TCRAP_Public/090421.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Tuesday, April 21, 2009, Vol. 12, No. 77

                            Headlines

A B U  D H A B I

AMERICAN INT'L: Completes Sale of AIG Private Bank to Aabar


A U S T R A L I A

KLEENMAID: Administrators To Investigate Sale Discount Offerings
OCEANAGOLD CORP: Encounters High Grade Mineralization Zone in NZ
SONS OF GWALIA: Creditors Meeting Scheduled on May 13


C H I N A

AIR CHINA: Posts CNY9.3-Bln Net Loss in 2008


H O N G  K O N G

ALLADIN ASIA: Creditors' Proofs of Debt Due on May 29
HONG CHANG: Tseng Yih Sun Steps Down as Liquidator
KEEWAH DEVELOPMENT: Creditors' Meeting Set for April 24
KIU KOON: Inability to Pay Debts Prompts Wind-Up
LIONSTAR LIMITED: Lai and Haughey Step Down as Liquidators

ROAD KING: Moody's Changes Outlook on 'Ba3' Rating to Negative
SCENIC CITY: Creditors' Meeting Set for April 24
SIMON C FIREMAN: Creditors' Proofs of Debt Due on May 5
TOTAL PROFIT: Inability to Pay Debts Prompts Wind-Up
WALLPINE LIMITED: Creditors' Meeting Set for April 24

YUN MEN: Creditors' Proofs of Debt Due on May 15


I N D I A

COCHIN FROZEN: CRISIL Rates Rs.8.8 Million Long Term Loan at 'B'
CPC PRIVATE: CRISIL Puts 'B-' Ratings on Various Bank Facilities
DEDHIA ASSOCIATES: CARE Assigns 'CARE BB' Rating on Rs.20cr Loans
KINGFISHER: Pilots Seek Waiver as Airline Breached Contract
MANEESH PHARMA: Loan Payment Default Spurs CRISIL 'D' Ratings

MINCORE RESOURCES: CRISIL Rates Rs.20MM Bank Guarantee at 'P4'
OMKAR TEXTILE: CARE Places 'CARE BB' Rating on Rs.23.90cr LT Loans
ROHAN BUILDERS: CRISIL Cuts Rating on Rs.350MM Term Loan to 'BB-'
ROHAN RAJDEEP: CRISIL Downgrades Rating on Rs.1.89BB Proposed Loan
SATYAM COMPUTER: Tech Mahindra Needs EU, US Antitrust Approval

SETCO AUTOMOTIVE: CRISIL Puts 'BB' Rating on Rs.500MM LT Loans
SUAM OVERSEAS: CRISIL Places 'BB+' Rating on Rs.45.4 Mln Term Loan
SUPER SMELTERS: CARE Rates Long/Medium Term Loans at 'CARE BB+'
ZOOM AUTOMOBILE: CARE Reaffirms 'CARE BB+' Rating on LT Bank Loans
* CRISIL Says Urea Firm's Credit Profiles Sensitive to Funding Mix


J A P A N

MARUI IMAI: May Chose Takashimaya as Sponsor
TOSHIBA CORPORATION: Full Year Net Loss Lower Than Projected
UBS AG: Fires 10 Equity Research Analysts, Economists in Japan
WAKACHIKU CONSTRUCTION: JCR Withdraws 'BB+' Senior Debts Rating


K O R E A

* SOUTH KOREA: Six Construction Firms Ink Agreement With Banks


N E W  Z E A L A N D

NATHANS FINANCE: Directors Deposition Hearing Set for Feb. 2010
PLUS SMS: To Raise Up to NZ$7.5MM Funds
* NEW ZEALAND: Consumers Price Index Up 0.3% in March 2009 Qtr


P A K I S T A N

PAKISTAN MOBILINK: Moody's Affirms 'B1' Corporate Family Rating


S I N G A P O R E

CHARTERED SEMICONDUCTOR: Moody's Confirms 'Ba2' Corporate Rating
HUA SENG: Pays First and Final Preferential Dividend
JENSEN & COMPANY: Pays First and Final Preferential Dividend
REGENCY LEISURE: Creditors' Proofs of Debt Due on May 1
SIN BOONLY: To Pay First and Final Dividend on April 27

TAS EXPRESS: Creditors' Proofs of Debt Due on May 18


S O U T H  A F R I C A

EDWAFIN INVESTMENT: Maybe Placed Under Judicial Management


T A I W A N

NANYA TECHNOLOGY: To Cut Share Capital by 66.43%; To Raise Funds


X X X X X X X X

* BOND PRICING: For the Week April 13 to April 17, 2009


                         - - - - -



================
A B U  D H A B I
================

AMERICAN INT'L: Completes Sale of AIG Private Bank to Aabar
-----------------------------------------------------------
American International Group Inc. has completed the sale of AIG
Private Bank Ltd. (AIG Private Bank), a wholly owned subsidiary of
AIG, to a subsidiary of Aabar Investments PJSC (Aabar), a global
investment company based in Abu Dhabi.

Under the terms of the agreement, Aabar paid AIG approximately
US$253 million for the entire share capital of AIG Private Bank,
and purchased and assumed approximately US$55 million of intra-
company loans outstanding to AIG Private Bank.

"We are pleased to complete this transaction, which is part of our
plan for the orderly sale of certain assets to repay the loans
from the U. S. government," said Edward Liddy, AIG's president and
chief executive officer.  "This is the fourth transaction we have
closed in the past three weeks and it is one of 10 asset sale
agreements we have reached in the past few months, despite a very
challenging environment.  Several other transactions are under
discussion, and we continue to evaluate how best to assure the
continued strength and success of all of AIG's businesses."

Based in New York, American International Group, Inc. (AIG), is
the leading international insurance organization with operation in
more than 130 countries and jurisdictions.  AIG companies serve
commercial, institutional and individual customers through the
most extensive worldwide property-casualty and life insurance
networks of any insurer.  In addition, AIG companies are leading
providers of retirement services, financial services and asset
management around the world.  AIG's common stock is listed on the
New York Stock Exchange, as well as the stock exchanges in Ireland
and Tokyo.

During the third quarter of 2008, requirements to post collateral
in connection with AIG Financial Products Corp.'s credit default
swap portfolio and other AIGFP transactions and to fund returns of
securities lending collateral placed stress on AIG's liquidity.
AIG's stock price declined from US$22.76 on September 8, 2008, to
US$4.76 on September 15, 2008.  On that date, AIG's long-term debt
ratings were downgraded by Standard & Poor's, a division of The
McGraw-Hill Companies, Inc., Moody's Investors Service and Fitch
Ratings, which triggered additional requirements for liquidity.
These and other events severely limited AIG's access to debt and
equity markets.

On September 22, 2008, AIG entered into an US$85 billion revolving
credit agreement with the Federal Reserve Bank of New York and,
pursuant to the Fed Credit Agreement, AIG agreed to issue 100,000
shares of Series C Perpetual, Convertible, Participating Preferred
Stock to a trust for the benefit of the United States Treasury.
At September 30, 2008, amounts owed under the facility created
pursuant to the Fed Credit Agreement totaled US$63 billion,
including accrued fees and interest.

Since September 30, AIG has borrowed additional amounts under the
Fed Facility and has announced plans to sell assets and businesses
to repay amounts owed in connection with the Fed Credit Agreement.
In addition, subsequent to September 30, 2008, certain of AIG's
domestic life insurance subsidiaries entered into an agreement
with the NY Fed pursuant to which the NY Fed has borrowed, in
return for cash collateral, investment grade fixed maturity
securities from the insurance subsidiaries.

On November 10, 2008, the U.S. Treasury agreed to purchase,
through its Troubled Asset Relief Program, US$40 billion of newly
issued AIG perpetual preferred shares and warrants to purchase a
number of shares of common stock of AIG equal to 2% of the issued
and outstanding shares as of the purchase date.  All of the
proceeds will be used to pay down a portion of the Federal Reserve
Bank of New York credit facility.  The perpetual preferred shares
will carry a 10% coupon with cumulative dividends.

AIG and the Fed also agreed to revise the existing FRBNY credit
facility.  The loan terms were extended from two to five years to
give AIG time to complete its planned asset sales in an orderly
manner.  The equity interest that taxpayers will hold in AIG,
coupled with the warrants, will total 79.9%.

At September 30, 2008, AIG had US$1.022 trillion in total
consolidated assets and US$950.9 billion in total debts.
Shareholders' equity was US$71.18 billion, including the addition
of US$23 billion of consideration received for preferred stock not
yet issued.

The Troubled Company Reporter reported on March 4, 2009, that
Moody's Investors Service confirmed the A3 senior unsecured debt
and Prime-1 short-term debt ratings of American International
Group, Inc.  AIG's subordinated debt rating has been downgraded to
Ba2 from Baa1.  The rating outlook for AIG is negative.  This
rating action follows AIG's announcement of net losses of
US$62 billion for the fourth quarter and US$99 billion for the
full
year of 2008, along with a revised restructuring plan supported by
the US Treasury and the Federal Reserve.  This concludes a review
for possible downgrade that was initiated on September 15, 2008.



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

KLEENMAID: Administrators To Investigate Sale Discount Offerings
----------------------------------------------------------------
The administrators of Kleenmaid will investigate claims the group
held sales offering discounts of up to 80 per cent on its products
just days before it collapsed, The Australian reports.

According to the report, Deloitte administrator John Greig said
those inquiries would form part of an examination into possible
insolvent trading at the group.

The report says a series of "free" holidays Kleenmaid offered
clients in the weeks leading up its collapse are also expected to
be examined by the administrator.

Mr. Greig, as cited by the Australian, said the administrator had
contacted the Australian Securities and Investments Commission and
the Queensland Office of Fair Trading regarding the collapse.

Meanwhile, the report discloses that Deloitte has increased its
estimate of the total amount Kleenmaid owed by $5 million.

The report relates that according Deloitte, secured creditors and
trade suppliers was now believed to be $43 million -- up from an
initial estimate of $40 million -- with a further $2 million owed
to landlords and warehouse operators.  Kleenmaid customers who had
outlaid deposits or fully paid for products that had not been
delivered were owed $27 million, the report notes.

Citing various reports, the Troubled Company Reporter-Asia Pacific
reported on April 13, 2009, that Kleenmaid has been placed into
administration with debts of $67 million.  The company appointed
Deloitte partners John Greig, Richard Hughes and David Lombe as
voluntary administrators.

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


OCEANAGOLD CORP: Encounters High Grade Mineralization Zone in NZ
----------------------------------------------------------------
OceanaGold Corporation said it has encountered a zone of high
grade mineralization at the Frasers Underground mine located in
the Macraes Goldfield, on the South Island of New Zealand.

The company said exploration drilling is in progress and 39 holes
have been completed from both surface and underground drilling.

CEO Steve Orr said, "The higher grade tenor of this new zone looks
quite promising and we expect that it will add to the underground
reserves later this year.  Further underground drilling is planned
here and also on the down-dip extensions of Panel 2.  This is a
great start to our renewed focus on exploration in New Zealand."

Ongoing underground drilling will determine the extent and
continuity of this mineralization.

Following the successful commissioning of its two new mines during
2008, OceanaGold said it has increased its exploration at the
Macraes and Reefton Goldfields.  During 2009, the company plans to
spend up to NZ$10 million on a focused exploration program to
discover new  resources and convert current resources to reserves.

                        About OceanaGold

Based in Melbourne, Australia, OceanaGold Corporation (ASX:OGC)
-- http://www.oceanagold.com.au/-- is engaged in exploration
and the development and operation of gold and other mineral
mining activities.  OceanaGold is a gold producer and is
operating two open cut mines at Macraes and Reefton in New
Zealand and nearing the completion of the development of the new
Frasers underground mine.  The company's projects are Macraes
Gold Project, Reefton Gold Project and Didipio Gold Copper
Project.  The Macraes Project is located 100 kilometers by road,
north of Dunedin in the Otago region of the South Island of New
Zealand.  The Reefton Project is located approximately 7
kilometers southeast of the township of Reefton, within the West
Coast region of New Zealand's South Island.  The Didipio Gold
Copper Project is located approximately 270 kilometers north of
Manila in the Philippines. On June 25, 2007, the company
acquired Oceana Gold Ltd (Oceana).

                          *     *     *

OceanaGold Corporation reported three consecutive annual net
losses of US$23.43 million, US$69.04 million, and US$54.74 million
for the financial years ended 2006, 2007 and 2008, respectively.


SONS OF GWALIA: Creditors Meeting Scheduled on May 13
-----------------------------------------------------
Sons of Gwalia Limited and certain of its subsidiaries scheduled a
consolidated meeting of creditors at 10:00 a.m. (Perth Time) on
May 13, 2009, at the Perth Convention Exhibition Center, 21 Mounts
Bay Road in Perth, Western Australia.

Excluded in the meeting are creditors with a claim for damages or
compensation against the group arising from or related in any way
to the acquisition by the creditor of ordinary fully paid shares
in Sons of Gwalia Limited which on or before August 29, 2004 were
listed for quotation on the Australian Stock Exchange Limited.

Darren Weaver acts as joint and several deed administrator for the
companies.

For further information visit Ferrier Hodgson's Web site at
http://www.ferrierhodgson.com/



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

AIR CHINA: Posts CNY9.3-Bln Net Loss in 2008
--------------------------------------------
Air China Limited incurred a net loss of CNY9.3 billion (US$1.34
billion) in 2008 due to weakened demand, surging fuel costs and
wrong-way bets on fuel hedging contracts, the Associated Press
reports.  The company reported a CNY3.4 billion profit in 2007.

The AP, citing Air China, says fuel costs for the year surged 31
percent to CNY22.6 billion (US$3.3 billion), while passenger
revenue fell slightly to CNY43.3 billion (US$6.3 billion).

Xinhua News Agency relates Air China booked fuel-hedging contracts
losses of CNY7.47 billion and CNY1.15 billion loss due to its
unsuccessful investment in Hong Kong-based Cathay Pacific Airways
Ltd, its business partner.

According to AP, the carrier said it returned to profitability in
the first quarter of 2009 but earnings were down 6 percent from
the same time last year on weaker traffic.

For the first quarter of 2009, AP relates Air China reported a
profit of CNY981.2 million (US$143.2 million) as lower fuel costs
helped offset a 12 percent decline in revenue to CNY11.2 billion
($1.6 billion) from a year earlier.



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

ALLADIN ASIA: Creditors' Proofs of Debt Due on May 29
-----------------------------------------------------
The creditors of Alladin Asia Limited are required to file their
proofs of debt by May 29, 2009, to be included in the company's
dividend distribution.

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

The company's liquidator is:

          Mak Kay Lung, Dantes
          China Insurance Group Building
          Rooms 2101-3
          141 Des Voeux Road, Central
          Hong Kong


HONG CHANG: Tseng Yih Sun Steps Down as Liquidator
--------------------------------------------------
On April 6, 2009, Tseng Yih Sun stepped down as liquidator of Hong
Chang Printing Factory Limited.


KEEWAH DEVELOPMENT: Creditors' Meeting Set for April 24
-------------------------------------------------------
The creditors of Keewah Development Limited will hold their
meeting on April 24, 2009, at 12:30 p.m., for the purposes
provided for in Sections 241, 242, 243, 244, 251, 255A(2)and 283
of the Companies Ordinance.

The meeting will be held at 1401, Level 14, Tower 1 of Admiralty
Centre, in 18 Harcourt Road, Hong Kong.


KIU KOON: Inability to Pay Debts Prompts Wind-Up
------------------------------------------------
At an extraordinary general meeting held on April 3, 2009, the
members of Kiu Koon Development Limited resolved to voluntarily
wind up the company's operations due to its inability to pay debts
when it fall due.

The company's liquidators are:

          Jacky Chung Wing Muk
          Patrick Cowley
          KPMG
          Prince's Building, 8th Floor
          10 Chater Road
          Hong Kong


LIONSTAR LIMITED: Lai and Haughey Step Down as Liquidators
----------------------------------------------------------
On April 8, 2009, Lai Kar Yan (Derek) and Darach E. Haughey
stepped down as liquidators Lionstar Limited.


ROAD KING: Moody's Changes Outlook on 'Ba3' Rating to Negative
--------------------------------------------------------------
Moody's Investors Service has changed the outlook to negative from
stable for the corporate family and senior unsecured debt ratings
of Road King Infrastructure Limited.

"The negative outlook is driven by Road King's weaker-than-
expected contracted property sales in FY08, and the ongoing
pressure exerted on its profitability by some of the high-cost
inventory in its ex-Sunco portfolio, and of which it has yet to
fully dispose," says Peter Choy, a Moody's Vice President and
Senior Credit Officer.

"Such pressure has also been heightened by the company's need to
generate higher sales under a trend of price reductions," adds
Choy.

"The negative outlook also reflects Moody's concerns over
execution risk in relation to Road King's ability to achieve its
sales target for FY2009; in addition, this target is much higher
than the actual sales contracted in FY2008," says Choy.

Despite such challenges, Road King's Ba3 rating is supported by
its diversified property portfolio, moderate level of debt
leverage, and steady recurring cash flow stream of about HK$800
million per annum from its toll road investments.

Additionally, Road King has an acceptable liquidity profile, based
on reliable dividends from its toll roads and the absence of
committed land payments in the next 12 months.

The rating outlook could return to stable if Road King can
demonstrate its ability to achieve its contracted sales target for
FY2009 and returns to profitability in its property development
activities, such that its EBITDA margin is maintained at 20 --
25%.

On the other hand, the ratings could come under downward pressure
if Road King (a) suffers a further decline in its balance sheet
liquidity; (b) fails to meet its business plan; (c) continues to
suffer losses in its property development portfolio; (d)
undertakes further debt-funded acquisitions, and/or (e) the
performance of its toll roads deteriorates.

In terms of credit metrics, Moody's would consider as signals for
a possible downgrade: (i) EBITDA/interest below 2.0-2.5x; and (ii)
debt to total capitalization above 55-60%.

Furthermore, if cash from its toll roads fails to cover interest
expenses by 1x, then the ratings would also experience downward
pressure.

The last rating action on Road King was taken on August 27, 2008,
when its corporate family and senior unsecured debt ratings were
downgraded to Ba3 from Ba2 with a stable outlook.

Established in 1994, Road King is a Hong Kong-listed company with
investments in toll roads and property development projects in
China.


SCENIC CITY: Creditors' Meeting Set for April 24
------------------------------------------------
The creditors of Scenic City Limited will hold their meeting on
April 24, 2009, at 3:30 p.m., for the purposes provided for in
Sections 241, 242, 243, 244, 251, 255A(2)and 283 of the Companies
Ordinance.

The meeting will be held at 1401, Level 14, Tower 1 of Admiralty
Centre, in 18 Harcourt Road, Hong Kong.


SIMON C FIREMAN: Creditors' Proofs of Debt Due on May 5
-------------------------------------------------------
The creditors of Simon C Fireman Foundation Limited are required
to file their proofs of debt by May 5, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 7, 2009.

The company's liquidator is:

          Ngan Lin Chun Esther
          1902 MassMutual Tower
          38 Gloucester Road
          Wanchai, Hong Kong


TOTAL PROFIT: Inability to Pay Debts Prompts Wind-Up
----------------------------------------------------
At an extraordinary general meeting held on April 3, 2009, the
members of Total Profit International Limited resolved to
voluntarily wind up the company's operations due to its inability
to pay debts when it fall due.

The company's liquidators are:

          Jacky Chung Wing Muk
          Patrick Cowley
          KPMG
          Prince's Building, 8th Floor
          10 Chater Road
          Hong Kong


WALLPINE LIMITED: Creditors' Meeting Set for April 24
-----------------------------------------------------
The creditors of Wallpine Limited will hold their meeting on
April 24, 2009, at 4:30 p.m., for the purposes provided for in
Sections 241, 242, 243, 244, 251, 255A(2)and 283 of the Companies
Ordinance.

The meeting will be held at 1401, Level 14, Tower 1 of Admiralty
Centre, in 18 Harcourt Road, Hong Kong.


YUN MEN: Creditors' Proofs of Debt Due on May 15
------------------------------------------------
The creditors of Yun Men Monastery Education Fund Limited are
required to file their proofs of debt by May 15, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on April 15, 2009.

The company's liquidator is:

          Chan Chiu Yin
          Bank Centre, Room 1212
          636 Nathan Road, Mongkok
          Kowlooon, Hong Kong



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

COCHIN FROZEN: CRISIL Rates Rs.8.8 Million Long Term Loan at 'B'
----------------------------------------------------------------
CRISIL has assigned its ratings of 'B/Stable/P4' to the bank
facilities of Cochin Frozen Food Exports Pvt Ltd (CFFEPL).

   Rs.8.8 Million Long Term Loan     B/Stable (Assigned)
   Rs.60.0 Million Packing Credit    P4 (Assigned)
                   Limit
   Rs.50.0 Million Post Shipment     P4 (Assigned)
                   Credit Limit *

   *Rs.5.0 Million interchangeable with Packing Credit.

The ratings reflect CFFEPL's weak financial risk profile, small
scale of operations, and customer concentration.  The ratings also
factor in CFFEPL's exposure to risks relating to fluctuations in
the prices of raw materials, and in the value of the Indian rupee.
These weaknesses are mitigated by the benefits that CFFEPL derives
from its promoters' established track record in the seafood export
business.

Outlook: Stable

CRISIL believes that CFFEPL will maintain a stable business risk
profile, supported by its established relationships with
customers. CFFEPL's financial risk profile may remain leveraged
over the medium term because of its large working capital
requirements and low net worth.  The outlook may be revised to
'Positive' if substantial scaling up of CFFEPL's operations leads
to an improvement in financial risk profile.  Conversely, the
outlook may be revised to 'Negative' if large debt-funded capital
expenditure leads to deterioration in CFFEPL's capital structure,
or if its volumes or margins decline considerably, resulting in
weakening of its financial risk profile.

                       About Cochin Frozen

CFFEPL, established in 1992 by Mr. K Prabhakaran, exports shrimp
and fish.  It has a processing capacity of 45.5 tonnes per day.
CFFEPL reported a profit after tax (PAT) of Rs.0.66 million on net
sales of Rs.273.13 million for 2007-08 (refers to financial year,
April 1 to March 31), as against a PAT of Rs.0.17 million on net
sales of Rs.291.82 million for 2006-07.


CPC PRIVATE: CRISIL Puts 'B-' Ratings on Various Bank Facilities
----------------------------------------------------------------
CRISIL has assigned its ratings of 'B-/Negative/P4' to the bank
facilities of CPC Pvt Ltd (CPCPL).

   Rs.65 Million Cash Credit         B-/Negative (Assigned)
   Rs.114.9 Million Long Term Loan   B-/Negative (Assigned)
   Rs.13.3 Million Bank Guarantee    P4 (Assigned)
   Rs.50 Million Bills Purchase      P4 (Assigned)
             Discounting Facility
   Rs.10 Million Letter of Credit    P4 (Assigned)
   Rs.20 Million Line of Credit      P4 (Assigned)
   Rs.50 Million Packing Credit      P4 (Assigned)

The ratings reflect CPCPL's below-average financial risk profile,
and exposure to risks related to fluctuations in raw material
prices and intense competition in the fragmented grey iron
castings industry.  These weaknesses are mitigated by CPCPL's
established presence in the industry, with sound operating
capabilities.

Outlook: Negative

The 'Negative' outlook reflects the expected decline in demand for
castings owing to slowdown in end-user segments.  The ratings may
be downgraded if CPCPL's financial risk profile deteriorates, on
account of significant decline in sales volumes and profitability
or fresh debt-funded capital expenditure.  Conversely, the outlook
may be revised to 'Stable' in case of a significant improvement in
CPCPL's margins and capital structure.

                          About CPC Pvt

Established in 1946, CPCPL was taken over by the Coimbatore-based
KG group in 1980.  The company manufactures grey castings, which
are used in industrial gear box casings, automobile parts, and
pumps.  The company derives 70 per cent of its turnover from
exports.

CPCPL reported a profit after tax (PAT) of Rs.0.6 million on a
turnover of Rs.512.5 million in 2007-08 (refers to financial year,
April 1 to March 31), against a PAT of Rs.2.2 million on a
turnover of Rs.517.0 million in 2006-07.


DEDHIA ASSOCIATES: CARE Assigns 'CARE BB' Rating on Rs.20cr Loans
-----------------------------------------------------------------
CARE has assigned 'CARE BB' (Double B) rating to the Long-term
Bank Facilities of Dedhia Associates (DA) aggregating Rs.20 crore.
This rating is applicable for facilities having tenure of more
than one year.  Facilities with this rating are considered to
offer inadequate safety for timely servicing of debt obligations.
Such facilities carry high credit risk.  CARE assigns '+' or '-'
signs to be shown after the assigned rating (wherever necessary)
to indicate the relative position of the company within the band
covered by the rating symbol.

Rating Rationale

The rating derives strength from the demonstrated track record of
partners in real estate sector and strong group support.  The
rating is however constrained by the closely-held partnership
nature of the entity, inherent risks attached with the partnership
concerns, small size of operations of the company with a solitary
project in hand, extremely low level of bookings as against
project completion stage of Wing A, inherent risks and the
current slow down in the real estate sector.  Further, its ability
to withstand strong competition from large number of players in
organised and unorganised sectors coupled with rising borrowing
costs remain key rating sensitivities.

Dedhia Associates (DA), a partnership firm incorporated in
October 2004 belongs to the Dedhia Group which is into
construction and development of residential, commercial complexes.
Dedhia group has commenced operations in 1984.  Shri Nemchand
K.Dedhia and Shri Damji K.Dedhia co-founded the group.  The firm
has been incorporated with a view to undertake the construction
and development project of residential complex at Chandivali Farm
Road, Andheri (E), Mumbai.

The project cost of Rs.75 crore was to be funded with a mix of
term loan of Rs.20 crore and remaining from partners' contribution
–in the form of capital and unsecured loans.  As on November 30,
2008, the total cost incurred towards the  ongoing project
amounted to Rs.33.00 crore.  Total advances received as on
November 30, 2008 aggregate to Rs.1.64 crore towards six flats.
The present project undertaken by Dedhia group is the largest till
date.  Further, it is also the only project under the Dedhia
Associates taken till date.  Going forward, with additional
projects estimated to be undertaken under the same banner, it is
imperative that such plans will envisage higher capital outlay and
higher leverage.


KINGFISHER: Pilots Seek Waiver as Airline Breached Contract
-----------------------------------------------------------
The Financial Express reports that about a dozen pilots of
Kingfisher Airlines have petitioned the Directorate General of
Civil Aviation ("DGCA") seeking a directive to the airline to
waive the mandatory six-month notice before quitting.

The report relates the pilots said they are seeking the waiver as
the airline has already breached their contracts by altering some
service conditions including changes in the salary structure.

"We have petitioned the DGCA that Kingfisher should not be allowed
to invoke civil aviation requirement (CAR) of 2005, which entails
a six-month prior notice for quitting, on the ground that our
service contracts have been changed unilaterally," a petitioner
told PTI.

A senior DGCA official, according to the report, confirmed that
the pilots have approached the regulator.

In 2005, the report recalls, the Government had made it mandatory
for pilots to give a six-month notice before quitting any airline.

"The CAR was put in place to prevent last minute resignations by
pilots.  However, the airline is misusing it to stop us from
joining other airlines," the report quoted the petitioner as
saying.

According to the Express, Kingfisher Airline pilots have been up
in arms against the management for quite some time now over
alleged changes in their service contracts, especially after the
airline slashed their salaries by Rs 80,000 in February this year.

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/ -- formerly known as Deccan
Aviation Ltd, serves about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.  It maintains bases in major cities such as Delhi and
Mumbai.  Kingfisher Airlines is a unit of UB Holdings, best known
for its United Breweries unit, and the carrier shares the
Kingfisher brand with a popular Indian beer.  UB Holdings also
owns a stake in another domestic carrier, Air Deccan, whose
operations it combined with Kingfisher Airlines in mid-2008.
Kingfisher Airlines began flying in 2005.

                          *     *     *

In the financial year ended June 30, 2007, Deccan Aviation
reported a net loss of INR4.2 billion, up 23% from the
INR3.41 billion loss incurred in FY 2006.

In the financial year ended March 31, 2008, Kingfisher Airlines
reported a net loss of INR1.89 billion.


MANEESH PHARMA: Loan Payment Default Spurs CRISIL 'D' Ratings
-------------------------------------------------------------
CRISIL has downgraded its ratings on Maneesh Pharmaceuticals Ltd's
(Maneesh Pharma's) bank facilities to 'D/P5' from
'BBB+/Stable/P2+'.

   Rs.576 Million Cash Credit         D (Downgraded from
                                         'BBB+/Stable')
   Rs.200 Million Proposed Long-Term  D (Downgraded from
                  Bank Facility          'BBB+/Stable')
   Rs.150 Million FCNRB               D (Downgraded from
                                         'BBB+/Stable')
   Rs.320 Million Working Capital     D (Downgraded from
                  Demand Loan            'BBB+/Stable')
   Rs.348 Million Overdraft Facility  D (Downgraded from
                                         'BBB+/Stable')
   Rs.401.8 Million Long-Term Loan    D (Downgraded from
                                         'BBB+/Stable')
   Rs.500 Million Convertible Loan    D (Downgraded from
                                         'BBB+/Stable')
   Rs.150 Million Purchase Bill       P5 (Downgraded from 'P2+')
                   Discounting
   Rs.160 Million Packing Credit      P5 (Downgraded from 'P2+')
   Rs.200 Million Export Funding      P5 (Downgraded from 'P2+')

This rating action has been taken because the company has
defaulted on an instalment of Rs.31.25 million, due on March 31,
2009, on its Rs.500 million convertible loan from ICICI Bank Ltd
(ICICI Bank).  Maneesh Pharma has applied for restructuring of the
loan. CRISIL does not expect the payment on the loan to be made
until a decision on the restructuring is taken.

Maneesh Pharma posted healthy growth during the nine months ended
December 31, 2008; it reported a profit after tax (PAT) of
Rs.227.9 million on net sales of Rs.5.3 billion for the nine
months, as compared with Rs.254 million and Rs.4.7 billion
respectively for 2007-08 (refers to financial year, April 1 to
March 31) on a standalone basis. The company has been meeting its
obligations on borrowings from other lenders. However, its failure
to raise funds through an initial public offering, and the
lengthening of its working capital cycle, have led to the large
debt and high gearing.

CRISIL has noted the significant delays in the publication of
Maneesh Pharma's audited accounts for 2007-08; the accounts were
published in February 2009. CRISIL has also noted the
qualifications in the company's recently appointed financial
auditors' report, regarding valuation of inventory, delays by
debtors, recognition of mark-to-market losses on derivatives
contracts, and inadequate internal controls.

                        About the Company

Established in 1975 by Mr. Vinay Sapte, Maneesh Pharma
manufactures a range of formulations. It is one of the leading
manufacturers and suppliers of anti-tuberculosis (TB) products,
and supplies its products through the global TB drug facility of
the World Health Organisation to more than 40 countries. The
company has been engaged in contract manufacturing of drugs for
domestic and multinational companies, marketing and distribution
of products for domestic companies, and contract research. Maneesh
Pharma has manufacturing facilities in Navi Mumbai, Govandi,
Kalyan, and Hyderabad in India, and in the US and Brazil. The
company has good product distribution and registration
capabilities in the US, the UK, Europe, South Africa, and Brazil.


MINCORE RESOURCES: CRISIL Rates Rs.20MM Bank Guarantee at 'P4'
--------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4' to the bank
facilities of Mincore Resources Pvt Ltd (Mincore).

   Rs.780.00 Million Overdraft Facility   BB+/Stable (Assigned)
   Rs.20.00 Million Bank Guarantee        P4 (Assigned)

The ratings reflect Mincore's below-average financial risk
profile, and exposure to risks relating to cyclicality and
competition in the commodity trading industry.  These rating
weaknesses are partially offset by the strong support that Mincore
derives from its parent, ETA Group (rated 'BB+/Negative' by
Standard & Poor's [S&P]).  CRISIL's ratings are also underpinned
by Mincore's established relationships with suppliers and
international customers.

Outlook: Stable

CRISIL believes that Mincore will continue to receive support from
ETA Group.  The outlook may be revised to 'Positive' in the event
of an upward revision in S&P's rating on ETA Group, or higher-
than-expected cash accruals for Mincore resulting in a significant
improvement in its capital structure.  Conversely, the outlook may
be revised to 'Negative' if there is a steep deterioration in ETA
Group's credit risk profile, or a sustained profitability pressure
on Mincore.

                          About Mincore

Mincore was set up in 1997 in Chennai, mainly for importing bulk
commodities such as coal, sulphur, and wheat, and for exporting
iron ore.  The company is an authorised representative of Emirates
Trading Agency LLC (ETA LLC) for its trading activities. Mincore
and ETA LLC are part of ETA Group, a Dubai-based industrial
conglomerate, which includes the ETA-ASCON group of companies and
the ETA-Star group of companies.  For 2007-08 (refers to financial
year, April 1 to March 31), Mincore reported a profit after tax
(PAT) of Rs.135 million on net sales of Rs.2.8 billion, as against
a PAT of Rs.1 million on net sales of Rs.283 million in the
previous year.


OMKAR TEXTILE: CARE Places 'CARE BB' Rating on Rs.23.90cr LT Loans
------------------------------------------------------------------
CARE has assigned 'CARE BB' (Double B) rating to the Long-term
Bank Facilities of Omkar Textile Mills Private Limited (OTMPL) for
an aggregate amount of Rs.23.90 crore, including outstanding term
loan of Rs.3.90 crore, sanctioned fundbased working-capital limit
of Rs.13.90 crore, proposed fund based limit of Rs.6.10 crore.
Facilities with this rating are considered to offer inadequate
safety for timely servicing of debt obligations.  Such facilities
carry high credit risk. CARE assigns '+' or '-' signs to be shown
after the assigned rating (wherever necessary) to indicate
the relative position of the company within the band covered by
the rating symbol.

Further, CARE has assigned a 'PR4' (PR Four) rating to the Short-
term Bank Facilities of OTMPL for an aggregate amount of Rs.1
crore.  This rating is applicable for facilities having tenure up
to one year.  Facilities with this rating would have inadequate
capacity for timely payment of short-term debt obligations and
carry very high credit risk.  Such facilities are susceptible to
default.

Rating Rationale

The ratings is mainly constrained by instances of devolvement of
LCs (Letter of Credit) during the recent past, stressed liquidity
position as reflected by almost full utilization of fund based
limits and high dependence on job work sales.  The ratings
are also constrained by high level of total debt to gross cash
accruals, presence in highly fragmented nature of industry and
prevailing bearish industry scenario in the textile sector.  These
outweigh OTMPL's established track record of more than three
decades, experienced promoters and potential benefits of favorable
government policies to boost the badly hampered textile industry.

                       About Omkar Textile

OTMPL is promoted by Shri B D Patel and Shri K C Shah on October
4, 1973 as M/s. Ajanta Mills Gujarat Private Limited and
subsequently the present management had taken over the business
during 1981 and changed to its present name.  OTMPL is engaged in
the processing of textiles and is recognized as one of the
renowned process houses of Ahmedabad.  It has two process houses
one at Naroda and second at Narol in outskirts of Ahmedabad with a
combined capacity of 390 lakh meters per annum.

For FY08, OTMPL reported a profit after tax (PAT) of Rs.1.76 crore
on total income of Rs.91.99 crore as against a PAT of Rs.1.83
crore on total income of Rs.75.74 crore for FY07. During 9MFY09,
OTMPL reported PAT of Rs.1.40 crore on total income of Rs.86.44
crore.


ROHAN BUILDERS: CRISIL Cuts Rating on Rs.350MM Term Loan to 'BB-'
-----------------------------------------------------------------
CRISIL has downgraded its ratings on Rohan Builders (I) Pvt Ltd's
(RBIPL's) bank facilities to 'BB-/Negative/P4' from
'BBB/Stable/P3+'.

   Rs.130 Million Cash Credit   BB-/Negative (Downgraded from
                                              'BBB/Stable')

   Rs.350 Million Term Loan     BB-/Negative (Downgraded from
                                              'BBB/Stable')

   Rs.600 Million Bank Guarantee  P4 (Downgraded from 'P3+')

The downgrade reflects the high, sustained pressure on RBIPL's
liquidity because of the delays in receipt of advances and
realisations from customers, mainly automotive companies.  This
risk is mitigated by RBIPL's proposed liquidity plan involving the
creation of a debt service reserve; the reserve will cover the
company's maturing bank debts, on a rolling-three-month basis.
The ratings also reflect RBIPL's weak financial risk profile, and
the vulnerability of the construction business to the economic
slowdown.  These weaknesses are offset to an extent by the
company's diversified business profile and efficient operations.

Outlook: Negative

CRISIL believes that the pressure on RBIPL's liquidity will
continue on account of the slowdown in the industrial construction
business.  The rating could be further downgraded in case of a
significant increase in pressure on liquidity, or inadequacies in
the company's proposed liquidity plans.  Conversely, the outlook
could be revised to 'Stable' in case of a significant improvement
in RBIPL's liquidity and business risk profile.

                       About Rohan Builders

RBIPL is the flagship company of the Pune-based Rohan group, which
is engaged in industrial construction.  The company was promoted
by Mr. Suhas Lunkad as a proprietary entity in 1992.  In 1994,
with the scaling up of the business, it was converted into a
private limited company.  For 2007-08 (refers financial year,
April 1 to March 31), RBIPL reported a profit after tax (PAT) of
Rs. 161.5 million on net sales of Rs. 1266.3 million, as against a
PAT of Rs. 222.3 million on net sales of Rs.1137.1 million for the
previous year.


ROHAN RAJDEEP: CRISIL Downgrades Rating on Rs.1.89BB Proposed Loan
------------------------------------------------------------------
CRISIL has downgraded its rating on the proposed bank facility of
Rohan Rajdeep Toll Roads Pvt Ltd (RRTRPL) to 'BB+/Negative' from
'BBB-/Negative'.   The downgrade is driven by liquidity pressure
in the parent company.

RRTRPL's ratings also reflect the delays the company face in
achieving financial closure in its ongoing Amritsar-Wagah road
project, as also by the fact that the project is still in its
early stages of construction.   These rating weaknesses are
mitigated by the annuity that RRTRPL is expected to receive from
the National Highways Authority of India (NHAI).

Outlook: Negative

CRISIL expects RRTRPL's operating and financial risk profile to
deteriorate because of delays in achieving the financial closure
for the project and expectation of continued liquidity pressure at
the parent's end.  The rating could be downgraded in case of
further delays.  Conversely, the outlook could be revised to
'Stable' in case of a significant improvement in the operational
and financial risk factors affecting the project.

                       About Rohan Rajdeep

RRTRPL is a special purpose vehicle promoted by Rohan Builders, a
Rohan group company, and Rajdeep Buildcon Pvt Ltd, a Rajdeep group
company, to undertake the Amritsar-Wagah road project.  The
company has signed an agreement with NHAI for undertaking the
construction and maintenance of the project on a build, operate,
transfer basis.  The Pune-based Rohan group undertakes
construction contracts for industrial as well as infrastructural
projects. The group also has a presence in the real estate sector.
The Ahmednagar-based Rajdeep group operates in the industrial and
infrastructure construction sector and has completed a number of
projects in Maharashtra, Rajasthan, and Punjab.


SATYAM COMPUTER: Tech Mahindra Needs EU, US Antitrust Approval
--------------------------------------------------------------
Tech Mahindra Ltd. needs antitrust approvals from the European
Union and the U.S. before it can conclude a stake purchase in
Satyam Computer Services Ltd., Dow Jones Newswires reports citing
a person familiar with development.

Dow Jones states the process delays Tech Mahindra's acquisition of
Satyam even though the company has paid ahead of schedule a
deposit needed to acquire up to a 51% stake in Satyam.

"Tech Mahindra has already filed for an antitrust approval from
the EU [Monday].  It will file for an approval from the U.S.
regulatory authorities [today, April 21]," the person, who asked
not to be named, told Dow Jones.

Dow Jones says that after emerging as the winning bidder, Tech
Mahindra was to receive a preferential allotment of 302.76 million
Satyam shares soon after it deposited INR17.6 billion needed for
the 31% stake, as well as funds for the open offer for 20% more in
the company.

However, Dow Jones relates the person said it could take up to two
weeks for both the antitrust approvals and only then can the
preferential allotment be made.

Meanwhile, Newstrack India relates that according to Satyam
chairman Kiran Karnik, Tech Mahindra will announce an 'open offer'
today, April 21, to obtain an additional 20 percent stake in
Satyam.

Newstrack India says Tech Mahindra, which deposited Rs.2,910 crore
(Rs.29.1 billion) in an escrow account Monday for a 31 percent
stake in Satyam, will see its total holding increase to 51 percent
after the open offer.

According to Newstrack India, Chairman Karnik said the six
directors appointed to the board by the government will continue
in their posts until further orders from the Company Law Board.
Tech Mahindra will appoint up to four more members, Newstrack
India says.

As reported in the Troubled Company Reporter-Asia Pacific, on
January 7, 2009, former Satyam Chairman Ramalinga Raju resigned
after saying he manipulated the company's accounts.  Specifically,
Mr. Raju said that as of September 30, 2008, the company's balance
sheet carries:

   (1) inflated (non existent) cash and bank
       balances of 50.40 billion rupees (US$1.04 billion)
       (as against 53.61 billion reflected in the books);

   (2) an accrued interest of 3.76 billion rupees which
       is non existent;

   (3) an understated liability of 12.30 billion rupees
       on account of funds arranged by Mr. Raju; and

   (4) an overstated debtors position of
       4.90 billion rupees (as against 26.51 billion
       reflected in the books).

Mr. Raju's confession prompted investigations into the company by
different entities including Andhra Pradesh state police, the U.S.
Securities and Exchange Commission and the Securities and Exchange
Board of India.  Several groups also considered filing class
action suits against the company.

A three-member board was subsequently created by the government
which appointed KPMG and Deloitte Touche Tohmatsu for re-
evaluation of the software company's books.

Mr. Raju was later found to have invented more than one quarter of
Satyam's workforce and used fictitious names to siphon
Rs200 million (US$4.1 million) a month out of the company, The
Financial Times said in a report.

The TCR-AP, citing Bloomberg News, reported on Mar. 9, 2009, that
Satyam won approval to sell stake in itself, as the company seeks
to restore investor confidence and stem client defections.

Satyam said it received approval from the Securities and Exchange
Board of India ("SEBI") to facilitate a global competitive bidding
process which, subject to receipt of all approvals, contemplates
the selection of an investor to acquire a 51% interest in the
company.

                           About Satyam

Headquartered in Secunderabad, India, Satyam Computer Services
Limited (BOM:500376) -- http://www.satyam.com/-- is a global
information technology (IT) services provider, offering a range of
services, including systems design, software development, system
integration and application maintenance.  It offers a range of IT
services to its customers, including application development and
maintenance, consulting and enterprise business solutions,
extended engineering solutions and infrastructure management
services. Satyam BPO Limited (Satyam BPO), a majority-owned
subsidiary of the Company, is engaged in providing business
process outsourcing (BPO) services.  Satyam operates in two
segments: IT services and BPO services.  On January 4, 2008, the
Company acquired Nitor global Solutions Ltd.  On April 4, 2008, it
acquired Bridge Strategy Group LLC.  In November 2008, it
announced the take over of Motorola Inc.'s software development
centre in Malaysia.


SETCO AUTOMOTIVE: CRISIL Puts 'BB' Rating on Rs.500MM LT Loans
--------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable' to the bank
facilities of Setco Automotive Ltd (Setco).

   Rs.500.0 Million Long Term Loans *   BB/Stable (Assigned)
   Rs.548.5 Million Cash Credit         BB/Stable (Assigned)

   * Includes proposed limit of Rs. 33.8 million

The ratings reflect Setco's sub-par financial risk profile marked
by high gearing levels, and dependence on the cyclical commercial
vehicles (CV) segment.  These weaknesses are mitigated by Setco's
established presence in the clutch auto component business, the
increasing share of aftermarket revenues in its revenue mix, and
its average operating efficiencies.

For arriving at the ratings, CRISIL has combined the financials of
Setco and its subsidiaries WEW Holding Ltd, Mauritius; Setco
Automotive (UK) Ltd; Setco Automotive (NA) Incorporation, USA; and
Setco Global GmbH, Austria.

Outlook: Stable

CRISIL expects Setco to benefit from steady growth in aftermarket
sales and moderate growth in exports, which will help mitigate
pressure on off-take from CV original equipment manufacturers
(OEMs) in the near term.  The company is expected to generate
sufficient cash accruals to meet its maturing debt obligations
over the near to medium term.  However, ongoing and partly debt-
funded capital expenditure (capex) is expected to limit
significant improvement in gearing levels over the medium term.
Better-than-expected business performance, leading to steady
improvement in credit metrics, could result in the outlook being
revised to 'Positive'.  Conversely, sharp decline in revenues and
profitability could result in the outlook being revised to
'Negative'

                           About Setco

Setco was promoted by the Sheth family in 1982.  The company makes
clutch plate and clutch cover assemblies for CVs, and has plants
at Kalol in Gujarat and Sitarganj at Uttarakhand.  Setco has also
set up subsidiaries in the UK, the US, and Austria, which are also
in the automotive component business.

The company, earlier known as Gujarat Setco Clutch Ltd was set up
in 1982, and raised equity through a public offer in 1984.  In
1993, the company was referred to the Board for Industrial and
Financial Reconstruction; after it emerged from the process in
2005, it got its present name.  Setco has revived its operations
with equity finance from its promoters, and from New Vernon
Private Equity, a private equity fund.

For 2007-08 (refers to financial year, April 1 to March 31), Setco
reported a consolidated profit after tax (PAT) of Rs.135.8 million
(Rs.130.6 million in the previous year) on net sales of Rs.2.1
billion (Rs.1.6 billion).  For the nine months ended December 31,
2008, Setco reported a consolidated PAT of Rs.96.3 million on net
sales of Rs.1.8 billion, compared with a PAT of Rs.72.0 million on
net sales of Rs.1.5 billion in the corresponding period of the
previous year.


SUAM OVERSEAS: CRISIL Places 'BB+' Rating on Rs.45.4 Mln Term Loan
------------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4' to the various
bank facilities of Suam Overseas Pvt Ltd (Suam).

   Rs.45.4 Million Term Loan         BB+/Stable( Assigned)
   Rs.80.0 Million Cash Credit       BB+/Stable( Assigned)
   Rs.30.0 Million Letter of Credit  P4 (Assigned)
   Rs.10.0 Million Bank Guarantee    P4 (Assigned)

The ratings are constrained by Suam's limited financial
flexibility marked by declining cash accruals and low net worth,
and small scale of operations in the highly-fragmented and
competitive synthetic yarns industry.  These weaknesses are,
however, partially offset by the promoters' established presence
in the fancy yarns business.

Outlook: Stable

CRISIL believes that Suam will maintain its existing business risk
profile, marked by stable revenues and healthy operating margins.
The outlook may be revised to 'Positive' if there is significant
increase in revenues whilst maintaining the operating
profitability; and if there is improvement in networth of the
company.  Conversely, the outlook may be revised to 'Negative' if
the company undertakes significant debt-funded capital
expenditure.

                       About Suam Overseas

Incorporated as a private limited company in March 2002, Suam
manufactures a variety of synthetic fancy yarns.  The promoters,
Anil Biyani, Ajay Biyani and Arun Biyani have been in the fancy
yarn business for nearly 30 years.  Suam has a manufacturing
facility at Daman with a capacity of 20,000 spindles.  Suam
reported a profit after tax (PAT) of Rs. 31.4 million on net sales
of Rs.419.7 million for 2007-08 (refers to financial year, April 1
to March 31), as against a PAT of Rs. 29.3 million on net sales of
Rs.339.2 million for 2006-07.


SUPER SMELTERS: CARE Rates Long/Medium Term Loans at 'CARE BB+'
---------------------------------------------------------------
CARE has assigned a 'CARE BB+' (Double B plus) rating to the long/
medium term bank facilities aggregating Rs.140.0 crore and a 'PR4'
(PR four) rating to the short term bank facilities aggregating
Rs.10.0 crore of Super Smelters Ltd. (SSL).  'CARE BB' rating is
applicable for facilities having tenure of more than one year and
'PR4' (PR four) rating is applicable for facilities having tenure
up to one year.  Facilities with 'CARE BB' rating are considered
to offer inadequate safety for timely servicing of debt
obligations.  Such facilities carry high credit risk.  Facilities
with 'PR4' rating would have inadequate capacity for timely
payment of shortterm debt obligations and carry very high credit
risk.  Such facilities are susceptible to default.  CARE assigns
'+' or '-' signs to be shown after the assigned rating (wherever
necessary) to indicate the relative position within the band
covered by the rating symbol.

The above ratings take into account short track record of the
company, relatively moderate capacity utilisation, volatility in
raw material & finished goods prices, low profitability margin,
inadequate current ratio, risks associated with implementation of
the large ongoing expansion project, cyclicality in the steel
industry alongwith increasing competition from the unorganised
sector players and economic slowdown in the country & its higher
susceptibility compared to integrated large players.  Ratings also
take cognizance of experience of the promoters and satisfactory
gearing & interest coverage.  Ability to successfully implement
the ongoing project as per schedule and future trend in raw
material prices as well as end product prices are the key rating
sensitivities.

SSL, incorporated in 1995, is the flagship company of SAI group of
Kolkata.  The company commenced manufacturing operation in 2001
and is, currently, engaged in manufacturing of billets, sponge
iron, TMT bars and wire rods at its plant at Durgapur & Jamuria
(both in West Bengal) and Koderma, Jharkhand.  It is also
engaged in trading of steel related items.

The company is expanding the existing production capacity of its
various products at Jamuria & Durgapur and is also setting up
sinter capacity at Jamuria.  The aggregate cost of these projects
estimated at Rs.526.5 crore is very large, as compared to existing
size of the company.  The project cost is proposed to be financed
at a debt-equity ratio of 1.42:1. Major part of the financial
closure is however, yet to be achieved.

SSL earned PBILDT of Rs.29.3 crore and PAT (after defd. tax
provision) of Rs.9.4 crore on net sales of Rs.512.8 crore in FY08.
Net sales witnessed a CARG of 47% between FY06-FY08, with a year-
on-year increase of about 63% in FY08.  PBILDT grew at a
relatively higher rate due to containment of raw material
expenses.

Increase in PBILDT vis-à-vis higher level of increase in capital
charge led to a moderate improvement in PAT level.  Long term debt
equity and overall gearing ratios were comfortable at 0.24 and
0.59 respectively as on March 31, 2008.  Interest coverage at 2.66
in FY08 was satisfactory.  But the current ratio as on the last
three account closing dates, has been inadequate.  The working
results of the company for the half year ended Sept.30, 2008 were
satisfactory.


ZOOM AUTOMOBILE: CARE Reaffirms 'CARE BB+' Rating on LT Bank Loans
------------------------------------------------------------------
CARE has reaffirmed the rating of 'CARE BB+' (Double B Plus)
assigned to the Long-Term Bank Facilities of Rs.18.50 crore of
Zoom Automobile Ancillaries Private Limited (ZAAPL).  This rating
is applicable for facilities having tenure of more than one year.
Facilities with this rating are considered to offer inadequate
safety for timely servicing of debt obligations. Such facilities
carry high credit risk.  CARE assigns '+' or '-' signs to be shown
after the assigned rating (wherever necessary) to indicate the
relative position within the band covered by the rating symbol.

Rating Rationale

The rating is constrained by the limited establishment of product
concept in India, absence of confirmed buyers for the product,
existing competition from metal tank manufacturers and the ongoing
slowdown in the automobile industry.

The rating takes into account commercial operation of the project,
management and financial support from Zoom Developers Private
Limited (ZDPL) including corporate guarantee given by ZDPL for
term loan, technological support at hand from established player
overseas viz.  YAPP Automotive Parts (YAPP) and acceptance of the
product in developed countries.

                      About Zoom Automobile

Zoom Automobile Ancillaries Pvt. Ltd. (ZAAPL) belongs to the Zoom
group and was incorporated in 1998 as Elite Stationers Private
Limited.  Zoom Developers Pvt Ltd. (ZDPL) is the flagship company
of the Zoom group and holding company for ZAAPL as well.  The Zoom
group is a diversified group with presence in construction, IT,
BPO etc.  The present management of the ZAAPL has past experience
in project execution, automobile industry and plastic engineering.

The penetration of plastic fuel tanks in India is limited and as
of now there is no plastic fuel tank manufacturer, other than
ZAAPL for automobiles in India.  ZAAPL has technical collaboration
with YAPP for technical know-how and trouble shooting in
manufacturing process of plastic fuel tanks. YAPP is an
established player in plastic fuel tank business and is an 'A'
grade supplier to Ford, General Motors and Volks Wagon in China.
The plant started commercial operation in April 2008.  ZAAPL is in
talks with various Original Equipment Manufacturers (OEMs) but is
yet to receive any confirmed orders.  Due to this, despite
announcing commercial operations, there were no sales during
9MFY09.
Globally, the auto industry is facing declining demand and cut in
production.  With availability of capital becoming limited, plans
for new models/variants are expected to be deferred.  Further,
faced with declining margins, OEMs are expected to cut cost by
shifting to lower cost alternatives.  This is expected to
adversely affect the introduction of plastic fuel tanks in India.


* CRISIL Says Urea Firm's Credit Profiles Sensitive to Funding Mix
------------------------------------------------------------------
CRISIL believes that urea companies' credit profiles, which are
already under stress, could be severely affected if the companies
contract more debt to fund brown-field expansions, which are being
encouraged under the government's new urea policy.  The policy,
announced a few months ago, has attracted revamp and de-
bottlenecking investments at existing facilities.  However, such
projects by themselves will not suffice to bridge India's urea
demand-supply gap.

Pawan Agrawal, Director - CRISIL Ratings, said, “The policy's
success in catalysing brown-field expansion or green-field
projects will depend upon a number of imponderables, chief among
them being international urea prices, and the availability,
pipeline connectivity, and price, of natural gas.”

More importantly, the funding mix for this investment will be
critical in deciding the credit risk profile of urea players. “Any
fresh debt will add to the significant volume that is already on
these players' balance sheets, and could drive some urea
manufacturers' debt to levels where the present ratings would
suffer significant stress,” Mr. Agrawal added.


With the first tranche of gas from Reliance Industries Ltd's KG
basin expected to reach urea units this month, and given the
priority that existing urea units enjoy under the Gas Utilisation
Policy, the increased profits for efficient gas-based urea
producers from revamp or de-bottlenecking projects will clearly
improve these players' business risk profiles.

Sudip Sural, Head – CRISIL Ratings, said, “While the likelihood of
easing gas supplies augurs well for fresh capacity additions, urea
companies will continue to face delays in government subsidy
settlement.  The eventual recovery of the subsidy dues is certain,
but the delay can still lead to pressure on urea manufacturers'
credit profiles as the build-up of receivables has to be financed
through borrowings.”  Therefore, working capital borrowing levels
are expected to remain high for most CRISIL-rated urea
manufacturers.



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

MARUI IMAI: May Chose Takashimaya as Sponsor
--------------------------------------------
Marui Imai Inc is set to pick Takashimaya Co as the company's
sponsor for its rehabilitation efforts under court-supervised
revival proceedings, Japan Today reports citing sources familiar
with the matter.

Japan Today relates sources said Marui Imai will finalize the
selection possibly by the end of next week if its main bank,
Hokkaido Bank, consents to the selection.

According to The Japan Times, financially distressed Marui Imai
last week received rescue plans from both Takashimaya Co and
Isetan Mitsukoshi Holdings Ltd.  The company is expected to choose
a sponsor for its rehabilitation efforts this month, at the
earliest, the Times notes.

Marui Imai Inc. operates department stores.  Besides its flagship
store in Sapporo, Marui Imai runs three other Hokkaido stores, in
Hakodate, Asahikawa and Muroran.


TOSHIBA CORPORATION: Full Year Net Loss Lower Than Projected
------------------------------------------------------------
Hiroshi Suzuki at Bloomberg News reports Toshiba Corp.'s operating
loss decreased 11 percent to JPY250 billion (US$2.5 billion) in
the year ended March 31 from the company's previous JPY280 billion
loss projection after production cuts helped drive up prices of
the semiconductors.

However, including the writedown of the value of tax assets,
Toshiba's net loss for the period was a record JPY350 billion,
Bloomberg News says.

The report relates the company will cut 3,900 temporary jobs this
fiscal year, mainly at the chip and liquid-crystal-display
divisions, after eliminating 4,500 such positions last fiscal
year.  Toshiba will also reduce research and development spending
by 18 percent from a year earlier to JPY320 billion, according to
the report.

Toshiba, the report says, expects capital spending to fall 42
percent to JPY250 billion in the year ending March 2010 and
maintained its January outlook for outlays in the chip business to
fall 57 percent to JPY100 billion.

The company's chip business will probably post a full-year loss in
the 12 months to March 31, 2010, although it may turn profitable
for the second half, Bloomberg News cited Fumio Muraoka, Toshiba
corporate executive vice president, as saying.

As reported in the Troubled Company Reporter-Asia Pacific on Mar.
19, 2009, the Japan Times, citing Kyodo News, said Toshiba plans
to freeze wages for the first six months of the business year that
starts April 1 in light of its rapidly
deteriorating earnings.

According to Japan Times, industry sources said Toshiba told its
labor union of the plan to freeze regular wage hikes based on its
pay scale or a table for basic wages.

The pay scale, Japan Times said, provides for automatic wage
increases for certain workers every year, based on seniority and
length of service.

Industry sources have said Toshiba also wants to reject the
union's demand to raise the pay scale's level by JPY4,500 per
month, according to Japan Times.

                    About Toshiba Corporation

Toshiba Corporation (TYO:6502) --- http://www.toshiba.co.jp/---
is a Japan-based manufacturer involved in five business segments.
The Digital Products segment offers cellular phones, hard disc
devices, optical disc devices, liquid crystal
televisions, camera systems, digital versatile disc (DVD) players
and recorders, personal computers (PCs) and business phones, among
others.  The Electronic Device segment provides general logic
integrated circuits (ICs), optical semiconductors, power devices,
large-scale integrated (LSI) circuits for image information
systems and liquid crystal displays (LCDs), among others.  The
Social Infrastructure segment offers various generators, power
distribution systems, water and sewer systems, transportation
systems and station automation systems, among others.  The Home
Appliance segment offers refrigerators, drying machines, washing
machines, cooking utensils, cleaners and lighting equipment.  The
Others segment leases and sells real estate.


UBS AG: Fires 10 Equity Research Analysts, Economists in Japan
--------------------------------------------------------------
UBS AG fired about 10 equity research analysts and economists in
Tokyo in the first round of cuts to its research business in
Japan, Takahiko Hyuga at Bloomberg News reports citing two people
familiar with the plan.

UBS fired the workers late last week, including senior analysts
Mariko Watanabe, who covered small and middle-sized firms, and
Hirohisa Shimura, who covered the health-care industry, the report
says citing the people who declined to be identified as no public
announcement has been made.

Akira Maekawa, senior economist in Japan, is also leaving the
firm, the same people said in the report.

On April 17, 2009, the Troubled Company Reporter-Europe said
according to a Bloomberg News report, UBS plans to cut another
7,500 jobs, bringing total staff reductions to almost 20 percent
of the workforce.

UBS remains in a "precarious situation" after clients withdrew 23
billion Swiss francs (US$20.1 billion) from the main wealth
management unit and the bank posted a first-quarter net loss of
almost 2 billion francs, Bloomberg News cited exiting Chairman
Peter Kurer as saying.

The Troubled Company Reporter-Europe, citing Bloomberg News,
reported on April 15, 2009 UBS said it will eliminate about 240
jobs from its wealth management division in the Asia-Pacific
region.

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

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

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

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

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

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

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

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

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

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

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

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

                          About UBS AG

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


WAKACHIKU CONSTRUCTION: JCR Withdraws 'BB+' Senior Debts Rating
---------------------------------------------------------------
Japan Credit Rating Agency, Ltd. ("JCR") has withdrawn the
BB+/Stable rating on senior debts of  Wakachiku Construction Co.
Ltd. at the request of the company.

Wakachiku Construction is a construction company whose main
business is marine civil engineering works.  The company is
carrying out its medium term business plan, of which underlying
policies include focusing its management resources on civil
engineering works business and significant contraction of its
construction business.



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

* SOUTH KOREA: Six Construction Firms Ink Agreement With Banks
--------------------------------------------------------------
About half of the local construction companies selected for bank-
led restructuring have recently reached agreement with banks on
their normalization plans, The Korean Herald reports citing
industry officials.  The report says an increasing number of these
firms are reaching agreements with their creditor banks.

The Herald relates that six of the 11 construction firms have
recently signed or plan to sign memorandums of understanding with
banks and the remaining five are working on finalizing the plans.

According to the report, the six companies are:

   -- Woolim Construction;
   -- Isu Engineering & Construction;
   -- World Construction;
   -- Shinil Engineering;
   -- Poonglim; and
   -- Woolim Construction.

Creditor banks of both Poonglim and Woolim Construction, the
report notes, have agreed to inject KRW60 billion $45 million) and
KRW63.5 billion, respectively, into the companies at the annual
interest of five percent.  Poonglim debt maturity were extended to
the end of 2011 while Woolim Construction were also extended until
2013, the Herald relates.

Meanwhile, the report says the restructuring of three shipyards -
Daehan Shipbuilding, Jinse Shipbuilding and Nokbong Shipbuilding -
is being further delayed, as none of them have come out with a
normalization plan yet.

The banks, according to the report, also confirmed that they had
started looking into 11 out of 15 construction companies and
shipyards set to go through restructuring process under the second
round of corporate credit evaluation last month.



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

NATHANS FINANCE: Directors Deposition Hearing Set for Feb. 2010
---------------------------------------------------------------
The Sydney Morning Herald reports that four directors of Nathans
Finance Ltd will face a deposition hearing in February next year.

The report says the four Nathans Finance directors, who are facing
criminal and civil charges, are Mervyn Doolan, John Hotchin,
Donald Young and Roger Moses.

The Securities Commission, according to the Herald, accuses the
directors of misleading investors by making untrue statements in
the company's registered prospectus and investment statement.

Nathans Finance Ltd went into receivership when the finance
company's trustee, Perpetual Trust Limited, appointed
receivers on Aug. 20, 2007.  Nathans is a wholly owned subsidiary
of VTL Group Limited, which also went into receivership in
November 2008. VTL Group Limited owns a number of vending machine
related businesses which operate in New Zealand, Australia, North
America and Europe.


PLUS SMS: To Raise Up to NZ$7.5MM Funds
---------------------------------------
Plus SMS Holdings Ltd is seeking shareholder support to raise up
to NZ$7.5 million through the issue of convertible notes and a
share placement, according to a report posted at stuff.co.nz.

The report, citing Plus SMS, relates the company is looking to
raise up to NZ$5 million through the issue of convertible notes
and raise up to another NZ$2.5 million through a private share
placement at a price of not less than 0.5c per share.

According to the report, Plus SMS also:

   -- wants shareholder ratification for the previous issue
      of equity securities issued for cash to a total of about
      NZ$2.6 million;

   -- seeks agreement from shareholders for the issue of up
      to 25 million shares to directors and senior management
      at no cost; and

   -- seeks approval to issue about 52.2 million shares with
      an issue price of 0.5c each to pay service providers.

The company said the funds raised will be used to fund its working
capital and continued product development.

A shareholders' special meeting will be held at The Rendezvous
Hotel, Corner Mayoral Drive and Vincent Street, in Auckland on
May 1, 2009, at 2:00 p.m.

                         About Plus SMS

Plus SMS Holdings Ltd. (NZX: PLS) -- http://www.cre-eight.com/
-- along with its subsidiaries, is principally engaged in the
provision of mobile entertainment and network services.  Some of
its wholly owned subsidiaries include CRE8 Limited, which is
engaged in content and network services; Content Technology, S A
De C V, which is engaged in content services, and CRE8
Consultoria, which is engaged in administration services.

                          *     *     *

The company incurred three consecutive net losses of NZ$6.96
million, NZ$11.89 million, and NZ$4.49 million for the financial
years ended March 31, 2008, 2007 and 2006, respectively.


* NEW ZEALAND: Consumers Price Index Up 0.3% in March 2009 Qtr
--------------------------------------------------------------
The Consumers Price Index (CPI) increased 0.3 percent in the March
2009 quarter, Statistics New Zealand said.  Higher prices for food
and cigarettes were largely offset by lower prices for transport.

The food group rose 1.2 percent in the March 2009 quarter, driven
by higher prices for grocery food (up 1.4 percent).  If food
prices had remained constant from the December 2008 quarter, the
CPI would have also remained constant.

The alcoholic beverages and tobacco group (up 1.8 percent) also
made a significant upward contribution, reflecting higher prices
for cigarettes and tobacco (up 4.3 percent).  The excise duty for
cigarettes and tobacco rose 5.07 percent on January 1, 2009.

The housing and household utilities group rose 0.3 percent in the
March 2009 quarter.  This is the smallest increase since the June
2001 quarter.  Prices for the purchase of new housing recorded no
overall change in the latest quarter.

The transport group (down 1.5 percent) made the most significant
downward contribution to the CPI, driven by lower prices for
international air transport (down 16.5 percent), diesel (down 19.2
percent), and petrol (down 1.0 percent).  Higher prices for
second-hand cars (up 3.5 percent) made the largest individual
upward contribution.

The CPI increased 3.0 percent from the March 2008 quarter to the
March 2009 quarter.  The food group (up 8.8 percent) accounted for
half the increase, driven by grocery food prices (up 8.9 percent).
The housing and household utilities group (up 3.6 percent), with
higher prices for electricity (up 7.5 percent), also made a
significant contribution.  The transport group (down 2.6 percent)
made a significant downward contribution, reflecting lower prices
for petrol (down 9.3 percent).



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

PAKISTAN MOBILINK: Moody's Affirms 'B1' Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service has affirmed Pakistan Mobilink
Communications Limited B1 local currency corporate family rating
and B3 senior unsecured bond rating; the outlook on the ratings is
negative.

The rating affirmation is in response to the company's recently
announced cash-funded tender offer on its US$250 million 8.625%
notes due 2013.  Mobilink plans to buy back up to $100 million of
its notes at a price of between 70-77 cents on the dollar.  The
buy back will be funded through a mixture of cash on hand and
locally arranged medium term bank financing.

"If successful, the tender offer will result in a modest decline
in leverage, as measured by adjusted debt/EBITDA as well as
interest savings.  Although positive for the overall financial
profile, this is unlikely to result in any positive rating action
due to Moody's ongoing concerns over the deterioration in
Pakistan's political and economic environment and the impact that
such continued deterioration will have on Mobilink's operating and
financial profile," says Laura Acres, a Moody's Vice President.

The outlook for the ratings is negative, primarily in respect of
the difficult and deteriorating economic situation in Pakistan and
the impact that this may have on Mobilink's ability to achieve its
projections.  However, the resultant slowdown will also result in
lower than expected capex, and as such, debt, therefore the
decline in financial metrics will be lessened.

In addition, the negative outlook also reflects Moody's concerns
over Mobilink's ability to meet its financial covenants and
liquidity requirements, however, these risks are partially
mitigated by the past and expected future financial support of its
parent, Orascom Telecom Holdings in helping Mobilink maintain
covenant compliance," adds Acres, also Moody's Lead Analyst for
Mobilink.

Specifically, Moody's understands from Mobilink management that
Orascom has confirmed its commitment to Mobilink and will support
the company to ensure covenant compliance.

Upward pressure on the rating is unlikely over the next 12-24
months given negative outlook and the reliance on financial
support from the parent and the deteriorating domestic economic
environment.  However, the outlook could revert to stable should
Mobilink deliver on its financial projections and develop a
sustainable cushion under its existing bank loan covenants.
Moody's would also like for Mobilink to demonstrate an ability to
become self funding, evidenced by improving free cash flows as
well as the ability to cover its capex and interest, evidenced by
(EBITDA-capex)/interest exceeding 1.0x.

Downward pressure on the ratings could emerge should Mobilink: a)
experience a significant deterioration in market share such that
it loses its market leadership status; b) increase its dividend
payout ratio or management fees thereby reducing available
retained cash flow, such that retained cash flow/adjusted debt
falls below 15%; c) is unable to access finances to fund ongoing
growth or repay/refinance lines as and when they fall due; and/or
d) seeks to renegotiate further, or obtain a waiver under, its
bank loan financial covenants.

The last rating action was on 12th January 2009 when the outlook
on the Mobilink's ratings was changed to negative.

Mobilink is the largest mobile operator in Pakistan with more than
28.5 million subscribers and a market share of 31.7% as at
December 31, 2008.

Mobilink is indirectly 100%-owned by Orascom Telecom Holdings -
itself rated Ba3/negative.



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

CHARTERED SEMICONDUCTOR: Moody's Confirms 'Ba2' Corporate Rating
----------------------------------------------------------------
Moody's Investors Service has confirmed the Ba2 corporate family
and senior unsecured bond ratings of Chartered Semiconductor.
This rating action concludes the review for possible downgrade
initiated on December 22, 2008.  The outlook on the ratings is
negative.

"The rating action follows Chartered's completion of its US$300
million rights offering, which will improve the headroom for
meeting its debt-to-equity financial covenants and will allow it
to better manage its maturing debt, including the two major bullet
debt repayments due in August 2010," says Wonnie Chu, a Moody's
Analyst.

"Compliance with the financial covenants under its syndicated
loans will allow it to utilize available committed facilities of
US$750 million to support its capex," adds Chu.

Chartered's major shareholder -- Singapore Technologies
Semiconductors, a wholly owned subsidiary of Temasek Holdings
(Aaa/Stable) -- has undertaken its pro-rata entitlement of the
offering.

Following the rights offering, Temasek's ownership in Chartered
remains at about 62% and therefore its Ba2 rating continues to
benefit from a 3-notch rating uplift from Temasek.

The negative rating outlook reflects Chartered's sizeable
refinancing needs in the next 18 months, including US$284 million
in preferred shares and US$375 million in senior notes maturing in
August 2010.

The outlook also reflects Moody's expectation that Chartered's
financial covenant cushion could weaken in 2010, driven by the
company's continuing capex spends for technology migration against
the backdrop of challenging macro-economic conditions.

Chartered's ratings could be downgraded if 1) its liquidity
profile weakens further, due to the prolonged industry downturn,
while no appropriate refinancing plan is put in place, and/or 2)
there is evidence of a reduction in Temasek's controlling stake,
and which weakens Temasek's support.

The last rating action with respect to Chartered was taken on
March 3, 2009, when its corporate family and senior unsecured bond
ratings were downgraded to Ba2 from Ba1, and the ratings remained
on review for possible downgrade.

Chartered's ratings have been assigned by evaluating factors
Moody's believes are relevant to the company's credit profile,
such as its i) business risk and competitive position compared
with others 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 Chartered's core industry; its ratings are believed
to be comparable to those of other issuers of similar credit risk.

Singapore-based Chartered Semiconductor Manufacturing Limited
provides wafer fabrication services and technologies to
semiconductor suppliers and system companies.  The company ranks
third globally as measured by total sales in the global
semiconductor foundry sector.

The Singapore government owns approximately 62% of the company
through Temasek Holdings (Private) Limited.


HUA SENG: Pays First and Final Preferential Dividend
----------------------------------------------------
Hua Seng Huat Electrical Engineering Pte Ltd paid its first and
final preferential dividend on April 6, 2009.

The company paid 32.0724% to all received claims.

The company's liquidator is:

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


JENSEN & COMPANY: Pays First and Final Preferential Dividend
------------------------------------------------------------
Jensen & Company Pte Ltd. paid its first and final preferential
dividend on April 9, 2009.

The company paid 34.516% to all received claims.

The company's liquidator is:

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


REGENCY LEISURE: Creditors' Proofs of Debt Due on May 1
-------------------------------------------------------
The creditors of Regency Leisure Development Private Limited are
required to file their proofs of debt by May 1, 2009, to be
included in the company's dividend distribution.

The company's liquidator is:

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


SIN BOONLY: To Pay First and Final Dividend on April 27
-------------------------------------------------------
Sin Boonly Electrical Pte Ltd, which is in compulsory liquidation,
will pay the first and final dividend to its preferential and
unsecured creditors on April 27, 2009.

The company will pay 100% to its preferential creditors while
16.80% to its unsecured creditors.

The company's liquidator is:

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


TAS EXPRESS: Creditors' Proofs of Debt Due on May 18
----------------------------------------------------
The creditors of Tas Express Asia Pacific Pte. Ltd. are required
to file their proofs of debt by May 18, 2009, to be included in
the company's dividend distribution.

The company's liquidator is:

         Lai Seng Kwoon
         c/o 16 Raffles Quay #22-00
         Hong Leong Building
         Singapore 048581



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

EDWAFIN INVESTMENT: Maybe Placed Under Judicial Management
----------------------------------------------------------
Edwafin Investment Holdings (Proprietary) Limited has avoided
provisional liquidation for at least another month after key
Edwafin role-players lodged an application for the firm to be
placed under judicial management, The Witness reports.

The report states the judicial management application may be
granted if a company is unable to pay its debts while there is
still a probability that it can continue to conduct its business.

Edwafin investor Dorothy Griffin, The Witness recounts, last month
applied to the high court in Pietermaritzburg for Edwafin's
provisional liquidation due to the company's failure to pay
interest on her investment.

However, the report says Edwafin opposed the application on the
grounds that the company is not insolvent and that it can in fact
pay its debts.

Based in Durban, South Africa, Edwafin Investment Holdings
(Proprietary) Limited Financial is a venture capital company.  It
offers financial services, fund management and forex trading.



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

NANYA TECHNOLOGY: To Cut Share Capital by 66.43%; To Raise Funds
----------------------------------------------------------------
Nanya Technology Corp.'s board approved plans to cut its
outstanding share capital by 66.43 percent to help boost its book
value, China Post reports citing the company.

According to the report, Nanya VP Pai Pei-lin said the reduction
will help increase the company's book value per share to about
NT$10.

The chipmaker, the report says, also plans to sell four billion
new shares in private placement and four billion to the public.

As reported in the Troubled Company Reporter-Asia Pacific, in the
fourth quarter of 2008, Nanya posted a net loss of NT$10.39
billion, compared with a net loss of NT$11.27 billion in the same
period in 2007.

Nanya reported net sales of NT$6.13 billion in the fourth quarter
of 2008, a decrease of 41 percent compared to 2007 fourth quarter.

For the 2008 fiscal year, the company posted a net loss of
NT$35.23 billion, or NT$7.54 per diluted share, compared with a
net loss of NT$12.46 billion in the prior year.

The company reported net sales of NT$36.31 billion in the fiscal
year ended Dec. 31, 2008, compared with a net sales of NT$52.89
billion in fiscal year 2007.

Based in Taiwan, Nanya Technology Corp. (TPE:2408) --
http://www.nanya.com/-- is principally engaged in the
manufacture, development and sale of memory products.  The Company
primarily offers dynamic random access memory (DRAM) chips,
including double data rate (DDR) DRAM chips, DDR2 DRAM chips and
DDR3 DRAM chips; DRAM modules, such as 200-pin DDR small outline
(SO) dual in-line memory modules (DIMMs), 184-pin registered and
unbuffered DDR synchronous dynamic random access memory (SDRAM)
DIMMs, 200-pin DDR2 SODIMMs, 240-pin unbuffered and registered
DDR2 SDRAM DIMMs and others. DRAMs are used as data storage units
for computer, communications and consumer (3C) products.



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

* BOND PRICING: For the Week April 13 to April 17, 2009
------------------------------------------------------

   AUSTRALIA
   ---------
A&R Whitcoulls                9.500%   12/15/10   NZS      55.55
Ainsworth Game                8.000%   12/31/09   AUD       0.65
Alumina Finance               2.000%   05/16/13   USD      74.75
AMP Group Financ              6.875%   08/23/22   GBP      74.23
Antares Energy               10.000%   10/31/13   AUD       1.30
Aust & NZ Bank                6.540%   06/29/49   GBP      52.00
Babcock & Brown Pty           8.500%   11/17/09   NZD       8.38
Becton Property Group         9.500%   06/30/10   AUD       0.17
Bemax Resources               9.375%   07/15/14   USD      25.12
Bemax Resources               9.375%   07/15/14   USD      25.12
Bounty Industries Ltd        10.000%   06/30/10   AUD       0.02
Capral Aluminum              10.000%   03/29/12   AUD       1.05
China Century                12.000%   09/30/10   AUD       0.75
Com BK Australia              4.875%   12/19/23   GBP      65.75
Djerriwarrh Inv               6.500%   09/30/09   AUD       3.86
First Australian             15.000%   01/31/12   AUD       0.60
FMG Finance                   9.750%   09/01/13   EUR      74.00
GE Cap Australia              6.000%   04/15/15   AUD      73.66
GE Cap Australia              6.000%   03/15/19   AUD      56.86
Goodman Aust Fin              9.750%   07/16/18   GBP      74.14
Griffin Coal Min              9.500%   12/01/16   USD      37.00
Griffin Coal Min              9.500%   12/01/16   USD      37.00
Hanson Australia              5.250%   03/15/13   USD      42.84
Heemskirk Consol              8.000%   04/29/11   AUD       2.10
Insurance Austra              5.625%   12/21/26   GBP      61.50
Jpm Au Enf Nom 1              3.500%   06/30/10   USD       1.37
Macquarie Bank                5.500%   09/19/16   GBP      35.10
Metal Storm                  10.000%   09/01/09   AUD       0.08
Myer Group Fin               10.194%   03/15/13   AUD      71.10
Natl Australiabk              6.750%   06/26/23   EUR      64.21
National Wealth               6.750%   06/16/26   AUD      42.02
Natural Fuel                  6.750%   04/10/12   USD      19.50
Nylex Ltd                    10.000%   12/08/19   AUD       0.84
Orchard Invest                9.000%   12/15/10   AUD      60.00
Oxiana Ltd                    5.250%   04/15/12   USD      70.00
Paladin Energy                5.000%   03/11/13   USD      73.08
Resolute Mining              12.000%   12/31/12   AUD       0.85
Stockland Financ              5.625%   10/25/13   GBP      74.50
Sun Resources NL             12.000%   06/30/11   AUD       0.10
Suncorp-Metway                6.500%   06/22/16   AUD      70.92
Suncorp Insuran               6.250%   06/13/27   GBP      52.00
Timbercorp Ltd                8.900%   12/01/10   AUD      50.00
Westfield Fin                 3.625%   06/27/12   EUR      72.50
Westfield Fin                 5.500%   06/27/17   GBP      64.40



   CHINA
   -----
China Govt Bond                 4.860%  08/10/14     CNY    00.00
Chinatrust Comm                 5.625%  03/29/49     CNY    52.51
Jiangxi Copper                  1.000%  09/22/16     CNY    72.99


   HONG KONG
   ---------
Bank East Asia                 6.125%  03/29/49     GBP    65.34


   INDIA
   -----
Aftek Infosys                  1.000%  06/25/10     USD    70.00
AKSH Optifibre                 1.000%  01/29/10     USD    57.50
Canara Bank                    6.365%  11/28/21     USD    73.00
Gemini Commnica                6.000%  07/18/12     EUR    52.00
Hindustan Cons                10.000%  10/25/09     INR    33.35
ICICI Bank Ltd                 6.375%  04/30/22     USD    61.00
ICICI Bank Ltd                 7.250%  08/29/19     USD    17.18
ICICI Bank Ltd                 7.250%  08/29/49     USD    45.00
Jindal Saw Ltd                 0.750%  07/01/11     JPY    68.50
Kalindee Rail NI               0.500%  03/07/12     USD    73.00
Kei Industries                 1.000%  11/30/11     USD    45.00
Radico Khaitan L               3.500%  07/27/11     USD    62.00
State BK India                 6.439%  02/28/49     USD    69.73
Subex Azure                    2.000%  03/09/12     USD    16.75
UTI Bank Ltd                   7.250%  08/12/21     USD    70.20
Videocon Indus                 4.500%  07/25/11     USD    42.75
Wanbury Ltd                    1.000%  04/23/12     EUR    62.50


   INDONESIA
   ---------
Bank Pan Indo                 11.000%  06/19/14     IDR    74.99
Indonesia (Rep)                6.625%  02/17/37     USD    70.75
Indonesia (Rep)                6.625%  02/17/37     USD    70.59


   JAPAN
   -----
Aozora Bank                    0.400%  04/27/12     JPY    74.82
Aozora Bank                    1.100%  05/25/12     JPY    71.27
Aozora Bank                    0.560%  06/27/12     JPY    74.97
Aozora Bank                    1.600%  06/27/12     JPY    74.12
Aozora Bank                    0.660%  07/12/12     JPY    74.96
Aozora Bank                    0.660%  07/27/12     JPY    74.68
Aozora Bank                    1.700%  07/27/12     JPY    73.76
Aozora Bank                    0.660%  08/12/12     JPY    74.42
Aozora Bank                    0.660%  08/27/12     JPY    74.11
Aozora Bank                    1.700%  08/27/12     JPY    73.16
Aozora Bank                    0.660%  09/12/12     JPY    73.81
Aozora Bank                    0.660%  09/27/12     JPY    73.53
Aozora Bank                    1.400%  09/27/12     JPY    74.50
Aozora Bank                    0.660%  10/12/12     JPY    73.27
Aozora Bank                    1.600%  10/26/12     JPY    74.53
Aozora Bank                    0.660%  10/27/12     JPY    73.00
Aozora Bank                    0.660%  11/12/12     JPY    72.69
Aozora Bank                    0.660%  11/27/12     JPY    72.41
Aozora Bank                    1.350%  11/27/12     JPY    70.44
Aozora Bank                    0.660%  12/12/12     JPY    72.14
Aozora Bank                    0.660%  12/27/12     JPY    71.87
Aozora Bank                    1.450%  12/27/12     JPY    70.18
Aozora Bank                    0.660%  01/12/13     JPY    71.60
Aozora Bank                    1.250%  01/25/13     JPY    71.89
Aozora Bank                    0.660%  01/27/13     JPY    71.35
Aozora Bank                    0.560%  02/12/13     JPY    70.71
Aozora Bank                    0.560%  02/27/13     JPY    70.43
Aozora Bank                    1.300%  02/27/13     JPY    71.47
Aozora Bank                    0.560%  03/12/13     JPY    70.20
Aozora Bank                    0.560%  03/27/13     JPY    69.93
Aozora Bank                    1.250%  03/27/13     JPY    67.90
Aozora Bank                    0.560%  04/12/13     JPY    69.66
Aozora Bank                    1.300%  04/26/13     JPY    67.51
Aozora Bank                    0.560%  04/27/13     JPY    69.40
Aozora Bank                    0.560%  05/12/13     JPY    69.15
Aozora Bank                    0.560%  05/27/13     JPY    68.85
Aozora Bank                    1.600%  05/27/13     JPY    67.90
Aozora Bank                    0.560%  06/12/13     JPY    68.57
Aozora Bank                    0.560%  06/27/13     JPY    68.31
Aozora Bank                    1.650%  06/27/13     JPY    67.56
Aozora Bank                    0.560%  07/12/13     JPY    68.05
Aozora Bank                    1.700%  07/26/13     JPY    67.22
Aozora Bank                    0.560%  07/27/13     JPY    67.81
Aozora Bank                    0.560%  08/12/13     JPY    67.51
Aozora Bank                    0.560%  08/27/13     JPY    67.25
Aozora Bank                    1.600%  08/27/13     JPY    66.31
Aozora Bank                    0.560%  09/12/13     JPY    66.97
Aozora Bank                    0.560%  09/27/13     JPY    66.72
Aozora Bank                    1.800%  09/27/13     JPY    66.46
Aozora Bank                    0.560%  10/12/13     JPY    66.48
Aozora Bank                    0.560%  10/25/13     JPY    66.24
Aozora Bank                    0.560%  11/12/13     JPY    65.94
Aozora Bank                    0.560%  11/27/13     JPY    65.68
Aozora Bank                    0.400%  12/12/13     JPY    64.84
Aozora Bank                    0.400%  12/27/13     JPY    64.58
Aozora Bank                    0.400%  01/12/14     JPY    64.35
Aozora Bank                    0.400%  01/27/14     JPY    64.06
Aozora Bank                    0.400%  02/12/14     JPY    63.79
Aozora Bank                    0.400%  02/27/14     JPY    63.53
Aozora Bank                    0.400%  03/12/14     JPY    63.31
Aozora Bank                    0.400%  03/27/14     JPY    63.06
Aozora Bank                    0.400%  04/12/14     JPY    62.83
Belluna Co Ltd                 1.100%  03/21/12     JPY    60.40
CSK Corporation                0.250%  09/30/13     JPY    34.80
Daikyo Inc.                    1.880%  03/12/12     JPY    71.03
Ebara Corp                     1.700%  09/30/11     JPY    64.75
Ebara Corp                     1.300%  09/30/13     JPY    48.43
ES-Con Japan Ltd               3.360%  05/10/10     JPY    43.14
Fukoku Mutual                  4.500%  09/28/25     EUR    47.62
Hitachi Zosen                  1.500%  09/30/12     JPY    63.66
JACCS Co Ltd                   1.820%  09/28/15     JPY    73.70
JPN Exp Hld/Debt               0.500%  09/17/38     JPY    57.98
Kenedix Inc                    2.090%  11/09/10     JPY    50.24
Kenedix Realty I               2.370%  03/15/17     JPY    74.50
Kirayaka Holding               2.590%  03/22/16     JPY    66.47
NIS Group                      8.060%  06/20/12     USD    37.62
Oracle MY SPC                  1.480%  07/10/13     JPY     1.48
Orix Corp                      5.480%  11/22/11     USD    66.41
Orix Corp                      1.660%  02/02/15     JPY    74.90
Orix Corp                      2.110%  03/18/16     JPY    72.93
Orix Corp                      2.190%  04/18/17     JPY    69.75
Pacific Golf Gro               1.000%  05/01/12     JPY    65.00
Resona Bank                    3.750%  04/15/15     EUR    70.00
Resona Bank                    5.986%  08/29/49     GBP    37.15
Resona Bank                    4.125%  09/29/49     GBP    37.25
Resona Bank                    5.850%  09/29/49     GBP    47.15
Shinsei Bank                   1.250%  01/25/13     JPY    74.35
Shinsei Bank                   1.300%  02/27/13     JPY    73.97
Shinsei Bank                   1.250%  03/27/13     JPY    73.34
Shinsei Bank                   1.350%  04/26/13     JPY    73.22
Shinsei Bank                   1.600%  05/27/13     JPY    73.51
Shinsei Bank                   1.650%  06/27/13     JPY    73.20
Shinsei Bank                   1.700%  07/26/13     JPY    72.93
Shinsei Bank                   1.600%  08/27/13     JPY    72.11
Shinsei Bank                   1.700%  07/27/13     JPY    72.01
Shinsei Bank                   1.960%  03/25/13     JPY    64.50
Shinsei Bank                   2.010%  10/30/15     JPY    62.18
Shinsei Bank                   3.750%  02/23/16     EUR    45.00
Shinsei Bank                   5.625%  12/29/49     GBP    26.48
Softbank Corp                  7.750%  10/15/13     EUR    55.25
Sumitomo Mitsui                4.375%  07/29/49     EUR    51.92
Sri Lanka Govt                 5.625%  07/29/49     USD    72.09


   MALAYSIA
   --------
Advance Synergy Berhad         2.000%  01/26/18     MYR     0.04
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     0.92
AMBB Capital                   6.770%  01/29/49     USD    64.86
Berjaya Land Bhd               5.000%  12/30/09     MYR     2.10
Cagamas Berhad                 3.640%  05/05/09     MYR     2.37
Crescendo Corp B               3.750%  01/11/16     MYR     1.10
Eastern & Orient               8.000%  04/25/11     MYR     1.00
Huat Lai Resources             5.000%  03/28/10     MYR     0.30
Insas Berhad                   8.000%  04/19/09     MYR     0.26
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.17
Kretam Holdings                1.000%  08/10/10     MYR     1.00
Kumpulan Jetson                5.000%  11/27/12     MYR     0.43
Mithril Bhd                    3.000%  04/05/12     MYR     0.55
Nam Fatt Corp                  2.000%  06/24/11     MYR     0.20
Puncak Niaga Hld               2.500%  11/18/16     MYR     0.73
Rubberex Corp                  4.000%  08/14/12     MYR     0.65
Senai-Desaru Exp               3.500%  12/09/19     MYR    65.87
Tenaga Nasional                3.050%  05/10/09     MYR     0.96
Tradewinds Plant               3.000%  02/28/16     MYR     1.10
Wah Seong Corp                 3.000%  05/21/12     MYR     2.58
Wijaya Baru Glob               7.000%  09/17/12     MYR     0.41
YTL Cement Bhd                 4.000%  11/10/15     MYR     1.12


   MARSHALL ISLANDS
   ----------------

Navios Maritime                9.500%  12/15/14     USD    54.25


   NEW ZEALAND
   -----------
Allied Farmers                 9.600%  11/15/11     NZD    37.18
Allied Nationwid              11.520%  12/29/49     NZD    36.00
BBI Ntwrks NZ Ltd              8.000%  11/30/12     NZD    15.94
Blue Star Print                9.100%  09/15/12     NZD    20.36
Capital Prop NZ                8.500%  04/15/09     NZD    20.00
Capital Prop NZ                8.000%  04/15/10     NZD    17.50
Fidelity Capital               9.250%  07/15/13     NZD    70.01
Fletcher Buildin               7.550%  03/15/11     NZD    12.50
Fletcher Buildin               8.500%  03/15/15     NZD    12.50
Fonterra                       8.740%  11/29/49     NZD    65.55
Generator Bonds                8.200%  09/07/11     NZD    71.59
Hellaby Holdings               8.500%  06/15/11     NZD    39.47
Infrastr & Util                8.500%  09/15/13     NZD    17.50
Infratil Ltd                   8.500%  02/15/20     NZD    58.19
Infratil Ltd                  10.180%  12/29/49     NZD    56.00
Marac Finance                 10.500%  07/15/13     NZD     0.86
Nuplex Industrie               9.300%  09/15/12     NZD    56.53
Pins Securities                9.250%  01/31/14     NZD    26.90
Sky Network TV                 9.370%  10/16/16     NZD    73.00
South Canterbury              10.430%  12/15/12     NZD     0.87
St Laurence Prop               9.250%  07/15/10     NZD    74.45
Trustpower Ltd                 8.500%  09/15/12     NZD     8.20
Trustpower Ltd                 8.500%  03/15/14     NZD    12.50
Vector Ltd                     8.000%  12/29/49     NZD    11.50


   PHILIPPINES
   -----------
First Gen Corp                 2.500%  02/11/13     USD    54.12
Rizal Comm Bank                9.875%  10/29/49     USD    75.00


   SINGAPORE
   ---------
Capitaland Ltd.                2.950%  06/20/22     SGD    63.30
Chartered Semico               6.250%  04/04/13     USD    67.45
Chartered Semico               6.375%  08/03/15     USD    59.23
United ENG Ltd                 1.000%  03/03/14     SGD     0.96
Wan Hai S Pte                  5.500%  06/29/15     USD    55.19


   SOUTH KOREA
   -----------
GS Caltex Corp                 6.000%  08/08/16     USD    74.69
Hynix Semi Inc.                7.875%  06/27/17     KRW    45.12
Hynix Semi Inc.                7.857%  06/27/17     USD    50.38
Korea Dev Bank                 7.350%  10/27/21     KRW    52.99
Korea Dev Bank                 7.310%  11/08/21     KRW    52.89
Korea Dev Bank                 8.450%  10/31/21     KRW    52.96
Korea Elec Pwr                 6.000%  12/01/26     USD    69.07
NACF                           5.375%  04/26/17     USD    73.50
Rep of Korea                   4.250%  12/07/21     EUR    73.22
Shinhan Bank                   5.663%  03/02/25     USD    48.25
Shinsei Bank                   6.829%  09/20/36     USD    18.50
Woori Bank                     6.125%  05/03/16     USD    72.75
Woori Bank                     6.208%  05/02/37     USD    42.00


   SRI LANKA
   ---------
Sri Lanka Govt                 6.850%  10/15/12     LKR    73.80
Sri Lanka Govt                 7.500%  08/01/13     LKR    71.92
Sri Lanka Govt                 7.500%  11/01/13     LKR    71.02
Sri Lanka Govt                 8.500%  02/01/18     LKR    65.63
Sri Lanka Govt                 8.500%  07/15/18     LKR    65.17
Sri Lanka Govt                 7.500%  08/15/18     LKR    60.41
Sri Lanka Govt                 7.000%  10/01/23     LKR    54.72


   THAILAND
   --------
Advance Agro Pub              11.000%  12/19/12     USD    47.37
Italian-Thai Dev               4.500%  06/10/13     USD    46.47
G Steel                       10.500%  10/04/10     USD    17.98



                         *********

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

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

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


                            *********


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

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

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

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

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





                 *** End of Transmission ***