TCRAP_Public/090420.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Monday, April 20, 2009, Vol. 12, No. 76

                            Headlines

A U S T R A L I A

ALPINE CONSTRUCTIONS: Creditors Vote to Liquidate Business
BABCOCK & BROWN CAPITAL: Receives EUR100-Mln Offer from STT
BECTON PROPERTY: Sells Shares in Retirement Unit to Pay Debts
GENERATOR AUSTRALIA: S&P Downgrades Ratings on Notes to 'B'
STORM FINANCIAL: Investors Group Asked to Assist ASIC Probe


C H I N A

CHINA EASTERN: Incurs CNY13.9-Bln Net Loss in 2008
CHINA SOUTHERN: Posts CNY4.8-Bln Net Loss in 2008
GREENTOWN CHINA: Disposal of Projects Won't Move S&P's BB- Rating
NEO-CHINA LAND: Failure to Amend Terms Won't Move S&P's CC Rating
SHANGHAI ZENDAI: S&P Gives Negative Outlook; Affirms 'B+' Rating


H O N G  K O N G

DBA INTERNATIONAL: Creditors' Proofs of Debt Due on April 30
EMPIRE TOYS: Creditors' Proofs of Debt Due on May 4
FAIRMARK HONG KONG: Creditors' Proofs of Debt Due on May 18
GLOBAL LOGISTICS: Court Enters Wind-Up Order
GRIFFIN INDUSTRIES: Creditors' Proofs of Debt Due on April 30

INSURANCE FINANCIAL: Creditors' Proofs of Debt Due on May 31
REVELL-MONOGRAM: Placed Under Voluntary Wind-Up
SUNBEAM CHILD: Creditors' Proofs of Debt Due on April 30
THERAPEDIC (HK): Creditors' Meeting Set for April 27
WADY PROPERTIES: Creditors' Proofs of Debt Due on May 18


I N D I A

AJANTA OFFSET: Delays in Loan Repayment Cues CRISIL 'D' Ratings
AKC STEEL: CRISIL Rates Rs.100 Mln Cash Credit Limits at 'BB+'
BEEKAY STEEL: CRISIL Puts 'BB+' Ratings on Rs.120 Mln Term Loan
CAPRICORN PLAZA: CRISIL Assigns 'BB' Rating on Rs.700MM LT Loan
INTERNATIONAL COIL: CRISIL Cuts Rating on Rs.46MM Loan to 'BB+'

JET AIRWAYS: To Close Offices & Cut Jobs as Part of Restructuring
PAKIZA RETAIL: Fitch Corrects Rating Press Release on April 15
RANBAXY LABORATORIES: May Incur Rs2,500cr Foreign Exchange Losses
VIPUL CHEMICALS: CRISIL Rates Rs.41.7 Mln Term Loans at 'BB+'
YAMUNA POWER: CRISIL Puts 'BB+' Rating on  Rs.245 Mln Cash Credit


I N D O N E S I A

AGRI INTERNATIONAL: Moody's Downgrades Corp. Family Rating to 'B3'
BAKRIE SUMATERA: Moody's Cuts Corporate Family Rating to 'B3'
INDOSAT: Sets Aside US$360 Million for Network Expansion
PT GAJAH: Moody's Junks Corporate Family Rating from 'B2'
TELEKOMUNIKASI INDONESIA: May Allocate 50% of Profit for Dividend

* INDONESIA: 3 Large-Scale & 60-Small Scale Tanners Go Bankrupt


J A P A N

JMAC2 TRUST: Moody's Confirms 'Ba2' Rating on Class E Notes
RENESAS TECHNOLOGY: NEC Electronics Mulls on Merger
SEA CDO: Moody's Downgrades Ratings on Series 2005-10 Notes
SHINSEI BANK: Mulls Job Cuts at Shinsei Financial


K O R E A

* SOUTH KOREA: Banks to Liquidate, Restructure 5-7 Shipping Firms


N E W  Z E A L A N D

ROYAL BANK: ANZ to Join Sale Process for Asian Operations


P H I L I P P I N E S

LEGACY GROUP: Appelate Court Extends Freeze Order by 75 Days


P A K I S T A N

PAKISTAN MOBILE: Offer to Repurchase Notes Cues S&P's Junk Rating


S I N G A P O R E

LUCERO PTE: Creditors' Proofs of Debt Due on May 18
RAFFLES HOTEL: Put on Market for US$450-Mln


S O U T H  A F R I C A

PAMODZI GOLD: Simmer & Jack Mulls on Buying Orkney Mine


T H A I L A N D

* Fitch Downgrades International Ratings on Four Thai Banks


U N I T E D  A R A B  E M I R A T E S

GULF GENERAL: Fitch Downgrades Issuer Default Rating to 'BB'
GULF GENERAL: Moody's Downgrades Issuer Ratings to 'Ba1'
SHUAA CAPITAL: Moody's Downgrades Issuer Ratings to 'Ba1'


                         - - - - -



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

ALPINE CONSTRUCTIONS: Creditors Vote to Liquidate Business
----------------------------------------------------------
The creditors of Alpine Constructions have voted to liquidate the
company, which has more than $14 million debts, ABC News reports.

According to the report, more than 100 creditors heard
administrator Peter Mack say he believed the company had traded
while insolvent for about two months this year.

However, the report relates company director Robert Papillion
denied the claim saying he had lost everything, including his home
and even considers filing for bankruptcy.

Mr. Papillion, as cited by the report, has agreed to meet the
liquidator next week.

Alpine Constructions is a South Australian building firm.


BABCOCK & BROWN CAPITAL: Receives EUR100-Mln Offer from STT
-----------------------------------------------------------
Singapore Technologies Telemedia ("STT") has offered around
EUR100 million for Babcock & Brown Capital ("BCM"), Reuters
reports citing the Irish Independent newspaper.

Reuters, citing Babcock & Brown Capital in a statement, relates
that the fund said it had received a AU$176 million ($126.9
million) offer from TaemasBridge, a group led by former Babcock &
Brown executives who oversaw Eircom's takeover in 2006.

According to the Irish Times, TaemasBridge proposes to delist BCM,
which owns Irish telecoms provider Eircom and the Israeli Golden
Pages, restructure its EUR3.8 billion debt and possibly introduce
compulsory redundancies.

The Irish Times relates BCM said it was "evaluating the proposal"
in addition to "a number of other proposals" that it has received
as part of a strategic review aimed at "maximising shareholder
value".

BCM, as cited by the Times, said it would provide a "comprehensive
strategic update" to shareholders on April 27.

Babcock & Brown Capital Limited (ASX:BCM)--
http://www.babcockbrowncapital.com/-- is an Australia-based
investment company that focuses on building a portfolio of
investments with a flexible investment time horizon.  In August
2006, the company completed the acquisition of a 57.1% stake in
eircom Group plc, a telecommunications company.  The company has
two business segments: telecommunications, whose principal
investments and investment management activities are in the
telecommunications sector, and corporate, which includes
management of the funds in the company that remain uninvested in
the entities outside of the company.  BCM principally operates in
Australia and Ireland.  On Aug. 1, 2007, BCM announced the
acquisition of G.P.M. Classified Directories (Management &
Marketing) Ltd, also referred to as Golden Pages Israel.


BECTON PROPERTY: Sells Shares in Retirement Unit to Pay Debts
-------------------------------------------------------------
Becton Property Group has received a $28 million cash lifeline
from the Sultanate of Oman, The Australian reports.

The deal, the report relates, gives the Oman Investment a half-
share in Becton's retirement business, while a private placement
has given it almost 10 per cent of the overall group.

According to the report, Becton chief executive Matthew Chun said
cash proceeds from its strategic alliance with the government-
owned Oman Investment Fund would be used both to reduce debt and
to provide development pipeline funding.

The Australian says the group has been clouded by debts of almost
$500 million from the 2007 purchases of the failed Fincorp and
Estate Property groups.  With the deal, the report states, the
group's partnership with Oman will mean a net asset reduction of
$134.5 million, with liabilities cut by $132.3 million, thus
reducing group gearing from 49.4 to 41.9 per cent.

The agreement will last five years and target an internal rate of
return of 20 per cent, the report notes.

Becton Property Group Limited (ASX:BECDC) --
http://www.becton.com.au/-- is a listed Australian diversified
property group involved in property development and construction,
property funds management and retirement village ownership and
operation.  It was established in 1976.


GENERATOR AUSTRALIA: S&P Downgrades Ratings on Notes to 'B'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered the rating on the
AU$103 million repackaged credit-linked notes due May 2009 issued
by Generator Australia No. 1 Trust (see list), following a review
of authorized investments supporting the transaction.  The
transaction remains on CreditWatch with negative implications.

The rating action follows a similar action taken on the authorized
investments that support the transaction.  The transaction is
supported by the rating on Aussie 1 CDO Tranche C, which was
lowered to 'B/Watch Neg' from 'BBB+/Watch Neg' on April 9, 2009
(see media release "U.S. Synthetic CDO Classes Affected By
April 9, 2009, Rating Actions").

                                          Rating
                                          ------
   Transaction                       To           From
   -----------                       --           ----
   Generator Australia No. 1 Trust   B/Watch Neg  BBB+/Watch Neg


STORM FINANCIAL: Investors Group Asked to Assist ASIC Probe
-----------------------------------------------------------
The Storm Investors Consumer Action Group, an action group
representing the interests of former Storm Financial clients, has
been invited to assist the Australian Securities and Investments
Commission ("ASIC") in its investigations into the collapse of the
company, The Australian reports.

The report says the action group, which represents 1,400 former
Storm clients, met ASIC's senior executives in Brisbane on
Thursday, April 16, to discuss how they could work together.

According to the Australian, the issue of the banks' alleged
involvement in the collapse of Storm was not discussed at the
meeting.

The investors' group believes the banks "have a lot to answer
for," SICAG co-chair Noel O'Brien told The Australian.

The Australian recounts that when the global financial crisis
intensified last November, the Commonwealth Bank of Australia sold
down $178 million of client shares in order to meet margin calls
because it said Storm's instructions had become inadequate to
clear the calls.

The investors' group, according to the report, believes hundreds
of clients were unaware they were in breach of their loan
conditions.

However, the report relates the bank said Storm's clients had
authorized the bank to make all margin call notifications direct
to Storm.

                      About Storm Financial

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

                          *     *     *

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

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

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

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

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



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

CHINA EASTERN: Incurs CNY13.9-Bln Net Loss in 2008
--------------------------------------------------
China Eastern Airlines reported a net loss of CNY13.9 billion in
2008, compared with a profit of CNY607 million in 2007, the China
View reports.

According to China View, the company attributed losses to several
factors, including falling passenger demand due to the financial
crisis, wrong bets on fuel hedging contracts, soaring operating
costs associated with dropping seat kilometer utilization, and
provisioning for the declining value of corporate assets.

China View says that according to its annual report ended Dec. 31,
2008, China Eastern's total debt reached CNY84.249 billion, while
its assets position was unchanged at CNY73.184 billion, resulting
in a deficit of CNY11.065 billion.

China Eastern chairman Liu Shaoyong, as cited by China Views, said
the company has secured a combined credit line of CNY46 billion
from a variety of banks.

China View says the airline has also received emergency funding
worth CNY7 billion from the central government, and will benefit
more from a CNY30 billion credit line agreement signed on Tuesday,
April 14, between China Eastern Holding Co, its parent company,
and China Development Bank.

Mr. Liu, as cited by China View, said the company would use the
money to secure its future operational costs and repay debts that
are due.

Meanwhile, China Daily reports that China Eastern has slashed
costs and investments by more than CNY800 million ($117.09
million) in the last four months to offset huge losses incurred
last year.

The Daily, citing Li Jiang, a China Eastern public relations
manager, relates the company will not cut any jobs in the cost-
cutting program, which ran from December until the end of March.

"There is little room in further cost cutting, but we will try to
increase income by expanding our market share," said Li.

The company's cost-cutting measures and expansion plans include:

   -- reducing aircraft purchases to a maximum of 13 in 2009,
       at least 10 fewer than previously planned;

   -- suspension of 29 investment projects with a total value
      of CNY3.15 billion, including establishing a branch
      company in Tibet; and

   -- increasing the frequency of profitable scheduled flights,
      to strive for a 40-percent market share in Shanghai and
      a 45-percent market share in Kunming.

Headquartered in Shanghai, China, China Eastern Airlines
Corporation Limited's -- http://www.ce-air.com– principal
activity is operation of domestic and international commercial air
transportation.  The Group also is involved in the common aircraft
industry.  Other activities include general aviation, air
catering, advertisement, import and export, equipment
manufacturing, real estate, hotel business, finance and training.
The fleet includes more than 60 large and medium size airplanes,
Airbus and Boeing mostly.  Its operation centering
from Shanghai to the whole People's Republic of China and linking
to Asia, Europe, America and Australia.

                          *     *     *

China Eastern continues to carry Fitch Ratings' B+ foreign
currency and local currency issuer default ratings, and Xinhua Far
East China Ratings' BB+ issuer credit rating with a stable
outlook.


CHINA SOUTHERN: Posts CNY4.8-Bln Net Loss in 2008
-------------------------------------------------
China Southern Airlines posted a loss of CNY4.82 billion in 2008
amid weak demand and higher fuel costs, various reports say.  The
company reported a profit of CNY1.83 billion in 2007.

According to China Daily, the company said operating expenses in
2008 rose sharply compared with the mediocre increase in operating
revenue.  During the period, operating expenses rose 16.6 percent
to CNY61.76 billion while operating revenue rose just 1.6 percent
to CNY55.28 billion.

The report, citing China Southern Airlines Chairman Si Xianmin,
says the carrier's debt ratio still remains high despite the
CNY3-billion fund infusion from the central government.

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: Disposal of Projects Won't Move S&P's BB- Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that its rating and
outlook on Greentown China Holdings Ltd. (BB-/Negative/--) are not
immediately affected by the company's partial disposal of two
property development projects to a trust for financing.  In S&P's
view, the higher borrowing cost of the trust loans compared with
construction/project loans are mitigated by a more flexible usage
of the loans other than for construction.  An extensive use of the
trust loans could, however, affect the average borrowing cost and
may significantly reduce Greentown's profitability.

The rating on Greentown reflects the company's aggressive debt-
funded expansion and land acquisitions, its high leverage and low
cash flow protection, and its limited financial flexibility.
These weaknesses are partly mitigated by Greentown's good brand
name and the quality of its products, its strong presence in
Hangzhou, Zhejiang province -- one of China's more prosperous
provincial capitals -- and its well-located land bank.


NEO-CHINA LAND: Failure to Amend Terms Won't Move S&P's CC Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that its rating and
outlook on Neo-China Land Group (Holdings) Ltd. (CC/Negative/--)
are not affected by the company's announcement that its proposal
to revise the terms of its zero coupon convertible bonds was not
passed because the resolution meeting lacked a quorum.  Standard &
Poor's is awaiting the outcome of Neo-China's plan to propose
revised amendments to the trust deed constituting the HK$1.34
billion bonds due 2011.

If the new proposals continue to constitute a "distressed
exchange" tantamount to an immediate default on the convertible
bonds under Standard & Poor's criteria, and the trust accepts the
proposals, S&P may lower the rating on Neo-China to 'SD'.  The
issue rating on the company's US$400 million 9.75% senior
unsecured notes due 2014 is likely to remain 'C'.


SHANGHAI ZENDAI: S&P Gives Negative Outlook; Affirms 'B+' Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlook on Shanghai Zendai Property Ltd. to negative from stable.
At the same time, Standard & Poor's affirmed the 'B+' long-term
corporate credit rating on Shanghai Zendai and the 'B+' issue
rating on the company's senior unsecured notes.

"The negative outlook suggests there is a one-in-three chance that
the ratings will be lowered over the next 12 months," said
Standard & Poor's credit analyst Christopher Lee.

The outlook revision reflects: 1) Shanghai Zendai's weakened
liquidity position, as indicated by the substantial decline in the
company's cash on hand to Hong Kong dollar 384.4 million at the
end of 2008 from HK$1,187 million at the end of June 2008; 2) a
weak outlook for sales and profitability because of the small
number and scale of its projects, with a significant concentration
in Pudong, Shanghai; and 3) the company's increased exposure to
rental/hotel properties, which could reduce its financial
flexibility given its small capital base.  While these properties
will increase Shanghai Zendai's recurring income over the medium
term, rents and occupancy for commercial properties and hotels are
under significant pressure due to oversupply.

"Although Shanghai Zendai's credit metrics are good for the
current rating level, S&P believes the company's frequent and
numerous acquisitions and disposals, mostly with related parties,
have reduced transparency and made comparability of performance
with past periods difficult.  In addition, the benefits and
potential profitability of recent hotels and other property
acquisitions from related parties are untested, given their
limited operating history," said Mr. Lee.

Standard & Poor's believes that Shanghai Zendai's key investment
property project under development -- the Himalayas Center --
should be fully consolidated, even though the company owns 45% of
the project.  In S&P's view, the project is not separable from the
company because Shanghai Zendai's major shareholder has full
control over the project, and the shareholding of the project has
shifted a number of times between Shanghai Zendai and the major
shareholder.  In S&P's view, the credit ratios would be weaker if
the Himalayas Center were consolidated.

Shanghai Zendai's property sales were weak in the second half of
2008 due to a challenging market and a delay in some project
launches.  S&P believes it would be a challenge for the company to
meet its contract sales target of Chinese renminbi 1.5 billion for
2009, given the RMB250 million in contract sales achieved in the
first quarter.



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

DBA INTERNATIONAL: Creditors' Proofs of Debt Due on April 30
------------------------------------------------------------
The creditors of DBA International Logistics Limited are required
to file their proofs of debt by April 30, 2009, to be included in
the company's dividend distribution.

The company's liquidators are:

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


EMPIRE TOYS: Creditors' Proofs of Debt Due on May 4
---------------------------------------------------
The creditors of Empire Toys (Hong Kong) Limited are required to
file their proofs of debt by May 4, 2009, to be included in the
company's dividend distribution.

The company's liquidator is:

          John Robert Lees
          c/o John Lees & Associates Limited
          1904 The Hong Kong Club Bulding
          3A Chater Road
          Central
          Hong Kong


FAIRMARK HONG KONG: Creditors' Proofs of Debt Due on May 18
-----------------------------------------------------------
The creditors of Fairmark Hong Kong Limited are required to file
their proofs of debt by May 18, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 14, 2009.

The company's liquidator is:

          Chui Yuk Lun, Alan
          Full Win Commercial Centre
          Unit A, 22nd Floor
          573 Nathan Road
          Kowloon


GLOBAL LOGISTICS: Court Enters Wind-Up Order
--------------------------------------------
On March 27, 2009, the High Court of Hong Kong entered an order to
wind up the operations of Global Logistics Management Limited.


GRIFFIN INDUSTRIES: Creditors' Proofs of Debt Due on April 30
-------------------------------------------------------------
The creditors of Griffin Industries Limited are required to file
their proofs of debt by April 30, 2009, to be included in the
company's dividend distribution.

The company's liquidators are:

          Kennic Lai Hang Lui
          Yuen Tsz Chun, Frank
          Messrs. KLC Kennic Lui & Co.
          Ho Lee Commercial Building, 5th Floor
          38-44 D'Aguilar Street
          Central, Hong Kong


INSURANCE FINANCIAL: Creditors' Proofs of Debt Due on May 31
------------------------------------------------------------
The creditors of Insurance Financial Planning (HK) Limited are
required to file their proofs of debt by May 31, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on April 14, 2009.

The company's liquidator is:

          Lin Kin Ming
          Hunghom Commercial Centre
          Unit 1005, 10th Floor, Tower B
          37 Ma Tau wai Road
          Kowloon, Hong Kong


REVELL-MONOGRAM: Placed Under Voluntary Wind-Up
-----------------------------------------------
At an extraordinary general meeting held on April 6, 2009, the
members of Revell-Monogram (Asia Pacific) Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Simon Chi Ying Fung
         Cosco Tower, Suite 2308-9
         183 Queen's Road Central
         Hong Kong


SUNBEAM CHILD: Creditors' Proofs of Debt Due on April 30
--------------------------------------------------------
The creditors of Sunbeam Child Care Education Limited are required
to file their proofs of debt by April 30, 2009, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on April 6, 2009.

The company's liquidators are:

          Chan Cheuk Chi
          Ho Kwan Tat
          Far East Consortium Bldg., 5th Floor
          121 Des Voeux Road
          Central, Hong Kong


THERAPEDIC (HK): Creditors' Meeting Set for April 27
----------------------------------------------------
The creditors of Therapedic (HK) Limited will hold their meeting
on April 27, 2009, at 10:00 a.m., for the purposes provided for in
Sections 228A, 241, 242, 243, 244, 251, 255A and 283 of the
Companies Ordinance.

The meeting will be held at Unit 1402, 14th Floor of Yue Xiu
Building, 160-174 Lockahart Road, in Wanchai, Hong Kong.


WADY PROPERTIES: Creditors' Proofs of Debt Due on May 18
--------------------------------------------------------
The creditors of Wady Properties Limited are required to file
their proofs of debt by May 18, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 14, 2009.

The company's liquidator is:

          Chan Tai Yuen
          Kenbo Commercial Building, Room 806
          335-339 Queen's Road West
          Hong Kong



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

AJANTA OFFSET: Delays in Loan Repayment Cues CRISIL 'D' Ratings
---------------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5’ to the various bank
facilities of Ajanta Offset & Packagings Ltd (AOPL).

   Rs.400.00 Million Cash Credit        D (Assigned)
   Rs.445.50 Million Term Loan          D (Assigned)
   Rs.60.00 Million Standby Line of     D (Assigned)
             Credit
   Rs.134.50 Million Letter of Credit   P5 (Assigned)

The ratings reflect the delays by AOPL in repayment of term loan
obligations, owing to weak liquidity.

                        About Ajanta Offset

Incorporated in 1967 by Mr G P Todi, AOPL offers comprehensive
print management solutions, including pre-press, press, and post-
press services. AOPL has three units at Faridabad (Haryana), and
two units in New Delhi.  For 2007-08 (refers to financial year,
April 1 to March 31), AOPL reported a profit after tax (PAT) of
Rs.12.0 million on net sales of Rs.915.5 million, as against a PAT
of Rs.13.8 million on net sales of Rs.857.7 million for 2006-07.


AKC STEEL: CRISIL Rates Rs.100 Mln Cash Credit Limits at 'BB+'
--------------------------------------------------------------
CRISIL has assigned its bank loan ratings of 'BB+/Stable/P4’ to
the various bank facilities of Beekay Steel Industries Ltd (BSIL)
and AKC Steel Industries Ltd (AKC), together known as Beekay
group.

   Rs.100 Million Cash Credit Limits   BB+/Stable (Assigned)
   Rs.20 Million Letter of Credit      P4 (Assigned)
   Rs.30 Million Letter of Credit     P4 (Assigned)
       backed by Bills Discounting

The ratings reflect Beekay group’s constrained financial profile
marked by high gearing and weak debt protection measures.  This
has primarily been due to working capital intensive nature of
operations and low utilisation of capacities.  Moreover, Beekay
group’s business (owing to lack of backward integration) is
vulnerable to cyclicality in the steel industry.  These weaknesses
are however partly offset by Beekay group’s established brand
equity in rolled products.

As a part of this rating exercise, CRISIL has combined the
business and financial profiles of BSIL and AKC Steel Industries
Ltd (AKC) as both entities, constituting Beekay Group, share a
common management, have strong operational linkages and sell
products under the same brand, Beekay. More than half of AKC’s
products are sold to BSIL.

Outlook: Stable

CRISIL expects Beekay group’s financial risk profile to remain
leveraged over the medium term owing to the working capital
intensive nature of its operations and its moderate capex plans.
The outlook may be revised to ’Positive’ if there is a significant
decrease in the company’s gearing level over the medium term,
leading to an improvement in the financial profile.  Conversely,
the outlook may be revised to ’Negative’ if the group is unable to
maintain its operating margins or if it takes on more debt than
estimated.

                        About Beekay group

BSIL is the flagship company of the Beekay group.  It was promoted
by Mr. B L Bansal in 1957 as a partnership firm under the name
M/s Beekay Steel Industries Pvt Ltd. Further in 1984, it was
converted into a public limited company.  BSIL manufactures made-
to-order, high-quality steel to meet demands of automobile,
engineering, railways and infrastructure industries.  The company
is one of the largest secondary steel manufacturers in Eastern
India.

AKC, incorporated in 1957, is a part of the Beekay group.  The
company was taken over by Beekay group in 1998 after the company
paid off all its bank dues.  The company specialises in
manufacturing all types of long products of mild steel and other
value-added steel products which are used in automobile and other
engineering industries.  In 2005-06 (refers to financial year,
April 1 to March 31), two group companies, M/s Radice Ispat
(India) Ltd (RIIL) and M/s Venkatesh Steel & Alloys Pvt Ltd
(VSAL), were amalgamated with Beekay Steel Industries Ltd. These
have manufacturing facilities at Visakhapatnam.

For 2007-08, Beekay group reported a profit after tax (PAT) of
Rs.61 million on net sales of Rs.3157 million, as against a PAT of
Rs.94 million on net sales of Rs.2145 million for 2006-07.


BEEKAY STEEL: CRISIL Puts 'BB+' Ratings on Rs.120 Mln Term Loan
---------------------------------------------------------------
CRISIL has assigned its bank loan ratings of 'BB+/Stable/P4’ to
the various bank facilities of Beekay Steel Industries Ltd (BSIL)
and AKC Steel Industries Ltd (AKC), together known as Beekay
group.

   Rs.805 Million Cash Credit Limits @    BB+/Stable (Assigned)
   Rs.125 Million Domestic Factoring      BB+/Stable (Assigned)
   Rs.120 Million Term Loan               BB+/Stable (Assigned)
   Rs.40 Million Letter of Credit backed  P4 (Assigned)
                  by Bills Discounting
   Rs.30 Million Bank Guarantee           P4 (Assigned)
   Rs.105 Million Letter of Credit        P4 (Assigned)
   Rs.40 Million Proposed Short Term Bank P4 (Assigned)
                  Loan Facility

   @ Includes proposed limit of Rs 200 Million.
   * Interchangeable with Rs 50 million inland bill discounting,
     Rs 75 million of WCDL and Rs 10 million of overdraft.

   # Includes purchase LC of Rs 25 Million which is fully
     interchangeable with import deferred payment.

The ratings reflect Beekay group’s constrained financial profile
marked by high gearing and weak debt protection measures.  This
has primarily been due to working capital intensive nature of
operations and low utilisation of capacities.  Moreover, Beekay
group’s business (owing to lack of backward integration) is
vulnerable to cyclicality in the steel industry. These weaknesses
are however partly offset by Beekay group’s established brand
equity in rolled products.

As a part of this rating exercise, CRISIL has combined the
business and financial profiles of BSIL and AKC Steel Industries
Ltd (AKC) as both entities, constituting Beekay group, share a
common management, have strong operational linkages and sell
products under the same brand, Beekay.  More than half of AKC’s
products are sold to BSIL.

Outlook: Stable

CRISIL expects Beekay group’s financial risk profile to remain
leveraged over the medium term owing to the working capital
intensive nature of its operations and its moderate capex plans.
The outlook may be revised to ’Positive’ if there is a significant
decrease in the company’s gearing level over the medium term,
leading to an improvement in the financial profile.  Conversely,
the outlook may be revised to ’Negative’ if the group is unable to
maintain its operating margins or if it takes on more debt than
estimated.

                        About Beekay group

BSIL is the flagship company of the Beekay group.  It was promoted
by Mr. B L Bansal in 1957 as a partnership firm under the name M/s
Beekay Steel Industries Pvt Ltd. Further in 1984, it was converted
into a public limited company.  BSIL manufactures made-to-order,
high-quality steel to meet demands of automobile, engineering,
railways and infrastructure industries. The company is one of the
largest secondary steel manufacturers in Eastern India.

AKC, incorporated in 1957, is a part of the Beekay group. The
company was taken over by Beekay group in 1998 after the company
paid off all its bank dues.  The company specialises in
manufacturing all types of long products of mild steel and other
value-added steel products which are used in automobile and other
engineering industries.  In 2005-06 (refers to financial year,
April 1 to March 31), two group companies, M/s Radice Ispat
(India) Ltd (RIIL) and M/s Venkatesh Steel & Alloys Pvt Ltd
(VSAL), were amalgamated with Beekay Steel Industries Ltd. These
have manufacturing facilities at Visakhapatnam.

For 2007-08, Beekay group reported a profit after tax (PAT) of
Rs.61 million on net sales of Rs.3157 million, as against a PAT of
Rs.94 million on net sales of Rs.2145 million for 2006-07.


CAPRICORN PLAZA: CRISIL Assigns 'BB' Rating on Rs.700MM LT Loan
---------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable’ to the various bank
facilities of Capricorn Plaza Pvt. Ltd. (Capricorn Plaza).


   Rs.700.0 Million Long Term Loan *   BB/Stable (Assigned)

   * includes sub-limit of Rs 200.0 Million for Letter of Credit

The ratings reflect Capricorn Plaza’s exposure to risks relating
to revenue uncertainty on account of the current economic downturn
affecting the hospitality industry.  This weakness is, however,
partially offset by the benefits that Capricorn Plaza derives from
the experience of its management, and established brand presence
of Marriott hospitality chain.

Outlook: Stable

CRISIL believes that Capricorn Plaza faces moderate business risk
owing to significant room additions expected in Pune over the
medium term, and the likely slowdown in demand due to the global
economic meltdown, and the resultant impact on the hotel’s
occupancy rates and average room rentals (ARR).  The outlook may
be revised to 'Positive’ if the company is able to complete the
project without time or cost overruns, and generate stable
accruals from operations. Conversely, the outlook may be revised
to 'Negative’ if there is delay in implementation of project, or
if the company is unable to generate stable accruals from
operations, impacting debt-repayment ability.

                      About Capricorn Plaza

Capricorn Plaza is a joint venture between the Advantage Raheja
group and Capricorn group.  The company has been incorporated with
the objective of owning, running and managing hotels, food courts,
malls, and multiplexes.  It is constructing a five-star hotel in
Pune.  Capricorn Plaza has signed a contract with the Marriott
group for 30 years for managing the operations of the hotel.
Capricorn Plaza will pay royalty at the rate of 5 per cent
(approx.) of the gross operating profit to the Marriott group.
The project, estimated to cost around Rs.1078.2 million, is
expected to be operational by December 2009. The Advantage Raheja
group holds 23.75 per cent and Capricorn group holds 47.5 per cent
in Capricorn Plaza.


INTERNATIONAL COIL: CRISIL Cuts Rating on Rs.46MM Loan to 'BB+'
---------------------------------------------------------------
CRISIL has downgraded its ratings on International Coil Ltd’s
(ICL’s) bank facilities to 'BB+/Negative/P4’ from
'BBB-/Stable/P3’.


   Rs.46 Million Cash Credit Limit *     BB+/Negative (Downgraded
                                             from 'BBB-/Stable’)

   Rs.62.5 Million Bank Guarantees       P4 (Downgraded from 'P3’)

   Rs.117.5 Million Letter of Credit **  P4 (Downgraded from 'P3’)

   * Including Rs.26 million proposed limits.
   ** Including Rs.80 million proposed limits.

The rating downgrade reflects CRISIL’s belief that ICL’s credit
risk profile will weaken in the medium term because of its
increasing exposure to the risks involved in the execution of a
large air-conditioning project, considering the company’s small
size and limited track record in this field; ICL is executing the
project for DLF Ltd (DLF; rated 'A+/Negative/P1’ by CRISIL).  The
financial risk profile of the company is expected to be under
pressure on account of increasing stretch on receivables from DLF
resulting in higher working capital requirements.  The company
also remain exposed to any replacement or rectification costs in
case of any defect in design in the projects for a period of
twelve months post completion of the projects for DLF.

The ratings continue to be constrained by ICL’s moderate financial
flexibility, because of its low net worth and the high utilisation
of bank lines.  These weaknesses are partially offset by ICL’s
promoters’ extensive experience in the heating, ventilation, and
air conditioning industry.

Outlook: Negative

CRISIL expects ICL’s financial risk profile and liquidity to
remain under pressure over the medium term because of high working
capital requirements and increasing stretch in receivables from
DLF.  The rating could be downgraded further in case of a steeper-
than-expected deterioration in ICL’s liquidity and financial risk
profile, because of further stretch in receivables.  Conversely,
the outlook could be revised to 'Stable’ if the company is able to
collect its receivables without further delays, and successfully
commissions the ongoing project for DLF.

                      About International Coil

ICL, a closely-held company, was incorporated in 2004 by Mr. Sucha
Singh.  ICL manufactures heat-exchange coils used in air-
conditioners, dehumidifying systems, and other heat-exchange
applications; heat transfer systems, such as air-cooled fluid
coolers, used for cooling diesel generators; and refrigeration
systems used in cold storage and freezing units. In 2005-06
(refers to financial year, April 1 to March 31), ICL also started
the distribution of air-conditioning systems supplied by a leading
Chinese manufacturer, and is the sole distributor in India for
these systems.  For 2007-08, ICL and its associate company, Coil
Company Pvt Ltd, reported a consolidated net profit of Rs.23
million on net sales of Rs.560 million, as against a net profit of
Rs.8 million on net sales of Rs.316 million in the previous year.


JET AIRWAYS: To Close Offices & Cut Jobs as Part of Restructuring
-----------------------------------------------------------------
Jet Airways (India) Ltd is closing some of its offices in metros
and will centralize its operation control centre in Mumbai, as
part of the company's restructuring programme to further reduce
costs, various reports say.

The Economic Times, citing a person close to the development,
relates that the centralised system would mean redeployment and
retrenchment of staff engaged in operation and dispatch
departments.

The report relates the source said the company is also considering
having automated systems for passenger services such as check-in
facility that would further reduce number of staff.

The source, as cited by the report, said the plan is likely to be
put in place by July 1 this year and would result in reducing 3%
of company’s 13,000-odd staff strength.

"The aviation industry is undergoing a severe crisis worldwide and
in India.  Jet Airways is taking a proactive approach to improve
its viability.  However, we are not commenting on any of our
restructuring initiatives at this point of time," the Times cited
a spokesperson of Jet Airways.

According to the report, the company has slashed about 20% of its
capacity in the last winter schedule and is looking at further
reducing the capacity in the range of 8-10% in order to cope up
with the current global recession that severely affects the
company.

"The airline has no option but to take tough decisions as the
situation is very critical," a Jet executive was quoted by the
Times as saying.

                         Third Qtr Loss

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 20, 2009, Jet Airways incurred a net loss of Rs 2141.80
million for the quarter ended Dec. 31, 2008, compared with a net
loss of Rs 911.20 million for the quarter ended Dec. 31, 2007.

Total Income increased from Rs 25171.80 million for the quarter
ended Dec. 31, 2007 to Rs 30630.70 million for the quarter ended
Dec. 31, 2008.

For the nine months ended December 31, 2008, Jet Airways reported
a net loss of Rs 4553.30 million, compared with a net loss of
Rs 318.8 million in the same period in 2007.

Total income increased from Rs 60512.00 million for the nine
months ended Dec. 31, 2007 to Rs 90113.30 million in the same
period last year.

"The company, during the quarter and nine months ended Dec. 31,
2008, suffered losses mainly on account of high fuel and other
operating costs and lower lead factors resulting into lower
revenues than expected," Jet Airways said in a filing with the
Bombay Stock Exchange.

                  About Jet Airways (India) Ltd

Jet Airways (India) Ltd (BOM:532617) -- http://www.jetairways.com/
-- currently operates a fleet of 84 aircraft,which includes 10
Boeing 777-300 ER aircraft, 11 Airbus A330-200 aircraft, 52
classic and next generation Boeing 737-400/700/800/900 aircraft
and 11 modern ATR 72-500 turboprop aircraft.  With an average
fleet age of 4.34 years, the airline has one of the youngest
aircraft fleet in the world.  Jet Airways operates over 395
flights daily.

Flights to 64 destinations span the length and breadth of India
and beyond, including New York (both JFK and Newark), San
Francisco, Toronto, Brussels, London (Heathrow), Hong Kong,
Singapore, Shanghai, Kuala Lumpur, Colombo, Bangkok, Kathmandu,
Dhaka, Kuwait, Bahrain, Muscat, Doha, Abu Dhabi and Dubai.  The
airline plans to extend its international operations to other
cities in North America, Europe, Africa and Asia in phases with
the introduction of additional wide-body aircraft into its fleet.


PAKIZA RETAIL: Fitch Corrects Rating Press Release on April 15
--------------------------------------------------------------
This announcement further amends the corrected version issued on
April 15, 2009.  The cash credit limit of Pakiza Retail Ltd should
be INR100 million, and not INR1000 million.  The amended 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
INR100 million.

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

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

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


RANBAXY LABORATORIES: May Incur Rs2,500cr Foreign Exchange Losses
-----------------------------------------------------------------
Ranbaxy Laboratories will likely incur mark-to-market ("MTM")
losses of over Rs 2,500 crore on foreign currency derivatives
transactions entered into with various banks, The Economic Times
reports citing estimates by one of its lenders in February this
year.

According to the report, the company is running an MTM loss of
Rs 600 crore on the derivatives contracts it had signed in April-
May 2008 with this lender alone.

                         U.S. FDA Probe

As reported in the Troubled Company Reporter-Asia Pacific on
Mar. 3, 2009, the U.S. Food and Drug Administration(FDA) said that
a facility owned by Ranbaxy Laboratories falsified data and test
results in approved and pending drug applications.  The facility,
which is located in Paonta Sahib, India, has been under an FDA
Import Alert since September 2008.

In a press statement, the FDA disclosed it is continuing to
investigate the matter to ensure the safety and efficacy of
marketed drugs associated with Ranbaxy's Paonta Sahib site.  To
date, the FDA has no evidence that these drugs do not meet their
quality specifications and has not identified any health risks
associated with currently marketed Ranbaxy products.

In July 2008, the TCR-AP reported that the U.S. Department of
Justice (DOJ) conducted a probe on Ranbaxy for allegedly bringing
adulterated and misbranded medications into the U.S.  Accordingly,
the DOJ sought court permission to access privilege records of
Ranbaxy's internal audits and operations.

Ranbaxy, which derived 24% of its 2007's revenue in the U.S.,
denied the allegations.

In September 2008, sale of more than 30 Ranbaxy generic medicines
manufactured in its Dewas and Paonta Sahib plants in India were
blocked by the U.S. Food and Drug Administration (FDA) due to
deficiencies in manufacturing processes, a TCR-AP report on
Sept. 18, 2008 said.

Separately, a Sept. 26, 2008 TCR-AP report said the United States
President's Emergency Plan for AIDS Relief suspended funding for
three generic AIDS drugs made by Ranbaxy until deficiencies at its
plants are cleared.  The three Ranbaxy drugs are zidovudine,
lamivudine and nevirapine.  The program, which provided
US$8.9 million for Ranbaxy's AIDS drugs last fiscal year, said it
won't use funds to support new orders, according to Bloomberg
News.

On Oct. 10, 2008, the TCR-AP reported that the DOJ dropped its
legal action against Ranbaxy after the Indian drug maker
handed over documents relating to the regulators' concerns over
its manufacturing.

                   About Ranbaxy Laboratories

Ranbaxy Laboratories Limited -- http://www.ranbaxy.com/-- along
with its subsidiaries and associates operates as an integrated
international pharmaceutical organization with businesses
encompassing the entire value chain in the production, marketing
and distribution of dosage forms and active pharmaceutical
ingredients.  It has manufacturing facilities in 11 countries,
namely Brazil, China, India, Ireland, Japan, Malaysia, Nigeria,
Romania, South Africa, the United States of America and Vietnam.
Its major markets include the United States of America, India,
Europe, Russia / CIS, Brazil and South Africa.  The major
products include, inter alia, Simvastatin, CoAmoxyclav,
Amoxycillin, Ciprofloxacin, Isotretinon and Cephalexin.  Its
research and development activities are principally carried out
at its facilities in Gurgaon, near New Delhi, India.  RLL's
segments include Pharmaceuticals and Other businesses.  During
the year ended Dec. 31, 2007, RLL acquired 24.91% of Shimal
Research Laboratories Limited.


VIPUL CHEMICALS: CRISIL Rates Rs.41.7 Mln Term Loans at 'BB+'
-------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4’ to the bank
facilities of Vipul Chemicals (India) Pvt Ltd (Vipul).

   Rs.41.7 Million Term Loans       BB+/Stable (Assigned)
   Rs.20 Million Cash Credit        BB+/Stable (Assigned)
   Rs.55.5 Million Proposed Long    BB+/Stable (Assigned)
         Term Bank Loan Facility

   Rs.3 Million Letter of Credit    P4 (Assigned)

The ratings reflect Vipul’s exposure to risks related to product
concentration and the company’s small scale of operations.  This
weakness is, however, partially offset by Vipul’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
Vipul and Alpha Carbonless Paper Manufacturing Co Pvt Ltd (Alpha),
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 Vipul’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 the company.  The outlook may be revised to
'Positive’ if the 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 Vipul Chemicals

Vipul was established in 1999 as a partnership firm, and was
converted into a private limited company in the same year.  It
manufactures various coating agents used in the manufacture of
paper. Vipul reported a profit after tax (PAT) of Rs. 0.88 million
on net sales of Rs. 118.45 million for 2007-08 (refers to
financial year, April 1 to March 31), as against a PAT of Rs.0.96
million on net sales of Rs. 108.76 million for 2006-07.


YAMUNA POWER: CRISIL Puts 'BB+' Rating on  Rs.245 Mln Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4’ to the bank
facilities of Yamuna Power & Infrastructure Ltd (YPIL).

   Rs.245 Million Cash Credit *     BB+/Stable (Assigned)
   Rs.50 Million Letter of Credit   P4 (Assigned)
   Rs.250 Million Bank Guarantee    P4 (Assigned)

   * Includes a sub-limit of Rs.25 million export packaging
     credit facility, Rs.64 million FCNRB loan, and Rs.1 million
     demand draft purchase facility.

The ratings reflect YPIL’s working capital intensive operations,
resulting in high utilisation of bank lines, and customer
concentration in the project segment.  These weaknesses are
partially mitigated by the extensive experience of promoters and
their established relationships with clients.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of YPIL and group companies Yamuna Cable
Accessories Pvt Ltd and YGC Projects Ltd because of high intra-
group operational and financial linkages.

Outlook: Stable

CRISIL expects YPIL to maintain its credit risk profile on the
back of its longstanding presence in the industry.  The outlook
may be revised to 'Positive’ if the company posts higher-than-
expected revenue growth and profitability, resulting in better
cash accruals, while maintaining its capital structure.
Conversely, the outlook may changed to 'Negative’ in case of more-
than-expected debt-funded capital expenditure, and/or decline in
operating margins, resulting in higher leverage and decline in
debt coverage indicators.

                        About Yamuna Power

YPIL (formerly Yamuna Gases & Chemicals Ltd) was incorporated in
1973 by Mr. Sham Sunder Sardana.  It is engaged in manufacturing
of cable accessories like power and telecom cable joining kits,
polymeric insulators, and vacuum circuit breakers; erecting power
transmission lines; and undertaking projects for sub-station
building and cable laying.  The manufacturing facilities are
located at Yamunanagar, Haryana.

For 2007-08 (refers to financial year, April 1 to March 31), YPIL
reported a profit after tax (PAT) of Rs.21.2 million on net sales
of Rs.734 million, as against a PAT of Rs.59 million on net sales
of Rs.685 million in the previous year.



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

AGRI INTERNATIONAL: Moody's Downgrades Corp. Family Rating to 'B3'
------------------------------------------------------------------
Moody's Investors Service has downgraded to B3 from B2 the
corporate family and secured bond ratings of Agri International
Resources Pte Ltd.

"This rating action follows the rating downgrade of Bakrie
Sumatera Plantations Tbk's corporate family rating to B3 from B2,"
says Wonnie Chu, an Analyst at Moody's.

"BSP is the 100% off-taker of AIRPL's crude palm oil and palm
kernel and holds an effective 51% ownership of AIRPL.  As such,
the two ratings are closely linked to each other," says Chu.

Refer to Moody's BSP press release for the rationales behind its
rating action.

The last rating action with respect to AIRPL was taken on
October 13, 2008, when its corporate family and secured bond
ratings were put on review for possible downgrade.

AIRPL's ratings have been assigned by evaluating factors Moody's
believes are relevant to the company's credit profile, including
its i) business risk and competitive position compared with other
companies within the industry; ii) capital structure and financial
risk; iii) projected performance over the near to intermediate
term; and iv) management's track record and tolerance for risk.

These attributes were compared against other issuers both within
and outside of AIRPL's core industry; its ratings are believed to
be comparable to those of other issuers of similar credit risk.

Agri International Resources Pte Ltd is a private company which
was incorporated in Singapore in May, 2007, with the objective of
acquiring and developing oil palm plantations in Indonesia.

BSP, an Indonesian crude palm oil and rubber company, has an
effective 51% shareholding in AIRPL.


BAKRIE SUMATERA: Moody's Cuts Corporate Family Rating to 'B3'
-------------------------------------------------------------
Moody's Investors Service has downgraded to B3 from B2 the
corporate family and secured bond ratings of Bakrie Sumatera
Plantations Tbk with a negative outlook.

The rating action concludes the review for possible downgrade
initiated on October 13, 2008.

"The rating action is driven by Moody's concerns over PT Bakrie
and Brothers Tbk's financial position and its impact on BSP's
financial and liquidity position, as B&B owns 43% of BSP, of which
15% is pledged to debt holders," says Wonnie Chu, Moody's lead
analyst for BSP, adding, "The recent restatement of B&B and BSP's
FY2008 financial statements also raises concerns about the quality
of the group's financial statements."

The negative outlook reflects the uncertainty over the outcome of
B&B's debt restructuring process, with IDR4.3 trillion of
convertible bonds due in May, 2009.  This could in turn negatively
affect BSP's liquidity profile.

If the convertible bonds are not converted to equity as
anticipated, and immediate liquidity pressure on the B&B group
occurs as a result, negative pressure on BSP's rating could
emerge.

The last rating action with respect to BSP was taken on
October 13, 2008, when its corporate family and secured bond
ratings were put on review for possible downgrade.

BSP's ratings have been assigned by evaluating factors Moody's
believes are relevant to the company's credit profile, including
its i) business risk and competitive position compared with other
companies within the industry; ii) capital structure and financial
risk; iii) projected performance over the near to intermediate
term; and iv) management's track record and tolerance for risk.

These attributes were compared against other issuers both within
and outside of BSP's core industry; its ratings are believed to be
comparable to those of other issuers of similar credit risk.

Bakrie Sumatera Plantations Tbk, an Indonesian upstream plantation
company operating in Sumatra, Indonesia, was 42.6% owned by the
conglomerate PT Bakrie & Brothers Group as at December 31, 2008.
BSP was listed in 1990 on both the Jakarta and Surabaya Stock
Exchanges.


INDOSAT: Sets Aside US$360 Million for Network Expansion
--------------------------------------------------------
PT Indonesian Satellite Corporation (Indosat) has set
US$360 million or 60 percent of its full-year capital expenditure
of US$600 million for network expansion and to boost its service
quality amid the cutthroat competition within the industry,
Jakarta Post reports.

"We will use the $360 million budget to improve our bandwidth and
networks as a whole...We have to prevent our existing users from
switching to the competition", The Post quoted Indosat President
Director Johny Swandi Sjam as saying.

This year's capital expenditure reflects a massive decline from a
year earlier when the company allocated US$1.4 billion,
US$220 million of which was spent on a satellite that will
officially be launched in China, The Post says.

                         About Indosat

PT Indosat Tbk -- http://www.indosat.com/-- is a
telecommunication and information service provider in Indonesia
that provides cellular services (Mentari, Matrix and IM3), fixed
telecommunication services or fixed voice (IDD 001, IDD 008 and
FlatCall 01016, fixed wireless service StarOne and I-Phone).
Indosat also provides Multimedia, Internet & Data Communication
Services (MIDI) through its subsidiary company, Indosat
Mega Media (IM2) and Lintasarta.  Indosat also provides 3.5 G
with HSDPA technology.  Indosat's shares are listed in the
Indonesia Stock Exchange (IDX:ISAT) and its American Depository
Shares are listed in the New York Stock Exchange (NYSE:IIT).

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
February 27, 2009, Fitch Ratings upgraded PT Indosat Tbk's Long-
term foreign currency Issuer Default Rating to 'BB+' from 'BB-'
(BB minus) and Long-term local currency IDR to 'BBB-' (BBB minus)
from 'BB-' (BB minus).  The Outlook is Stable.  At the same time,
the ratings on Indosat's senior unsecured notes programme have
been upgraded to 'BB+' from 'BB-' (BB minus).

The TCR-AP also reported on March 23, 2009, that Indosat's
announcement that it intends to solicit consent from creditors to
loosen the Debt/Equity covenant and liken the financial
definitions of the covenants across the company's different debt
instruments, will have no immediate impact on the company's Ba1
local currency corporate family and Ba2 senior unsecured ratings.


PT GAJAH: Moody's Junks Corporate Family Rating from 'B2'
---------------------------------------------------------
Moody's Investors Service has downgraded to Caa1 from B2 the
corporate family rating and senior unsecured rating for the
US$420 million in bonds issued by GT 2005 Bonds BV, and guaranteed
by PT Gajah Tunggal Tbk.

"The downgrades were prompted by Moody's concerns that -- given
the tightened state of the global credit environment -- the
company faces extreme challenges in refinancing the US$420 million
in bonds, a sizable maturity, due in July 2010," says Wonnie Chu,
a Moody's Analyst.

"Meanwhile, it is also exposed to the weakening operating
environment against the backdrop of slow market demand and a
depreciating Indonesian Rupiah," she continues.  "As a result, the
company will likely face increasing tighter liquidity in regard to
its ability to service its interest coupon payments in the next 12
months."

The negative outlook reflects the expected weakening in its
operating performance in the overall industry and its reduced
liquidity in the next 12 to 18 months.

Upward rating pressure is unlikely in the near term, given the
current negative outlook.  However, positive development on the
ratings may emerge if there is an improvement on short term
liquidity and long term capital structure of GT's balance sheet.

On the other hand, GT's ratings could be downgraded if its
liquidity profile weakens, such that there is little or no buffer
for its interest payments, and while no appropriate refinancing
plan is put in place.

The last rating action was taken on Feb 18, 2009, when the
company's rating outlook was revised to negative from stable.

PT Gajah Tunggal Tbk is Southeast Asia's largest integrated tire
manufacturer.  Its key products include tires for motorcycles,
passenger cars and commercial and heavy equipment vehicles.  Giti
Tire, a Chinese tire manufacturer, is a 27.9% shareholder in GT
through its subsidiary, Denham Pte Ltd.


TELEKOMUNIKASI INDONESIA: May Allocate 50% of Profit for Dividend
-----------------------------------------------------------------
PT Telekomunikasi Indonesia (Telkom) may allocate half of last
year's profit as dividend, Jakarta Post reports.

Telkom president director Rinaldi Firmansyah confirmed that the
allocation "will be around that level", the report says.

According to the report, Telkom's plan is in line with the state
enterprises ministry's request for a dividend of between 50 and 55
percent of Telkom's 2008 profit.

The government controls a majority stake in Telkom, owning
51.19 percent of the company's shares, the report says.

                    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.


* INDONESIA: 3 Large-Scale & 60-Small Scale Tanners Go Bankrupt
---------------------------------------------------------------
Three large-scale firms and 60 small-scale home-based leather
enterprises in Indonesia had fallen bankrupt or terminated
operations due to slumping demand, both for domestic and global
markets, Jakarta Post reports citing Indonesian Tanners
Association (APKI) Chairman Senjaya Herina.

"In general, each company has suffered a decline in business
orders of up to 40 percent in the first quarter this year,
compared to the same quarter last year", Mr. Senjaya was quoted by
The Post as saying.

The Post, citing data from the Indonesian Footwear Association
(Aprisindo), relates footwear exports declined by 3 percent to
US$158.3 million in January this year, compared to US$163.2
million booked in the same month last year.

The slump in demand prompted tanners to lay off 1,200 workers, the
report says.

"There are at least 300 [laid-off] workers from the three [large]
firms and another 900 workers from 60 home-scale enterprises",
Mr. Senjaya was quoted by The Post as saying.

Indonesia has 70 middle-sized and large-scale tanners and another
400 small-scale home-based tanners with a total production of 150
million square feet of tanned buffalo, sheep and goat leathers per
annum, The Post says citing data from APKI.



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

JMAC2 TRUST: Moody's Confirms 'Ba2' Rating on Class E Notes
-----------------------------------------------------------
Moody's Investors Service announced that it has confirmed the
ratings of Class D and E Trust Certificates issued by JMAC2 Trust.
The final maturity of the Trust Certificates will take place in
May 2011.

The rating actions follow:

  -- Class D: Aaa; previously, Aaa placed under review for
     possible downgrade on January 8, 2009

  -- Class E: Ba2; previously, Ba2 placed under review for
     possible downgrade on January 8, 2009

JMAC2 Trust, effected in August 2004, represents the
securitization of 13 non-recourse loans backed by real estate.

The rating actions reflect information from the trustee that the
Class D and E trust certificates are scheduled for full redemption
on their expected maturity dates, as one loan was paid in full on
its maturity date, and the payment for another was deposited at
the trustee.

On January 8, 2009, Moody's Investors Service had placed under
review for possible downgrade the ratings of the Class D and E
trust certificates issued by JMAC2 Trust, due to concerns about
the collateral recovery of two loans that matured in February
2009, and the payment of which was then in doubt.

One loan was paid in full on the maturity date, but the other
became delinquent.  However, the special servicer was able to
collect almost principal and interest on the delinquent loan by
selling the underlying assets.

Moody's Investors Service is a publisher of rating opinions and
research.  It is not involved in the offering or sale of any
securities, nor is it acting on behalf of the offering party. This
release is not a solicitation or a recommendation to buy, hold, or
sell securities.


RENESAS TECHNOLOGY: NEC Electronics Mulls on Merger
---------------------------------------------------
A Bloomberg News report says NEC Electronics Corp. is in talks to
combine with Renesas Technology Corp.

NEC Electronics is considering options to improve competitiveness
including a tie-up with privately held Renesas and hasn’t come to
a decision, Bloomberg News cited
NEC spokesman Shinichi Kaede as saying.

The report relates the Nikkei said Renesas and NEC Electronics aim
to reach an agreement this month and combine by April 2010.

On April 17, 2009, the Troubled Company Reporter-Asia Pacific,
citing Bloomberg News, reported Renesas'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.

Bloomberg News said 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%.


SEA CDO: Moody's Downgrades Ratings on Series 2005-10 Notes
-----------------------------------------------------------
Moody's Investors Service announced it had downgraded the ratings
of the Series 2005-10 credit-linked notes issued by SEA CDO
Limited and of a credit-linked loan extended to Calyon Tokyo
Branch (Versailles).

The Series 2005-10 notes reference a static portfolio of 12 global
corporate entities.  Versailles is collateralized by a credit-
linked note issued by Calyon Finance (Guernsey) Limited, itself
referencing a static portfolio of 13 global corporate entities.
There is no subordination in these transactions.

These rating actions are based on credit deterioration due to the
monoline exposures in the reference pools of both the notes and
the Versailles collateral.

The rating actions are:

SEA CDO Limited

(1) Series 2005-10 JPY1,300,000,000 Non-Callable Fixed Rate Notes
due 2010 (Scheduled Termination Date: December 29, 2010)

  -- Current Rating: Caa3

  -- Prior Rating: Caa2

  -- Prior Rating Action: On March 2, 2009, downgraded to Caa2
     from Baa3

Versailles (CDO Credit-Linked Loan)

(2) JPY2,000,000,000 Floating Rate Credit Linked Loan extended to
Versailles (Scheduled Termination Date: September 30, 2011)

  -- Current Rating: Caa3

  -- Prior Rating: Ba1

  -- Prior Rating Action: On February 2, 2009, downgraded to Ba1
     from Baa3 under review for possible downgrade

Moody's Investors Service is a publisher of rating opinions and
research.  It is not involved in the offering or sale of any
securities, nor is it acting on behalf of the offering party.
This release is not a solicitation or a recommendation to buy,
hold, or sell securities.


SHINSEI BANK: Mulls Job Cuts at Shinsei Financial
-------------------------------------------------
Shinsei Bank Ltd. plans to cut "hundreds" of jobs at Shinsei
Financial Co., the consumer lending unit it bought from General
Electric Co. September last year for for JPY580 billion, Bloomberg
News reports citing the head of the division.

The former GE subsidiary will trim staff even after meeting a
profit target of about JPY30 billion (US$302 million) for the
fiscal year ended March 31, Chief Executive Officer Shota Umeda
told Bloomberg News in an interview.  The unit aims to cut costs
by JPY5 billion annually over the next three years, he said.

Shinsei Financial plans to cut its number of staffed branches by
more than 80 percent this year, Mr. Umeda said as cited by
Bloomberg News.  "At the end of last year, we had about 42 manned
branches," he said.  "We are going to bring that down to seven
branches based in major cities by about June."

The job cuts will be achieved through voluntary early retirement,
the report relates citing Shinsei spokesman James Seddon.

                             Net Loss

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 11, 2009, Shinsei incurred a consolidated cash basis net loss
in the first nine months of fiscal year 2008 of JPY23.3 billion,
compared to a consolidated cash basis net income of JPY42.0
billion in the first nine months of the previous fiscal year.

Consolidated net loss in the first nine months of fiscal year 2008
was JPY32.1 billion, compared to a consolidated net income of
JPY33.5 billion in the same period of the previous fiscal year.

The bank attributed the loss to lower revenues and higher net
credit costs.

Total revenue for the first nine months of fiscal year 2008, was
JPY190.3 billion, down 8.9% compared to the same period of the
previous fiscal year.

Net credit costs increased JPY38.8 billion to JPY79.6 billion due
mainly to an increase in credit costs related to the bankruptcy of
a Lehman Brothers subsidiary, reserves for real estate finance and
European asset-backed investments.

                             Outlook

Citing continuing challenging environment, the bank forecasts
FY2008 consolidated cash basis net loss of JPY31.0 billion
(consolidated reported basis net income of JPY12.0 billion revised
to consolidated reported basis net loss of JPY48.0 billion).

The bank said it won't be paying dividend on common shares in
FY2008 and
expects to break even or better in FY2009.

                       About Shinsei Bank

Shinsei Bank Ltd (TYO:8303) -- http://www.shinseibank.com/-- is a
Japan-based financial institution.  The Bank operates mainly in
three business segments.  The Banking segment provides savings
accounts services, foreign currency products and loan services,
merger and acquisition services, investment, domestic and foreign
exchange services, corporate revival services, debt guarantee
services and securities trading services, among others.  The
Securities segment is involved in activities that include
securitization and debt underwriting and sale through its domestic
consolidated subsidiaries.  The Fiduciary segment provides
products that encompass monetary claim trusts, securities trusts
and fund trusts through its domestic consolidated subsidiary such
as Shinsei Trust & Banking Co., Ltd. In addition, Shinsei Bank
provides investment trust management and consultation services,
credit collection services and others.  The Bank completed the
acquisition of GE Consumer Finance Co., Ltd. on September 22,
2008.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on Mar.
12, 2009, Moody's Investors Service revised its outlook to
negative from stable for the D+ bank financial strength rating,
the Baa3 baseline credit assessment, the A3/P-2 long- and short-
term deposit ratings and A3 senior unsecured debt rating, the Baa1
senior and junior subordinated debt ratings, and the Baa3
preferred securities rating for Shinsei Bank, Limited.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 9, 2009, Fitch Ratings placed on Rating Watch Negative, the
'BBB+' (BBB plus) Long-term foreign and local currency Issuer
Default Ratings, 'F2' Short term foreign and local currency IDRs,
and the 'C' Individual ratings of Japan's Shinsei Bank Ltd and
Shinsei Trust and Banking Co., Ltd.

The decision to place Shinsei's ratings on Rating Watch Negative
reflects Fitch's view that Shinsei faces challenges on multiple
fronts.  The rating agency is planning to review Shinsei's
redefined business model, ability to enhance the quality and
quantity of its capital and/or reduction of risk assets, as also
maintain satisfactory asset quality before resolving the Rating
Watch Negative.

Fitch noted the weakening of Shinsei's capital ratios and as well
as the bank's two consecutive quarters of net losses.



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

* SOUTH KOREA: Banks to Liquidate, Restructure 5-7 Shipping Firms
-----------------------------------------------------------------
Local lenders in South Korea are planning to put 10 to 20 percent
of the country's 38 largest shipping companies under debt workout
or liquidation procedures, Yonhap News Agency reports citing
unnamed sources.

According to the report, the plan is part of an effort to speed up
the restructuring of the shipping industry in the face of the
global economic crisis.

The news agency, citing sources, says the banks are expected to
single out five to seven shippers with the bleakest outlooks for
debt repayment, profitability and future business before forcing
them to undergo painful restructuring programs or exit the market.



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

ROYAL BANK: ANZ to Join Sale Process for Asian Operations
---------------------------------------------------------
Malcolm Scott at Bloomberg News reports Australia & New Zealand
Banking Group said it has been invited by The Royal Bank of
Scotland Group PLC to participate in the sale process for the U.K.
Lender's RBS Asia unit.

"ANZ understands it is one of a number of parties involved in the
RBS Asia sale process," the report quoted ANZ spokesman Paul
Edwards as saying.  "Exploring the opportunity is consistent with
ANZ's strategy to grow in Asia-Pacific and create a super-regional
bank."

The process however is at an early stage and is subject to
"commercial and regulatory uncertainties," Mr. Edwards said as
cited in the report.

As reported in the Troubled Company Reporter-Europe on Mar. 3,
2009, The Wall Street Journal, citing a person close to the
situation, said RBS held talks to sell its retail and commercial
assets in Asia to ANZ for about GBP1 billion (US$1.43 billion).

According to the report, the assets, which are in India, Taiwan,
Indonesia and elsewhere, are a portion of the Asian assets
acquired by RBS when it led a consortium to buy part of ABN Amro
Holding NV in 2007.

At the time, RBS paid GBP10 billion for its part of ABN, which
included the Asian businesses and wholesale-banking operations in
Europe, The Journal said.

                            Huge Loss

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

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

The losses, the Journal said, stemmed from some GBP15 billion in
impairment charges on bad loans and trading losses, and from a
goodwill write-down related to its decision to lead the 2007
takeover of Dutch bank ABN AMRO Holding N.V.

RBS's balance sheet as of Dec. 31, 2008 showed total assets of
GBP2.2 trillion, total liabilities of GBP2.1 trillion and total
equity GBP64.3 billion.

                       Job Cuts, Asset Sale

To correct factors that made its business particularly vulnerable
to the downturn, RBS plans to create a "non-core" division during
the second quarter, separately managed, but within the existing
legal structures of the Group and matrix-managed to donating
divisions where necessary.

This division will have approximately GBP240 billion of third
party assets, GBP145 billion of derivative balances and GBP155
billion of risk-weighted assets, RBS said.

As part of this effort, RBS said it is intended that the Group's
representation in approximately 36 of the 54 countries where it
operates will be significantly reduced or sold.

The income, expenses, impairments and credit market and other
trading asset write-downs associated with the non-core division in
2008 were approximately GBP3.9 billion, GBP1.1 billion, GBP3.2
billion and GBP9.2 billion respectively.

In addition, RBS said the Group aims of achieving run-rate
reductions by 2011 of greater than GBP2.5 billion (16% of 2008
cost base) at constant exchange rates, a process which will
involve reductions in employment.

                            About RBS

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



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

LEGACY GROUP: Appelate Court Extends Freeze Order by 75 Days
------------------------------------------------------------
In a resolution penned by Associate Justice Rosalinda Asuncion-
Vicente, the Court of Appeals' (CA) Former Special Third Division
resolved to extend its freeze order by 75 days on the 1,177 bank
accounts listed under the Legacy Group of Companies, to give
the Anti-Money Laundering Council (AMLC) an ample time to conduct
its investigation on the group’s involvement in the investment
scam, The Manila Standard reports.

The freeze order originally expired on April 16, 2009, the report
says.

The CA also granted the motion of AMLC to include Allied Banking
Corp. among the institutions covered by the freeze order, claiming
that Legacy maintains at least 22 accounts in the said bank, the
report relates.

The appellate court also reset the April 27 hearing of the case to
May 27 to determine whether or not to further extend the freeze
order, the report says.

                        About Legacy Group

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



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

PAKISTAN MOBILE: Offer to Repurchase Notes Cues S&P's Junk Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its long-term
corporate credit rating on Pakistan-based wireless service
provider Pakistan Mobile Communications Ltd. to 'CC' from 'B-'.
The outlook is negative.  At the same time, Standard & Poor's
lowered its issue rating on Mobilink's US$250 million senior
unsecured notes due 2013 to 'CC' from 'B-'.

The rating actions follow the company's announcement of an offer
to repurchase for cash up to US$100 million of the principal
amount of the senior unsecured notes at a 23%-30% discount to face
value.

"If the proposed transaction is completed, S&P would view it as
being tantamount to default for two key reasons," said Standard &
Poor's credit analyst Yasmin Wirjawan.  "First, the offer
represents a material discount to the par amount (or face value)
of the outstanding issue.  Second, S&P believes Mobilink could
face difficulty in servicing its debt obligations or remaining in
compliance with its covenants over the next one to two years."

That difficulty could be driven by funding risks stemming from the
macroeconomic environment and the pressure on Mobilink's
covenants, which S&P believes the company could face in June 2009,
resulting in possible refinancing risk.  This could partially
motivate Mobilink's investors or counterparties to accept the
offer.

Mobilink's credit profile has deteriorated over the past 18
months.  The company has undertaken significant debt-funded
capital expenditure and its competitive position and operating
performance have weakened.  Given the challenging operating
environment in Pakistan and the company's weakened credit profile,
S&P expects Mobilink to have reduced its budgeted capital
expenditure, which could enable the company to generate positive
free operating cash flows and thereby reduce debt.

"The offer expires on May 6, 2009, and if the proposed transaction
is completed, S&P will lower the issue rating on the notes to 'D'
and the corporate credit rating to 'SD'.  Thereafter, S&P will
reassess Mobilink's financial and liquidity position and its
actual and projected operating performances before assigning new
ratings," said Ms. Wirjawan.



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

LUCERO PTE: Creditors' Proofs of Debt Due on May 18
---------------------------------------------------
The creditors of Lucero Pte. Ltd. are required to file their
proofs of debt by May 18, 2009, to be included in the company's
dividend distribution.

          Chee Yoh Chuang
          Lim Lee Meng
          c/o 8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


RAFFLES HOTEL: Put on Market for US$450-Mln
-------------------------------------------
The Raffles Hotel in Singapore has been put up for sale for about
US$450 million ($620 million) by its owner Prince Alwaleed of
Saudi Arabia, the Times Online reports.

According to the report, Fairmont Raffles Hotels International, in
which the Prince's Kingdom Holding Company (KHC) has a controlling
stake, is seeking buyers for its remaining hotel assets despite
the depressed state of the property market.

The Prince may even be prepared to sell his stake in the company
itself, the report says.

The Times says hotel industry sources believe that the Prince,
dubbed the Warren Buffett of the Gulf, is looking at a range of
disposals in response to the sharp fall in value of some of his
biggest investments.

Fairmont Raffles, created from the merger three years ago of the
Fairmont and Raffles groups, is a joint venture with Colony
Capital, the US investment firm that once co-owned The Savoy,
according to the Times.  Fairmont Raffles has 123 hotels under the
Fairmont, Raffles, Swissotel and Delta brands.



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

PAMODZI GOLD: Simmer & Jack Mulls on Buying Orkney Mine
-------------------------------------------------------
Nicky Smith at Bloomberg News reports South African gold producer
Simmer & Jack Mines Ltd. will make a decision within two weeks on
whether to buy Pamodzi Gold Ltd.'s Orkney mine.

"We are doing a feasibility study to see whether it's viable at
all, because you have to be very careful about what you own,"
Nick Goodwin, investor relations executive, told Bloomberg News by
phone from Johannesburg.  "Once all the information is together,
by the end of [this] week or the week after, a decision can be
made," he said.

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.

The mines are burdened by combined debts of 637 million rand,
according to Bloomberg News.

Liquidators of the Orkney mine will apply to have the other two
units placed into provisional liquidation if no funding arrives,
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.



===============
T H A I L A N D
===============

* Fitch Downgrades International Ratings on Four Thai Banks
-----------------------------------------------------------
Fitch Ratings has downgraded the international ratings of four
Thai banks and revised the Outlook to Stable from Negative.  The
action follows the downgrade of the Kingdom of Thailand's Long-
term foreign and local currency Issuer Default Ratings to 'BBB'
from 'BBB+' and to 'A-' (A minus) from 'A', respectively, and the
revision of the Outlook to Stable from Negative.  The agency has
also downgraded Thailand's Short-term foreign currency IDR to 'F3'
from 'F2' and the Country Ceiling to 'BBB+' from 'A-' (A minus).

The downgrades of Krung Thai Bank Public Company Limited and
Export Import Bank of Thailand reflect the weakening in the
government's ability to provide support, in case of need. The Bank
of Thailand's Financial Institution Development Fund holds a 55%
stake in KTB, while EXIM is fully owned by the Ministry of
Finance.

The downgrades of Standard Chartered Bank (Thai) Public Company
Limited (SCBT) and United Overseas Bank (Thai) Public Company
Limited (UOBT) follow the downgrade of Thailand's Country Ceiling.
The Country Ceiling of Thailand captures transfer and
convertibility risks and limits the extent to which support from
the foreign parent companies of these banks can be factored into
their Long-term foreign currency Issuer Default Ratings.

The ratings of the five major private banks - Bangkok Bank Public
Company Limited, Siam Commercial Bank Public Company Limited,
Kasikornbank Public Company Limited, Bank of Ayudhya Public
Company Limited and TMB Bank Public Company Limited - were
unaffected by the sovereign downgrade.  The ratings of these five
private banks are driven more by standalone financial strength
which remains relatively strong although the severe economic
contraction (Fitch GDP forecast -3.8% in 2009) could affect their
financial performance over the next two years, which is reflected
in their Negative Outlooks.  Government ownership and control of
the private banks is limited and exposure to Thai government
securities and loans is moderate at less than 20% of assets.

As the National ratings are a relative measure of creditworthiness
between the sovereign and other issuers within Thailand, the
National ratings are, at this stage, not affected.  Hence, all the
National ratings on the four banks listed below were affirmed with
Stable Outlooks.  A complete listing follows below:

Krung Thai Bank:

  -- Long-term foreign currency IDR: downgraded to 'BBB' from
     'BBB+'; Outlook Stable

  -- Short-term foreign currency IDR: downgraded to 'F3' from 'F2'

  -- Individual Rating: affirmed at 'C/D'

  -- Support Rating: affirmed at '2'

  -- Foreign currency subordinated debt: downgraded to 'BBB-' (BBB
     minus) from 'BBB'

  -- Foreign currency Tier-1 hybrid: downgraded to 'BB' from 'BB+'

  -- Support Rating Floor: downgraded to 'BBB' from 'BBB+'

  -- National Long-term Rating: affirmed at 'AA+(tha)'; Outlook
     Stable

  -- National Short-term Rating: affirmed at 'F1+(tha)'

  -- National subordinated debt: affirmed at 'AA(tha)'

  -- National Tier 1 hybrid: affirmed at 'A(tha)'

Export Import Bank of Thailand:

  -- Long-term foreign currency IDR: downgraded to 'BBB' from
     'BBB+'; Outlook Stable

  -- Short-term foreign currency IDR: downgraded to 'F3' from 'F2'

  -- Support Rating: affirmed at '2'

  -- Support Rating Floor: downgraded to 'BBB' from 'BBB+'

  -- National Long-term Rating: affirmed at 'AAA(tha)'; Outlook
     Stable

  -- National Short-term Rating: affirmed at 'F1+(tha)'

  -- National senior unsecured debt: affirmed at 'AAA(tha)'

Standard Chartered Bank (Thai):

  -- Long-term foreign and local currency IDRs: downgraded to
     'BBB+' from 'A-'(A minus); Outlook Stable

  -- Short-term foreign and local currency IDRs: affirmed at 'F2'

  -- Individual Rating: affirmed at 'B/C'

  -- Support Rating: downgraded to '2' from '1'

  -- National Long-term Rating: affirmed at 'AA+(tha)'; Outlook
     Stable

  -- National Short-term Rating: affirmed at 'F1+(tha)'

United Overseas Bank (Thai):

  -- Long-term foreign currency IDR: downgraded to 'BBB+' from 'A-
     '(A minus); Outlook Stable

  -- Short-term foreign currency IDR: affirmed at 'F2'

  -- Individual Rating: affirmed at 'C'

  -- Support Rating: downgraded to '2' from '1'

  -- National Long-term Rating: affirmed at 'AA+(tha)'; Outlook
     Stable

  -- National Short-term Rating: affirmed at 'F1+(tha)'



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

GULF GENERAL: Fitch Downgrades Issuer Default Rating to 'BB'
------------------------------------------------------------
Fitch Ratings has downgraded Dubai-based Gulf General Investment
Company's Long-term Issuer Default Rating and senior unsecured
rating to 'BB' from 'BB+', respectively.  All ratings remain on
Rating Watch Negative.

The downgrade reflects increased concerns about GGICO's
significant exposure to the United Arab Emirates' stock market
through its large investment securities portfolio, and its ability
to fully manage the risks within this portfolio.  The downgrade
follows a recent detailed assessment of GGICO's securities trading
operations by Fitch, as previously outlined in a March 26, 2009,
Rating Action Commentary, entitled 'Fitch Downgrades Gulf General
Investment Company to 'BB+'; Maintains Negative Watch', available
on the agency's public website, www.fitchratings.com.

GGICO's investment portfolio constituted a substantial 24% of
total assets at end-2008.  Fitch notes that GGICO limited its
trading losses to 15% of the total portfolio value in 2008, when
the Abu Dhabi Securities Exchange lost 47% and the Dubai Financial
Market lost 72% in the same period.  According to management
guidance, GGICO's investment portfolio is overweight to the ADX.
However, the agency is concerned about the current use of
relatively unsophisticated risk management systems and low levels
of transparency.  In 2008, fair value losses on held for trading
investments were AED292 million and impairment losses on available
for sale investments were AED109 million.  Fitch believes that
further losses in 2009 are possible, which would put additional
pressure on GGICO's liquidity, key credit metrics and covenant
headroom. Covenant headroom is particularly tight, as illustrated
by the fact that a loss of just 5-10% within the securities
portfolio could lead to a breach of interest coverage covenants.

Fitch treats GGICO's securities portfolio as a source of semi-
liquid funds.  However, in light of concerns over risk management,
the agency will now treat only 25% of the value of this portfolio
as cash within its Fitch adjusted credit ratios and liquidity
analysis (previously 50%).  In assessing GGICO's credit profile,
Fitch, in line with its previous approach, continues to assume
zero contribution from the securities division in terms of profit,
although profits and losses from this division are considered by
GGICO's banks in its covenant calculations and therefore have some
relevance for its rating.  Liquidity in 2009 could also
deteriorate due to weaker operational cash flows, more restricted
access to external financing, further losses in the securities
portfolio and potential covenant problems.  At end-2008, GGICO's
financial position was in line with its current ratings, with
Fitch adjusted net leverage of 3.8x based on 25% of the value of
securities portfolio being considered as cash (compared to 2.4x in
FY07, which was based on 50% of the value of securities
portfolio).  Fitch adjusted net interest coverage was 6.5x at end-
2008, while GGICO's liquidity score was less than one (sources of
liquidity/uses of liquidity over the next 12 months) as of FYE08.
The agency forecasts that these ratios will deteriorate in 2009
and 2010.

To help improve liquidity and provide greater covenant headroom,
GGICO is undertaking a number of measures: not paying a cash
dividend for 2008; mothballing all uncommitted residential
construction projects (expected expenditure during 2009 and 2010
will only be against committed projects, which are already 95-100%
pre-sold); negotiating a new US$200 million (AED734 million) bank
facility; and issuing a AED500 million mandatory convertible bond
(effectively a rights issue).  Fitch notes the willingness of
GGICO's majority owners, the Al Sari family, to participate in the
mandatory convertible bond issuance, which provides some
confidence that GGICO will be able to obtain the expected funds,
and in turn provides some support at the current rating level.
However, GGICO continues to be rated as a stand alone entity, with
no rating uplift being awarded for the linkage with its majority
owners.

The ratings remain on RWN, reflecting concerns that if the
deterioration in market conditions accelerates, this would weaken
GGICO's operational performance, leading to reduced liquidity and
interest cover, increased leverage and a risk of a covenant breach
as early as December 2009, given the already tight headroom.

Resolution of the RWN will be based on (i) GGICO successfully
issuing the AED500 million mandatory convertible bond and
obtaining the US$200 million banking facility and (ii) adequate
performance in Q209 to Q409 confirming GGICO's ongoing ability to
generate cash flow, retain liquidity and avoid a potential
covenant breach at the December 2009 test date.  Fitch expects to
resolve the RWN by end-2009.


GULF GENERAL: Moody's Downgrades Issuer Ratings to 'Ba1'
--------------------------------------------------------
Moody's Investors Service has downgraded the long term local and
foreign currency issuer ratings of Gulf General Investment Company
to Ba1 from Baa2, citing prospects of more difficult operating
conditions in some of its key business lines and execution risk
associated with the group's requirements to strengthen liquidity.
The outlook is stable.

The rating action concludes Moody's review of the company's
ratings, which were placed on review for downgrade on Jan. 15,
2009.

"We believe GGICO will be challenged to maintain earnings and cash
flow growth in 2009 and possibly 2010, given its high exposure to
core domestic real estate and manufacturing industries despite a
sound portfolio of diversified businesses," says Philipp Lotter,
Senior Vice President at Moody's in Dubai and lead analyst for
GGICO.  "At the same time, material underperformance with both
core business areas would further elevate leverage and erode
GGICO's cushion under its bank facility covenants," Lotter adds.
Management and GGICO shareholders have taken appropriate steps to
strengthen the company's liquidity, which is viewed positively.
However, the rating action was prompted by an expectation that
2009 and possibly 2010 debt protection measurements could fall
outside the parameters required to support the group's initial
ratings.

GGICO has since announced the issuance of an AED500 million zero-
coupon mandatory convertible bond, which is expected to improve
GGICO's maturity profile and reduce debt, which in 2008 rose to a
higher-than-expected AED4.16 billion.  Moody's also highlights
successful measures taken by the company to address near-term
maturities and reduce short term debt, upon which GGICO has
traditionally relied.

GGICO generates approximately half of its operating income from
real estate development activities, which are likely to be
significantly affected by the recent drop in demand for Dubai real
estate.  Indeed, GGICO has put on hold all projects that have not
yet commenced in order to preserve cash and reduce its exposure.
Accordingly, its real estate portfolio now consists of a handful
of projects focusing largely on low and medium budget residential
apartments which are nearing completion.  Whilst a growing number
of investor defaults on payments instalments should be expected,
Moody's takes some comfort from management's conservative planning
assumptions.

The substantial decline in real estate earnings will result in
greater reliance on subsidiary manufacturing activities, some of
which have been newly acquired or commissioned.  Whilst the
diversification of GGICO's business mix has always been supportive
of its credit profile, Moody's highlights that some of its
manufacturing subsidiaries do not have sufficient track record to
ascertain the relative performance to compensate for lower
revenues from real estate.  Indeed some businesses are themselves
fairly cyclical or subject to external forces such as commodity
prices.

Despite some recent measures to extend maturities, GGICO's short
term debt at year-end 2008 represented 46% of its total debt,
including a large amount of perpetual rollover facilities with
local and international banks.  Moody's takes comfort from GGICO's
long-term bank relationships and its good track record in
extending facilities as they fall due.  However, its debt
structure also exposes the group to permanent refinancing risk.
Furthermore, Moody's highlights that a large portion of the
group's debt is located at its subsidiaries, which brings with it
structural subordination of holding company creditors.  Whilst
this has been partially mitigated by the significant cash flows
that are also generated at the holding company, the shifting
balance towards subsidiary cash flows will increase structural
subordination over time, if measures are not taken to gradually
replace subsidiary with holding company debt.

Moody's further highlights the ongoing risk from GGICO's
investment securities portfolio, which was around AED2.2 billion
at year-end 2008.  Although it adds a solid additional layer of
liquidity to support the business through this difficult
environment, it also represents a significant source of earnings
volatility, as evidenced by an AED400 million fair value loss
(including AED109 million impairment charge) at year-end 2008.
Ongoing volatile equity markets will therefore result in further
lack of predictability for this line of business.

The outlook on GGICO's rating is stable.  This assumes that the
company will continue to strengthen its liquidity profile by
putting in place longer term financing arrangements, whilst
gradually reducing leverage in response to a more challenging
market environment.  Whilst no breach is expected under currently
conservative planning assumptions, any underperformance on those
assumptions or further fair value losses from securities than
already assumed in its projections would further elevate leverage
and erode GGICO's cushion under its bank facility covenants, and
could thus put pressure on ratings.

Moody's factors into its assessment of GGICO the ongoing
supportiveness of the company's majority shareholder, the Al Sari
family, which have considerable interests outside of GGICO.

For ratings to experience upward pressure, Moody's would further
expect GGICO to return to the more conservative financial profile
seen historically, whereby funds from operations interest coverage
is maintained above 4 times, debt to EBITDA is kept below 3.5
times, and debt to capitalization remains below 50%.

Moody's rates GGICO in accordance with its Special Comment
"Analytical Considerations in assessing Conglomerates", as
published in September 2007, as well as factoring in some
shareholder support as defined in the Special Comment "Family-
owned Corporates in the GCC", as published in April 2007.

GGICO was incorporated in the Emirate of Ajman by Emiri Decree in
1973 under the name of Arab Economists Corporation.  It is
headquartered in Dubai and listed on the Dubai Financial Market.
GGICO's founders and main shareholders are the Al Sari family,
which owns 52% directly through Investment Group Ltd, a private
company involved in real estate and oil related activities, and
1.5% indirectly.  The remaining shares are owned mainly by GCC
nationals.  At year-end 2008, the company had AED445 million
(US$121.1 million) in net profit.


SHUAA CAPITAL: Moody's Downgrades Issuer Ratings to 'Ba1'
---------------------------------------------------------
Moody's Investors Service has downgraded the long-term foreign
currency and local currency issuer ratings of Shuaa Capital PSC by
two notches to Ba1 from Baa2 and its short-term ratings to Not-
Prime.  The rating outlook is negative.

The rating action concludes the review for possible downgrade of
Shuaa's ratings that Moody's initiated on December 10, 2008.

"The downgrade was prompted by the company's deteriorating
fundamentals, especially its recurring profitability and weakening
liquidity profile, which has become heavily reliant on short-term
bank lines to finance relatively illiquid assets," explains John
Tofarides, Analyst in Moody's Financial Institutions group based
in Dubai.  The downgrade was triggered by a two-notch reduction in
Shuaa's baseline credit assessment from 11 to 13 (on a scale of 1
to 21, where 1 represents the highest credit quality, i.e. Aaa).
The 13 BCA is equivalent to a Ba3 rating.  The outlook on the BCA
is also negative reflecting the challenges that Shuaa is facing in
terms of cash flow management, which, if unresolved, will
undermine future growth prospects.  As part of its review, Moody's
has also taken into consideration the general investment
environment, the weak debt capital markets and the company's
difficulties in raising new capital.  However, Moody's
acknowledges that a BCA of 13 also reflects the company's adequate
capitalisation and leverage levels, as well as qualitative
elements such as management quality and culture, Shuaa's
established presence in the Gulf region and good reputation, which
will help it recover in times of prosperity.

Moody's continues to regard Shuaa as a government-related issuer,
and continues to apply the methodology for GRIs as at the time of
the initial rating assignment.  At the time, the convertible bond
held by Dubai Banking Group was treated as an imminent government
stake, as DBG was scheduled to take a 32% stake of Shuaa's capital
upon conversion of the bonds into shares on October 31, 2008.  The
resulting two-notch rating uplift was based on the expectation of
shareholder support for Shuaa from the Dubai Government, through
Dubai Banking Group which is one of the government's investment
arms and is jointly owned by Dubai Holding (70%) and Emaar
Properties (30%).  However, the GRI status of Shuaa was recently
challenged by the extension of the bond conversion by Dubai
Banking Group.  DBG requested to postpone conversion of the bonds
to October 31, 2009, (which in turn is extendable to October 31,
2010), as ratified by Shuaa's extraordinary general meeting held
on 1 March 2009.

However, despite affirming the GRI assumptions, Moody's believes
the outlook for the support assumptions is negative given the
vulnerabilities facing Dubai as a result of its reliance on
volatile sectors (such as real estate, trade, financial services
and tourism) and the refinancing needs of the Dubai Inc entities.
Moody's will continue to monitor the assumed support levels.  If
there is evidence of lower support for institutions such as Shuaa
Capital, which is not very important systemically, then Moody's
will revise its assumptions accordingly.

Therefore, the outlook on Shuaa's ratings remains negative on the
basis of the aforementioned pressures.

Moody's previous rating action on Shuaa Capital was implemented on
December 10, 2008, when the rating agency placed the Baa2 long-
term and Prime-3 short-term ratings on review for possible
downgrade.

Established in 1979, Shuaa is one of the oldest and leading
investment banking institutions in the Gulf region.  It is
actively involved in public and private capital markets in the
Arab region generally, with a special emphasis on the UAE and the
five other members of the GCC, namely Bahrain, Kuwait, Oman, Qatar
and Saudi Arabia.  Shuaa handles six core business lines:
principal investments, asset management, investment banking,
brokerage, private equity and finance.  As of December 31, 2008,
Shuaa reported total consolidated assets of US$1.191 billion under
IFRS.



                         *********

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-
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