TCRAP_Public/090507.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Thursday, May 7, 2009, Vol. 12, No. 89

                            Headlines

A U S T R A L I A

AUSTRALIAN MOTOR: Lost Bid for Subsidiary's Loan Book
CENTRO PROPERTIES: Sells 19 U.S. Assets for US$239 Million


C H I N A

CHINA CONSTRUCTION: BofA May Sell 13.5 Bln CCB Shares
SANLU GROUP: Five More Companies Acquire Stake in Group


H O N G  K O N G

BONDA KNITTING: Court to Hear Wind-Up Petition on May 20
GRIFFIN INDUSTRIES: Appoints Lui and Chun as Liquidators
HOUSIN DEVELOPMENT: Appoints Lu and Kwok as Liquidators
KITAKE DEVELOPMENT: Court to Hear Wind-Up Petition on June 17
LET-WIN PLASTIC: Court to Hear Wind-Up Petition on June 10

TERRA I: Moody's Downgrades Ratings on EUR37.5 Mil. Notes to 'Ba1'


I N D I A

AIRSERCO PRIVATE: Low Profitability Cues CRISIL 'BB-' Ratings
KINGFISHER AIRLINES: Gets Rs 500cr Loan from State Bank of India
NAMDHARI RICE: CRISIL Assigns 'B-' Rating on Rs.20.0 Mln Term Loan
PERFECT RADIATORS: CRISIL Places 'B' Rating on Rs.62.5MM LT Loans
SAAVI PACKERS: CRISIL Rates Rs.184.5 Million Long Term Loan at 'B'

SHRI HARI: Low Net Worth Prompts CRISIL to Assign 'P4' Ratings
VISHNU PRIYA: Debt Repayment Delays Spur CRISIL 'D' Rating


J A P A N

AMERICAN INT'L: Close to Selling Japan HQ for US$1-Bln, WSJ Says


K O R E A

HYUNDAI MOTOR: Overseas Output Surpasses Local Production in April
SSANGYONG MOTOR: Court Says Firm Still Viable


M A L A Y S I A

ARK RESOURCES: Updates Bursa on Default Status as of April 2009
LITYAN HOLDINGS: Loan Default Totals MYR43.44 Mil. in April 2009
NEPLINE BHD: Reconciles Deviation of Financial Results
NEPLINE BHD: Unable to Repay Bank Debts
TENGGARA OIL: Fails to Pay MYR20.92 Million Debt as of April 30


N E W  Z E A L A N D

BLUE CHIP: Co-Founder Claims Parent Firm Solvent


S I N G A P O R E

ARMADA (SINGAPORE): Subject to Judicial Management Order
INDEX HOLDINGS: Court to Hear Wind-Up Petition on May 15


T A I W A N

ASUSTEK COMPUTER: Lays Off 400-500 Workers in April
AU OPTRONICS: Plans to Build LCD Factory in Slovakia
WAN HAI: Moody's Downgrades Corporate Family Rating to 'Ba2'


                         - - - - -


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

AUSTRALIAN MOTOR: Lost Bid for Subsidiary's Loan Book
-----------------------------------------------------
Australian Motor Finance Group Ltd (AMFG) said it has lost a bid
to buy its subsidiary's loan book, The Age reports.

According to the report, AMFG had participated in the first stage
of the expression of interest process for the purchase of the loan
book of its subsidiary, Australian Motor Finance Ltd ("AMFL"),
which was being offered for sale by the receivers and managers.
However, the Age relates the company said it had been advised that
it would not be invited to participate in the second stage of the
process.

AMFG said the staff of AMFL would continue to manage the loan book
pending the outcome of the sale of the loan book, the report
relates.

Meanwhile, the Age reports that AMFG said the Federal Court has
discharged all orders against it pursuant to the receivership of a
subsidiary.  The report says Justice Tracey had dropped all orders
against the business after it had been made a respondent to action
initiated by the receivers and managers of Australian Motor
Finance Ltd (AMFL) and Australian Motor Finance Corporate Pty Ltd
(AMFC).  The receivers were appointed by Adelaide Bank, the report
notes.

As reported in the Troubled Company Reporter-Asia Pacific on
March 13, 2009, News.com.au said AMFG may regain control of the
business of its subsidiary, Australian Motor Finance, after
it went into receivership.  The parent group said that the
receivers had re-established the loan book and collection
processes and was operating the business as a going concern, but
only to manage and collect loan repayments, the report noted.
The options included selling the loan portfolio to another party,
allowing AMFG to refinance or purchase the loan book, managing the
loan book into a refinance or taking the loan book under bank
management and allowing AMFG to take back the staff and remaining
company assets, the report said.

Australian Motor Finance is a specialist motor vehicle financier,
which provides finance to consumers and small business for the
purchase or motor vehicles.


CENTRO PROPERTIES: Sells 19 U.S. Assets for US$239 Million
----------------------------------------------------------
Centro Retail Trust (CER) said it has sold 19 assets in the
United States since July 1, 2008.  On an aggregate basis, the
assets were sold for US$239 million representing a 3.6% discount
to book values.

After the repayment of mortgage debt and other costs, net proceeds
of US$119 million were used to pay down debt related to the Centro
Shopping America Trust (CSF) portfolio.  This loan facility
balance is now $50.0 million, the level at which operating profits
can now flow from CSF to CER.  This cash will be used to manage
CER's current debt position.

Centro Australia CEO Tony Clarke said: "The continued sale of
selected assets in the US and the resultant repayment of debt will
assist CER in managing its overall financial position and
achieving its debt reduction goals."

Centro Retail Trust (CER) is an Australian Securities Exchange
(ASX) Listed Property Trust managed by Centro Properties Group.

                    About Centro Properties

Centro Properties Group (ASX:CNP)-- http://www.centro.com.au/--
is a retail investment organization specializing in the
ownership, management and development of retail shopping
centres.  Centro manages both listed and unlisted retail
property and has an extensive portfolio of shopping centres
across Australia, New Zealand and the United States.  Centro has
funds under management of US$24.9 billion.

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on Jan. 4,
2008, that Standard & Poor's Ratings Services lowered its issuer
credit, senior-unsecured debt and preferred stock ratings on
Centro Properties Group to 'CCC+' with negative implications
reflecting the potential of the group's assets to be sold in
softening market conditions, particularly in the U.S.

On Jan. 16, 2009, the TCR-AP reported that Centro Properties
obtained a three year extension on its AU$3.9 billion of the
senior syndicated debt facility.  It also obtained extension of
the debt facilities within Super LLC (Centro's US joint venture
investment with Centro Retail Trust (CER) and CMCS 40).



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

CHINA CONSTRUCTION: BofA May Sell 13.5 Bln CCB Shares
-----------------------------------------------------
Bloomberg News' John Liu reports that China Construction Bank
Corp. dropped in Hong Kong on concern Bank of America Corp. may
sell part of its holding when a lockup on the stake expires today,
May 7.

Bank of America can sell as many as 13.5 billion shares of China
Construction, or 6 percent of the Chinese lender's outstanding
Hong Kong stock, according to a copy of an earlier agreement
obtained by Bloomberg News.

According to Bloomberg News, Bank of America owns 39.1 billion
shares of China Construction, or 16.7 percent.  Of those shares,
25.6 billion can't be sold before Aug. 29, 2011, the report notes.

China Construction dropped 1.5 percent to HK$4.70 in Hong Kong as
of 12:30 p.m., April 6, after the Financial Times said Bank of
America is considering selling part of its stake, Bloomberg News
says.

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

                          *     *     *

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


SANLU GROUP: Five More Companies Acquire Stake in Group
-------------------------------------------------------
Five more companies bought shares previously owned by Sanlu Group
Co at an auctin held Tuesday in Shijiazhuang, capital of the
northern Hebei Province, Xinhua News Agency reports citing sources
with the Jiahai Auction Co. Ltd.

According to the report, the assets at the auction included
Sanlu's shares in four Hebei-based companies and a Tianjin company
-- the Tianjin Sanlu Ltd. Co, from which Sanlu held 51 percent of
the shares.

The report, citing an unnamed auctioneer with Jiahai, says most of
the buyers were shareholders of the enterprises.

According to Xinhua, two more auctions for Sanlu's remaining
shares as well as trademarks and 12 patent rights, are expected to
be held on May 8 and 12.

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
================

BONDA KNITTING: Court to Hear Wind-Up Petition on May 20
--------------------------------------------------------
A petition to have Bonda Knitting Limited's operations wound up
will be heard before the High Court of Hong Kong on May 20, 2009,
at 9:30 a.m.

Wing Hang Bank Limited filed the petition against the company on
March 12, 2009.

The Petitioner's solicitors are:

          W.K. To & Co.
          Wheelock House, 11th Floor
          20 Pedder Street
          Central, Hong Kong


GRIFFIN INDUSTRIES: Appoints Lui and Chun as Liquidators
--------------------------------------------------------
On February 18, 2009, Kennic Lai Hang Lui and Yuen Tsz Chun Frank
were appointed as liquidators of Griffin Industries Limited.

The Liquidators can be reached at:

          Kennic Lai Hang Lui
          Yuen Tsz Chun Frank
          Messrs. Kennic L. H. Lui & Co.
          Ho Lee Commercial Building, 5th Floor
          38-44 D'Aguilar Street
          Central, Hong Kong


HOUSIN DEVELOPMENT: Appoints Lu and Kwok as Liquidators
-------------------------------------------------------
On April 6, 2009, Lui Po San, Anthony and Kwok Tai Wi were
appointed as liquidators of Housin Development Limited.

The Liquidators can be reached at:

          Lui Po San, Anthony
          Kwok Tai Wi
          Integrity Corporate Reconstruction Limited
          Bel Trade Commercial Building, 18th Floor
          3 Burrows Street
          Wanchai, Hong Kong


KITAKE DEVELOPMENT: Court to Hear Wind-Up Petition on June 17
-------------------------------------------------------------
A petition to have Kitake Development Limited's operations wound
up will be heard before the High Court of Hong Kong on June 17,
2009, at 9:30 a.m.

Thye Nam Loong Holdings Sdn. Bhd. filed the petition against the
company on April 19, 2009.

The Petitioner's solicitors are:

          Messrs. Li, Chow & Company
          China Merchants Building
          Room 1501, 15th Floor
          303 Des Voeux Road Central
          Hong Kong
          Telephone: 2840 0330
          Facsimile: 2524 2555


LET-WIN PLASTIC: Court to Hear Wind-Up Petition on June 10
----------------------------------------------------------
A petition to have Let-Win Plastic Products Factory Limited's
operations wound up will be heard before the High Court of Hong
Kong on June 10, 2009, at 9:30 a.m.

Ko Ka Ki  filed the petition against the company on April 6, 2009.

The Petitioner's solicitors are:

          Eddie Lee & Company
          Nan Fung Tower
          Rooms 1710-12, 17th Floor
          173 Des Voeux Road Central
          Hong Kong


TERRA I: Moody's Downgrades Ratings on EUR37.5 Mil. Notes to 'Ba1'
------------------------------------------------------------------
Moody's Investors Service announced it has downgraded its rating
of one class of notes issued by Terra I Mezzanine CLO, Ltd.

The transaction is a replenishable synthetic Balance Sheet CDO
referencing a pool of bank originated corporate loans.  The credit
quality of the reference portfolio has deteriorated, as indicated
by the increase in the portfolio's weighted average rating factor
by 30% since closing.

The rating actions are the result of 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 15 January 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.

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 (April 2009)

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

The rating action is:

Terra I Mezzanine CLO, Ltd:

(1) EUR37,500,000 Class C Floating Rate Credit-Linked Notes due
2017

  -- Current Rating: Ba1
  -- Prior Rating: A2
  -- Prior Rating Date: January 31, 2008, assigned A2



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I N D I A
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AIRSERCO PRIVATE: Low Profitability Cues CRISIL 'BB-' Ratings
-------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Negative/P4' to the bank
facilities of Airserco Private Limited (Airserco).

   Rs.72.9 Million Long Term Loans     BB-/Negative (Assigned)
   Rs.70.0 Million Cash Credit         BB-/Negative (Assigned)
   Rs.20.0 Million Letter of Credit *  P4 (Assigned)

   * Interchangeable with Bank Guarantee

The ratings reflect Airserco's sub-par financial risk profile, low
profitability due to intense competition, and limited ability to
pass on impact of increase in project costs because of the fixed-
cost nature of contracts.  These rating weaknesses are mitigated
by the company's average business risk profile with diversified
revenue streams.

Outlook: Negative

CRISIL believes that the continuing competitive pressures will
result in Airserco's cash flows remaining under pressure in the
near to medium term, possibly leading to the need for refinancing
a part of the upcoming repayment obligations.  CRISIL expects
support from the Fedders Lloyd group to be made available in case
of financial exigencies.  The rating may be downgraded in case of
a slowdown in growth of revenue, also impacting profitability, or
higher-than-anticipated debt-funded capital expenditure, or
inability to meet upcoming term debt repayments.  Conversely, the
outlook may be revised to 'Stable' if the company is able to scale
up operations, improve cash flow generation, and correct key debt
protection metrics.

                     About Airserco

Airserco was incorporated in 1965 to provide after-sales
maintenance service for the air-conditioners (ACs) sold by the
group company Fedders Lloyd Corporation Ltd. Since 2005-06 (refers
to financial year, April 1 to March 31), the company has
diversified into three new segment: undertaking heating,
ventilation, air-conditioning and refrigeration (HVAC) projects
for commercial buildings, shopping malls, and indoor stadiums;
installation of telecom towers; and undertaking overhead
electrification (OHE) projects for the Indian Railways.

For 2007-08, Airserco reported a net profit of Rs.7.06 million on
net sales of Rs.853.9 million, as against a net profit of Rs.10.27
million on net sales of Rs.789.7 million in 2006-07.


KINGFISHER AIRLINES: Gets Rs 500cr Loan from State Bank of India
------------------------------------------------------------------
The State Bank of India has provided Kingfisher Airlines a
Rs 500 crore loan, a fourth of the Rs 2,000-crore which the
airline is seeking from a consortium of banks, The Hindu Business
Line reports.  Sources told Business Line that the loan was
sanctioned on April 30.

The report relates that Kingfisher promoter Vijay Mallya held at
least two meetings with senior SBI officials in Mumbai as before
the loan was disbursed.  The meeting between the bank and the
airline comes in the backdrop of Kingfisher facing mounting
losses, the report says.

According to the Business Line, the airline has also been facing
problems with various vendors over payment of outstanding dues.

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/ -- formerly known as Deccan
Aviation Ltd, serves about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.  It maintains bases in major cities such as Delhi and
Mumbai.  Kingfisher Airlines is a unit of UB Holdings, best known
for its United Breweries unit, and the carrier shares the
Kingfisher brand with a popular Indian beer.  UB Holdings also
owns a stake in another domestic carrier, Air Deccan, whose
operations it combined with Kingfisher Airlines in mid-2008.
Kingfisher Airlines began flying in 2005.

                          *     *     *

In the financial year ended June 30, 2007, Deccan Aviation
reported a net loss of INR4.2 billion, up 23% from the
INR3.41 billion loss incurred in FY 2006.  In the financial year
ended March 31, 2008, Kingfisher Airlines reported a net loss of
INR1.89 billion.


NAMDHARI RICE: CRISIL Assigns 'B-' Rating on Rs.20.0 Mln Term Loan
------------------------------------------------------------------
CRISIL has assigned its ratings of 'B-/Negative/P4' to the various
bank facilities of Namdhari Rice and General Mills (NRGM).

   Rs.50.0 Million Cash Credit Limit       B-/Negative (Assigned)
   Rs.20.0 Million Term Loan               B-/Negative (Assigned)
   Rs.350.0 Million Proposed Long Term     B-/Negative (Assigned)
                    Bank Loan Facility
   Rs.180.0 Million Export Packing Credit  P4 (Assigned)

The ratings reflect NRGM's weak financial risk profile, owing to
the working-capital-intensive nature of the rice industry; the
ratings also factor in the firm's exposure to risks relating to
small scale of operations, unfavourable government policies, and
increasing raw material prices. These weaknesses are, however,
partially offset by the benefits that NRGM derives from the
healthy growth prospects for the rice industry.

Outlook: Negative

CRISIL expects NRGM's financial risk profile to weaken over the
medium term due to the high working capital intensity of its
operations, and the debt-funded capital expenditure being
undertaken by the firm.  The rating maybe downgraded if there is
significant deterioration in the company's financial risk profile
leading to low cash accruals.  The outlook may be revised to
'Stable' if the firm's profitability improves substantially with
the commissioning of the new plant, or if fund infusions by
promoters lead to improvement in its financial risk profile.

                     About Namdhari Rice

Set up in 1986, NRGM is a partnership firm engaged in milling,
processing and selling of basmati and other rice.  Exports
contributed around 70 per cent to the firm's revenues in 2007-08
(refers to financial year, April 1 to March 31).  The firm is also
engaged in trading activities, whereby it procures rice from other
mills, sorts it at its plant, and exports it.  Its plant at Sirsa
(Haryana) has milling and sorting capacities of 3 tonnes per hour
(tph) and 8 tph, respectively.  The firm is commissioning one more
milling plant, with a capacity of 5 tph. For 2007-08, NRGM
reported a profit after tax (PAT) of Rs. 1.8 million on net sales
of Rs.407 million, as against a PAT of Rs. 0.7 million on net
sales of Rs. 235 million for 2006-07.


PERFECT RADIATORS: CRISIL Places 'B' Rating on Rs.62.5MM LT Loans
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'B/Stable/P4' to the bank
facilities of Perfect Radiators & Oil Coolers Pvt Ltd (PROC).

   Rs.62.5 Million Long Term Loans     B/Stable (Assigned)
   Rs.80.0 Million Cash Credit         B/Stable (Assigned)
   Rs.40.0 Million Letter of Credit    P4 (Assigned)

The ratings reflect PROC's vulnerability to profitability because
of volatile raw material prices and increasing competition, and
the company's revenue concentration (Indian Railways accounted for
over 75 per cent of its revenues in the year ended March 31,
2008).  These rating weaknesses are mitigated by the company's
established presence in the domestic market for locomotive
radiators, and its adequate operating capabilities.

Outlook: Stable

CRISIL believes that PROC will gradually improve its business risk
profile. The outlook may be revised to 'Positive' if PROC widens
its customer base, thereby reducing dependence on Indian Railways,
while maintaining a prudent capital structure.  Conversely, the
outlook may be revised to 'Negative' in case of a slowdown in
revenue growth or if the company undertakes significant debt-
funded capital expenditure.

                    About Perfect Radiators

PROC was incorporated in 1984 and taken over by the Fedders Lloyd
group in 2003.  The company makes radiators (both copper-brass and
aluminium), radiator assemblies, and other heat exchangers for
locomotive, and industrial and automotive applications, under the
Perfect brand.  PROC is a closely-held company and is a pioneer in
India in the development and manufacture of mechanical bonded
radiators for diesel locomotives.

PROC reported a net profit of Rs.16 million on net sales of
Rs.985 million in 2007-08 (refers to financial year, April 1 to
March 31), against Rs.11 million and Rs.973 million respectively
in the previous year.


SAAVI PACKERS: CRISIL Rates Rs.184.5 Million Long Term Loan at 'B'
------------------------------------------------------------------
CRISIL has assigned its ratings of 'B/Stable/P4' to the bank
facilities of Saavi Packers & Printers Pvt Ltd (Saavi).

   Rs.184.5 Million Long Term Loan    B/Stable (Assigned)
   Rs.40.0 Million Cash Credit        B/Stable (Assigned)
   Rs.8.5 Million Proposed Long Term  B/Stable (Assigned)
             Bank Loan Facility
   Rs.10.0 Million Letter of Credit   P4 (Assigned)
   Rs.7.0 Million Bank Guarantee      P4 (Assigned)

The ratings reflect Saavi's moderate financial risk profile,
marked by a high gearing and low net worth, and the company's
exposure to risks relating to customer and geographic
concentration.  These weaknesses are partially offset by the
benefits that the company derives from its promoters' experience
in the printing and packaging business.

Outlook: Stable

CRISIL expects Saavi's financial risk profile to remain moderate,
and constrained by its high gearing and low net worth.  The
outlook may be revised to 'Positive' if the company increases its
scale of operations while sustaining its profitability.
Conversely, the outlook may be revised to 'Negative' in case the
company undertakes any large, debt-funded capital expenditure.

                     About Saavi Packers

Saavi was set up in 1999 by members of the Patil family in Sangli.
Mr. Shankar Kashid acquired the company in September 2006.  The
company is engaged in offset and digital printing.  It also
manufactures small cartons, which are typically used in the
pharmaceutical industry. It has a production capacity of 1600
tonnes per annum.

Saavi reported a profit after tax (PAT) of Rs. 7.2 million on net
sales of Rs. 86.2 million for 2007-08 (refers to financial year,
April 1 to March 31), as against a PAT of Rs. 4.9 million on net
sales of Rs.41.1 million for 2006-07.


SHRI HARI: Low Net Worth Prompts CRISIL to Assign 'P4' Ratings
--------------------------------------------------------------
CRISIL has assigned its rating of 'P4' to the bank facilities of
M/s Shri Hari Gems (SHG).

   Rs.150.0 Million Post Shipment Credit  P4 (Assigned)
   Rs.60.0 Million Packing Credit         P4 (Assigned)

The rating reflects SHG's weak financial risk profile, marked by
low net worth and below-average debt protection indicators, and
moderate business risk profile, constrained by small scale of
operations in the diamond industry, and weak global demand for
polished diamonds.  These weaknesses are, however, partially
offset by the benefits that SHG derives from its promoters'
experience in the diamond industry.

                     About Shri Hari

SHG, a partnership firm set up in 1999, manufactures and sells
rough and polished round diamonds.  The firm is head-quartered in
Mumbai, and has a manufacturing facility at Surat (Gujarat).  The
firm had estimated sales and profit after tax (PAT) of Rs. 450
million and Rs. 2.6 million, respectively, for 2008-09 (refers to
financial year, April 1 to March 31), as against sales and PAT of
Rs. 460 million and Rs. 11.9 million, respectively, for 2007-08.


VISHNU PRIYA: Debt Repayment Delays Spur CRISIL 'D' Rating
----------------------------------------------------------
CRISIL has downgraded its rating on the term loan of Vishnu Priya
Hotels & Resorts Pvt Ltd (Vishnu Priya) to 'D' from
'BB-/Negative', as the company has defaulted on some of its rated
debt obligations.

   Rs.370 Million Term Loan*    D (Downgraded from 'BB-/Negative')

   * Includes proposed limit of Rs.70 million.

Besides the credit strengths and weaknesses, the rating was
earlier predicated on the Vishnu Priya management's declaration
that the company had serviced, and would continue to service, all
its financial obligations on a timely basis.  However, CRISIL has
now been informed that the company has been delaying on its debt
obligations.  This indicates that the company's management had
provided incorrect declarations to CRISIL regarding timely debt
servicing.

                    About Vishnu Priya Hotels

Incorporated in 2005, Vishnu Priya is developing an upscale, full-
service, five-star hotel at Visakhapatnam.  The hotel is aimed at
the business segment, particularly foreign technicians engaged in
oil and exploration, and shipping activities, in and around
Visakhapatnam.  The Visakhapatnam hotel, owned and developed by
Vishnu Priya, will be managed and operated by JHM Interstate under
the brand name 'Double Tree' by Hilton.  The property will feature
124 rooms, three restaurants, a spa and gymnasium, and six
presidential suites.



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J A P A N
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AMERICAN INT'L: Close to Selling Japan HQ for US$1-Bln, WSJ Says
----------------------------------------------------------------
American International Group Inc. is close to selling its Japanese
headquarters for about US$1 billion to help pay off its government
debt, The Wall Street Journal reports citing people familiar the
matter.  WSJ says the deal would mark as one of the largest
divestitures the insurance company has made.

According to WSJ, sources said a Japanese insurance company is
expected to buy the 15-story building, which is located adjacent
to the Imperial Palace.

The report relates that AIG recently shelved plans to divest
itself of its core insurance operations, including those in Asia.
The company has continued to pursue the sale of real estate and
other ancillary businesses, such as its aircraft-leasing unit, WSJ
notes.

AIG may also be nearing a deal to sell its airplane leasing
business, International Lease Finance Corp., WSJ adds citing
people familiar with the matter.

                   About American International

Based in New York, American International Group, Inc. (AIG), is
the leading international insurance organization with operation in
more than 130 countries and jurisdictions.  AIG companies serve
commercial, institutional and individual customers through the
most extensive worldwide property-casualty and life insurance
networks of any insurer.  In addition, AIG companies are leading
providers of retirement services, financial services and asset
management around the world.  AIG's common stock is listed on the
New York Stock Exchange, as well as the stock exchanges in Ireland
and Tokyo.

During the third quarter of 2008, requirements to post collateral
in connection with AIG Financial Products Corp.'s credit default
swap portfolio and other AIGFP transactions and to fund returns of
securities lending collateral placed stress on AIG's liquidity.
AIG's stock price declined from $22.76 on September 8, 2008, to
$4.76 on September 15, 2008.  On that date, AIG's long-term debt
ratings were downgraded by Standard & Poor's, a division of The
McGraw-Hill Companies, Inc., Moody's Investors Service and Fitch
Ratings, which triggered additional requirements for liquidity.
These and other events severely limited AIG's access to debt and
equity markets.

On September 22, 2008, AIG entered into an $85 billion revolving
credit agreement with the Federal Reserve Bank of New York and,
pursuant to the Fed Credit Agreement, AIG agreed to issue 100,000
shares of Series C Perpetual, Convertible, Participating Preferred
Stock to a trust for the benefit of the United States Treasury.
At September 30, 2008, amounts owed under the facility created
pursuant to the Fed Credit Agreement totaled $63 billion,
including accrued fees and interest.

Since September 30, AIG has borrowed additional amounts under the
Fed Facility and has announced plans to sell assets and businesses
to repay amounts owed in connection with the Fed Credit Agreement.
In addition, subsequent to September 30, 2008, certain of AIG's
domestic life insurance subsidiaries entered into an agreement
with the NY Fed pursuant to which the NY Fed has borrowed, in
return for cash collateral, investment grade fixed maturity
securities from the insurance subsidiaries.

On November 10, 2008, the U.S. Treasury agreed to purchase,
through its Troubled Asset Relief Program, $40 billion of newly
issued AIG perpetual preferred shares and warrants to purchase a
number of shares of common stock of AIG equal to 2% of the issued
and outstanding shares as of the purchase date.  All of the
proceeds will be used to pay down a portion of the Federal Reserve
Bank of New York credit facility.  The perpetual preferred shares
will carry a 10% coupon with cumulative dividends.

AIG and the Fed also agreed to revise the existing FRBNY credit
facility.  The loan terms were extended from two to five years to
give AIG time to complete its planned asset sales in an orderly
manner.  The equity interest that taxpayers will hold in AIG,
coupled with the warrants, will total 79.9%.

At September 30, 2008, AIG had $1.022 trillion in total
consolidated assets and $950.9 billion in total debts.
Shareholders' equity was $71.18 billion, including the addition of
$23 billion of consideration received for preferred stock not yet
issued.

The Troubled Company Reporter reported on March 4, 2009, that
Moody's Investors Service confirmed the A3 senior unsecured debt
and Prime-1 short-term debt ratings of American International
Group, Inc.  AIG's subordinated debt rating has been downgraded to
Ba2 from Baa1.  The rating outlook for AIG is negative.  This
rating action follows AIG's announcement of net losses of
$62 billion for the fourth quarter and $99 billion for the full
year of 2008, along with a revised restructuring plan supported by
the U.S. Treasury and the Federal Reserve.  This concludes a
review for possible downgrade that was initiated on September 15,
2008.



=========
K O R E A
=========

HYUNDAI MOTOR: Overseas Output Surpasses Local Production in April
------------------------------------------------------------------
Hyundai Motor Co.'s overseas production surpassed exports from
local plants last month, underscoring the South Korean carmaker's
goal of global expansion, Yonhap News Agency reports citing
company data.

Hyundai's overseas output stood at 125,364 units in April,
compared with 117,978 units produced domestically, according to
the data obtained by the news agency.

Headquartered in Seoul, South Korea, Hyundai Motor Company
(SEO:005380) -- http://www.hyundai-motor.com/-- is an automobile
manufacturer in Korea.  The company markets the Atoz Prime, Getz,
Accent, Elantra, Hyundai Coupe, Sonata, Grandeur XG and Centennial
passenger cars; the Trajet, Terracan, Tucson, Santa Fe, H-1 and
Matrix recreational vehicles, and commercial vehicles, which
include trucks, buses, tractors, and specialty vehicles, such as
refrigerated vans, ready mixed concrete (remicon) mixers and oil
tankers.  It operates overseas plants in North America, India and
China, and research and development centers in North America,
Japan and Europe.  During the year ended December 31, 2007, the
company produced 1,706,727 vehicles sold around the globe.

                         *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
Jan. 16, 2009, Fitch Ratings downgraded Hyundai Motor's long-term
foreign currency Issuer Default Ratings to 'BB+' from 'BBB-' (BBB
minus), and the Short-term ratings to 'B' from 'F3'.  The agency
revised the Outlook to Negative from Stable.


SSANGYONG MOTOR: Court Says Firm Still Viable
---------------------------------------------
Yonhap News Agency reports that a South Korean court said
Wednesday that Ssangyong Motor Co. is viable, raising hopes for
the company's survival.

"Ssangyong Motor's continued existence is valuable," the news
agency cited the court as saying after reviewing results of audit
by accounting firm Samjong KPMG Inc.

Yonhap discloses that the company posted a net loss of KRW709.7
billion (US$554 million) in 2008 on sales of KRW2.5 trillion, down
20 percent from a year earlier.

In the first three months of this year, Ssangyong's vehicle sales
dived 76 percent to 6,471 units, the report adds.

Headquartered in Kyeonggi-Do, South Korea, Ssangyong Motor Co.
Ltd. -- http://www.smotor.com/kr/index.jsp/-- is a manufacturer
of automobiles primarily engaged in production of sports utility
vehicles (SUVs) and recreational vehicles (RVs).  The company's
production is grouped into four lines: SUVs under brand names
REXTON, KYRON and ACTYON; sports utility trucks (SUTs) under the
brand name ACTYON Sports; passenger cars under brand name
Chairman, and multi-purpose vehicles (MPVs) under the brand name
Rodius.  It also provides automobile parts such as coolers,
engine oil filters, headlamp bulb and others.  During the year
ended December 31, 2007, the company had a production capacity
of 219,220 units of vehicles and its actual production output
was 122,857 units of vehicles.  The company has two
manufacturing factories in Pyeongtaek and Changwon.

                          *     *     *

As reported in Troubled Company Reporter-Asia Pacific on Jan. 12,
2009, the International Herald Tribune said Ssangyong filed for
receivership with a Seoul district court in a bid to stave off a
complete collapse.  The Tribune related that the decision to file
for receivership, which is similar to bankruptcy protection in the
United States, came a day after the Ssangyong board met in
Shanghai.  "After our talks with the banks failed to produce an
agreement, it became inevitable to file for court receivership to
ease the critical cash flow problem," the company said in a
statement obtained by the Tribune.



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

ARK RESOURCES: Updates Bursa on Default Status as of April 2009
---------------------------------------------------------------
Ark Resources Bhd and its subsidiaries disclosed with the Bursa
Malaysia Securities Bhd its status on default payments to
several lenders as of April 30, 2009:

  Lender                   Borrower              Amount Claimed
  ------                   --------              --------------
  CIMB Bank Bhd            Lankhorst Pancabumi       25,321,245
  Bank Berhad              Contractors S/B           39,278,848
                           ("LPC")                      441,488

  Prokhas Sdn Bhd          Lankhorst Pancabumi          526,156
                           Contractors S/B

  Maybank                  Lankhorst Pancabumi       15,632,230
                           Contractors S/B

  Affin-ACF Finance Bhd    ARK M&E Sdn Bhd              136,114

CIMB Bank, Prokhas and Maybank are exposures to LPC but secured
against ARK's corporate guarantee.  Under the salient terms and
conditions of the Proposed Corporate Restructuring Exercise,
which was approved by the Securities Commission through its
letter dated April 30, 2007, these will be addressed:

   * the debts of Scheme Companies namely, the debt of ARK, ARK
     Hartanah Sdn Bhd, ARK M&E Sdn Bhd and ARK Development Sdn
     Bhd;

   * the debts of the Non-Scheme Companies but secured against
     ARK's corporate guarantee; and

   * the liquidation of Non-Scheme Companies which will result
     in its debts being addressed by the respective liquidator.

ARK, on April 7, 2008, obtained an Order from the High Court of
Malaya at Kuala Lumpur sanctioning the Proposed Corporate
Restructuring Exercise pursuant to Section 176(3) of the
Companies Act, 1965.

                    About ARK Resources Berhad

ARK Resources Berhad, formerly known as Lankhorst Berhad --
http://www.lankhorst.com.my/-- is an investment holding company
with headquarters in Shah Alam, Malaysia.  Through its
subsidiaries, the Company provides civil and geotechnical
engineering

                          *     *     *

On April 24, 2006, Lankhorst was classified as an affected
listed issuer under the Bourse's Practice Note 17/2005.  It was,
therefore, required to submit and implement a plan to regularize
its financial condition category.


LITYAN HOLDINGS: Loan Default Totals MYR43.44 Mil. in April 2009
----------------------------------------------------------------
In a regulatory filing with the Bursa Malaysia Securities Bhd,
Lityan Holdings Berhad disclosed the status of its default on its
credit facilities as of April 30, 2009.

As of end-April 2009, Lityan Holdings owes its creditors
MYR43.44 million in aggregate:

                                             Total Principal and
Lender               Type of Facility       Interest in Default
------               ----------------       -------------------
RHB Bank Berhad       Overdraft Facility           MYR361,666.06
                      of MYR225,000/-

RHB Bank Berhad       Overdraft Facility              725,127.74
                      of MYR450,000/-

Bank Islam Malaysia   Letter of Credit             25,584,300.41
Berhad Labuan         Facility/ Murabah
Offshore Branch       Working Capital
(Formerly known as    Financing/ Revolving
Bank Islam (L) Ltd)   Al-Bai-Bithaman-Ajil
                      Facility of US$10-Mil.
                      (Secured)

Bank Islam Malaysia   Revolving Al-Bai-            15,171,214.51
Berhad Labuan         Bithaman-Ajil Facility
Offshore Branch       of US$5 million
                      (secured)

Ambank Berhad         Overdraft Facility            1,595,386.24
                      of MYR1 million           ----------------
                                                MYR43,437,694.96

The three subsidiaries of Lityan, namely Lityan Systems Sdn.
Berhad, Digital Transmission Systems Sdn. Bhd. and Lityan (L)
Incorporated who have defaulted in various credit facilities to
the financial institutions are not major subsidiaries of the
company.

Lityan is in the midst of submitting its Proposed Restructuring
Scheme to the authorities for approval, looking into other
business opportunities within its core activities to address its
PN17 status.

Headquartered in Selangor Darul Ehsan, Malaysia, Lityan Holdings
Berhad -- http://www.lityan.com.my/-- sells and provides
maintenance services and rental of computer equipment,
peripherals, telecommunication equipment and related services.
The Company's other activities include provision of building
maintenance and management services, developing and marketing of
new client-server programming tools and application software,
operation of public mobile data network, property investment and
investment holding.  The Group carries out its operations in
Malaysia and the Philippines.

On May 10, 2005, the company was classified as an affected
listed issuer pursuant to Bursa Malaysia Securities Berhad's
Practice Note 17 category.  On January 16, 2006, the Company
entered into a conditional Restructuring Agreement to undertake
the Proposed Restructuring Scheme with the intention of
restoring itself onto stronger financial footing via an
injection of new viable businesses.


NEPLINE BHD: Reconciles Deviation of Financial Results
------------------------------------------------------
In accordance with paragraph 9.19 (34) of the Listing Requirements
of Bursa Malaysia Securities Berhad, the board of directors of
Nepline Berhad advised the bourse that the company's loss before
taxation for the financial year ended December 31, 2008 has
deviated by 2404% from the unaudited loss after taxation and
minority interest of MYR5.521 million as announced on February 27,
2009.  The audited total loss after taxation and minority interest
stated in the aduited accounts now stands at MYR138.229 million.

The deviation is due to the following circumstances:

   -- Allowance for Doubtful Debts and Reversal of Disposal of
      Investments:

      As recommended by the auditors, there is a provision on
      the Allowance for Doubtful Debts amounting to MYR27.4
      million on the Trade receivables in lieu of the company’s
      non-collections of the debts due to the non-performing of
      the debtors position in the current economic global
      scenario.

      Also, in relation to the non-materialization of the
      Memorandum of Agreement Memorandum of Understanding entered
      into between Nepline Berhad  with the Messrs. United Base
      Ventures Berhad and Messrs Trinity Marine Limited.

      The auditors had recommended that the reversal of
      MYR58,835,000.00 being the selling price for the disposal
      of one (1) unit of shipping vessel which had been accounted
      for in the consolidated accounts of Nepline Group in the
      financial year ending 31 December 2007 and the gains on
      disposal of the entire issued and paid up share capital of
      the company's wholly owned subsidiary, Nepline International
      Limited ("NIL") for the amount of MYR12,183,450 be written
      of from the consolidated accounts of Nepline Group in the
      financial year ending December 31, 2008.  Though, the
      company had not officially terminated the agreements until
      pending the police investigations.

   -- Impairment loss on the valuation of the assets of the
      company.

      As advised by the auditors, the adjustments on the
      valuation of the vessels amounts to MYR17.847 million.

   -- Write-off on the Research & Development expenditure.

      There is a write-off of on the amount of MYR7.8 million
      on the Research & Development by the company, as
      recommended by the auditors.

   -- Provision on the Terminated and Retrenched benefit for
      the laid-off Employees:

      The company has downsized its’ staff since February 2009
      and had made a provision for payments of the terminated
      employees together the retrenchment benefits to be paid
      to the affected staff amounting to MYR3.640 million.  The
      auditors had recommended to make a provision for this
      amount.

   -- Impairment loss on goodwill on consolidation and others:

      The auditors had recommended a provision on the impairment
      of loss on goodwill on consolidation amounting to MYR821,000
      and for others amounting to MYR3.975 million.

                     About Nepline Berhad

Based in Kuala Lumpur, Malaysia, Nepline Berhad is engaged in the
provision of transportation of goods by sea and provision of ship
management services.  The company operates in three segments:
shipping, which involves transportation of goods by sea and
provision of ship management services; land, which involves
transportation of goods by land, and biotechnology, which is
engaged in Extraction of lecithin from vegetable oil using high-
powered ultrasound technology.  Its subsidiaries include Direct
holding Nepline Haulage Sdn. Bhd., Nepline Zenergy Sdn.Bhd.,
Nepline (Singapore) Pte. Ltd, Nepline Biotechnology Sdn. Bhd. and
Nepline SPV Sdn. Bhd.  On November 9, 2007, the Company acquired
the remaining 10% of existing issued and paid-up capital of
Nepline Zenergy Sdn Bhd (NZSB) making NZSB its 100%-owned
subsidiary.  On March 10, 2008, the company disposed of its
interest in Nepline International Limited.

                          *     *     *

Nepline Berhad has been considered as an Affected Listed Issuer
under Practice Note No. 17/2005 of the Bursa Malaysia Securities
Berhad as:

   -- the company was unable to provide a solvency declaration;
      and

   -- the company's current situation with regards to the global
      economic scenario, which had implicated all the vessels as
      non-performing and the company is unable to generate any
      income/trades.

Nepline Berhad had on Jan. 9, 2009, been served with a notice for
the appointment of a Receiver over the charged assets of Nepline
Berhad pursuant to three (3) Debentures dated Sept. 12, 2007, with
Bank Pembangunan Malaysia Berhad.


NEPLINE BHD: Unable to Repay Bank Debts
---------------------------------------
In compliance with Paragraph 3.2 of PN 1, Nepline Berhad disclosed
that the company is still not able to service and repay its debts
with the relevant Banks and is still unable to discuss with the
relevant Banks on any amicable solution for the time-being.

There has been no negotiations with the relevant Banks for on any
payments or restructuring of the banking facilities, since
April 1, 2009.

The details of the outstanding due payments as had been defaulted
are:


  Lender                     Borrower            Amount Due
  ------                     --------         ----------------
  Alliance Investment Bank   Nepline Berhad   As at May 30,2008
  Berhad & Malaysian                          MYR1,635,506.85
  Trustees Berhad                               (interest)

                                              As stated in the
                                              Statement of Claims
                                              MYR44,857,380.19

  EXIM Bank                  Nepline Berhad   As stated in their
                                              letter dated
                                              March 3, 2009
                                              US$12,950,461.64

  Bank Pembangunan Malaysia  Nepline Berhad   As at March 31, 2009
  Berhad                                      MYR10,548,787.64

  Bank Pembangunan Malaysia  Nepline Berhad   As at March 31, 2009
  Berhad                                      MYR29,366,321.50


In addition to the announcements made on the Default of Payments
by Export-Import Bank of Malaysia ("EXIM Bank") and Bank
Pembangunan Malaysia Berhad; is the outstanding due of the Default
of Payment for the Collatarised Loan Obligations (CLO) with
Alliance Investment Bank Berhad & Malaysian Trustees Berhad
(whereby the company had defaulted on the interest  payments
amounting to 1,644,493.15 for May  2008).

At present, the company had been served with a Writ of Summons and
Statement of Claims by Kerisma Berhad and Malaysian Trustees
Berhad.

Nepline said it has not been able to appoint any financial
consultant to assist the company with the restructuring of the its
financial obligations and for the preparation of the
Regularisation Plan to be submitted to the authorities due to the
critical cashflow constraint faced by the Company.  However,
Nepline is in the midst of completing the business plan as part of
the Regularisation Plan to be submitted to the authorities for
approval.

                     About Nepline Berhad

Based in Kuala Lumpur, Malaysia, Nepline Berhad is engaged in the
provision of transportation of goods by sea and provision of ship
management services.  The company operates in three segments:
shipping, which involves transportation of goods by sea and
provision of ship management services; land, which involves
transportation of goods by land, and biotechnology, which is
engaged in Extraction of lecithin from vegetable oil using high-
powered ultrasound technology.  Its subsidiaries include Direct
holding Nepline Haulage Sdn. Bhd., Nepline Zenergy Sdn.Bhd.,
Nepline (Singapore) Pte. Ltd, Nepline Biotechnology Sdn. Bhd. and
Nepline SPV Sdn. Bhd.  On November 9, 2007, the Company acquired
the remaining 10% of existing issued and paid-up capital of
Nepline Zenergy Sdn Bhd (NZSB) making NZSB its 100%-owned
subsidiary.  On March 10, 2008, the company disposed of its
interest in Nepline International Limited.

                          *     *     *

Nepline Berhad has been considered as an Affected Listed Issuer
under Practice Note No. 17/2005 of the Bursa Malaysia Securities
Berhad as:

   -- the company was unable to provide a solvency declaration;
      and

   -- the company's current situation with regards to the global
      economic scenario, which had implicated all the vessels as
      non-performing and the company is unable to generate any
      income/trades.

Nepline Berhad had on Jan. 9, 2009, been served with a notice for
the appointment of a Receiver over the charged assets of Nepline
Berhad pursuant to three (3) Debentures dated Sept. 12, 2007, with
Bank Pembangunan Malaysia Berhad.


TENGGARA OIL: Fails to Pay MYR20.92 Million Debt as of April 30
---------------------------------------------------------------
Tenggara Oil Bhd and its subsidiary company, Tenggara Concrete
Sdn Bhd, have been unable to pay the amount of principal and
interest in respect of its credit facilities as at April 30, 2009.

   Lender                    Borrower            Amount Due
   ------                    --------         ----------------
   CIMB Bank Bhd              TOB              MYR6,622,576.33
   (Southern Bank Berhad)

   CIMB Bnk Bhd               TOB                 1,388,172.41
   (Bumiputra-Commerce Bank
    Bhd)

   Malayan Banking Bhd        TCSB               12,904,815.62
                                              ----------------
                                              MYR20,915,564.36

Tenggara Oil Berhad is undertaking a divestment and
restructuring exercise, which will reposition it as a service-
oriented and trading group from its current resource-based
businesses.  Current businesses include investment holding,
supply of ready mixed concrete, property holding, management and
construction.  As part of a corporate revamp exercise, the
Company has repositioned itself in the oil and gas business,
which will be its core business.  The company is headquartered
in Kuala Lumpur, Malaysia.

Tenggara is in the process of implementing a debt-restructuring
scheme with relevant parties.



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

BLUE CHIP: Co-Founder Claims Parent Firm Solvent
------------------------------------------------
The lawyers of Blue Chip co-founder Mark Bryers argued that
Northern Crest Investment Limited is solvent even though the
company reported a $146 million net loss in the 15 months to last
March and its equity has been wiped out, The National Business
Review reports.

The Business Review relates that at the first liquidation hearing
of Northern Crest on May 5, Mr. Bryer's lawyer argued that the
books would prove that the company was solvent and should be
allowed to continue operating.

However, the Business Review says the company's 2008 financial
statements showed that the company made a $146.2 million loss in
the 15 months to March 31 and the previous 12 months were no
better, with a loss of $125.4 million.  Northern Crest had
negative equity at March 31 of $23.4 million and also had negative
cashflow from operating activities of $31.1 million.

According to the report, Northern Crest financial report notes
possible litigation from Robt Jones Holdings over the damages for
the termination of the lease for Blue Chip's office at Qantas
House and from former investor Phyllis Hudson who is claiming
$280,000 in damages.

In addition, the Business Review relates, accountants BDO Spicers,
who audited Northern Crest financial statements, said there is not
sufficient evidence in the report to satisfy them to the solvency
of the company.

Following a court hearing on May 5, the hearing over the Northern
Crest's liquidation has been adjourned until June 2009, the report
adds.

As reported in the Troubled Company Reporter-Asia Pacific on
March 20, 2009, The National Business Review said the Registrar of
Companies filed an application to liquidate Mr. Bryers' remaining
investment vehicle, Northern Crest Investments Limited, on
February 18.

Northern Crest Investment Limited (ASX:NOC), formerly Blue Chip
Financial Solutions Limited, is a financial planning specialist,
providing wealth creation opportunities for clients in Australasia
using residential property solutions.  The company operated in two
divisions: financial services and leasing services.  The financial
services division is engaged in the provision of financial
structuring services and investment product to a variety of
clients.  The leasing activities division is engaged in rental of
residential property.  The company sources its clients through a
network of licensees and advisers in New Zealand and Australia.
During the year ended December 31, 2006, the company disposed
TIBL, Blue Chip Finance Limited and Enform Limited.  In April
2008, the company placed its New Zealand arm into voluntary
liquidation.

                       About Blue Chip NZ

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

                         *     *     *

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



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

ARMADA (SINGAPORE): Subject to Judicial Management Order
--------------------------------------------------------
On April 16, 2009, Global Maritime Investments Limited, Oceanbulk
Shipping & Trading SA, AS Klaveness Chartering, Charbons Et Fuels
S.A.S, Augustea Atlantica SRL, Castalia Springs Limited, Cayman
Islands and Bocimar International NV filed a petition to place
Armada (Singapore) Pte Ltd under judicial management.

The petition will be heard before the High Court of Singapore on
May 8, 2009.

The Applicants' solicitors are:

          Shook Lin & Bok LLP
          1 Robinson Road #18-00, AIA Tower
          Singapore 048542


INDEX HOLDINGS: Court to Hear Wind-Up Petition on May 15
--------------------------------------------------------
A petition to have Index Holdings Pte Ltd's operations wound up
will be heard before the High Court of Singapore on May 15, 2009,
at 10:00 a.m.

United Overseas Bank Limited filed the petition against the
company on April 24, 2009.

The Petitioner's solicitors are:

          Allen & Gledhill LLP
          One Marina Boulevard, #28-00
          Singapore 018989



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

ASUSTEK COMPUTER: Lays Off 400-500 Workers in April
---------------------------------------------------
Asustek Computer Inc. dismissed around 400 to 500 employees in
April as it began the process of reorganizing its business,
DigiTimes reports citing Chinese-language Commercial Times.

According to the report, the paper said the layoffs accounted for
10 percent of the company's total staff and were mostly in the
company's optical drive department.

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

                          *     *     *

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


AU OPTRONICS: Plans to Build LCD Factory in Slovakia
----------------------------------------------------
AU Optronics Corp is near reaching a deal to build a factory for
LCD panels in Slovakia, Reuters reports citing a Slovak source
close to the deal.  Reuters relates that the source said AU
Optronics plans to invest EUR200 million ($265 million).

"The project is agreed.  Final details are being negotiated now,"
Reuter quoted the source as saying.

According to the report, the source said the new factory should
create 3,000 jobs, which would help ease the pain of the global
financial crisis in the euro zone's new member country which has
lost thousands of jobs due to weakening demand for its products in
its main European markets.

AU Optronics Corp. (AUO) -- http://auo.com/-- manufactures thin
film transistor liquid crystal display panels (TFT-LCD).  AUO
provides customers a full range of panel sizes and comprehensive
applications, offering TFT-LCD panels in sizes ranging from 1.5
inches to greater than 65 inches.  AUO generated NT$480.2 billion
(US$14.8 billion) in sales revenue in 2007 and now houses the
staff of more than 42,000 employees throughout its global
operations spreading across Taiwan, Mainland China, Japan,
Singapore, South Korea, the U.S., and Europe.  Additionally, AUO
is the first pure TFT-LCD manufacturer to successfully list at the
New York Stock Exchange (NYSE).


WAN HAI: Moody's Downgrades Corporate Family Rating to 'Ba2'
------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of Wan Hai Lines Ltd. to Ba2 from Ba1.  At the same time,
Moody's has downgraded Wan Hai's senior unsecured bond rating to
Ba3 from Ba2.  The outlook for all ratings is negative.

This concludes the rating review for possible downgrade initiated
on 2 April 2009.

"The downgrade is driven by Wan Hai's weaker-than-expected
performance -- which includes a narrowing operating profit margin
and a net loss -- in FY 2008 against the backdrop of the global
economic slowdown and weak liner market," says Peter Choy, a
Moody's Vice President and Senior Credit Officer.

"Moreover, Moody's expects Wan Hai will remain exposed to such a
challenging operating environment for the next one to two years; a
situation which will further pressure its current financial
profile," adds Choy.

"Its projected credit metrics -- EBITDAR/interest of 3x -- 4.5x
and Net Debt/EBITDAR of over 6.0x -- remain weak for the Ba2
rating level," says Choy.

"However, Moody's draws comfort from the company's track record of
operating through shipping cycles; its good access to the domestic
banking market, and its leading position in the intra-Asian liner
market, an area which is expected to recover faster than other
sectors," says Choy.

"The Ba2 rating also reflects Wan Hai's solid balance sheet
liquidity and Moody's expectation that it can resolve its current
non-compliance with one of the financial covenants in its loans,
given its strong banking relationships," says Choy.

The negative outlook reflects the downward pressure now evident on
Wan Hai's operating performance, due to challenging liner market
conditions in the near term.  Additionally, its liquidity position
could be affected by losses from its currency and oil hedging
activities as well as its funding needs to pay for new vessels to
be delivered in 2010.

The prospect of any upward rating pressure is limited, given the
negative outlook.

However, the outlook could return to stable if Wan Hai can
stabilize its funding arrangements and obtain adequate financing
to cover payments for the new vessels to be delivered within the
next 12 months.  Additionally, the company has to demonstrate
improvements in its operations, such that its financial profile
strengthens and Net Debt/EBITDAR trends below 5.0x.

Wan Hai's ratings could come under downgrade pressure relatively
quickly if it appears that its non-compliance with the financial
covenants in its loans cannot be resolved satisfactorily in the
next 2-3 months.

Furthermore, Moody's would downgrade the ratings if its EBITDAR
margin remains week; or material losses arise from its derivatives
or oil transactions; and/or debt leverage increases materially due
to the delivery of its new vessels.  Under such a scenario,
EBITDAR/Interest could fall below 2.5x and Net Debt/EBITDAR rise
above 6.0 -- 6.5x on a consistent basis.

The last rating action was taken on April 2, 2009, when Moody's
placed the ratings of Wan Hai under review for possible downgrade.

Wan Hai Lines Ltd was established in February 1965 in Taiwan as a
log transportation company.  It was subsequently transformed into
a container liner company in 1976 and was listed on the Taiwan
Stock Exchange in May 1996.



                          *     *     *

The company continues to carry Fitch Ratings' 'BB+' long-term
foreign and local currency Issuer Default ratings.  The Outlook
is Positive.



                         *********

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
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mail.  Additional e-mail subscriptions for members of the same
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thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.





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