TCRAP_Public/090504.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

           Monday, May 4, 2009, Vol. 12, No. 86

                            Headlines

A U S T R A L I A

BABCOCK & BROWN: Chairman Nosworthy and CEO Larkin Quit Posts
BELL GROUP: Court Orders Banks to Pay AU$1.58 Billion
RESONANCE FUNDING: Moody's Downgrades Ratings on Five Classes


C H I N A

SANLU GROUP: Sanyuan to Reemploy All Sanlu Staff by November


H O N G  K O N G

CHAODA MODERN: Moody's Downgrades Corporate Family Rating to 'B1'
CHAODA MODERN: S&P Affirms Corporate Credit Rating at 'BB-'
CHINA GLASS: S&P Downgrades Corporate Credit Rating to 'B'
CHIU KEE: Appoints Lau Wu and Yuen Tsz as Liquidators
ETERNAL FINE: Creditors' and Contributories' Meeting Set for May 7

EVERWELL ELECTRONIC: Court to Hear Wind-Up Petition on June 10
KONLEX INVESTMENTS: Creditors' Proofs of Debt Due on June 1
MANDRA FORESTRY: S&P Downgrades Corporate Credit Rating to 'CC'
NINE DRAGONS: S&P Affirms 'BB' Long-Term Corporate Credit Rating
ORIENT PROPERTY: Appoints Sutton and Chiong as Liquidators

SERVICE CENTRE: Creditors' Proofs of Debt Due on May 14
SHS HONG KONG: Creditors' Proofs of Debt Due on June 1
SUN PEK: Court to Hear Wind-Up Petition on June 3
SUNTEAM CORPORATION: Placed Under Members' Voluntary Liquidation
WEETECK LIMITED: Inability to Pay Debts Prompts Wind-Up

YUN CHOY: Creditors' First Meeting Set for May 8


I N D I A

RAJGARIA TIMBER: Low Net Worth Cues CRISIL 'BB-' Rating
SAI SPONGE: Fitch Assigns National Long-Term Rating AT 'B+'
SAMBANDAM SIVA: CRISIL Puts 'B-' Rating on INR188.4 Mln LT Loan
SANYA AUTOMOBILES: CRISIL Places 'BB-' on INR152.5 Mln Cash Credit
SARAVANA SELVARATHNAM: CRISIL Rates INR500 Mln LT Loan at 'BB+'

SARVODAYA SUITINGS: CRISIL Puts 'B' Rating on INR160MM Cash Credit
SATYAM BALAJEE: CRISIL Places 'BB' Ratings on Various Bank Loans
SHREE CHARBHUJA: CRISIL Puts 'B+' Rating on INR52.5MM Cash Credit
SHREE ENTERPRISES: Low Net Worth Cues CRISIL 'B' Rating
SIGMA CONSTRUCTIONS: CRISIL Rates INR43MM Cash Credit at 'BB-'


J A P A N

ALL NIPPON: Reports First Annual Loss in Six Years
FUJIFILM HOLDINGS: To Lay off or Transfer 5,000 Jobs
ORIX-NRL TRUST: S&P Cuts Rating on Class I Certificates
ORIX-NRL TRUST: S&P Downgrades Ratings on Class D to G Certs.
SOFTBANK CORP: Sinks to JPY15.01 Bil. Loss on Bond Redemption Cost

* Increased Default Assumptions Cue Moody's Rating Cuts on CLOs
* S&P Junks Ratings on Six Tranches From 26 Japanese CDO Deals


M A L A Y S I A

NIKKO ELECTRONICS: Winding-Up Petition Hearing Moved to July 3


N E W  Z E A L A N D

3MEDIA GROUP: In Voluntary Liquidation
AUSTRAL PACIFIC: Placed in Receivership


S I N G A P O R E

FRASERS COMMERCIAL: May Raise Funds to Refinance Debt


S O U T H  A F R I C A

EDCON HOLDINGS: S&P Downgrades Corporate Credit Rating to 'B'


T A I W A N

NANYA TECHNOLOGY: Posts Eighth Consecutive Quarterly Loss
POWERCHIP SEMICONDUCTOR: Posts NT$6.29-Bln Net Loss in First Qtr


U N I T E D  A R A B  E M I R A T E S

TAMWEEL PJSC: Posts AED112.3 Million Loss in Fourth Quarter


                         - - - - -


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

BABCOCK & BROWN: Chairman Nosworthy and CEO Larkin Quit Posts
-------------------------------------------------------------
The administrators of Babcock & Brown Limited ("BNB") said that
they have been notified of the resignation of four members of
BNB's board of directors, including managing director and chief
executive Michael Larkin and chairman Elizabeth Nosworthy.

In a statement to the Australian Securities Exchange, BNB
administrators Deloitte Touche Tohmatsu said they have been
advised the resignation of Ms. Nosworthy, Mr. Larkin and directors
Roger P. Handley and Geoffrey Ian Martin and company secretaries
Sue Glenton and Dominic Millgate.  Babcock & Brown International
Pty Ltd ("BBIPL") director Geoffrey Ian Martin has also resigned.

Ms. Nosworthy, Mr. Handley and Mr. Larkin remain as directors of
BBIPL and Mr. Larkin remains as Managing Director and CEO of
BBIPL.

"The administrators of BBL have not been involved in any
discussions with the above parties leading up to their decision to
resign," Deloitte said in a statement.  "The administrators are
currently seeking legal advice around the proposed resignations
from BBL and the implications thereof."

Deloitte said they were not in the position to comment on any
impact the resignations may have on their investigation going
forward, but believed they had sufficient power under Corporations
Act of 2001 to obtain information needed to satisfactorily
conclude its investigation.

                    About Babcock & Brown

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

                          *     *     *

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

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


BELL GROUP: Court Orders Banks to Pay AU$1.58 Billion
-----------------------------------------------------
Supreme Court Justice Neville Owen of Western Australia has
ordered a group of 20 banks headed by Westpac to pay
AU$1.58 billion to the liquidators of the Bell Group as
compensation for their having grabbed security over a number of
Bell assets in 1990 as the group was nearing collapse, The
Australian reports.

Justice Owen, who presided over a record-breaking 404-day hearing
of a court case originally filed by liquidator Tony Woodings in
1995, also ordered the banks to pay AU$82.5 million in costs to
the liquidator, the report relates.

According to the report, the banks originally netted about AU$280
million from selling assets, including WA Newspapers, in 1991 but
the payout has been hugely increased by the passage of time and
the calculation of compound interest

Justice Owen's 65-page ruling focused only on working out how the
payments were arrived at, since last October he delivered his main
judgment, a 2643-page document which is thought to be the longest
judgment ever handed down in Australia, the report notes.

The Australian says that according to John Carrington, managing
partner of Blake Dawson, the liquidator's lawyers, last week's
payment order is the biggest ever awarded in Australia.

According to the Australian, one group of banks consists of
Westpac, Societe Generale, HSBC Australia, Standard Chartered and
Commonwealth Bank, while there is also a group of 16 overseas
banks including Lloyds TSB, Banco Espirito Santo SA, SEB AG of
Germany, Bank of Scotland, Credit Agricole, Bank Austria
Kreditanstalt, Credit Lyonnais, Dresdner Bank, Belgian bank KBC,
Skopbank, DZ Bank AG of Germany, the Gulf Bank, Calyon, Indosuez
and Equity Trust (Curacao) NV.

The report, citing Justice Owen in his original judgment, relates
the banks would still rank as creditors if they paid the money to
the liquidator.

                      About Bell Group

Bell Group Limited, formerly known as Western Australian Worsted
and Woollen Mills Limited, was delisted from the Australian
Stock Exchange on August 21, 1991, because of liquidation.  On
July 22, 2003, liquidator Tony Woodings started an action in
the WA Supreme Court against a group of 20 banks -- led by
Westpac -- in relation to their conduct in taking mortgages over
Bell Group assets in January 1990.  It was alleged the banks
knew or should have known that the company could not pay
creditors who were owed more than AU$800 million at the time.


RESONANCE FUNDING: Moody's Downgrades Ratings on Five Classes
-------------------------------------------------------------
Moody's Investors Service announced it has downgraded its ratings
of five classes of notes issued by Resonance Funding Pty Limited.

The transaction is a replenishable synthetic Balance Sheet CDO
referencing a pool of bank originated corporate loans.

The rating actions reflect the deterioration in the credit quality
of the transaction's reference portfolio and the revision of
certain key assumptions that the agency uses to rate and monitor
corporate CDOs.  These revised assumptions incorporate Moody's
expectation that global corporate default rates are likely to
greatly exceed their historical long-term averages and reflect the
heightened interdependence of credit markets in the current global
economic contraction.

Specifically, the changes include: (1) a 30% increase in the
assumed likelihood of default for corporate credits in CDOs (2) an
increase in the degree to which ratings are adjusted according to
other credit indicators such as rating Reviews and Outlooks and
(3) an increase in the default correlation applied to corporate
portfolios as generated through a combination of higher default
rates and increased asset correlations.

These revised assumptions are described in greater detail in the
press release published on January 15, 2009.  Moody's notes that
the global corporate loan sector currently has a negative outlook
and has shown signs of increasing weakness in terms of credit
performance.

In addition, for the majority of the underlying referenced assets,
the equivalent Moody's ratings used in Moody's analysis are
obtained through a mapping process between the originator's
internal rating scale and Moody's public rating scale.  To
compensate for the absence of credit indicators such as ratings
reviews and outlooks in mapped ratings, a half notch stress was
applied to the mapping scale.  Because the mapping was performed
prior to April 1, 2007, an additional stress on the default
probabilities was applied to capture potential deviations from the
established mapping.

Moody's initially analyzed and continues to monitor this
transaction using primarily the methodology and its supplements
for corporate synthetic CDOs as described in Moody's Special
Reports and press releases below:

  -- Moody's Approach To Rating Corporate Collateralized Synthetic
     Obligations (March 2009)

  -- Framework for De-Linking Hedge Counterparty Risks from Global
     Structured Finance Cashflow Transactions (May 2007)

The rating actions are:

Resonance Funding Pty Limited:

(1) AU$28 million Class C Secured Floating Rate Notes due
    March 2011

  -- Current Rating: A2
  -- Prior Rating: Aaa
  -- Prior Rating Date: 21 September 2006, assigned Aaa

(2) AU$11 million Class D Secured Floating Rate Notes due
    March 2011

  -- Current Rating: A3
  -- Prior Rating: Aa1
  -- Prior Rating Date: 21 September 2006, assigned Aa1

(3) AU$27 million Class E Secured Floating Rate Notes due
    March 2011

  -- Current Rating: Baa3
  -- Prior Rating: A1
  -- Prior Rating Date: 21 September 2006, assigned A1

(4) AU$21 million Class F Secured Floating Rate Notes due
    March 2011

  -- Current Rating: B2
  -- Prior Rating: Baa2
  -- Prior Rating Date: 21 September 2006, assigned Baa2

(5) AU$12 million Class G Secured Floating Rate Notes due
    March 2011

  -- Current Rating: Caa3
  -- Prior Rating: Ba1
  -- Prior Rating Date: 21 September 2006, assigned Ba1



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

SANLU GROUP: Sanyuan to Reemploy All Sanlu Staff by November
------------------------------------------------------------
All employees of Sanlu Group will be reemployed by November,
Xinhua News Agency reports citing the company's new owner.

According to the news agency, Hebei Sanyuan board chairman Gao
Qingshan said, Hebei Sanyuan Foods Co. Ltd., a subsidiary of the
Beijing Sanyuan Foods Co. Ltd. has signed contracts with 2,594
former employees of Sanlu.

"We will sign contracts with the remaining workers and all of them
will have returned to work by the end of November," Xinhua quoted
Gao as saying.

The report relates that Sanlu had 4,332 registered active-duty
staff, 455 retirees and three employees with industrial injuries
as of the end of 2008.

The Troubled Company Reporter-Asia Pacific, citing Shanghai Daily,
reported on Mar. 6, 2009, that Beijing Sanyuan won the bidding for
the core assets of the Sanlu Group.

According to the Shanghai Daily, Sanyuan bought Sanlu's core
assets at auction held March 4 in north China's Hebei Province at
the Intermediate People's Court of Shijiazhuang, for CNY616.5
million (US$90.1 million).

Beijing Sanyuan, the Daily related, acquired Sanlu's land use
rights, buildings, machinery and equipment as well as one of its
subsidiaries, the Linhe Dairy.

As reported in the TCR-AP on Feb. 16, 2009, China Daily said Sanlu
was declared bankrupt by a Chinese local court on Feb. 12, 2009.

According to China Daily, the Intermediate People's Court of
Shijiazhuang, capital of the northern Hebei Province, accepted the
bankruptcy petition for Sanlu, who faced a CNY1.1 billion
(US$161 million) debt, last December.

On September 25, 2008, the TCR-AP reported that the number of
children in China affected by melamine-contaminated milk has
reached 53,000, with Sanlu's products found to contain the highest
levels of the chemical.  Melamine is used to make plastics and
fertilizer, and can cause kidney stones and lead to kidney failure
when consumed.

The TCR-AP, citing the People's Daily Online, reported on Dec. 29,
2008, Sanlu stopped production in September last year and on
Oct. 31 recalled more than 10,000 tonnes of baby formula products
worth nearly CNY1 billion.

                        About Sanlu Group

Sanlu Group Co is a Chinese dairy products company based in
Shijiazhuang, the capital city of Hebei Province.  The state-owned
company is one of the oldest and most popular brands of infant
formula in China.  Sanlu is 43% owned by Fonterra.



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

CHAODA MODERN: Moody's Downgrades Corporate Family Rating to 'B1'
-----------------------------------------------------------------
Moody's Investors Service has downgraded Chaoda Modern Agriculture
(Holdings) Ltd's corporate family and foreign currency debt
ratings to B1 from Ba3.  The ratings are under review for further
possible downgrade.

"The rating action reflects Moody's concern over Chaoda's weaker-
than-expected debt and risk management," says Ken Chan, a Moody's
Vice President.

"Furthermore, the company's liquidity profile will be weakened in
relation to its US$225 million high-yield debt maturing in
February 2010, even it is able to redeem the convertible bonds due
on May 8, 2009," comments Chan, " Moody's believes the company's
incoherent financing moves may impair its capital markets access
in the near-term," adds Chan.

Moody's understands that the company's offshore cash, including
the HK$400 million proceeds from share placement in February 2009,
falls short of the HK$1.56 billion convertible bonds repayment and
it is in the process of repatriating cash from China.

The review will focus on if sufficient funds will be made
available to meet the convertible bond repayment on time, the
company's refinancing plans for its high yield bond repayment in
February 2010 and internal financial and risk management.

The last rating action with respect to Chaoda was taken on
March 31, 2009 when its rating was downgraded to Ba3 from Ba2, and
the outlook remained at negative.

Chaoda's ratings were assigned by evaluating factors Moody's
believes are relevant to the credit profile of the issuer, such as
i) the business risk and competitive position of the company
versus others within its industry; ii) the capital structure and
financial risk of the company; iii) the projected performance of
the company over the near to intermediate term; and iv)
management's track record and tolerance for risk.

These attributes were compared against other issuers both within
and outside of Chaoda's core industry; Chaoda's ratings are
believed to be comparable to those of other issuers of similar
credit risk.

Chaoda Modern Agriculture (Holdings) Ltd is a vertically-
integrated agricultural company.  It produces and distributes
fruit and vegetables in China and is also involved in livestock
breeding and sales.


CHAODA MODERN: S&P Affirms Corporate Credit Rating at 'BB-'
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed the
'BB-' long-term corporate credit rating on Chaoda Modern
Agriculture (Holdings) Ltd.  The outlook is negative.  At the same
time, Standard & Poor's affirmed the 'BB-' issue rating on the
company's US$225 million senior notes due February 2010 and Hong
Kong 1.34 billion convertible bond due May 2011.  Both ratings
were removed from CreditWatch, where they were placed with
negative implications on March 3, 2009.

"We affirmed the rating with a negative outlook to reflect our
expectation that Chaoda's liquidity position will materially
weaken after the company redeems its convertible bond and because
of its high ongoing capital spending plans to fund aggressive
growth," said Standard & Poor's credit analyst Bei Fu.

S&P believes Chaoda should be able to redeem its convertible bond
on time, financed by internal cash resources.  The original
CreditWatch placement reflected the immediate risk to Chaoda's
liquidity associated with the put date of the company's bond and
the lack of clarity over its plan to finance the potential put
option exercise.  On April 22, 2009, Chaoda confirmed that it will
redeem all of its outstanding convertible bond for about
HK$1.5 billion on May 8, 2009.

S&P expects Chaoda's cash balance to be materially depleted
following the redemption. Chaoda raised HK$391 million through a
share placement on Feb. 20, 2009 and it has an undrawn bank
facility RMB410 million.  However, S&P believes that, based on
historical operating cash inflow, the company's liquidity level is
unlikely to be sufficient to cover the upcoming repayment of its
US$225 million senior unsecured notes on Feb. 8, 2010 and fund
Chaoda's ambitious growth plan for fiscal 2009 with a planned
annual capex of RMB2.5 billion-RMB3 billion.  These risks are
partly mitigated because Chaoda's operating cash flow turned
positive for the first time in the first half of 2009 and it has
the flexibility to scale back its planed capex because the
majority is on an uncommitted basis.  In addition, the company may
have the flexibility to look for further funding through domestic
banks.

Chaoda's weaknesses are tempered by a sound earnings track record,
which is supported by China's sound demand for agricultural goods
and the company's position as the leading industrialized
agriculture enterprise.  Some uncertainty remains over the quality
of the company's corporate governance practices.

"The negative outlook reflects our view that the company will
continue to operate with tight liquidity.  S&P could lower the
rating if Chadoa does not secure a concrete refinancing plan three
months' prior to the senior notes maturity date and Chaoda's
operating cash flow subsequently deteriorates from the current
level.  S&P may revise the outlook to stable if Chaoda is able to
refinance and it sustains its operating performance at the current
level," said Ms. Fu.


CHINA GLASS: S&P Downgrades Corporate Credit Rating to 'B'
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit rating on China Glass Holdings Ltd. to 'B' from 'B+'.  The
outlook is negative.  At the same time, Standard & Poor's lowered
the issue rating on China Glass' senior unsecured notes due 2012
to 'B' from 'B+'.

The downgrade follows China Glass' results announcement for 2008,
which were substantially weaker than S&P's expectation when S&P
revised its rating outlook to negative on February 2009.  S&P
believes China Glass' credit metrics are likely to remain weakened
in 2009.

"In our view, the company's margin and cash flow generation are to
remain pressured in 2009 as global and domestic demand for glass
products continues to be weak, and industry-wide inventory level
continues to be high," said Standard & Poor's credit analyst
Lawrence Lu.  "We expect both factors to more than offset the
benefit China Glass will likely gain from lower fuel and material
costs."

In addition, the company's debt will increase, due to the
construction of its Jiangsu project, for which China Glass has
already secured a bank loan of Chinese renminbi 150 million, Mr.
Lu said.

China Glass' ratio of total debt to EBITDA was 10.3x in 2008
(2007: 3.3x) and its EBITDA interest coverage was 1.2x (2007:
3.3x), which are much weaker than S&P's expectation of about 5.5x
and below 2.0x, respectively.  This was mainly due to a material
decline in EBITDA, affected by provisions on receivables and
inventory in second half 2008.

Support from strategic and financial investors, including Hony
International Ltd., Pilkington PLC, and International Finance
Corp. (foreign currency rating AAA/Stable/A-1+), in planning,
technology, and financial management continues to underpin the
rating.  In addition, S&P expects the company to be able to
migrate to higher-margin, high value-added low-emission glass
products from flat glass products, and to remain competitive in
the marketplace.

In S&P's view, China Glass' liquidity is weak. As at Dec. 31,
2008, the company had cash and cash equivalents of about
RMB279.5 million (first half 2008: RMB230 million), compared with
its short-term debt of about RMB249.0 million (first half 2008:
RMB197 billion).  Its weak operating cash flow generation provides
limited liquidity buffer to the company.


CHIU KEE: Appoints Lau Wu and Yuen Tsz as Liquidators
-----------------------------------------------------
On March 31, 2009, Lau Wu Kwai King, Lauren and Yuen Tsz Chun,
Frank were appointed as liquidators of Chiu Kee Construction
Company Limited.

The Liquidators can be reached at:

          Lau Wu Kwai King, Lauren
          Yuen Tsz Chun, Frank
          Messrs. KLC Kennic Lui & Co.
          Ho Lee Commercial Building, 5th Floor
          38-44 D'Aguilar Street, Central
          Hong Kong


ETERNAL FINE: Creditors' and Contributories' Meeting Set for May 7
------------------------------------------------------------------
The creditors and contributories of Eternal Fine Engineering
Limited will hold their meeting on May 7, 2009, at 10:30 a.m. and
11:30 a.m. respectively, at the Official Receiver's Office, 10th
Floor of Queensway Government Offices, in 66 Queensway, Hong Kong.


EVERWELL ELECTRONIC: Court to Hear Wind-Up Petition on June 10
--------------------------------------------------------------
A petition to have Everwell Electronic Products Limited's
operations wound up will be heard before the High Court of
Hong Kong on June 10, 2009, at 9:30 a.m.

Hang Seng Bank Limited filed the petition against the company on
April 7, 2009.

The Petitioner's solicitors are:

          Li, Kwok & Law
          Man Yee Building, Units 1204-6
          68 Des Voeux Road Central
          Hong Kong


KONLEX INVESTMENTS: Creditors' Proofs of Debt Due on June 1
-----------------------------------------------------------
The creditors of Konlex Investments Limited are required to file
their proofs of debt by June 1, 2009, to be included in the
company's dividend distribution.

The company's liquidator is:

          Lam Tak Keung
          World Finance Centre
          Suite 504, South Tower
          Harbour City, 17-19 Canton Road
          Tsimshatsui, Kowloon
          Hong Kong


MANDRA FORESTRY: S&P Downgrades Corporate Credit Rating to 'CC'
---------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its long-term
corporate credit rating on Mandra Forestry Finance Ltd. and its
issue rating on Mandra's US$195 million guaranteed senior notes
due May 15, 2013, to 'CC' from 'CCC+'.  The outlook on the
corporate credit rating is negative.

The downgrade follows Mandra's announcement on April 28, 2009,
that it does not intend to make its May 15, 2009, interest payment
until the drawdown of the working capital facility in China or the
completion of the proposed acquisition and related restructuring
is confirmed.  Standard & Poor's will lower the ratings to 'D'
when Mandra fails to make its coupon payment on the notes on
May 15, 2009.

"We view Mandra's current negotiation with third parties for the
possible sale of a portion or all of its business such that it
will also include a restructuring of terms on its guaranteed
senior notes as a sign of material financial distress on its
ability to service the senior notes," said Standard
& Poor's credit analyst Ryan Tsang.

In S&P's view, the restructuring of the senior notes may involve
deep discount, and will significantly lower the recovery rate for
the note.  Mandra also indicated that, if the discussion is
unsuccessful, it will look to propose a restructuring of the
company to the noteholders directly.

In S&P's opinion, Mandra's liquidity is extremely weak.  Its cash
balance as at Sept. 30, 2008, was US$28.7 million, marginally
covering the US$23 million interest payment due on May 15, 2009.
Mandra has limited access to additional funding, because it is
constrained by the restrictive covenant set in the guaranteed
senior notes terms.


NINE DRAGONS: S&P Affirms 'BB' Long-Term Corporate Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'BB' long-term corporate credit rating on Nine Dragons Paper
(Holdings) Ltd.  The outlook is negative.  At the same time,
Standard & Poor's affirmed its 'BB-' issue rating on the company's
US$300 million senior unsecured notes due April 2013.  Both
ratings were removed from CreditWatch, where they were placed with
negative implications on Oct. 13, 2008.

"We removed the rating from CreditWatch and affirmed the rating to
reflect S&P's view that: (1) Nine Dragons' financial flexibility
improved after it successfully renegotiated the loan covenants
relating to two syndicated bank loans; and 2) the company's
immediate liquidity pressure materially lessened after it repaid
its syndicated loans due, repurchased 60% of its outstanding
senior notes, and refinanced or repaid part of its short-term
borrowings due this calendar year," said Standard & Poor's credit
analyst Ryan Tsang.

The affirmed ratings also reflect the fact that Nine Dragons'
gearing level remains high, even though it has repaid a
significant amount of borrowings, and its financial performance
has significantly deteriorated.

Nine Dragons' financial performance materially weakened during the
first half of the fiscal year ending June 2009.  Its EBTIDA margin
fell to 12.3% compared with 20.5% in the same period in 2007.  The
decline was mainly attributable to the rapid increase in raw
material prices in early 2008 and the fall in average selling
prices of packaging paperboard products in the second half of
2008.

Nine Dragons' profitability should benefit this fiscal year from
the recent drop in recovered paper prices and a small pickup in
average selling prices.  Nevertheless, S&P believes the company's
margins are unlikely to improve to a level comparable to that in
the previous fiscal year.

Nine Dragons' good market position in China continues to be a
supporting rating factor.  The company has shifted its packaging
paperboard sales to the domestic market from an international
focus, and this has helped to mitigate the sharp drop in overseas
demand.  Total sales related to domestic consumption represented
78% of the company's total sales as at Dec. 31, 2008, compared
with 58% as at Dec. 31, 2007.

"The negative outlook on Nine Dragons reflects, in S&P's view, the
likelihood that the company's high leverage may not improve due to
likely weak cash generation and significant capital expenditure
commitments.  Although S&P expects Nine Dragons' operating
performance to stabilize over the next 12 months, the company is
likely to remain vulnerable to unstable economic conditions," said
Mr. Tsang.


ORIENT PROPERTY: Appoints Sutton and Chiong as Liquidators
----------------------------------------------------------
On April 17, 2009, Roderick John Sutton and Desmond Seng Chiong
were appointed as liquidators of Orient Property Group Limited.

The Liquidators can be reached at:

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


SERVICE CENTRE: Creditors' Proofs of Debt Due on May 14
-------------------------------------------------------
The creditors of Service Centre (Hong Kong Inter-Association)
Limited are required to file their proofs of debt by May 14, 2009,
to be included in the company's dividend distribution.

The company's liquidators are:

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


SHS HONG KONG: Creditors' Proofs of Debt Due on June 1
------------------------------------------------------
The creditors of SHS Hong Kong Company Limited are required to
file their proofs of debt by June 1, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 23, 2009.

The company's liquidator is:

          Leung Mei Fan
          Allied Kajima Building, Room 1005
          138 Gloucester Road, Wan Chai
          Hong Kong


SUN PEK: Court to Hear Wind-Up Petition on June 3
-------------------------------------------------
A petition to have Sun Pek Kong Medicine 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 Chi Ho filed the petition against the company on March 31,
2009.

The Petitioner's solicitors are:

          Messrs. Chan, Wong & Lam
          Shui On Centre
          Suites 3009-12, 30th Floor
          6-8 Harbour Road
          Hong Kong SAR


SUNTEAM CORPORATION: Placed Under Members' Voluntary Liquidation
----------------------------------------------------------------
On April 17, 2009, the sole member of Sunteam Corporation Limited
passed a resolution that voluntarily liquidates the company's
business.

The company's liquidator is:

          Christopher Harvey Hall
          The Center, 31st Floor
          99 Queen's Road Central
          Hong Kong


WEETECK LIMITED: Inability to Pay Debts Prompts Wind-Up
-------------------------------------------------------
At an extraordinary general meeting held on April 24, 2009, the
member of Weeteck Limited resolved to voluntarily wind up the
company's operations due to its inability to pay debts when it
fall due.

The company's liquidator is:

          Kong Chi How, Johnson
          BDO Financial Services Limited
          Wing On Centre, Room 1302, 13th Floor
          111 Connaught Road Central
          Hong Kong


YUN CHOY: Creditors' First Meeting Set for May 8
------------------------------------------------
The creditors of Yun Choy Limited will hold their first meeting on
May 8, 2009, at 3:30 p.m., at the 2nd Floor of Wing Yee Commercial
Building, 5 Wing Kut Street, in Central, Hong Kong.

At the meeting, the creditors will be asked to:

   -- decide whether to apply to the court for the appointment
      of a person to be the liquidator in place of the joint and
      several provisional liquidator;

   -- determine whether an application is to be made to the
      court for jthe appointment of contributories and creditors
      to a committee of inspection; and

   -- determine whether the proposed liquidator shoulb be entitled
      to renumeration on a time-costs basis or such other basis as
      should be determined by the Court under Section 196(2) of
      the Companies Ordinance and such renumeration should be paid
      out of the assers of the company.



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

RAJGARIA TIMBER: Low Net Worth Cues CRISIL 'BB-' Rating
-------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4' to the various
bank facilities of Rajgaria Timber Pvt Ltd (RTPL).

   INR65 Million Cash Credit Limits *     BB-/Stable (Assigned)
   INR25 Million Standby Line of Credit   P4 (Assigned)
   INR90 Million Letter of Credit         P4 (Assigned)

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

The ratings reflect RTPL's constrained financial risk profile,
marked by moderate gearing, weak debt protection measures, and low
net worth.  The ratings also factor in RTPL'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 RTPL, and Ananya Wood Pvt Ltd (AWPL).  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 Rajgaria Timber

Set up as a partnership firm by the Kolkata based Rajgaria family,
RTPL converted to a private limited company in 2000.  After a
division in the family in 2004, Mr. Pawan Kumar Rajgaria acquired
controlling stake in RTPL.  The company sells sawn timber; it
imports timber logs from Malaysia, Burma, and West Africa.  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.


SAI SPONGE: Fitch Assigns National Long-Term Rating AT 'B+'
-----------------------------------------------------------
Fitch Ratings has assigned a National Long-term rating of 'B+
(ind)' to India-based Sai Sponge Limited.  The Outlook is Stable.
Fitch has also assigned these ratings to SSL's bank loans:

  -- Outstanding long-term loans aggregating INR5.0 million: 'B+
     (ind)';

  -- Sanctioned non-fund based limits aggregating INR15.0 million:
     National Short-term rating of 'F4(ind)'; and

  -- Cash Credit Limits aggregating INR80.0 million: National
     Long-term rating of 'B+(ind)'.

The ratings reflect SSL's relatively small size of operations in
the steel sector which, coupled with its exposure to raw material
volatility and the commodity-based nature of its product profile,
exposes it to relatively high business risks.  The ratings also
reflect the limited track record of the company in a cyclical
industry.  The company has been in operation for the past four
years and has exhibited a consistent growth in volumes supported
by a steady income from its trading activities, in line with the
strong buoyancy in steel demand.  However, Fitch remains concerned
over the low capacity utilization of its facilities in the past
few years on account of political disturbances around the
facility.  Fitch also notes that SSL is a 100% subsidiary of Super
Smelters Limited; although the agency has taken a standalone view
of SSL when assigning ratings.

SSL is a single product company involved in the production of
sponge iron with a current capacity of 60,000MTPA.  The company
sells almost 90-95% of its finished products to Super Smelters
Ltd.  The EBITDA margin over the last three years has improved
from 2.4% in FY06 to 7.7% in FY08, mainly due to improved
utilization in production capacity and lower trading activities.

Fitch notes that an increase in capacity utilisation, along with
sustained operating margins, an increase in interest coverage over
3.0x and reduced gross leverage of below 2.0x, will be a reason
for a rating upgrade. Conversely, any major reduction in operating
margins along with increased gross leverage of over 3.0x will be a
negative rating trigger.

SSL had total debt of INR72.7 million at FY08.  The company's
financial leverage (Total Adjusted Debt net of cash /Op. EBITDAR)
improved significantly to 2.3x in FY08 from 6.1x in FY07, while
its total adjusted debt/total adjusted capital improved to 33.9%
in FY08 from 41.2% in FY07.


SAMBANDAM SIVA: CRISIL Puts 'B-' Rating on INR188.4 Mln LT Loan
---------------------------------------------------------------
CRISIL has assigned its ratings of 'B-/Negative/P4' to the bank
facilities of Sambandam Siva Textiles Pvt Ltd (SSTPL).

   INR144.5 Million Cash Credit       B-/Negative (Assigned)
   INR188.4 Million Long Term Loan    B-/Negative (Assigned)
   INR17.00 Million Bank Guarantee    P4 (Assigned)
   INR8.00 Million Letter of Credit   P4 (Assigned)

The ratings reflect SSTPL's weak financial risk profile,
geographical concentration in revenues, vulnerability to
fluctuations in the prices of cotton and cotton yarn, and small
scale of operations.  These rating weaknesses are mitigated by the
benefits that SSTPL derives from its management's experience, and
its established presence in the textile spinning industry.

Outlook: Negative

CRISIL believes that SSTPL's financial risk profile will weaken
further over the medium term, because of the unfavourable
conditions in the textile industry.  The rating may be downgraded
if there is a steep deterioration in the company's financial risk
profile, or if it undertakes large, debt-funded capital
expenditure.  Conversely, the outlook may be revised to 'Stable'
if the company's financial risk profile improves, supported by an
increase in scale of operations.

                      About Sambandam Siva

SSTPL, incorporated in 1994 and based in Salem, Tamil Nadu,
manufactures cotton yarn in the count range of 30s to 90s.  It has
an installed capacity of 30,240 spindles, and is part of the
three-decade-old Sambandam group.  SSTPL reported a profit after
tax (PAT) of INR13 million on net sales of INR360 million in 2007-
08 (refers to financial year, April 1 to March 31), against a PAT
of INR12 million on net sales of INR349 million in 2006-07.


SANYA AUTOMOBILES: CRISIL Places 'BB-' on INR152.5 Mln Cash Credit
------------------------------------------------------------------
CRISIL has assigned its rating of 'BB-/Stable' to the bank
facilities of Sanya Automobiles Pvt Ltd (Sanya Automobiles).

   INR152.5 Million Cash Credit         BB-/Stable (Assigned)
   INR97.5 Million Overdraft Facility   BB-/Stable (Assigned)

The rating reflects Sanya Automobiles' low return on capital
employed, sub-par financial risk profile marked by high gearing
due to working capital-intensive nature of operations, and small
capital base.  These weaknesses are mitigated by the company's
well-established presence as a dealer of Tata Motors Ltd (Tata
Motors, rated 'A/Stable/P1' by CRISIL) in Delhi, with three
showrooms and two workshops.

Outlook: Stable

CRISIL expects Sanya Automobiles to maintain its business risk
profile, supported by its well-equipped workshops, relationships
with institutional customers, and promoters' experience in the
auto dealership business.  The firm's financial risk profile is,
however, expected to remain moderate on account of lower
profitability, resulting in moderate debt protection measures.  A
significant improvement in the net worth, including through equity
infusion, resulting in an improved capital structure, may result
in the outlook being revised to 'Positive'.  Conversely, a decline
in profitability or on account of higher gearing, will result in
the outlook being revised to 'Negative'.

                      About Sanya Automobiles

Sanya Automobiles became a dealer for Tata Motors in 2001.  The
company has three showrooms and two workshops in New Delhi -
showrooms at Defence Colony, Okhla, and Mayapuri; workshops at
Okhla and Mayapuri.

For 2007-08 (refers to financial year, April 1 to March 31), Sanya
Automobiles reported a profit after tax of INR2.10 million (INR0.7
million in 2006-07) on net sales of INR1129.3 million (INR1001.4
million).


SARAVANA SELVARATHNAM: CRISIL Rates INR500 Mln LT Loan at 'BB+'
---------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable' to the bank
facilities of Saravana Selvarathnam Retail Pvt Ltd (SSRPL).

   INR300 Million Cash Credit      BB+/Stable(Assigned)
   INR500 Million Long Term Loan   BB+/Stable(Assigned)

The ratings reflect the Saravana Selvarathnam group's below-
average financial risk profile, and the highly competitive nature
of the retail business.  These weaknesses are mitigated by the
group's established market position and brand image in the Chennai
retail market.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SSRPL, Saravana Selvarathnam Trading
and Manufacturing Pvt Ltd, Saravana Selvarathnam (Sweets), and
Saravana Selvarathnam (Water), collectively referred to as the
Saravana Selvarathnam group; this is because the four entities
have a common management and are all in the retail business,
though in different product segments.  The entities have a
centralised system for procurement of goods, and free intra-group
cash flows.

Outlook: Stable

CRISIL expects the Saravana Selvarathnam group to maintain its
healthy business risk profile, supported by its established brand
image in Chennai.  The outlook may be revised to 'Positive' if the
group's financial risk profile improves with significant
improvement in profitability and debt protection measures.  The
outlook may be revised to 'Negative' in the event of significant
debt funded capital expenditure, in case of unexpected delays in
the construction of the group's new shopping complex leading to a
mismatch in cashflows, or if the group faces pressure on
realisations because of intense competition.

                   About Saravana Selvarathnam

SSRPL was set up in 2007; it took over the business of the
partnership firm of its promoters.  The partnership firm was set
up in 1980.  The company owns three leading retail stores in
Chennai, dealing in textiles, jewellery, vessels, lifestyle goods,
and fast-moving consumer goods.  The company is planning to set up
a shopping complex in Chennai, with a capital expenditure of
INR700 million, of which INR500 million will be financed through
debt.

For 2007-08 (refers to financial year, April 1 to March 31),
Saravana Selvarathnam group reported a profit after tax (PAT) of
INR48 million on net sales of INR2.27 billion, against INR3.4
million and INR1 billion respectively in the previous year.


SARVODAYA SUITINGS: CRISIL Puts 'B' Rating on INR160MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its ratings of 'B/Negative/P4' to the various
bank facilities of Sarvodaya Suitings Ltd (Sarvodaya).

   INR160.0 Million Cash Credit *      B/Negative (Assigned)
   INR20.0 Million Standby Line of     B/Negative (Assigned)
                    Credit
   INR45.0 Million Letter of Credit    P4 (Assigned)

  * Fully interchangeable with Packing Credit and Bills
    Discounting

The ratings reflect Sarvodaya's modest financial risk profile and
scale of operations, and significant contingent liabilities on
account of losses in derivative transactions.  These weaknesses
are, however, partially offset by the benefits that Sarvodaya
derives from the experience of its promoters.

Outlook: Negative

CRISIL believes that Sarvodaya's credit risk profile will remain
constrained over the near term, mainly on account of the ongoing
litigation with ICICI Bank with respect to the derivative
transactions.  The rating outlook may be revised to 'Stable' if
the outcome of the litigation is in favour of Sarvodaya.
Conversely, the rating may be downgraded in the case of an adverse
ruling in the dispute with ICICI Bank, or a sharp decline in the
company's operating margins.

                    About Sarvodaya Suitings

Sarvodaya, incorporated in 1994 by Mr Abhay Kumar Jain and his
family, manufactures blended fabrics.  The promoters have been
engaged in the textile trading business since 1975, and have also
acquired a strong position in the manufacturing domain.  Sarvodaya
reported a profit after tax (PAT) of INR21.9 million on sales of
INR1.18 billion for 2007-08 (refers to financial year, April 1 to
March 31), as against a PAT of INR23.0 million on sales of
INR935.1 million for 2006-07.


SATYAM BALAJEE: CRISIL Places 'BB' Ratings on Various Bank Loans
----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the various
bank facilities of Satyam Balajee Rice Industries Pvt Ltd (Satyam
Balajee).

   INR253 Million Cash Credit *     BB/Stable (Assigned)
   INR71.60 Million Term Loan       BB/Stable (Assigned)
   INR15 Million Bank Guarantee     P4 (Assigned)

   * interchangeable with Packing Credit, FBP, FBN and FBD

The ratings reflect Satyam Balajee's weak financial risk profile,
and exposure to risks relating to the fragmented nature of the
rice industry, and small scale of operations.  These weaknesses
are, however, partially offset by Satyam Balajee's average
business risk profile, backed by healthy revenue growth and wide
geographical reach.

Outlook: Stable

CRISIL believes that Satyam Balajee will maintain a stable
business profile backed by healthy revenue growth and wide
geographical reach.  The outlook may be revised to 'Positive' if
there is significant improvement in the company's operating
margins and net worth.  Conversely, the outlook may be revised to
'Negative' if fresh debt-funded capital expenditure leads to
deterioration in financial risk profile for Satyam Balajee.

                      About Satyam Balajee

Satyam Balajee was set up in 1994 as a partnership firm and
converted to a private limited company in 2005.  It is promoted by
the Raipur-based Mr. Purushottam Agarwalla and Mr. Pradeep
Agarwalla.  The company produces raw and parboiled rice. Satyam
Balajee reported a profit after tax (PAT) of INR14 million on net
sales of INR744 million for 2007-08 (refers to financial year,
April 1 to March 31), as against a PAT of INR8.7million on net
sales of INR503 million for 2006-07.


SHREE CHARBHUJA: CRISIL Puts 'B+' Rating on INR52.5MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable/P4' to the various
bank facilities of Shree Charbhuja Processors Ltd (SCPL).

   INR77.1 Million Rupee Term Loan    B+/Stable (Assigned)
   INR52.5 Million Cash Credit        B+/Stable (Assigned)
   INR4.0 Million Letter of Credit    P4 (Assigned)

The ratings reflect SCPL's modest scale of operations and moderate
financial risk profile.  These weaknesses are, however, partially
offset by the benefits that SCPL derives from the experience of
its promoters in the dyeing industry.

Outlook: Stable

CRISIL believes that SCPL will maintain a stable business risk
profile on the back of its established position in the dyeing and
finishing industry.  The outlook may be revised to 'Positive' if
SCPL's operating margins or debt protection measures improve
substantially.  Conversely, the outlook may be revised to
'Negative' if SCPL's operating margins or debt protection measures
deteriorate considerably.

                      About Shree Charbhuja

SCPL is in the business of dyeing and finishing of the grey
fabrics. Set up as partnership firm in 2003, at Bhilwara
(Rajasthan), SCPL was sold to the present promoters, the Jain and
Prahladka families, in 2007.  SCPL reported a profit after tax
(PAT) of INR6.0 million on net sales of INR262.8 million for 2007-
08 (refers to financial year, April 1 to March 31), as against a
net loss of INR8.7 million on net sales of INR249.0 million for
2006-07.


SHREE ENTERPRISES: Low Net Worth Cues CRISIL 'B' Rating
-------------------------------------------------------
CRISIL has assigned its ratings of 'B/Stable/P4' to the various
bank facilities of Shree Enterprises Coal Sales Pvt Ltd (Shree
Enterprises).

   INR35 Million Cash Credit         B/Stable (Assigned)
   INR55 Million Bills Discounting   P4 (Assigned)
   INR150 Million Bank Guarantee     P4 (Assigned)

The ratings reflect Shree Enterprises' small scale of operations
in the coal trading business, and weak financial risk profile,
marked by high gearing, weak debt protection measures, and low net
worth.  These weaknesses are, however, partially offset by the
benefits that the company derives from its promoters' experience,
and established relationships with customers.

Outlook: Stable

CRISIL expects Shree Enterprises' financial profile to remain
constrained on account of low profitability, and working capital
intensive operations.  The outlook may be revised to 'Positive' in
case of substantial improvement in the company's profitability and
significant equity infusion by the promoters, thereby enhancing
its net worth.  Conversely, the outlook maybe revised to
'Negative' if Shree Enterprises undertakes large, debt-funded
capital expenditure or faces significant pressures on
profitability.

                     About Shree Enterprises

Set up as a proprietorship firm in 1971, Shree Enterprises
(formerly, Shree Enterprises Coal Sales) converted to a closely-
held company in 1995.  The company is engaged in coal trading and
procures coal from Coal India Ltd.  The company purchases coal
from auctions conducted by two auction agents: Metal Junction and
Metal & Scrap Trading Corporation Ltd.  The company has service
facilities in Jharsuguda (Orissa), Raigarh (Chhatisgarh), and
Asansol and Kolkata (West Bengal).

Shree Enterprises reported a profit after tax (PAT) of INR0.92
million on revenues of INR435.8 million for 2007-08 (refers to
financial year, April 1 to March 31), as against a PAT of INR0.65
million on revenues of INR469.3 million for 2006-07.


SIGMA CONSTRUCTIONS: CRISIL Rates INR43MM Cash Credit at 'BB-'
--------------------------------------------------------------
CRISIL has assigned its bank loan ratings of 'BB-/Stable/P4' to
the various bank facilities of Sigma Constructions (Sigma).

   INR43 Million Cash Credit Limits    BB-/Stable (Assigned)
   INR107 Million Letter of Credit     P4 (Assigned)
   INR30 Million Bank Guarantee        P4 (Assigned)

The ratings reflect Sigma's weak financial profile and constrained
liquidity, limited revenue diversity, exposure to risks relating
to the fragmented nature of the power industry, and the
proprietorship form of business, which restricts its financial
flexibility.  These weaknesses are partly offset by Sigma's
moderate revenue growth, and strengthened by its presence in the
high-growth power sector.

Outlook: Stable

CRISIL expects Sigma to maintain its credit risk profile on the
back of established relationship with clients and healthy growth
prospects in the end user industry.  The outlook may be revised to
'Positive' if Sigma's financial profile and hence liquidity
improve considerably from current levels.  Conversely, the outlook
may be revised to 'Negative' if there are time or cost overruns in
Sigma's ongoing and future projects, or if the firm contracts
large debt to fund its capital expenditure.

                          About Sigma

Sigma began operations as a proprietorship concern in 1994 with
Mr A K Bhasin as its proprietor.  Mr. Bhasin has vast experience
in electrical engineering, having worked with AEI and Calcutta
Electric Supply Corporation (CESC).  Sigma executes contracts for
the power industry on turnkey basis, and undertakes erection,
testing, and installation of equipment, auxiliaries and motors of
generating stations, and transmission of power from switch yards.
From 2006-07 (refers to financial year, April 1 to March 31), the
firm has also been supplying equipment to power stations and
switch yards.  For 2007-08, Sigma reported a profit after tax
(PAT) of INR9.89 million on net sales of INR323.06 million, as
against a PAT of INR4.25 million on net sales of INR118.56 million
for 2006-07.



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

ALL NIPPON: Reports First Annual Loss in Six Years
--------------------------------------------------
All Nippon Airways Co Ltd posted its first full-year net loss in
six years due to an unprecedented fall in demand for domestic and
international air travel - in particular high-yield business
travel, in the latter half of the year under review - and a sharp
drop in demand for air cargo services.

For the twelve-month period ended March 31, revenue was down 6.4
percent to JPY1.39 trillion and the Group fell into a net loss of
JPY4.2 billion.  This compares with the JPY64.1 billion profit
posted in the previous year, a much larger than normal result
boosted by an extraordinary gain on the sale of ANAís hotel
properties in June 2007.  Operating profit for fiscal 2008 weighed
in at JPY7.5 billion, down 91 percent year-on-year from JPY84.3
billion.  No recurring profit was posted.

Airlines within ANA Group carried a total of 47.1 million
passengers over 56.9 billion Revenue Passenger Kilometres (RPKs).
This compares with 50.3 million passengers who flew on 61.2
billion RPKs in the previous term, and represents a year-on-year
fall of 6.4 percent and 7 percent respectively.  Capacity, in
terms of Available Seat Kilometres (ASKs) was down 4.2 percent, to
87.1 billion, from 90.9 billion.

"2008 was a disastrous year for business in general, with airlines
around the world hit by the lack of consumer confidence and
commercial activity, and ANA was no exception," said ANA executive
vice president for finance, Tomohiro Hidema.

"We achieved more than JPY18 billion in cost savings, but this was
outstripped by a fall in revenue of over 95 billion.  This was
caused primarily by a drop in passenger revenues on both
international and domestic routes of around 6%, and especially by
the fall in demand for overseas business travel, which was
depressed by more than 25% on Europe and North America routes for
the final three months of the year under review.  This came in
spite of our efforts to spur demand on all fronts, however, we
were able to contain our net loss to a level smaller than
originally feared.  Looking forward, while we expect the recession
to continue, leaving us in an operating environment the like of
which we have never seen before, we will push on with initiatives
to increase demand and reduce costs, so that we can ride out the
worst and engineer a return to the black.  And we will continue
with our readiness plans for the expansion of airport capacity in
the Tokyo area, which will be the single biggest business chance
for us in recent history," he continued.

                   About All Nippon Airways

All Nippon Airways Co. Ltd. -- http://www.ana.co.jp/--  is a
Japan-based company engaged in three business segments.  Its Air
Transportation segment is engaged in the air transportation
business, as well as the provision of services at airports, the
provision of reservation services through telephones and the
maintenance of aircrafts in the country and overseas markets.  The
Traveling segment develops, plans and sells tour packages under
the brand names ANA Hello Tour and ANA Sky Holiday.  This segment
also offers services to travelers and sells travel products and
air tickets.  The Others segment is involved in the information
communications, real estate, building management, land
transportation and airplane fixture repair businesses, among
others.  The company has 112 subsidiaries and 40 associated
companies.


FUJIFILM HOLDINGS: To Lay off or Transfer 5,000 Jobs
----------------------------------------------------
The China Post reports that Fujifilm Holdings Corp. will lay off
or redeploy 5,000 workers as part of a structuring to cope global
economic slump.

"We plan to reduce or transfer some 5,000 of our employees, mostly
in other countries, by end of the business year to March 2011,"
the report quoted Fujifilm spokeswoman Maki Nogaito as saying
without specifying the number of actual job losses.

According to the Post, Fujifilm expects a net loss of JPY60
billion (US$615 million) in the business year to March 2010, hit
by JPY145 billion in restructuring charges.

In the fiscal year ended in March 2009, Fujifilm's net profit sank
89.9 percent to JPY10.5 billion as revenue fell 14.5 percent, the
report says.

Fujifilm Holdings Corporation (TYO:4901) --
http://www.fujifilmholdings.com/-- is a Japan-based company
mainly engaged in the provision of imaging, information and
document solutions.  The Company operates in three business
segments. The Imaging Solution segment offers color films, digital
cameras, photo-finishing machines, and color papers, chemical and
services for instant printing.  The information Solution segment
offers medical systems, life-science machinery, graphic system
machinery, front panel display materials, recording media, optical
devices, electronic components and inkjet materials.  The Document
Solution segment offers printers, copy machines, production
service-related products, paper, consumer goods and others.
Fujifilm has a number of subsidiaries and associated companies
located in the United States, Canada, Brazil, France, Spain,
Singapore, Korea and China. In December 2008, the Company acquired
Empiric Systems LLC, a United States firm specializing in
information systems used by radiologists.


ORIX-NRL TRUST: S&P Cuts Rating on Class I Certificates
-------------------------------------------------------
Standard & Poor's Ratings Services lowered by one notch its
ratings on the class D to I trust certificates issued under the
ORIX-NRL Trust 15 transaction and removed the ratings from
CreditWatch with negative implications, where they were placed on
Feb. 5, 2009.  At the same time, Standard & Poor's affirmed its
ratings on the class A to C and X certificates.

The rating actions on the class D to I trust certificates reflect
the prospects for recovery from the collateral properties relating
to one of the transaction's underlying loans that defaulted in
December 2008.  The rating actions also reflect S&P's view of the
stress that the aforementioned properties are now under due to
recent weakening in real estate market conditions.
Regarding the defaulted loan, recovery procedures relating to the
collateral properties are now underway, in accordance with rules
specified in the servicing agreement and the trust agreements.
The affirmations, meanwhile, are based on the collection amounts
that S&P expects for these certificates and the credit support
provided by the subordinated tranches through the senior-
subordinated structure of the transaction.  S&P affirmed its 'AAA'
rating on the interest-only class X trust certificates as the
rating is based on timely payment of available interest.

The aforementioned defaulted loan is backed by 21 real estate
properties (such as residential and retail buildings) and accounts
for about 41% of the initial total issue amount of the commercial
mortgage-backed securities.  Recovery procedures relating to the
collateral properties are now underway, in accordance with rules
specified in the servicing agreement and the trust agreements.
Standard & Poor's intends to continue monitoring the progress of
recovery from the collateral properties.  The ratings on classes D
to I, which were removed from CreditWatch with negative
implications, remain under downward pressure in the medium term.
As such, Standard & Poor's may further revise the ratings,
depending on the information S&P receives.

This is a multi-borrower CMBS transaction.  The trust certificates
were initially secured by 10 nonrecourse loans and specified bonds
(tokutei shasai) extended to nine obligors, which are ultimately
backed by 33 real estate certificates and real estate properties.
The transaction was arranged by ORIX Corp., and ORIX Asset
Management & Loan Services Corp. is the transaction servicer.

        Ratings Lowered, Removed From Creditwatch Negative

                        ORIX-NRL Trust 15
          JPY37.8 billion trust certificates due June 2014

         Class   To     From             Initial Balance
         -----   --     ----             ---------------
         D       BBB-   BBB/Watch Neg    JPY3.0 bil.
         E       BB+    BBB-/Watch Neg   JPY1.3 bil.
         F       BB     BB+/Watch Neg    JPY0.4 bil.
         G       BB-    BB/Watch Neg     JPY0.4 bil.
         H       B+     BB-/Watch Neg    JPY0.2 bil.
         I       B      B+/Watch Neg     JPY0.2 bil.

                         Ratings Affirmed

    Class   Rating   Initial Balance
    -----   ------   ---------------
    A       AAA      JPY25.4 bil.
    B       AA       JPY3.5 bil.
    C       A        JPY3.4 bil.
    X*      AAA      JPY37.8 bil. (Initial notional principal)

    * Interest only


ORIX-NRL TRUST: S&P Downgrades Ratings on Class D to G Certs.
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered by one notch its
ratings on the class D to G trust certificates issued under the
ORIX-NRL Trust 14 transaction and kept the ratings on CreditWatch
with negative implications.  The ratings on classes D and E were
initially placed on CreditWatch on Feb. 5, 2009, while the ratings
on classes F and G were initially placed on CreditWatch on
Nov. 19, 2008.  Meanwhile, Standard & Poor's also kept the rating
on the class H trust certificate on CreditWatch with negative
implications, where it was initially placed on Nov. 19, 2008, and
affirmed the ratings on classes A to C and X.

The rating actions on the class D to H trust certificates reflect
the prospects for recovery from the collateral properties relating
to two of the transaction's underlying loans, both of which have
defaulted.  The rating actions also reflect S&P's view of the
stress that the aforementioned properties are now under due to
recent weakening in real estate market conditions.  Regarding the
two defaulted loans, recovery procedures relating to the
collateral properties are now underway, in accordance with rules
specified in the servicing agreement and the trust agreements.
The affirmations, meanwhile, are based on the collection amounts
that S&P expects for these certificates and the credit support
provided by the subordinated tranches through the senior-
subordinated structure of the transaction.  S&P affirmed its
'AAA' rating on the interest-only class X trust certificates as
the rating is based on timely payment of available interest.

The two aforementioned defaulted loans, which are backed by six
real estate properties (such as residential and office buildings),
account for about 19.6% of the initial total issue amount of the
commercial mortgage-backed securities.  Recovery procedures
relating to the collateral properties are now underway, in
accordance with rules specified in the servicing agreement and the
trust agreements.  Standard & Poor's intends to review the ratings
on the class F to H trust certificates after examining the
progress of recovery from the collateral properties and reports to
be submitted by the transaction servicer, including information on
the estimated collection amount from the aforementioned loans.

This is a multi-borrower CMBS transaction.  The trust certificates
were initially secured by 10 nonrecourse loans and specified bonds
(tokutei shasai) extended to eight obligors, which are ultimately
backed by 39 real estate certificates and real estate properties.
The transaction was arranged by ORIX Corp., and ORIX Asset
Management & Loan Services Corp. is the transaction servicer.

          Ratings Lowered, Still On Creditwatch Negative

                        ORIX-NRL Trust 14
   JPY20.7 billion class A-X trust certificates due December 2014

    Class   To               From             Initial Balance
    -----   --               ----             ---------------
    D       BBB-/Watch Neg   BBB/Watch Neg    JPY0.7 bil.
    E       BB+/Watch Neg    BBB-/Watch Neg   JPY0.3 bil.
    F       B/Watch Neg      B+/Watch Neg     JPY0.5 bil.
    G       B-/Watch Neg     B/Watch Neg      JPY0.1 bil.

                Rating Kept On Creditwatch Negative

              Class   Rating         Initial Balance
              -----   ------         ---------------
              H       B-/Watch Neg   JPY0.2 bil.

                         Ratings Affirmed

     Class   Rating    Initial Balance
     -----   ------    ---------------
     A       AAA       JPY15.7 bil.
     B       AA        JPY2.0 bil.
     C       A         JPY1.2 bil.
     X*      AAA       JPY20.7 bil. (Initial notional principal)

    * Interest only


SOFTBANK CORP: Sinks to JPY15.01 Bil. Loss on Bond Redemption Cost
------------------------------------------------------------------
Softbank Corp said it sank into a loss in its fiscal fourth
quarter on expenses related to redemption of bonds that its mobile
phone unit inherited during an acquisition from Vodafone Group
PLC, the Wall Street Journal reports.

WSJ says the company posted a net loss of JPY15.01 billion (US$154
million) in the quarter ended March 31, compared with a net profit
of JPY15.43 billion in the year-earlier quarter.  Revenue fell 3.7
percent to JPY690.77 billion, but operating profit jumped 32
percent to JPY84.43 billion, the report relates.

According to WSJ, the company said the net loss was due to a
JPY75 billion special loss on early bond redemptions related to
the 2006 acquisition of Vodafone K.K., now known as Softbank
Mobile Corp.

WSJ says the fourth-quarter loss pared Softbank's net profit for
the full fiscal year to JPY43.17 billion, down 60% from the
JPY108.62 billion it posted for the previous fiscal year.

Softbank Corp. (TYO:9984) -- http://www.softbank.co.jp/-- is a
Japan-based company that provides digital information services.
The Company has six business segments.  The Mobile Communication
segment provides cellular phone services and sells attached
cellular phone terminals.  The Broadband and Infrastructure
segment provides high-speed Internet access services, Internet
protocol (IP) phone service, and contents.  The Fixed
Communication segment provides transmission services for audio and
data, as well as exclusive line and data center services.  The
Internet Culture segment is engaged in the Internet advertising,
broadband portal and auction businesses.  The Electronic Commerce
(E-Commerce) segment sells personal computers (PCs), peripheral
devices and software for PC use, as well as provides business-to-
business and business-to-customer e-commerce services.  The Others
segment is involved in the broadcasting media, technology service,
media marketing and overseas fund businesses.

                         *     *     *

The company continues to carry Moody's "Ba2" Issuer and Senior
Unsecured Debt Ratings.  The outlook on the ratings is stable.


* Increased Default Assumptions Cue Moody's Rating Cuts on CLOs
---------------------------------------------------------------
Moody's Investors Service announced it has downgraded the ratings
for these CLOs: "CLO in September 2006 of Regional Financial
Institutions"; "CLO in June 2007 of Regional Financial
Institutions"; "CLO in September 2007 of Regional Financial
Institutions"; and "March 2008 Regional Financial Institutions
CLO."  It also announced that it has placed on review for
downgrade its ratings for "Synthetic CLO of Regional Financial
Institutions (Cosmos 2007 Co., Ltd.) (including Oita Prefecture
CLO 2007)."

The first four of these CLOs are backed by corporate loans, in the
form of (1) SME loans originated by regional financial
institutions and purchased by the Japan Finance Corporation for
Small and Medium Enterprise (currently the Japan Finance
Corporation) under its "purchase scheme" securitization program;
and (2) SME loans originated by JASME under its "self-origination
scheme" securitization program.  Cosmos 2007 Co., Ltd. is a
synthetic CLO transaction referencing corporate loans for SMEs
that were originated by financial institutions under JASME's
"purchase scheme" program.  In all five cases, the SME loans were
originated with the intention of securitizing them.

The rating actions reflect Moody's increased Default Probability
assumptions for each transaction, and which give greater
consideration -- than previously -- to past performance, in light
of the current economic environment, the funding environment for
SMEs, and the performance deterioration apparent in each
transaction pool.

Moody's Default Probability assumptions are based on (1) the
actual default rate over the past one year in each transaction,
(2) the current delinquency rate, and (3) an additional adjustment
to each transaction in light of the likelihood that default rates
will remain high for some time.  Moody's also takes into account
the increased credit enhancement such as the latest balance of the
subordination and excess spread that transactions have built up.

The rating actions:

(1) CLO in September 2006 of Regional Financial Institutions

Senior Trust Certificates (Legal Final Maturity: October 15, 2012)

  -- Current Rating: A3

  -- Prior Rating: Aa1, on review for possible downgrade

  -- Prior Rating Action Date: downgraded to Aa1 on January 29,
     2009 and placed under review for possible downgrade

Mezzanine Trust Certificates (Legal Final Maturity: October 15,
2012)

  -- Current Rating: B2

  -- Prior Rating: Baa2, on review for possible downgrade

  -- Prior Rating Action Date: downgraded to Baa2 on January 29,
     2009 and placed under review for possible downgrade

(2) CLO in June 2007 of Regional Financial Institutions

Senior Trust Certificates (Legal Final Maturity: July 16, 2013)

  -- Current Rating: Baa3

  -- Prior Rating: Aa2, on review for possible downgrade

  -- Prior Rating Action Date: downgraded to Aa2 on January 29,
     2009 and placed under review for possible downgrade

Mezzanine Trust Certificates (Legal Final Maturity: July 16, 2013)

  -- Current Rating: Caa3

  -- Prior Rating: Baa3, on review for possible downgrade

  -- Prior Rating Action Date: downgraded to Baa3 on January 29,
     2009 and placed under review for possible downgrade

(3) CLO in September 2007 of Regional Financial Institutions

Mezzanine Trust Certificates (Legal Final Maturity: October 15,
2013)

  -- Current Rating: A3
  -- Prior Rating: A2
  -- Prior Rating Action Date: assigned A2 on September 11, 2007

(4) March 2008 Regional Financial Institutions CLO

Senior Trust Certificates (Legal Final Maturity: April 15, 2014)

  -- Current Rating: Aa3
  -- Prior Rating: Aaa
  -- Prior Rating Action Date: assigned Aaa on March 11, 2008

Mezzanine Trust Certificates (Legal Final Maturity: April 15,
2014)

  -- Current Rating: Ba3
  -- Prior Rating: A2
  -- Prior Rating Action Date: assigned A2 on March 11, 2008

(5) Synthetic CLO of Regional Financial Institutions (Cosmos 2007
Co., Ltd.) (including Oita Prefecture CLO 2007)

Series One Class A Unsecured Notes (Legal Final Maturity:
January 4, 2011)

  -- Current Rating: Aaa, on review for possible downgrade
  -- Prior Rating: Aaa
  -- Prior Rating Action Date: assigned Aaa on September 19, 2007

Series One Class B Unsecured Notes (Legal Final Maturity:
January 4, 2011)

  -- Current Rating: A2, on review for possible downgrade
  -- Prior Rating: A2
  -- Prior Rating Action Date: assigned A2 on September 19, 2007

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


* S&P Junks Ratings on Six Tranches From 26 Japanese CDO Deals
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 30
tranches relating to 26 Japanese synthetic CDO transactions and
removed the ratings on 20 of the 30 tranches from CreditWatch,
while keeping the ratings on the other 10 on CreditWatch with
negative implications.  At the same time, Standard & Poor's
affirmed its ratings on two tranches and removed the ratings from
CreditWatch with negative implications.  In addition, Standard &
Poor's raised its ratings on four tranches and removed the ratings
from CreditWatch with positive implications, where they had been
placed on April 10.

The rating actions are part of S&P's regular monthly review of
synthetic CDOs with ratings that have been placed on CreditWatch
with positive or negative implications.

S&P placed its ratings on the class C1, C2, and C3 floating-rate
notes issued under Omega Capital Investments PLC's series 7
transaction because the final valuation of the inner reference
portfolio of synthetic CDOs had fallen below S&P's estimated
valuation level.

                          Ratings List

                   Corsair (Jersey) No. 2 Ltd.
    Fixed rate secured portfolio credit-linked loan series 46

               To    From             Issue Amount
               --    ----             ------------
               BB+   BBB-/Watch Neg   JPY3.0 bil.

     Floating rate secured portfolio credit-linked series 52
                         (Portfolio F360)

           To             From            Issue Amount
           --             ----            ------------
           B+/Watch Neg   BB+/Watch Neg   JPY1.0 bil.

           Floating-rate credit-linked notes series 56

               To   From            Issue Amount
               --   ----            ------------
               B    BB-/Watch Neg   JPY2.2 bil.

           Floating rate credit-linked notes series 63

            To              From          Issue Amount
            --              ----          ------------
            CCC/Watch Neg   B/Watch Neg   JPY3.1 bil.

  Floating-rate secured portfolio credit-linked notes series 76

               To     From            Issue Amount
               --     ----            ------------
               CCC-   CCC/Watch Neg   $20.0 mil.

  Floating-rate secured portfolio credit-linked notes series 78

               To     From            Issue Amount
               --     ----            ------------
               CCC-   CCC/Watch Neg   JPY3.0 bil

                          Eirles Two Ltd.
              L1 credit linked secured loan 2004-4

           To              From           Issue Amount
           --              ----           ------------
           AA-/Watch Neg   AA/Watch Neg   JPY4.0 bil.

  Series 197 floating rate portfolio credit linked secured notes

           To              From           Issue Amount
           --              ----           ------------
           AA-/Watch Neg   AA/Watch Neg   JPY4.0 bil.

         Portfolio credit linked secured notes series 310

          Class    To     From             Issue Amount
          -----    --     ----             ------------
          A        B+     BBB-/Watch Neg   JPY5.0 bil.
          B        CCC+   B+/Watch Neg     JPY1.0 bil.

                Ethical CDO I (Jersey No. 1) Ltd.
Floating-rate extendible maturity secured portfolio credit-linked
                         notes series 2

               To     From            Issue Amount
               --     ----            ------------
               CCC-   CCC/Watch Neg   A$50.0 mil.

                       Helium Capital Ltd.
      Series 49 limited recourse secured synthetic CDO notes

          To              From             Issue Amount
          --              ----             ------------
          BB-/Watch Neg   BBB-/Watch Neg   $40.0 mil.

     Corporate basket credit-linked note series 60 (Esperance)

               To     From             Issue Amount
               --     ----             ------------
               CCC-   CCC+/Watch Neg   A$85.0 mil.

                  Hummingbird Securitisation Ltd.
                          Series 2 loan

          Class     To   From             Issue Amount
          -----     --   ----             ------------
          #2 Loan   B+   BBB-/Watch Neg   JPY3.0 bil.

                       J-Bear Funding Ltd.
Limited recourse secured floating rate portfolio credit-linked
                         notes (Series 31)

          To              From             Issue Amount
          --              ----             ------------
          B+/Watch Neg   BB-/Watch Neg   JPY3.0 bil.

                    Momentum CDO (Europe) Ltd.
     Secured credit-linked notes Louvre II CDO series 2005-2

      Class   To               From            Issue Amount
      -----   --               ----            ------------
      BF      BBB-/Watch Neg   BBB/Watch Neg   JPY1.5 bil.
      BX      BBB-/Watch Neg   BBB/Watch Neg   JPY2.2 bil.

             SONATA floating rate notes series 2006-11

           Class   To              From    Issue Amount
           -----   --              ----    ------------
           AF      CCC+   BB-/Watch Neg   $6.0 mil.

            SONATA 5 floating rate notes series 2006-22

               To     From            Issue Amount
               --     ----            ------------
               CCC-   CCC/Watch Neg   $10.0 mil.

                  Omega Capital Investments PLC
                   Floating rate note series 7

          Class   To              From    Issue Amount
          -----   --              ----    ------------
          C1      AAA/Watch Neg   AAA     JPY1.0 bil.
          C2      AAA/Watch Neg   AAA     JPY2.0 bil.
          C3      AAA/Watch Neg   AAA     A$20.0 mil.

              Series 10 secured floating rate notes

          Class   To     From             Issue Amount
          -----   --     ----             ------------
          B       BB     BB+/Watch Neg    JPY3.1 bil.

              Class A-1 series 11 secured 1.5% notes

          To              From             Issue Amount
          --              ----             ------------
          BBB-/Watch Neg   BBB/Watch Neg   JPY2.2 bil.

               Series 29 secured fixed rate notes

          Class   To     From             Issue Amount
          -----   --     ----             ------------
          A1      CCC-   CCC/Watch Neg   JPY2.3 bil.

                     Series 48 secured notes

          Class   To     From             Issue Amount
          -----   --     ----             ------------
          5Y-A1   CCC    B/Watch Neg      JPY1.3 bil.
          5Y-A2   CCC    B/Watch Neg      JPY1.2 bil.
          5Y-B    CCC-   CCC+/Watch Neg   JPY1.0 bil.

                       Signum Vanguard Ltd.
  Class A secured fixed rate credit-linked loan series 2005-04

               To     From           Issue Amount
               --     ----           ------------
               B+     BB/Watch Neg   JPY4.0 bil.

Class A secured floating rate credit-linked notes series 2005-06

      To                   From                Issue Amount
      --                   ----                ------------
      BBB-pNRi/Watch Neg   BBBpNRi/Watch Neg   JPY3.0 bil.

     Secured floating rate credit-linked notes series 2006-02

                To     From           Issue Amount
                --     ----           ------------
                CCC   CCC+/Watch Neg   JPY2.0 bil.

    Secured floating rate credit-linked notes series 2006-03

                To     From           Issue Amount
                --     ----           ------------
                CCC+   B+/Watch Neg   $10.0 mil.

      Series 2006-06 secured fixed rate credit-linked notes

                To     From             Issue Amount
                --     ----             ------------
                CCC-   CCC+/Watch Neg   JPY500.0 mil.

                        Silk Road Plus PLC
Series 13 limited recourse secured fixed rate credit-linked notes

                To     From             Issue Amount
                --     ----             ------------
                BBB+   BBB-/Watch Pos   S$8.064 mil.

Series 14 limited recourse secured fixed rate credit-linked notes

                To     From             Issue Amount
                --     ----             ------------
                BBB+   BBB-/Watch Pos   S$8.5 mil.

Series 15 limited recourse secured fixed-rate credit-linked notes

                To     From             Issue Amount
                --     ----             ------------
                BBB+   BBB-/Watch Pos   S$8.0 mil.

Series 16 limited recourse secured fixed-rate credit-linked notes

                To     From             Issue Amount
                --     ----             ------------
                BBB+   BBB-/Watch Pos   S$9.0 mil.

                           Skylark Ltd.
         Secured credit-linked notes series 2004-2 (Aska)

            Class   To    From            Issue Amount
            -----   --    ----            ------------
            B       AAA   AAA/Watch Neg   JPY3.0 bil.
            D       AA+   AA+/Watch Neg   JPY1.5 bil.



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

NIKKO ELECTRONICS: Winding-Up Petition Hearing Moved to July 3
--------------------------------------------------------------
The provisional liquidator of Nikko Electronics Berhad disclosed
that the winding-up petition case filed against the company, which
was to be heard on April 24, 2009, had now being postponed for
mention on July 3, 2009.

The postponement was due to Bursa Securities decision to grant
Nikko an extension of time until May 28, 2009, to submit Nikko's
regularisation plan to the Securities Commission and other
relevant authorities for approval.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 17, 2008, the High Court of Malaya entered an order
to appoint Dato' Robert Teo Keng Tuan of RSM NWT Advisory Services
Sdn Bhd as the company's provisional liquidator.

The appointment of provisional liquidator was due to the
application made before the High Court of Malaya by Cheong Wai
Meng & Van Buerle, acting for Ishikawa Spring (Malaysia) Sdn Bhd.

Ishikawa Spring demanded Nikko to pay MYR201,194.67 for the supply
of goods.  Nikko was given 21 days to settle outstanding debts,
which the company has failed to do so.  Thus, a wind-up petition
was served against the company.

                         About Nikko

Nikko Electronics Berhad manufactures sells radio controlled
toys, electronic and toy related products.  The Group operates
in Malaysia, United States of America, France, Japan, United
Kingdom, Netherlands, Italy, Norway, Hong Kong, Denmark,
Austria, Spain, Australia and other countries.

                         *     *     *

On June 30, 2008, Nikko Electronics Bhd. was classified as an
affected listed issuer under Practice Note 1/2001 (PN1/2001) of
the Listing Requirements of Bursa Malaysia Securities Berhad
because it had defaulted on a bankers' acceptance facility due
on June 27, 2008, for an amount of MYR1,457,084 due to Malayan
Banking Berhad.  Nikko is unable to repay the liability to the
bank due to the difficult cash flow position as a result of the
contraction in the remote-control toys industry.

The company had been loss-making and its ventures to manufacture
new products had also failed to make a profitable contribution
to it.  Nikko will also be suspending its business activities to
prevent incurring further losses.



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

3MEDIA GROUP: In Voluntary Liquidation
--------------------------------------
3Media Group has been placed in voluntary liquidation, according
to a report posted at guide2.co.nz.

The report relates liquidator Gerry Rea Partners said the company
has been for sale for three months but prospective buyers had
difficulty raising funds.  The company will trade on until all its
assets are sold, the liquidator said.

The report says the assets will be sold individually or in
clusters.

"The move to voluntary liquidation means business as usual for the
majority of 3Media employees until the sale of the portfolio of
publications has been accomplished," the report quoted Gerry Rea
Partners as saying.

3Media Group -- http://3media.co.nz/-- is New Zealand's largest
privately owned business-to-business publishing company.  It was
formed in 2007 through the merger of Review Publishing, Profile
Publishing and Marketplace Press.  The company's 15 magazine
titles include AdMedia, Onfilm, Apparel, In My Kitchen, New
Zealand Management, NZ Marketing Magazine and FMCG.


AUSTRAL PACIFIC: Placed in Receivership
---------------------------------------
Austral Pacific Energy Ltd is in receivership.

The company said on Friday, May 1, it agreed with the groupís
senior secured creditor, Investec Bank (Australia) Limited, to the
appointment of receivers to Austral Pacific Energy Ltd., the
publicly traded Canadian corporation, and two of its New Zealand
subsidiaries, Austral Pacific Energy (NZ) Limited and Totara
Energy Limited.

Investec is owed approximately US$16.8 million, which amount is
now due for payment due to the expiry of the previously announced
standstill arrangements.

Austral said the two New Zealand subsidiaries in receivership
encompass substantially all the groupís consolidated oil and gas
assets and operations.

The appointed receivers are Michael Ryan and Ian Francis of Taylor
Woodings of Perth and Paul Sargison of Gerry Rea Partners of
Auckland.

Based in Wellington, New Zealand, Austral Pacific Energy Ltd.
(CA:APX) -- http://www.austral-pacific.com/-- is an oil
exploration and production company.  Austral Pacific shares are
traded in the New Zealand and Toronto stock exchanges.



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

FRASERS COMMERCIAL: May Raise Funds to Refinance Debt
-----------------------------------------------------
Frasers Commercial Trust may consider a rights issue as an option
to refinance its debt, Reuters reports.  However, Reuters relates
the company said no firm decision has been taken on the plan.

"The manager is presently considering various options and is in
discussion with banks to refinance the existing debt.  One of the
options being considered is to raise funds by way of a rights
issue," Reuters cited FCOT in a statement.

Frasers Commercial Trust (FCOT) --
http://www.fraserscommercialtrust.com/-- formerly Allco
Commercial Real Estate Investment Trust, is a developer-sponsored
commercial real estate investment trust (REIT) focused on growing
shareholder value for its Unitholders through active asset
management, sound financial management and strategic investments.
FCOT invests primarily in income-producing commercial properties,
real estate and real estate-related assets in the office and
retail sectors in Singapore, Australia and Japan.  Frasers
Centrepoint Asset Management (Commercial) Ltd. is the Manager of
the Company.  The Companyís subsidiaries include Frasers
Commercial Sub No. 1 Pte. Ltd., Frasers Commercial Sub No. 2 Pte.
Ltd., Frasers Commercial Investments No. 3 Pty Ltd., Frasers
Commercial Osaka SPC No.2 Pte. Ltd., Frasers Commercial Tozai SPC
No.2 Pte. Ltd. and Frasers Commercial Tozai SPC No.3 Pte. Ltd.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
April 13, 2009, Standard & Poor's Ratings Services placed its 'BB'
long-term corporate credit rating on Singapore-based Frasers
Commercial Trust on CreditWatch with negative implications.

Although S&P's current rating on FCOT factors in S&P's assumption
that the trust will be able to successfully refinance S$400
million in debts due July 31, 2009, and S$150 million due Dec. 31,
2009, owed to the Commonwealth Bank of Australia (CBA,
AA/Stable/A-1+), the CreditWatch placement is the result of FCOT
not having in place refinancing arrangements to the level of
certainty anticipated by Standard & Poor's at this stage.



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

EDCON HOLDINGS: S&P Downgrades Corporate Credit Rating to 'B'
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered to 'B'
from 'B+' its long-term corporate credit rating on South Africa-
based nonfood retailing group Edcon Holdings (Proprietary) Ltd.
The outlook is stable.

At the same time, Standard & Poor's lowered to 'CCC+' from 'B-'
its debt rating on Edcon's EUR378 million senior unsecured
floating-rate notes due 2015.  The recovery rating on the debt is
unchanged at '6', indicating S&P's expectation of negligible (0%-
10%) recovery in the event of a payment default.  S&P also
lowered to 'B+' from 'BB-' the debt rating on the EUR1.18 billion
senior secured floating-rate notes due 2014, issued by related
entity Edcon (Proprietary) Ltd.  The recovery rating on this debt
is unchanged at '2', indicating S&P's expectation of substantial
(70%-90%) recovery in the event of a payment default.

"The one-notch downgrade reflects evidence that the improvement in
Edcon's credit protection metrics is running behind S&P's
expectations," said Standard & Poor's credit analyst Diego Festa.
"Adjusted EBITDA interest coverage, including interest accrued on
the shareholder loan, was a low 1.0x in the 12 months ending
Dec. 27, 2008.  In S&P's opinion, there is no prospect of Edcon
making progress toward achieving 1.5x for this ratio in the near
term -- a level S&P previously indicated appropriate to maintain
the 'B+' rating."

In S&P's view, Edcon's liquidity position is adequate.
Furthermore, the group continues to grow its operating profits in
the face of ongoing weakness in South African discretionary
consumer spending.

Nevertheless, to maintain the current ratings S&P believes that
Edcon should maintain high single-digit EBITDA growth and generate
positive FOCF, and that management should continue to focus on
deleveraging.  The ratings factor in S&P's expectation that
management will take proactive and timely action to refinance
Edcon's bank facilities due June 2010.

S&P sees limited room for an outlook revision to positive over the
short to medium term, given the current high level of leverage for
the ratings.



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

NANYA TECHNOLOGY: Posts Eighth Consecutive Quarterly Loss
---------------------------------------------------------
Nanya Technology Corp. reported its eighth straight quarterly loss
on sharp falls in chip prices but expects market conditions to
improve from the second quarter, Dow Jones Newswires reports.

In the first quarter of 2009, Nanya reported a net loss of NT$10.5
billion, compared with a net loss of NT$8.78 billion in the same
period last year.

Revenue in the first quarter fell 32.5% to NT$6.17 billion from
NT$9.14 billion a year earlier, according to the company's monthly
filings obtained by Dow Jones.

"The demand is recovering, and I think the upward momentum will
continue through the third quarter," Dow Jones quoted Nanya
Spokesman Pei Lin Pai as saying.

The report, citing Mr. Pai, says the company keeps its bit
shipment growth forecast of 37% for 2009, slower than a 57% growth
last year.  According to the report, Nanya plans to raise contract
chip prices by 15%-20% for the first half of May from the latter
part of April, when the company increased prices by up to 9% from
early April.

As reported in the Troubled Company Reporter-Asia Pacific, in the
fourth quarter of 2008, Nanya posted a net loss of NT$10.39
billion, compared with a net loss of NT$11.27 billion in the same
period in 2007.  Nanya reported net sales of NT$6.13 billion in
the fourth quarter of 2008, a decrease of 41 percent compared to
2007 fourth quarter.  For the 2008 fiscal year, the company posted
a net loss of NT$35.23 billion, or NT$7.54 per diluted share,
compared with a net loss of NT$12.46 billion in the prior year.
The company reported net sales of NT$36.31 billion in the fiscal
year ended Dec. 31, 2008, compared with a net sales of NT$52.89
billion in fiscal year 2007.

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


POWERCHIP SEMICONDUCTOR: Posts NT$6.29-Bln Net Loss in First Qtr
----------------------------------------------------------------
Powerchip Semiconductor Corp. posted a net loss of NT$6.29 billion
in the first quarter, its eighth straight quarterly loss, compared
with a net loss of NT$9.74 billion a year earlier, Dow Jones
Newswires reports.

Powerchip's first-quarter revenue fell 74% to NT$3.92 billion from
NT$14.84 billion a year earlier, according to monthly company
statements obtained by Dow Jones.

Based in Hsinchu, Taiwan, Powerchip Semiconductor Corp. is
principally engaged in the research, development, manufacture and
sale of integrated circuits (ICs).  The company offers dynamic
random access memory (DRAM) products, including synchronous
dynamic random access memory (SDRAM) products, double-data rate
(DDR) DRAM products, DDR2 DRAM products, Data Flash products, as
well as wafer foundry services.  The company's products are
applied in computer telecommunication and consumer electronic
industries.  During the year ended December 31, 2007, the company
obtained approximately 82% and 18% of its total revenue from its
package elements and wafers, respectively.  The company primarily
distributes its products in Asia.  As of December 31, 2007, the
company had five major subsidiaries, including three wholly owned
subsidiaries.



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U N I T E D  A R A B  E M I R A T E S
=====================================

TAMWEEL PJSC: Posts AED112.3 Million Loss in Fourth Quarter
-----------------------------------------------------------
Haris Anwar at Bloomberg News reports that Tamweel PJSC reported a
loss for the fourth quarter as funding costs climbed and real-
estate sales declined.

Citing Tamweel PJSC in a statement on Nasdaq Dubai, the report
says the net loss was 112.3 million dirhams (US$30.6 million).
That compares with a profit of 207.2 million dirhams a year
earlier, according to data compiled by Bloomberg.

"Fourth-quarter profitability was impacted by a sharp rise in
funding costs," and significantly lower business origination
levels that affected fee income, Bloomberg News quoted Tamweel
PJSC as saying in the statement.  "The board of directors, along
with the steering committee is evaluating various options to
secure sustainable funding in order to enable the company to fund
its ongoing operations."

The tight liquidity conditions prevailing are likely to see a
significant reduction in mortgage originations, Tamweel said in
the statement.

The Troubled Company Reporter-Asia Pacific, citing Bloomberg News,
reported on March 24, 2009, that United Arab Emirates economy
minister Sultan Bin Saeed al-Mansouri said merging Amlak Finance
PJSC and Tamweel PJSC would be a "good option" rather than
liquidating them.

According to Bloomberg News, the government rescued the two
lenders in November, taking them into state control, after they
suspended new home loans.  In February, the state set up a
committee to decide whether to merge, liquidate or restructure the
two companies separately, the report said.

Dubai, U.A.E.-based Tamweel PJSC (DFM:TAMWEEL) ---
http://www.tamweel.ae/--- provides financial solutions in
accordance to the Islamic Sharia principals.  The Company is
primarily engaged in financing and investing activities, as well
as involved in the business of property development and trading.
Its finance solutions include Forward Ijara, a finance solution
for homes under construction; Flexi Ijara, a finance solution for
payments on flexible profit basis; Fixed Ijara, a finance solution
for payments on fixed profit basis; Pre-Approval Finance Facility,
a finance approval before selection of a home; Murabaha, a finance
solution for a ready property on deferred payment terms; Yusr, a
Sharia-compliant adjustable repayment mortgage product for up to
three years, and Baiti, a product specially designed for buying or
building a house for United Arab Emirates nationals.  On
November 24, 2008, Tamweel PJSC and Amlak Finance PJSC announced
that the two companies will merge to create the UAE Real Estate
Bank.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 13, 2009, Fitch Ratings downgraded United Arab Emirates-based
Tamweel PJSC's Individual Rating to 'E' from 'C/D'.  Fitch
simultaneously maintained Tamweel's Long-term Issuer Default
Rating of 'A', senior unsecured rating of 'A', Short-term IDR of
'F1' and Support Rating Floor of 'A' on Rating Watch Evolving.
The Support Rating is affirmed at '1'.



                         *********

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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