TCRAP_Public/090514.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 14, 2009, Vol. 12, No. 94

                            Headlines

A U S T R A L I A

CULT INDUSTRIES: Goes Into Voluntary Liquidation
FORTESCUE METALS: No Listing Plans Yet on Shanghai Exchange


C H I N A

CHINA CONSTRUCTION: BofA Sells 5.8% CCB Stake for US$7.3 Billion
CHINA CONSTRUCTION: Investor Sells CCB Shares for US$488-Mln
SANLU GROUP: Sells Sanlu Brand for US$1.07 Million


G A B O N

BANQUE GABONAISE: Fitch Affirms Issuer Default Rating at 'B+'


H O N G  K O N G

ALLCO ASIA: Creditors' Proofs of Debt Due on May 29
ALLCO FINANCE: Creditors' Proofs of Debt Due on May 29
BILLION UP: Members and Creditors to Meet on June 12
BUYCOLLECTION.COM: Creditors' Meeting Set for June 30
CHINA MAKER: Placed Under Voluntary Wind-Up

CLUB MEDITERRANEE: Commences Wind-Up Proceedings
CROSS PROFIT: Court to Hear Wind-Up Petition on June 3
GOLD VICTORY: Creditors' Meeting Set for May 25
KONGSONIC ELECTRONICS: Members and Creditors to Meet on June 12
MARRIOT DEVELOPMENT: Creditors' Proofs of Debt Due on May 22

NEO-CHINA LAND: Investigation Won't Affect S&P's 'CC' Rating
TOPLEY LIMITED: Members to Receive Wind-Up Report on June 8
WAT HONG: Creditors' Meeting Set for May 19
WELLY TRAVEL: Members' Meeting Set for June 9


I N D I A

AIRVISION INDIA: CRISIL Puts 'C' Rating on Rs.90.0 Mln Cash Credit
HYUNDAI MOTOR: May Transfer i20 Production Base to Europe
MOKALBARI KANOI: Fitch Assigns 'B' National Long-Term Rating
NARAYAN AGRO: CRISIL Rates Rs.70.0 Million Cash Credit at 'BB+'
NOBLE INDUSTRIES: Delays in Loan Payment Prompts CRISIL 'D' Rating

NOBLE MOULDS: CRISIL Places 'C' Rating on Rs.50.0 Mln Cash Credit
SATHYAM POWER: Fitch Assigns 'B' Rating on Long-Term Bank Loans
SATYAM COMPUTER: Investors Seek US$1-Bln Compensation in Court
SETH RAMJI: CRISIL Assigns 'BB-' Rating on Rs.207.2 Mln Term Loan
TEREX VECTRA: CRISIL Rates Rs.215.0-Mln Cash Credit Limit at 'BB'


I N D O N E S I A

INTERNATIONAL NICKEL: Net Profit Drops to US$17.2 Mil. in 1st Qtr.
PT DAVOMAS: Moody's Downgrades Corporate Family Rating to 'Ca'
PT DAVOMAS: S&P Downgrades Corporate Credit Rating to 'D'
PT PERTAMINA: Plans to Export 100,000 to 200,000 Barrels of Avtur


J A P A N

AMERICAN INT'L: Nippon Life Agrees to Buy Firm's Japanese HQ
ASAHI MUTUAL: S&P Puts 'BB' Rating on Negative CreditWatch
HITACHI LTD: Sees Lower Loss This Year on Previous Tax Writedowns
JAPAN AIRLINES: Posts JPY63.1 Billion Net Loss in FY2008
MAZDA MOTOR: Incurs JPY71.49 Million Net Loss in FY2008

NISSAN MOTOR: Posts JPY233.71 Billion Loss in FY2008


M A L A Y S I A

ENERGREEN CORP: Bursa to Suspend Securities Trade Tomorrow
TENGGARA OIL: Faces Labour Suit from Former Employees


N E W  Z E A L A N D

DORCHESTER PACIFIC: Sees NZ$25-Mln Loss in Year Ended March 31


P A K I S T A N

PAKISTAN MOBILE: S&P Downgrades Corporate Credit Rating to 'SD'


P H I L I P P I N E S

APO VIEW: Appelate Court Denies Bank's Petition to Foreclose Hotel


S R I  L A N K A

COMMERCIAL BANK: Fitch Affirms Individual Rating at 'D'


T H A I L A N D

G STEEL: S&P Downgrades Corporate Credit Rating to 'SD'


X X X X X X X X

* IMF Says Growth Set to Slow Sharply in Central Asia


                         - - - - -


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

CULT INDUSTRIES: Goes Into Voluntary Liquidation
------------------------------------------------
Cult Industries has been placed in liquidation with debts of more
than AU$15.4 million, Nick Nichols at goldcoast.com.au reports.

According to the report, voluntary receivers John Cronin and
Jamie Harris, of McGrathNicol, were appointed as the company's
receivers last month, along with liquidator Peter Lucas, of PA
Lucas & Co.

Its two retail stores, at Burleigh Heads and Toowoomba, have
closed, while Cult's headquarters at Burleigh -- next door to
Billabong International's head office -- is up for lease after a
failed attempt to sell it last year, the report discloses.

The report relates that the Australian Securities and Investments
Commission records show founder Doug Spong and associated entities
are the major creditor to Cult Industries, with trade creditors
owed a further AU$1.2 million.  Secured creditors, which include
Suncorp, are owed AU$1.3 million, the report adds.

The company's demise comes on the heels of a bitter year for the
corporate surfwear scene on the Gold Coast, the report says.

Cult Industries is an Australian-based international surfwear
company.


FORTESCUE METALS: No Listing Plans Yet on Shanghai Exchange
-----------------------------------------------------------
Fortescue Metals Group Ltd said Tuesday it is currently not
looking at listing on the Shanghai Stock Exchange, The Australian
reports.

The report, citing Fortescue in a response to an Australian
Securities Exchange query over a 16 percent surge in its shares on
May 11, relates the miner said that given its strong relationship
with Hunan Valin Iron & Steel, it had been encouraged to review a
listing on the Shanghai exchange.

"However, given existing restrictions on foreign company listings
and other related regulatory approval processes, such an action is
not a current proposition," Fortescue said as cited in the report.

The Troubled Company Reporter-Asia Pacific, citing Reuters,
reported on May 12, 2009, that according to the official China
News Agency, Fortescue CEO Andrew Forrest said the company may
list its shares in Shanghai noting that Fortescue's equity tie-up
with Hunan Valin Iron would help its localisation in China and may
facilitate a Shanghai listing.

                     About Fortescue Metals

Headquartered in West Perth, Western Australia, Fortescue Metals
Group Limited (ASX: FM) -- http://fmgl.com.au/-- is involved in
the exploration of iron ore through a project to mine iron ore
in the Chichester Ranges, in the Pilbara region of Western
Australia and exporting it from Port Hedland.

                          *     *     *

Fortescue reported consecutive net losses for the past three
fiscal years.  Net loss for the year ended June 30, 2008, was
AU$2.52 billion, while net losses for FY2007 and FY2006 were
AU$192.26 million and AU$2.15 million, respectively.



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

CHINA CONSTRUCTION: BofA Sells 5.8% CCB Stake for US$7.3 Billion
----------------------------------------------------------------
Bank of America has sold a 5.8 percent stake in China Construction
Bank for about US$7.3 billion, Bloomberg News reports citing two
people with knowledge of the matter.

According to Bloomberg News' sources, Hopu Investment Management,
the private-equity fund run by Fang Fenglei, led investors
including Singapore's state-owned Temasek Holdings in buying
13.5 billion shares from Bank of America.

The report, citing one of the sources, relates that Bank of
America sold the shares for HK$4.20 apiece, 14 percent below
Monday's (May 11) closing price.

Bloomberg News states that the sale brings Kenneth Lewis, Bank of
America's chief executive, closer to the US$33.9 billion
regulators say he needs to raise following stress tests of US
banks.

"The stake sale is a small step toward raising the recommended
amount of capital," the report quoted Christian Jin, a fund
manager at HI Asset Management in Seoul, as saying.  "Bank of
America still has a long way to go to meet that target."

The report discloses that the stake sold by Bank of America
represents 6 percent of Construction Bank's outstanding Hong Kong
stock.  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.

                            About BofA

Based in Charlotte, North Carolina, Bank of America --
http://www.bankofamerica.com/-- is one of the world's largest
financial institutions, serving individual consumers, small and
middle market businesses and large corporations with a full range
of banking, investing, asset management and other financial and
risk-management products and services.  The company serves more
than 59 million consumer and small business relationships with
more than 6,100 retail banking offices, nearly 18,700 ATMs and
online banking with nearly 29 million active users.  Following the
acquisition of Merrill Lynch on January 1, 2009, Bank of America
is among the world's leading wealth management companies and is a
global leader in corporate and investment banking and trading
across a broad range of asset classes serving corporations,
governments, institutions and individuals around the world.  Bank
of America offers support to more than 4 million small business
owners.  The company serves clients in more than 150 countries.
Bank of America Corporation stock is a component of the Dow Jones
Industrial Average and is listed on the New York Stock Exchange.

The bank needed the government's financial help in completing its
acquisition of Merrill Lynch.

Merrill Lynch & Co. Inc. -- http://www.ml.com/-- is a wealth
management, capital markets and advisory companies with offices in
40 countries and territories.  As an investment bank, it is a
leading global trader and underwriter of securities and
derivatives across a broad range of asset classes and serves as a
strategic advisor to corporations, governments, institutions and
individuals worldwide.  Merrill Lynch owns approximately half of
BlackRock, one of the world's largest publicly traded investment
management companies with more than $1 trillion in assets under
management.  Merrill Lynch's operations are organized into two
business segments: Global Markets and Investment Banking (GMI) and
Global Wealth Management (GWM).

As reported by the Troubled Company Reporter on March 27, 2009,
Moody's Investors Service lowered the senior debt rating of Bank
of America Corporation to A2 from A1, the senior subordinated debt
rating to A3 from A2, and the junior subordinated debt rating to
Baa3 from A2.  The preferred stock rating was downgraded to B3
from Baa1.  The holding company's short-term rating was affirmed
at Prime-1.

                  About China Construction Bank

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.


CHINA CONSTRUCTION: Investor Sells CCB Shares for US$488-Mln
------------------------------------------------------------
An investor in China Construction Bank has sold US$488 million
worth of shares at HK$4.88 each, Reuters reports citing an unnamed
source.

The report says the price of the shares being sold is just under
CCB's closing price of HK$4.98 on the Hong Kong stock exchange on
Tuesday (May 12).

Reuters discloses that according to a term sheet, UBS AG was the
bookrunner on the sale.

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: Sells Sanlu Brand for US$1.07 Million
--------------------------------------------------
The brand of Sanlu Group was sold at an auction on May 12 for
CNY7.3 million (US$1.07 million), Xinhua News Agency reports
citing court officials.

The news agency discloses that an unidentified individual
entrepreneur from south China won the bid at an auction in the
Shijiazhuang Intermediate People's Court in northern Hebei
Province.

The "Sanlu" brand was worth CNY14.9 billion in 2006, according to
the China Brand Asset Evaluation Center cited by Xinhua.

The report says Sanlu also sold a total of 51-percent stake in
three dairy companies for CNY22.8 million.  The purchasers'
identities were not immediately known, the report notes.

Xinhua says the bankruptcy trustee will announce plans to dispose
Sanlu's remaining assets, which include a 51 percent stake in a
third dairy firm in Hebei's Baoding City.?

As reported in the Troubled Company Reporter-Asia Pacific 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, that 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.



=========
G A B O N
=========

BANQUE GABONAISE: Fitch Affirms Issuer Default Rating at 'B+'
-------------------------------------------------------------
Fitch Ratings has affirmed Banque Gabonaise de Developpement's
ratings at Long-term Issuer Default 'B+', Short-term IDR 'B',
Individual 'D/E' and Support '4'.  The Outlook for the Long-term
IDR remains Stable.  The Support Rating Floor is affirmed at 'B+'.
The rating of the XAF10 billion 6-year maturity bond has also been
affirmed at 'B+/RR4'.

BGD's Long- and Short-term IDRs and Support rating are based on
the potential support from the Gabonese government, in case of
need.  BGD, which is the sole development bank of the country, is
69% owned by the Gabonese state.  It has a public interest mission
and its management is appointed by the government.  Given its key
role in the country's economic development, Fitch views that the
Gabonese state would have a high propensity to support BGD should
the need arise.  However, Fitch considers the probability of such
support to be only limited given the credit quality of the state.
The Oulook for BGD's Long-term IDR is Stable.  Any change in BGD's
Long- and Short-term IDRs would be triggered by developments in
the sovereign risk, although this appears unlikely in the near
future.  BGD's Individual rating reflects the bank's poor
profitability and the risks associated with its weak operating
environment.  Downward pressure on the Individual rating could
arise from continuing operating losses, deterioration in asset
quality or increased reliance on equity for funding.

The bank has reported operating losses since 2005 owing to weak
revenue generation and an outsized cost base.  Restructuring and
modernization works at the bank have been on track since 2002,
including IT systems and risk management upgrades, cost cutting
plans and cleaning of the balance sheet.  However, further
substantial improvements are still necessary since the bank
remains long way short of international standards on these aspects
according to the agency's opinion.  Accordingly, Fitch expects BGD
to report poor performance over the medium-term essentially owing
to hefty operating expenses.

BGD's asset quality is weak. Impaired loans still represented 23%
of total gross loans at end-2008.  However, net impaired loans
represented a limited 11% of the bank's large equity base at the
same date.  Fitch fears asset quality could further deteriorate if
funding raised in H208 were to be used to underwrite risky loans
given weak credit risk management and the slowdown in the domestic
economy.  Market risk arises essentially from equity investments
which represented a rather significant c.25% of BGD's equity at
end-2008.

Over the past years, the bank's resources decreased which
constrained its business growth.  During H208, BGD addressed this
concern by issuing a XAF10 billion bond (rated 'B+/RR4' by Fitch)
subscribed by regional investors; in addition, the Gabonese state
has agreed to place a 10-year XAF10 billion term deposit at BGD
but this was not achieved at end-Q109.  Liquidity benefits from
expected support from the government.  Fitch views BGD's capital
adequacy ratios as only acceptable given its poor operating
environment and expected weak internal capital generation.  In
addition, the bank's capital should be analyzed within the context
of its high level of fixed assets and equity investments, and
equity-based funding.

BGD controlled a negligible deposit market share of 0.5% in Gabon
and a domestic loan market share of 4% at end-2008.  In early
2009, the bank entered into a partnership agreement with the newly
established local subsidiary of Nigeria's United Bank for Africa
to boost business volumes.



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

ALLCO ASIA: Creditors' Proofs of Debt Due on May 29
---------------------------------------------------
The creditors of Allco Asia Limited are required to file their
proofs of debt by May 29, 2009, to be included in the company's
dividend distribution.

The company's liquidators are:

          Edward Simon Middleton
          Patrick Cowley
          Alexandra House, 27th Floor
          18 Chater Road
          Central, Hong Kong


ALLCO FINANCE: Creditors' Proofs of Debt Due on May 29
------------------------------------------------------
The creditors of Allco Finance (Asia) Limited are required to file
their proofs of debt by May 29, 2009, to be included in the
company's dividend distribution.

The company's liquidators are:

          Edward Simon Middleton
          Patrick Cowley
          Alexandra House, 27th Floor
          18 Chater Road
          Central, Hong Kong


BILLION UP: Members and Creditors to Meet on June 12
----------------------------------------------------
The members and creditors of Billion Up Limited will hold their
meeting on June 12, 2009, at 3:00 p.m., at the offices of Ferrier
Hodgson Limited, 14th Floor of The Hong Kong Club Building, in 3A
Chater Road, Hong Kong.

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


BUYCOLLECTION.COM: Creditors' Meeting Set for June 30
-----------------------------------------------------
The creditors of Buycollection.com Limited will hold their meeting
on June 30, 2009, at 11:15 a.m., for the purposes set out in
Sections 241, 242, 243, 244, 251(1)(a), 255A(2) and 283 of the
Companies Ordinance.

The meeting will be held at Flat C, 1st Floor of Mandarin Hotel,
No. 1418 Guangzhou Ave(M)., in Guangzhou, China.


CHINA MAKER: Placed Under Voluntary Wind-Up
-------------------------------------------
At an extraordinary general meeting held on April 29, 2009, the
members of China Maker Company Limited resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

          Lam Chung Wah, David
          The Gateway, Suite 1807
          Tower II, 25 Canton Road
          Tsimshatsui, Kowloon
          Hong Kong


CLUB MEDITERRANEE: Commences Wind-Up Proceedings
------------------------------------------------
On April 27, 2009, the shareholders of Club Mediterranee
Management Asia Limited passed a resolution that voluntarily winds
up the company's operations.

The company's liquidators are:

          Natalia Seng Sze Ka Mee
          Cynthia Wong Tak Yee
          Three Pacific Place, Level 28
          1 Queen's Road East
          Hong Kong


CROSS PROFIT: Court to Hear Wind-Up Petition on June 3
------------------------------------------------------
A petition to have Cross Profit 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 Shek Kau filed the petition against the company on April 1,
2009.


GOLD VICTORY: Creditors' Meeting Set for May 25
-----------------------------------------------
The creditors of Gold Victory Trading Limited will hold their
meeting on May 25, 2009, at 4:00 p.m., for the purposes mentioned
in Sections 241, 242, 243, 244 and 255A of the Companies
Ordinance.

The meeting will be held at Room 1613, 16th Floor of Tai Yau
Building, 181 Johnston Road, in Wanchai, Hong Kong.


KONGSONIC ELECTRONICS: Members and Creditors to Meet on June 12
---------------------------------------------------------------
The members and creditors of Kongsonic Electronics Company Limited
will hold their meeting on June 12, 2009, at 4:00 p.m., at the
offices of Ferrier Hodgson Limited, 14th Floor of The Hong Kong
Club Building, in 3A Chater Road, Hong Kong.

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


MARRIOT DEVELOPMENT: Creditors' Proofs of Debt Due on May 22
------------------------------------------------------------
The creditors of Marriot Development Limited are required to file
their proofs of debt by May 22, 2009, to be included in the
company's dividend distribution.

The company's liquidator is:

          Ngan Siu Lun
          Hopewell Centre
          Rooms 2504-05, 25th Floor
          No. 183 Queen's Road East
          Wan Chai, Hong Kong


NEO-CHINA LAND: Investigation Won't Affect S&P's 'CC' Rating
------------------------------------------------------------
Standard & Poor's Ratings Services said that its rating and
outlook on Neo-China Land Group (Holdings) Ltd. (CC/Negative/--)
are not immediately affected by the company's recent announcement
that it has been involved in an investigation by the Independent
Commission Against Corruption since January 2008.  In S&P's view,
the investigation will not have an immediate impact on Neo-China's
operations and financial position.  The rating on the company
reflects S&P's view that (1) Neo-China is under severe liquidity
pressure and (2) a proposed "distressed exchange" offer could lead
to a selective default.  A 'CC' corporate credit rating indicates
that a company is at risk of default within six months.

Neo-China's revised early redemption price of Hong Kong dollar
6,300 for every HK$10,000 of the principal amount of the
convertible bond -- the original redemption price was HK$12,010 --
continues to constitute a "distressed exchange" tantamount to an
immediate default on the bond under Standard & Poor's criteria.
The meeting for convertible bond holders to approve the revised
proposal is scheduled for May 13, 2009.


TOPLEY LIMITED: Members to Receive Wind-Up Report on June 8
-----------------------------------------------------------
The members of Topley Limited will hold their meeting on June 8,
2009, at 9:30 a.m., at Unit E, 21st Floor of CNT Tower, 338
Hennessy Raod, in Wanchai, Hong Kong.

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


WAT HONG: Creditors' Meeting Set for May 19
-------------------------------------------
The creditors of Wat Hong Kong Limited will hold their meeting on
May 19, 2009, at 3:00 p.m., at Room 1802, 18th Floor of World-wide
House, No. 19 Des Voeux Road Central, Hong Kong.

At the meeting, the creditors will be asked to:

   -- consider and receive a statement of position of the
      company's affairs prepared by the directors;
   -- appoint liquidators of the company for the purpose of the
      wind-up of the affairs and distributins the assets of the
      company;
   -- appoint a committee of inspection consisting of not more
      than 5 persons, if deemed fit; and
   -- determine whether the liquidators' accounts should be
      audited or not.


WELLY TRAVEL: Members' Meeting Set for June 9
---------------------------------------------
The members of Welly Travel Agency Limited will hold their meeting
on June 9, 2009, at 10:00 a.m., at the 21st Floor of Fee Tat
Commercial Centre, No. 613 Nathan Road, in Kowloon, Hong Kong.

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



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

AIRVISION INDIA: CRISIL Puts 'C' Rating on Rs.90.0 Mln Cash Credit
------------------------------------------------------------------
CRISIL has assigned its ratings of 'C/P4' to the bank facilities
of Airvision India Pvt Ltd (AIPL), a Noble group entity.

   Rs.90.0 Million Cash Credit           C (Assigned)
   Rs.100.0 Million Letter of Credit     P4 (Assigned)
   Rs.14.5 Million Bank Guarantee        P4 (Assigned)

The ratings reflect the Noble group's stretched liquidity profile
and AIPL's exposure to risks relating to high customer
concentration in its revenue profile.  These weaknesses are
partially offset by the benefits that AIPL derives from its
integrated consumer durables manufacturing operations.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of AIPL, Noble Industries, and Noble
Moulds Pvt Ltd (NMPL), collectively referred to as the Noble
group.  This is because all three entities are under the same
management and are engaged in the same businesses: manufacturing,
and trading in, consumer durables.  These entities derive
considerable operational, financial, and business synergies from
each other.

                      About Noble Industries

Noble Industries was set up as a proprietorship firm by
Mr. Sarabjeet Singh in February 2006 in the special economic zone
at Haridwar (Uttarakhand), to manufacture electronic goods such as
television (TV) sets, air-conditioners, washing machines, and
water dispensers.  NMPL was set up in 1999, and has a capacity to
manufacture mouldings and other plastic products used in
electronic goods.

Set up in 1995, AIPL manufactures TV chassis and assemble TV sets.
For 2007-08 (refers to financial year, April 1 to March 31), AIPL
reported a profit after tax (PAT) of Rs.8.9 million on net sales
of Rs.1795.3 million, as against a PAT of Rs.4.7 million on net
sales of Rs.465.2 million for 2006-07.


HYUNDAI MOTOR: May Transfer i20 Production Base to Europe
---------------------------------------------------------
Hyundai Motor India Ltd, Indian unit of Korea's Hyundai Motor Co.,
is considering an option to transfer the production base of its
premium compact car i20 from Chennai to Europe for serving the
major export market, The Economic Times reports.

"Currently, the company is engaged in lot of thinking on shifting
the production base for i20 to Europe and a decision is expected
to be taken in one month," HMIL spokesperson Rajiv Mitra told ET.

The report relates that HMIL's decision will also be influenced by
the company not getting export incentives from Indian Government
and lack of port infrastructure to support surging exports.
However, the report notes, the company will continue to use the
facility near Chennai for expanding the domestic market for the
model.

According to the report, HMIL wants to benefit from the tax
incentives announced in Europe including for scrapping old cars
and buying new ones.  The company may opt to use the new plant
being set up in Russia or making its plant in Czech Republic as an
export hub for the model, the report notes.

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.


MOKALBARI KANOI: Fitch Assigns 'B' National Long-Term Rating
------------------------------------------------------------
Fitch Ratings has assigned India's Mokalbari Kanoi Tea Estate Pvt
Ltd a National Long-term rating of 'B(ind)' with a Stable Outlook.
At the same time, Fitch has assigned 'B(ind)' ratings to MLTL's
long-term bank loans aggregating INR105m and fund based limits of
INR70 million.

The ratings draw comfort from the company's profitable operations
during the past five years, despite a period of slackening demand
and margin pressures, reflecting its ability to garner above-
average price realizations.  Fitch notes the expansion programme
MKTL undertook and completed in FY2009 will further improve
productivity and the quality of its products.  In addition, the
company benefits from a favorable market outlook in the short-to-
medium-term, driven by rising demand as a result of a global
production shortfall.

The ratings are constrained by MKTL's relatively small size of
operations, compounded further by the agricultural nature of its
products.  Given that the company has undertaken a large capex of
INR170.0 million to be funded through long-term debt of INR100
million and the expectation that working capital requirements will
continue to be high commensurate to its growth.  Further financial
leverage is expected to remain high in the medium term.

A deterioration of EBITDA/interest to below 1x and/or net leverage
to over 7.5x on a sustained basis could act as a negative rating
trigger.  Conversely, the company's ability to achieve significant
improvement in EBIDTA margins through the successful completion of
its capex programme while maintaining its financial leverage below
4.5x on a sustained basis, will act as a positive rating trigger.

MKTL, incorporated in 1981 as Opera Estates Pvt Ltd, changed its
name to Mokalbari Kanoi Tea Estate Pvt Ltd in 2005.  It is
primarily involved in the cultivation of green tea leaves and
processing them into different types of black tea.  The company
has witnessed a steady growth in revenues during the last few
years; revenues grew to INR180 million in FY08 from INR148 million
in FY06, while EBITDA margins increased to 13.20% in FY08 from
5.57% in FY06.  However its total debt also increased, to INR218
million in FY2009 from INR71 million in FY2008 on the back of
increasing capex and working capital requirements.  MKTL reported
revenues of INR159 million with EBIDTA of INR26.08 million, and a
total debt/EBIDTA of 8.38x for the nine months to end-December
2008.


NARAYAN AGRO: CRISIL Rates Rs.70.0 Million Cash Credit at 'BB+'
---------------------------------------------------------------
CRISIL has assigned its rating of 'BB+/Stable' to the cash credit
facility of Narayan Agro Foods Ltd (Narayan Agro).

   Rs.70.0 Million Cash Credit     BB+/Stable (Assigned)

The rating reflects Narayan Agro's high working capital
requirements leading to stretched liquidity position, small scale
of operations in the dairy products industry, and exposure of the
dairy industry to the risks relating to unfavourable changes in
government regulations, and to epidemic-related factors.  These
weaknesses are, however, partially offset by Narayan Agro's
established presence in the dairy products industry.

Outlook: Stable

CRISIL believes that Narayan Agro will maintain a stable credit
risk profile backed by established presence in the dairy products
industry.  The outlook may be revised to 'Positive' if the company
maintains growth, and improves its margins and liquidity.
Conversely, the outlook may be revised to 'Negative' if the
company undertakes large debt-funded capital expenditure or if
there is more than expected stretch in receivables.

                       About Narayan Agro

Narayan Agro was incorporated in 1976 by the Goyal family as Jiwan
Milk and Allied Specialities Ltd (renamed Roadmaster Foods Ltd in
1997 and RMI Foods Ltd in 2002), and got its current name in 2007.
It manufactures skimmed milk powder and ghee, and has an installed
capacity of 8000 tonnes per annum or 5 lakhs litres per day
(llpd). Its brands include Shakti, Jiwan and Gauma.  Company set
up a plant in 1994 in Pilkhua and went public in the same year.
However, it went into huge losses in subsequent years as the
industry was deregulated leading to high competition.  Company
subsequently sold off its plant at Philkhua to Mother Dairy in
1999-2000 and paid its due to SBI and ICICI Ltd (also issued
Rs. 2.4 crore optionally convertible preference share due in
November 2010).  However, it was referred to the Board for
Industrial & Financial Reconstruction (BIFR) in 2002 under
mandatory requirement and due to continued losses (accumulated
losses more than 50 percent of networth) because of no working
capital support from banks.

Narayan reported a profit/loss after tax (PAT) of Rs.20.2 million
on net sales of Rs.541.0 million for 2007-08 (refers to financial
year, April 1 to March 31), as against a PAT of Rs.16.3 million on
net sales of Rs.307.7 million for 2006-07.


NOBLE INDUSTRIES: Delays in Loan Payment Prompts CRISIL 'D' Rating
------------------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to the bank facilities
of Noble Industries.

   Rs.60.0 Million Cash Credit        D (Assigned)
   Rs.25.0 Million Term Loan          P5 (Assigned)
   Rs.50.0 Million Letter of Credit   P5 (Assigned)

The ratings reflect delays by Noble Industries in servicing its
term loan obligations, owing to weak liquidity

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Noble Industries, Airvision India Pvt
Ltd (AIPL), and Noble Moulds Pvt Ltd (NMPL), collectively referred
to as the Noble group.  This is because all three entities are
under the same management and are engaged in the same businesses:
manufacturing, and trading in consumer durables. These entities
derive considerable operational, financial and business synergies
from each other.

                     About Noble Industries

Noble Industries was set up as a proprietorship firm by Mr.
Sarabjeet Singh in February 2006 in the special economic zone
(SEZ) at Haridwar (Uttarakhand), to manufacture electronic goods
such as television (TV) sets, air-conditioners, washing machines
and water dispensers.

                         About the Group

Set up in 1995, AIPL has facilities for manufacturing TV chassis
and assembling of TV sets, while NMPL, set up in 1999, has
facilities to manufacture mouldings and other plastic products
used in electronic goods.

For 2007-08 (refers to financial year, April 1 to March 31), the
Noble Industries reported a profit before tax (PBT) of Rs.61.9
million on net sales of Rs.764.9 million, as against a PBT of
Rs.9.4 million on net sales of Rs.422.2 million for 2006-07.


NOBLE MOULDS: CRISIL Places 'C' Rating on Rs.50.0 Mln Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its rating of 'C/P4' to the bank facilities of
Noble Moulds Pvt Ltd (NMPL), a Noble group entity.

   Rs.50.0 Million Cash Credit         C (Assigned)
   Rs.100.0 Million Letter of Credit   P4 (Assigned)

The ratings reflect the group's stretched liquidity profile and
NMPL's exposure to risks relating to high customer concentration
in its revenue profile.  These weaknesses are mitigated by the
benefits that NMPL derives from the integrated nature of its
operations in manufacturing consumer durables.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of NMPL, Noble Industries, and Airvision
India Pvt Ltd (AIPL), collectively referred to as the Noble group.
This is because all the three entities are under the same
management and are engaged in the same businesses: manufacturing,
and trading in consumer durables. These entities derive
considerable operational, financial and business synergies from
each other.

                       About Noble Moulds

Set up in 1999, NMPL has facilities to manufacture mouldings and
other plastic products used in electronic goods.

                         About the Group

Noble Industries was set up as a proprietorship firm by
Mr. Sarabjeet Singh in February 2006 in the special economic zone
(SEZ) at Haridwar (Uttarakhand) to manufacture electronic goods
such as television (TV) sets, air-conditioners, washing machines
and water dispensers.  AIPL, set up in 1995, has facilities for
manufacturing TV chassis and assembling of TV sets.

For 2007-08 (refers to financial year, April 1 to March 31), the
NMPL reported a profit after tax (PAT) of Rs.2.3 million on net
sales of Rs.698.5 million, as against a PAT of Rs.3.1 million on
net sales of Rs.497.7 million for 2006-07.


SATHYAM POWER: Fitch Assigns 'B' Rating on Long-Term Bank Loans
---------------------------------------------------------------
Fitch Ratings has assigned an expected 'B(ind)' rating to Sathyam
Power Private Limited's long-term bank loans aggregating
INR358.4m.  The Outlook is Stable.

SPPL, formerly Sathyam Sales Pvt Ltd., was a trading and
investment company which changed its business objective in
December 2005 to include the generation and sale of electric power
to take advantage of the state government's favourable policy
regime; SPPL is embarking on a 10MW biomass power plant in the
state of Rajasthan.  SPPL's main sponsors are Surya Chambal Power
Ltd (SCPL, 26%), Finanzhaus Burkle & CO, Zurich (FB&C, 24%) and
Focal Energy Holdings Ltd. (FEHL, 50%).  SCPL is an independent
power producer, while FB&C is a financial investor; FEHL,
incorporated as an investment company, aims to develop a portfolio
of income generating assets energy and infrastructure in India.

SPPL's rating is constrained by significant completion risk
leading to potential time and cost overruns, the sponsors' limited
track record, uncertainty with respect to availability and pricing
of fuel (biomass) and financing risk.  A 20-year power purchase
agreement with the state-owned Rajasthan Vidyut Prasaram Nigam
Limited mitigates offtake risk on project completion and offers
some comfort to SPPL's credit profile.

Fitch observes that the project is in a very nascent stage of
implementation.  While land is reportedly in the company's
possession and the loan agreement for term loans to finance the
debt component of the INR542.9 million project has been executed,
firm arrangements for civil construction and equipment supply (to
be sourced on an engineering, procurement and construction basis)
have not been concluded.  A letter of intent has been issued to
Walchandnagar Industries, the EPC contractor.  Lenders require 50%
of sponsor equity to be infused before loan disbursement can
commence.  The agency will assign final ratings upon review of the
EPC contract and equity infusion.

The project will use suitable agrowaste as primary fuel and
lignite/coal as supplementary fuel (to a maximum of 30% in drought
years).  A study commissioned by the company suggests availability
of sufficient fuel in the project catchment area, although mustard
being a seasonal crop, will need storing for catering to the lean
period requirement.  Alternative arrangements for coal supply, in
case of a deficiency in availability of primary fuel, have not yet
been made.  Should such a need arise, the cost of coal as a source
of fuel can also negatively impact project cash flows.

A possible escalation in capital costs, contingency provision of
less than 5% together with proposed terms of debt that envisage
variable interest rates heighten the financial risk.  Coverage
metrics are weak and exhibit limited resilience to a variety of
stress tests that Fitch performed.

Although the assured offtake by virtue of the PPA is a rating
positive, Fitch notes that fuel price inflation is not a pass-
through in the tariff structure.  Furthermore, the tariff notified
for biomass power plants in Rajasthan is higher than the price at
which most large coal-based plants would be able to supply
electricity; however, given the power deficiency and the state's
policy dispensation, the likelihood of offtake for SPPL's power
being reduced is relatively low.


SATYAM COMPUTER: Investors Seek US$1-Bln Compensation in Court
--------------------------------------------------------------
The Economic Times reports that a group of investors in Satyam
Computer Services Limited have approached a consumer court in
New Delhi, seeking compensation for the lost value of the
company's shares.

According to the report, Midas Touch Investors' Association (MTIA)
has approached the National Consumer Redressal Commission seeking
compensation of Rs 4,987.50 crore (about US$1 billion) for three
lakh Satyam shareholders, who lost their money when Satyam shares
crashed to Rs 11.50 in January this year from Rs 544 last May.
The scrip has now stabilised at about Rs 45, the report says.

The report states that the petition also names Satyam's former
promoters, ex-independent directors and the ex-auditor, Price
Waterhouse, as respondents liable to pay compensation.

The court will hear the petition on Monday, May 18.

As reported in the Troubled Company Reporter-Asia Pacific, on
January 7, 2009, former Satyam Chairman Ramalinga Raju resigned
after saying he manipulated the company's accounts.  Specifically,
Mr. Raju said that as of September 30, 2008, the company's balance
sheet carries:

   (1) inflated (non existent) cash and bank
       balances of 50.40 billion rupees (US$1.04 billion)
       (as against 53.61 billion reflected in the books);

   (2) an accrued interest of 3.76 billion rupees which
       is non existent;

   (3) an understated liability of 12.30 billion rupees
       on account of funds arranged by Mr. Raju; and

   (4) an overstated debtors position of
       4.90 billion rupees (as against 26.51 billion
       reflected in the books).

Mr. Raju's confession prompted investigations into the company by
different entities including Andhra Pradesh state police, the U.S.
Securities and Exchange Commission and the Securities and Exchange
Board of India.  Several groups also considered filing class
action suits against the company.

A three-member board was subsequently created by the government
which appointed KPMG and Deloitte Touche Tohmatsu for re-
evaluation of the software company's books.

Mr. Raju was later found to have invented more than one quarter of
Satyam's workforce and used fictitious names to siphon
Rs200 million (US$4.1 million) a month out of the company, The
Financial Times said in a report.

The TCR-AP, citing Bloomberg News, reported on March 9, 2009, that
Satyam won approval to sell stake in itself, as the company seeks
to restore investor confidence and stem client defections.

Satyam said it received approval from the Securities and Exchange
Board of India ("SEBI") to facilitate a global competitive bidding
process which, subject to receipt of all approvals, contemplates
the selection of an investor to acquire a 51% interest in the
company.

On April 14, 2009, the TCR-AP, citing the Financial Express,
reported that Tech Mahindra Limited emerged as the top bidder with
an offer of Rs 58 a share for a 31 per cent stake in Satyam
Computer Services Limited, beating strong rival L&T.  Tech
Mahindra would acquire the stake in an all-cash deal, followed by
an open offer for a 20 percent stake to take management control
of the company.

                          About Satyam

Headquartered in Secunderabad, India, Satyam Computer Services
Limited (BOM:500376) -- http://www.satyam.com/-- is a global
information technology (IT) services provider, offering a range of
services, including systems design, software development, system
integration and application maintenance.  It offers a range of IT
services to its customers, including application development and
maintenance, consulting and enterprise business solutions,
extended engineering solutions and infrastructure management
services. Satyam BPO Limited (Satyam BPO), a majority-owned
subsidiary of the Company, is engaged in providing business
process outsourcing (BPO) services.  Satyam operates in two
segments: IT services and BPO services.  On January 4, 2008, the
Company acquired Nitor global Solutions Ltd.  On April 4, 2008, it
acquired Bridge Strategy Group LLC.  In November 2008, it
announced the take over of Motorola Inc.'s software development
centre in Malaysia.


SETH RAMJI: CRISIL Assigns 'BB-' Rating on Rs.207.2 Mln Term Loan
-----------------------------------------------------------------
CRISIL has assigned its rating of 'BB-/Stable' to the bank
facilities of Seth Ramji Das Modi Vidya Niketan Society (Seth
Ramji Society).

   Rs.80.0 Million Overdraft Facility   BB-/Stable (Assigned)
   Rs.207.2 Million Term Loan           BB-/Stable (Assigned)

The rating reflects the society's stretched financial risk profile
marked by high gearing levels and weak debt protection measures.
Further rating also factors in losses in the hospital segment
which is yet to stabilize its operations.  These weaknesses are
partially offset by the society's established presence in the
education sector marked by healthy and relatively stable cash
accruals.

Outlook: Stable

CRISIL expects Seth Ramji Society's financial risk profile to
remain weak over the medium term, given the high gearing owing to
its diversification into the healthcare segment through the Fortis
Modi Hospital (FMH).  The hospital is in the initial stages and
will require some time to stabilise.  The outlook may be revised
to 'Positive' in case the hospital operations stabilizes and
society is able to generate sustained stable cash accruals for the
same. Conversely, the outlook may be revised to 'Negative' in case
of weakening of cash accruals from the Society's educational
institutes, or it undertakes larger-than-expected debt-funded
capital expenditure, further weakening its capital structure.

                        About the Society

Seth Ramji Society was incorporated in 1986 and has been engaged
in educational activities for the past 22 years.  The Society
merged with Ram Niwas Modi Charitable Society, Society under the
same members, running FMH, in March 2009.

FMH (formerly, Apollo Modi Hospital) was commissioned in 2007; the
Society had a tie-up with the Apollo Hospital Group for the
management of the hospital.  However, the Society and the Apollo
Hospital Group mutually terminated the contract owing to
differences over the functioning and management of the hospital.
In 2009, the Society entered into a five-year operations and
management agreement with Fortis Healthcare Ltd.  The Society is
currently running the Modi Public School, SRD Modi Girls College,
Modi Institute of Technology, Modi Institute of Management &
Technology, RN Modi Engineering College, and Fortis Modi Hospital
at Kota, Rajasthan.

Seth Ramji Society reported a profit after tax (PAT) of Rs. 37.2
million on net income of Rs. 126 million for 2007-08 (refers to
financial year, April 1 to March 31), as against a PAT of Rs. 28.9
million on net income of Rs.109.5 million for 2006-07.


TEREX VECTRA: CRISIL Rates Rs.215.0-Mln Cash Credit Limit at 'BB'
-----------------------------------------------------------------
CRISIL has assigned its rating of 'BB/Stable/P4' to the bank
facilities of Terex Vectra Equipments Pvt Ltd (TVEPL).

   Rs.215.0 Million Cash Credit Limit ^*  BB/Stable (Assigned)
   Rs.185.0 Million Letter of Credit &    P4 (Assigned)
                     Bank Guarantee #

   ^ includes a proposed limit of Rs. 10.0 million
   * includes sub limit of Bill discounting of Rs. 37.50 million
   # includes a proposed limit of Rs. 95.0 million

The ratings reflect TVEPL's weak financial risk profile on account
of loss-making operations, small scale of operations in backhoe
manufacturing, and exposure to risks relating to fluctuations in
the prices of raw materials and slowdown in demand from end-user
industries.  These weaknesses are, however, partially offset by
the strong operational and financial support that TVEPL receives
from parent Terex Corporation (Terex, rated 'BB/Negative' by
Standard & Poor's).

Outlook: Stable

CRISIL believes that TVEPL will continue to receive strong
financial and operational support from Terex, and that TVEPL's
financial risk profile will remain weak over the medium term due
to continued losses on account of slowdown in demand for backhoes.
The outlook may, however, be revised to 'Positive', if the company
increases its sales and profitability significantly, while
enhancing its market position in the construction equipment
segment. Conversely, substantial losses by TVEPL, or deterioration
in Terex's credit risk profile may drive a revision in outlook to
'Negative'.

                       About Terex Vectra

TVEPL was set up in 2003 as a 50:50 joint venture between Terex
and the Vectra group.  TVEPL manufactures and sells TX 760 backhoe
loaders under the brand, Terex Vectra.  TVEPL has been
consistently booking losses in the past four years, and had
accumulated losses of Rs.400 million as on March 31, 2009.



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

INTERNATIONAL NICKEL: Net Profit Drops to US$17.2 Mil. in 1st Qtr.
------------------------------------------------------------------
PT International Nickel Indonesia Tbk's (INCO) net profit for the
first quarter ending March 2009, dropped by 87.7% to
US$17.2 million compared to last year's same period profit of
US$139.6 million, Antara News reports.

Sales also dropped by 68% to US$121.4 million compared to the
previous US$380 million, the report says.

Nickel matte output in the first quarter of 2009 dropped by 20%
from that of last year's same period, the report adds citing
INCO's President Director Arif Siregar.

"We have predicted the drop in production, because the management
decided to stop using the geothermal power plant in October 2008",
Mr. Arif was quoted by Antara News as saying.

                          About PT Inco

Headquartered in Jakarta, Indonesia, PT International Nickel
Indonesia Tbk -- http://pt-inco.co.id-- is a nickel producer
with a production facility and mine are in Sorowako, Sulawesi,
where it has a contract agreement until 2025.  It produces
nickel matte, an intermediate product, from lateritic ores at
its integrated mining and processing facilities near Sorowako on
the island of Sulawesi.  Inco Limited of Canada holds a 60.8%
stake of the company and Sumitomo Metal Mining Co Ltd. holds a
20.1% stake.

                          *     *     *

As of May 12, 2009, the company carried Standard and Poor's
Ratings Service's "BB-" long-term foreign and local issuer
credit ratings; and Fitch Rating's "BB" LT Issuer Default
rating.


PT DAVOMAS: Moody's Downgrades Corporate Family Rating to 'Ca'
--------------------------------------------------------------
Moody's Investors Service has downgraded to Ca from Caa1 the
corporate family rating of PT Davomas Abadi Tbk and senior secured
bond rating of Davomas International Finance Company Pte Ltd,
which is guaranteed by Davomas.  The outlook for the ratings is
negative.

"The rating action follows Davomas' announcement that it has
failed to make the interest payment for its US$238 million senior
bond due on May 8, and that the company is in the process of
selecting professional parties for debt restructuring," says
Wonnie Chu, a Moody's Analyst.

"The downgrade to Ca therefore reflects the expected low recovery
rate for Davomas' bond holders," she adds.

The negative outlook reflects uncertainty over the outcome of
Davomas' proposed debt restructuring process.

The last rating action with respect to Davomas was taken on
April 15, 2009, when Moody's downgraded the ratings to Caa1.

Established in 1990 and listed on the Jakarta Stock Exchange since
1994, PT Davomas Abadi Tbk is one of the dominant producers and
exporters of cocoa butter and cocoa powder in Indonesia.


PT DAVOMAS: S&P Downgrades Corporate Credit Rating to 'D'
---------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Indonesia-based PT Davomas Abadi Tbk. to 'D' from
'CCC+'.  At the same time, Standard & Poor's lowered the rating on
the US$238 million guaranteed senior secured notes to 'D' from
'CCC+'.

The notes were issued by Davomas International Finance Co. Ltd., a
special purpose financing vehicle wholly owned by Davomas.

"We lowered the ratings as S&P understand the company missed a
coupon payment due on May 8, 2009, on the guaranteed senior
secured notes," said Standard & Poor's credit analyst Weekhim Loy.
The notes and the interest payable are estimated to constitute
more than 85% of total liabilities at Dec. 31, 2008.

Davomas' liquidity position has deteriorated due to weak operating
performance and minimal plant utilization following the industry
downturn and sluggish demand for cocoa products, particularly in
its main markets in the U.S. and Europe.

Given Davomas' weak cash flow generation, its cash balance of
IDR290 billion as at Dec. 31, 2008, appears to be insufficient to
cover both estimated annual interest payments of US$27 million in
2009 on the group's bonds and working capital requirement.


PT PERTAMINA: Plans to Export 100,000 to 200,000 Barrels of Avtur
-----------------------------------------------------------------
PT Pertamina plans to export 100,000 to 200,000 barrels of
airplane fuel (avtur) in June as part of efforts to overcome
overproduction, Antara News reports.

Currently, Pertamina is producing 1.5 million to 1.6 million
barrels of avtur per month, while domestic demand for the
commodity was estimated at 1.3 million to 1.4 million barrels per
month, the report relates citing acting chief of the company's
integrated supply chain Rusnaedy.

The company is exploring the possibility of selling avtur to
Singapore, Malaysia, Thailand and China at market prices, the
report adds citing Mr. Rusnaedy.

The domestic avtur production exceeds consumption as large
quantities of kerosene are converted into jet fuel following the
launch of the government-sponsored kerosene-to-gas conversion
program, Antara News notes.

                       About PT Pertamina

PT Pertamina (Persero) -- http://www.pertamina.com/-- is a
wholly state-owned enterprise.  The enactment of Oil and Gas Law
No. 22/2001 in November 2001 and Government Regulation
No.31/2003 has changed its legal status from a special state
owned enterprise into a Limited Liability Company.  In carrying
out its activities, PT Pertamina implements an integrated system
from upstream to downstream.  Pertamina operates seven oil
refineries with a total output capacity of around 1 million
barrels per day.  However, these refineries only cover about
three-quarters of domestic oil demand, the rest is supplied by
imports.

                          *     *     *

In August 2005, Pertamina's debt to United States firm Karaha
Bodas Company rose from IDR2.54 trillion to IDR2.99 trillion.
The debt had increased when, in 2003, a U.S. court ordered the
Company to pay compensation to KBC, relating to an international
arbitration decision, when the Indonesian Government halted a
geothermal project in Karaha Bodas, East Java.  Since that time,
the debt has steadily risen due to the Company's failure to pay
the compensation immediately.

A report by the Troubled Company Reporter-Asia Pacific on
Aug. 21, 2008, said the company owes more than IDR300 billion
(US$32.72 million) to Indonesian Steel Cylinder Producers
Association (Asitab), and the Indonesian Gas Stove Producers
Association (Apkogi).



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

AMERICAN INT'L: Nippon Life Agrees to Buy Firm's Japanese HQ
------------------------------------------------------------
Bloomberg News reports Nippon Life Insurance Co. agreed to buy the
Japanese headquarters of American International Group Inc.

As reported in the Troubled Company Reporter-Asia Pacific on
May 13, 2009, AIG disclosed an agreement to sell its prime real
estate holding in Tokyo for approximately US$1.2 billion in cash
to Nippon Life.  The property consists of approximately one acre
of land on which The AIG Otemachi Building in Tokyo is situated.

The property's Marunouchi 1 chome address is one of the most
coveted in central Tokyo's downtown business district.
Marunouchi, Tokyo's business center, is the highest rent district
in Japan with demand for Class A space typically exceeding supply.
AIG's property is unique within the district because of its
location next to and overlooking the inner moat of the Imperial
Palace.

The transaction is expected to close during the second quarter.

Edward Liddy AIG's Chairman and Chief Executive Officer said,
"This is a significant transaction because of the prominence and
unique nature of the property and the highly attractive value that
both AIG and Nippon Life Insurance Company are realizing through
the transaction.  This transaction has been successfully
negotiated by AIG despite the difficult real estate market
environment in Japan and globally.  The sale generated substantial
interest from both Japanese and foreign investors, resulting in a
very competitive bidding process.  AIG is pleased to effectively
monetize this asset within the context of its restructuring
effort. We view this transaction as a win-win for all concerned,
with Nippon Life Insurance Company acquiring a premier real estate
asset.

"We have reached agreement or closed over a dozen deals in the
past several months, despite a very challenging economic
environment.  We presently are in various stages of discussions
with respect to other potential transactions, as we continue to
move forward with our asset disposition and restructuring efforts
in order to serve the best interests of AIG and its constituents,"
Mr. Liddy stated.

Merrill Lynch & Co. acted as financial advisor and Simpson Thacher
& Bartlett LLP and Anderson Mori & Tomotsune acted as legal
counsel to AIG on this transaction.  Blackstone Advisory Services
provided financial advice to AIG in connection with AIG's global
restructuring program.

                   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.


ASAHI MUTUAL: S&P Puts 'BB' Rating on Negative CreditWatch
----------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB' long-term
counterparty and financial strength ratings on Asahi Mutual Life
Insurance Co. on CreditWatch with negative implications.  The
CreditWatch listing follows the insurer's announcement yesterday
that it would defer dividend payments to insurance policyholders
in light of provisional financial results for fiscal 2008 (ended
March 31, 2009), as well as media reports that the company will
postpone interest payments on "kikin" funding provided by its
closest lenders, including financial institutions.

Standard & Poor's expects that Asahi Life will record substantial
net losses in fiscal 2008, mainly due to write-downs on securities
holdings stemming from the global financial market turmoil.  The
company is likely to post large impairment losses on its equity-
related assets as these assets account for a high proportion of
total assets held, relative to its capitalization.  Standard &
Poor's had incorporated the likelihood of a decrease in the
insurer's capital due to a possible increase in net losses for
fiscal 2008 and postponement of dividend and interest payments
into its ratings on Asahi Life to some extent, based on S&P's
analysis of the company's financial performance in the third
quarter of fiscal 2008 (Oct. 1, 2008, to Dec. 31, 2008).  However,
Asahi Life's weakened capitalization is susceptible to the
negative effects of prolonged financial market turmoil.  In
addition, the company's decision to postpone the dividend and
interest payments may negatively impact its business base and
financial flexibility.  As such, Standard & Poor's believes that
the downward pressure on the company's credit quality has
increased.  At the same time, however, Asahi Life will be able to
secure retained earnings by postponing dividend and interest
payments, which could support the company's financial soundness.
Nevertheless, S&P is of the opinion that Asahi Life is highly
likely to take time to accumulate a substantial amount of retained
earnings, given the difficult business environment surrounding
Japanese life insurers.

Standard & Poor's intends to resolve the CreditWatch status after
reviewing the insurer's financial results for fiscal 2008, which
are scheduled to be disclosed toward the end of May, as well as
the prospects for a business and financial recovery.  A key factor
will be whether Asahi Life is able to maintain its business base.
In addition, S&P will pay special attention to the specific
measures that the company undertakes in its new midterm management
plan from fiscal 2009 (ending March 31, 2010).  The ratings may
come under downward pressure if the measures of the plan are
limited or take a long time to implement.  Other negative factors
that may result in a downward revision would be further erosion of
the insurer's capitalization or the likelihood of a substantial
core profit decline in its insurance business.  Standard & Poor's
does not assign ratings to Asahi Life's kikin funding.

                           Ratings List

                     CreditWatch/Outlook Action

                  Asahi Mutual Life Insurance Co.


                               To                 From
                               --                 ----
Counterparty Credit Rating
Local Currency                 BB/Watch Neg/--    BB/Negative/--

                                To                 From
                                --                 ----
Financial Strength Rating
Local Currency                  BB/Watch Neg/--    BB/Negative/--


HITACHI LTD: Sees Lower Loss This Year on Previous Tax Writedowns
-----------------------------------------------------------------
Hitachi Ltd said its net loss will narrow this fiscal year after
the company booked tax writedowns in the previous period, Pavel
Alpeyev at Bloomberg News reports.

The report says according to the the Tokyo-based company, net loss
will contract to JPY270 billion (US$2.78 billion) in the 12 months
ending March 31, 2010, from a record JPY787.3 billion deficit a
year earlier, while operating profit will probably fall 76 percent
to JPY30 billion as sales decline 11 percent to JPY8.9 trillion.

The report relates Hitachi said it had JPY390 billion in tax-
related writedowns last fiscal year, disposing of all such
obligations.  The company will probably book a charge of JPY200
billion, including JPY100 billion for reorganization and JPY50
billion to reflect losses at the semiconductor unit, Renesas
Technology Corp., Bloomberg News cited Takashi Miyoshi, an
executive vice president at Hitachi, as saying.

As reported in the Troubled Company Reporter-Asia Pacific on
May 8, 2009, Bloomberg News said Hitachi incurred a record JPY788
billion (US$8 billion) net loss in the year ended March 31, bigger
than a JPY700 billion loss forecast previously and a JPY58.1
billion deficit a year earlier.  The report said Hitachi
attributed the wider-than-expected annual net loss to an
additional JPY175 billion in tax-related writedowns it booked in
the period.  Operating profit probably fell 63 percent to JPY127
billion in the period, exceeding the company's earlier forecast of
JPY40 billion, the report said citing Hitachi in a preliminary
earnings statement.  The company is scheduled to report the final
earnings results on May 12, the report said.

According to Bloomberg News, the company in March said it's
cutting jobs and separating its automotive systems and consumer
units to trim costs by JPY500 billion this fiscal year and weather
the global recession.  In its latest preliminary earnings
statement however, Hitachi said a full recovery in economic
conditions isn't likely until the next fiscal year, Bloomberg News
notes.

On Apr. 22, 2009, the Troubled Company Reporter-Asia Pacific,
citing Bloomberg News, reported Hitachi President Takashi Kawamura
said the company may apply for public funding to bolster capital
after forecasting a record JPY700 billion (US$7.1 billion) loss
for the 12 months ended March 31.  The company will also
reorganize its group structure in the fiscal year ending March 31,
2010, and may strengthen capital ties with some of its publicly
traded subsidiaries, the report cited Mr. Kawamura as saying
without giving further details.

                        About Hitachi Ltd

Hitachi Ltd. (NYSE:HIT) -- http://www.hitachi.co.jp/-- is engaged
in developing a diversified product mix ranging from electricity
generation systems to consumer products and electronic devices.
The Company operates in seven segments: Information &
Telecommunication Systems, Electronic Devices, Power & Industrial
Systems, Digital Media & Consumer Products, High Functional
Materials & Components, Logistics, Services & Others and financial
services.  In April 2008, Hitachi acquired a majority ownership
interest in M-Tech Information Technology, Inc., a provider of
identity management software and services.  In April 2008,
Hitachi, Ltd. established a new wholly owned subsidiary, Hitachi
Information & Telecommunication Systems Global Holding
Corporation.  In March 2008, Hitachi Consulting, the global
consulting company of Hitachi, acquired JMN Associates, a provider
of consulting services to the financial services, real estate and
insurance industries.


JAPAN AIRLINES: Posts JPY63.1 Billion Net Loss in FY2008
--------------------------------------------------------
On May 12, 2009, Japan Airlines Corporation disclosed its
consolidated financial results for FY2008, the fiscal year ended
March 31, 2009.

For the year ended March 31, 2009, Japan Airlines reported a net
loss of JPY63.1 billion, compared with a net profit of JPY16.9
billion in 2007.  The company also booked an operating loss of
JPY50.8 billon.

"As demand for air transport weakened due to the effects of the
global financial crisis, the JAL Group's core business of air
transportation, and its other airline-related and travel-related
businesses sustained sharp declines in earnings.  Coupled with the
removal of former consolidated subsidiaries of the JAL Group from
the consolidated statement through the sale of shares or the
change in status to an affiliate, the total consolidated operating
revenue for FY2008 declined 12.5% versus the previous year to end
at JPY1.95 trillion," Japan Airlines said in a statement.

International passenger yield rose by 8.0%, but demand measured in
total revenue passenger kilometers (RPK) fell by 13.6%, resulting
in the revenue from international passenger operations to decrease
by JPY50.7 billion from the year before to JPY703.5 billion.
While the domestic passenger segment saw an initial increase in
revenue of JPY0.8 billion in the first three quarters of FY2008,
for the full year a 1.6% decrease in revenue was eventually
logged, a JPY10.8 billion decrement compared to the same period
last year, as the domestic economy started its gradual decline in
the last quarter.

The Tokyo-based carrier said albeit all sales-promotion efforts,
upward revisions in the fuel surcharge, and an increase in the
ratio of short-haul routes at the same time as a reduction in
supply capacity, international cargo revenue was JPY152.1 billion,
down by JPY36.0 billion year-on-year as a result of the stark
slump in exports that was caused by the worsening economy as well
as the strong yen in the second half of this reporting period.

Cost-cutting measures implemented since FY2007 continued across
the board within the JAL Group, and together with cost reduction
actions from the reformation of its operating structures that were
originally planned for FY2009 being bought forward, a total
reduction of JPY138.3 billion in operating expense was achieved in
FY2008.

Meanwhile, JAL projects a JPY63 billion net loss on sales of
JPY1.75 trillion for the current business year  through next
March.  The company said it expected international passenger
revenue to decline even more than it did in FY2008 in view of the
unremitting sluggishness in demand plus the foreseeable decrease
in yield as the fuel surcharge component of international fares
falls along with the fuel price.

                       About Japan Airlines

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

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

                          *     *     *

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

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


MAZDA MOTOR: Incurs JPY71.49 Million Net Loss in FY2008
-------------------------------------------------------
Mazda Motor Corp. posted a group net loss of JPY71.49 billion for
the year ended March 31, 2009, against the previous year's profit
of JPY91.84 billion as the global economic slump hammered the
automaker's performance, The Japan Times reports.

The automaker posted an operating loss of JPY28.38 billion,
compared with a net profit of JPY163.15 billion a year earlier.
Sales plummeted 27.0 percent to JPY2.54 trillion.

For the current business year to next March, the report relates
that the company forecasts a net losses of JPY50 billion and
pretax losses of JPY60 billion on a projected 19.9 percent sales
fall to JPY2.03 trillion.

Headquartered in Hiroshima Prefecture, in Japan, Mazda Motor
Corporation -- http://www.mazda.co.jp/-- together with its
subsidiaries and associates, is primarily involved in the
manufacture and distribution of automobiles.  The company
manufactures passenger cars and commercial vehicles.  Mazda
Motor distributes its products in both domestic and overseas
markets.  The company has 58 subsidiaries.  It has overseas
operations in the United States, Canada, Mexico, Germany,
Belgium, France, the United Kingdom, Switzerland, Portugal,
Italy, Spain, Austria, Russia, Columbia, New Zealand, Thailand,
Indonesia and China.  The company has a global network.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 23, 2009, Standard & Poor's Ratings Services revised to
negative from stable the outlook on its 'BB' long-term corporate
credit rating on Mazda Motor Corp., reflecting increased pressure
on the company's profitability and cash flow amid ongoing
turbulence in global auto markets.  At the same time, Standard &
Poor's affirmed its long-term corporate credit and 'BB+' senior
unsecured debt ratings on Mazda.


NISSAN MOTOR: Posts JPY233.71 Billion Loss in FY2008
----------------------------------------------------
Nissan Motor Co. has booked its first annual loss in fiscal year
2008 due to shrinking global demand for cars amid the sharp
recession and stronger yen, The Japan Times reports citing Kyodo
News.  For the year that ended in March, Nissan reported a group
net loss of JPY233.71 billion, compared with a JPY482.26 billion
profit in 2007.

The company is projecting a group net loss of JPY170 billion for
this business year, the report says.

According to the report, Nissan also logged a smaller than
expected operating loss of JPY137.92 billion, its first since
fiscal 1994, on sales of JPY8.44 trillion, down 22.1 percent from
a year earlier.  It is projecting a group operating loss of
JPY100 billion through next March on sales of JPY6.95 trillion,
the report notes.

The report relates Nissan said it will pay an annual dividend of
JPY11 for fiscal 2008, compared with JPY40 it paid in fiscal 2007.

Meanwhile, The Japan Times reports that Nissan Motor said it will
manufacture zero-emission electric vehicles powered by lithium ion
batteries at its plant in Yokosuka, Kanagawa Prefecture, from fall
2010.

Japan's third-largest automaker aims for an initial annual
production of 50,000 units, which will later be increased ahead of
the mass marketing of electric vehicles in 2012, Nissan said as
cited in the report.

Headquartered in Tokyo, Japan, Nissan Motor Co. Ltd.
(NASDAQ:NSANY) -- http://www.nissan.co.jp/-- is engaged in
providing automotive products and services.  The company, through
its subsidiaries, is primarily engaged in the manufacture and
sales of products in the automobile segment and in providing
various financial services to users of the company's products in
the sales financing segment.  These products, which are sold in
Japan and overseas, principally in North America and Europe,
include passenger cars, buses and trucks, as well as the related
components.  Financial services include primarily leases and
credits principally in Japan and North America.  The company has
two segments: automobile and sales financing.  The company
provides lithium-ion batteries for automobiles, and has
established a joint-venture company with NEC to develop,
manufacture and market these batteries.



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

ENERGREEN CORP: Bursa to Suspend Securities Trade Tomorrow
----------------------------------------------------------
Bursa Malaysia Securities Berhad will suspend the trading of
Energreen Corporation Berhad's securities starting tomorrow,
May 15, 2009, after the company failed to submit its
regularization plan to the Securities Commission and other
relevant authorities for approval within the timeframe stipulated
by Bursa Securities pursuant to paragraph 8.14C of the LR and
paragraph 4.0 of PN17 ie. on or before May 10, 2009.

In addition to the imposition of suspension, Bursa Securities had
commenced de-listing procedures against the company.  The Company
has been served with a notice to make representations to Bursa
Securities as to why the company's securities should not be de-
listed from the Official List of Bursa Securities.  Due process is
therefore accorded to the company prior to making a decision on
whether to de-list the company's securities from the Official List
of Bursa Securities.

                   About Energreen Corporation

Energreen Corporation Berhad  formerly known as Welli Multi
Corporation Berhad, is Malaysia-based nvestment holding company
engaged in the provision of management services.  Its subsidiaries
include: Fourseason Foodstuff Industries (M) Sdn. Bhd., which is
engaged in the manufacture and distribution of all kinds of
foodstuff; Fourseason Trading Sdn. Bhd., which is involved in the
trading and distribution of foodstuff and toys; Welli Edible Oil
Sdn. Bhd., which is engaged in the processing of copra and palm
kernel, and trading of palm kernel oil, coconut oil, palm kernel
cake and copra cake; Welli Business Ventures Sdn. Bhd., which is
engaged in the importing, exporting, distribution and general
trading of flexible packaging, plastic sheet products, plastic
lighting diffuser, consumer products and health-related food, and
Welli Bio-Tech Sdn. Bhd., which is dormant.

                          *     *     *

Moore Stephens Chartered Accountants raised substantial doubt
about the ability of Welli Multi Corporation Berhad to continue as
a going concern after auditing the company's financial statements
for the year ended March 31, 2008.  The auditors cited these
factors:

   a) The plant and machinery of the group with a carrying amount
      of MYR33,001,438 was last revalued in 2004 using the "open
      market value on existing use" basis.  During the financial
      year, all of the group's oil mills discontinued their
      operations.  This is an indication that the plant and
      machinery could have been impaired ad may not realize its
      carrying amount.  In view of the tight cash flow of the
      group, no recent independent valuation of the plant and
      machinery was performed.  The auditors were unable to obtain
      sufficient appropriate  audit evidence to satisfy ourselves
      as to whether an impairment loss need to be made in the
      financial statements of the group.

   b) The group and the company incurred net losses of
      MYR51,386,733 and MYR8,322,366 respectively for the
      financial year ended March 31, 2008.  As at that date, the
      group's and the company's current liabilities exceeded their
      current assets by MYR175,640,659 and MYR8,575,952
      respectively.  The group and the company had a deficit in
      shareholders' equity of MYR99,366,945 and MYR7,673,479,
      respectively.


TENGGARA OIL: Faces Labour Suit from Former Employees
-----------------------------------------------------
Tenggara Oil Bhd disclosed that Parimala a/p Karapanan and 3
others ("Plaintiffs") had commenced a suit against the company in
the Kuala Lumpur Human Resource Office vide Labour Case No.
KBKL/579/2009 claiming for a sum of MYR55,786.51.  The amount
being claimed is in respect of outstanding retrenchment benefits
owed to the Plaintiffs.

Due to the adverse financial condition of the company, the
management had decided to terminate the employment contract of the
Plaintiffs and in return, the company agreed to compensate their
losses through a retrenchment benefit that is ranked as Essential
Creditors pursuant to the Scheme of Arrangement of the company.
The Labour Court has fixed June 5, 2009 for mention.

The Board of Directors is of the opinion that there will be no
financial or operational impact of the notice on TOB Group.  The
expected losses to TOB Group, if any, arising from the summons is
minimal.

The Board of TOB will seek legal advice on the next course of
action to be taken.

                       About Tenggara Oil

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

DORCHESTER PACIFIC: Sees NZ$25-Mln Loss in Year Ended March 31
--------------------------------------------------------------
Dorchester Pacific Limited expects to report a NZ$25 million loss
for the year to March 31 after recognizing a NZ$30 million gain
from rearrangements under the company's moratorium, The National
Business Review reports.  The loss is an improvement from the mid-
year position when Dorchester recorded a NZ$35 million loss, the
report says.

The report relates that the NZ$30 million gain arises from the
difference between the company's original debenture liabilities
and its revised liabilities under the deferred repayment plan
approved by Dorchester Finance investors last December.

According to the report, executive director Paul Byrnes however
said the accounting gain "does not create sustainable value for
shareholders in the long term" because it will be reversed over
the period of the repayment plan.

Shareholder funds at March 31 would about NZ$15 million, up from
NZ$6.6 million at mid-year, the report says.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 19, 2008, Dorchester Pacific Limited disclosed that the
deferred repayment plan put to debenture stockholders and
noteholders of its finance company, Dorchester Finance, has been
approved by investors who voted on the plan at the meeting held in
Auckland on Dec. 18.

The company said 97% of Debenture Holders and 99% Noteholders
voted for the plan that will repay their principal over 3 years.

                     About Dorchester Pacific

Headquartered in Auckland, New Zealand, Dorchester Pacific
Limited (NZE:DPC)-- http://www.dorchester.co.nz--is a financial
solutions provider, offering complementary products and services
across finance, insurance, savings and investments.  The Finance
division provides investment opportunities through secured
debenture stock and subordinated unsecured notes, and financing
solutions for the property, business, equipment, motor vehicle
and personal finance sectors.  Its insurance and savings
division provides a range of savings, life insurance, reverse
annuity mortgages, home equity release loans and other financial
products and services.  The Investment Service division includes
equity investment advisers and sharebrokers, MoneyOnline and NZ
Investor Magazine, which provide professional, independent
investment advice, sharebroking and financial planning services.
Dorchester Pacific holds a 25% shareholding in St. Laurence
Limited, the holding company for a property-based investment and
finance group of companies, which manages assets for over 16,000
investors.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
June 27, 2008, Dorchester Finance, a subsidiary of Dorchester
Pacific, said it will withdraw and not renew its prospectus and
will seek the approval of debenture holders and note holders to a
deferred repayment plan, but with continued interest payments.

Chairman of Dorchester Finance, Mr. Barry Graham, said "As a
result of the rapid decline in the property finance market and a
continuing fall in reinvestment rates the Board has formed the
view that there is now a risk of a cash flow shortfall arising
in future months."

As at June 24, 2008, Dorchester Finance had NZ$168 million in
debenture stock secured against total assets of NZ$212 million,
including NZ$18 million in cash.  In addition it had NZ$8 million
in subordinated notes on issue.



===============
P A K I S T A N
===============

PAKISTAN MOBILE: S&P Downgrades Corporate Credit Rating to 'SD'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit rating on Pakistan-based wireless service provider Pakistan
Mobile Communications Ltd. to 'SD' (selective default) from 'CC',
after the successful completion of a public tender offer of cash
for part of its bonds.

At the same time, Standard & Poor's lowered its issue rating on
Mobilink's US$250 million senior unsecured notes due 2013 to 'D'
from 'CC'.

These rating actions follow the announcement by Mobilink of
completion of the tender offer to repurchase US$137.8 million of
initial notes for US$100.6 million in cash.  This comes after the
company's announcement on April 22, 2009, of the repurchase price
of US$730 compared with the face value of US$1,000, and increasing
of the offer on April 27, 2009, to up to US$140 million from the
initially planned US$100 million of outstanding notes.

Standard & Poor's, based on its criteria, views the tender offer
by Mobilink as a distressed exchange and had accordingly lowered
the corporate credit rating and the issue rating to 'CC' from 'B-'
on April 16, 2009.  The rationale has been explained in these two
reports:

  -- "Pakistan Mobile Communications Ltd. Rating Lowered To 'CC'
     On Tender Offer; Outlook Negative," published on April 16,
     2009, on RatingsDirect.

  -- "Credit FAQ: Further Clarity On The Downgrade Of Pakistan
     Mobile Communications," published on April 20, 2009, on
     RatingsDirect.

"We will reassess Mobilink's financial and liquidity position and
its actual and projected operating performances and expect to
assign new ratings in the coming days," said Standard & Poor's
credit analyst Yasmin Wirjawan.  However, the new rating is
unlikely to be above the sovereign credit rating of Pakistan
(CCC+/Developing/C).

The review would include covenant compliance expectations with no
change in existing covenants, liquidity, capital expenditure
already incurred in 2009 and expectations going forward, the
related impact on Mobilink's cash flow generation, and support
from its owner, Orascom Telecom Holdings S.A.E. (B/Stable/--).

The completion of the tender offer in itself is expected to have
only a marginal impact on Mobilink's leverage as the reduction in
net debt would be less than 5%.  However, it is expected to reduce
financial charges by about US$20 million per year, Ms. Wirjawan
said.



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

APO VIEW: Appelate Court Denies Bank's Petition to Foreclose Hotel
------------------------------------------------------------------
The motion for reconsideration filed by Banco Filipino Mortgage
and Savings Bank to foreclose Apo View hotel, was denied by the
Court of Appeals, BusinessWorld reports.

The report recalls that Banco Filipino, a major creditor of Apo
View, has earlier filed an "urgent opposition" to the decision of
the Regional Trial Court (RTC) approving the rehabilitation plan
for Apo View, claiming the rehabilitation plan was only meant to
"frustrate" the bank’s right to foreclose.

Apo View can now go ahead with its rehabilitation plan, in which
it is obliged to pay its creditors over a 15-year period at
interest rates of 6% in the first five years, 7% for five years
thereafter, and 8% for the last five years, BusinessWorld says.

Since the court's issuance of the stay order on June 25, 2003,
which includes: appointment of rehabilitation receiver for the
hotel; suspension of its foreclosure; and setting the initial
hearing of the proceedings -- it has started a chain of
mudslinging and counter-filings that continued for four years, the
report relates.

In a decision dated August 6, 2007, former RTC Branch 10 Judge
Jaime Quitain ruled in favor of Apo View, noting that the hotel’s
assets of PHP537.7 million at the time of valuation in 2003
exceeded liabilities valued at PHP414.6 million, BusinessWorld
says.

The courts also took into consideration the hotel’s standing as a
landmark in Davao City, as well as the more than 1,000 employees
relying on the hotel for livelihood, the report notes.

Apo View hotel -– http://www.apoview.com-- which is located in
Davao, Philippines, has been overwhelmed by the Asian currency
crisis in 1997, as its past due accounts amounting to
PHP211 million matured.  The hotel's attempts to obtain new loans,
attract investments and infuse more capital proved futile,
Business World reports.



================
S R I  L A N K A
================

COMMERCIAL BANK: Fitch Affirms Individual Rating at 'D'
-------------------------------------------------------
Fitch Ratings Lanka has affirmed the National Long-term rating of
Commercial Bank of Ceylon PLC at 'AA+(lka)', reflecting the bank's
sustained strong financial profile amongst local commercial banks.
In addition, Fitch has affirmed CB's Individual rating at 'D' and
Support rating at '5', as well as the 'AA(lka)' rating of the
bank's subordinated debentures.  The Outlook remains Stable.

Fitch observes that in spite of the impact of payments on oil
derivatives, cushioned to some extent by the profit on the
disposal of former associate - Commercial Leasing Company PLC ('A-
(lka)'/Stable), CB's core profitability remained intact with ROA
(adjusted for the aforementioned items) remaining at 1.7% in FY08,
and above the 1.1% for the sector.  The profitability of the
Bangladesh operation is higher (ROA of 2.5% in FY08), benefiting
from lower effective taxes (47% vis-a-vis 57%), provision charges
and operating costs; although this represented only 8% of CB's
total assets and 13% of net income at FYE08.  The agency believes
that CB's FY09 core profitability could come under pressure on
account of slower expected revenue growth and higher credit costs.

Increased delinquencies as observed across the sector caused CB's
asset quality to come under pressure in FY08, although Fitch notes
that 46% of the increase in NPLs originated from strengthened
regulatory classification rules.  Consequently, the gross NPL
ratio rose to 5.2% at FYE08 from 3.0% at FYE07, but remained below
6.2% for the banking sector.  CB has thus far maintained good
asset quality in its Bangladesh portfolio, reflecting its strategy
of targeting prime "top tier" corporate customers in this market.
Overall asset quality is however expected to remain under pressure
in FY09, as the effects of the global economic slowdown permeate
into the local economies, resulting in strained customer cash
flows.  Nonetheless, the agency expects CB's asset quality to
remain better than its peers, on account of its relatively good
risk management framework.

Equity/assets increased to 9.3% at FYE08 from 8.7% at FYE07, above
7.4% for the sector, due to the reduced asset growth.  Fitch
estimates that the potential liability arising from oil derivative
transactions could decrease CB's FYE08 equity/assets to about
8.4%, although this too compares favourably against most of its
'AA'-rated peers.

Deposit growth dropped to 9.2% at FYE08 as observed across the
sector.  However, Fitch notes that CB's liquidity position
remained healthy throughout FY08, supported by its fairly stable
deposit franchise.

Established in 1969 but tracing its origins to 1920, CB is Sri
Lanka's largest private bank and the third-largest Licensed
Commercial Bank in Sri Lanka, accounting for 10.4% of total
banking system assets at December 2008.  DFCC Bank (rated
'AA(lka)') and other entities related to the Stassens group hold
29% and 12.4% of CB's voting equity, respectively.  CB has
gradually developed a presence in Bangladesh, following its
acquisition of the operations of Credit Agricole Indosuez upon its
exit from Bangladesh in 2003.



===============
T H A I L A N D
===============

G STEEL: S&P Downgrades Corporate Credit Rating to 'SD'
-------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit rating on Thailand-based G Steel Public Co. Ltd. to 'SD'
(selective default) from 'CC'.  At the same time, Standard &
Poor's affirmed the issue rating on G Steel's US$170 million
senior unsecured notes due 2010 at 'C.'

As per Standard & Poor's Ratings Definitions, an obligor rated
'SD' (selective default) has failed to pay one or more of its
financial obligations (rated or unrated) when it came due.  An
'SD' rating is assigned when Standard & Poor's believes that the
obligor has selectively defaulted on a specific issue or class of
obligations but it will continue to meet its payment obligations
on other issues or classes of obligations in a timely manner.

"We lowered the issuer credit rating to 'SD' after the company
confirmed that it missed a loan installment payment of US$15
million on April 30, 2009," said Standard & Poor's credit analyst
Weekhim Loy.  "The issue rating on the US$170 million senior
unsecured notes was affirmed at 'C' as S&P understand that payment
has been current, although there is a high risk that G Steel will
stop meeting its payment obligations on the issue in the near
term."

S&P could lower the rating on G Steel to 'D' (default) in the
event that the company defaults on all or substantially all of its
debts, initiates a wide-ranging distressed restructuring of its
debt obligations, or declares bankruptcy or insolvency, Ms. Loy
said.

S&P could consider raising the rating if the company restores and
sustains its repayment capacity, services all its debt obligations
on a timely basis, and avoids debt restructuring, through
improvement in its stand-alone credit profile, she added.



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

* IMF Says Growth Set to Slow Sharply in Central Asia
-----------------------------------------------------
Countries in the Caucasus and Central Asia are facing significant
reversals of their hard-earned macroeconomic gains of recent years
as the global crisis spreads to the region, with growth coming to
a virtual halt and financial vulnerabilities on the rise,
according to the International Monetary Fund's Spring 2009
Regional Economic Outlook (REO).

IMF Middle East and Central Asia Director Masood Ahmed said that
the IMF now expects growth in the region to come to a virtual halt
in 2009, after having expanded by 6.3 percent in 2008.  "Most
countries in this region do not have strong links with global
financial markets.  But falling commodity prices, declining
remittances and demand for exports, and a drying up of investment
inflows are leading to fiscal and balance of payments pressures
and a sharp slowdown in economic activity in the region," he said,
speaking on occasion of the launch of the IMF's REO.

The large decline this year is explained, in part, by the
spillovers from the contraction of Russia's economy, expected to
reach 6 percent this year.  The region is already observing
capital flow reversals—bank lending and portfolio and direct
investment—as well as a sharp deceleration in remittances and
imports from Russia to the region.  The nonperforming loans in the
banking sector are also beginning to rise.  Only Turkmenistan,
Uzbekistan, and Azerbaijan are expected to be able to delink
somewhat from this downturn because of continued increases in oil
and gas production and large fiscal stimuli, according to the REO.

While the IMF expects the economies to start recovering from next
year onwards, there are also downside risks, especially from
further knock-on effects from external factors and a more
prolonged global recession.  Further declines in economic activity
could put additional pressure on real estate prices.  Similarly,
disorderly exchange rate depreciation could undermine confidence
while currency mismatches in dollarized economies could further
weaken commercial banks' balance sheets, the report warns.

In these turbulent and uncertain times, sound macroeconomic
management, contingency planning, and effective communication of
policies are essential to instill confidence and respond
effectively to the crisis.  In this regard, it is important to
note that most countries in the region are taking the necessary
policy measures—allowing their currencies to depreciate in
response to lower foreign exchange inflows, increasing public
spending and easing monetary policy to the extent they can, and
injecting short-term liquidity to limit the credit crunch.

Nevertheless, more actions may be required in the period ahead,
and the REO's conclusions in this regard are threefold.  First,
exchange rate flexibility will continue to be important in most
countries to allow the region regain competitiveness and build
confidence.  Second, targeted government spending can help to
protect the poor and vulnerable groups during this difficult
period, and in some countries this will need to be complemented by
higher donor financing.  Third, continued efforts will be needed
to identify financial sector risks and ensure appropriate banking
supervision to reduce vulnerabilities.



                         *********

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
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Information contained herein is obtained from sources believed
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