TCRAP_Public/090501.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Friday, May 1, 2009, Vol. 12, No. 85

                            Headlines

A U S T R A L I A

KLEENMAID: Director Seeks Aid in US, Europe to Save Firm
LYNAS CORPORATION: Chinese Firm to Buy Majority Stake for AU$252MM
OZ MINERALS: Debt Refinancing Deadline Extended Until June 30
OZ MINERALS: Mulls Board and Management Cuts
STORM FINANCIAL: Sells Two Assets for $6.5 Million


C H I N A

CHINA EASTERN: Gets CNY20-Billion Credit Line from Bank of China
CHINA MERCHANTS: Set to Raise Funds Through Bond and Share Sales
ICBC: Allianz and Amex Sell ICBC Stake for US$1.9 Billion


H O N G  K O N G

ABLE SMART: Members' and Creditors' Annual Meeting Set for May 19
ASIA ALUMINUM: Court Enters Wind-Up Order
BALMAIN DEVELOPMENT: Court to Hear Wind-Up Petition on June 3
CRYSTAL JADE: Creditors' and Contributories' Meeting Set for May 5
GIVON INTERNATIONAL: Court to Hear Wind-Up Petition on June 10

INFINITY SERVICES: Members' Annual Meeting Set for May 4
JOYWORLD LIMITED: Creditors' Proofs of Debt Due on May 15
KANSA GENERAL: Liquidator Increases Secondary Payment to 52%
LEABURG: Contributories' & Creditors' Meeting Set for May 26
MODERN APEX: Court to Hear Wind-Up Petition on June 3

PEREGRINE CAPITAL: Members' Annual Meeting Set for May 19
SCRIPT SECURITIZATION: S&P Downgrades Ratings on 2005-2 Notes
SHANGHAI ZENDAI: Chairman Resignation Won't Affect S&P's B+ Rating
TEAM ENERGY: Sole Member to Receive Wind-Up Report on May 25
UFI TELECOM: Members' Final Meeting Set for May 25

WUI SHING: Placed Under Voluntary Wind-Up
XELO PLC: S&P Downgrades Ratings on 2007 Tranche C to 'B'


I N D I A

ANANYA HOSPITAL: CRISIL Places 'B' Rating on INR96.3 Mln LT Loan
ANANYA WOOD: Low Net Worth Prompts CRISIL 'BB-' Rating
B.J. EXPO: CRISIL Assigns 'D' Rating on INR152.8MM Long Term Loan
BEMCO HYDRAULICS: CRISIL Rates INR10.0 Mln Long Term Loan at 'B-'
FATEH CHAND: Fitch Assigns National Long-Term Rating at 'BB+'

M.S. ENGINEERING: CRISIL Puts 'C' Rating on INR50 Mln Cash Credit
MEGHA FRUIT: CRISIL Assigns 'BB+' Ratings on INR20.0 Mln Term Loan
MP CHINI: CRISIL Reaffirms 'BB' Rating on INR403.5MM Cash Credit
SSA INTERNATIONAL: Fitch Assigns 'BB' National Long-Term Rating


I N D O N E S I A

PT TRUBA: S&P Affirms Corporate Credit Rating at 'B'


K O R E A

* SOUTH KOREA: Court Receivership Filings Jump 243% in First Qtr


K U W A I T

GLOBAL INVESTMENT: Default Cues S&P to Downgrades Ratings to 'D'
NATIONAL INDUSTRIES: Moody's Downgrades Debt Ratings to 'Ba3'


M A L A Y S I A

RHYTHM CONSOLIDATED: Placed Under PN17 Category
UBG BERHAD: Proposes MYR200T Ex-gratia Payment to Former Chairman


N E W  Z E A L A N D

CEA GROUP: Placed in Receivership; 300 Jobs Affected
PROVENCOCADMUS: Sells Vantex Unit to Ingram for NZ$22.5 Mln.


P H I L I P P I N E S

COVENANT ASSURANCE: Under Voluntary Receivership


X X X X X X X X

* S&P Downgrades Ratings on 39 Asia-Pacific Synthetic CDOs
* Large Companies with Insolvent Balance Sheets


                         - - - - -


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

KLEENMAID: Director Seeks Aid in US, Europe to Save Firm
--------------------------------------------------------
Kleenmaid director Andrew Young is touring Europe and the United
States to find a solution to saving his company, The Age reports.

According to the report, Mr. Young has told customers he'll meet
with suppliers and is working on a plan to save the company.

The report says Mr. Young will present a strategy to the next
creditors' meeting, expected to be held in the week starting
May 25.  The meeting, the report relates, will also receive a
report from Deloitte on the state of the company's books that will
detail options for the future.

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

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


LYNAS CORPORATION: Chinese Firm to Buy Majority Stake for AU$252MM
------------------------------------------------------------------
Bloomberg News' Jason Scott reports that China Non-Ferrous Metal
Mining Co. agreed to pay AU$252 million (US$184 million) in cash
for a majority stake in Lynas Corporation.

The report, citing Lynas in a statement, relates that the state-
owned company will buy 700 million new shares at 36 cents each.

According to Bloomberg News, China Non-Ferrous Metal will have a
51.6 percent of Lynas should the transaction be approved.  The
Chinese company will have four directors appointed to the board of
Lynas, the report notes.

The report relates Lynas said the share sale needs approval from
Australian and Chinese regulators.

“This shall enable the company to lift the suspension of the
project and complete construction and commissioning,” Bloomberg
News says citing Lynas.


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.


OZ MINERALS: Debt Refinancing Deadline Extended Until June 30
-------------------------------------------------------------
OZ Minerals Limited said its lenders have agreed to extend the
refinancing deadline for certain of the company's lending
facilities that were due for repayment on April 30, 2009, until
June 30, 2009, in order to facilitate completion of the proposed
transaction with China Minmetals Non-ferrous Metals Co Ltd.

In a statement to the stock exchange, OZ Minerals said the
extension is subject to a number of conditions subsequent that
must be satisfied on or shortly following the date of this
announcement.  The Company expects that all conditions subsequent
will be satisfied within the respective periods allowed.

The extension has also been provided on the basis that the
relevant OZ Minerals facilities will be capable of being
terminated by the relevant financiers should certain events occur,
the most significant of which is if the China Minmetals
transaction is terminated.

                          Cash Position

As at April 30, 2009, OZ Minerals' total cash balance stood at
US$109.5 million and the AU$140 million short term bridge facility
had been drawn down to the extent of AU$107 million, leaving
AU$33 million undrawn.

However, it should be noted that there are restrictions under the
short term bridge facility on the amount that OZ Minerals can draw
down under that facility for particular purposes.  In addition,
the Company's ability to cover any funding shortfall that may
arise in one part of the group with surplus cash that may be held
in another part of the group, is subject to restrictions that its
financiers have placed on it regarding the movement of funds
within the group.

Based upon current cash forecasts, the  Company does not
currently expect that it will require any additional finance
facilities prior to June 30, 2009, but may be required to draw
down further on its short term bridge facility referred to above.

If all the conditions precedent to the sale of the Martabe project
to China Sci- tech for approximately US$218.5 million are
satisfied and the sale is completed, OZ Minerals intends to repay
the AU$140 million short-term bridge facility from the proceeds to
be received from the sale of the Martabe project, details of which
have previously been released to the market.  However, the use of
any surplus funds for any other purpose is required to be approved
by certain of OZ Minerals' financiers.

                        About OZ Minerals

OZ Minerals Limited, formerly Oxiana Limited, --
http://www.ozminerals.com/-- is an Australia-based mining
company.  The company is a producer of zinc, copper, lead, gold
and silver.  OZ Minerals was formed through a merger of Australia-
based international mining companies Oxiana Limited and Zinifex
Limited.  The company has five mining operations located in
Australia and Asia, three new mining projects in development and a
portfolio of advanced and early-stage exploration projects
throughout Australia, Asia and North America.  Its projects
include the Century mine in Queensland, Sepon copper operation in
Laos, the gold operation at Sepon, the Golden Grove underground
base and precious metals mine in Western Australia, the Rosebery
mine in Tasmania, the Avebury nickel mine in Tasmania, the
Prominent Hill copper-gold project in South Australia, the Martabe
gold project in Indonesia, the Dugald River deposit in Queensland,
and the Izok Lake and High Lake copper and zinc deposits in the
Nunavut territories of Canada.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
December 12, 2008, Fitch Ratings downgraded OZ Minerals Limited's
Long-term foreign currency Issuer Default Rating to 'CC' from
'BBB-' (BBB minus), and has simultaneously withdrawn it.  The
rating remained on Rating Watch Negative at the time of
withdrawal.


OZ MINERALS: Mulls Board and Management Cuts
--------------------------------------------
OZ Minerals Limited will call for big board and management cuts,
following the proposed sale of $1.97 billion in assets to further
tackle debt, The Age reports.

OZ Minerals is working on a strategy paper that will also outline
growth plans, particularly those for the $800 million in cash it
will be left with once the assets sales to China's Minmetals and
Hong Kong-listed China Sci-Tech Holdings take effect, the report
relates.

According to the Age, the sale of operating assets in deals with
Minmetals and China Sci-Tech has left OZ holding only the new $1.2
billion Prominent Hill copper/gold mine in South Australia, which
broker JPMorgan and others believe could well end up being owned
by BHP Billiton.

                        About OZ Minerals

OZ Minerals Limited, formerly Oxiana Limited, --
http://www.ozminerals.com/-- is an Australia-based mining
company.  The company is a producer of zinc, copper, lead, gold
and silver.  OZ Minerals was formed through a merger of Australia-
based international mining companies Oxiana Limited and Zinifex
Limited.  The company has five mining operations located in
Australia and Asia, three new mining projects in development and a
portfolio of advanced and early-stage exploration projects
throughout Australia, Asia and North America.  Its projects
include the Century mine in Queensland, Sepon copper operation in
Laos, the gold operation at Sepon, the Golden Grove underground
base and precious metals mine in Western Australia, the Rosebery
mine in Tasmania, the Avebury nickel mine in Tasmania, the
Prominent Hill copper-gold project in South Australia, the Martabe
gold project in Indonesia, the Dugald River deposit in Queensland,
and the Izok Lake and High Lake copper and zinc deposits in the
Nunavut territories of Canada.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
December 12, 2008, Fitch Ratings downgraded OZ Minerals Limited's
Long-term foreign currency Issuer Default Rating to 'CC' from
'BBB-' (BBB minus), and has simultaneously withdrawn it.  The
rating remained on Rating Watch Negative at the time of
withdrawal.


STORM FINANCIAL: Sells Two Assets for $6.5 Million
--------------------------------------------------
Investors are poised to fork out more than $6.5 million for two
properties owned by Storm Financial Limited to cover outstanding
bank debts, The Sydney Morning Herald reports.

The report relates that Storm's luxury Townsville headquarters was
passed in at auction for $5 million on April 30 while its Cairns
office was sold for $1.55 million a day before.

According to the report, the highest bidder on the Townsville
property is now in talks with the company's receivers on a final
price.

Six commercial properties in total are to be sold to repay the
company's $28 million debt to the Commonwealth Bank, the report
says.

                      About Storm Financial

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

                          *     *     *

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

Storm later closed its business and fired all of its 115 staff.
The closure, the company's administrators said, was due to the
significant reduction in Storm's income resulting in trading
losses being incurred "at a rate which the company could no longer
absorb."

The TCR-AP, citing Sydney Morning Herald, reported on Jan. 22,
2009, that the Commonwealth Bank of Australia, Storm's largest
creditor, lodged a AU$27.09 million debt claim at a first meeting
of the company's creditors on January 20.  According to the
Herald, Administrators Worrells Solvency & Forensic Accountants
said the group's remaining creditors are owed AU$51 million, plus
a provision for dividends of AU$10 million.

On March 27, 2009, the Troubled Company Reporter-Asia Pacific
reported that the Australian Securities and Investments Commission
(ASIC) won its bid to liquidate Storm Financial Group after the
Federal Court ruled that the company be wound up.

The Herald Sun related that federal court Justice John Logan
appointed Ivor Worrell and Raj Khatri of Worrells Solvency and
Forensic Accountants as liquidators to the company.



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

CHINA EASTERN: Gets CNY20-Billion Credit Line from Bank of China
----------------------------------------------------------------
China Eastern Airlines has signed an all-around cooperation
agreement with Bank of China and obtained a CNY20 billion credit
from the domestic lender, Xinhua News Agency reports.

The report relates the two sides will also undertake multi-level
business cooperation, including project financing, bond issuance,
asset securitization, international settlement and onshore and
offshore joint credit lines.

The airline will also provide complete aviation service products
to Bank of China, Xinhua says.

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

                          *     *     *

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


CHINA MERCHANTS: Set to Raise Funds Through Bond and Share Sales
----------------------------------------------------------------
China Merchants Bank is set to raise funds through bond and share
sales this year to help cover the rapidly depreciating value of
its holdings in recently acquired Wing Lung Bank of Hong Kong,
Xinhua News Agency reports citing a top bank executive.

According to the news agency, CMB chairman Qin Xiao said earlier
in Hong Kong the bank will not rule out the possibility of raising
funds by selling new shares this year in an effort to improve its
capital adequacy ratio, which has been eroded due to the
investment in Wing Lung Bank.

The report says CMB's core capital adequacy ratio dropped 1.44
percentage points to 6.56 percent at the end of last year,
compared to 8 percent at the end of the third quarter in 2008.
The decrease in its core capital adequacy ratio was mainly due to
the partial offsetting of surplus capital by the premium of the
secondary acquisition of Wing Lung Bank, according to CMB's 2008
earnings report cited by Xinhua.

Citing CMB in a statement on April 22, the report says CMB had
planned to issue up to CNY149 billion worth of financial bonds in
the next three years.  The report relates the total amount to be
raised will be no more than 10 percent of the bank's liabilities
at the end of the previous year, which stood at at CNY1.492
trillion.

The Troubled Company Reporter-Asia Pacific, citing Antara News,
reported on October 9, 2008, that China Merchants Bank completed
the CNY17 billion (US$2.48 billion) purchase for 53.12% of Hong
Kong-based Wing Lung Bank's  equity.

China Merchants Bank -- http://www.cmbchina.com/-- is the
second largest bank among China's 12 nationwide shareholding
commercial banks.  It was established in 1987 and listed on the
Shanghai Stock Exchange in 2002.  The Ministry of
Communications-owned China Merchants Group is the bank's main
shareholder with a 26% stake (through various companies).  The
bank had 410 banking outlets nationwide and 17,829 employees
at end-2004.

                          *     *     *

The company continues to carry Moody's Investors Service's
Baa3/P-3 long-term/short-term foreign currency deposit ratings and
D+ bank financial strength rating.  The affirmation follows CMB's
planned purchase of Wing Lung Bank ("WLB", C+/A2).  The ratings'
outlook remains stable.


ICBC: Allianz and Amex Sell ICBC Stake for US$1.9 Billion
---------------------------------------------------------
The Industrial and Commercial Bank of China said Allianz SE and
American Express Co sold a combined US$1.9-billion stake in the
lender on expiry of a share lockup period, Shanghai Daily reports.

According to the report, ICBC said Allianz sold 3.216 billion Hong
Kong-listed shares, or half its stake, while Amex sold 638 million
shares, or half its stake.??Allianz and Amex sold their ICBC
stakes at HK$3.86 each or a discount of 4% to Monday's closing
price, the report says citing Bloomberg News.

The Wall Street Journal reports Allianz still holds 0.97 percent
of ICBC's total stake while American Express holds 0.2% after the
sale.  The lockup period for those shares will end Oct. 20, WSJ
notes.

Goldman Sachs Group Inc. (GS) was appointed sole bookrunner for
the deal, WSJ says citing a person familiar with the situation.
WSJ relates institutional investors said the U.S. investment bank
was sounding out buyers late last week, offering a tight single-
digit discount to the bank's share price.

                           About ICBC

The Industrial and Commercial Bank of China (ICBC) --
http://www.icbc.com.cn/-- is the largest state-owned commercial
bank, and is authorized by the State Council and the People's Bank
of China.  ICBC conducts operations across China as well as in
major international financial centers.

                          *     *     *

ICBC continues to carry Fitch Ratings' Individual D rating.

On May 4, 2007, Moody's Investors Service affirmed Industrial &
Commercial Bank of China Ltd's Bank Financial Strength Rating at
D-.  The outlook for BFSR is stable.  The outlook for the long-
term deposit rating is positive.



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

ABLE SMART: Members' and Creditors' Annual Meeting Set for May 19
-----------------------------------------------------------------
The members and creditors of Able Smart Holdings Limited will hold
their annual meetings on May 19, 2009, at 10:00 a.m. and
10:30 a.m., respectively, at 1401, Level 14, Tower 1 of Admiralty
Centre, in 18 Harcourt Road, Hong Kong.

At the meeting, Cosimo Borrelli and G Jacqueline Fangonil Walsh,
the company's liquidators, will give a report on the company's
wind-up proceedings and property disposal.


ASIA ALUMINUM: Court Enters Wind-Up Order
-----------------------------------------
On April 1, 2009, the High Court of Hong Kong entered an order to
have Asia Aluminum Manufacturing Company Limited's operations
wound up.

The company's provisional liquidators are:

          Fok Hei Yu
          Roderick John Sutton
          c/o Ferrier Hogson Limited
          The Hong Kong Club Building, 14th Floor
          3A Chater Road, Central
          Hong Kong


BALMAIN DEVELOPMENT: Court to Hear Wind-Up Petition on June 3
-------------------------------------------------------------
A petition to have Balmain Development Limited's operations wound
up will be heard before the High Court of Hong Kong on June 3,
2009, at 9:30 a.m.

Chiu Hoi Trading Company Limited filed the petition against the
company on March 27, 2009.

The Petitioner's solicitors are:

          Ho and Partners
          Grand Millennium Plaza
          Unit 1503, 15th Floor, Low Block
          No. 181 Queen's Road Central
          Hong Kong


CRYSTAL JADE: Creditors' and Contributories' Meeting Set for May 5
------------------------------------------------------------------
The creditors and contributories of Crystal Jade La Mian Xiao Long
Bao (Taikoo) Limited will hold their meetings on May 5, 2009, at
2:30 p.m. and 3:30 p.m., respectively, at the Official Receiver's
Office, 10th Floor of Queensway Government Offices, in 66
Queensway, Hong Kong.


GIVON INTERNATIONAL: Court to Hear Wind-Up Petition on June 10
--------------------------------------------------------------
A petition to have Givon International Health Spa Limited's
operations wound up will be heard before the High Court of Hong
Kong on June 10, 2009, at 9:30 a.m.

Bonny Ace Limited filed the petition against the company on
April 8, 2009.

The Petitioner's solicitors are:

          Ford, Kwan & Company
          Chinachem Golden Plaza
          Suites 1505-1508, 15th Floor
          No. 77 Mody Road, Tsimshatsui East
          Kowloon, Hong Kong
          Telephone: 2633 0688
          Facsimile: 2722 0736


INFINITY SERVICES: Members' Annual Meeting Set for May 4
--------------------------------------------------------
The members of Infinity Services Limited will hold their annual
meeting on May 4, 2009, at 10:30 a.m., at Room 203 of Duke of
Windsor Social Service Building, 15 Hennessy Road, in Wanchai,
Hong Kong.

At the meeting, Tang Yau Sing and Pang Fung Ming, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


JOYWORLD LIMITED: Creditors' Proofs of Debt Due on May 15
---------------------------------------------------------
The creditors of Joyworld Limited are required to file their
proofs of debt by May 15, 2009, to be included in the company's
dividend distribution.

The company's liquidators are:

          Desmond Chung Seng Chiong
          Roderick John Sutton
          c/o Ferrier Hodgson Limited
          The Hong Kong Club Building, 14th Floor
          3A Chater Road
          Central, Hong Kong


KANSA GENERAL: Liquidator Increases Secondary Payment to 52%
------------------------------------------------------------
On April 24, 2009, the liquidator of Kansa General International
Insurance Company Limited, Hong Kong Branch increased the
secondary payment percentage to Reinsurance preferential creditors
to 52% pursuant to the Scheme of Arrangement.  The additional 12%
distribution represents the final distribution to Reinsurance
Preferential creditors in the Hong Kong wind-up of the company.


LEABURG: Contributories' & Creditors' Meeting Set for May 26
------------------------------------------------------------
The contributories and creditors of Leaburg Engineering Limited
will hold their final meetings on May 26, 2009, at 11:00 a.m. and
11:30 a.m., respectively, at the 18th Floor of 1801 Wing On House,
71 Des Voeux Road, in Central, Hong Kong.

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


MODERN APEX: Court to Hear Wind-Up Petition on June 3
-----------------------------------------------------
A petition to have Modern Apex Arts Limited's operations wound up
will be heard before the High Court of Hong Kong on June 3, 2009,
at 9:30 a.m.

Chan Shun Yan filed the petition against the company on April 1,
2009.


PEREGRINE CAPITAL: Members' Annual Meeting Set for May 19
---------------------------------------------------------
The members of Peregrine Capital Limited will hold their annual
meeting on May 19, 2009, at 9:30 a.m., at the 20th Floor of
Prince's Building, 10 Chater Road, in Central, Hong Kong.

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


SCRIPT SECURITIZATION: S&P Downgrades Ratings on 2005-2 Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered the rating on Class D
of Series 2005-2 notes issued by Script Securitization Pty Ltd.
Southern Cross.  At the same time, the rating on Class D remains
on CreditWatch negative, where it was initially placed on
April 21, 2009.

The downgrade reflects the increased credit risk of underlying
portfolios in the transaction.  The synthetic rated over
collateralization level for the tranche fell below 100% at its
current rating level during the SROC analysis for the month of
April.  This indicates that the available credit enhancement for
the tranche is lower than the level required to maintain its
current rating.

The rating action taken on the affected transaction is:

                  Script Securitisation Pty Ltd.
                   Southern Cross Series 2005-2


                               Rating
                               ------
             Class        To             From
             -----        --             ----
             Class D      BB/Watch Neg   BB+/Watch Neg


SHANGHAI ZENDAI: Chairman Resignation Won't Affect S&P's B+ Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services said that the ratings and
outlook on Shanghai Zendai Property Ltd. (B+/Negative/--) are not
affected by the resignation of its major shareholder, Mr. Dai
Zhikang, as chairman.  In S&P's view, Mr. Dai's resignation will
unlikely signal a material change in the company's strategy for
these reasons: (1) Mr. Dai will remain an executive director of
the company; (2) Mr. Dai continues to own 50% of the company's
shares; and (3) the CEO will remain unchanged.

The rating on Shanghai Zendai reflects the company's volatile
financial performance, frequent corporate restructuring, extensive
related-party transactions, and increasing exposure to the
capital-intensive commercial property sector.  These weaknesses
are moderated by the good location of Shanghai Zendai's projects
in Shanghai, the company's growing recurring income, and its
adequate land bank for future development.


TEAM ENERGY: Sole Member to Receive Wind-Up Report on May 25
------------------------------------------------------------
The sole member of Team Energy Operations (HK) Limited will hold a
final meeting on May 25, 2009, at 10:00 a.m., at the 8th Floor of
Gloucester Tower, The Landmark, in 15 Queen's Road Central,
Hong Kong.

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


UFI TELECOM: Members' Final Meeting Set for May 25
--------------------------------------------------
The members of UFI Telecom Limited will hold their final meeting
on May 25, 2009, at 11:00 a.m., at Unit 306, 3rd Floor of Sah Sing
Life Building, 99-105 Des Voeux Road, in Central, Hong Kong.

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


WUI SHING: Placed Under Voluntary Wind-Up
-----------------------------------------
On April 17, 2009, the sole member of Wui Shing Watch Straps
Limited passed a resolution that volunatrily winds up the company'
operations.

The company's liquidator is:

          Ho Tak Kwong
          China Merchants Building, Rooms 801-803
          Nos. 303-307 Des Voeux Road Central
          Hong Kong


XELO PLC: S&P Downgrades Ratings on 2007 Tranche C to 'B'
---------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on Xelo PLC
Series 2007 (Spinnaker III Asia Mezzanine 2) Tranche C to 'B',
from 'BB/Watch Neg'.  The rating was subsequently withdrawn at the
request of the issuer.

The downgrade reflects the increased credit risk of underlying
portfolios in the transaction.  The synthetic rated over
collateralization level for tranche fell below 100% at its current
rating level during the SROC analysis for the month of April.
This indicates that the available credit enhancement is lower than
the level required to maintain its current rating.

The rating withdrawal follows noteholders' decision to exercise
their early redemption option in the transaction.

The rating actions on the affected transaction are:

  Name                        Rating To    Rating From    SROC
  ----                        ---------    -----------    ----
Xelo PLC Series 2007
(Spinnaker III Asia Mezz 2)
Tranche C                     B            BB/Watch Neg   100.1840%

Xelo PLC Series 2007
(Spinnaker III Asia Mezz 2)
Tranche C                     NR           B

                            NR — Not rated.



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I N D I A
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ANANYA HOSPITAL: CRISIL Places 'B' Rating on INR96.3 Mln LT Loan
----------------------------------------------------------------
CRISIL has assigned its rating of 'B/Stable' to the bank
facilities of Ananya Hospital Pvt Ltd (AHPL).

   INR96.3 Million Long Term Loan     B/Stable (Assigned)
   INR5 Million Cash Credit           B/Stable (Assigned)

The ratings reflect AHPL's small scale of operations in the
healthcare industry, and highly leveraged capital structure, and
exposure to risks relating to geographical concentration in
revenues.  However, these weaknesses are partially offset by the
benefits that the company derives from its established presence in
the specialty medical care segment.

Outlook: Stable

CRISIL believes that AHPL will maintain stable business and
financial risk profiles on the back of established presence,
efficient operations, and competent management.  The outlook may
be revised to 'Positive' if the company's financial risk profile
improves substantially, as a result of better margins or equity
infusion by promoters.  Conversely, the outlook may be revised to
'Negative' if the company undertakes large debt-funded capital
expenditure or reports a decline in margins, leading to
deterioration in financial risk profile.

                   About  Ananya Hospital

Set up in 2000 as a partnership firm in Bangalore by Dr. M J
Rajashekar, and his friends for providing medical care, it
converted to a private limited company in 2004.  In 2008-09
(refers to financial year, April 1 to March 31), the management
took over Shanbag Hospital, and currently operates with a capacity
of 105 beds.

AHPL reported a profit after tax (PAT) of INR3.0 million on sales
of INR47.1 million for 2007-08, as against a PAT of INR2.2 million
on sales of INR46.1 million for 2006-07.


ANANYA WOOD: Low Net Worth Prompts CRISIL 'BB-' Rating
------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4' to the various
bank facilities of Ananya Wood Pvt Ltd (AWPL).

   INR35 Million Cash Credit Limits*      BB-/Stable (Assigned)
   INR5 Million Standby Line of Credit    P4 (Assigned)
   INR40 Million Letter of Credit         P4 (Assigned)

   * There is one way interchangeability from cash credit to
     letter of credit limits.

The ratings reflect AWPL's constrained financial risk profile,
marked by moderate gearing, weak debt protection measures, and low
net worth.  The ratings also factor in AWPL's exposure to risks
relating to high dependence on Malaysia and West Africa for timber
supplies.  However, these weaknesses are partially offset by the
benefits that the company derives from its average business risk
profile.

As part of its rating exercise, CRISIL has combined the financial
profiles of AWPL, and Rajgaria Timber Pvt Ltd (RTPL).  This is
because AWPL and RTPL, together referred to as the Rajgaria group,
have a common management and are engaged in similar lines of
business.

Outlook: Stable

CRISIL believes that the Rajgaria group's financial risk profile
will remain strained over the medium term on account of weak debt
protection measures.  The outlook may be revised to 'Positive' if
there is considerable improvement in the group's profitability,
and the promoters infuse fresh equity to enhance its net worth.
Conversely, the outlook may be revised to 'Negative' if the group
undertakes large, debt-funded capital expenditure, or reports
decline in profitability.

                      About Ananya Wood
AWPL was set up by Mr. Pawan Kumar Rajgaria, and commenced
operations in 2006-07.  The company sells sawn timber, primarily
of the West African variety.  The Rajgaria group reported a profit
after tax (PAT) of INR4 million on revenues of INR611 million for
2007-08 (refers to financial year, April 1 to March 31), as
against a PAT of INR2 million on revenues of INR340 million for
2006-07.


B.J. EXPO: CRISIL Assigns 'D' Rating on INR152.8MM Long Term Loan
-----------------------------------------------------------------
CRISIL has assigned its rating of 'D/P5' to the bank facilities of
B.J.Expo Pvt Ltd (BEPL). The rating reflects BEPL's repeated
overdrawing of its working capital facilities over the past four
months.

   INR152.8 Million Long Term Loan           D (Assigned)
   INR180.00 Million Packing Credit          P5 (Assigned)
   INR110.00 Million Foreign Bill Purchase   P5 (Assigned)
   INR60.00 Million Standby Line of Credit   P5 (Assigned)
   INR100.00 Million Letter of Credit        P5 (Assigned)
   INR2.50 Million Bank Guarantee            P5 (Assigned)

                      About B.J.Expo

BEPL was promoted in 2001; it took over the business of a
proprietorship concern set up by its promoter in 1985.  The
company predominantly undertakes stitching job-works for Gap Inc's
multi-pocket cargo pants.  BEPL reported a profit after tax (PAT)
of INR119 million on sales of INR723 million in 2007-08 (refers to
financial year, April 1 to March 31), against INR160 million and
INR740 million, respectively, in 2006-07.


BEMCO HYDRAULICS: CRISIL Rates INR10.0 Mln Long Term Loan at 'B-'
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'B-/Negative/P4' to the bank
facilities of Bemco Hydraulics Ltd (Bemco).

   INR10.0 Million Long Term Loan          B-/Negative (Assigned)
   INR40.0 Million Cash Credit Limit       B-/Negative (Assigned)
   INR25.0 Million Letter of Credit Limit  P4 (Assigned)
   INR130.0 Million Bank Guarantee Limit   P4 (Assigned)

The ratings reflect Bemco's large working capital requirements,
small scale of operations, and below-average financial risk
profile, marked by a low net worth, high gearing, and weak debt
protection measures.  These weaknesses are partially offset by
Bemco's moderate operating efficiency.

Outlook: Negative

CRISIL believes that Bemco's liquidity will remain stretched
because of its large working capital requirements, leading to
pressure on its cash accruals and profitability.  The ratings may
be downgraded in case of further deterioration in the company's
financial risk profile, because of decline in profitability or
accruals, or in case the company undertakes large, debt-funded
capital expenditure, affecting its capital structure. Conversely,
the outlook may be revised to 'Stable' if Bemco scales up its
operations substantially, supported by a sustainable improvement
in its financial risk profile.

                    About Bemco Hydraulics

Bemco was incorporated as New Bemco Engineering Products Company
Ltd in 1957.  The company got its current name in 1976. Based in
Belgaum (Karnataka), Bemco manufactures hydraulic presses and
equipment that find application in automobile, defence, railways,
and other engineering sectors.  Bemco reported a profit after tax
(PAT) of INR1.85 million on net sales of INR199.28 million for
2007-08 (refers to financial year, April 1 to March 31), against a
PAT of INR5.19 million on net sales of INR188.27 million for 2006-
07.


FATEH CHAND: Fitch Assigns National Long-Term Rating at 'BB+'
-------------------------------------------------------------
Fitch Ratings has assigned India's Fateh Chand Charitable Trust a
National Long-term rating of 'BB+(ind) (BB plus(ind))'.
Simultaneously, the agency has assigned ratings of 'BB+(ind) (BB
plus(ind))' to FCCT's outstanding term loan limits of INR420
million (including INR15 million yet to be drawn), and 'F4(ind)'
to its non-fund based bank limits (comprising bank guarantees)
totalling INR105 million. The Outlook is Stable.

The operations of FCCT currently comprise only the Muzaffarnagar
Medical College and Hospital.  The assigned ratings reflect the
stable nature of revenues from MMCH, the adequate demand for
medical education and treatment in the country, and MMCH's robust
operating margins which translate into good operating cash flows.
The ratings also draw comfort from the good infrastructure
facilities at the college, and the quality and experience of the
faculty members.

Rating concerns emanate from the lack of track record on account
of the relatively small operational history of MMCH and its
stretched financial profile owing to the ongoing debt funded
capital expenditure.  The ratings are also constrained by the
regulatory challenges impacting the education sector.
Furthermore, the semi-urban clientele of the hospital limits the
scope of growth into high-end service.  Fitch notes that the size
of operations at MMCH will remain relatively small even after its
achievement of full-scale operations as per the current plan.

A sustained track record of stable revenues from MMCH and
significant improvement in financial leverage could be seen as
positive rating triggers.  Simultaneously, further deterioration
of financial leverage levels, vacant seats in medical college or
lower hospital occupancy leading to lower than expected revenues
and declined margins, non-completion of ongoing capital
expenditure by the proposed timeline and failure to meet the
requirements set by the Medical Council of India could act as
negative rating drivers.

MMCH has had a limited operational history of only three completed
financial years.  It started operations in 2006 and the first
batch of doctors will pass out in 2011. Currently in the growth
stage, it increased its revenues to INR146.65 million in FY08 from
INR22.75 million in FY06.  It enjoyed operating margins of 45.5%
in FY08 with an Op. EBITDAR of INR66.74 million and a net income
of INR22.6 million.  The total debt on books as of FY08 was
INR378.14 million and the financial leverage as measured by Total
Adjusted Debt/Op.  EBITDAR remained high at 5.55x.

FCCT is a charitable trust registered in Muzaffarnagar in 2005.
As of now, the operations of the Trust comprise only of the
operations of MMCH.  Fitch also notes that some requirements set
by the Medical Council of India are yet to be met; however, MMCH
is working towards meeting them as per schedule.


M.S. ENGINEERING: CRISIL Puts 'C' Rating on INR50 Mln Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'C/P4' to the various bank
facilities of M.S. Engineering.

   INR50 Million Cash Credit        C (Assigned)
   INR19.4 Million Bank Guarantee   P4 (Assigned)

The ratings factor in M.S. Engineering's frequently overdrawn cash
credit account, and its small scale of operations and low net
worth.  These weaknesses are, however, partially offset by M.S.
Engineering's average business risk profile.

                       About  M.S. Engineering

M.S. Engineering was set up as a partnership firm in 1984 by Mr.
Debabrata Das and Mr. Satyabrata Das.  The firm undertakes
construction and maintenance of roads made of bitumen. The firm
has executed several projects in West Bengal under the Pradhan
Mantri Gram Sadak Yojana (PMGSY) scheme. It reported a profit
after tax (PAT) of INR6.5 million on revenues of INR201.8 million
for 2007-08 (refers to financial year, April 1 to March 31), as
against a PAT of INR5.7 million on revenues of INR144.4 million
for 2006-07.


MEGHA FRUIT: CRISIL Assigns 'BB+' Ratings on INR20.0 Mln Term Loan
------------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4' to the various
bank facilities of Megha Fruit Processing Pvt Ltd (MFPPL).

   INR20.0 Million Term Loan         BB+/Stable (Assigned)
   INR30.0 Million Cash Credit       BB+/Stable (Assigned)
   INR10.0 Million Letter of Credit  P4 (Assigned)

The ratings reflect MFPPL's limited track record and small scale
of operations in the fruit drinks industry, and exposure to risks
relating to geographical concentration in its revenue profile.
However, these weaknesses are partially offset by the company's
comfortable financial risk profile, marked by average gearing, and
healthy debt protection measures.

Outlook: Stable

CRISIL believes that MFPPL will maintain a stable credit risk
profile on the back of strong cash accruals and healthy
profitability.  The outlook may be revised to 'Negative' if the
company's capital structure deteriorates on account of large,
debt-funded capital expenditure, or there is considerable decline
in profitability.  Conversely, the outlook may be revised to
'Positive' if the company scales up its operations materially, by
expanding its geographical reach, while maintaining strong
profitability.

                      About Megha Fruit

Set up in 2004 by Mr. K Sathya Shankar, MFPPL manufactures and
sells fruit drinks.  The company's facility at Puttur (Karnataka)
has capacity to manufacture around 3000 cases of fruit drinks per
year.  The company also manufactures milkshakes, squashes, and
fizzy drinks. Its products are marketed under the brand, Sip On.

MFPPL reported a profit after tax (PAT) of INR 8.30 million on
sales of INR77.98 million for 2007-08 (refers to financial year,
April 1 to March 31), as against a PAT of INR 5.36 million on
sales of INR41.83 million for 2006-07.


MP CHINI: CRISIL Reaffirms 'BB' Rating on INR403.5MM Cash Credit
----------------------------------------------------------------
CRISIL has reaffirmed its ratings of 'BB/Stable/P4' to MP Chini
Industries Ltd's (MP Chini's) bank facilities.

   INR403.5 Million Cash Credit *    BB/Stable (Reaffirmed)
   INR22 Million Bank Guarantee      P4 (Reaffirmed)

   * Interchangeable with sub-limits (documentary bill
     discounted, overdraft against discounting, and
     demand loans).

The ratings continue to reflect MP Chini's low operational
efficiency, because of the low level of backward and forward
integration at its sugar facility and unfavourable plant location,
and the highly regulated nature of the sugar industry.  These
weaknesses are mitigated by the company's high plant utilisation
and moderate financial risk profile.

Outlook: Stable

CRISIL expects MP Chini to maintain its business risk profile on
the back of increased revenues, given the decline in sugarcane
output.  The outlook may be revised to 'Positive' in case of a
substantial improvement in the company's financial risk profile,
supported by an increase in scale of operations or improvement in
profitability.  Conversely, the outlook may be revised to
'Negative' in case of pressure on its operating profitability, or
if the company undertakes more-than-expected debt-funded capital
expenditure.

                      About MP Chini

MP Chini is among the smaller players in the sugar industry, with
a licensed capacity of 3500 tonnes of cane crushed per day (tcd).
The company's 4-megawatt bagasse-based cogeneration plant suffices
for its power requirements. MP Chini has around 1000 acres of
agricultural land, around 40 per cent of which is used for cane
cultivation and seed trials. For 2007-08 (refers to financial
year, April 1 to March 31), the company reported a net profit of
INR15 million on sales of INR703 million, against INR5 million and
INR904 million, respectively, in the previous year.


SSA INTERNATIONAL: Fitch Assigns 'BB' National Long-Term Rating
---------------------------------------------------------------
Fitch Ratings has assigned India's SSA International Limited a
National Long-term rating of 'BB(ind)'.  Simultaneously, the
agency has assigned ratings of 'BB(ind)' to its outstanding term
loans aggregating INR307.3 million, 'BB(ind)'/'F4(ind)' to its
fund based working capital limits amounting to INR1800 million and
'BB(ind)'/'F4(ind)' to its non-fund based working capital limits
amounting to INR225 million.  The Outlook is Stable.

SSA's ratings reflect its established track record in paddy
processing and rice export markets.  The ratings are underpinned
by company's consistent growth and revenues during FY04-FY08.

The key concerns for the ratings emanate from SSA's small scale of
operations, a very high concentration risk in the export market
and low brand recall.  Fitch notes that India's rice milling
industry is very working capital intensive and is susceptible to
fluctuating raw material prices and vagaries of monsoons.  The
industry is subject to intervention by regulatory authorities by
way of policy changes.  The agency also notes that the rice
industry historically is a low margin business.

In FY08, SSA recorded total revenues of INR3,779 million and
operating EBITDA of INR171 million.  The company's operating
EBITDA margins and net margins stood at 4.5% and 1.3%,
respectively, and its total adjusted debt net of cash/Operating
EBITDA stood at 7.1x in FY08.  In 9M08 the company achieved sales
of INR3,313.9 million with an EBITDA margin of 5.6% and net margin
of 2.6%.

A positive ratings trigger would include a substantial reduction
in financial leverage in the medium-to-long term while
establishing a track record of consistent performance.  However,
any debt-funded capex resulting in the deterioration of its
financial leverage coupled with non-improvement in its financial
performance and adverse policy changes by regulatory authorities
will adversely affect its ratings.

Incorporated in February 1995, SSA is a 100% subsidiary of Samtex
Fashions Limited.  The company has a rice milling facility at
Samalkha with paddy milling capacity of 17 metric tonnes per hour
and rice bran milling capacity of 100 metric tonnes per day.
During FY09, SSA successfully set up a 9MTPH paddy milling plant
in Mandideep with a total capital outlay of INR292.6 million.  The
plant has been recently commissioned in February 2009.



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

PT TRUBA: S&P Affirms Corporate Credit Rating at 'B'
----------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating on PT Truba Alam Manunggal Engineering Tbk.  The
outlook was revised to negative from stable.  The rating was then
withdrawn at the company's request.  Truba has no rated debt
outstanding.

Truba's independent power producer project pipeline has not
progressed as planned with significantly fewer projects underway.
In addition, Truba's difficulty in obtaining nonrecourse debt
funding for its projects has resulted in higher-than-expected use
of cash.  As a result, the negative outlook reflects Truba's
weaker-than-expected liquidity and financial flexibility as well
as the current challenging operating environment, which may result
in a sustained weakening of Truba's financial profile.

In Standard & Poor's view, any improvement in Truba's credit
profile would need to be accompanied by a stronger order book, the
availability of more funding to support its IPP projects, and an
improvement in the regulatory environment.



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K O R E A
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* SOUTH KOREA: Court Receivership Filings Jump 243% in First Qtr
----------------------------------------------------------------
A total of 72 firms in South Korea filed for court receivership in
the first three months of 2009, up 243 percent from the same
period last year, The Korea Times reports citing the Seoul Central
District Court.

The report says the number of firms filing for court receivership
reached 21 each in the first and second quarter of 2008.  It then
fell to 18 in the third quarter but jumped to 50 in the fourth
quarter last year.  By year, the filings soared to 110 in 2008
from 29 in 2007, 22 in 2006, three in 2005 and 15 in 2004.

Individual applications, the report adds, also surged by 55
percent to 24,004 in the first quarter of this year from 15,500
the same period last year.

The Times meanwhile relates that the number of firms applying for
a debt-rescheduling program is also showing a steep rise.

The report says that according to the Financial Supervisory
Service (FSS), among large companies with debts of more than
KRW50 billion, a total of 10 companies, including Keangnam
Enterprise, Poonglim and Daehan Shipbuilding, have been put under
debt-rescheduling programs so far this year.

In addition, the number of small firms with debts of less than
KRW50 billion applying for the rescheduling program also rose to
671 in the fourth quarter of 2008 from 386 in the third quarter,
245 in the second quarter and 126 in the first quarter.



===========
K U W A I T
===========

GLOBAL INVESTMENT: Default Cues S&P to Downgrades Ratings to 'D'
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered its
short- and long-term counterparty credit ratings on Kuwait-based
Global Investment House KSCC to 'D/D' from 'SD/SD'.  Subsequently,
S&P withdrew the ratings at the request of GIH and the ratings
will be subject to no further surveillance.

"The rating action reflects our understanding from GIH that it has
defaulted on the majority of its financial obligations, as
announced by the company in January 2009," said Standard & Poor's
credit analyst Paul-Henri Pruvost.

This general default occurred following the triggering of cross-
default clauses when GIH did not meet principal repayment on a
$200 million syndicated loan due on Dec. 15, 2008.  According to
GIH, interest and coupon on financial obligations that came due
since then were paid when they were due.

Standard & Poor's understands that the company, as announced in
early March 2009, intends to undertake a restructuring of its debt
obligations that S&P would consider as a distressed exchange
offer.

                   S&P's 'D' AND 'SD' RATINGS

According to S&P's rating definitions, S&P assigns a 'D' rating
when S&P believes that any default will be a general default and
that the obligor will fail to pay all or substantially all of its
obligations as they come due.  S&P's default definition includes
payment defaults on both rated and unrated financial obligations.
In addition, under S&P's criteria, S&P treat distressed exchange
offers to restructure debt obligations as equivalent to a default
on the part of the issuer, even though, technically, investors may
accept such an offer voluntarily and no legal default occurs.

S&P assigns an 'SD' rating when S&P believes that the obligor has
selectively defaulted on a specific issue or class of obligations
but it will continue to meet its payment obligations on other
issues or classes of obligations in a timely manner.


NATIONAL INDUSTRIES: Moody's Downgrades Debt Ratings to 'Ba3'
-------------------------------------------------------------
Moody's Investors Service downgraded National Industries Group
Holding's debt ratings on the US$475 million sukuk issued by NIG
Sukuk Limited to Ba3 from Ba2 and concurrently assigned Corporate
Family and Probability of Default ratings of Ba3 to National
Industries Group Holding (S.A.K.).  The outlook remains negative.
The rating action reflects Moody's concerns over the ongoing
execution risk associated with the company's action plans to
improve its debt maturity profile through longer-term refinancing
given the prevalence of short-term debt in the capital structure
while acknowledging the cash resources available for meeting debt
maturities as they come due.  It also takes into account the
expectation that market value leverage may remain elevated while
the company's action plan is being implemented.

As background, sharp declines in global and local stock markets in
the last quarter of 2008 caused NIG's portfolio value to fall
significantly though it appears to have broadly stabilized since
January 2009 in the high 40% range.  Moody's had anticipated the
metric to have been stronger on the back of actions management has
initiated and is continuing to implement.  Taking this into
account, Moody's has also factored into the ratings the need for
NIG to improve its debt maturity profile by reducing exposure to
short-term debt.  NIG is in the process of effectively terming out
and redeeming short-term loans under an action plan that should
continue over the balance of the year.

Moody's does acknowledge that while NIG's overall maturity profile
leaves the company susceptible to a degree to short-term
refinancing risk, the agency does gain comfort from NIG's sizeable
cash balances and deposits of ca.  KD 222 million available as of
31 March, 2009 that can be applied to redeem short-term debt as it
matures.  NIG also holds additional quoted shares available for
sale amounting to approximately KD 276 million among its broader
diversified investment portfolio (which includes quoted shares in
associates and subsidiaries) should this be required as a
secondary source.  NIG furthermore continues to benefit from local
relationship banks that have remained supportive during this
period of unprecedented market volatility that represent the
majority of its lender base.

Nevertheless, the downgrade to Ba3 and the assignment of a
negative outlook reflects some degree of caution with respect to
Moody's assumptions regarding the timing of debt maturities
relative to its cash flow sources and the execution risk
associated with strengthening its debt maturity and liquidity
profile as previously factored into the ratings which the agency
is continuing to monitor.  The ratings continue to assume that
long-term key shareholders representing around 53% of the equity-
base remain supportive and that management is prepared to further
monetise assets should immediate liquidity needs arise that cannot
be met by its available cash resources.

Moody's last rating action on NIG was on January 29, 2009, when
the rating agency downgraded the ratings to Ba2 from Baa3 and
changed the outlook to negative.

National Industries Group, based in Kuwait City, is a publicly
listed investment holding company, and one of the largest publicly
traded companies in Kuwait.  Its business includes strategic and
financial stakes in companies across Kuwait and the GCC, focusing
primarily on building materials, specialist engineering,
petrochemicals, finance, real estate, oil & gas services and
energy sectors.



===============
M A L A Y S I A
===============

RHYTHM CONSOLIDATED: Placed Under PN17 Category
-----------------------------------------------
Rhythm Consolidated Berhad has been considered as an Affected
Listed Issuer under Practice Note No. 17/2005 of the Bursa
Malaysia Securities Berhad as the Company is unable to provide a
solvency declaration to Bursa as per the announcement of default
in payment by Monosetia Sdn Bhd.

Rhythm Consolidated disclosed that Hap Seng Credit Sdn Bhd filed a
writ of summon dated September 27, 2007, against Monosetia Sdn Bhd
(“MSB”), a wholly-owned subsidiary company of RCB, for
indebtedness of MYR2,925,336.22 (exclusive of interest and cost to
be awarded by the court, if any) due to the overdue of hire
purchase facility granted by Hap Seng Credit Sdn Bhd.

Hap Seng Credit Sdn Bhd has obtained judgement against the MSB on
February 5, 2008 for the repossession of the equipment.  The
equipment under the repossession was disposed at a value lower
than judgement sum and Hap Seng has demanded for the balance sum
of MYR1,259,199.27 together with interest accruing thereafter
until the date of full and final settlement and cost.

Rhythm said MSB is unable to service the repayment as it is
experiencing a cash flow deficiency due to its operational losses
and unfavourable business condition.

As an affected listed issuer, the Company is required to:

   (a) submit a plan to regularize the company's condition
       to the relevant authorities for approval within eight
       months;

   (b) announce the company's compliance or non-compliance with
       a particular obligation imposed pursuant to PN17 on an
       immediate basis;

   (c) announce the status of its Regulation Plan on a monthly
       basis until further notice from Bursa Securities;

   (d) implement the Regularisation Plan within the timeframe
       stipulated by the relevant authorities; and

   (e) announce the details of the Regularisation Plan as
       referred to in Paragraph 8.14C (3) of the Listing
       Requirements.

In the event that the Company fails to comply with its
obligations, it will have all its listed securities suspended
from trading and delisting procedures will be commenced against
it.

Rhythm Consolidated will undertake a comprehensive corporate and
debt restructuring exercise to regularize its position.

Based in Malaysia, Rhythm Consolidated Bhd is an investment
holding company.  The Company operates in five business segments:
publishing, trading and distribution of books, paper stationery,
printing paper and instruction manuals; manufacturing of music
books, novels, educational books and paper stationery; import,
wholesale and retail of paper products; marketing of diaries,
organizers, leather and polyvinyl chloride (PVC) folders, wallets,
bags, rain coats and others, and information and communication
technology, which includes credit cards terminal development and
solutions, and system application developer and system support.
During the fiscal year ended June 30, 2007 (fiscal 2007), the
Company acquired an additional 15% of interest in its associated
company namely, Rhythm ICT Services Sdn. Bhd., formerly known as
IQ Card Services Sdn Bhd, (ICT).  As a result, the Company owns
55% interest in ICT, and ICT became a subsidiary of the Company.


UBG BERHAD: Proposes MYR200T Ex-gratia Payment to Former Chairman
-----------------------------------------------------------------
UBG Berhad disclosed that the Company proposes to seek
shareholders' approval to pay an ex-gratia payment amounting to
MYR200,000 to Dato' Paduka Nik Hashim bin Nik Yusoff, the former
chairman and director of the Company, who resigned as chairman and
director of the Company on Dec. 31, 2007 and Sept. 19, 2008,
respectively.

The Proposed Ex-Gratia Payment is in recognition and appreciation
of Dato' Paduka Nik Hashim bin Nik Yusoff's contribution to the
growth of the Company which includes the significant achievement
of the completion of the sale of the Company's stake in Rashid
Hussain Berhad and for his long and dedicated services to the
Company during his tenure as a chairman and director.

The company also proposes to seek shareholders' approval to amend
its M&A at the coming Extraordinary General Meeting (“EGM”).

The Proposed Amendments are to:

   (i) align the M&A of the Company in line with the change of
       business of the Company, that is to say, it is no longer
       limited to the business of financial services or as the
       holding company of financial institutions;

  (ii) enhance the administration of internal affairs,
       particularly in relation to communications with and
       among Directors; and

(iii) correct typographical errors, and streamline and add
       clarity to the M&A.

The Proposed Ex-Gratia Payment and Proposed Amendments are subject
to approvals being obtained from:

   (i) the shareholders of the Company at the forthcoming EGM
       to be convened; and

  (ii) any other relevant regulatory authorities, where
       applicable.

Formerly known as Utama Banking Group Berhad, UBG Berhad's
principal activities are banking and related financial services.
Other activities include investment holding and provision of
nominees services.  Operations of the Group are carried out in
Malaysia.

                          *     *     *

The company is classified under Amended Practice Note 17 of the
Bursa Malaysia Securities Bhd's Listing Requirements after it
completed the disposal of its entire investment in Rashid
Hussain Berhad, leaving UBG with no significant business
operations.



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

CEA GROUP: Placed in Receivership; 300 Jobs Affected
----------------------------------------------------
A group of companies trading under the CEA banner have been placed
in receivership, the Otago Daily Times reports.

The group, which owns 20 mainly southern hotels and bars and
employs about 300 people, were placed in the hand of receivers
McGrath Nicol Partners in Auckland by an unnamed secured creditor
for an unspecified amount, the report says.

According to the report, Andrew Grenfell of McGrath Nicol said the
four companies are:

   -- CEA Trading;
   -- CEA Staff Employment Services;
   -- CEA Services NZ; and
   -- CEA Property.

The report relates Mr. Grenfell said it would be "business as
usual" for the companies while receivers liaised with employees,
customers, suppliers and regulatory authorities "to ensure minimal
disruption to operations".

Several Otago bars that are under the CEA umbrella include the
Speights Ale House and Shooters Bar in Wanaka and the Frankton Arm
Tavern in Queenstown, according to the Times.


PROVENCOCADMUS: Sells Vantex Unit to Ingram for NZ$22.5 Mln.
------------------------------------------------------------
ProvencoCadmus Limited said it has signed a conditional sale
agreement with subsidiaries of US listed Ingram Micro Inc. to sell
its Vantex division for NZ$22.5 million including collection of
retained debtors, subject to completion adjustments.

“The conditional sale to Ingram Micro is a significant step in the
recapitalization strategy as advised to shareholders, with
proceeds to be applied to reduce ProvencoCadmus' bank debt,” the
company said in a statement.

The sale is conditional on certain third party approvals including
ProvencoCadmus shareholder approval, there being no material
adverse change in the financial condition or operation of the
Vantex business prior to completion of the sale, and the
purchasers receiving notice in writing from the Australian
Competition and Consumer Commission that it will not object to the
acquisition.  The conditions are expected to be satisfied prior to
May 31, 2009.

The sale consideration comprises payment for the net assets on
completion and goodwill.  Ingram Micro has paid a deposit of
NZ$2 million, which is refundable if the conditions are not
satisfied. The balance of the consideration is payable in cash,
with an escrow amount of NZ$2 million being set aside for a period
of 12 months to support any warranty claims following completion.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 4, 2008, ProvencoCadmus posted a net loss of NZ$36.3 million
after restructuring costs, IP impairment and write off of tax
losses for the year ended June 30, 2008.

The company said that merger between Provenco and Cadmus was
finalized on May 8, 2008, and the annual result includes a full
year for Provenco and the last two months of the 2008 financial
year for Cadmus.

The Group reported revenues of NZ$160.9 million and a positive
operating cash flow position of NZ$9.8 million for the 12 months
ended June 30, 2008.  In line with market guidance given in June
2008, the Group delivered a NZ$9.9 million deficit before
interest, tax, depreciation, amortization and impairment (EBITDA
and impairment).  NZ$3 million of this amount represents costs
associated with the merger, restructuring and acquisition
activity.  The balance of NZ$6.9 million represents the trading
deficit for the year.

Rick Christie, Chairman of ProvencoCadmus, said "the 2008
financial year has been challenging for the company and the
overall financial loss of NZ$36.3 million, after asset impairment
and adjustments to taxation assets, is very disappointing."

                       About ProvencoCadmus

Based in New Zealand, ProvencoCadmus Limited formerly Provenco
Group Limited (NZX:PVO)-- http://www.provencocadmus.com/ --
designs, builds, distributes and services payment and transaction
solutions.  In Australasia, the company supplies payments and
transaction technology, countertop, mobile and wireless retail
hardware, and globally it supplies transaction, forecourt and site
management systems for the retail oil industry.  It has operations
in 25 countries across five continents.  On May 8, 2008, Provenco
Group Limited (PVO) and Cadmus Technology Limited (CTL) completed
their merger, with the merged company adopting the interim name of
ProvencoCadmus.



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

COVENANT ASSURANCE: Under Voluntary Receivership
------------------------------------------------
Covenant Assurance Co. Inc. has been placed under voluntary
receivership after failing to comply with the government's minimum
paid-up capital requirement, ABS-CBN News reports citing the
Insurance Commission.

According to the report, Insurance Deputy Commissioner Vida Chiong
said Covenant Assurance was placed under receivership by its
owners, who were unable to reach an agreement with potential
buyers of the company.

The report relates that 35 companies, consisting of 29 non-life
insurers and six life insurance providers, initially fell short of
the paid-up capitalization requirement of PHP75 million last year.
This has been reduced to 10 insurance firms, which were given
until April 30 to beef up resources in order to meet the capital
requirement, ABS-CBN News says.

The report, citing Ms. Chiong, discloses that as of April 28, all
the companies, except Covenant Assurance, already complied with
the commission's capitalization rules and would be issued their
respective Certificates of Authority.

Covenant Assurance Co. Inc. is a life insurance firm.



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

* S&P Downgrades Ratings on 39 Asia-Pacific Synthetic CDOs
----------------------------------------------------------
Standard & Poor's Ratings Services lowered the ratings on 39 Asia-
Pacific (excluding Japan) synthetic collateralized debt
obligations.  Eighteen of the downgraded CDOs remain on
CreditWatch with negative implications, while 21 ratings were
removed from CreditWatch negative and affirmed.  In addition, the
ratings on two other CDOs were taken off CreditWatch negative and
affirmed.

The downgrades listed in Table 1 below reflect the increased
credit risk of underlying portfolios in the respective
transactions.  The synthetic rated over collateralization levels
for tranches that have been downgraded fell below 100% at their
current rating levels during the SROC analysis for the month of
February.  This indicates that the available credit enhancement
for each of the tranches is lower than the level required to
maintain its current rating.  Where the SROC is less than 100%,
scenarios that project the current portfolio 90 days into the
future are run, assuming no asset rating migration.  Where this
projection indicates that the SROC would return to a level above
100%, the rating is maintained, but placed on CreditWatch
negative.  If the projection indicates that the SROC would remain
below 100%, the rating is immediately lowered.  If the rating on
the tranche is lowered to 'CCC-', and the SROC at 'CCC-' continues
to be less than 100%, the rating is not placed on CreditWatch
negative if S&P's assessment of aggregate loss is lower than the
available subordination in the respective portfolios.  The SROC
being lower than 100% reflects the implicit negative bias within
the 'CCC-' rating.

                              Table 1

  Deal Name            Rating To            Rating From          SROC
  ---------            ---------            -----------          ----
Aphex Pacific Capital
Ltd. Series 5
DESIGN 2006           B-/Watch Neg         B/Watch Neg          99.3317%
ARLO IX Ltd. 2007
(Pascal SCO A-1)      B                    BB-/Watch Neg       100.1486%
ARLO Ltd. Series 2006
(OCL-1)               CCC-                 CCC/Watch Neg       100.2653%
ARLO Ltd. Series 2006
(SKL CDO Series 11)   BB+pNRi/Watch Neg    BBBpNRi/Watch Neg    99.8954%
Athenee CDO PLC
Series 2007-2         BB+/Watch Neg        BBB+/Watch Neg       99.9683%
Athenee CDO PLC
Series 2007-3         BBB-                 BBB+/Watch Neg      100.1267%
Athenee CDO PLC
Series 2007-8         BBB-                 BBB+/Watch Neg      100.1267%
Athenee CDO PLC
Series 2007-9         BB+/Watch Neg        BBB+/Watch Neg       99.9683%
Athenee CDO PLC
Series 2007-10        AA                   AAA/Watch Neg       100.0310%
Athenee CDO PLC
Series 2007-11        BB+/Watch Neg        BBB+/Watch Neg       99.9683%
Athenee CDO PLC
Series 2007-15        BB+                  BBB+/Watch Neg      100.1166%
Beryl Finance Ltd.
Series 2008-4         BBB-pNRi/Watch Neg   BBB+pNRi/Watch Neg  100.1293%
Beryl Finance Ltd.
Series 2008-14        CCC+pNRi/Watch Neg   B-pNRi/Watch Neg    100.5708%
Castlereagh Trust
Series 1              CCC-                 CCC/Watch Neg       100.4675%
Chess II Ltd.
Series 2004-8         BBB+/Watch Neg       A-/Watch Neg         99.8739%
Corsair (Jersey)
No. 2 Ltd.
Series 72             CCC-                 B-/Watch Neg         99.9688%
Dragon A (CDS BNP)     BBB-srp/Watch Neg    BBBsrp/Watch Neg     99.7787%
Dragon AA (CDS BNP)    A-srp/Watch Neg      A+srp/Watch Neg      99.4155%
Echo Funding Pty Ltd.
Series 18             B-/Watch Neg         B/Watch Neg          99.8483%
Echo Funding Pty Ltd.
Series 19             CCC/Watch Neg        CCC+/Watch Neg       99.9754%
Echo Funding Pty Ltd.
Series 21             CCC+                 B+/Watch Neg        100.4041%
Eirles Two Ltd.
Series 241            CCC+                 B/Watch Neg         100.0649%
Magnolia Finance I PLC
Series 2006-21        CCC                  B-/Watch Neg        100.5120%
Magnolia Finance I PLC
Series 2006-22        CCC                  B-/Watch Neg        100.5120%
Mahogany Capital Ltd.
Series II             CCC-pNRi/Watch Neg   CCC+pNRi/Watch Neg   N/A
Morgan Stanley
Managed ACES SPC
Series 2006-12
Class IA              CCC-                 CCC+/Watch Neg       99.7481%
Morgan Stanley
ACES SPC
Series 2006-31        B/Watch Neg          BB-/Watch Neg        99.9681%
Morgan Stanley Managed
ACES SPC Series 2006-7
Class IIA             CCC-                 CCC/Watch Neg        99.6909%
Morgan Stanley
ACES SPC 2007-9
Class III
(Principal)           CCC+p                B-p/Watch Neg       101.5347%
Morgan Stanley ACES
SPC 2007-21
Class I               B-/Watch Neg         B+/Watch Neg         99.9353%
Obelisk Trust 2005-3
Mica                  BB+                  BBB-/Watch Neg      100.7254%
Saphir Finance PLC
Series 2006-5         CCC-pNRi/Watch Neg   CCC+pNRi/Watch Neg  100.3330%
Sceptre Capital B.V.
Series 2007-2         CCC+                 B/Watch Neg         108.1961%
SELECT ACCESS
New Zealand
Series 2004-3         A+/Watch Neg         AA/Watch Neg         99.3434%
SELECT ACCESS
Investments Ltd.
Series 2005-2         B                    BB/Watch Neg        100.2845%
Signum Platinum III
Ltd.
Series 2007-1         CCC-                 CCC+/Watch Neg       99.8667%
United Investment
Grade ABS CDO Fund
2005-1A               A-/Watch Neg         AA/Watch Neg         98.4583%
Xelo PLC Series 2006
(Spinnaker III
Asia Mezz)
Tranche B             CCC+                 B/Watch Neg         100.1444%
Xelo PLC Series 2007
(Spinnaker III Asia
Mezzanine 3)          CCC+                 B/Watch Neg         100.1444%

The ratings on these CDOs were removed from Credit Watch negative
at 'CCC-', and were affirmed, as S&P's assessment of aggregate
loss is lower than the available subordination in the respective
portfolios.  The SROC being lower than 100% reflects the implicit
negative bias within the 'CCC-' rating.

                             Table 2

  Deal Name                      Rating To     Rating From      SROC
  ---------                      ---------     -----------      ----
Cairn SC Jersey Finance Ltd. I   CCC-          CCC-/Watch Neg   97.8422%
Corsair (Jersey) No. 2 Ltd.
Series 97                       CCC-          CCC-/Watch Neg   98.4900%

Notes:

1. The rating action on Mahogany Capital Ltd. Series II follows
   that of Series 2006-5 credit-linked notes issued by Saphir
   Finance PLC (Saphir Finance PLC Series 2006-5).  The Saphir
   Finance PLC Series 2006-5 CLNs represent the authorized
   investments in the Mahogany Capital Ltd. Series II transaction.

2. Where the final price on defaulted reference names in CDO
   portfolios is not known, S&P's analysis takes into
   consideration the auction results for these names from the
   International Swaps and Derivatives Association, Inc.

3. NRi—Interest on the notes is not rated. N/A—Not applicable.


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

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


AUSTRALIA

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

CHINA

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

HONG KONG

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

INDIA

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


INDONESIA

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


JAPAN

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


KOREA

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

MALAYSIA

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

NEW ZEALAND

DOMINION FINANCE           DFH      258902749.12    -55312405.88


PHILIPPINES

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


SINGAPORE

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

TAIWAN

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


THAILAND

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



                         *********

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

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

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


                            *********


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

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

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

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

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





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