TCRAP_Public/090428.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 28, 2009, Vol. 12, No. 82

                            Headlines

A U S T R A L I A

BABCOCK & BROWN: BCM Investors Back Split From Parent
CITY PACIFIC: To Report 35% of Assets as Impairment Losses
TIMBERCORP LTD: Select Harvests to Buy Firm's Almond Assets


C H I N A

CHINA CONSTRUCTION: 1st Quarter Net Profit Falls 18.2%


H O N G  K O N G

ALNERY NO. 112: Placed Under Voluntary Liquidation
ALPS PRECISION ET AL: Ho and Man Step Down as Liquidators
ARENA TRADING: Creditors' Proofs of Debt Due on May 15
BEA PACIFIC: Seng and Cheng Step Down as Liquidators
CROWN YORK: Creditors' Proofs of Debt Due on May 26

EXPERT TRADERS: Seng and Cheng Step Down as Liquidators
GIANT CORPORATION: Appoints Chan Yim Wah as Liquidator
GRAND SPEED: Members' Final Meeting Set for May 25
IDS LIMITED: Creditors' Meeting Set for May 8
KINGSWAY INVESTMENT: Members' Final Meeting Set for May 25

MAXBUSY GROUP: Muk and Middleton Step Down as Liquidators
REVELL-MONOGRAM: Creditors' Proofs of Debt Due on May 25
STAR CRUISES: S&P Withdraws 'B' Corporate Credit Rating
UNIVERSAL BRIGHT: Creditors' Proofs of Debt Due on May 8
WEBMETHODS HONG KONG: Placed Under Voluntary Wind-Up


I N D I A

GOPI SYNTHETICS: CARE Puts 'CARE BB' Rating on LT Bank Loans
OCEANUS DWELLINGS: CARE Places 'CARE BB' Rating LT Bank Loans
OM SHIV: Fitch Assigns National Long-Term Rating at 'B'
OSWAL CABLES: CRISIL Places 'BB' Rating on Rs.65.7 Mln Term Loan
RANBAXY LABORATORIES: Posts INR7.61BB Loss in Qtr Ended March 31

RANBAXY LABORATORIES: To Trim Down European Operations
SETH INDUSTRIAL: CRISIL Rates Rs.4.0 Mln Term Loan at 'BB'
SEW-NAVAYUGA BARWANI: Fitch Assigns 'BB+' Rating on Bank Loans
SRI DURGA: CRISIL Puts 'B' Rating on Rs.87MM Cash Credit Facility
SUVEN LIFE: CRISIL Cuts Rating on Various Bank Facilities to 'BB+'


J A P A N

ASAHI MUTUAL: Moody's Affirms 'Ba1' Insurance Strength Rating
JLOC 36: S&P Downgrades Rating on Class D Notes to 'BB'
JLOC XXVIII: S&P Downgrades Rating on Class D Certs. to 'BB'
JMAC2 TRUST: Fitch Removes 'BB' Rating from Negative Watch
MIZUHO FINANCIAL: To Post JPY580 Billion Net Loss in FY2008

NOMURA HOLDINGS: Posts JPY709.4BB Net Loss in FY2008
ORIX-NRL TRUST: S&P Puts Low-B Ratings on Class F & G on WatchNeg.
SHINSEI BANK: Fitch Corrects Press Release; Cuts Rating to 'C/D'
SHINSEI BANK: Shares Gain on Merger Talks With Aozora
TOSOH CORP: Moody's Withdraws Issuer Rating for Business Reasons


N E W  Z E A L A N D

BLUE CHIP: Unit Placed Under Voluntary Liquidation
STRATA FINANCE: Payment Default Triggers Crown Guarantee


S I N G A P O R E

CARCRAFT INTERNATIONAL: Creditors' Proofs of Debt Due on May 8
CHUAN SOON: Court to Hear Wind-Up Petition on May 8
GLOBAL IDI: Court to Hear Wind-Up Petition on May 8
INDOGRAIN PTE: Creditors' Proofs of Debt Due on May 8
SO SAY: Court to Hear Wind-Up Petition on May 8

WEE FONG: Creditors' Proofs of Debt Due on May 25
WORLDWIDE CONVENTION: Court to Hear Wind-Up Petition on May 8


X X X X X X X X

* BOND PRICING: For the Week April 20 to April 24, 2009


                         - - - - -


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

BABCOCK & BROWN: BCM Investors Back Split From Parent
-----------------------------------------------------
The shareholders of Babcock & Brown Capital Ltd ("BCM"), a
satellite fund of Babcock & Brown Ltd ("B&B"), have voted to
internalize management and change the company name to eircom
Holdings Ltd, The Sydney Morning Herald reports.

According to The Age, the vote to bring the management of BCM in
house and change the name of the fund to Eircom Holdings to
reflect its majority ownership of its main asset, the Irish
telecommunication company, were passed overwhelmingly at a special
meeting in Sydney yesterday, April 27.

However, the Herald relates the BCM shareholders did not approve
proposed termination benefits to chief executive Andrew Day and
voted against issuing him share performance rights.

The Age relates the shareholders voted heavily against the issue
of 1.5 million free shares to Mr. Day and a termination payment if
he happens to lose his job during his two year contract that takes
him up to February 2011.

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

                   About Babcock & Brown

Headquartered in Sydney, Australia, Babcock & Brown Limited
(ASX:BNB) -- http://www.babcockbrown.com/-- creates, syndicates
and manages investment products for itself, as a principal, and
its investor clients; management of specialised listed and
unlisted funds, and advising and arranging leasing, project
financing and structured finance transactions.  It has five
segments: real estate, which engages in principal investment and
investment management activities in the real estate sector;
infrastructure, which engages in financial advisory, principal
finance and funds management activities in the infrastructure and
project finance sector; corporate and structured finance, which is
engaged in the origination, structuring and participation in and
management of equity and debt investments, and operating leasing,
which is engaged in asset acquisition and syndication, and ongoing
management of portfolios of aircraft, railcars and semi-conductor
equipment.  In October 2007, it acquired Bluewater.
In November 2007, it acquired Coinmach Service Corp.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 13, 2009, Babcock & Brown appointed voluntary administrators
after investors in the company's subordinated notes listed in New
Zealand voted on March 13 against the special resolution to
restructure the terms of the notes.  Under the special resolution,
the company's equity and subordinated note holders won't receive
any return.  Babcock & Brown appointed David Lombe and Simon
Cathro of Deloitte Touche Tohmatsu as Voluntary Administrators.

Babcock & Brown International Pty Ltd. is the holding company of
Babcock & Brown Limited.


CITY PACIFIC: To Report 35% of Assets as Impairment Losses
----------------------------------------------------------
City Pacific Limited said it will report impairment losses
equivalent to 35 percent of total assets of City Pacific First
Mortgage Fund.

The company said impairment losses for the first half at the Fund
are expected to total approximately $339 million.  The projected
underlying assets at the fund would be $630 million and one unit
at the fund would be worth 61 cents.

"The main contributors to the impairment losses of the Fund have
been the unprecedented events that have severely impacted the
global and Australian financial sectors and the consequent limits
on the availability of credit.  Conditions in Australia’s capital
and property markets remain uncertain," City Pacific said in a
statement.

City Pacific noted that the impairments will be recorded as a
result of the relevant accounting rules regarding asset valuations
for the Fund.

"These impairments do not represent an actual amount lost by the
Fund.  They represent the current carrying value of assets in the
Fund and accordingly an impairment would not be crystallized until
such time as the underlying assets of the Fund are sold or
refinanced."

City Pacific First Mortgage Fund unitholders will convene a
general meeting in Surfers Paradise, in Queensland on May 1.

As reported in the Troubled Company Reporter-Asia Pacific on
April 23, 2009, The Australian said law firm Slater & Gordon is
considering a class action against City Pacific Limited over its
management of the mortgage fund.  The Australian said a Slater &
Gordon spokesman confirmed the group had fielded "inquiries" from
investors in the City Pacific First Mortgage Fund, but declined to
comment further.  Slater & Gordon, The Australian noted, is
waiting until after a May 1 meeting of unitholders to gauge
whether it will launch an action.

As reported in the TCR-AP on August 18, 2008, City Pacific said it
took the necessary steps to preserve the value of the Fund's
assets and protect unitholders investments in light of the rapidly
changing market conditions.  As a result of the significant market
changes, City Pacific made the decision in March 2008 to defer the
payment of redemptions from the Fund while continuing the payment
of distributions to unitholders.

City Pacific Limited (ASX: CIY) -- http://www.citypac.com.au/
-- is a diversified financial services company, providing
finance and investment products.  City Pacific, a non-bank loan
provider, has AU$5 billion in mortgage assets under advice,
comprising over AU$1 billion funds under management in the City
Pacific First Mortgage Fund, City Pacific Income Fund, City
Pacific Managed Fund and City Pacific Private Fund, a residential
loan book of AU$3.3 billion and commercial mortgage assets under
management of approximately AU$800 million.  City Pacific
originates nearly AU$3 billion per annum in loans to fund
residential property, property development, commercial
property investment, plant & equipment and business
finance.

                          *     *     *

City Pacific reported a net loss after tax of AU$139.53 million
for the financial year ended June 30, 2008, compared with a net
profit of AU$73.21 million in the previous year.  The company also
reported an operating profit before impairment and tax of AU$55.5
million down 58.4% from the previous year's operating profit of
AU$133.42 million.


TIMBERCORP LTD: Select Harvests to Buy Firm's Almond Assets
-----------------------------------------------------------
Select Harvests Limited is keen on acquiring the almond assets of
its business partner Timbercorp Limited, Philip Hopkins at The Age
reports.

The report relates that Select Harvests has begun talks with
Timbercorp's voluntary administrators, KordaMentha, with the
initial aim to resume normal operations of the suspended
horticulture operations.  According to the report, Select
Harvests' directors said all options were on the table, including
"the potential acquisition of Timbercorp's almond assets."

The directors, as cited by the report, said the talks were at an
early stage, but it was too early to forecast the financial impact
of Timbercorp's collapse on Select Harvests.  The directors said
the company was talking with its financiers to ensure their
continuing support, particularly in relation to the bid for
Timbercorp's almond assets, The Age relates.

The report discloses the two companies have had a business
partnership for a decade.

As reported in the Troubled Company Reporter-Asia Pacific on
April 24, 2009, Timbercorp Limited 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. suspend 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.

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.

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.

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



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

CHINA CONSTRUCTION: 1st Quarter Net Profit Falls 18.2%
------------------------------------------------------
China Construction Bank said Friday its first-quarter net profit
fell 18.2 percent from a year earlier to CNY26.3 billion or US$3.9
billion, Xinhua News Agency reports.

The news agency relates the bank reported an interest income of
CNY50.87 billion, down 6.55 percent.

Xinhua notes that as of the end of March, China Construction
Bank's non-performing loans totaled CNY81.9 billion, down CNY1.95
billion from the end of last year.  Its non-performing loan ratio
was 1.9 percent, down 0.3 percentage points from the end of 2008,
the report says.

China Construction Bank, as cited by the report, said its total
assets at end-March rose 14.8 percent to CNY8.67 trillion.

China Construction Bank Corporation (HKG:0939) --
http://www.ccb.com/-- operates in three business segments:
corporate banking, personal banking and treasury business.  Its
corporate banking products and services include corporate loans,
trade financing, deposit taking activities, agency services,
consulting and advisory services, cash management services,
remittance and settlement services, custody services, and
guarantee services.  The Company's personal banking products and
services comprise personal loans, deposit taking activities, card
business, personal wealth management services, remittance services
and securities agency services.  The Bank operates principally in
Mainland China with branches located in 31 provinces, autonomous
regions and municipalities directly under the central government,
and two subsidiaries located in the Bohai Rim.  It also has bank
branch operations in Hong Kong, Singapore, Frankfurt,
Johannesburg, Tokyo and Seoul, and subsidiaries operating in Hong
Kong.

                          *     *     *

China Construction Bank continues to carry Moody's Investors
Service's 'D-' bank financial strength rating.  Moody's Bank
Financial Strength Ratings represent Moody's opinion of a bank's
intrinsic safety and soundness and, as such, exclude certain
external credit risks and credit support elements that are
addressed by Moody's Bank Deposit Ratings.


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

ALNERY NO. 112: Placed Under Voluntary Liquidation
--------------------------------------------------
At an extraordinary general meeting held on April 20, 2009, the
members of Alnery No. 112 Limited resolved to voluntarily wind up
the company's operations.

The company's liquidators are:

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


ALPS PRECISION ET AL: Ho and Man Step Down as Liquidators
---------------------------------------------------------
On April 20, 2009, Lui Wan Ho and To Chi Man stepped down as
liquidators of:

  -- Alps Precision Company Limited; and
  -- Fay Tsai Cheung Poulty Limited.


ARENA TRADING: Creditors' Proofs of Debt Due on May 15
------------------------------------------------------
The creditors of Arena Trading 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 16, 2009.

The company's liquidators are:

        Ying Hing Chiu
        Chan Mi Har
        Three Pacific Place, Level 28
        1 Queen's Road East
        Hong Kong


BEA PACIFIC: Seng and Cheng Step Down as Liquidators
----------------------------------------------------
On April 16, 2009, Seng Sze Ka Mee, Natalia and Cheng Pik Yuk
stepped down as liquidators of Bea Pacific Limited.


CROWN YORK: Creditors' Proofs of Debt Due on May 26
---------------------------------------------------
The creditors of Crown York Development Limited are required to
file their proofs of debt by May 26, 2009, to be included in the
company's dividend distribution.

The company's liquidator is:

        Fok Hei Yuen, Paul
        Tung Ning Building, Rooms 1801-3
        249-253 Des Voeux Road, Central
        Hong Kong


EXPERT TRADERS: Seng and Cheng Step Down as Liquidators
-------------------------------------------------------
On April 16, 2009, Seng Sze Ka Mee, Natalia and Cheng Pik Yuk
stepped down as liquidators of Expert Traders Limited.


GIANT CORPORATION: Appoints Chan Yim Wah as Liquidator
------------------------------------------------------
On April 14, 2009, Chan Yim Fah was appointed as liquidator of
Giant Corporation Limited.

The Liquidator can be reached at:

        Chan Yim Fah
        Haven Commercial Building
        Flat B, 4th Floor
        Nos. 6-8 Tsing Fung Street, North Point
        Hong Kong


GRAND SPEED: Members' Final Meeting Set for May 25
--------------------------------------------------
The members of Grand Speed Service Limited will hold their final
meeting on May 25, 2009, at 2:00 p.m., at Room 1005 of Allied
Kajima Building, 138 Gloucester Road, in Wanchai, Hong Kong.

At the meeting, Leung Mei Fan, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


IDS LIMITED: Creditors' Meeting Set for May 8
---------------------------------------------
The creditors of IDS Limited will hold their meeting on May 8,
2009, at 3:00 p.m., for the purposes set out in Sections 241, 242,
243, 244, 251(1)(a), 255A(2) and 283 of the Companies Ordinance.

The meeting will be held Room 201, 2nd Floor of Two Grand Tower,
625 Nathan Road in Mongkok, Kowloon.


KINGSWAY INVESTMENT: Members' Final Meeting Set for May 25
----------------------------------------------------------
The members of Kingsway Investment (China) Limited will hold their
final meeting on May 25, 2009, at 3:00 p.m., at Room 1005 of
Allied Kajima Building, 138 Gloucester Road, in Wanchai, Hong
Kong.

At the meeting, Leung Mei Fan, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


MAXBUSY GROUP: Muk and Middleton Step Down as Liquidators
---------------------------------------------------------
On April 14, 2009, Jacky Chung Wing Muk and Edward Simon Middleton
stepped down as liquidators of Maxbusy Group Company Limited.


REVELL-MONOGRAM: Creditors' Proofs of Debt Due on May 25
--------------------------------------------------------
The creditors of Revell-Monogram (Asia Pacific) Limited are
required to file their proofs of debt by May 25, 2009, to be
included in the company's dividend distribution.

The company's liquidator is:

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


STAR CRUISES: S&P Withdraws 'B' Corporate Credit Rating
-------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'B' corporate
credit rating on Hong Kong-based Star Cruises Ltd. at the
company's request.

Standard & Poor's currently does not rate any specific credit
facility on SCL.


UNIVERSAL BRIGHT: Creditors' Proofs of Debt Due on May 8
--------------------------------------------------------
The creditors of Universal Bright Limited are required to file
their proofs of debt by May 8, 2009, to be included in the
company's dividend distribution.

The company's liquidator is:

        Chan Che Wai
        Hing Yip Commercial Centre, 17th Floor
        272-284 Des Voeux Road Central
        Hong Kong


WEBMETHODS HONG KONG: Placed Under Voluntary Wind-Up
----------------------------------------------------
On April 14, 2009, the members of Webmethods Hong Kong Limited
passed a resolution that voluntarily winds up the company's
operations.

The company's liquidators are:

         Paul David Stuart Moyes
         Betty Yuen Yeung
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong



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

GOPI SYNTHETICS: CARE Puts 'CARE BB' Rating on LT Bank Loans
------------------------------------------------------------
CARE has assigned a 'CARE BB' (Double B) rating to the Long-term
Bank Facilities of Gopi Synthetics Pvt. Ltd. (Gopi).  Facilities
with 'CARE BB' rating are considered to offer inadequate safety
for timely servicing of debt obligations and carry high credit
risk.  Also, CARE assigned, a 'PR 4' [PR Four] rating to the
Short-term Bank Facilities of Gopi.  Facilities with 'PR 4' 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.

                                 Amount
   Facility                   (Rs. crore)             Rating
   --------                   -----------             ------
  Long-term Bank Facilities     44.70                 CARE BB
  Short-term Bank Facilities     0.50                 PR 4
  --------------------------  -----------             ------
                    Total       45.20

Rating Rationale

The ratings are constrained by the stressed liquidity position of
the company as reflected by the almost full utilization of fund
based limits due to slow working capital cycle and instances of
delay in L/C payment, high level of total debt to gross cash
accrual and presence in a highly fragmented textile processing
industry along with the prevailing bearish industry scenario.
These constraints far outweigh Gopi's established track record of
more than three decades and the promoters experience in the
textile industry.

                     About Gopi Synthetics

Gopi, promoted by Shri Champalal Agarwal, commenced its operations
on March 17, 1981.  Located in Ahmedabad, it is engaged in the
processing of grey cotton and synthetic cloth including job work
sales which find principal use in dress material and furnishing.
Gopi's current installed processing capacity is 440 lakh
meter per annum.  Gopi's total sales is a combination of own sales
and job work.  The contribution of job work in total income
increased from 19% in FY08 to 25% in 9MFY09.  Its entire sales are
in the domestic market.

Total income of Gopi increased by 23% in FY08 compared to FY07 on
the back of an increase of 18% in the sales of own goods plus 50%
increase in income from job work.  PBILDT margin dipped from 6.42%
in FY07 to 5.56% in FY08.  However, as per the provisional results
for 9MFY09 it again improved to 7.25% on account of lower overhead
expenses as well as fall in cost of raw material consumed
(including stock adjustment) as a % of total income.  Although PAT
margin improved from 1.39% in FY08 to 1.96% in 9MFY09, it was not
in line with the increase in PBILDT margin because of increase in
interest and depreciation costs.

Long-term debt equity and overall gearing ratios improved from
1.12 and 2.55 times as on March 31, 2008 to 0.79 and 1.98 times as
on December 31, 2008 on account of increase in networth.  However,
total debt/net cash accrual remained very high at 14.11 times as
on December 31, 2008.  Interest coverage stood at a moderate level
of 1.91 times during 9MFY09.

Current ratio fell from 1.57 times as on March 31, 2008 to 1.40
times as on December 31, 2008 on account of increase in sundry
trade creditors and current portion of long-term debt.  Average
utilization of fund based working capital limits during last
twelve months (Feb'08 to Jan'09) was 98% which reflects stressed
liquidity position of the company.  Also, as reported by the bank,
there have been instances of delay by two to three days in payment
of L/Cs.

Gopi's prospects would be governed by efficient management of its
working capital and its ability to improve margins in a highly
fragmented textile processing industry.  Further, the timely
completion of its ongoing expansion-cummodernization project
without any major cost overrun would remain a key rating
sensitivity.


OCEANUS DWELLINGS: CARE Places 'CARE BB' Rating LT Bank Loans
-------------------------------------------------------------
CARE has assigned a 'CARE BB' [Double B] rating to the Long-term
Bank Facilities of Oceanus Dwellings (P) Ltd (Oceanus) aggregating
Rs.50 cr.  Facilities with this rating are considered to offer
inadequate safety for timely servicing of debt obligations and
such facilities carry high credit risk.

Rating Rationale

The rating factors in the small size of operations of Oceanus, its
limited track record, regional concentration of operations, high
group exposure and slowdown in the real estate sector.  The rating
also factors in experienced management team of the company, the
company's presence in affordable housing sector, low gearing
levels and improvement in profitability margins in FY08.

Going forward, ability of Oceanus to ensure completion of ongoing
projects on time as well as ensure bookings for these projects
would be critical.  In addition, the ability of the company to
maintain margins, generate sufficient cash accruals and have
access to adequate funds, particularly in the light of current
slowdown in the real estate market would remain the key rating
sensitivities.

                      About Oceanus

Oceanus is promoted by Mr. P.K.Chacko in February 2003 and is in
the business of real estate development.  Its residential projects
include affordable two BHK flats as well as three BHK flats with
an average Super Built-up Area (SBA) of around 1,500 sq ft, mainly
targeted towards middle class.  The company started with
residential projects in Bangalore and has completed four projects
with SBA of 5.4 lakh sq ft till date.  It has also started
projects in Kerala and Mysore.  Majority of its customers are
software professionals in Karnataka and Non-Resident Indians
(NRIs) in Kerala.

The company is currently undertaking nine projects and as on
January 31, 2009 around 62% of the units (508 units out of 819
units) in the case of these ongoing projects were booked.  Net
sales of Oceanus increased at a high Compounded Annual Growth Rate
of 103% from Rs.6 cr in FY05 to Rs.53 cr in FY08 as the company
moved from contract work to own development business as well as
increase in demand for housing and disposable income.  The
profitability margins improved and the interest coverage was
comfortable in FY08.  The overall gearing was also comfortable at
0.53x as on March 31, 2008.


OM SHIV: Fitch Assigns National Long-Term Rating at 'B'
-------------------------------------------------------
Fitch Ratings has assigned a 'B(ind)' National Long-term rating to
Om Shiv Estates Private Limited (Om Shiv), and a rating of
'B(ind)' to its sanctioned long-term bank loans aggregating
INR183 million.  The Outlook is Stable.

The rating remains constrained by the project status of Om Shiv's
hotel and restaurant facility in Andheri-West, Mumbai, although
construction risks are largely offset by the advanced stage of the
project.  The rating is further constrained by potential operating
risks faced by the project, including the fact that the hotel's
management contract has yet to be finalized.  Although the project
sponsors have a track record in the real estate sector, they do
not have prior experience in operating a hotel.

The rating also factors in the weak demand risk stemming from a
decline in tourism, as well as by cost-cutting measures by
corporates in their business travel expenditure which will put
pressure on operations in terms of occupancy and room tariffs.
However, these risks are partly offset by the strategic location
of the project (close to Mumbai's international and domestic
airports with accessibility to nearby commercial districts).  With
the term loan's quarterly repayments commencing from Q210, the
company could face refinancing risks in the event that occupancy
and tariffs are lower than expected.

Any delay in establishing operations, and/or greater than expected
pressure on occupancy and room rates following operations could
put pressure on the ratings.  However, Fitch believes that
substantial on time progress in the project, including the
securing of management to operate the hotel, could act as a
positive rating trigger, whereas a delay in setting up the
management/or construction leading to cost and time overruns could
qualify as a potential negative trigger.

The sponsors of Om Shiv have significant experience in building
and developing residential and commercial properties in and around
Delhi and Mumbai.  Om Shiv is in the process of setting up a
three-star hotel facility at JP Road in Andheri West, Mumbai, with
76 rooms.  The total project cost is estimated to be INR262.6
million.  The project is to be financed largely by debt (INR183
million), with the remainder funded through equity contributions
by the sponsor.  The hotel is expected to open in July 2009.


OSWAL CABLES: CRISIL Places 'BB' Rating on Rs.65.7 Mln Term Loan
----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the various
bank facilities of Oswal Cables Pvt Ltd (OCPL).

   Rs.250.0 Million Cash Credit Limit *   BB/Stable (Assigned)
   Rs.65.7 Million Term Loan              BB/Stable (Assigned)
   Rs.50.0 Million Letter of Credit       P4 (Assigned)
   Rs.484.3 Million Bank Guarantee**      P4 (Assigned)

   * Including a proposed limit of Rs. 100 million
   ** Including a proposed limit of Rs. 184.30 million

The ratings reflect OCPL's weak financial risk profile, marked by
high gearing, and exposure to risks relating to fluctuations in
the prices of raw materials.  These weaknesses are, however,
partially offset by the benefits that OCPL derives from its
established position in the power space business in Rajasthan.

Outlook: Stable

CRISIL believes that OCPL will maintain a stable credit risk
profile over the medium term backed by its established presence in
the power space business.  The outlook may be revised to
'Positive' if the company reports higher-than-expected growth in
revenues and profitability.  Conversely, the outlook may be
revised to 'Negative' if there are significant delays in recovery
of dues, or if OCPL undertakes large, debt-funded capital
expenditure, leading to stressed debt protection measures.

                    About Oswal Cables

OCPL, incorporated in 1971, manufactures aluminium conductors
steel reinforced (ACSR) products, and executes turnkey projects
for the power industry.  The product profile also includes
aluminium wire and transformers.  The company has manufacturing
facilities in Jaipur and Hyderabad.  OCPL also generates power
through its five wind mills.  OCPL reported a profit after tax
(PAT) of Rs.32 million on net sales of Rs.1,114 million for 2007-
08 (refers to financial year, April 1 to March 31), as against a
PAT of Rs.18 million on net sales of Rs.377 million for 2006-07.


RANBAXY LABORATORIES: Posts INR7.61BB Loss in Qtr Ended March 31
----------------------------------------------------------------
The Economic Times reports that Ranbaxy Laboratories has reported
a consolidated loss of [INR7.61 billion or US$153 million] for the
first quarter ended March 31, 2009, compared with a [INR1.53
billion] profit in the same period last year.

The report says the company expects a loss of [INR8 billion] for
the full year on a projected sales of about [INR70 billion], lower
than INR72.5 billion in 2008.

"This is based on the estimate that the exchange rate of the
dollar against the rupee will be [INR50] and there will be no
further impact on account of USFDA," the report cited Ranbaxy in a
statement.

According to the report, the drugmaker's sales fell 4% to
[INR15.58 billion], with sales in developed markets -- the US and
European markets -- contracting 6% to INR6.08 billion during the
quarter while sales in emerging markets fell 2% to INR8.37
billion.  Excluding forex losses, the company's loss stood at
INR26 crore during the quarter as against a profit of INR85 crore
last year, the Times notes.

                       U.S. Investigations

As reported in the Troubled Company Reporter-Asia Pacific on
March 3, 2009, the U.S. Food and Drug Administration said that a
facility owned by Ranbaxy Laboratories falsified data and test
results in approved and pending drug applications.  The facility,
which is located in Paonta Sahib, India, has been under an FDA
Import Alert since September 2008.  In a press statement, the FDA
disclosed it is continuing to investigate the matter to ensure the
safety and efficacy of marketed drugs associated with Ranbaxy's
Paonta Sahib site.  To date, the FDA has no evidence that these
drugs do not meet their quality specifications and has not
identified any health risks associated with currently marketed
Ranbaxy products.

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

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

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

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

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

                   About Ranbaxy Laboratories

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


RANBAXY LABORATORIES: To Trim Down European Operations
------------------------------------------------------
Ranbaxy Laboratories has decided to trim its European operations
due to falling prices amid tough competition, The Economic Times
reports citing Ranbaxy Chairman Malvinder Singh.

According to the report, Mr. Singh told analysts in a conference
call that his company would cut back on chasing higher volumes and
focus on profits from the European markets, where prices have
fallen sharply on the back of tough competition and the firm has
"barely managed" to breakeven in the past three years.

"We did decide that in Europe we would rather be happier with a
more bottom line approach rather than going for volumes . . .
therefore, we've started pulling back, especially in the UK,
recently even in Germany," the report quoted Mr. Singh as saying.
"And in France, in 2009 we'll give it a good shot, because that's
one area, which we still believe that has some promise."

The Economic Times relates that Ranbaxy said revenue from the
European market fell 14 percent in the March quarter from a year
earlier.

                       U.S. Investigations

As reported in the Troubled Company Reporter-Asia Pacific on
March 3, 2009, the U.S. Food and Drug Administration said that a
facility owned by Ranbaxy Laboratories falsified data and test
results in approved and pending drug applications.  The facility,
which is located in Paonta Sahib, India, has been under an FDA
Import Alert since September 2008.  In a press statement, the FDA
disclosed it is continuing to investigate the matter to ensure the
safety and efficacy of marketed drugs associated with Ranbaxy's
Paonta Sahib site.  To date, the FDA has no evidence that these
drugs do not meet their quality specifications and has not
identified any health risks associated with currently marketed
Ranbaxy products.

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

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

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

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

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

                   About Ranbaxy Laboratories

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


SETH INDUSTRIAL: CRISIL Rates Rs.4.0 Mln Term Loan at 'BB'
----------------------------------------------------------
CRISIL has assigned its rating of 'BB/Stable' to the bank
facilities of Seth Industrial Corporation (SIC).

   Rs.170.0 Million Cash Credit Limit    BB/Stable (Assigned)
   Rs.4.0 Million Term Loan              BB/Stable (Assigned)

The rating reflects SIC's small scale of operations, and weak
financial risk profile, marked by its moderate gearing, weak debt
protection measures, and low net worth.  These weaknesses,
however, are partially offset by the benefits that the firm
derives from its established presence in the domestic bicycle
industry.

Outlook: Stable

CRISIL expects SIC to maintain its business and financial risk
profiles over the medium term.  The outlook may be revised to
'Positive' if the firm's financial risk profile improves
considerably, driven by healthy operating margins amid fluctuating
raw material prices, and substantial capital infusion.
Conversely, the outlook may be revised to 'Negative' if the firm
undertakes large, debt-funded capital expenditure, leading to
deterioration in its financial risk profile.

                       About Seth Industrial

Set up in 1964, SIC manufactures bicycles, bicycle components, and
cycle rickshaws catering to the domestic market.  The firm's plant
at Ludhiana (Punjab) has capacity to manufacture 3200 frames per
day.  SIC manufactures steel components such as frames, forks,
rods, and chains, and purchases other components from local
suppliers.  It markets its products under the Neelam brand through
a wide network of dealers across the country.

For 2007-08 (refers to financial year, April 1 to March 31), SIC
reported a profit after tax (PAT) of Rs.6 million on net sales of
Rs.978 million, as against a PAT of Rs.5.5 million on net sales of
Rs.904 million for 2006-07.


SEW-NAVAYUGA BARWANI: Fitch Assigns 'BB+' Rating on Bank Loans
--------------------------------------------------------------
Fitch Ratings has assigned a 'BBB-(ind)' (BBB minus(ind)) rating
to India's SEW-Navayuga Barwani Tollways Private Ltd's INR5474m
senior bank loans.  The agency has also assigned a rating of 'BB+
(ind)' to SNBTPL's subordinated bank loans of INR300 million. The
Outlook is Stable.

SNBTPL, a 51:49 JV between Navayuga Engineering Constructions Ltd
and SEW infrastructure Ltd (SEW, 'AA-(ind)' (AA minus(ind)),
enjoys an 18-year concession from National Highways Authority of
India (NHAI, 'AAA(ind)'/Stable) to design, engineer, build,
finance, construct, operate and maintain on a Build, Operate and
Transfer basis an 82.8km road stretch on the National Highway 3
between Khalghat and Maharashtra border in the state of Madhya
Pradesh.  The estimated cost of the project is INR7.9 billion and
the scheduled commercial operations date is 19 May 2011.

The ratings are constrained by the completion risk given that the
lane widening project has only recently commenced construction.
However, a fixed-price construction contract with SEW, whose terms
mirror those in the concession, offer protection.  Furthermore,
more than 90% of the Right-of-Way is already in the company's
possession.

Base case debt service coverage metrics are extremely modest and
vulnerable to various deep stress tests Fitch performed.  A three-
year tail in the concession allows the banks to restructure the
loans, if necessary.  Some liquidity support is available in the
form of a fully funded debt service reserve account, equivalent to
three months' principal and interest payment.

Fitch has factored into its rating the operational track record
and financial strengths of the sponsors, including the credit
enhancement value of their undertaking to finance the cost and
time overruns, to replenish the senior and subordinated DSRA and
to provide unconditional and irrevocable bank guarantees in the
event project cash flows are inadequate to create the DSRA.
Additionally, SEW has undertaken to the senior lenders, through a
letter of undertaking, to infuse INR100 million, after the COD, to
augment debt payment capacity and to inject additional funds in
case operations and maintenance expenses exceed the base case
projections submitted to the banks.  These letters of undertaking
have been registered with the state government of Maharashtra.

The agency believes that the road has long-term economic
potential; its locational advantage in terms of connecting the
state of Madhya Pradesh with the port city of Mumbai should have a
beneficial impact on tollable traffic.  Also, it is situated on
the highway that represents the shortest distance between Mumbai
and Agra.


SRI DURGA: CRISIL Puts 'B' Rating on Rs.87MM Cash Credit Facility
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'B/Stable/P4' to the bank
facilities of Sri Durga Automotives (SDA).

   Rs.87.0 Million Cash Credit Facility   B/Stable (Assigned)
   Rs.13.0 Million Standby Line of        B/Stable (Assigned)
                   Credit Facility
   Rs.20.0 Million Bank Guarantee         P4 (Assigned)

The ratings reflect SDA's weak financial risk profile, and
exposure to risks related to sluggish demand for tractors.  These
weaknesses are mitigated by the benefits that SDA derives from its
strong relationship with Mahindra and Mahindra Ltd (M&M, rated
'AA+/Negative/P1+' by CRISIL).

Outlook: Stable

CRISIL believes that SDA's financial risk profile will remain weak
over the medium term because of its large working capital
requirements.  The outlook may be revised to 'Negative' if the
slowdown in demand for tractors persists.  Conversely, the outlook
may be revised to 'Positive' if the company maintains its growth
in revenues, and infuses equity to fund its working capital
requirements.

                        About Sri Durga

Established in 1959, SDA is an authorised dealer for M&M tractors,
light commercial vehicles, two- and three-wheelers, and jeeps in
the Kadapa district (Andhra Pradesh).  It is also an authorised
dealer for air conditioners manufactured by Voltas Ltd.  It has
seven outlets in the Kadapa and Chittoor districts (Andhra
Pradesh).  SDA reported a profit after tax (PAT) of Rs.5.9 million
on net sales of Rs.692 million for 2007-08 (refers to financial
year, April 1 to March 31), as against a PAT of Rs.8.4 million on
net sales of Rs.510 million for 2006-07.


SUVEN LIFE: CRISIL Cuts Rating on Various Bank Facilities to 'BB+'
------------------------------------------------------------------
CRISIL has downgraded its ratings on Suven Life Sciences Ltd's
(Suven's) bank facilities to 'BB+/Negative/P4' from
'BBB+/Stable/P2+'.

   Rs.20.0 Million Cash Credit      BB+/Negative (Downgraded from
                                                  'BBB+/Stable')

   Rs.217.2 Million Rupee Term      BB+/Negative (Downgraded from
                     Loan                         'BBB+/Stable')

   Rs.154.5 Million Foreign         BB+/Negative (Downgraded from
         Currency Term Loan                       'BBB+/Stable')

   Rs.105.0 Million Packing Credit/  P4 (Downgraded from 'P2+')
          Bill Discounting Facility

   Rs.60.0 Million Letter of Credit  P4 (Downgraded from 'P2+')

   Rs.5.0 Million Bank Guarantee     P4 (Downgraded from 'P2+')

The downgrade reflects Suven's sharp decline in profitability and
stretched liquidity due to higher-than-expected research and
development (R&D) expenditure on its in-house New Chemical Entity
(NCE) programmes.  Unlike CRISIL's earlier expectation, Suven has
not been successful in mitigating funding related risks associated
with its NCE research by entering into out-licensing agreements or
partnerships with other companies.  NCE research inherently
involves risks due to long gestation periods, high investments,
and low success rates. Consequently, CRISIL expects the company's
cash accruals for the current year to be lower than the scheduled
debt repayments.  The company has requested its bankers for re-
schedulement of its future term loan repayments due over the next
two years though the company remains current on its existing debt
servicing.

The ratings continue to reflect company's good track record in
contract research and manufacturing services (CRAMS) and strong
R&D capabilities.  These rating strengths are partially offset by
the high-risk nature of Suven's business, and its stretched
liquidity, low net worth, and limited financial flexibility. For
the quarter ending December 31, 2008, net profit margin has
declined to 0.8 per cent from 7 per cent in the same period
previous year.

Outlook: Negative

CRISIL believes that Suven will continue to have stretched
liquidity due to continuing expenditure on R&D coupled with large
scheduled debt repayments.  The ratings could be downgraded if the
company's cash accruals and profitability decline further.
Conversely, the outlook could be revised to 'Stable' if the
company raises equity, through stake dilution, or reduces its NCE
programme-related risks, by entering into partnerships or out-
licensing agreements.

                   About Suven Life

Incorporated in 1989, Suven is engaged in pharmaceutical CRAMS
business.  The company acquired its first manufacturing facility,
in Suryapet, from Andhra Pradesh State Financial Corporation, in
1989, as a sick unit; it was later converted to an active
pharmaceutical ingredient research unit.  In 1992-93 (refers to
financial year, April 1 to March 31), Suven purchased another sick
unit, Lordwin Laboratories, from State Bank of India; this
facility, located at Pashamylaram, near Hyderabad, is approved by
the US Food and Drug Administration.  The third facility, at
Jedimatla, also purchased in 1992-93, focuses on process research
and pilot manufacturing.

For 2007-08, Suven reported a net profit of Rs.83.5 million
(Rs.112.6 million in 2006-07) on net sales of Rs.1.2 billion
(Rs.1.1 billion).  For the nine months ending December 31, 2008,
the company reported net profit of Rs.67.1 million (Rs.63.2
million in the corresponding period last year) on net sales of
Rs.1.0 billion (Rs.0.85 billion).



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

ASAHI MUTUAL: Moody's Affirms 'Ba1' Insurance Strength Rating
-------------------------------------------------------------
Moody's Investors Service has affirmed the Ba1 insurance financial
strength rating of Asahi Mutual Life Insurance Company (Asahi
Life) with a negative outlook, and withdrawn it.  This insurer has
no rated debts outstanding.

Moody's has withdrawn this rating for business reasons.  And this
action does not reflect a change in its creditworthiness

Moody's last rating action with respect to Asahi Life was taken on
January 15, 2009, when the rating was downgraded to Ba1 from Baa3.

Asahi Mutual Life Insurance Company, headquartered in Tokyo, is
one of Japan's major life insurance companies, with total assets
of JPY5.7 trillion as of December 2008.


JLOC 36: S&P Downgrades Rating on Class D Notes to 'BB'
-------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'BB' from 'BBB' its
rating on JLOC 36 LLC's class D floating-rate secured notes and
removed the rating from CreditWatch with negative implications,
where it had been placed on Jan. 29, 2009.  At the same time,
Standard & Poor's affirmed its ratings on the class A1 to C2 and X
secured notes.

The downgrade reflects Standard & Poor's opinions on these:

(1) growing uncertainty, amid extremely unfavorable real estate
    market conditions, regarding the recovery prospects for the
    collateral properties relating to two of the underlying loans
    (representing about 2.5% of the notes' initial issuance
    amount; 34 underlying loans originally; 27 loans at present)
    that have defaulted;

(2) mounting concern over the repayment of several other
    underlying loans that are due to mature within the next few
    months given the recent deterioration in real estate financing
    conditions, and over the recovery prospects of the collateral
    properties relating to those loans.

The rating affirmations on the class A1 to C2 notes reflect
prospects for collection from the underlying properties, as well
as credit support provided through the senior/subordinate
transaction structure and the reserve account.  S&P also affirmed
S&P's rating on the interest-only class X trust certificates, as
the rating is based on the timely payment of available interest.

Meanwhile, even though S&P removed the rating on class D from
CreditWatch, S&P still sees a reasonable possibility of the
transaction's credit quality weakening further over the medium
term as recovery prospects decline.

Based on this transaction's servicing agreement, collection
procedures relating to the sale of the collateral properties
backing the two aforementioned defaulted loans are in progress.
Standard & Poor's will therefore continue to monitor progress in
the sale of collateral properties relating to the defaulted loans
and in the repayment of several other loans that are due to mature
within the next few months.

This is a multi-borrower CMBS transaction. The notes were
originally secured by 34 loans extended to 34 corporate obligors,
which were ultimately backed by 99 real estate properties and real
estate trust certificates.  This transaction has been arranged by
Morgan Stanley Japan Securities Co. Ltd.  Premier Asset Management
Co. acts as the servicer for this transaction.

           Ratings Lowered And Off Creditwatch Negative

                           JLOC 36 LLC
          JPY59.1 billion secured notes due February 2016

  Class        To         From             Initial Issue Amount
  -----        --         ----             --------------------
  D            BB         BBB/Watch Neg    JPY4,300 mil.

                         Ratings Affirmed

      Class                 Rating     Initial Issue Amount
      -----                 ------     --------------------
      A1                    AAA        JPY29.05 bil.
      A2                    AAA        EUR65,300,000
      A3                    AAA        $8,000,000
      B                     AA         JPY6.8 bil.
      C1                    A          JPY3.6 bil.
      C2                    A          EUR24,250,000
      X (interest only)     AAA        JPY59.1 bil. (initial
                                         notional principal)


JLOC XXVIII: S&P Downgrades Rating on Class D Certs. to 'BB'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'BB' from 'BBB' its
rating on JLOC XXVIII's class D senior trust certificates, and
lowered to 'B' from 'BB' its rating on Harajuku Holding TMK's
Series 4-2 floating-rate specified bonds.  At the same time,
Standard & Poor's removed the ratings on the trust certificates
and the specified bonds from CreditWatch with negative
implications, where they had been placed on March 10, 2009.  S&P
also affirmed its ratings on the class A to C senior trust
certificates.

The downgrades reflect slower-than-expected liquidation of the
real estate properties that ultimately secure the aforementioned
senior trust certificates and specified bonds.  The downgrades
also reflect what S&P views as increased uncertainty over the
prices at which the properties are likely to be liquidated.
Through an interview with the asset manager, Standard & Poor's
learned the content of the updated property sales plan and the
situation regarding property sales activities.

Meanwhile, the affirmations of S&P's ratings on the class A to C
senior trust certificates are based on S&P's expectations for
recovery from the sale of the underlying real estate properties.

Standard & Poor's may lower its ratings on the class C and D
senior trust certificates and Harajuku Holding TMK's Series 4-2
specified bonds, depending on progress in the sale of the
collateral properties and on property sales prices.  S&P intends
to continue S&P's surveillance of information provided by the
asset manager, particularly information relating to the
performance of real estate properties backing the specified bonds,
and progress in the sale of the underlying real estate properties.

This transaction was originally secured by 567 real estate
properties. Morgan Stanley Japan Securities Co. Ltd. served as the
arranger for this transaction.

Nakano Holding TMK's senior specified bonds, which had backed JLOC
XXVIII's senior trust certificates, and Nakano Holding TMK's
Series 3-2 floating-rate mezzanine specified bonds, were repaid in
July 2006.  The aggregate amount of repaid specified bonds
accounts for about 49% of the initial issue amount.

           Ratings Lowered And Off Creditwatch Negative

              JLOC XXVIII Senior Trust Certificates
        JPY88.9 billion trust certificates due October 2012

     Class    To      From               Initial Issue Amount
     -----    --      ----               --------------------
     D        BB      BBB/Watch Neg      JPY7.2 bil.

                       Harajuku Holding TMK
    Series 4-2 JPY3.6 billion floating-rate specified bonds due
                           October 2012

         To       From              Initial Issue Amount
         --       ----              --------------------
         B        BB/Watch Neg      JPY3.6 bil.

                         Ratings Affirmed

              JLOC XXVIII Senior Trust Certificates
        JPY88.9 billion trust certificates due October 2012

             Class   Rating     Initial Issue Amount
             -----   ------     --------------------
             A       AAA        JPY62.8 bil.
             B       AAA        JPY10.1 bil.
             C       AA-        JPY8.8 bil.


JMAC2 TRUST: Fitch Removes 'BB' Rating from Negative Watch
----------------------------------------------------------
Fitch Ratings has removed the Class E trust beneficiary interests
of JMAC2 Trust, due May 2011, from Rating Watch Negative and
simultaneously placed them on Rating Watch Positive.  The ratings
of the remaining classes are affirmed.

  -- JPY45 mil.*, Class D TBIs affirmed at 'AAA'; Outlook Stable;

  -- JPY870 mil.*, Class E TBIs rated 'BB'; removed from RWN and
     placed on RWP; and

  -- Class X1 TBIs (interest-only) affirmed at 'AAA'; Outlook
     Stable.

  * as of April 23, 2009

The rating actions reflect the fact that classes D and E TBIs are
expected to be redeemed in full on the payment date in May 2009,
following recovery of the full amount of the one loan that
currently secures this transaction.

The class E TBIs had been placed on RWN on 6 February 2009
following the default of the above loan which was backed by two
properties located in Tokyo.

The transaction was initially a securitization of 13 loans backed
by 19 commercial properties.

Rating Outlooks have been published for all newly issued Asia
Pacific Structured Finance tranches since June 2008, and
concurrently with rating actions for tranches issued prior to
June 2008.  Unlike a Rating Watch which notifies investors that
there is a reasonable probability of a rating change in the short
term as a result of a specific event, rating outlooks indicate the
likely direction of any rating change over a one- to two-year
period.


MIZUHO FINANCIAL: To Post JPY580 Billion Net Loss in FY2008
-----------------------------------------------------------
Mizuho Financial Group Inc will post a heavy loss in fiscal 2008
due the decline in the value of its investments, The Mainichi
Daily reports citing company officials.

According to the report, Mizuho said it has reduced its
consolidated net loss estimate for the last fiscal year to JPY580
billion, compared with the previous year's net profit of JPY311.2
billion.

The report says Mizuho's deficit is attributed to a steep decline
in the value of shares the group holds due to the financial crisis
and a sharp increase in the number of bad loans.

Mizuho's bad loans also skyrocketed to JPY542 billion, compared to
JPY92.5 billion from a year earlier, the Daily relates.

The Daily says Mizuho's consolidated capital adequacy ratio, which
stood at 11.28 percent as of the end of December 2008, is now
expected to drop to the 10 percent level.  The group is now
considering the scale and timing of recapitalization, the report
notes.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 2, 2009, Bloomberg News said Mizuho posted its second
straight quarterly loss as the value of its stockholdings slumped
and bad loans rose.  According to Bloomberg News, the company
reported a JPY145.1 billion (US$1.6 billion) deficit in the three
months ended Dec. 31 compared with a JPY66 billion profit a year
earlier.  Bloomberg calculated the result by subtracting first-
half earnings from the company's nine-month figures.

Mizuho, Reuters related, failed to turn a profit for three of the
last four quarters, and analysts say the bank may need to raise
more capital if stock prices continue to tumble.

For the nine months ended December 31, 2008, Mizuho recorded a net
loss of JPY50.5 billion compared to a net income of JPY393.0
billion in the same period in 2007.  Ordinary income for the nine
months ended December 31, 2008, was JPY2,777.2 billion compared to
ordinary income of JPY3,428.4 billion in the same period in 2007.

Based on the financial results for the third quarter of fiscal
2008, Mizuho revised its consolidated earnings estimates for
fiscal 2008, which were announced on November 13, 2008, and
estimates ordinary income of JPY3,800.0 billion, ordinary profits
of JPY220.0 billion and net income of JPY100.0 billion for fiscal
2008.

Mizuho Financial Group Inc (NYSE:MFG) -- http://www.mizuho-
fg.co.jp/ -- is a Japan-based company.  The company offers a range
of financial services, including banking, securities, trust and
asset management services.  It organizes its businesses in three
Global Groups: the Global Corporate Group, the Global Retail
Group, and the Global Asset & Wealth Management Group.  The Global
Corporate Group provides banking and securities products, and
services to large corporations and other customers in and outside
of Japan.  The Global Retail Group provides a range of financial
products and services, including those provided through
collaborations with its group companies, small and medium
enterprises (SMEs) and middle-market corporations in Japan.  The
Global Asset & Wealth Management Group provides trust, asset
management and private banking products and services.


NOMURA HOLDINGS: Posts JPY709.4BB Net Loss in FY2008
----------------------------------------------------
Nomura Holdings Inc. posted a bigger-than-expected annual loss
partly due to the company's Lehman Brothers-related acquisition
expenses, MarketWatch reports.  The report relates Nomura posted a
net loss of JPY709.4 billion or US$7.3 billion for the fiscal year
ended March 2009, compared with a loss of JPY67.8 billion in the
year-ago period.

According to the report, Nomura said the loss included a one-time
trading hit of JPY150 billion, write-downs on Merchant Banking and
real estate-related illiquid assets of JPY150 billion, and a
JPY230 billion in one-off expenses including costs related to
Lehman Brothers acquisitions.

The report notes Nomura's net revenue for the fiscal year fell 60%
to JPY312.6 billion, from JPY787.3 billion a year ago.
MarketWatch, citing data provided by FactSet Research, states the
market was expecting for a net loss of JPY611.6 billion for the
fiscal year ended 2009 while revenue was expected to come in at
JPY341.4 billion.  For the fourth quarter ended March 31, the
report says the company reported a narrowing net loss of JPY217.1
billion, compared to a third-quarter loss of JPY342.9 billion.

                   About Nomura Holdings Inc.

Headquartered in Tokyo, Japan, Nomura Holdings Inc. (NYSE:NMR) --
http://www.nomura.com/-- incorporated on December 25, 1925, is a
securities and investment banking firm in Japan and has worldwide
operations.  Nomura is a holding company.  The services it
provides include trading, underwriting, and offering securities,
asset management services, and others.  As of March 31, 2008, it
operated offices in about 30 countries and regions, including
Japan, the United States, the United Kingdom, Singapore and Hong
Kong through its subsidiaries.  The Company's customers include
individuals, corporations, financial institutions, governments and
governmental agencies.  Nomura operates in five business
divisions: domestic retail, global markets, global investment
banking, global merchant banking and asset management.  In
February, 2007, Nomura acquired Instinet Incorporated.

In October 2008, Nomura closed the acquisition of most parts of
Lehman Brothers' Asia Pacific franchise, including Hong Kong,
Singapore, Australia, India, Thailand, as well as Japan.
Effective October 1, 2008, Nomura acquired Lehman Brothers
Holdings Inc.'s European equities and investment-banking business,
and decided not to take on the fixed-income unit.  On Sept. 30,
2008, Lehman Brothers Holdings Inc. announced that the acquisition
of its Asia operations by Nomura does not include structured
products transactions, done by the Wall Street firm in India.  On
October 7, 2008, Nomura announced the acquisition of three more
affiliates of Lehman Brothers in India, including the business
process outsourcing (BPO) unit in Powai.  The acquisition covers
Lehman Brothers Services India, Lehman Brothers Financial Services
(India) and Lehman Brothers Structured Finance Services.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 7, 2008, Fitch Ratings affirmed its ratings on Nomura
Holdings Inc. (NHI) and Nomura Securities Co., Ltd. (Nomura
Securities), and revised the Outlooks to Negative from Stable on
their Long-term Issuer Default Ratings.  Fitch Ratings also
affirmed NHI and Nomura Securities's individual ratings at 'C'.

The ratings are:

NHI:
   -- Long-term foreign and local currency IDRs: affirmed
      at 'BBB+'; Outlooks revised to Negative from Stable;

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

   -- Individual rating: affirmed at 'C';

   -- Support rating: affirmed at '5';

   -- Support Rating Floor: affirmed at 'NF'; and

   -- Senior Unsecured Rating: affirmed at 'BBB+'.

Nomura Securities:

   -- Long-term foreign and local currency IDRs: affirmed
      at 'A-' (A minus);

   -- Outlooks revised to Negative from Stable;

   -- Short-term foreign and local currency IDRs: affirmed
      at 'F1';

   -- Individual rating: affirmed at 'C';

   -- Support rating: affirmed at '4';

   -- Support Rating Floor: affirmed at 'B'; and

   -- Senior Unsecured Rating: affirmed at 'A-' (A minus).


ORIX-NRL TRUST: S&P Puts Low-B Ratings on Class F & G on WatchNeg.
------------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch with
negative implications its ratings on ORIX-NRL Trust 16's class F
and G trust certificates, issued in December 2007.  At the same
time, Standard & Poor's affirmed its ratings on the class A to E
and X trust certificates.

The CreditWatch placements reflect S&P's view that uncertainty is
growing over the likely recovery amount from the sale of
collateral properties relating to one of the transaction's
underlying loans that defaulted in March 2009.

The aforementioned loan, which is backed by four office buildings,
account for about 21% of the initial total issue amount of the
commercial mortgage-backed securities.  Standard & Poor's intends
to review the ratings on the class F to G trust certificates after
closely examining the recovery prospects and information regarding
the progress of recovery from the collateral properties.

Meanwhile, the affirmations of S&P's ratings on the class A to E
trust certificates are based on the collection amounts that
Standard & Poor's expects for these certificates and the credit
support provided by the subordinated tranches through the
transaction's senior-subordinated structure.  S&P also affirmed
S&P's rating on the interest-only class X trust certificates as
the rating is based on the timely payment of available interest.

This is a multi-borrower CMBS transaction.  The trust certificates
were initially secured by two nonrecourse loans and one specified
bond (tokutei shasai) extended to three obligors, all of which are
ultimately backed by 22 real estate certificates and real estate
properties.  The transaction was arranged by ORIX Corp., and ORIX
Asset Management & Loan Services Corp. is the transaction
servicer.

             Ratings Placed On Creditwatch Negative

                        ORIX-NRL Trust 16
  JPY19.0 billion class A-X trust certificates due September 2013

         Class   To              From   Initial Balance
         -----   --              ----   ---------------
         F       BB+/Watch Neg   BB+    JPY0.6 bil.
         G       BB/Watch Neg    BB     JPY0.3 bil.

                         Ratings Affirmed

     Class   Rating   Initial Balance
     -----   ------   ---------------
     A       AAA      JPY12.0 bil.
     B       AA       JPY1.9 bil.
     C       A        JPY1.9 bil.
     D       BBB      JPY1.7 bil.
     E       BBB-     JPY0.6 bil.
     X*      AAA      JPY19.0 bil. (Initial notional principal)

                        * Interest only


SHINSEI BANK: Fitch Corrects Press Release; Cuts Rating to 'C/D'
----------------------------------------------------------------
This announcement clarifies the version issued earlier to include
the perpetual notes and preferred securities.

Fitch Ratings has downgraded Japan's Shinsei Bank Ltd.'s, and
Shinsei Trust and Banking Co., Ltd's Long-term foreign and local
currency Issuer Default Ratings to 'BBB' from 'BBB+' and
Individual ratings to 'C/D' from 'C'.  Shinsei's and Shinsei
Trust's Short-term foreign and local currency IDRs have been
affirmed at 'F2'.  The Outlook is Negative.  The complete list of
the ratings is provided at the end of this comment.

These rating actions follow Fitch's review of Shinsei's
performance and prospects, and resolve the RWN (Rating Watch
Negative) the agency had placed on Shinsei's and Shinsei Trust's
Long-Term IDRs, Short-term IDRs and Individual rating on 6
February 2009.

The downgrades reflect the impact of the financial crisis on
Shinsei's performance and capitalization and the challenging
outlook arising from the severe recession affecting Japan's
economy.  Shinsei expects to report a significant net loss for the
financial year to end March (FYE09) and the results are, in
Fitch's opinion, likely to be, at best, break-even for the current
financial year (FYE10).  It is therefore difficult for Shinsei to
generate capital internally and it has been undertaking various
actions to strengthen its weakened capital ratios.  It raised
JPY48 billion Tier 1 capital in the form of preferred securities
in March; for FYE09 it targets a Tier 1 Capital ratio of 7%,
though this will be assisted by the adoption of the temporary
concession to exclude unrealized losses on available for sale
securities, which Fitch estimates benefited it by about 50 bp.

While Fitch is generally positive about Shinsei's transition to
the revised business model of being a customer-oriented commercial
bank, the agency will monitor the developments and direction in
achieving this.

Fitch considers Shinsei's liquidity position as adequate,
supported by its ability to raise retail deposits, with a view to
reduce its reliance on wholesale market financing; based on this,
the agency has affirmed its Short-term IDR.

The complete list of ratings is:

Shinsei:

  -- Long-term foreign and local currency IDRs downgraded to 'BBB'
     from 'BBB+'

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

  -- Individual rating downgraded to 'C/D' from 'C'

  -- All ratings are removed from Rating Watch Negative

  -- All Long-term IDRs are on Negative Outlook

  -- Support Rating affirmed at '3'

  -- Support Rating Floor affirmed at 'BB+'

  -- Senior unsecured notes downgraded to 'BBB' from 'BBB+'

  -- Subordinated EUR1 bil. notes downgraded to 'BBB-'(BBB minus)
     from 'BBB'

  -- Subordinated GBP400 mil. perpetual notes downgraded to 'BB'
     from 'BBB-'(BBB minus)

  -- Shinsei's preferred securities' ratings (Shinsei Finance
    (Cayman) Company and Shinsei Finance II Limited) downgraded to
    'BB' from 'BBB-'(BBB minus)

Shinsei Trust:

  -- Long-term foreign and local currency IDRs downgraded to 'BBB'
     from 'BBB+'

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

  -- Individual rating downgraded to 'C/D' from 'C'

  -- All ratings are removed from Rating Watch Negative

  -- All Long term IDRs are on Negative Outlook

  -- Support rating affirmed at '2'.


SHINSEI BANK: Shares Gain on Merger Talks With Aozora
-----------------------------------------------------
Shares in Shinsei Bank Ltd and Aozora Bank Ltd jumped more than 10
percent on April 27, after sources said the two lenders were in
merger talks to create Japan's sixth-biggest bank, Reuters
reports.

According to The Japan Times, sources close to the matter said the
two banks are in talks about merging and are looking to establish
a joint holding company in summer 2010.

Reuters discloses that Shinsei, about one-third owned by buyout
firm JC Flowers and Co, has a market value of about $2.6 billion
while Aozora, majority owned by private equity firm Cerberus
Capital Management, has a value of around $2 billion.

Combining the two would create an institution with over JPY18
trillion in assets, sixth among Japanese commercial banks and
larger than Chuo Mitsui Trust Holdings Inc, The Times notes.
The Times says that two banks, which were both nationalized in
1998 and placed largely under private ownership in 2000,
anticipate net losses in the year ended March after suffering huge
losses on risky overseas investments.

For the year ended March, Shinsei and Aozora expect to report
losses of JPY48 billion and JPY196 billion, respectively, Reuters
relates.  According to Reuters, both have since replaced their top
management and announced plans to focus on lower-risk domestic
lending.

                        About Aozora Bank

Aozora Bank Ltd. (TYO:8304) -- http://www.aozorabank.co.jp/-- is
a Japan-based regional bank that provides a range of banking
services.  The Bank operates in two business divisions.  The
Banking division is engaged in the provision of banking services,
including deposit, loan, domestic and foreign currency exchange,
as well as debt services for individual and corporate customers.
The Others segment is engaged in the securities business, such as
securities trading and securities investment services, as well as
the trust business, debt management and collection, venture
capital investment, and system development.  The Bank has 16
subsidiaries and 18 branch offices.

                       About Shinsei Bank

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

                         *     *     *

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

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 9, 2009, Fitch Ratings placed on Rating Watch Negative, the
'BBB+' (BBB plus) Long-term foreign and local currency Issuer
Default Ratings, 'F2' Short term foreign and local currency IDRs,
and the 'C' Individual ratings of Japan's Shinsei Bank Ltd and
Shinsei Trust and Banking Co., Ltd.  The decision to place
Shinsei's ratings on Rating Watch Negative reflects Fitch's view
that Shinsei faces challenges on multiple fronts.  The rating
agency is planning to review Shinsei's redefined business model,
ability to enhance the quality and quantity of its capital and/or
reduction of risk assets, as also maintain satisfactory asset
quality before resolving the Rating Watch Negative.  Fitch noted
the weakening of Shinsei's capital ratios and as well as the
bank's two consecutive quarters of net losses.


TOSOH CORP: Moody's Withdraws Issuer Rating for Business Reasons
----------------------------------------------------------------
Moody's Investors Service has withdrawn its Baa3 issuer rating of
Tosoh Corporation for business reasons.  This action does not
reflect a change in Tosoh's creditworthiness.

Moody's last rating action on Tosoh was an upgrade of the
company's issuer rating to Baa3 from Ba2 on April 27, 2007.

Tosoh Corporation, headquartered in Tokyo, is one of Japan's major
integrated chemicals companies.  Its main lines are the
petrochemical, basic chemical, and specialty chemical businesses.



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

BLUE CHIP: Unit Placed Under Voluntary Liquidation
--------------------------------------------------
The National Business Review reports Blue Chip Financial Solutions
(NZ), a unit of Blue Chip New Zealand Ltd, has been voluntarily
put into liquidation.  The unit owes Inland Revenue NZ$20 million
and does not have the capacity to pay it, the report adds.

According to the report, liquidator Chris Horton said this company
was a holding company for numerous other Blue Chip companies,
which were either shell companies or had been liquidated.

The Business Review relates Mr. Horton said that at this stage he
believed the only creditor was the IRD, which was owed $20 million
but that the company had no assets or funds to pay this.

The report notes Mark Bryers was the sole director of the company,
which is owned by Northern Crest Investments formerly known as
Blue Chip Financial Services.

Meanwhile, the Business Review says an application by the
Registrar of Companies to liquidate Mr. Bryer's remaining
investment vehicle, Northern Crest, was called for the first time
at the High Court at Auckland on April 27.

The Troubled Company Reporter-Asia Pacific, citing The National
Business Review, reported on March 20, 2009, that following the
Registrar of Companies' wind up application for Australian-listed
company Northern Crest Investments, its owner, Blue Chip founder
Mark Bryers will be facing hindrance in his bid to revive the
business.  Earlier in March, the report said, Mr. Bryers announced
he was seeking to get Northern Crest shares trading again on the
Australian stock exchange and that the company was returning to
profitability.  However, the Business Review related, the
announcement did not include reference to the fact that Mr. Bryers
is facing more than 100 charges in New Zealand.  The Registrar of
Companies filed an application to liquidate Mr. Bryers' remaining
investment vehicle, Northern Crest Investments, on February 18,
the report said.

                      About Blue Chip NZ

Blue Chip New Zealand Ltd. is a financial services company with
offices throughout New Zealand.  It is a subsidiary of Blue Chip
Financial Solutions Limited, now known as Northern Crest
Investments.  Northern Crest operates in two divisions:
financial services and leasing services.  The financial services
division is engaged in the provision of financial structuring
services and investment product to a variety of clients.  The
leasing activities division is engaged in rental of residential
property.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
April 15, 2008, Blue Chip New Zealand Ltd. is in voluntary
liquidation, joining 20 other Blue Chip companies that are now
being wound up.  Blue Chip New Zealand is a subsidiary of the
company of Northern Crest Investment Limited, formerly known as
Blue Chip Financial Solutions Limited.


STRATA FINANCE: Payment Default Triggers Crown Guarantee
--------------------------------------------------------
Strata Finance Limited has defaulted on its payment to depositors
triggering the Crown retail deposit guarantee scheme.

New Zealand Treasury Secretary John Whitehead said all eligible
Strata Finance depositors will get 100 percent of the money they
are entitled to under the Crown retail deposit guarantee scheme.

Strata Finance was unable to pay one of its depositors on the
maturity date of that deposit, which constitutes an event of
default under its Crown Deed of Guarantee.  Subsequently, the
Trustee for Strata Finance determined on April 23, 2009, that all
deposits with Strata Finance were immediately due and payable.

"The Crown stands fully behind its guarantee commitments, and we
expect an orderly process of payment to eligible Strata Finance
depositors," Mr. Whitehead said in a statement.

"In circumstances such as this, when the guarantee is triggered,
it is important to remember that it is the eligible deposits that
are guaranteed rather than the company involved.  The Crown retail
deposit guarantee scheme was introduced to maintain depositor
confidence, not to prevent the failure of financial institutions.

"Over the life of the scheme, exits, mergers and wind-downs will
occur.  This is normal financial sector activity and it continues
even though the guarantee scheme is in place."

Strata Finance and its Trustee are currently considering the
future operations of the company.  However, the Crown retail
deposit guarantee shall not cover any new deposits or the roll-
over of existing deposits after April 16, 2009.

The Crown will seek to recover from Strata Finance Limited the
value of any pay-outs the Crown makes under the guarantee.

Strata Finance is a small financial institution with 21 depositors
and $448,000 in deposits as of April 20, 2009.  It has been in the
process of winding down.



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

CARCRAFT INTERNATIONAL: Creditors' Proofs of Debt Due on May 8
--------------------------------------------------------------
The creditors of Carcraft International Pte Ltd. are required to
file their proofs of debt by May 8, 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


CHUAN SOON: Court to Hear Wind-Up Petition on May 8
---------------------------------------------------
A petition to have Chuan Soon Huat Investments Pte Ltd's
operations wound up will be heard before the High Court of
Singapore on May 8, 2009, at 10:10 a.m.

Chuan Soon Huat Investments Pte Ltd filed the petition against the
company on April 15, 2009.

The Petitioner's solicitors are:

        Khattarwong
        No. 80 Raffles Place
        #25-01 UOB Plaza 1
        Singapore 048624


GLOBAL IDI: Court to Hear Wind-Up Petition on May 8
---------------------------------------------------
A petition to have Global Idi Pte Ltd's operations wound up will
be heard before the High Court of Singapore on May 8, 2009, at
10:00 a.m.

Autosplice Asia Pte Ltd filed the petition against the company on
April 16, 2009.

The Petitioner's solicitors are:

        Messrs. Ramdas & Wong
        36 Robinson Road
        #10-01 City House
        Singapore 068877


INDOGRAIN PTE: Creditors' Proofs of Debt Due on May 8
-----------------------------------------------------
The creditors of Indograin Pte Ltd. are required to file their
proofs of debt by May 8, 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


SO SAY: Court to Hear Wind-Up Petition on May 8
-----------------------------------------------
A petition to have So Say Cheong Private Limited's operations
wound up will be heard before the High Court of Singapore on
May 8, 2009, at 10:00 a.m.

Pitney Enterprise Private Limited filed the petition against the
company on April 15, 2009.

The Petitioner's solicitors are:

        Messrs. East Asia Law Corporation
        No. 133 New Bridge Road
        Chinatown Point, #10-02
        Singapore 059413


WEE FONG: Creditors' Proofs of Debt Due on May 25
-------------------------------------------------
The creditors of Wee Fong Construction Pte Ltd are required to
file their proofs of debt by May 25, 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:

        Steven Tan Chee Chuan
        25 International Business Park
        #04-22/26 German Centre
        Singapore 609916


WORLDWIDE CONVENTION: Court to Hear Wind-Up Petition on May 8
-------------------------------------------------------------
A petition to have Worldwide Convention Planners Pte Ltd's
operations wound up will be heard before the High Court of
Singapore on May 8, 2009, at 10:00 a.m.

S.A.M. Allied Monte-Carlo filed the petition against the company
on April 13, 2009.

The Petitioner's solicitors are:

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



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

* BOND PRICING: For the Week April 20 to April 24, 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 ***