the ratings from CreditWatch with negative implications.  The
ratings on the class A to E notes issued under both the DTC3 and
DTC8 transactions address the ultimate repayment of principal and
the full and timely payment of interest on the notes by the
respective legal final maturity dates of the two transactions.

Meanwhile, Standard & Poor's also affirmed its 'AAA' rating on
DTC3's class X notes and its 'BBB' rating on DTC8's class N notes.
This is because the ratings do not address the full and timely
payment of interest on those notes.

On Oct. 16, 2008, Standard & Poor's had placed on CreditWatch with
negative implications its ratings on the class A to E notes issued
under both DTC3 and DTC8, citing a possible increase in liquidity
risk in the absence of advancing agents for the two transactions.

The CreditWatch listings followed Lehman Brothers Japan Inc.'s
filing for civil rehabilitation proceedings on Sept. 16, 2008.
Lehman Brothers Japan had served as the advancing agent for the
two transactions, and the filing was considered an advancing agent
replacement event.  However, eligible advancing agents were not
appointed within 30 days of the replacement event, as required by
the transaction contracts.

Standard & Poor's has been monitoring a number of factors in the
two transactions, including progress in the selection of new
advancing agents.  S&P lowered its ratings on DTC3's class A-1 and
A-2 notes and DTC8's class A notes in light of liquidity risk in
the transactions and also because: (1) advancing agents have yet
to be designated; and (2) S&P believes that it is unlikely that
new advancing agents will be selected in the near future.

In an environment of rising interest rates, S&P believes that
liquidity risk is likely to increase if the master lessee, who is
the loan paying agent, files for bankruptcy.  S&P has analyzed and
assessed the loan paying agent's creditworthiness based on current
available information, the servicing plan provided by the servicer
for implementation if the loan paying agent files for bankruptcy,
and the availability of extra liquidity support in light of the
transactions' current liquidity levels, and incorporated these
factors into the ratings.  S&P may review its ratings if S&P
cannot have access to a constant flow of information relating to
the loan paying agent's creditworthiness.  Meanwhile, S&P intend
to continue to monitor progress in the selection of advancing
agent candidates, the availability of extra liquidity support, and
the ratings on the transactions.

The downgrades are not related to S&P's views on the performance
of the underlying assets of the transactions.  They are based on
S&P's opinions that new advancing agents are unlikely to be
selected any time soon and that liquidity risk may arise.  At this
point, Standard & Poor's does not regard the performance of the
underlying apartment loans as a potential source of risk.

The notes relating to the aforementioned transactions are
ultimately secured by a pool of apartment loans originated by
Lehman Brothers Commercial Mortgage KK (formerly known as New
Century Finance Co. Ltd.), an affiliate of Lehman Brothers
Holdings Inc.  The loans were granted to cover the construction
costs and miscellaneous expenses of newly constructed apartment
buildings built and managed by Daito Trust Construction Co. Ltd.

        Ratings Lowered, Removed From Creditwatch Negative

                      DTC Three Funding Ltd.
                   Apartment loan-backed RMBS

   Class   To   From            Initial Amount   Coupon Type
   -----   --   ----            --------------   -----------
   A-1     AA   AAA/Watch Neg   JPY8,220 mil.    Floating rate
   A-2     AA   AAA/Watch Neg   JPY5,610 mil.    Floating rate

                      DTC Eight Funding Ltd.
              Structured secured notes due Nov. 2038

   Class   To   From            Initial Amount   Coupon Type
   -----   --   ----            --------------   -----------
   A       AA   AAA/Watch Neg   JPY35,000 mil.   Floating rate

       Ratings Affirmed, Removed From Creditwatch Negative

                      DTC Three Funding Ltd.
                    Apartment loan-backed RMBS

   Class   To   From            Initial Amount   Coupon Type
   -----   --   ----            --------------   -----------
   B       AA    AA/Watch Neg    JPY870 mil.     Floating rate
   C       A     A/Watch Neg     JPY540 mil.     Floating rate
   D       BBB   BBB/Watch Neg   JPY690 mil.     Floating rate
   E       BB    BB/Watch Neg    JPY776 mil.     Floating rate

* Class F (no interest), which has an initial issuance amount of
  JPY606 mil., is not rated.

                      DTC Eight Funding Ltd.
                Structured secured notes due 2038

   Class   To   From            Initial Amount   Coupon Type
   -----   --   ----            --------------   -----------
   B       AA   AA/Watch Neg    JPY1,780 mil.    Floating rate
   C       A    A/Watch Neg     JPY1,620 mil.    Floating rate
   D       BBB  BBB/Watch Neg   JPY1,210 mil.    Floating rate
   E       BB   BB/Watch Neg    JPY240 mil.      Floating rate

* Class F (no interest), which has an initial issuance amount of
  JPY482 mil., is not rated.

                         Ratings Affirmed

                      DTC Three Funding Ltd.
                    Apartment loan backed RMBS

                  Class   Rating   Coupon Type
                  -----   ------   -----------
                  X-IO*   AAA      Floating rate

* Class X is interest only.

                      DTC Eight Funding Ltd.
                 Structured secured notes due 2038

           Class   Rating   Initial Amount   Coupon Type
           -----   ------   --------------   -----------
           N*      BBB      JPY3,900 mil.    Fixed rate

* Class N is redeemed solely by excess spread and prepayment
  penalty fees.


GK L-JAC4: S&P Cuts Rating on Class G-3 of Bonds to 'BB'
--------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on G.K.
L-JAC4 Funding's class A-2, B-2, and D-2 to G-2 bonds, and
withdrew the ratings from CreditWatch with negative implications.
At the same time, Standard & Poor's affirmed its ratings on
classes C2, D-3A, D-3B, and E-3 to G-3, and withdrew the ratings
from CreditWatch with negative implications.  In addition,
Standard & Poor's affirmed its ratings on the class X-1 and X-2
trust certificates because the ratings address the fact that
interest on these classes is paid, only when available, on the
respective due dates.

On Oct. 16, 2008, Standard & Poor's had placed its ratings on
L-JAC4's class A-2 to G-3 bonds on CreditWatch with negative
implications, citing possible increases in interest rate mismatch
risk and liquidity risk.  The CreditWatch listings followed the
Sept. 15 Chapter 11 filing of Lehman Brothers Holdings Inc., whose
affiliates had served as interest hedge counterparties and
advancing agents for the L-JAC4 transaction.  Following Lehman
Brothers' Chapter 11 filing, eligible institutions to replace the
affiliates as interest hedge counterparties and advancing agents
have yet to be appointed.

The downgrades are based on S&P's opinions of these factors:

(1) Even though approximately seven months have passed since
    procedures relating to the selection of an interest hedge
    counterparty were initiated, a contract in this respect has
    yet to be signed.  Accordingly, for S&P's analysis, S&P
    assumes that no interest rate counterparty has been appointed.

(2) Even though a certain level of liquidity support has been
    secured, it does not meet the minimum level required under
    S&P's ratings criteria.  Hence, for S&P's analysis, S&P assume
    that no liquidity support is provided.

Nevertheless, Standard & Poor's does not regard liquidity as a
risk factor in light of current interest rate levels and property
occupancy rates.  S&P believes that liquidity risk is mitigated to
a certain degree because the L-JAC4 transaction incorporates
characteristics or mechanisms, such as tenant diversification and
cash reserves, designed to create a stable cash flow.  Yet, S&P
lowered its ratings on the class A-2, B-2, and D-2 to G-2 bonds
because under a stress scenario whereby the level of stress
applied to interest rates and net cash flows is commensurate with
the old ratings on these classes, S&P sees a possibility that
related interest payments may not be made as scheduled. The
potential interest shortfall amounts that S&P identified for each
class, however, were relatively small.

Standard & Poor's ratings on classes A-2 to G-2, classes D-3A and
D-3B, and classes E-3 to G-3 address the full and timely payment
of interest, and the full and ultimate payment of principal by the
transaction's legal final maturity date in May 2015.  Although the
rating actions on the class A-2, B-2, and D-2 to G-2 bonds are
based on S&P's view that repayment of interest may not be made as
scheduled, S&P believes that the likelihood of repayment of
principal and interest on the higher tranches by the legal final
maturity date is commensurate with former rating levels.

Standard & Poor's may consider raising the ratings on class B-2
and classes D-2 to G-2 to their previous levels if interest rate
mismatch risk is adequately hedged.  In addition, S&P may consider
raising the rating on the class A-2 bonds to the previous level if
both interest rate mismatch risk and liquidity risk are adequately
mitigated.  S&P intends to monitor the transaction, and if
necessary, S&P may review its ratings on the class A-2, B-2, and
D-2 to G-2 bonds.

The deal is a multi-borrower CMBS transaction ultimately backed by
five nonrecourse loans extended to three sponsors. The loans were
initially secured by 34 properties.  The transaction was arranged
by Lehman Brothers Japan Inc. Capital Servicing Co. Ltd. acts as
the servicer for this transaction.

      Ratings Lowered, Withdrawn From Creditwatch Negative

                       G.K. L-JAC4 Funding
    JPY78.7 billion floating-rate/fixed-rate bonds/certificates
                          due May 2015

Class   To     From            Initial Issue Amount  Coupon type
-----   --     ----            --------------------  -----------
A-2     AA     AAA/Watch Neg   JPY25.0 bil.        Floating-rate
B-2     A+     AA/Watch Neg    JPY5.2 bil.         Floating-rate
D-2     BBB-   BBB+/Watch Neg  JPY1.9 bil.         Floating-rate
E-2     BB+    BBB/Watch Neg   JPY0.8 bil.         Floating-rate
F-2     BB     BBB-/Watch Neg  JPY0.5 bil.         Floating-rate
G-2     BB-    BB+/Watch Neg   JPY0.5 bil.         Floating-rate

      Ratings Affirmed, Withdrawn From Creditwatch Negative

     Class   Rating   Initial Issue Amount     Coupon type
     -----   ------   --------------------     -----------
     C-2     A        JPY4.8 bil.              Floating-rate
     D-3A    BBB      JPY1.0 bil.              Floating-rate
     D-3B    BBB      JPY2.3 bil.              Fixed-rate
     E-3     BBB-     JPY1.2 bil.              Fixed-rate
     F-3     BB+      JPY1.1 bil.              Fixed-rate
     G-3     BB       JPY0.4 bil.              Fixed-rate

                         Ratings Affirmed

        Class   Rating   Initial Issue Amount
        -----   ------   --------------------
        X-1     AAA      JPY78.7 bil. (notional principal)
        X-2     AAA      JPY78.7 bil. (notional principal)


RENOWN INC: Unveils Management Changes
--------------------------------------
Renown Inc. has disclosed several management changes in the
company, The Japan Times reports citing Kyodo News.

According to the Times, Renown said all five board members,
including President Minoru Nakamura, will resign in late May.  He
will be succeeded by Minoru Kitabatake, head of the planning
department.

The Times says the planned management change will be formally
approved by the Renown board following a general shareholders'
meeting on May 28.

Renown, according to the Times, said it will have a younger
management team now that it has "carried out drastic structural
reform and almost completed establishing a (new) business base."

However, the Times notes, Renown watchers say the decision to
reshuffle the top management is possibly aimed at ducking a
proposal from Neoline Capital Co, the firm's biggest shareholder,
to send three executives to Renown's board to maintain initiative
in rebuilding its ailing operations.

Neoline Capital is expecting Renown to turn its business around
under the leadership of the three executives, including Takeshi
Kimura, president of Incubator Bank of Japan, the Times adds.

Meanwhile, Bloomberg News reports that Renown said it expects its
net loss to narrow to JPY2 billion in the fiscal year started
March 1 as it cuts administration costs.  Renown had a JPY12.3
billion loss a year earlier, Bloomberg News notese.

                          About Renown

Renown Incorporated (TYO:3606) is a Japan-based company mainly
engaged in the textile business.  The Company operates in three
business segments.  The Textile segment is involved in the
manufacture, sale, subcontract processing and manufacturing
management of textile products, as well as the manufacture of raw
materials for its textile products.  The Textile-related segment
is involved in the inspection, inspection guidance, quality
control, quality assessment, logistics and storage of textile
products, in addition to the information gathering business.  The
Others segment is engaged in the design and construction
management for shops, the sale of real estate, the insurance
agency business, as well as the manufacture and sale of processed
food and juices.  The Company has 51 subsidiaries and six
associated companies.


RENESAS TECHNOLOGY: Continues Various Cost Cutting Measures
-----------------------------------------------------------
Bloomberg News reports Renesas Technology Corp.'s president,
Yasushi Akao, said the company aims to return to profit next
fiscal year by cutting labor, research and productions costs.

The company is consolidating production lines, cutting wages and
reducing research spending to slash costs by about JPY80 billion
(US$813 million) in the 12 months started April 1, Mr. Akao told
Bloomberg News in an interview in Tokyo.  Renesas already trimmed
its expenditure by as much as JPY40 billion last year, he said.

The report relates according to Mr. Akao, after selling JPY54
billion of its shares last month to Hitachi Ltd. and Mitsubishi
Electric Corp., Renesas may ask the firms
for additional funding.

The company may also consider accepting financial support from
Japanese government if available, Mr. Akao said as cited by
Bloomberg News.

Renesas expects a JPY206 billion net loss in the year ended March
31 as the company books restructuring and tax-related charges,
compared with a profit of JPY9.5 billion a year earlier, according
to Bloomberg News.

Japan-based Renesas Technology Corp --- http://www.renesas.com/
--- a Hitachi Ltd and Mitsubishi Electric Corp joint venture, is a
microchip manufacturer.  The company makes many kinds of
semiconductors, including discrete devices, application-specific
integrated circuits (ASICs), microprocessors, memories, and analog
chips; it is also the world's top maker of microcontroller chips.
Hitachi owns 55% of Renesas; Mitsubishi has the other 45%.



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

PARKSIDE DEVELOPMENTS: IRD Moves to Liquidate Unit
--------------------------------------------------
The Inland Revenue Department is seeking the liquidation of
Parkside Construction, a luxury home building company of
Christchurch builder Andrew O'Neil, according to a report posted
at stuff.co.nz.  The IRD filed an application for liquidation of
Parkside Construction in the High Court on Feb. 19, the report
says.

The report relates that Mr. O'Neil set up Parkside Construction
after the collapse of his Parkside Developments company.

As reported in the Troubled Company Reporter-Asia Pacific on
July 21, 2008, The Press said Parkside Developments appointed
Christchurch accountant Andrew Oorschoot as administrator of the
company, after a creditor filed proceedings in the High Court.

According to stuff.co.nz, Parkside Developments nutted out an
agreement on a deed of company arrangement with creditors for
partial repayment over two years.  The report says the income
Parkside Construction generates will be used to repay the
creditors of Parkside Developments.

Mr. O'Neil, according stuff.co.nz, believed that the action of IRD
will have no affect on the agreement with creditors of Parkside
Developments as he had still other trading entities.

The IRD application for liquidation would be heard in court on
April 27, the report notes.

Parkside Developments is a real estate development company based
in Christchurch, New Zealand.  It is involved in two
controversial developments involving historic homes --  the 99-
year-old Royden homestead in Royds Street in Fendalton and the
Danmark homestead overlooking Hagley Park.



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

MARIBOJOC RURAL BANK: Placed Under PDIC's Receivership
------------------------------------------------------
The Bangko Sentral ng Pilipinas ("BSP") has placed the Rural Bank
of Maribojoc Inc. under the state deposit insurer's receivership
for being unable to service withdrawals by depositors, the
BusinessWorld Online reports citing the central bank.

"The Monetary Board, in [a] resolution... decided to prohibit the
Rural Bank of Maribojoc from doing business in the Philippines and
to place its assets and affairs under receivership of the
Philippine Deposit Insurance Corp.," the report cited the BSP in a
memorandum.

The report, citing BSP Deputy Governor Nestor A. Espenilla, Jr. in
a text message, says the bank had declared a bank holiday in late
January and was unable to re-open since then.

According to the BusinessWorld Online, the Rural Bank of
Maribojoc, which is not under Legacy group, is the seventh bank
closed by the BSP since the start of the year.



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

PAMODZI GOLD: Best Rock Funding Expected Today
----------------------------------------------
Nicky Smith at Bloomberg News reports Pamodzi Gold Ltd may finally
receive the funding Best Rock Investments LLP promised in
December.

A European bank agreed Tuesday to provide Best Rock with more than
200 million rand (US$22 million) for Pamodzi, Andre Vorster, Best
Rock's lawyer, told Bloomberg News in a telephone interview.

The report relates Mr. Vorster declined to name the bank or
provide contact details for Best Rock but said the line of credit
was provided after Cops Worldwide Inc. provided collateral.

Three of Pamodzi's mines, burdened by combined debts of 637
million rand, are on the brink of final liquidation.  According to
Bloomberg News, Pamodzi had its Orkney mine in South Africa's
North West province placed under provisional liquidation on
March 20 after funding ran dry.  The company's East Rand and Free
State units meanwhile have since been placed under provisional
judicial management, Bloomberg News says.

Liquidators of the Orkney mine will apply to have the other two
units placed into provisional liquidation unless proof of the
funding from Best Rock or other investors is in place today,
April 17, Enver Motala, the lead liquidator with SBT Trust, told
Bloomberg News in a telephone interview.

                       About Pamodzi Gold

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



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

UBS AG: To Cut 240 Jobs in Asia-Pacific, Bloomberg News Says
------------------------------------------------------------
Cathy Chan at Bloomberg News reports UBS AG said it will eliminate
about 240 jobs from its wealth management division in the Asia-
Pacific region.

The cuts include 100 positions in Singapore and represent about 3
percent of the Zurich-based company's staff in the region, the
report says citing Mark Panday, a spokesman in Hong Kong.

As reported in the Troubled Company Reporter-Europe on April 3,
2009, Katharina Bart at Dow Jones said analysts and investors
expect UBS to issue a profit warning and flag job cuts this month.

"We expect a first-quarter 2009 profit warning from UBS as it
writes down some of its CHF5 billion monoline exposure and makes a
restructuring charge for letting go some 5,000 to 10,000 people,"
Dow Jones quoted Helvea analyst Peter Thorne as saying.

The report stated UBS still holds US$5.34 billion in protection
from monoline insurers, which the bank originally bought in an
effort to insure against some types of losses but which has since
soured and could weigh on first-quarter profit.

A TCR-Europe report on Feb. 11, 2009 said UBS AG's net loss for
full-year 2008 widened to CHF19,697 million from of CHF5,247
million in the prior year.

Net losses from continuing operations totaled CHF19,327 million,
compared with losses of CHF5,111 million in the prior year.

UBS attributed the losses to negative revenues in its fixed
income, currencies and commodities (FICC) area.

For the 2008 fourth quarter, UBS incurred a net loss of CHF8,100
million, down from a net profit of CHF296 million.

Net loss from continuing operations was CHF7,997 million compared
with a profit of CHF433 million.

The Investment Bank recorded a pre-tax loss of CHF7,483 million,
compared with a pre-tax loss of CHF2,748 million in the prior
quarter.  This result was primarily due to trading losses, losses
on exposures to monolines and impairment charges taken against
leveraged finance commitments.  An own credit charge of CHF1,616
million was recorded by the Investment Bank in fourth quarter
2008, mainly due to redemptions and repurchases of UBS debt during
this period.

UBS said it will further reduce its headcount to 15,000 by the end
of the year.

UBS's personnel numbers reduced to 77,783 on December 31, 2008,
down by 1,782 from September 30, 2008, with most staff reductions
at its investment banking unit.

                          About UBS AG

Based in Zurich, Switzerland, UBS AG (VTX:UBSN) --
http://www.ubs.com/-- is a global provider of financial services
for wealthy clients.  UBS's financial businesses are organized on
a worldwide basis into three Business Groups and the Corporate
Center.  Global Wealth Management & Business Banking consists of
three segments: Wealth Management International & Switzerland,
Wealth Management US and Business Banking Switzerland.  The
Business Groups Investment Bank and Global Asset Management
constitute one segment each.  The Industrial Holdings segment
holds all industrial operations controlled by the Group.  Global
Asset Management provides investment products and services to
institutional investors and wholesale intermediaries around the
globe.  The Investment Bank operates globally as a client-driven
investment banking and securities firm.  The Industrial Holdings
segment comprises the non-financial businesses of UBS, including
the private equity business, which primarily invests UBS and
third-party funds in unlisted companies.



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

AU OPTRONICS: Acquires 35% in Lighthouse Technology for NT$384MM
----------------------------------------------------------------
AU Optronics Corp said it acquired a 35 percent stake in
Lighthouse Technology Inc. for NT$384 million (US$11 million), the
China Post reports.

The Post, citing AU in an exchange filing, says the stock was
bought through a private placement.

AU Optronics Corp. (AUO) -- http://auo.com/-- manufactures 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.


CHINA BILLS: Fitch Affirms Support Rating Floor at 'B+'
-------------------------------------------------------
Fitch Ratings has affirmed Taiwan-based China Bills Finance
Corporation's Long-term foreign currency Issuer Default Rating at
'BBB', Short-term foreign currency IDR at 'F3', National Long-term
rating 'A+(twn)', National Short-term rating 'F1(twn)', Individual
'C', Support '4', and Support Rating Floor 'B+'.  The Outlook on
the ratings remains Stable.

The ratings primarily reflect CBF's improved and satisfactory
capital position, good asset quality and adequate liquidity.  The
ratings also consider potential risks associated with rising
credit cost caused by the sharp economic recession as well as
likely interest rate volatility.  The plan to merge CBF and
Industrial Bank of Taiwan (IBT, Individual rating 'C/D') was
suspended in November 2008 as rapid and severe deterioration in
the global economy resulted in asset impairment at IBT and led to
a disagreement about the share swap ratio.  However, IBT remains
CBF's single largest shareholder and the business alliance between
the two entities continues.  Fitch views the alliance positively,
as CBF can benefit from IBT's wholesale banking franchise and
potential liquidity support.

CBF's profitability was modest in 2008.  Nevertheless, the pre-
provision profits improved noticeably in 2008 as sharp declines in
market interest rates in H208 resulted in widened interest rate
spreads and favorable trading and valuation gains on its fixed-
income investments.  Fitch expects CBF to deliver reasonable net
profits in 2009, supported by possibly very low TWD interest
rates, widened interest rate spreads and controlled provision
charges.  In addition, the agency notes CBF's moderate credit risk
exposures, evidenced by the company's sizeable trimming of its
guarantee offering and bond holdings in the face of increased
concerns over corporate defaults amid the deepening recession in
2008.  At the same time, CBF's good asset quality stems from the
continuous decline of its total problem exposures in 2008, which
are sufficiently covered by reserves and high-quality underlying
collateral in real estate.

The company has an adequate liquidity profile despite its reliance
on short-term funding. The bills and bond repurchase agreements
are backed by generally diversified and good-quality fixed-income
securities. The distribution of repo counterparties is also
reasonably diversified. CBF has sound capitalization, with a
capital adequacy ratio of 13.6% at end-2008. Fitch notes that the
management intends to keep its CAR at a comfortable cushion above
the regulatory minimum requirement of 8%.

CBF, established in 1978, is Taiwan's third-largest bills finance
company by assets (TW$228 billion including guarantee with a 20%
market share).


E SUN: Volatile Profitability Cues Fitch's 'D' Individual Rating
----------------------------------------------------------------
Fitch Ratings has affirmed the ratings of E. Sun Bank and E. Sun
Securities Corporation:

  -- E. Sun Bank: Individual at 'C'; and Support at '4'

  -- E. Sun Securities: National Long-term rating at 'A(twn)',
     National Short-term rating at 'F1(twn)', Individual at 'D',
     and Support at '2'. The Outlook is Stable.

The Individual rating of E.Sun Bank reflects its adequate capital,
satisfactory liquidity level and modest profitability.  In order
to better control its credit risk during the market downturn,
E.Sun Bank has adjusted its loan mix by reducing the proportion of
risky small and medium enterprise loans in its portfolio, while
expanding into selected financially strong large corporate
accounts in 2008.  The bank's asset quality remained well; its
loan loss reserves to problem credits increased to a satisfactory
level after the bank aggressively increased its provisioning
throughout 2008.  However, due to its higher provision expenses
and the decline in fee income, the bank had a weaker profit level
in 2008, compared with that in 2007.  Nevertheless, even though
the bank's Tier one ratio fell slightly to 7.8% at end-2008 as it
expanded its assets portfolio, Fitch expects the Tier one ratio to
be steady in 2009 due to the slowdown in asset growth and its
modest profits.  The agency also notes that the bank has a
satisfactory liquidity profile with an excess liquidity reserve
ratio far exceeding the regulatory requirement.

E. Sun Securities's National Long-term rating of 'A(twn)' is
driven by the obligated support from its parent, E. Sun Financial
Holding Company.  Its Individual rating reflects its weakness,
with a small franchise and volatile profitability, as well as its
strengths, including mainly strong capitalization and good
liquidity relative to its business size.  The company's risk
exposure has been largely reduced as it scaled back its
investments in 2008.  Although the company reported losses in
2008, dragged down by losses in stock trading, its income from
brokerage business has sufficiently covered its operating
expenses.  In addition, the company has a strong liquidity profile
and its capitalization remains solid with a capital ratio of 836%
at end-2008, well above the regulatory requirement of 150%.

E.Sun Bank and E. Sun Securities are wholly owned subsidiaries of
ESFHC.  ESFHC was ranked 11th among 15 domestic financial holding
companies in term of assets at end-2008.


ELPIDA MEMORY: Partnership with Taiwan Memory Supported by Govt.
----------------------------------------------------------------
The Japanese government has given its blessings to the partnership
of Elpida Memory Inc. and Taiwan Memory Co., The Wall Street
Journal reports.

According to The Journal, an official at Japan's Ministry of
Economy, Trade and Industry said that Deputy Director-General
Masaaki Kimura told the Taiwanese government that Japan will
support Elpida's efforts to strengthen its global competitiveness
by deepening its relations with Taiwan.

However, the official denied reports that Japan is considering
using public funds to help strengthen Elpida's capital, The
Journal notes.

Elpida and Taiwan Memory will jointly apply for funding from
Taiwan's National Development Fund by the end of April, Duh Tyzz-
jian, Director-General of the Industrial Development Bureau, was
cited by The Journal as saying.

Taiwan Memory, which was set up by the island's government to
rescue the country's $23.6 billion industry, will develop dynamic
random access memory with Elpida and will jointly own intellectual
property rights to new technologies, the Troubled Company
Reporter-Asia Pacific reported on April 3, 2009, citing the
Bloomberg News.

                       5th Quarterly Loss

As reported in the TCR-AP on Feb. 10, 2009, Elpida posted its
fifth straight quarterly loss after "an accelerated fall in
consumer spending, manufacturing adjustments and higher rates of
unemployment resulting from the intensified financial crisis
worsened global economy drastically in the third quarter."

The company's net loss for the third quarter ended Dec. 31, 2008,
widened to JPY72.3 billion (US$795 million) from JPY12.1 billion
in the same period in 2007.

Sales dropped 34 percent to JPY61.8 billion from JPY94.0 billion.

The company incurred gross losses of JPY42.9 billion (compared
with an JPY8 billion  loss in the previous quarter) and operating
losses of JPY57.9 billion (a JPY24.5 billion yen loss in the
previous quarter) since selling prices continued to run well below
manufacturing costs and the yen grew stronger, Elpida said in a
Feb. 6 statement.

Ordinary losses came to JPY66.1 billion (a JPY30.3 billion loss in
the previous quarter) partly due to equity method investment
losses of JPY7.4 billion that mainly concerned Rexchip Electronics
Corporation ("Rexchip").

An extraordinary loss of JPY5.4 billion in connection with an
accrued provision to cover litigation settlement costs was a
factor in a net loss of JPY72.3 billion (a JPY31.9 billion loss in
the previous quarter).

                        Rating Downgrade

As reported in the TCR-Asia Pacific on Feb. 23, 2009, Standard &
Poor's Ratings Services lowered to 'B+' from 'BB-' its long-term
corporate credit and senior unsecured ratings on Elpida Memory
Inc., and placed the ratings on CreditWatch with negative
implications.

According to the rating agency, the downgrade and CreditWatch
placement reflect the material weakening of the company's
financial soundness, due to continued losses stemming from
deteriorating market conditions and uncertainty over the company's
short-term liquidity.

                          About Elpida

Elpida Memory Inc. (TYO:6665) -- http://www.elpida.com/ja/-- is a
Japan-based company principally engaged in the development,
design, manufacture and sale of semiconductor products, with a
focus on dynamic random access memory (DRAM) silicon chips.  The
main products are DDR3 SDRAM, DDR2 SDRAM, DDR SDRAM, SDRAM, Mobile
RAM and XDR DRAM, among others.  The Company distributes its
products to both domestic and overseas markets, including the
United States, Europe, Singapore, Taiwan, Hong Kong and others.
The company has eight subsidiaries and two associated companies.


* TAIWAN: Legislators Question Taiwan Memory's Purpose
------------------------------------------------------
Robin Kwong at The Financial Times reports the Taiwan government
is facing increasing scrutiny over Taiwan Memory Co., the company
it established to reform the island's struggling dynamic random
access memory chip industry.

The FT says legislators on the economics committee Wednesday
passed a motion calling on the government to give regular reports
on the company.

Bloomberg News relates opposition lawmaker Pan Men-An filed the
motion asking Taiwan Memory to clarify its funding needs.

According to FT, Taiwan Memory was established last month in
response to the D-Ram industry's biggest ever crisis.  Makers of
D-Ram chips lost a record US$12.5 billion from 2007 until the end
of 2008, Bloomberg News says citing Andrew Norwood, a Gartner Inc.
analyst in London.

The FT relates John Hsuan, Taiwan Memory's chairman, has said
that, rather than bailing out Taiwan's D-Ram makers, he would
pursue research and development opportunities that would create
new markets for Taiwan chipmakers.  To achieve this, the FT says
Taiwan Memory will go into partnership with Japan's Elpida Memory
Inc.

However, Mr. Pan Men-An, as cited by the FT, said Taiwan Memory's
structure was already vastly different from what legislators and
the industry had expected.

"When Taiwan Memory was established, we had thought it would speed
up industry consolidation and help Taiwan compete against South
Korea, but that spark of hope turned into just a flash in the
pan," the FT quoted Mr. Pan Men-An as saying.



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

* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                                          Total
                                        Total      Shareholders
  Company                     Ticker    Assets           Equity
  -------                     ------    ------     ------------


AUSTRALIA

ADVANCE HEAL-NEW           AHGN      16933460.19     -8226075.95
ADVANCE HEALTHCA            AHG      16933460.19     -8226075.95
ALLOMAK LTD                 AMA      40685785.47     -5913422.67
ALLSTATE EXPLORA            ALX      16169603.20    -50619940.96
ALLSTATE EXPL-PP          ALXCC      16169603.20    -50619940.96
ANTARES ENERGY L            AZZ      14174189.76     -6756494.56
ARC EXPLORATION             ARX      56414197.69    -20454926.06
AUSMELT LTD                 AET      10421943.80     -1558622.35
AUSTAR UNITED               AUN     448602007.58   -261905005.38
AUSTRAILIAN Z-PP          AZCCA      77741918.88     -2566335.24
AUSTRALIAN ZIRC             AZC      77741918.88     -2566335.24
BABCOCK & BROWN             BCM    7921901248.89   -381294562.59
BIRON APPAREL LT            BIC      19706738.17     -2220069.83
BISALLOY STEEL G            BIS      54556820.43     -7472108.44
CHEMEQ LIMITED              CMQ      25194855.59    -24254413.72
CITY PACIFIC LTD            CIY     171501648.08     -6383353.75
ELLECT HOLDINGS             EHG      18245003.37    -15487781.92
ETW CORP LTD                ETW      83708786.34    -58673955.65
FORTESCUE METALS            FMG    4293524492.00   -378456209.91
FULCRUM EQUITY L            FUL      19209266.15     -3664831.35
JAMES HARDIE NV           JHXCC    1827000064.00    -37500000.00
JAMES HARDIE-CDI            JHX    1827000064.00    -37500000.00
LAFAYETTE MIN               LAF     105239389.93   -190859526.77
MAC COMM INFR-CD          MCGCD    8104415200.76   -103343256.49
MACQUARIE COMMUN            MCG    8104415200.76   -103343256.49
METAL STORM LTD             MST      14309243.10     -5126410.11
TOOTH & CO LTD              TTH     143720715.19    -94300033.83
VERTICON GROUP              VGP      21729291.58    -11591492.96
VIDELLI LTD                 VID      78516329.21     -5679479.23

CHINA

ALONG TIBET CO-A         600773      10333935.67      -913954.99
AMOI ELECTRONICS         600057     414934259.50    -30399649.61
ANHUI KOYO GROUP         000979      60298626.62    -47685854.30
CHANG LING GROUP         000561      49675731.32   -115810769.64
CHENGDU UNION-A          000693      59526570.13      -188881.87
CHINA KEJIAN-A           000035      65124488.98   -167311537.11
CHINESE.COM LOGI         000805      13883647.68     -8947568.12
DANDONG CHEM F-A         000498     115942688.34    -91597754.91
FUJIAN SANNONG-A         000732      65238961.39    -54995633.00
FUJIAN START-A           600734     105659572.63    -14337777.19
GUANGDONG HUAL-A         600242      22465173.76     -2740933.18
GUANGDONG KEL-A          000921     710500493.66    -81769686.15
GUANGMING GRP FU         000587      62369338.74    -12083332.13
GUANGXIA YINCH-A         000557      53463085.53    -61325483.02
HEBEI BAOSHUO CO         600155     313380313.25   -212285683.69
HEBEI JINNIU C-A         600722     223470984.32   -222746304.24
HISENSE ELEC-H              921     710500493.66    -81769686.15
HUATONG TIANXI-A         600225      73838152.81    -41138558.42
HUDA TECHNOLOG-A         600892      20117117.87     -1494139.58
HUNAN ANPLAS CO          000156      83999120.28    -81350940.74
HUNAN AVA HOLDIN         000918     176943487.87    -11256248.54
JIAOZUO XIN'AN-A         000719      50815905.85    -25450082.53
MIANYANG GAO-A           600139      30657523.00    -12436839.12
QINGHAI SUNSHI-A         600381      52481259.62    -33816335.98
SHANG WORLDBES-A         600094     327982181.09   -175167931.11
SHANG WORLDBES-B         900940     327982181.09   -175167931.11
SHENZ CHINA BI-A         200017      29379003.11   -244527119.11
SHENZ CHINA BI-B         200017      29379003.11   -244527119.11
SHENZ SEG DASH-A         000007     101024087.57     -1144993.15
SHENZHEN DAWNC-A         000863      36847332.84   -142582249.37
SHENZHEN KONDA-A         000048     155014461.99    -24446764.56
SHENZHEN SHENXIN         000034      44989232.03   -113368102.97
SICHUAN DIRECT-A         000757     128549383.42   -102619767.95
STELLAR MEGAUNIO         000892      64925448.82   -162463426.22
SUCCESS INFORMAT         000517      30118378.44    -14826121.30
SUNTEK TECHNOLOG         600728      44691434.84    -22949595.64
SUNTIME INTERN-A         600084     355378023.17   -100009910.49
TAIYUAN TIANLON          600234      12693007.72    -51581680.70
TIANJIN MARINE           600751      75440814.59    -26602770.52
TIANJIN MARINE-B         900938      75440814.59    -26602770.52
TIBET SUMMIT I-A         600338      63612758.53    -10426824.98
TOPSUN SCIENCE-A         600771     232677660.69   -131983172.54
WINOWNER GROUP C         600681      21498115.00    -81284231.50
XIAMEN OVERSEAS          600870     433188523.84    -13781679.05
YUEYANG HENGLI-A         000622      40266532.05    -14337174.21
ZHANGJIAJIE TO-A         000430      46479019.96     -4406094.66

HONG KONG

APTUS HLDGS LTD            8212      54183295.49     -5233351.51
ASIA TELEMEDIA L            376      16618871.08     -5369335.42
CHIA TAI ENTERPR            121     313740803.76    -49562387.78
CHINA HEALTHCARE            673      29513119.73     -7815705.47
CORE HEALTHCARE            8250      27890609.26    -11660364.96
EGANAGOLDPFEIL               48     557892423.39   -132858951.98
EMPEROR ENTERTAI           8078      35493733.40     -2976735.60
NEW CITY CHINA             456      113178595.41     -9932226.54
PALADIN LTD                495      186461196.61     -9780904.71
PALADIN LTD -PRE           642      186461196.61     -9780904.71
SANYUAN GROUP LT           140       17768260.98     -2131329.68
WAI CHUN MINING            660       20322907.97     -8149450.16

INDIA

ALCOBEX METALS             AML       27036820.49    -16751727.41
APPLE FINANCE              APL       70832103.73    -29253849.19
ARTSON ENGR                 ART      10310745.75      -705781.13
ASHIMA LTD                 ASHM      83553376.09    -43417749.51
BALAJI DISTILLER            BLD      59974008.41    -50890026.26
BELLARY STEELS             BSAL     512415670.40   -101442229.54
BHAGHEERATHA ENG           BGEL      22646453.72    -28195273.09
CFL CAPITAL FIN           CEATF      20637497.85    -48884440.84
CORE HEALTHCARE            CPAR     185364966.99   -241912027.81
DIGJAM LTD                 DGJM      98769193.78    -14623833.58
DISH TV IND-PP             DITVPP   239183121.60    -13093854.23
DISH TV INDIA              DITV     239183121.60    -13093854.23
DUNCANS INDUS               DAI     164653351.85   -220922929.88
GANESH BENZOPLST            GBP      77840261.61    -41865917.86
GUJARAT SIDHEE             GSCL      59440728.18      -660003.43
GUJARAT STATE FI            GSF      30159595.18   -234918081.46
HIMACHAL FUTURIS           HMFC     633329926.05   -104792044.71
HINDUSTAN PHOTO            HPHT      93725753.93  -1229352757.43
HMT LTD                     HMT     206932743.85   -263572925.12
ICDS                       ICDS      13300348.69     -6171079.46
IFB INDS LTD               IFBI      50668510.63    -65490798.77
JCT ELECTRONICS            JCTE     122542558.60    -49996834.55
JENSON & NIC LTD             JN      15734678.26    -92089109.12
JK SYNTHETICS               JKS      20208078.76     -2171303.89
JOG ENGINEERING             VMJ      50080964.36    -10076436.07
KALYANPUR CEMENT           KCEM      37538318.01    -41771703.35
LLOYDS METALS              LYDM      76625324.31      -409399.15
LLOYDS STEEL IND           LYDS     392561769.16   -102160401.76
MILLENNIUM BEER             MLB      39726352.09      -732186.48
NATH PULP & PAP            NPPM      11602126.35    -34768739.20
ORIENT PRESS LTD             OP      15616522.24    -10040802.92
OSWAL SPINNING             OWSW      18536688.83     -4258142.35
PANCHMAHAL STEEL            PMS      51024827.03      -325116.26
PANYAM CEMENTS              PYC      30241162.87     -9403739.61
PARASRAMPUR SYN             PPS     111971290.89   -317111727.95
PAREKH PLATINUM            PKPL      61081050.43    -88849040.15
PTL ENTERPRIESES           PTLE      54293986.93      -397481.92
RATHI ISPAT LTD            RTIS      44555929.56     -3933592.50
REMI METALS GUJA            RMM      82273746.28     -1650461.11
ROLLATAINERS LTD            RLT      22965755.05    -22244556.92
ROYAL CUSHION              RCVP      29192373.45    -73115309.68
RPG CABLES LTD              RPG      51431409.37    -20192930.18
SEN PET INDIA LT           SPEN     13283611.52     -25431862.10
SHREE RAMA MULTI           SRMT      81405835.45    -64134056.23
SIL BUSINESS ENT           SILB      12461159.02    -19961202.41
SPICE COMMUNICAT           SPCM     263692459.52    -19679192.67
STI INDIA LTD              STIB      44107456.00      -300149.59
TATA TELESERVICE           TTLS     857960649.86    -50009972.82
TRANS FREIGHT               TFC      14196928.74     -9623049.18
TRIVENI GLASS              TRSG      34542881.89     -6209872.78
UNIWORTH LTD                 WW     178225972.59   -131624807.91
USHA INDIA LTD             USHA      12064900.61    -54512967.31
WIRE AND WIRELES            WNW     106984536.93    -23622538.56


INDONESIA

BUKAKA TEKNIK UT           BUKK      64091324.54    -99365767.69
DAYA SAKTI UNGGU           DSUC      29016063.42     -8041060.32
ERATEX DJAJA               ERTX      22390016.89     -5709537.72
JAKARTA KYOEI ST           JKSW      37212505.22    -39286774.25
KARWELL INDONESI           KARW      22659332.94     -1923983.20
MULIA INDUSTRIND           MLIA     329626279.29   -438147831.29
PANCA WIRATAMA             PWSI      30758367.68    -30598686.04
POLYSINDO EKA PE           POLY     547415431.67   -779982804.73
PRIMARINDO ASIA            BIMA      12520821.69    -19874326.35
STEADY SAFE TBK            SAFE      15620539.46     -3202860.09
SURABAYA AGUNG             SAIP     222819808.76   -101236552.84
TEIJIN INDONESIA           TFCO     199177024.00    -55412900.00
UNITEX TBK                 UNTX      16404917.89    -11637278.20


JAPAN

APRECIO CO LTD             2460      15981315.82     -2395526.71
ATRIUM CO LTD              8993    3004532577.65   -555330991.82
L CREATE CO LTD            3247      42344509.56     -9146496.90
LIFE STAGE CO LT           8991     140521332.90     -4256881.43
LINK CONSULTING            4798      20858257.56    -22890695.36
LINK ONE                   2403      12290544.83     -5772835.00
MOC CORP                   2363      56468378.86    -18149241.94
MORISHITA CO LTD           3594     168223801.88    -2415401.06
OPEN INTERFACE I           4302      32715547.40     -5699491.16
PION CO LTD                2799      50289757.53     -4685410.43
PLACO CO LTD               6347      26260220.44      -997325.51
SOWA JISHO CO LT           3239      54007939.02    -15643863.67
TERRANETZ CO LTD           2140      11633353.37     -4293462.63


KOREA

COSMOS PLC               053170      19306498.60     -4948161.34
DAHUI CO LTD             055250     186003859.24     -1504246.54
DAISHIN INFO             020180     740500919.30   -158453978.78
FATOMENT                 025460      28429133.98    -13916561.10
FIRST FIRE & MAR         000610    2044031310.36     -1780221.91
HECENAT CO LTD           036270      18221252.73    -32166924.53
ORICOM INC               010470      82645454.13    -40039161.33
SEJI CO LTD              053330      37246628.39      -311069.32
SINJISOFT CORP           078700      12760558.03    -21014927.26
STARMAX CO LTD           017050      73128066.52     -5536410.53
TONG YANG MAGIC          023020     355147750.92    -25767007.75

MALAYSIA

BSA INTERNATIONA          BSAI       64645666.63    -41780061.34
ENERGREEN CORP              ECB      25339141.27    -43055041.82
LITYAN HLDGS BHD            LIT      22219653.83    -28844509.51
NIKKO ELECTRONIC          NIKKO      11848555.26     -8049133.18
PANGLOBAL BHD               PGL     154526312.03   -196600884.35
PECD BHD                   PECD     192983533.96   -369308385.35
WONDERFUL WIRE               WW      13595954.15    -12213873.19
WWE HOLDINGS BHD            WWE      67986614.2      -3400656.26

NEW ZEALAND

DOMINION FINANCE           DFH      258902749.12    -55312405.88


PHILIPPINES

APEX MINING-A               APX      55266898.93     -1972871.63
APEX MINING 'B'            APXB      55266898.93     -1972871.63
BENGUET CORP-A               BC      77132198.94    -30611028.96
BENGUET CORP 'B'            BCB      77132198.94    -30611028.96
CENTRAL AZUC TAR            CAT      35737315.17     -1803678.01
CYBER BAY CORP             CYBR      14850182.71    -74298813.45
EAST ASIA POWER             PWR      72744279.35   -136684406.25
FIL ESTATE CORP              FC      43031377.81    -10925320.95
FILSYN CORP A               FYN      24839570.79    -11373621.32
FILSYN CORP. B             FYNB      24839570.79    -11373621.32
GOTESCO LAND-A               GO      18684576.24    -10863822.41
GOTESCO LAND-B              GOB      18684576.24    -10863822.41
MRC ALLIED                  MRC      14947958.51      -747373.28
PICOP RESOURCES             PCP      105659068.50   -23332404.14
UNIVERSAL RIGHTF             UP       45118524.67   -13478675.99
UNIWIDE HOLDINGS             UW       65657779.51   -57306280.77
VICTORIAS MILL              VMC      178060236.02   -36659989.09


SINGAPORE

ADV SYSTEMS AUTO            ASA       15738651.44    -8778195.07
CHUAN SOON HUAT             CSH       35287522.69   -11167501.56
FALMAC LTD                  FAL       10907421.75    -5669361.14
HL GLOBAL ENTERP           HLGE      105185881.93    -8816485.24
INFORMATICS EDU            INFO       24731271.45    -5096073.27
LINDETEVES-JACOB             LJ      160132958.13   -73605538.13
OCEAN INTERNATIO          OCEAN       61659949.85   -13720313.13
SUNMOON FOOD COM          SMOON       16158450.92   -13753828.36
WESTECH ELECTRON            WTE       28098021.50   -12602338.58

TAIWAN

CHIEF CONST-ENT           2522R      215175465.17   -21152197.10
CHIEF CONST-ENTL          2522S      215175465.17   -21152197.10
CHIEF CONST-ENTL          2522T      215175465.17   -21152197.10
CHIEN TAI CEMENT           1107      213252699.79    -8622456.43
HELIX TECHNOL-EC          2479S       29014861.50   -18177223.18
HELIX TECH-EC             2479T       29014861.50   -18177223.18
HELIX TECH-EC IS          2479U       29014861.50   -18177223.18
PROTOP TECHNOLOG           2410       36409983.56   -22412206.18
UNICAP ELECT-EC           5307R      133883064.40   -19055700.01
UNICAP ELECT-EC           5307S      133883064.40   -19055700.01
UNICAP ELECT-ENT          5307T      133883064.40   -19055700.01
YEU TYAN MACHINE           8702       39574168.04  -271070409.72


THAILAND

ABICO HOLDINGS            ABICO       16687406.79    -9849452.81
ABICO HOLD-NVDR         ABICO-R       16687406.79    -9849452.81
ABICO HLDGS-F           ABICO/F       16687406.79    -9849452.81
BANGKOK RUB-NVDR          BRC-R       86059276.81   -66357490.80
BANGKOK RUBBER              BRC       86059276.81   -66357490.80
BANGKOK RUBBER-F          BRC/F       86059276.81   -66357490.80
CENTRAL PAPER IN          CPICO       10220356.04  -216074904.26
CENTRAL PAPER-NV        CPICO-R       10220356.04  -216074904.26
CENTRAL PAPER-F         CPICO/F       10220356.04  -216074904.26
CIRCUIT ELEC PCL         CIRKIT       61295807.28   -25886476.66
CIRCUIT ELE-NVDR     CIRKIT-RTB       61295807.28   -25886476.66
CIRCUIT ELEC-FRN       CIRKIT/F       61295807.28   -25886476.66
DATAMAT PCL                 DTM       12690638.93    -6132014.29
DATAMAT PCL-NVDR          DTM-R       12690638.93    -6132014.29
DATAMAT PLC-F             DTM/F       12690638.93    -6132014.29
ITV PCL                     ITV       32184803.45   -75222598.62
ITV PCL-NVDR              ITV-R       32184803.45   -75222598.62
ITV PCL-FOREIGN           ITV/F       32184803.45   -75222598.62
K-TECH CONSTRUCT          KTECH       83204235.85    -5693045.29
K-TECH CONTRU-R         KTECH-R       83204235.85    -5693045.29
K-TECH CONSTRUCT        KTECH/F       83204235.85    -5693045.29
KUANG PEI SAN            POMPUI       17146363.89   -12117287.24
KUANG PEI-NVDR       POMPUI-RTB       17146363.89   -12117287.24
KUANG PEI SAN-F        POMPUI/F       17146363.89   -12117287.24
MALEE SAMPRAN             MALEE       56829657.96    -6993880.74
MALEE SAMPR-NVDR        MALEE-R       56829657.96    -6993880.74
MALEE SAMPRAN-F         MALEE/F       56829657.96    -6993880.74
SAFARI WORLD PUB         SAFARI      101174462.93   -16589186.57
SAFARI WORL-NVDR     SAFARI-RTB      101174462.93   -16589186.57
SAFARI WORLD-FOR       SAFARI/F      101174462.93   -16589186.57
SAHAMITR PRESSUR           SMPC       31177710.43   -14940579.60
SAHAMITR PR-NVDR         SMPC-R       31177710.43   -14940579.60
SAHAMITR PRESS-F         SMPC/F       31177710.43   -14940579.60
SUNWOOD INDS PCL            SUN       29427364.98    -6703524.31
SUNWOOD INDS-NVD          SUN-R       29427364.98    -6703524.31
SUNWOOD INDS-F            SUN/F       29427364.98    -6703524.31
THAI-DENMARK PCL          DMARK       15715462.27   -10102519.69
THAI-DENMARK-F           DMARK/F      15715462.27   -10102519.69
THAI-DENMARK-NVD         DMARK-R      15715462.27   -10102519.69
UNIVERSAL STARCH            USC       80642846.98   -54988407.82
UNIVERSAL S-NVDR          USC-R       80642846.98   -54988407.82
UNIVERSAL STAR-F          USC/F       80642846.98   -54988407.82



                         *********

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 ***