TCRAP_Public/090424.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

           Friday, April 24, 2009, Vol. 12, No. 80

                            Headlines

A U S T R A L I A

ABC LEARNING: Sells Some Centres for $1 Each
ALBIDON LIMITED: Appoints Administrators
BRISCONNECTIONS: BTR Calls for Another Unitholders Meeting
BRISCONNECTIONS: Macquarie Stake in Firm May Rise to 10.6%
FAIRFAX MEDIA: To Cut 70 Jobs in New Zealand

KLEENMAID: Customers Has No Chance of Getting Purchased Goods
TIMBERCORP LTD: Calls in Voluntary Administrators


C H I N A

COUNTRY GARDEN: Moody's Cuts Corporate Family Rating to 'Ba2'
GREENTOWN CHINA: Tender Offer Cues Moody's to Junk Corp. Rating


H O N G  K O N G

BILLION WIN: Court to Hear Wind-Up Petition on May 20
CITIBOND INDUSTRIAL: Court to Hear Wind-Up Petition on May 27
DESCARTES INVESTMENT: Court to Hear Wind-Up Petition on April 29
GLORY TRINITY: To Nominate Mok Hon Kwong, Thomas as Liquidator
HOP SHING: Pays First and Final Preferential Dividend

HOP YUE: To Nominate Mok Hon Kwong, Thomas as Liquidator
PEACE MARK: Creditors' and Contributories' to Meet on April 28
TSUN HO: Court to Hear Wind-Up Petition on May 27
UNIROSS BATTERIES ET AL: Court Enters Wind-Up Order


I N D I A

DIASTAR JEWELLERY: Low Operating Margin Cues CRISIL 'P4' Ratings
GOPAL GEMS: CRISIL Puts 'P4' Rating on Rs.20.0 Mln Packing Credit
NORTHERN INDIA: CRISIL Assigns 'B' Rating on Rs.73.2 Mln Term Loan
PRABHU SPONGE: CRISIL Places 'BB' Rating on Rs.71 Mln Term Loan
ROSE GEMS: CRISIL Assigns 'P4' Ratings on Various Bank Facilities

VALSON POLYESTER: CRISIL Puts 'B+' Rating on Rs.211.10MM LT Loan
VENKATESH LOGISTICS: CRISIL Rates Rs.340MM Cash Credit at 'BB-'


I N D O N E S I A

PT INDOSAT: Q1 Profit Drops 82.4%


J A P A N

PIONEER CORP: Seeks Investment from Honda Motor
SFCG CO: Court To Start Bankruptcy Proceedings
TAKEEI CO.: JCR Affirms 'BB+' Rating on Senior Debts
* JAPAN: Registers First Trade Balance Deficit in 28 Years


N E W  Z E A L A N D

PROPERTYFINANCE: Seeks Court Injunction to Fend Off Receivership


S I N G A P O R E

OPTIMUM-3 INTERNATIONAL: Pays 2nd Dividend to Unsecured Creditors


T A I W A N

ASUSTEK COMPUTER: Plans to Give NT$2/Share Dividend


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                         - - - - -



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A U S T R A L I A
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ABC LEARNING: Sells Some Centres for $1 Each
--------------------------------------------
Some of the nonviable ABC Learning Centres have been sold to
charity for $1 each, The Australian reports citing industry
sources.

The report says Mission Australia paid a token $1 each for several
of the 29 ABC Learning centres it bought from the company's
receiver, PPB.

Mission Australia spokesman Paul Andrews, the report relates,
would not say how many centres had been purchased for a token $1,
citing commercial confidentiality.

The Australian, citing Mr. Andrews, says Mission Australia was
retaining the existing ABC childcare staff and predicted the
centres would be "self-sustaining" within 18 months.

Meanwhile, the report relates PPB is refusing to reveal how much
it received for 210 centres, sold to 65 different buyers last
week.

PPB partner Stephen Parbery said sales figures would be provided
to the court once the sale process was completed.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 16, 2009, the Canberra Times said the receivers of ABC
Learning received more than 300 new inquiries from potential
buyers for ABC's unviable 241 childcare centres, collectively
known as the ABC2 group.

Receivers McGrath Nichol, Canberra Times noted, is still managing
the remaining 720 ABC Learning centres, while the ABC2 group has
been given AU$34 million by the Federal Government to stay open
until March 31.

                    About ABC Learning Centres

ABC Learning Centres Limited (ASX: ABS) --
http://www.childcare.com.au/-- provides childcare services and
education in more than 1,200 centres in Australia, New Zealand,
the United States and the United Kingdom.  The company's
subsidiaries include ABC Developmental Learning Centres Pty Ltd,
ABC Early Childhood Training College Pty Ltd, Premier Early
Learning Centres Pty Ltd, ABC  Developmental Learning Centres (NZ)
Ltd., ABC New Ideas Pty. Ltd., ABC Land Holdings (NZ) Limited and
Child Care Centres Australia Ltd.

On September 25, 2006, the company acquired Hutchison Child Care
Services Ltd.  On September 7, 2006, it acquired The Children's
Courtyard LLP.  On December 18, 2006, it acquired Busy Bees
Group Ltd.  On January 26, 2007, it acquired La Petite Holdings
Inc.  On February 2, 2007, it acquired Forward Steps Holdings
Ltd.  On March 23, 2007, it acquired Children's Gardens LLP. In
September 2007, the company purchased the Nursery division
(Leapfrog Nurseries) from Nord Anglia Education PLC.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
November 6, 2008, ABC Learning Centres Limited appointed
Peter Walker and Greg Moloney of Ferrier Hodgson as voluntary
administrators of the company and a number of its subsidiaries.

ABC said subsequent to the appointment of administrators, the
company's banking syndicate appointed Chris Honey, Murray Smith
and John Cronin of McGrathNicol as receivers.


ALBIDON LIMITED: Appoints Administrators
----------------------------------------
Albidon Limited said it has appointed administrators to keep
operating and help complete funding deal with major shareholder
Jinchuan Group Ltd.  The company appointed Mel Ashton and Damian
Templeton, chartered accountants of KPMG, as administrators.

"The Board has concluded that this action is the only available
means for the company to continue operating in order to complete
the financing transaction with Jinchuan Group," Albidon said in a
statement to the Australian Securities Exchange.

Albidon disclosed that it had already received US$1.8 million but
had not received the US$7 million funding as some of the
conditions have yet to be completed.

"Jinchuan has concluded its due diligence on Munali and has
entered into a Heads of Agreement with Barclays Capital and
European Investment Bank and Albidon.  They have not yet entered
into a HOA with Barclays Zambia in regard to the equipment
leases."

"As a result, the funding has been delayed and there are no
arrangements in place for Albidon to secure further funding to
meet ongoing costs while an agreement is being negotiated between
Jinchuan and Barclays Zambia," the company said.

"The directors believe the voluntary administration process should
allow the company to continue working to finalise the current
agreements and secure new funding so the company may eventually
recommence trading as a going concern."

The company said the appointment of administrators is limited to
Albidon Limited.  No such appointment has been made over any of
Albidon's subsidiaries.

As reported in the Troubled Company Reporter-Asia Pacific on
Mar. 5, 2009, Bloomberg News said Albidon suspended output at its
biggest nickel mine in Munali, Zambia after the price of the metal
slumped 56 percent since its July opening.

"Depressed nickel prices have made ongoing operations at Munali
unsustainable," Albidon said in a stock exchange statement
obtained by Bloomberg News.

Reuters related Albidon said it has received a conditional
financing proposal from its largest shareholder, China's Jinchuan
Group, but its ability to continue was subject to the completion
of the deal.

According to Reuters, Albidon would receive US$1.8 million as an
accelerated payment for nickel concentrate, US$7 million in equity
before March 20, and a later convertible note, under the proposed
funding from Jinchuan.

Australia-based Albidon Limited (ASX:ALB) ---
http://www.albidon.com/--- is engaged in the exploration and
evaluation of mineral interests.  The Company's development
activities is focussed on the Munali Nickel project in Zambia,
which comprises the Enterprise deposit and a number of other
nickel prospects in the Munali Intrusion, the most advanced of
which is the Voyager prospect along strike to the north of
Enterprise.  Its licence holdings in southern and eastern Zambia
also have potential for substantial uranium deposits.  Its other
properties include Selebi-Phikwe Nickel Project, Botswana; Songea
Nickel and Luwumbu Platinum Joint Ventures, Tanzania, and Nefza
Zinc Project, Tunisia.  The Selebi-Phikwe project comprises 20
contiguous prospecting licences covering approximately 17,466
square kilometers in the eastern part of the Central District of
Botswana.  The project covers prospective ground to the west,
south and east of the Selebi-Phikwe Nickel Mining District and
includes nickel-copper occurrences, including the Lipadi Hill
deposit.


BRISCONNECTIONS: BTR Calls for Another Unitholders Meeting
----------------------------------------------------------
The Australian' Richard Gluyas reports that a major shareholder in
Brisconnections has requested for another unitholder meeting on a
plan replace the company's trust manager.

According to the report, Brisbane Toll Road Link (BTR)
representative Jim Byrnes said he had posted a requisition for a
unitholder meeting to BrisCon.  The report says BTR proposes
Armstrong Corporate Capital, based in Surfers Paradise, as the new
responsible entity.

Mr. Byrnes, as cited by the report, also said that BTR had been
building its BrisCon stake beyond its previously disclosed 13 per
cent.

BTR also plans lodge a class action against BrisCon and
underwriter Macquarie Group, with damages to be sought in the
range of $1.3-$1.8 billion, Mr. Byrnes told The Australian.

The Troubled Company Reporter-Asia Pacific, citing Reuters,
reported on April 6, 2009, that BrisConnections, the company
behind a AU$4.8 billion (US$3.4 billion) toll road project in
Australia, said one of the underwriters of its share offer,
Macquarie Bank or Deutsche Bank, may approach unitholders in a bid
to break a deadlock over funding obligations.

Reuters related that unitholders in BrisConnections are liable for
an installment payment of AU$1 per security in April, amounting to
millions of dollars.

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

According to Reuters, BrisConnections said it has received
material information from one of its underwriters regarding a
potential approach towards unitholders and their obligations to
pay installments.

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

                           Wind Up Bid

As reported in the TCR-AP on April 15, 2009, The Australian said
a vote to wind up BrisConnections failed after renegade investor
Nicholas Bolton sold his voting rights to Leighton Holdings Ltd.

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

The Australian said Mr. Bolton voted against his own motion to
wind up BrisConnections.  The motion to wind the company up failed
with 63.34% of votes against the motion and 35.66% of votes in
favor, The Australian noted.

                           Background

BrisConnections was awarded a 45-year concession to design,
construct, operate, maintain and finance the AU$4.8 billion
Airport Link toll road in Brisbane, according to a report posted
at Core Economics Web site by Sam Wylie.

The Core Economics related the equity financing component of the
AU$4.8 billion project is raised by issuing 390 million units at
AU$3 each, $1 is paid in July and additional payments of $1 must
be met by the unit holders on April 20, 2009 and January 29, 2010.

BrisConnections has promised a payment of 5.95c to unit holders in
2009 before the first $1 installment is due.

However, the units fall in price to 41c on their first day of
listing on the ASX.  The issue was undersubscribed, as evidenced
by the large number of shares held by the underwriters after the
listing.

The units continue to fall in price, falling below 5c per unit in
mid September and reaching 0.1c per unit, the lowest possible
price for a listing on the ASX, in November 2008.

BrisConnections had announced that the first distribution to unit
holders will not take place until after the receipt of the first
$1 installment in April 2009.

                      About BrisConnections

BrisConnections Management Company Limited (ASX:BCSCA) --
http://www.brisconnections.com.au/-- is an Australia-based
company.  The company is engaged in designing, constructing,
operating, maintaining and financing Airport Link in Australia.
Airport Link is a 6.7 kilometer toll road, mainly underground,
connecting the North-South Bypass Tunnel, Inner City Bypass and
local road network at Bowen Hills, to the northern arterials of
Gympie Road and Stafford Road at Kedron, Sandgate Road and the
East West Arterial leading to the airport.


BRISCONNECTIONS: Macquarie Stake in Firm May Rise to 10.6%
----------------------------------------------------------
Bloomberg News reports that Macquarie Group Ltd.'s stake in
BrisConnections may rise to 10.6 percent after it offered to
acquire partly paid shares from investors.

As reported in the Troubled Company Reporter-Asia Pacific on
Apr. 22, 2009, The Sydney Morning Herald said Macquarie Group
offered a lifeline to small investors in Brisconnections by paying
their outstanding installments if they give up their holdings for
free.

According to the Herald, Macquarie Group said it will pay all
remaining liabilities to about 80 per cent of unit holders in the
BrisConnections Investment Trust, including the second instalment
of $1 per BrisConnections unit due on April 29 and a third
instalment of $1 per security on January 29, 2010.

The Herald related Macquarie said the offer is open to eligible
unit holders who held  fewer than 50,000 units in BrisConnections
as of April 14.  The Herald said unit holders have until May 4 to
accept Macquarie's offer.

If all eligible holders accept the offer, Macquarie's stake in
BrisConnections will rise by 2.5 percentage points, Bloomberg News
cited Paula Hannaford, as Sydney-based spokeswoman for the bank,
in an interview.

Bloomberg News relates that Macquarie in March bought 8.1 percent
of BrisConnections, after selling its shares in October, to allow
it to vote at the shareholder meeting in Brisbane.

Macquarie, as lender, underwriter and shareholder, stood to lose
almost A$300 million if shareholders had voted to terminate
BrisConnections, Bloomberg News notes.

The Troubled Company Reporter-Asia Pacific, citing Reuters,
reported on April 6, 2009, that BrisConnections, the company
behind a AU$4.8 billion (US$3.4 billion) toll road project in
Australia, said one of the underwriters of its share offer,
Macquarie Bank or Deutsche Bank, may approach unitholders in a bid
to break a deadlock over funding obligations.

Reuters related that unitholders in BrisConnections are liable for
an installment payment of AU$1 per security in April, amounting to
millions of dollars.

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

According to Reuters, BrisConnections said it has received
material information from one of its underwriters regarding a
potential approach towards unitholders and their obligations to
pay installments.

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

                           Wind Up Bid

As reported in the TCR-AP on April 15, 2009, The Australian said
a vote to wind up BrisConnections failed after renegade investor
Nicholas Bolton sold his voting rights to Leighton Holdings Ltd.

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

The Australian said Mr. Bolton voted against his own motion to
wind up BrisConnections.  The motion to wind the company up failed
with 63.34% of votes against the motion and 35.66% of votes in
favor, The Australian noted.

                           Background

BrisConnections was awarded a 45-year concession to design,
construct, operate, maintain and finance the AU$4.8 billion
Airport Link toll road in Brisbane, according to a report posted
at Core Economics Web site by Sam Wylie.

The Core Economics related the equity financing component of the
AU$4.8 billion project is raised by issuing 390 million units at
AU$3 each, $1 is paid in July and additional payments of $1 must
be met by the unit holders on April 20, 2009 and January 29, 2010.

BrisConnections has promised a payment of 5.95c to unit holders in
2009 before the first $1 installment is due.

However, the units fall in price to 41c on their first day of
listing on the ASX.  The issue was undersubscribed, as evidenced
by the large number of shares held by the underwriters after the
listing.

The units continue to fall in price, falling below 5c per unit in
mid September and reaching 0.1c per unit, the lowest possible
price for a listing on the ASX, in November 2008.

BrisConnections had announced that the first distribution to unit
holders will not take place until after the receipt of the first
$1 installment in April 2009.

                      About BrisConnections

BrisConnections Management Company Limited (ASX:BCSCA) --
http://www.brisconnections.com.au/-- is an Australia-based
company.  The company is engaged in designing, constructing,
operating, maintaining and financing Airport Link in Australia.
Airport Link is a 6.7 kilometer toll road, mainly underground,
connecting the North-South Bypass Tunnel, Inner City Bypass and
local road network at Bowen Hills, to the northern arterials of
Gympie Road and Stafford Road at Kedron, Sandgate Road and the
East West Arterial leading to the airport.


FAIRFAX MEDIA: To Cut 70 Jobs in New Zealand
--------------------------------------------
As part of the company's plan to slim down its New Zealand
operations, Fairfax Media Limited is proposing to slash 70 jobs
and a possible move to a nine-day fortnight, The National Business
Review reports.

According to the report, Fairfax announced its plan to shed 70
pre-press and advertising production jobs as the company moves
production into four regional hubs.

Chief executive Joan Withers said the move was due to be completed
at the end of August, the report relates.

The report says the affected staff create and manage advertising
material published in newspapers and are currently based at all
Fairfax publishing sites throughout New Zealand.

The Business Review states that the company was also looking at
further cost-cutting measures including the possibility of signing
up for the Government's nine-day working fortnight.  The proposal
could apply to staff across the board, the report adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 24, 2009, Bloomberg News said Fairfax Media reported its
first loss on record after advertising revenue fell and the
company wrote down the value of newspapers and media licenses.
The loss, Bloombeg News said, was Fairfax's first loss since its
initial share sale in 1992.

For the six months ended December 28, 2008, Fairfax Media reported
a net loss of AU$365.3 million, compared with a profit of AU$187.7
million in the previous corresponding period.  First half
underlying net profit was AU$157.61 million, down 23 per cent.

                    About Fairfax Media Limited

Headquartered in Sydney, Australia, Fairfax Media Limited
(ASX:FXJ) -- http://www.fxj.com.au/-- is engaged in publishing of
news, information and entertainment; advertising sales in
newspaper, magazine and online formats; radio broadcasting, and
film and television production and distribution.  In Australia,
the Company's mastheads include The Sydney Morning Herald, The
Age, BRW, The Sun-Herald and The Land.  Its New Zealand mastheads
include The Dominion Post, The Press and Cuisine.  Fairfax Media
online businesses include Fairfax Digital in Australia (including
the news sites, smh.com.au and theage.com.au, and classified and
transaction Websites), and Trade Me and stuff.co.nz in New
Zealand.  On November 9, 2007, it acquired the former Southern
Cross Broadcasting's radio business, (including metropolitan
stations 2UE in Sydney, 3AW and Magic 1278 in Melbourne, 4BC and
4BH in Brisbane, and 6PR and 96FM in Perth), the Southern Star
television production and distribution business, Satellite Music
Australia and associated businesses from Macquarie Media Group.


KLEENMAID: Customers Has No Chance of Getting Purchased Goods
-------------------------------------------------------------
Kleenmaid customers who attended a creditors meeting yesterday,
April 23, walked out after administrators confirmed they had
almost no chance of recovering $27 million worth of customer
deposits, The Sydney Morning Herald reports.

The Herald relates that Deloitte partner and joint administrator
John Greig said stock currently held at Kleenmaid's Sunshine Coast
warehouse was worth $2.9 million.  However, the Herald says, the
warehouse provider is owed $2.1 million, leaving little prospect
for customers.

According to Courier Mail, the administrators said customers won't
ever get the appliances they paid for as other creditors of the
failed firm are first in line.

"Consequently, after satisfying the warehouse providers claim
there is likely to be little if any stock available to satisfy the
secured and unsecured customer claims, which are estimated at
$27.6 million and $27 million respectively," Courier Mail quoted
Mr. Greig as saying.  "Unfortunately at this stage we do not
forsee that the available assets of the Kleenmaid Group will
provide any return to unsecured creditors."

Courier Mail discloses that secured creditors such as Westpac are
owed about $28 million, customers' deposits total about $27
million, and trade customers and suppliers are owed $16 million.

Another creditors meeting is expected to be held next month to
decide whether the company is liquidated, the Herald notes.

Citing various reports, the Troubled Company Reporter-Asia Pacific
reported on April 13, 2009, that Kleenmaid has been placed into
administration.  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.


TIMBERCORP LTD: Calls in Voluntary Administrators
-------------------------------------------------
Timbercorp Limited has called in voluntary administrators to the
company and its subsidiaries.  The company appointed Mark Korda
and Leanne Chesser of KordaMentha as voluntary administrators.

"The company had been hurt by the combined impact of declining
global asset values, tightening credit, the economic downturn and
drought," according to a statement issued by Kordamentha.

The administrators would implement a three point plan:

   1. Immediate suspension of forestry and horticulture
      operations while funding options are determined;

   2. develop a strategy for each forestry and horticulture
      product, project by project, then execute; and

   3. attend to statutory reporting, investigation, creditor
      and shareholder liaison.

"The process of voluntary administration is designed to explore
quickly the options for the Company," Kordamentha said.

The voluntary administrators will be writing to all creditors to
provide notice of the date of the first meeting of creditors.  The
first creditors' meeting will be held within eight business days
after the appointment of a Voluntary Administrator.

Timbercorp had previously announced that the Company's business
model was no longer appropriate in the current environment due to
the capital intensity of the projects and was in the process of
transforming the business into an integrated agribusiness company.
Unfortunately these plans, which included asset sales, could not
be executed in the timeframe to meet the company's debt
obligations.

In the full year accounts issued in November 2008, Timbercorp
reported current debt of $568 million, net debt of $903.1 million
and net assets of $595 million.

Timbercorp has approximately 170 staff based at offices in
Melbourne, Perth, Hamilton, Mildura and Penola.

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



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COUNTRY GARDEN: Moody's Cuts Corporate Family Rating to 'Ba2'
-------------------------------------------------------------
Moody's Investors Service has downgraded Country Garden Holdings
Company Limited's corporate family rating to Ba2 from Ba1.
Country Garden's senior unsecured debt rating has been further
downgraded to Ba3 from Ba1 due to increased risk of structural
subordination.  The outlook on all the ratings is negative.

This concludes Moody's review for possible downgrade initiated on
February 12, 2009.

"The downgrades have been driven by Country Garden's lower than
expected contracted sales in FY2008 and resulting weakened
liquidity position," says Peter Choy, a Moody's Vice President and
Senior Credit Officer, adding, "Moody's expects that this
situation will persist in 2009 as uncertainty in the Chinese
property market will likely remain."

"Additionally, Moody's expects Country Garden's EBITDA margin to
decline due to pricing pressure which could result in a
deterioration of the company's credit metrics -- with
EBITDA/Interest of 4.0x and Adjusted Debt/EBITDA of around 4.0x,
which are more consistent with the lower rating level of Ba2,"
adds Mr. Choy, also Moody's lead analyst for the company.

In addition, the rating action also reflects Moody's concern that
Country Garden has yet to achieve the expected scale of
development, geographical diversity (it is still largely
concentrated within Guangdong Province) or strength of cash flow.

On the other hand, Country Garden's size, strong sales execution,
large land bank, low land cost and absence of near term offshore
debt payments supports its Ba2 rating.

As Country Garden borrows at the project level to support its
construction spending, the level of subsidiary debts has exceeded
15% of total assets thereby increasing subordination risk.  The
rating of the senior unsecured convertible bonds has therefore
been notched down to Ba3.

The negative rating outlook reflects Moody's expectation that
Country Garden will continue to be challenged by the weak property
market and the tight credit market; and this will affect its
property sales and cash flow in the coming 12 -- 18 months.

Upward rating pressure is unlikely in the near term given the
negative outlook.

However, the outlook could return to stable if the company can (1)
improve on its property sales without sacrificing its EBITDA
margin, such that its credit metrics can be sustained at
EBITDA/Interest of 4.5x -- 5x and Adjusted Debt/EBITDA of below
3.0 - 3.5x; and (2) maintain sufficient balance sheet cash and
operating cash flow to meet land payments, dividends and most of
its bank repayments on rolling twelve months basis.

Meanwhile, downward rating pressure could emerge if Country Garden
experiences difficulty in executing its current business plan, or
there is a further weakening in the Chinese property market, such
that the company's operating cash flow generation is less than
anticipated.

In such a situation, a downgrade could be considered if its EBITDA
margin falls below 20%; Debt/EBITDA is at or above 4.5x;
EBITDA/Interest declines below 3.5x -- 4.0x on a sustained basis;
and/or the company reports continuous negative operating cash flow
(before land payments), which further weakens its liquidity
profile.

The last rating action on Country Garden was taken on February 12,
2009, when its Ba1 stable outlook rating was placed on review for
possible downgrade.

Founded in 1997 in China and listed in Hong Kong in April 2007,
Country Garden Holdings Company Limited is one of the leading
integrated property developers in China.


GREENTOWN CHINA: Tender Offer Cues Moody's to Junk Corp. Rating
---------------------------------------------------------------
Moody's Investors Service has downgraded Greentown China Holdings
Limited's corporate family rating to Caa1 from B1.  At the same
time, Moody's has downgraded Greentown's senior unsecured bond
rating to Caa2 from B2. The outlook on both ratings is negative.

The rating action follows Greentown's announcement that it has
commenced a tender offer to purchase for cash all the US$400
million notes due 2013 at 85% of face value.  In conjunction with
the tender offer, the company is soliciting consent from
bondholders to amend and waive certain restrictive provisions of
the indenture governing the US$ notes.

"The downgrade of the corporate family rating to Caa1 reflects the
fact that the company has technically breached certain provisions
governing the bond indenture.  Given the low threshold where
holders of an aggregate 25% of the notes' principal amount can
declare immediate repayment of the debt, the risk of default is
very high if the tender offer is unsuccessful," says Kaven Tsang,
a Moody's AVP/Analyst.

"Though a successful buyback of the US$ notes and consent
solicitation could mitigate the risk of acceleration of repayment
and to some extent reduce Greentown's debt leverage and interest
burden, it would also substantially weaken its liquidity
position," says Tsang, also Moody's lead analyst for Greentown.

"Such weak liquidity profile further heightens Greentown's near-
term refinancing risk, including a potential put of RMB2.3 billion
convertible bonds in May 2010," he adds.

The senior unsecured bond rating of Caa2 reflects legal and
structural subordination risks.

Meanwhile, the negative outlook reflects uncertainty over the
successful completion of the tender offer and consent
solicitation.  It also reflects Greentown's weak liquidity with
high exposure to near-term refinancing risk.

If the tender offer and consent solicitation fail to go ahead, the
ratings will be lowered further to reflect the higher probability
of default and lower expected recovery rate for the notes holders.

Moody's last rating action occurred on April 15, 2009, when
Greentown's B1 corporate family rating and B2 senior unsecured
bond rating were put on review for possible downgrade.

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



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

BILLION WIN: Court to Hear Wind-Up Petition on May 20
-----------------------------------------------------
A petition to have Billion Win International Enterprise Limited's
operations wound up will be heard before the High Court of
Hong Kong on May 20, 2009, at 9:30 a.m.

Hang Seng Bank Limited filed the petition against the company on
March 17, 2009.

The Petitioner's solicitor is:

          JSM
          Prince's Building, 18th Floor
          10 Chater Road, Central
          Hong Kong


CITIBOND INDUSTRIAL: Court to Hear Wind-Up Petition on May 27
-------------------------------------------------------------
A petition to have Citibond Industrial Limited's operations wound
up will be heard before the High Court of Hong Kong  on May 27,
2009, at 9:30 a.m.,

Hang Seng Bank Limited filed the petition against the company on
March 20, 2009.

The Petitioner's solicitor is:

          JSM
          Prince's Building, 18th Floor
          10 Chater Road, Central
          Hong Kong


DESCARTES INVESTMENT: Court to Hear Wind-Up Petition on April 29
----------------------------------------------------------------
A petition to have Descartes Investment Management Limited's
operations wound up will be heard before the High Court of
Hong Kong on April 29, 2009, at 9:30 a.m.

Yen Ling Ning filed the petition against the company on Feb. 4,
2009.

The Petitioner's solicitors are:

          T.C. Foo & Co.,
          Two Chinachem Plaza, Unit A, 20th Floor
          135 Des Voeux Road Central
          Hong Kong


GLORY TRINITY: To Nominate Mok Hon Kwong, Thomas as Liquidator
--------------------------------------------------------------
On April 24, 2009, the High Court of Hong Kong will hear Huen Ho
Yin's application to consider the resignation of Leung Wing Keung
as the liquidator of Hop Yue Construction Company Limited and to
nominate Mok Hon Kwong, Thomas as his replacement.


HOP SHING: Pays First and Final Preferential Dividend
-----------------------------------------------------
Hop Shing Loong Lighting Limited paid the first and final
preferential dividend to its creditors on April 24, 2009.

The company paid 34.32% to the admitted preferential claims.

The company's liquidators are:

          Roderick John Sutton
          Desmond Chung Seng Chiong
          The Hong Kong Club Building, 14th Floor
          3A Chater Road, Central
          Hong Kong


HOP YUE: To Nominate Mok Hon Kwong, Thomas as Liquidator
--------------------------------------------------------
On April 24, 2009, the High Court of Hong Kong will hear Huen Ho
Yin's application to consider the resignation of Leung Wing Keung
as the liquidator of Hop Yue Construction Company Limited and to
nominate Mok Hon Kwong, Thomas as his replacement.


PEACE MARK: Creditors' and Contributories' to Meet on April 28
--------------------------------------------------------------
The creditors and contributories of Peace Mark Production Limited
will hold their meeting on April 28, 2009, at 2:00 p.m. and
2:30 p.m., respectively, at the Official Receiver's Office, 10th
Floor of Queensway Government Offices, in 66 Queensway, Hong Kong.


TSUN HO: Court to Hear Wind-Up Petition on May 27
-------------------------------------------------
A petition to have Tsun Ho Industrial Company Limited's operations
wound up will be heard before the High Court of Hong Kong on
May 27, 2009, at 9:30 a.m.

Lau Chi Keung filed the petition against the company on March 20,
2009.

The Petitioner's solicitors are:

          Louis K. Y. Pau & Company
          The Chinese Club Building, 4th Floor
          No. 21-22 Connaught Road
          Central, Hong Kong


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

   -- Uniross Batteries (HK) Limited on April 1, 2009;
   -- Climax Graphic Arts Company Limited on April 1, 2009;
   -- Win Orient Enterprises Limited on April 1, 2009;
   -- Alliance (Far East) Holding Limited on April 1, 2009;
   -- Coxson Industries (Holdings) Limited on April 1, 2009;
   -- Tat Fat Engineering Company Limited on April 1, 2009;
   -- Kei Fung (Yarn) Co., Limited on April 1, 2009;
   -- Crystal Jade La Mian Xiao Long Bao (Taikoo) Limited on
      April 6, 2009; and
   -- REHM Suneast International Limited on April 6, 2009.



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

DIASTAR JEWELLERY: Low Operating Margin Cues CRISIL 'P4' Ratings
----------------------------------------------------------------
CRISIL has assigned its rating of 'P4' to the bank facilities of
Diastar Jewellery Pvt Ltd (DJPL).

   Rs.63.4 Million Foreign Bill Purchase    P4 (Assigned)
   Rs.46.6 Million Packing Credit           P4 (Assigned)
   Rs.32.5 Million Letter of Credit         P4 (Assigned)
   Rs.15.5 Million Bank Guarantee           P4 (Assigned)

The rating reflects the susceptibility of DJPL's financial risk
profile to substantial write-offs in inventory and debtors,
decline in revenues and low operating margins; and the company's
exposure to risks relating to slowdown in the diamond jewellery
industry.  These weaknesses, however, are partially mitigated by
the benefits that DJPL derives from the extensive industry
experience of its promoters.

                      About Diastar Jewellery

DJPL was incorporated by Mr. Pramod K. Jain in 1987. The company
is in the business of manufacturing gold, diamond and silver
jewellery.  DJPL has manufacturing facilities at Andheri (Mumbai);
it mainly caters to the export market.  The company was earlier
focusing on the US and European markets. However, it has shifted
its business focus to the markets in the Middle East and the Far
East.

DJPL reported a profit after tax (PAT) of Rs. 0.95 million on net
sales of Rs.438.7 million for 2007-08 (refers to financial year,
April 1 to March 31), as against a PAT of Rs. 0.31million on net
sales of Rs.444.2 million for 2006-07.


GOPAL GEMS: CRISIL Puts 'P4' Rating on Rs.20.0 Mln Packing Credit
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'P4' to the various bank
facilities of Gopal Gems.

   Rs.55.0 Million Post Shipment Credit   P4 (Assigned)
   Rs.20.0 Million Packing Credit         P4 (Assigned)

The ratings reflect Gopal Gems' modest scale of operations in the
diamond industry, and moderate financial risk profile.  These
weaknesses are, however, partially offset by the extensive
industry experience of the partners.

                      About Gopal Gems

Gopal Gems, established in 1999, manufactures and exports cut and
polished diamonds.  The firm, set up by Mr. Jivraj Khunt and his
nephews, Mr. Deepak Khunt, Mr Ghanshyam Khunt and Mr Jitendra
Khunt as partners.  Mr. Valji Khunt, brother of Mr. Jivraj Khunt
joined the firm as the partner in the 2006.  The firm has
manufacturing units at Bhavnagar and Surat (Gujarat).

Gopal Gems reported a profit after tax (PAT) of Rs.1.98 million on
net sales of Rs.204.6 million for 2007-08 (refers to financial
year, April 1 to March 31), as against a PAT of Rs.1.69 million on
net sales of Rs.95.0 million for 2006-07.


NORTHERN INDIA: CRISIL Assigns 'B' Rating on Rs.73.2 Mln Term Loan
------------------------------------------------------------------
CRISIL has assigned its ratings of 'B/Stable/P4' to the various
bank facilities of Northern India Leather Cloth Manufacturing Co
Pvt Ltd (NILCO).

   Rs.128.8 Million Bank Overdraft *   B/Stable (Assigned)
   Rs.73.2 Million Term Loan           B/Stable (Assigned)
   Rs.50.0 Million Letter of Credit    P4 (Assigned)

   * Including a proposed limit of Rs. 8.8 million.

The ratings reflect NILCO's weak financial risk profile marked by
high gearing and low net worth, and exposure to risks relating to
the fragmented nature of the synthetic leather industry and small
scale of operations.  These weaknesses are, however, partially
offset by the benefits that NILCO derives from its diversified
end-user industry base.

Outlook: Stable

CRISIL believes that NILCO will maintain a stable business risk
profile over the medium term on the back of established and
diversified customer base.  The outlook may be revised to
'Positive' if increasing profitability and cash accruals lead to
improvement in financial risk profile for NILCO.  Conversely, the
outlook may be revised to 'Negative' if the company's financial
profile deteriorates owing to lower-than-expected cash accruals.

                     About Northern India

Incorporated in 1980, NILCO manufactures poly-vinyl chloride (PVC)
coated fabric, also known as synthetic leather used in as
automotive, footwear, furnishing, apparel, leather and sports
goods.  Its plant is situated in Faridabad (Haryana) which has a
capacity of 45 lakh metres per annum with a standard thickness of
1 milli-metre (mm) with the product thickness ranging from 0.8 mm
to 1.5 mm. NILCO reported a profit after tax (PAT) of Rs.4.9
million on net sales of Rs.366 million for 2007-08 (refers to
financial year, April 1 to March 31), as against a PAT of Rs.2.6
million on net sales of Rs.318 million for 2006-07.


PRABHU SPONGE: CRISIL Places 'BB' Rating on Rs.71 Mln Term Loan
---------------------------------------------------------------
CRISIL has assigned its rating of 'BB/Stable' to the bank
facilities of Prabhu Sponge Pvt Ltd (Prabhu Sponge).

   Rs.79 Million Cash Credit *      BB/Stable (Assigned)
   Rs.71 Million Term Loan **       BB/Stable (Assigned)

   * Out of this Rs 29 Million is proposed
   ** Out of this Rs 37.5 Million is proposed

The ratings reflect Prabhu Sponge's marginal market share and
vulnerability to cyclicality in the steel industry, and pressure
on margins on account of the non-integrated nature of its
operations.  These weaknesses are, however, partially offset by
Prabhu Sponge's average business risk profile.

Outlook: Stable

CRISIL expects Prabhu Sponge to maintain an average business risk
profile, backed by moderate operating efficiencies and proximity
to raw material suppliers as well as the finished goods market.
The outlook may be revised to 'Positive' if Prabhu Sponge attains
higher-than-expected increase in revenues and profitability, or a
greater degree of integration in operations.  Conversely,
deterioration in operating margins on account of low capacity
utilisation, or in capital structure owing to large, debt-funded
capital expenditure, are factors that may drive a revision in
outlook to 'Negative'.

                   About Prabhu Sponge

Incorporated in 2002, Prabhu Sponge manufactures and sells sponge
iron.  Its facility at Rajgangpur (Orissa) has four kilns, with
capacity to manufacture 48,000 tonnes of sponge iron per year.
The company is managed by Mr. Pradeep Saraf, Mr. Mohan Lal
Agarwal, Mr. Natwar Agarwal, Mr. Sunil Kumar Poddar, and Mr. Hari
Mohan Marda. It reported a profit after tax (PAT) of Rs.2.4
million on revenues of Rs.218.7 million for 2007-08 (refers to
financial year, April 1 to March 31), as against a PAT of Rs (2.8)
million on revenues of Rs.184.6 million for 2006-07.


ROSE GEMS: CRISIL Assigns 'P4' Ratings on Various Bank Facilities
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'P4' to the various bank
facilities of Rose Gems.

   Rs.60.0 Million Packing Credit      P4 (Assigned)
   Rs.158.0 Million Export Bill        P4 (Assigned)
                    Rediscounting
   Rs.147.0 Million Proposed Short     P4 (Assigned)
           Term Bank Loan Facility

The ratings reflect Rose Gems' weak financial risk profile, marked
by modest net worth and moderate debt protection indicators; the
ratings also factor in the firm's small scale of operations in the
diamond industry, and the weak global demand for polished
diamonds.  These weaknesses are, however, partially offset by the
experience of the promoters in the diamond industry, reflected in
above-average operating margins in business in the past.

                     About Rose Gems

Rose Gems, a partnership firm set up in 1997, manufactures and
sells rough and polished round diamonds.  Head-quartered in
Mumbai, the firm has its manufacturing facility at Surat
(Gujarat).  The company had sales of Rs.413 million and a profit
after tax (PAT) of Rs. 5.7 million for 2008-09 (refers to
financial year, April 1 to March 31), as against sales of Rs. 473
million and PAT of Rs. 9.1 million for 2007-08.


VALSON POLYESTER: CRISIL Puts 'B+' Rating on Rs.211.10MM LT Loan
----------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Negative/P4' to the various
bank facilities of Valson Polyester Ltd (VPL).

   Rs.211.10 Million Long Term Loan     B+/Negative (Assigned)
   Rs.75.00 Million Cash Credit         B+/Negative (Assigned)
   Rs.10.00 Million Packing Credit      P4 (Assigned)
   Rs.60.00 Bill Discounting            P4 (Assigned)
   Rs.20.00 Letter of Credit & Bank     P4 (Assigned)
            Guarantee

The ratings reflect the weakening in VPL's financial risk profile
on account of aggressive, debt-funded capital expenditure, and its
limited pricing ability owing to its small scale of operations in
an industry marked by dominance of large players.  However, these
weaknesses are partially offset by VPL's established market
position and long presence in the polyester yarn business.

Outlook: Negative

CRISIL believes that VPL's financial risk profile will remain weak
over the medium term due to high gearing on account of its
aggressive debt-funded capex.  The rating may be revised downwards
if lower-than-expected cash accruals from the expanded capacity
lead to further deterioration in the company's debt servicing
ability.  Conversely, the outlook may be revised to 'Stable' if
the company reports more than expected cash accruals following
completion of its proposed capex.

                     About Valson Polyester

Incorporated in 1985, VPL primarily manufactures and dyes
polyester, nylon, and cotton yarn. It also has small knitting and
weaving capacities.  The company is managed by Mr. Shamlal Mehta
and his sons, Mr. Vipin Mehta and Mr. Amit Mehta.  The company has
manufacturing facilities at Vapi (Gujarat), Demni, Silvassa (both
in the Union Territory of Dadra and Nagar Haveli), and Daman (the
Union Territory of Daman and Diu).  It has texturising, twisting,
and dyeing capacities of 4760 tonnes per annum (tpa), 3780 tpa,
and 4455 tpa, respectively.  The company merged group concern,
Mahashakti Silk Industries Private Limited, with itself in
2005-06.

For 2007-08, VPL reported a profit after tax (PAT) of Rs. 31.90
million on net sales of Rs. 638.50 million, as against a PAT of
Rs. 39.02 million on net sales of Rs. 615.92 million for 2006-07.


VENKATESH LOGISTICS: CRISIL Rates Rs.340MM Cash Credit at 'BB-'
---------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4' to the various
bank facilities of Venkatesh Logistics Pvt Ltd (VLPL).

   Rs.340 Million Cash Credit *     BB-/Stable (Assigned)
   Rs.10 Million Bank Guarantee     P4 (Assigned)

   * Includes proposed limit of Rs 190 Million

The ratings reflect VLPL's exposure to risks relating to the
fragmented nature of the logistics industry, and aggressive
financial risk policy, leading to high gearing.  These weaknesses
are, however, partially offset by VLPL's strong clientele base.

Outlook: Stable

CRISIL believes that VLPL will maintain stable business and
financial profiles over the medium term backed by established
relationships with clients, and expected growth in the industry.
The outlook may be revised to 'Positive' if the company's
financial risk profile improves due to higher cash accruals.
Conversely, the outlook may be revised to 'Negative' if the
company undertakes large, debt-funded capital expenditure (capex).

                    About Venkatesh Logistics

VLPL, set up in 2004 by Mr. Suresh Chandra Khemka provides road
transportation services.  In 2008-09 (refers to financial year,
April 1 to March 31), Wayzata Indian Ocean acquired a 51 per cent
stake in the company.  VLPL reported a profit after tax (PAT) of
Rs.30.9 million on net sales of Rs.702 million for 2007-08, as
against a PAT of Rs.5.8 million on net sales of Rs.166 million for
2006-07.



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

PT INDOSAT: Q1 Profit Drops 82.4%
---------------------------------
PT Indosat Tbk said its net profit in the first quarter of 2009
plunged 82.4 percent to IDR107.9 billion from IDR613.9 billion in
the same period a year earlier, Antara News reports.

According to the report, Indosat President Director Johnny Swandi
attributed the steep decline in profit to the rupiah's
depreciation against the dollar.

Antara News, citing Mr. Swandi, says income only grew 5.3 percent
to IDR4.497 trillion in the January-March 2009 period from
IDR4.269 trillion in the same period last year.

Operating expenses meanwhile rose 6.3 percent to IDR3.42 trillion
from IDR3.22 trillion, the report notes.

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

                          *     *     *

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

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



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

PIONEER CORP: Seeks Investment from Honda Motor
-----------------------------------------------
Pioneer Corp. is seeking investment from Honda Motor Co to shore
up its capital, Japan Today reports citing sources familiar with
the matter.

Japan Today relates sources said the company hopes to secure
additional funds from Honda, which is believed to be open to the
request, as a supplement to the state-sponsored corporate
revitalization program Pioneer plans to apply for.

According to Bloomberg News, Pioneer rose to the highest in more
than six months in Tokyo trading after Honda Motor said it's
considering an investment in Pioneer.

Bloomberg News says Pioneer on Thursday, April 23, climbed 23
percent to 397 yen on the Tokyo Stock Exchange, the highest close
since Oct. 15.

Honda will decide soon on whether to invest in Pioneer after
having received a request from the electronics company, Yasuhiro
Wada, a spokesman for the carmaker, told Bloomberg News by a
telephone.

The Troubled Company Reporter-Asia Pacific, citing AFP, reported
on Apr. 23, 2009, that Pioneer Corp said it may seek an injection
of public funds, amid reports the government is considering
pumping about 300 million dollars into the company.

According to AFP, Pioneer spokesman Akio Omachi said one of
the management's top priorities is to boost the company's
finances.

"We are considering seeking public funds as one possible measure,"
the report quoted Mr. Omachi as saying.  But nothing definite had
been decided yet, he said.

AFP said Pioneer has forecast a net loss of JPY130 billion for the
last financial year which ended in March, its biggest ever.

                          About Honda

Based in Japan, Honda Motor Co., Ltd. -- http://world.honda.com/
-- develops, produces and manufactures a variety of motor
products, ranging from small general-purpose engines to specialty
sports cars that incorporate Honda's internal combustion engine
technology.  Honda's business segments are motorcycle business,
automobile business, financial services business, and power
product and other businesses.  Approximately 96% of Honda's
overseas sales are made through its principal foreign sales
subsidiaries, which distribute Honda's products to local
wholesalers and retail dealers.  Sales of Honda motorcycles,
automobiles and power products in Japan are made through different
distribution networks.  Honda's products are sold to consumers
primarily by independent retail dealers throughout Japan.

                         About Pioneer

Headquartered in Tokyo, Japan, Pioneer Corporation (TYO:6773) --
http://www.pioneer.co.jp/-- manufactures and sells electronic
products.  The company operates in four business segments.  The
Home Electronics segment offers plasma televisions, digital
versatile disc players/recorders/drives, blu-ray disc
players/drives, audio systems, telephones, cable television-
related machines and peripheral equipment.  The Car Electronics
segment offers navigation systems, stereos, audio systems,
speakers and peripheral products for automobile uses.  The Special
Permission segment offers license agreement for optical discs.
The Others segment offers electroluminescence (EL) displays,
factory automation (FA) equipment, electronic components and
commercial audio and visual (AV) systems.  The company has a
global network.  The company merged with its subsidiary, Pioneer
Design Corporation and another Tokyo-based subsidiary, on Dec. 1,
2008.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
April 22, 2009, Moody's Investors Service downgraded to B1 from
Ba3 the local currency issuer rating for Pioneer Corporation.  The
ratings outlook is negative.  This concludes the review for
possible downgrade initiated on October 31, 2008.

The rating action takes into account the subordination of the
company's unsecured debt to its loans.  The negative outlook
reflects Moody's concerns that Pioneer's core business will
continue to face severe market conditions and that the company
will need some time before it can improve its profitability and
financial position.  At the same time, Moody's notes that the
potential capital/business alliances or financial partnerships the
company is seeking may expedite the recovery of its
competitiveness and financial stability.


SFCG CO: Court To Start Bankruptcy Proceedings
----------------------------------------------
The Tokyo District Court will start bankruptcy proceeding for SFCG
Co., which filed for protection from creditors and rehabilitation
in February, The Japan Times reports citing a lawyer for the firm.

The Troubled Company Reporter-Asia Pacific, citing Bloomberg News,
reported on Feb. 24, 2009, that SFCG filed for court protection
from creditors with liabilities totaling about JPY338 billion
(US$3.6 billion).  "We can't get funding from almost any financial
firm," Bloomberg News quoted SFCG Chairman Kenshin Ohshima as
saying during a press briefing in Tokyo.

Prior to filing for creditor protection, data compiled by
Bloomberg showed SFCG had a market value of JPY15.8 billion.  SFCG
owed Citigroup Inc. JPY71 billion as of July 31, Bloomberg News
related citing a company filing on Oct. 27.

Japan-based SFCG Co Ltd (TYO:8597) is principally engaged in the
finance and investment business.  The Company has four business
segments.  The Finance and Investment segment is engaged in the
corporate finance business, flooring plan business, investment
business, venture capital and servicer business, among others.
The Real Estate segment is involved in the sale, brokerage and
management of real estate, the provision of real estate-related
information, as well as the provision of real estate evaluation
services.  The Sports Product and Food segment manufactures and
sells golf products, foods and others.  The Others segment is
engaged in the sale of computer components, the development of
systems and the provision of system support, among others.  The
Company has 67 subsidiaries and four associated companies.


TAKEEI CO.: JCR Affirms 'BB+' Rating on Senior Debts
----------------------------------------------------
Japan Credit Rating Agency Ltd ("JCR") has affirmed the BB+/Stable
rating on senior debts of Takeei Co., Ltd.

Takeei Co., Ltd. is a construction/ industrial waste disposal firm
and has a large market share in the Tokyo metropolitan area.  The
Company conducts its business ranging from collection and
transportation, intermediate treatment to final disposal of
industrial wastes.  Its wide range of operations has raised its
creditworthiness and is a strong point of the Company.

JCR considers that a construction/industrial waste market will
expand over the medium and long term, although the market is
influenced by shrinking construction demand in the private sector.
JCR also considers that tightened regulations on industrial waste
disposal and heightened awareness of recycling of industrial
wastes will give the Company more competitive advantages over
companies in its industry.

JCR said the Company needs to raise its profitability and improve
its net assets, as the Company plans to construct landfill sites
for industrial wastes (leachate-controlled type).


* JAPAN: Registers First Trade Balance Deficit in 28 Years
----------------------------------------------------------
Japan's trade balance plunged into a deficit of JPY725.32 billion
in the year through March, registering the first loss for a fiscal
year in 28 years, The Japan Times reports citing the Finance
Ministry.

Citing a preliminary report from the ministry, Japan Times says
exports dropped a record 16.4 percent in fiscal 2008 from the
previous year to JPY71.14 trillion, the first decline in seven
years while imports fell 4.1 percent to JPY71.87 trillion, also
the first fall in seven years.

According to the report, the latest result came as sharp hikes in
oil and other commodity prices in the first half of fiscal 2008
boosted the value of imports, while the global economic downturn
in the second half increasingly hurt exports to such destinations
as the United States, the European Union and China.

Japan Times discloses that Japanese exports shrank significantly
in cars destined for the United States and Europe as well as in
semiconductors and other electronics products exported to other
parts of Asia.



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

PROPERTYFINANCE: Seeks Court Injunction to Fend Off Receivership
----------------------------------------------------------------
Propertyfinance Securities Limited ("PFSL"), a primary subsidiary
of Propertyfinance Group Limited, has applied for a High Court
injunction to prevent its trustee, Covenant Trustee Company
Limited, from being able to appoint receivers on the company.

PFSL said the injunction is being sought until it can hold a
previously announced special meeting of stockholders.

"The directors of PFSL, supported by the trustee's independent
expert, are strongly of the view that the receivership provides no
better result for PFSL's stockholders than the revised moratorium
that is to be put to the stockholders' for approval," PFSL said in
a statement.

"The directors strongly believe that it is a fundamental principle
that stockholders' should ultimately make the decision whether or
not to approve the revised moratorium."

As reported in the Troubled Company Reporter-Asia Pacific on
Apr. 22, 2009, the Securities Commission banned Propertyfinance
Securities for advertising a proposed restructure of its
moratorium arrangements.

The Commission said that the advertisements were likely to mislead
investors about the relative advantages and disadvantages of the
proposal as compared with the alternative option of receivership
and did not comply with the law.

PFSL has been advertising its proposed restructure in roadshow
presentations to investors and in briefing notes published on its
website.

                   About Propertyfinance Group

Based in Christchurch, New Zealand (NZE:PFG) --
http://www.propertyfinance.co.nz/-- Propertyfinance Group
Limited is engaged in lending on first mortgage.  The company is
also involved in property related financial services.  Some of
the company's subsidiaries include Property Finance Securities
Limited, Property Finance Holdings Limited, Property Finance
Operations CM-2006 Ltd, Property Finance Operations LS-2005 Ltd,
Property Finance Operations RML-2005 Ltd, Property Finance
Operations CM-2005 Ltd, Property Finance Operations RM-2005 Ltd,
Avon Number One Investments Limited and Avon Indemnity Company
Limited.

                          *     *     *

Propertyfinance Group Limited reported three consecutive annual
net losses of NZ$6.7 million, NZ$134,000 and NZ$935,000 for the
years ended March 31, 2008, 2007 and 2006, respectively.

The company's primary subsidiary, Propertyfinance Securities
Limited (PFSL), went into receivership last August 2007, owing
about 4000 retail investors NZ$79 million in debentures.  The
parent company managed to pull its subsidiary out of receivership
in February 2008.



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

OPTIMUM-3 INTERNATIONAL: Pays 2nd Dividend to Unsecured Creditors
-----------------------------------------------------------------
Optimum-3 International Pte Ltd, which is in compulsory
liquidation. paid the second dividend to its unsecured creditors
on April 24, 2009.

The company paid 25% to all admitted claims.

The company's liquidator is:

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



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

ASUSTEK COMPUTER: Plans to Give NT$2/Share Dividend
---------------------------------------------------
Asustek Computer Inc said that its board approved a proposal to
distribute NT$2 cash dividends and 0.2 percent stock dividends per
common share based on its 2008 performance, Taipei Times reports.

The report says the board also proposes to pay NT$52.82 million to
its board members and supervisors for last year, down 60 percent
from 2007.

Taipei Times relates the proposals are subject to shareholders'
approval on June 16.

The company has cut the salary for the vice president level and
above by 30 percent after reporting a loss in the fourth quarter,
the report notes.

Based in Taipei, Taiwan, ASUSTeK Computer Inc. --
http://www.asus.com.tw--  is principally engaged in the provision
of computers, communications and consumer electronics (3C)
solutions.  The company offers desktop motherboards, server
motherboards, three-dimension graphics display cards, audio cards,
laptops, servers, ultra mobile personal computers (PCs), mobile
telephones, liquid crystal display (LCD) monitors, broadband
products, pocket PCs, peripherals, optical storages and Eee PCs.
In 2007, the company sold approximately 59 million pieces of
motherboards and 7.1 million notebook computers.  The company
distributes its products within the domestic market and to
overseas markets, including Asia-Pacific, the United States,
Canada, Europe and Africa.  As of December 31, 2007, the company
had 19 wholly owned subsidiaries.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
March 11, 2009, Fitch Ratings downgraded ASUSTeK Computer Inc.'s
long-term foreign currency issuer default ratings to 'BB+' from
'BBB-' (BBB minus); placed on Rating Watch Negative.



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

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

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


AUSTRALIA

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

CHINA

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

HONG KONG

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

INDIA

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


INDONESIA

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


JAPAN

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


KOREA

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

MALAYSIA

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

NEW ZEALAND

DOMINION FINANCE           DFH      258902749.12    -55312405.88


PHILIPPINES

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


SINGAPORE

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

TAIWAN

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


THAILAND

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


                         *********

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

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

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


                            *********


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

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

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

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

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





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