TCRAP_Public/090430.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

           Thursday, April 30, 2009, Vol. 12, No. 84

                            Headlines

A U S T R A L I A

BABCOCK & BROWN: BBW Inks Agreement to Acquire Wind Energy Assets
GENERAL MOTORS: Holden Workers Assured to Keep their Jobs
HUNT RESORT: Goes Into Receivership
LYNAS CORPORATION: Shares Put on Trading Halt


C H I N A

ALCATEL-LUCENT: Inks US$1.7 Bil. Contract in China
HOPSON DEVELOPMENT: Moody's Cuts Corporate Family Rating to 'B2'


H O N G  K O N G

CASATEX LIMITED ET AL: Members' Meeting Set for May 25
CENTURY REGENT: Members' Final Meeting Set for May 26
CONMAX ENGINEERING: Members' and Creditors' Meetings Set for May 7
DOUBLE HARVEST: Keung and See Step Down as Liquidators
GALAXY CASINO: US$1.47 Bil. Net Loss Won't Affect S&P's 'B' Rating

GRAND TOYS: Creditors' Meeting Set for May 18
ISMECA ASIA: Lai and Haughey Step Down as Liquidators
MASTPOLE LIMITED: Members' Final Meeting Set for May 25
PO WAI: Members' Final Meeting Set for June 9
RUSTIC GARDEN: Members' Final Meeting Set for May 26

UNITED CHAMPION: Placed Under Voluntary Wind-Up


I N D I A

AHAMMED ROLLER: CRISIL Rates INR50 Million Cash Credit at 'BB'
ANTHEM BIOSCIENCES: CRISIL Downgrades Cash Credit Rating to 'BB'
G.S. FINANCE: RBI Cancels Certificate of Registration
KANPUR LEATHER: CRISIL Puts 'B' Rating on INR200MM Working Capital
MAGICRETE BUILDING: CRISIL Rates INR86.5 Mln Term Loan at 'BB-'

PEEKAY ROLLER: CRISIL Places 'BB' Rating on INR60 Mln Cash Credit
PEEKAY ROLLING MILLS: CRISIL Rates INR120 Mln Cash Credit at 'BB+'
SESA INTERNATIONAL: CRISIL Rates INR350MM Cash Credit at 'BB'
VENUS REMEDIES: CRISIL Cuts Ratings on Various Loans to 'BB+'


J A P A N

GODO KAISHA: Moody's Changes Ratings on Various JLOC36 Notes
GODO KAISHA: Moody's Changes Ratings on Various JLOC37 Notes
JAPAN AIRLINES: Doubles Annual Loss Forecast to JPY63 Bil.
MARUI IMAI: Picks Isetan Mitsukoshi as Sponsor
NOMURA HOLDINGS: Fitch Corrects Press Release on April 27

PIONEER CORP: Gets JPY2.5 Billion Funding From Honda Motor
TAKARA LEBEN: JCR Withdraws 'BB+' Senior Debts Rating


N E W  Z E A L A N D

LANE WALKER: Placed in Receivership


S I N G A P O R E

LABONE: Creditors' & Contributories' Meeting Set for May 11


X X X X X X X X

* Asia Pacific Airlines Net Loss Totals US$4.3 Billion in 2008


                         - - - - -


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A U S T R A L I A
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BABCOCK & BROWN: BBW Inks Agreement to Acquire Wind Energy Assets
-----------------------------------------------------------------
Babcock & Brown Wind Partners ("BBW") disclosed that it has signed
an in principle agreement with Babcock & Brown International Pty
Ltd ("BBIPL"), the holding company of Babcock & Brown Limited, to
acquire its Australian and New Zealand wind energy project
development assets, up to 100% of its US wind asset management
business, and its minority interests in three of BBW's existing
wind farms.

In a statement, BBW said the total consideration for the
acquisitions will be approximately $19.5 million.  BBW will incur
costs associated with the separation of these assets of
approximately $8 million.

Miles George, Managing Director said, "Since our separation from
Babcock & Brown in December last year BBW has confirmed its
strategy to be an independent, leading cost competitive provider
of utility scale renewable energy, with capabilities in
development, operation and management of wind farms.  These
acquisitions significantly enhance BBW's competitive position
capturing attractive growth options for our business in Australia
and securing a leading asset management capability in the US
consistent with that strategy."

"The outlook for renewable energy in Australia and the US remains
very positive and the acquisitions will significantly add to the
growth prospects and value of the Australian and US business over
the medium term" he said.

The acquisitions are subject to final legal documentation and
regulatory approvals are required for the acquisition of the
Australian and New Zealand wind energy project development assets
and the minority interest in the Caprock wind farm.

BBW expects to achieve financial close prior to June 30, 2009.

Meanwhile, The Age reports that BBW shareholders have approved the
company's name change, finalizing its separation from its troubled
parent, Babcock & Brown Limited.  The Age says the shareholders
approved a motion for the company to become known as Infigen
Energy at an extraordinary general meeting on April 28.

The report, citing BBW chairman Graham Kelly, relates BBW will
begin trading under the new name on the ASX within days.

According to the report, the meeting also saw the approval of new
incentive plans for the company's executives, who became directly
employed by BBW on January 1.  A motion to approve the
participation of managing director Miles George in the performance
rights and options plan was also passed, the report adds.

The approval of the new name and pay incentives structure finalize
the separation of BBW from Babcock & Brown, a process begun by the
renewable energy provider late last year, the report says.

                     About Babcock & Brown Wind

Babcock & Brown Wind Partners (BBW)--
http://www.bbwindpartners.com/-- is a global wind energy company,
which owns and operates a portfolio of wind farms.  In December
2007, the company completed the acquisition of a 50% interest in
the Enersis Portfolio of wind farms.  BBW's portfolio comprises
interests in 87 wind farms that have a total installed capacity of
approximately 3,360 megawatts (MW).  BBW is managed by Babcock &
Brown Wind Partners Management Pty Limited.  BBW's portfolio of
assets includes wind farms in Europe, North America and the Asia
Pacific.

                    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.


GENERAL MOTORS: Holden Workers Assured to Keep their Jobs
---------------------------------------------------------
General Motors Corp.'s Australian unit, Holden, has assured
workers at its Adelaide factory that General Motors' decision to
axe the Pontiac brand will not lead to local job losses, The
Australian reports.

The report, citing a Holden spokesman, says the company was "very
confident" the developments in Detroit would not lead to job
losses at the Elizabeth plant in Adelaide's northern suburbs.

According to the report, the Elizabeth plant had previously
devoted a large part of its production to making the Pontiac G8 --
a version of the Holden Commodore -- for export to the US.
However, the report says Holden has drastically wound back
production of the Pontiacs in a plunging US market.

The Australian relates the spokesman said Holden was now focused
on finding new export markets for the car.

Australian Manufacturing Workers Union State Secretary John
Camillo said the union was confident Holden would retain its 3,000
workers at the factory.

GM has lately announced it would phase out the Pontiac brand by
the end of 2010 to concentrate on its four core brands, Cadillac,
Chevrolet, Buick and GMC.  The company will also cut 21,000 US
factory jobs by next year as part of a new viability plan to win
an extension of US government aid, The Australian adds.

                     About General Motors

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries.  In 2007, nearly 9.37 million GM cars and
trucks were sold globally under the following brands: Buick,
Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security and
information services.

GM Europe is based in Zurich, Switzerland, while General Motors
Latin America, Africa and Middle East is headquartered in
Miramar, Florida.

For the 2008 calendar year, GM reported an adjusted net loss,
excluding special items, of $16.8 billion.  This compares to an
adjusted net loss of $279 million.  Including special items, the
company reported a loss of $30.9 billion, compared to a reported
loss of $43.3 billion in 2007, which included a non-cash special
charge of $38.3 billion in the third quarter related to the
valuation allowance against deferred tax assets.

As of December 31, 2008, GM reported $91,047,000,000 in total
assets, $176,387,000,000 in total liabilities, and $86,154,000,000
in stockholders' deficit.

GM admitted in its viability plan submitted to the U.S. Treasury
on February 17 that it considered bankruptcy scenarios, but ruled
out the idea, citing that a Chapter 11 filing would result to
plummeting sales, more loans required from the U.S. government,
and the collapse of dealers and suppliers.

                       Going Concern Doubt

Deloitte & Touche LLP, has said there is substantial doubt about
GM's ability to continue as a going concern after reviewing GM's
2008 financial report.  Deloitte cited the Company's recurring
losses from operations, stockholders' deficit and failure to
generate sufficient cash flow to meet the Company's obligations
and sustain the its operations.  It said GM's future is dependent
on the Company's ability to execute the Company's Viability Plan
successfully or otherwise address these matters.  If the Company
fails to do so for any reason, the Company would not be able to
continue as a going concern and could potentially be forced to
seek relief through a filing under the U.S. Bankruptcy Code.

Standard & Poor's Ratings Services on April 10 lowered its issue-
level rating on GM's $4.5 billion senior secured revolving credit
facility to 'CCC-' (one notch above the 'CC' corporate credit
rating on the company) from 'CCC'.  It revised the recovery rating
on this facility to '2' from '1', indicating its view that lenders
can expect substantial (70% to 90%) recovery in the event of a
payment default.  The corporate credit rating remains unchanged,
at 'CC', reflecting its view of the likelihood that GM will
default -- through either a bankruptcy or a distressed debt
exchange.

Moody's Investors Service said February 18 that the risk of a
bankruptcy filing by GM and Chrysler remains high.  The last
rating action on GM and Chrysler was a downgrade of their
Corporate Family Ratings to Ca on December 3, 2008.


HUNT RESORT: Goes Into Receivership
-----------------------------------
The Hunt Resort on Fitzroy Island in the Great Barrier Reef has
been placed in receivership with debts of over AU$50 million,
James Thomson at SmartCompany reports.

The report says the resort, owned by property developer Joshua
Hunt, has been undergoing a $100 million redevelopment since
Mr. Hunt bought the island from Cairns tourism operator Raging
Thunder for $18 million in November 2006.

SmartCompany relates Raging Thunder claims Mr. Hunt still owes
them $13 million after interest and penalties and subsequently
called in administrators Jonathon McLeod & Partners.  The report
says Mr. Hunt's main lender, Bankwest, has also appointed Ferrier
Hodgson as receivers.  Mr. Hunt reportedly owe Bankwest just under
$50 million.

According to the report, Greg Moloney, from Ferrier Hodgson, told
The Cairns Post that his firm will manage the resort and complete
outstanding construction.

"The resort will remain open and it is my intention to complete
all necessary outstanding infrastructure works and to work closely
with Wyndham (Wyndham Vacation Resorts is the manager)."

Fitzroy Island Hunt Resort has received its fair share of
publicity since opening, hosting the contestants of reality TV
series The Biggest Loser and offering 500 victims of the Victorian
bushfires a week's free holiday.


LYNAS CORPORATION: Shares Put on Trading Halt
---------------------------------------------
Shares in Lynas Corporation Ltd have gone into a trading halt
pending an announcement about "additional financing" of the
company, The Age reports.

The report relates that Lynas requested the halt before the market
opened on April 28, and will remain in place until the opening of
trade tomorrow, May 1, or when the announcement is made.

Lynas Corporation Limited (ASX:LYC) -- http://www.lynascorp.com/
-- is a mineral exploration company operating mainly in Australia.
The Company's activities are focused primarily on the exploration
and development of rare earths deposits and exploration for other
mineral resources.  Lynas Corporation Limited is also engaged in
the planning, design and construction of a concentration plant and
advanced materials processing plant.  The Company's subsidiaries
include Lynas Malaysia Sdn Bhd, Lynas Transales Pty Ltd, Mt Weld
Niobium Pty Ltd, Mt Weld Holdings Pty Ltd, Mt Weld Rare Earths Pty
Ltd, Lynas Chemet Australia Pty Ltd and Mt Weld Mining Pty Ltd.

                         *     *     *

The company incurred three consecutive annual net losses of
AU$21.48 million, AU$6.20 million and AU$4.50 million for the year
ended June 30, 2006, 2007 and 2008.



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C H I N A
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ALCATEL-LUCENT: Inks US$1.7 Bil. Contract in China
--------------------------------------------------
Alcatel-Lucent disclosed that it has inked two framework
agreements valued US$1.7 billion in total with China Mobile and
China Telecom, to provide network upgrades, integration and
maintenance services in 2009.  As the leading operators in China,
China Mobile and China Telecom were granted 3G licenses in January
2009, for TD-SCDMA and CDMA/EV-DO technologies, respectively.  The
agreements were secured through Alcatel-Lucent Shanghai Bell,
Alcatel-Lucent's Chinese flagship company.

The contracts were signed on April 27 in Washington D.C. in the
presence of Li Yue,Vice President of China Mobile, Wu Andi, Chief
Financial Officer of China Telecom and Mary Chan, President,
Alcatel-Lucent's 4G/LTE end-to-end solutions and Dave Geary,
President of Alcatel-Lucent's Wireline networks activities.

Under an agreement valued approximately US$1 billion with China
Mobile Alcatel-Lucent will provide its industry-leading GSM/EDGE
solutions, TD-SCDMA wireless networking equipment, optical,
microwave and IP transmission offerings, IP service routers,
application platforms and related services

In a comparable agreement with China Telecom, valued at
approximately US$700 million, Alcatel-Lucent will supply its 3G
CDMA/EV-DO networking equipment, application platforms, optical
and IP transmission platforms, IP service routers and network
maintenance services to support the rollout of the company's 3G
wireless broadband network.

Leveraging Alcatel-Lucent's industry leading technologies and
solutions, China mobile and China Telecom will be able to further
enhance their network capacity and performance, helping them
provide end-users with a wide variety of high-quality mobile
services.

"We are honored to have been selected as a major provider of
cutting-edge solutions for China Mobile and China Telecom.
Alcatel-Lucent Shanghai Bell is fully committed to supporting
their rapid transformation to 3G, and their smooth evolution to
LTE/4G in the future," said Olivia Qiu, head of Alcatel-Lucent
activities in East Asia and President of Alcatel-Lucent Shanghai
Bell.  "The agreements also set the stage for future collaboration
with these customers on the ongoing improvement of their
networks."

                   About Alcatel-Lucent SA

France-based Alcatel-Lucent SA (Euronext Paris and NYSE: ALU) --
http://www.alcatel-lucent.com/-- provides product offerings that
enable service providers, enterprises and governments worldwide,
to deliver voice, data and video communication services to end
users.  In the field of fixed, mobile and converged broadband
networking, Internet protocol (IP) technologies, applications and
services, the company offers the end-to-end product offerings that
enable communications services for residential, business customers
and customers.  It has operations in more than 130 countries.  It
has three segments: Carrier, Enterprise and Services.  The Carrier
segment is organized into seven business divisions: IP, fixed
access, optics, multicore, applications, code division multiple
access networks and mobile access.  Its Enterprise business
segment provides software, hardware and services that interconnect
networks, people, processes and knowledge.  Its Services business
segment integrates clients' networks.  In October 2008, the
company completed the acquisition of Motive, Inc.

                         *     *     *

As reported in the Troubled Company Reporter-Europe on March 5,
2009, Standard & Poor's Ratings Services lowered to 'B+' from
'BB-' its long-term corporate credit ratings and senior unsecured
ratings on France-based telecom equipment and services supplier
Alcatel Lucent and its subsidiary Alcatel-Lucent USA Inc.
(formerly Lucent Technologies Inc.).  The 'B' short-term rating on
Alcatel Lucent has been affirmed.  The outlook is negative.


HOPSON DEVELOPMENT: Moody's Cuts Corporate Family Rating to 'B2'
----------------------------------------------------------------
Moody's Investors Service has downgraded Hopson Development
Holdings Limited's corporate family rating to B2 from B1.  At the
same time, Moody's has downgraded Hopson's senior unsecured bond
rating to B3 from B2.  The outlook for both ratings remains
negative.

"The downgrades reflects Moody's concerns over Hopson's increasing
liquidity pressure, as maturity of the RMB1.83 billion convertible
bond is approaching and yet there remains no concrete refinancing
plan," says Kaven Tsang, a Moody's AVP/Analyst.

"This slow progress in refinancing the convertible bond and
limited availability of financing options offshore exposes Hopson
to significant refinancing risk," adds Tsang, also Moody's lead
analyst for Hopson.

"While Hopson could use internal reserves to repay the convertible
bond, this would weaken the company's balance sheet liquidity and
ability to support its working capital and contingent needs," he
adds.

Though Hopson has achieved satisfactory contracted sales in the
first 4 months of 2009, its improved cash position remains
insufficient to repay the convertible bond while at the same time
maintaining balance sheet liquidity.  It is also uncertain whether
Hopson can maintain current sales progress throughout the year,
given that the sustainability of the recent rebound in China's
property market remains unconfirmed.

Further pressuring its liquidity, Hopson has a sizable amount of
committed obligations (apart from the convertible bond) which
includes land payment, construction expenses and over HK$4 billion
of short-term construction loan repayments within the next 12
months.

The negative outlook continues to reflect Moody's concerns over
the company's liquidity position in view of its significant
committed expenditures and near-term refinancing needs.

The ratings will be further downgraded if there is no material
progress in securing committed funds or building up surplus
liquidity within the next few months to service the convertible
bonds.

In addition, the ratings would come under pressure if Hopson (1)
continues its aggressive land acquisition strategy further
pressuring its liquidity position; and/or (2) sees further
declines in balance sheet liquidity due to slowdown in sales or
tighter bank credit.

The ratings outlook, however, could return to stable if Hopson
improves its liquidity position through 1) achieving sales
targets; and 2) successfully refinancing or repaying maturing
debt, including the convertible bond and bank loans, without
impairing balance sheet liquidity.

Moody's last rating action with regard to Hopson occurred on
January 14, 2009, when the company's corporate family and senior
unsecured ratings were downgraded to B1 and B2 respectively with a
negative outlook.

Hopson Development Company Holdings Limited is one of the largest
property developers in China.  Its principal business interests
are residential developments in 4 major cities -- Guangzhou,
Beijing, Shanghai and Tianjin -- and their surrounding areas.



================
H O N G  K O N G
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CASATEX LIMITED ET AL: Members' Meeting Set for May 25
------------------------------------------------------
On May 25, 2009, a final meeting will be held for the members of:

   -- Casatex Limited; and
   -- Common Empire Investment (Hong Kong) Limited.

The meeting will be held at the 10th Floor of Allied Kajima
Building, 138 Gloucester Road, in Wanchai, Hong Kong.


CENTURY REGENT: Members' Final Meeting Set for May 26
-----------------------------------------------------
The members of Century Regent Invesmtent Limited will hold their
final meeting on May 26, 2009, at 11:30 a.m., at the 20th Floor of
Tung Wai Commercial Building, 109-111 Gloucester Road, in Wanchai,
Hong Kong.

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


CONMAX ENGINEERING: Members' and Creditors' Meetings Set for May 7
------------------------------------------------------------------
The members and creditors of Conmax Engineering Limited will hold
their final meeting on May 7, 2009, at 11:30 a.m. and 11:00 a.m.,
respectively, at the 12th Floor of Grand Building, 15-18 Connaught
Road, in Central, Hong Kong.

At the meeting, Tsang Man Hing, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


DOUBLE HARVEST: Keung and See Step Down as Liquidators
------------------------------------------------------
Au Wai Keung and Li Wai See stepped down as liquidators of Double
Harvest (Asia) Limited.


GALAXY CASINO: US$1.47 Bil. Net Loss Won't Affect S&P's 'B' Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services said that its rating and
outlook on Galaxy Casino S.A. (B/Negative/--) are not immediately
affected by the Hong Kong dollar 11.39 billion (US$1.47 billion)
net loss of its parent, Galaxy Entertainment Group Ltd., that was
mainly attributable to a HK$11 billion net writedown for Galaxy's
gaming license.  Although the writedown eroded the equity position
of Galaxy's shareholders, the company's US$220 million debt
buyback, completed in January 2009 and April 2009, minimized the
impact on its leverage position.

In addition, S&P's rating already factors in a writedown of the
license value and the potential impact of a slowdown in Macau's
gaming market from visa restrictions and an economic downturn.


GRAND TOYS: Creditors' Meeting Set for May 18
---------------------------------------------
The creditors of Grand Toys International Limited will hold their
meeting on May 18, 2009, at 10:30 a.m., for the purposes mentioned
in Section 199, 241, 242, 243, 244, 251(1)(a), 255A(2) and 283 of
the Companies Ordinance.

The meeting will be held at the offices of Borrelli Walsh Limited
at 1401, Level 14, Tower 1, Almiralty Centre, in 18 Harcourt Road,
Hong Kong.


ISMECA ASIA: Lai and Haughey Step Down as Liquidators
-----------------------------------------------------
On April 15, 2009, Lai Kar Yan (Derek) and Darach E. Haughey
stepped down as liquidators of Ismeca Asia, Limited.


MASTPOLE LIMITED: Members' Final Meeting Set for May 25
-------------------------------------------------------
The members of Mastpole Limited will hold their final meeting on
May 25, 2009, at 11:00 a.m., at Room 1305, Tower 1 of Harbour
Centre, No. 1 Hok Cheung Street, Hunghom, in Kowloon, Hong Kong.

At the meeting, Wong Kit Sang, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


PO WAI: Members' Final Meeting Set for June 9
---------------------------------------------
The members of Po Wai Kwun Yam Limited will hold their final
meeting on June 9, 2009, at 3:00 p.m., at Room 1901 of CC Wu
Building, 302 Hennessy Road, in Wanchai, Hong Kong.

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


RUSTIC GARDEN: Members' Final Meeting Set for May 26
----------------------------------------------------
The members of Rustic Garden Limited will hold their final meeting
on May 26, 2009, at 11:00 a.m., at 1902 MassMutual Tower, 38
Goucester Road, in Wanchai, Hong Kong.

At the meeting, Ngan Lin Chun Esther, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


UNITED CHAMPION: Placed Under Voluntary Wind-Up
-----------------------------------------------
At an extraordinary general meeting held on April 14, 2009, the
members of United Champion Investment Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

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



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AHAMMED ROLLER: CRISIL Rates INR50 Million Cash Credit at 'BB'
--------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the bank
facilities of Ahammed Roller Flour Mills Pvt Ltd (Ahammed), a
Peekay group company.

   INR50 Million Cash Credit        BB/Stable (Assigned)
   INR80 Million Letter of Credit   P4 (Assigned)
   INR1 Million Bank Guarantee      P4 (Assigned)

The ratings reflect Ahammed's exposure to risks related to the
commodity nature of its products, intense competition in the wheat
products industry, and limited scale of operations.  These
weaknesses are mitigated by the company's long track record in the
wheat flour business, and the group's above-average financial risk
profile, marked by moderate gearing and debt protection measures.

For arriving at the ratings, CRISIL has combined the financials of
Ahammed, Peekay Steel Castings Pvt Ltd, Peekay Rolling Mills Pvt
Ltd, Peekay Roller Flour Mills, and Pondy Roller Flour Mills Pvt
Ltd, collectively referred to as the Peekay group. This is because
all these entities have a common set of promoters and fungibility
of funds.

Outlook: Stable

CRISIL believes that Ahammed will maintain a stable business risk
profile, supported by its established track record in the North
Kerala market.  The outlook may be revised to 'Positive' if the
company's business risk profile improves substantially on the back
of improvement in its scale of operations.  Conversely, the
outlook may be revised to 'Negative' if reduced capacity
utilisation or realisations affect the company's margins and cash
flows, or if it incurs large, debt-funded capital expenditure.

                      About the Group

The Peekay group, established in 1942 by Mr. Haji P K Moidu,
commenced operations by trading in wheat, rice, and sugar.  In
1971, Mr. P K Ahammed (son of Mr. Moidu) took over as managing
director of the group.  Subsequently, the group diversified into
wheat flour processing and steel manufacturing.  Currently, the
group manufactures steel castings, and thermo-mechanically treated
(TMT) and cold-twisted (CTD) bars; it also operates wheat flour
mills, plantations and charitable institutions, and has interests
in real estate, construction, education, and health care.  For
2007-08 (refers to financial year, April 1 to March 31), the group
reported a profit after tax (PAT) of INR61.4 million on a turnover
of INR3.1 billion, as against a loss of INR1.2 million on a
turnover of INR2.7 billion in the previous year.

Ahammed manufactures wheat products, including maida, sooji, atta,
and bran. The company has an installed capacity of 70 tonnes per
day, with capacity utilisation of 45 to 50 per cent.  The company
sells its products in North Kerala.  Ahammed reported a PAT of
INR0.14 million on a turnover of INR235.6 million for 2007-08, as
against a loss of INR0.9 million on a turnover of INR201.5 million
for 2006-07.


ANTHEM BIOSCIENCES: CRISIL Downgrades Cash Credit Rating to 'BB'
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank loan facilities of
Anthem Biosciences Pvt Ltd (Anthem Biosciences) to 'BB/Stable/P4'
from 'BBB-/Stable/P3'.  The revision in ratings reflects Anthem
Biosciences' stretched liquidity position, coupled with lumpy
repayment obligations.

   INR42.5 Million Cash Credit     BB/Stable (Downgraded from
                                              BBB-/Stable)

   INR200 Million Long-Term Loan    BB/Stable (Downgraded from
                                               BBB-/Stable)

   INR15 Million Letter of Credit   P4 (Downgraded from P3)
   INR10 Million Bank Guarantee     P4 (Downgraded from P3)

The ratings continue to reflect the successful track record of
Anthem Biosciences' promoters in the fields of biotechnology and
early stage drug discovery research.  The ratings are also
supported by the company's low-risk business model and its strong
project pipeline with orders from large multinational
pharmaceutical majors.  These strengths are partially mitigated by
the company's short track record and limited financial flexibility
due to low networth and high debt levels.

Outlook: Stable

CRISIL believes that the extensive experience of Anthem
Biosciences' promoters will help the company establish a strong
market position in the contract research outsourcing segment.  The
outlook could be revised to 'Negative' if the company faces
continued strain on its liquidity.  Conversely, the outlook may be
revised to 'Positive' if Anthem Biosciences generates higher-than-
expected business volumes and profitability, and improves its
capital structure.

                    About Anthem Biosciences

Incorporated in June 2006, Anthem Biosciences began commercial
operations in October, 2007.  The company provides early stage
drug discovery services to international innovator pharmaceutical
and biotechnology companies.  The company is an export-oriented
unit with facilities located at Bangalore.  For the nine months
ended December 31, 2008, the company reported a profit before tax
of INR32 million on net sales of INR193 million.


G.S. FINANCE: RBI Cancels Certificate of Registration
-----------------------------------------------------
The Reserve Bank of India has cancelled the certificate of
registration granted to G.S. Finance and Investments Limited for
carrying on the business of a non-banking financial institution as
the company has opted to exit from the business of a non-banking
financial institution.

Under powers conferred by Section 45-IA (6) of the Reserve Bank of
India Act, 1934, the Reserve Bank can cancel the registration
certificate of a non-banking financial company.  The business of a
non-banking financial institution is defined in clause (a) of
Section 45-I of the Reserve Bank of India Act, 1934.

G.S. Finance and Investments Limited's registered office is at:

          No.2941
          7th Main, 1st Cross
          Rajajinagar, II Stage
          Bangalore-560010


KANPUR LEATHER: CRISIL Puts 'B' Rating on INR200MM Working Capital
------------------------------------------------------------------
CRISIL has assigned its ratings of 'B/Stable' to the bank
facilities of Kanpur Leather House Pvt Ltd (KLH).

   INR200 Million Working Capital     B/Stable (Assigned)

   * Out of this Rs80 Million is proposed

The ratings reflect KLH's small scale of operations, and weak
financial risk profile marked by high gearing and low net worth.
The weaknesses are mitigated by the benefits that KLH derives from
its strong customer base.

Outlook: Stable

CRISIL believes that KLH will continue to benefit from its
promoters' extensive industry experience and its strong client
base.  The outlook may be revised to 'Positive' if there is
significant increase KLH's revenues and profitability; or increase
in net worth due to by capital infusion.  Conversely, the outlook
may be revised to 'Negative' if the company's profit margins
decline sharply; or the company's capital structure weakens due to
debt-funded capital expenditure.

                     About Kanpur Leather
KLH was set up in 1997 as a proprietary concern; it was converted
into a closely-held company in 2004.  KLH deals in luggage under
its own brand 'KLH' and also supplies corporate gift items.  It
has 12 exclusive KLH showrooms in West Bengal.  The company is a
registered vendor for supplying corporate gifts to reputed
companies.

KLH reported a profit after tax (PAT) of INR4 million on net sales
of INR882 million for 2007-08 (refers to financial year, April 1
to March 31), as against a PAT of INR2.5 million on net sales of
INR556 million for 2006-07.


MAGICRETE BUILDING: CRISIL Rates INR86.5 Mln Term Loan at 'BB-'
---------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable' to the various
bank facilities of Magicrete Building Solutions Pvt Ltd
(Magicrete).

   INR25.0 Million Cash Credit Limit    BB-/Stable (Assigned)
   INR86.5 Million Term Loan *          BB-/Stable (Assigned)

   * Includes onetime Project LC of INR4.15 Cr.

The ratings reflect Magicrete's exposure to risks relating to the
current slowdown in the real estate market, and the promoters'
limited experience in the autoclaved aerated concrete (AAC) blocks
industry.  These weaknesses are, however, partially offset by the
benefits that the company derives from the low technology and
funding risks for its AAC blocks manufacturing project.

Outlook: Stable

CRISIL expects Magicrete to complete implementation of the common
infrastructure facilities for its project without any time or cost
overruns; however, the off-take of AAC blocks is expected to be
affected by the current slowdown in the real estate market.  The
outlook may be revised to 'Positive' if the company generates
stable revenues and cash accruals.  Conversely, the outlook may be
revised to 'Negative' if the company reports any time or cost
overruns in the commissioning of its project.

                    About Magicrete Building

Set up in April 2008 as a private limited company by Mr. Saurabh
Bansal, Mr. Siddharth Bansal, Mr. Sunil Roongta, and Mr. Vinod
Mittal, Magicrete plans to manufacture and market AAC blocks,
which are also known as cellular concrete (CELCON).  The company
is setting up a manufacturing facility with AAC capacity of
150,000 cubic metres in Navsari, Gujarat, which is likely to
commence commercial operations in middle of financial year 2010.


PEEKAY ROLLER: CRISIL Places 'BB' Rating on INR60 Mln Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the bank
facilities of Peekay Roller Flour Mills (Peekay Roller), a Peekay
group firm.

   INR60.00 Million Cash Credit          BB/Stable (Assigned)
   INR100.00 Million Letter of Credit    P4 (Assigned)
   INR2.00 Million Bank Guarantee        P4 (Assigned)

The ratings reflect Peekay Roller's exposure to risks related to
the commodity nature of its products, intense competition in the
wheat products industry, and limited scale of operations.  These
weaknesses are mitigated by the firm's long track record in the
wheat flour business, and the group's above-average financial risk
profile, marked by moderate gearing and debt protection measures.

For arriving at the ratings, CRISIL has combined the financials of
Peekay Roller, Ahammed Roller Flour Mills Pvt Ltd, Peekay Steel
Castings Pvt Ltd, Peekay Rolling Mills Pvt Ltd, and Pondy Roller
Flour Mills Pvt Ltd, collectively referred to as the Peekay group.
This is because all these entities have a common set of promoters
and fungibility of funds.

Outlook: Stable

CRISIL believes that Peekay Roller will maintain a stable business
risk profile, supported by its established track record in the
North Kerala market.  The outlook may be revised to 'Positive' if
the firm's business risk profile improves substantially on the
back of improvement in its scale of operations.  Conversely, the
outlook may be revised to 'Negative' if reduced capacity
utilisation or realisations affect the firm's margins and cash
flows, or if it incurs large, debt-funded capital expenditure.

                       About the Group

The Peekay group, established in 1942 by Mr. Haji P K Moidu,
commenced operations by trading in wheat, rice, and sugar. In
1971, Mr. P K Ahammed (son of Mr. Moidu) took over as managing
director of the group. Subsequently, the group diversified into
wheat flour processing and steel manufacturing.  Currently, the
group manufactures steel castings, and thermo-mechanically treated
(TMT) and cold-twisted (CTD) bars; it also operates wheat flour
mills, plantations and charitable institutions, and has interests
in real estate, construction, education, and health care. For
2007-08 (refers to financial year, April 1 to March 31), the group
reported a profit after tax (PAT) of INR61.4 million on a turnover
of INR3.1 billion, as against a loss of INR1.2 million on a
turnover of INR2.7 billion in the previous year.

Peekay Roller manufactures wheat products, including maida, sooji,
atta, and bran. The firm has an installed capacity of 110 tonnes
per day, with capacity utilisation of 45 to 50 per cent. The firm
sells its products in North Kerala. Peekay Roller reported a PAT
of INR1.14 million on a turnover of INR347.0 million for 2007-08,
as against a loss of INR3.9 million on a turnover of INR391.7
million for 2006-07.


PEEKAY ROLLING MILLS: CRISIL Rates INR120 Mln Cash Credit at 'BB+'
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4' to the bank
facilities of Peekay Rolling Mills Pvt Ltd (Peekay Rolling), a
Peekay group company.

   INR120 Million Cash Credit        BB+/Stable (Assigned)
   INR470 Million Letter of Credit   P4 (Assigned)
   INR20 Million Bill Purchase       P4 (Assigned)
         -Discounting Facility
   INR20 Million Bank Guarantee      P4 (Assigned)

The ratings reflect Peekay Rolling's exposure to risks related to
volatility in raw material prices, the current economic slowdown,
and cyclicality in the steel industry.  These weaknesses are
mitigated by the company's established presence in the thermo-
mechanically treated (TMT) bars market in North Kerala, and the
group's above-average financial risk profile, marked by moderate
gearing and debt protection measures.

For arriving at the ratings, CRISIL has combined the financials of
Peekay Rolling, Peekay Steel Castings Pvt Ltd, Ahammed Roller
Flour Mills Pvt Ltd, Peekay Roller Flour Mills, and Pondy Roller
Flour Mills Pvt Ltd, collectively referred to as the Peekay group.
This is because all these entities have a common set of promoters
and fungibility of funds.

Outlook: Stable

CRISIL believes that Peekay Rolling will maintain a stable
business risk profile over the medium term, supported by its
strong track record in the rollings business in the North Kerala
market.  The outlook may be revised to 'Positive' if the company
reports higher-than-expected revenue growth and profitability.
Conversely, the outlook may be revised to 'Negative' if the
company's margins and cash flows decline because of reduced
capacity utilisation or realisations, or its inability to pass on
increases in raw material prices to customers, or if it incurs
large, debt-funded capital expenditure.

                    About the Group

The Peekay group, established in 1942 by Mr. Haji P K Moidu,
commenced operations by trading in wheat, rice, and sugar.  In
1971, Mr. P K Ahammed (son of Mr. Moidu) took over as managing
director of the group.  Subsequently, the group diversified into
wheat flour processing and steel manufacturing. Currently, the
group manufactures steel castings, and TMT and cold-twisted (CTD)
bars; it also operates wheat flour mills, plantations and
charitable institutions, and has interests in real estate,
construction, education, and health care.  For 2007-08 (refers to
financial year, April 1 to March 31), the group reported a profit
after tax (PAT) of INR61.4 million on a turnover of INR3.1
billion, as against a loss of INR1.2 million on a turnover of
INR2.7 billion in the previous year.

Established in 1993, Peekay Rolling manufactures TMT and CTD bars,
and steel structural products.  The company uses sophisticated
tempcore technology imported from Belgium.  For 2007-08, Peekay
Rolling reported a PAT of INR 42.2 million on a turnover of INR1.3
billion, as against a PAT of INR4.7 million on a turnover of
INR1.1 billion in the previous year.


SESA INTERNATIONAL: CRISIL Rates INR350MM Cash Credit at 'BB'
-------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the various
bank facilities of Sesa International Ltd (Sesa).

  INR350 Million Cash Credit/Packing      BB/Stable (Assigned)
                 Credit
  INR125 Million FUBP / FDBP              P4 (Assigned)
  INR350 Million Proposed Bank Guarantee  P4 (Assigned)

The ratings reflect Sesa's weak financial risk profile marked by
weak debt protection measures, and its inadequate risk management
policies.  These weaknesses are partially offset by Sesa's
established presence in the steel intermediate products segment,
and its established relationships with suppliers and customers.

Outlook: Stable

CRISIL believes that Sesa's strained financial risk profile will
continue over the medium term, on account of its low profitability
leading to weak debt protection measures.  The outlook may be
revised to 'Positive' if the company's profitability improves
considerably leading to improvement in debt protection measures.
Conversely, the outlook may be revised to 'Negative' if Sesa
undertakes large debt-funded capital expenditure, or if there is a
substantial increase in inventory levels.

                     About Sesa International

Sesa incorporated by Mr. Shankar Lal Bagri in 2002, is a star
trading house.  It is engaged in import and export of steel
intermediate products such as sponge iron, ingots, and billets.
The company imports steel intermediate products mainly from CIS,
China, and Europe.  Sesa reported a profit after tax (PAT) of
INR9.7 million on net sales of INR1.47 billion for 2007-08 (refers
to financial year, April 1 to March 31), as against a PAT of
INR5.85 million on net sales of INR947.6 million for 2006-07.


VENUS REMEDIES: CRISIL Cuts Ratings on Various Loans to 'BB+'
-------------------------------------------------------------
CRISIL has downgraded its ratings on Venus Remedies Ltd's (VRL's)
bank facilities to 'BB+/P4' from 'A-/Stable/P2+', and has placed
the revised ratings on 'Rating Watch with Negative Implications'.

The downgrade reflects the company's inability to refinance the
upcoming payment of INR700 million on its Foreign Currency
Convertible Bonds (FCCB) maturing on May 4, 2009; this is despite
a comfortable gearing estimated at around 1 time as on March 31,
2009, and interest coverage estimated at 6 times in 2008-09
(refers to financial year, April 1 to March 31).  According to
VRL's management, the company is in discussions with FCCB
investors for rollover of the repayment.

   INR310.00 Million Cash       BB+ (Downgraded from 'A-/Stable';
             Credit Limit            Placed on 'Rating Watch with
                                     Negative Implications')

   INR30.00 Million Standby     BB+ (Downgraded from 'A-/Stable';
            Line of Credit           Placed on 'Rating Watch with
                                     Negative Implications')

   INR333.10 Million Rupee      BB+ (Downgraded from 'A-/Stable';
              Term Loan              Placed on 'Rating Watch with
                                     Negative Implications')

   INR6.90 Million Proposed     BB+ (Downgraded from 'A-/Stable';
        Long Term Bank Loan          Placed on 'Rating Watch with
                                     Negative Implications')

   INR95.00 Million Letter      P4 (Downgraded from P2+)
             of Credit  

   INR25.00 Million Bank        P4 (Downgraded from P2+)
            Guarantee

The rating watch reflects uncertainty regarding the rollover of
the FCCB, in the absence of any alternate funding options shared
with CRISIL to meet the repayment.  The ratings could be
downgraded further, in case VRL fails to secure the rollover
before the repayment date.

The ratings continue to reflect VRL's established presence in high
value critical care segment and the healthy growth in domestic and
export sales.

                     About Venus Remedies

Set up in 1991 by Mr. Pawan Chaudhary, VRL manufactures both
branded and generic products.  The company is mainly present in
the critical care segment.  For 2007-08, VRL reported a profit
after tax (PAT) of INR390 million on net sales of INR2130 million,
against INR290 million and INR1400 million respectively in the
previous year.  For the nine months ended December 31, 2008, the
company has reported a PAT of INR238 million on net sales of INR2
billion, compared with INR298 million and INR1.5 billion
respectively during the corresponding period of the previous year.



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

GODO KAISHA: Moody's Changes Ratings on Various JLOC36 Notes
------------------------------------------------------------
Moody's Investors Service has changed the ratings for the Class B
through D Notes issued by Godo Kaisha JLOC36.  The notes will
mature in February 2016.

The individual rating actions are listed below.

  -- Class B, review for possible downgrade continues; previously,
     Aa2 placed under review for possible downgrade on April 14,
     2009

  -- Class C1 and Class C2, review for possible downgrade
     continues; previously, A2 placed under review for possible
     downgrade on January 16, 2009

  -- Class D Note, downgraded to B2 from Baa2 and also placed
     under review for possible further downgrade; previously, Baa2
     placed under review for possible downgrade on January 16,
     2009

In January 2009, Moody's placed under review for possible
downgrade the ratings of the Class C1 through D Notes, due to
concerns about the collateral recovery of loans that had yet to
mature, the payment at maturity of which was clouded with
uncertainty at that point.

These notes are also under review as part of a general review of
Japanese CMBS, as announced in the press release, "Moody's places
228 tranches of 50 Japanese CMBS deals on review for possible
downgrade" (April 14, 2009).  Moody's additionally placed under
review for possible downgrade the rating of the Class B Note on
April 14, 2009.

The current rating action was prompted by an Asset Business Plan
(dated April 27, 2009) for one of the loans, that Moody's received
from the Servicer.  The action also reflects Moody's concern that
the collateral recovery amount of the property may fall below the
loan amount.

Moody's has decided to keep under review for possible further
downgrade the ratings of the Class B through D Notes.  Moody's
will review the other loans backing the deal, since this deal is
subject to the general review of Japanese CMBS noted above.

Moody's has requested additional data on the other underlying
loans.  Once this information has been received and examined,
Moody's will decide whether to confirm or downgrade the ratings.

JLOC36, effected in May 2007, represents the securitization of 34
non-recourse loans originated by Morgan Stanley Japan Securities
Co., Ltd. Five of the loans have been paid in full; the
transaction is currently secured by 29 loans backed by 79
properties.

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


GODO KAISHA: Moody's Changes Ratings on Various JLOC37 Notes
------------------------------------------------------------
Moody's Investors Service has changed the ratings for the Class A1
through D2 and Class X Notes issued by Godo Kaisha JLOC37, as
follows.  The notes will mature in January 2015.

The individual rating actions are listed below.

  -- Class A1 and Class A2, review for possible downgrade
     continues; previously, Aaa placed under review for possible
     downgrade on January 20, 2009

  -- Class B1 and Class B2, review for possible downgrade
     continues; previously, Aa2 placed under review for possible
     downgrade on January 20, 2009

  -- Class C1 and Class C2, downgraded to Ba2 from Baa2 and also
     placed under review for possible further downgrade;
     previously, downgraded to Baa2 from A2 and placed under
     review for possible downgrade on March 27, 2009

  -- Class D1 and Class D2, downgraded to Caa3 from B3 and also
     placed under review for possible further downgrade;
     previously, downgraded to B3 from Ba2 and placed under review
     for possible downgrade on March 27, 2009

  -- Class X, review for possible downgrade continues; previously,
     Aaa placed under review for possible downgrade on January 20,
     2009

Since October 2008, Moody's downgraded and maintained under review
for possible further downgrade the ratings of the Class C1 through
D2 Notes and placed under review for possible downgrade the
ratings of the Class A1 through B2 and Class X Notes.

These rating actions reflected Moody's reconsideration of its
initial assumptions about the collateral recovery of residential
properties and the change the rating agency made to its base case
scenario for the disposition of liquidating loans.  They also
reflected concerns about the collateral recovery of a loan that
was backed by hotel properties and matured in March 2009 ("Loan
H").

These notes are also under review as part of a general review of
Japanese CMBS, as announced in the press release, "Moody's places
228 tranches of 50 Japanese CMBS deals on review for possible
downgrade" (April 14, 2009).

The current rating actions were prompted by a Special Servicing
Report (dated on April 22, 2009) that Moody's received from the
Servicer, and also reflect Moody's concern that the collateral
recovery of the hotels may fall far below the loan amount.  The
Special Servicer will develop an asset disposition report for Loan
H; however, in Moody's view, collateral recovery may be
considerably pressured, taking into account the locations and
types of properties.

Moody's has decided to keep under review for possible further
downgrade the ratings of the Class A1 through D2 and Class X
Notes.  These current actions reflect Moody's concerns that the
collateral recovery of Loan H may be subject to increasing
stressed situations.  Moody's will also review the other loans (in
addition to Loan H) backing the deal, since this deal is subject
to the general review of Japanese CMBS noted above.

Moody's has requested additional data for the other underlying
loans. Once this information has been received and examined,
Moody's will decide whether to confirm or downgrade the ratings.

JLOC37, effected in July 2007, represents the securitization of
ten non-recourse loans originated by Morgan Stanley Japan
Securities Co., Ltd.  Three of the loans have been paid in full,
and the transaction is currently secured by seven loans backed by
42 properties.

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


JAPAN AIRLINES: Doubles Annual Loss Forecast to JPY63 Bil.
----------------------------------------------------------
Japan Airlines has revised its consolidated financial forecast for
FY2008, the year ending March 31, 2009.  The Group said that due
to the volatility of the economy in the last quarter of FY2008,
the JAL Group has had to re-evaluate its financial forecast that
was last revised on February 6, 2009.

The airline said it would post a net loss of JPY63 billion for the
fiscal year, which ended March 31, almost double than the
previously forecasted annual net loss of JPY34 billion.  The Group
also expects an operating loss of JPY51 billion for the year,
against a previous forecast of a JPY37 billion operating loss.

The Group said the decrease in air transport demand on a global
scale has been relentless has taken a toll on the JAL Group's
international and domestic passenger revenue as well as
international cargo revenue.  Premium travel out from Japan slid
against the backdrop of continuous cost-cutting measures by
companies in this economic situation.  Despite the pick up in
outbound leisure demand from Japan as an effect of the decreased
fuel surcharge and strong yen, the latter eroded both business and
leisure demand from overseas, resulting in an overall drop in the
operating revenue from international passengers.

On the domestic front, JAL faced a decrease in the yield of
individual travelers and in group passenger volume when the
current recession started to affect spending in Japan.  All in
all, operating revenue was adjusted to JPY1.950 trillion, down
JPY27 billion from the earlier forecast amidst declining passenger
demands and the slump in export and import of cargo.

Fervently trying to reduce cost within the company, JAL brought
forward the implementation of cost-cutting measures that were
originally planned to start at the beginning of FY2009.  This
urgency to cut costs has effectively led to a further decrease in
operating expenses by JPY13 billion, cushioning to a degree, the
decrease in overall operating income that is now estimated to be a
loss of JPY51 billion.

Deteriorating market conditions have also weakened the values of
stocks held by the JAL Group.  The ordinary income is revised down
by a further JPY19 billion after taking into account the
impairment loss on these stocks.  In addition, extraordinary
income from the planned sale of certain assets was included in the
previous calculation of the net income estimates.  However, due to
the depreciation in value, sale of these assets will now not
proceed as planned.  Consequently, the JAL Group now expects to
post an ordinary loss of JPY82 billion and a net loss of JPY63
billion.

                   About Japan Airlines

Japan Airlines Corporation -- http://www.jal.co.jp/-- is a Japan-
based holding company that is active in five business segments
through its 225 subsidiaries and 82 associated companies.  The Air
Transportation segment is engaged in the operation of passenger
and cargo planes.  The Air Transportation-Related segment is
engaged in the transportation of passengers and cargoes, the
preparation of in-flight food catering, the maintenance of
aircraft and land equipment, as well as the fueling business.  The
Travel Planning and Marketing segment is involved in the planning
and sale of travel packages.  The Card and Leasing segment is
engaged in the provision of finance, cards and leasing services.
The Others segment is involved in businesses related to hotels,
resorts, logistics, wholesale, retail, real estate, printing,
construction, manpower dispatch, as well as information and
communication.  The Company has numerous global operating
locations.

JAL International Co. Ltd. is a wholly owned operating subsidiary
of Japan Airlines Corporation.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
February 11, 2009, Moody's Investors Service changed the outlook
on the Ba3 long-term debt rating and issuer rating of Japan
Airlines International Co. Ltd. to negative from positive.  The
outlook change reflects Moody's view that JALI's profitability is
likely to remain pressured amid the recent sharp decline in
airline passenger demand.

Japan Airlines Corporation continues to carry Standard & Poor's
Ratings 'B+' LT Foreign & Local Issuer Credit.  The outlook is
positive.


MARUI IMAI: Picks Isetan Mitsukoshi as Sponsor
------------------------------------------------
Marui Imai Inc has decided to pick Isetan Mitsukoshi Holdings Ltd
to sponsor its rehabilitation efforts under court-supervised
revival proceedings, Japan Today reports citing company sources.

The report relates sources said the Sapporo-based retailer will
announce the selection of the department store chain possibly
today, April 30, when the company will endorse the decision at a
board meeting.

As reported in the Troubled Company Reporter-Asia Pacific on
April 21, 2009, The Japan Times said financially distressed Marui
Imai received rescue plans from both Takashimaya Co and Isetan
Mitsukoshi Holdings Ltd.

The company is expected to choose a sponsor for its rehabilitation
efforts this month, at the earliest, the Times noted.

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


NOMURA HOLDINGS: Fitch Corrects Press Release on April 27
---------------------------------------------------------
This release clarifies the version released.  In the ninth
paragraph, it should be Tier 1 capital ratio of 11.3%, instead of
Tier Capital ratio of 11.3%.  A corrected version follows.

Fitch Ratings has affirmed Nomura Holdings Inc.'s and Nomura
Securities Co., Ltd.'s ratings:

  -- NHI: Long-term foreign and local currency Issuer Default
     ratings at 'BBB' with Stable Outlook, Short-term foreign and
     local currency IDRs at 'F2', Individual rating at 'C',
     Support rating at '5' and Support Rating Floor at 'NF'.

  -- Nomura Securities: Long-term foreign and local currency IDRs
     at 'BBB+' with Stable Outlook, Short-term foreign and local
     currency IDRs at 'F2', Individual rating at 'C', Support
     rating at '4' and Support Rating Floor at 'B'.

In Q4FYE09, the net loss for NHI was JPY217 billion and within
Fitch's expected range.  As NHI raised fresh capital of JPY278
billion in March 2009, in the form of common equity, the group's
capitalization remains adequate.  While NHI has made net losses
for five consecutive quarters and remains challenged in returning
to profitability in the near term, the group's leverage and
liquidity remain satisfactory.

The volatility of the financial markets and the recession in
Japan, together with slowing economic growth globally, will impede
revenue growth while higher compensation and benefits expenses
from the acquisition of Lehman Brothers business in Asia and
Europe in September 2008 will pressure NHI's profitability.
Though the acquisition costs of Lehman Brothers businesses are
expected to decline from Q1FYE10, and NHI is focusing on costs
cutting and restructuring its workforce, the difficult operating
environment challenges management in translating gains from the
expanded global network into sustainable profitability.

The net loss in Q4FYE09 is mainly a result from write-downs of
illiquid assets including real estate, impairment charges on
equity holdings, acquisition costs related to Lehman Brothers
acquisitions and restructuring expenses.

Among NHI's five business segments, only the asset management
segment was profitable making a small pre-tax profit of JPY500m;
all other business segments had pre-tax losses.  The 'fixed income
and other' trading desks in its global market segment which made
losses for past four quarters, turned profitable helping offset
the losses in other trading desks (though the global markets
segment overall remained in the red for the fifth consecutive
quarter).

NHI`s leverage and liquidity position remain adequate.  It has
disclosed preliminary capital ratios for the first time under
Basel 2 framework, with Tier 1 Capital Ratio of 11.3% and total
capital adequacy ratios of 18.1% as of FYE09.  The gross leverage
of 15.8x remains at a satisfactory level.

Nomura Securities, the flagship broker-dealer subsidiary of the
group in Japan, returned to profitability in 4QFYE09, after two
quarters of losses, backed by large trading gains, though the
financial markets turmoil continued to affect its commission
income.  The gross leverage of 17.7x is higher than the 15.3x at
FYE08, but remains acceptable, while the regulatory capital
adequacy ratio strengthened to 268.8% from 226.4% in FYE08.

NHI is a prominent securities group in Japan with Nomura
Securities as its lead unit, and the group's franchise has
expanded after the acquisition of Lehman Brothers' businesses in
Europe, Middle East and Asia.


PIONEER CORP: Gets JPY2.5 Billion Funding From Honda Motor
----------------------------------------------------------
Pioneer Corp. said Tuesday it will receive JPY2.5 billion from
Honda Motor Co. to shore up its worsening capital base and help
rebuild its car electronics business, The Japan Times reports.

According to the report, Pioneer will raise the funds through a
third-party allocation of new shares to the automaker by the end
of June.  This will give Honda a 6.54 percent stake, making it
Pioneer's second-largest shareholder after Sharp Corp., the Times
says.

"We are going to make car electronics our core business because it
has high technology, quality and brand power," the Times cited
Pioneer President Susumu Kotani as saying in a news conference.

The Times relates that Mr. Kotani, however, warned that the
company still needs to raise another JPY40 billion in the next
three years and that it is mulling new partnerships to that end,
without elaborating.

The Wall Street Journal reports that Pioneer's reform plans for
the three fiscal years ending March 2012 include closing nine of
30 group companies undertaking production in Japan and overseas
and shrinking capacity at six others.

The company, WSJ relates, is also laying off 5,800 full-time
employees and 4,000 contract-based workers from this year.  It
will also reduce the total number of directors and executive
officers this year to 19 from 25, WSJ adds.

According to WSJ, Pioneer projected a net loss of JPY129 billion
for the fiscal year that ended on March 31, slightly narrower than
a JPY130 billion it projected in mid-February.  It is to report
full-year results May 13, WSJ says.

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

                          About Honda

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

                         About Pioneer

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

                          *     *     *

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

The TCR-AP also reported on February 17, 2009, that Standard &
Poor's Ratings Services lowered to 'BB-' from 'BB+' its long-term
corporate credit and senior unsecured ratings on Pioneer Corp. due
to rapid capital erosion experienced by the company in fiscal 2008
(ending March 31, 2009).  The ratings action also reflects the
risk of further deterioration in the company's financial profile
due to expected net losses through fiscal 2009, related to the
cost burden of structural reform.  At the same time, Standard &
Poor's placed the long-term corporate credit and senior unsecured
debt ratings on the company on CreditWatch with negative
implications.


TAKARA LEBEN: JCR Withdraws 'BB+' Senior Debts Rating
-----------------------------------------------------
Japan Credit Rating Agency Ltd. (JCR) has withdrawn the BB+/Stable
and the J-3 ratings on senior debts and CP program of Takara Leben
at the company's request.

Senior debts: BB+/Stable
CP: J-3
Maximum: JPY2 billion
Backup Line: 0%

Takara Leben is a condominium developer that was established in
1972.



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

LANE WALKER: Placed in Receivership
-----------------------------------
Hundreds of staff are facing uncertain future as Lane Walker
Rudkin Industries ("LWR") goes into receivership owing more than
$50 million, various reports say.

In a press statement released on April 28, BDO Spicers disclosed
that Brian Mayo-Smith and Stephen Tubbs, partners at the firm,
have been appointed joint receivers and managers of LWR.

The appointment was made by LWR's bankers to protect the financial
position of LWR and its subsidiary Pod while issues facing the
group are resolved.  The LWR operations are currently unprofitable
and have incurred a substantial increase in bank debt.

While the receivers now have full control over all the businesses,
Mr. Tubbs noted that there would be a clear distinction in
direction and day-to-day management between the LWR and Pod
operations.

"Information available up to this point would appear to indicate
that the Pod operations are profitable and cash positive," Mr
Tubbs said.  "These operations will be 'ring-fenced' under a
dedicated board and management structure reporting to the
receivers.  The current Chief Executive and Chief Financial
Officer, Malcolm Walkinshaw and George Gin, will remain in place
under these arrangements.  We understand that the bank will
provide additional finance to ensure the short-term liquidity and
flexibility of the Pod businesses."

Mr. Tubbs said the position was less clear in regard to the LWR
businesses, and there was a need for further information before
any future action could be decided.  "What we can be sure of is
that the decision to appoint receivers has not been taken lightly
it has become unavoidable through a significant deterioration in
the overall financial position of the LWR businesses," he said.

Mr. Tubbs said that until an assessment of the LWR operations had
been made no decisions would be made about the ongoing trading
operations.  Meanwhile, continued support from employees,
suppliers, customers and other stakeholders would be vital to
maximise the chances of recovery for each business in the group.

Mr. Tubbs said the receivers would make a further statement as
soon as possible.  "We understand the need of everyone involved
with LWR especially staff for greater clarity on the issues
raised by the receivership.  I hope that we will be in a position
to make further information available within the next two weeks."

Lane Walker Rudkin Industries Limited (LWR) --
http://www.lwr.co.nz/history.htm-- is a diversified manufacturer
of clothing and textiles with operations in several locations in
New Zealand and Australia.  Approximately 470 people are employed
in textile, hosiery, underwear and garment factories in
Christchurch; garment manufacture in Greytown and Pahiatua; a sock
factory in Timaru; and a sports apparel factory in Brisbane.  Its
subsidiary Pod comprises fabric maker Designer Textiles
International, clothing designer and manufacturer Michele Ann and
Mollers Homewares, all located in  Auckland.  The group is owned
by Christchurch businessman Ken Anderson, who purchased LWR in
2001 and Pod in 2007.



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

LABONE: Creditors' & Contributories' Meeting Set for May 11
-----------------------------------------------------------
The contributories and creditors of Labone Singapore Pte Ltd will
hold their meeting on May 11, 2009, at 3:00 p.m. and 4:00 p.m.,
respectively, at 8 Wilkie Road #03-08, in Wilkie Edge Singapore
228095.

At the meeting, the contributories and creditors will be asked to:

   -- receive an update on the status of liquidation;
   -- consider and if thought fit to appoint a committee of
      inspection; and
   -- discuss other business.

The company's liquidators are:

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



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

* Asia Pacific Airlines Net Loss Totals US$4.3 Billion in 2008
--------------------------------------------------------------
Preliminary financial performance figures for 2008 released
on April 28 by the Association of Asia Pacific Airlines showed
that many leading Asia Pacific airlines suffered significant
losses as a result of slowing traffic volumes and sharply
higher fuel costs.

Combined revenues for AAPA carriers reached US$109 billion, 6%
higher than the US$103 billion reported in 2007, but failed to
keep pace with higher fuel costs.  Oil prices for the year
averaged US$97 per barrel, compared to US$72 per barrel in 2007.
As a result, the AAPA fuel bill increased by almost US$10 billion,
to US$38.1 billion in 2008, accounting for 35% of total costs.

Since revenues failed to match the increase in fuel costs, airline
profitability suffered a sharp reversal.  For 2008, AAPA member
airlines reported an aggregate net loss of US$4.3 billion, in
marked contrast to the solid profits earned in 2007.  In some
cases, the results were exacerbated by losses on fuel hedging
contracts and adverse currency exchange movements.

Following several years of sustained growth in travel demand, the
trend reversed in the second half of 2008, with figures for the
full year showing AAPA international passenger numbers down 2.2%,
whilst the average passenger load factor fell two percentage
points to 75%. AAPA international air cargo traffic for 2008
declined by 6.7%.

Commenting on the 2008 results, Mr. Andrew Herdman, AAPA's
Director General said, "Airlines began the year in good heart,
following record traffic levels and solidly positive financial
results in 2007.  Unfortunately, in 2008, we were hit by
skyrocketing oil prices followed by rapidly weakening demand in
the second half of the year as a result of the global economic
slowdown.  Consequently, revenues failed to keep pace with higher
fuel costs, squeezing margins and causing many airlines to report
significant losses for the year."

Turning to the current outlook, Mr. Herdman added: "Oil prices
have fallen back, but in every other respect the challenges we are
currently facing in 2009 are even tougher than last year.  In the
first quarter, international air cargo volumes were down 25%,
while international passenger traffic was down 11%. Airlines are
taking necessary steps to respond to the crisis, whilst calling on
governments, regulatory authorities and other industry partners to
work cooperatively towards a sustainable recovery.  The current
swine flu outbreak adds a further element of unpredictability to
the situation."

                           About AAPA

The Association of Asia Pacific Airlines (AAPA) is the trade
association of major scheduled international airlines based in the
Asia-Pacific region.  The AAPA permanent secretariat is
headquartered in Kuala Lumpur, Malaysia with
international representation in Brussels and Washington, D.C.
Collectively, the 17 AAPA member airlines carry 290 million
passengers and 10 million tonnes of cargo representing
approximately one-fifth of global passenger traffic and one-third
of global air cargo traffic respectively, and thus play a
critically important role in the ongoing development of global
aviation.



                         *********

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

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

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


                            *********


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

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

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

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

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





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