TCRAP_Public/090521.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 21, 2009, Vol. 12, No. 99

                            Headlines

A U S T R A L I A

APN NEWS: To Raise AU$99 Mln to Cut Debts, Not Paying Dividends
FAIRFAX MEDIA: May Buyback AU$200 Million Fixed Rate Notes


C H I N A

MGM MIRAGE: NJ Agency Tells Co. to Disengage From Macau Partner
NEO-CHINA GROUP: S&P Downgrades Corporate Credit Rating to 'SD'


H O N G  K O N G

ARIES TECH: Yan and Haughey Quit Down as Liquidators
BASIC LIFE: Creditors' Proofs of Debt Due on June 30
BTS INTERNATIONAL: Final Meeting Slated for June 16
CHIN LEE: Creditors' Proofs of Debt Due on June 16
ITXC GLOBAL: Ying Hing Chiu Steps Down as Liquidator

KIU KOON: Creditors' Proofs of Debt Due on May 29
STANDARD COMMODITIES: Gilligan Steps Down as Liquidator
THERAPEDIC (HK): Lui Siu Tsuen Steps Down as Liquidator
TOTAL PROFIT: Creditors' Proofs of Debt Due on May 29
WILMINGTON COMPANY: Kwan and Hup Step Down as Liquidators


I N D I A

AAKASH VALUE: CARE Assigns 'BB' Rating on INR100cr Long Term Loan
ARK INDUSTRIES: CRISIL Assigns 'BB' Rating on INR90.0 Mln LT Loan
DECCAN JEWELLERS: CRISIL Rates INR200.00 Mln Cash Credit at 'BB-'
KRISHNA ELECTRICAL: CRISIL Puts 'B+' Rating on INR6.5MM Term Loan
NAFTOGAZ INDIA: CARE Puts 'CARE BB+' Rating on LT Bank Facilities

TATA MOTORS: Raises INR1,250cr from LIC to Partly Refinance Loan
TATA MOTORS: To Hike Wages This Year Despite Slowdown
TATA STEEL: Secures INR2,000-cr Loan from LIC
UTTAR HARYANA: CARE Rates Issuer Rating at 'CARE BB+ (Is)'


I N D O N E S I A

BANK PERKREDITAN: Branch Liquidated by Bank Indonesia
BANK RAKYAT: To Pay Dividends on July 3
MEDCO ENERGI: Plans to Acquire BP Indonesia's Stake in ONWJ Block


J A P A N

BEARINGPOINT INC: Proceeds Sharing of Japan Unit Declined by Judge
TOSHIBA CORP: Begins US$3-Billion Stock Sale
TOYOTA MOTOR: Begins Sale of Revamped Prius in Japan


K O R E A

* KOREA: Corp. Bankruptcies Fell for the Fourth Month in April
* KOREA: Credit Risk Test Shows 430 Firms Face Insolvency


M A L A Y S I A

POLY TOWER: Units Defaulted on Some Credit Facilities


N E W  Z E A L A N D

DYMOCKS GROUP: Wellington Shop Goes Into Liquidation
PLUS SMS: Extends Share Purchase Plan Cut-Off to May 29


S I N G A P O R E

HIVERN INVESTMENTS: Subject to Judicial Management Petition
LEO STIER: Creditors' Proofs of Debt Due on June 17
PETRORIG: Case Summary & 3 Largest Unsecured Creditors
RENEWABLE ENERGY: Subject to Judicial Management Petition
TCS INTELLIGENT: Court Enters Wind-Up Order


                         - - - - -


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


APN NEWS: To Raise AU$99 Mln to Cut Debts, Not Paying Dividends
---------------------------------------------------------------
APN News & Media plans to raise up to AU$99 million by issuing new
shares in a move that will dilute the stake of Independent News
and Media, its largest shareholder, The Australian reports.

The report says the group also warned that it won't pay an interim
dividend, after paying out 10.5 cents a share a year ago, as it
looks to preserve capital and pay down debt.

According to the report, APN News said it will raise AU$79 million
through an underwritten 1-for-5 entitlement offer to institutions
at AU$1.00 a share, a 16 per cent discount to its last traded
price of AU$1.19.  The company could raise another AU$20 million
in an offer to retail investors as it joined a growing list of
Australian companies tapping shareholders for fresh funds, the
Australian relates.

"The equity raising, coupled with the announced capital management
initiatives, ensures that APN retains a high degree of financial
and operational flexibility in these uncertain times and that APN
is now well positioned in relation to the debt reduction program,"
the report quoted APN chief executive Brendan Hopkins as saying.

The report relates APN said that Independent News, which is
struggling with debt problems of its own, recently confirmed that
it remains a long-term holder of APN but it will not be
participating in the equity raising.

APN News' balance sheet as of December 31, 2008, showed strained
liquidity with AU$308.05 million in total current assets available
to pay AU$338.81 in total current liabilities.

Based in Sydney, Australia APN News & Media Ltd (ASX:APN) --
http://www.apn.com.au/-- is engaged in publishing of newspapers,
magazines and directories in printed and online formats, radio
broadcasting and outdoor advertising.  The company's segments
include Publishing, Broadcasting, and Outdoor.  Publishing
includes newspapers, magazines, directories, printing and online
publishing.  Broadcasting includes radio transmissions.  Outdoor
includes specialist transit and static outdoor advertising.  On
January 8, 2008, the company acquired the remaining 50% of Esky
Limited (formerly Finda Group Limited).  On March 14, 2008, it
acquired the remaining 50% of Sell Me Free Limited.  On Dec. 1,
2008, it acquired Northern Rivers Echo and on December 31, 2008,
it acquired Northland Age.


FAIRFAX MEDIA: May Buyback AU$200 Million Fixed Rate Notes
----------------------------------------------------------
Fairfax Media Group Finance Pty Ltd ("FMGF"), a subsidiary of
Fairfax Media Limited, said that it is considering a buy back of
its AU$200 million fixed rate notes due June 27, 2011.

FMGF said the offer process opens at 10:00 a.m., today,
May 21, 2009, and is expected to close at 3:00 p.m. on May 22,
2009.

FMGF is under no obligation to buy back any of the 2011 AU$MTNs
and will have the sole discretion in determining the quantum and
price of any 2011 AU$MTNs to be bought back.  Any 2011 AU$MTNs
which are not repurchased as part of this process will, subject to
their terms and conditions, be redeemed on their existing maturity
of June 27, 2011.

Westpac Banking Corporation is managing the buy back offer
process.

                    Credit Ratings Downgrade

The Troubled Company Reporter-Asia Pacific reported on May 18,
2009, that Standard & Poor's Ratings Services lowered its
long-term corporate credit and debt ratings on Fairfax Media Ltd.
to 'BB+' from 'BBB-'.  In addition, the rating on Fairfax's
stapled preference securities (which attract intermediate equity
credit from Standard & Poor's) was lowered to 'B+' from 'BB'.  The
outlook is stable.

"Although we are disappointed with the decision of Standard &
Poor's we are confident that our diversified market positions,
strong balance sheet and operational focus will allow us to
weather the current economic conditions and to take advantage of
any upturn when it occurs," Brian McCarthy, Chief Executive
Officer and Managing Director of Fairfax Media Limited said in a
statement.  "The Company remains comfortably within its various
financial covenants."

Fairfax Media, however, said that due to this change in credit
rating, some margins under certain financing facilities are
increased with a consequential increase in net interest expense in
the 2010 financial year of approximately AU$10 million.

Headquartered in Sydney, Australia, Fairfax Media Limited
(ASX:FXJ) -- http://www.fxj.com.au/-- is engaged in publishing of
news, information and entertainment; advertising sales in
newspaper, magazine and online formats; radio broadcasting, and
film and television production and distribution.  In Australia,
the Company's mastheads include The Sydney Morning Herald, The
Age, BRW, The Sun-Herald and The Land.  Its New Zealand mastheads
include The Dominion Post, The Press and Cuisine.  Fairfax Media
online businesses include Fairfax Digital in Australia (including
the news sites, smh.com.au and theage.com.au, and classified and
transaction Websites), and Trade Me and stuff.co.nz in New
Zealand.  On November 9, 2007, it acquired the former Southern
Cross Broadcasting's radio business, (including metropolitan
stations 2UE in Sydney, 3AW and Magic 1278 in Melbourne, 4BC and
4BH in Brisbane, and 6PR and 96FM in Perth), the Southern Star
television production and distribution business, Satellite Music
Australia and associated businesses from Macquarie Media Group.



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

MGM MIRAGE: NJ Agency Tells Co. to Disengage From Macau Partner
---------------------------------------------------------------
Jonathan Cheng at The Wall Street Journal reports that the New
Jersey Division of Gaming Enforcement (DGE) has recommended that
that MGM Mirage detach itself from Pansy Ho, its Macau joint-
venture partner and a daughter of Macau gambling magnate Stanley
Ho.

According to WSJ, MGM Mirage struck a 50-50 partnership in 2004
with Ms. Ho to develop, build, and operate the MGM Grand Macau.
MGM, says WSJ, has a 6% market share in the Chinese gambling
enclave.

WSJ relates that state gambling officials will look at the New
Jersey agency's report as they consider whether to renew MGM
Mirage's New Jersey casino license.

In a June 2005 report to the New Jersey Casino Control Commission
on the application of Borgata for renewal of MGM Mirage's casino
license, the DGE stated that it was conducting an investigation of
the relationship of MGM Mirage with its joint venture partner in
Macau and that it would report any material information to the New
Jersey Commission it deemed appropriate.

On May 18, 2009, the DGE issued a report to the New Jersey
Commission on its investigation.  While the report itself is
confidential, at the conclusion of the report, the DGE
recommended, among other things, that:

    (i) the Company's Macau joint venture partner be found to be
        unsuitable;

   (ii) the Company be directed to disengage itself from any
        business association with its Macau joint venture
        partner;

  (iii) the Company's due diligence/compliance efforts be found
        to be deficient; and

   (iv) the New Jersey Commission hold a hearing to address the
        report.

The DGE is responsible for investigating licensees and prosecuting
matters before the New Jersey Commission.  However, the report is
merely a recommendation and is not binding on the New Jersey
Commission, which has sole responsibility and authority for
deciding all regulatory and licensing matters.  The New Jersey
Commission has not yet taken any action with respect to the
report, including whether or when a hearing should be scheduled.

The Company does not believe that the report will have a material
adverse effect on it.  However, since the report was issued on
May 18, 2009, it is still being reviewed by the Company and may be
the subject of a hearing by the New Jersey Commission; therefore,
no assurance can be given as to the ultimate impact of the report.

Ms. Ho said in a statement that she was aware of the New Jersey
agency's report and its recommendation "that I be found to be an
unsuitable person under the New Jersey Casino Control Act" and
that MGM Mirage discontinue its joint venture with her in Macau.
According to WSJ, Ms. Ho said that she and her advisers needed
time to read the report before deciding how best to respond.

MGM Mirage, WSJ states, said that it has cooperated with DGE in
its probe.  WSJ quoted MGM Mirage as saying, "While we disagree
with the recommendation of the [New Jersey Division of Gaming
Enforcement], we look forward to presenting our position at the
hearing."

WSJ says that the report from New Jersey regulators could force
MGM to make a decision between operations in Macau, which is a
lucrative market many consider gambling's future, and its current
holdings and plans for New Jersey.

MGM Mirage said in a SEC filing on Tuesday that DGE's report is
"merely a recommendation and is not binding on the New Jersey
Commission."  The commission, according to WSJ, decides regulatory
and licensing matters.

                       About MGM MIRAGE

Headquartered in Las Vegas, Nevada, MGM MIRAGE (NYSE: MGM) --
http://www.mgmmirage.com/-- is a hotel and gaming company.  It
owns and operates 17 properties located in Nevada, Mississippi and
Michigan, and has investments in three other properties in Nevada,
New Jersey and Illinois.

The report of Deloitte & Touche, LLP, MGM MIRAGE's independent
registered public accounting firm on the Company's consolidated
financial statements for the year ended December 31, 2008,
contains an explanatory paragraph with respect to the Company's
ability to continue as a going concern.

                      *     *     *

As reported by the Troubled Company Reporter on March 23, 2009,
Moody's Investors Service downgraded MGM MIRAGE's Probability of
Default Rating to Caa3 from Caa2 and its Corporate Family Rating
to Caa2 from Caa1.

According to the TCR on March 23, 2009, Standard & Poor's Ratings
Services lowered its corporate credit and issue-level ratings on
Las Vegas-based MGM MIRAGE and its subsidiaries by two notches;
the corporate credit rating was lowered to 'CCC' from 'B-'.  These
ratings were removed from CreditWatch, where they were initially
placed with negative implications on January 30, 2009.  S&P said
that the rating outlook is negative.

The TCR reported on March 25, 2009, that Fitch Ratings took these
rating actions for MGM MIRAGE following the lawsuit filed against
MGM by City Center JV partner Dubai World, and the two-month
covenant waiver obtained from its bank lenders:

-- Issuer Default Rating downgraded to 'C' from 'CCC';

-- Senior secured notes downgraded to 'CCC/RR2' from 'B/RR2';

-- Senior unsecured credit facility downgraded to 'CC/RR3' from
    'B-/RR3';

-- Senior unsecured notes downgraded to 'CC/RR3' from 'B-/RR3';

-- Senior subordinated notes affirmed at 'C/RR6'.


NEO-CHINA GROUP: S&P Downgrades Corporate Credit Rating to 'SD'
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term foreign currency corporate credit rating on Neo-China
Group (Holdings) Ltd. to 'SD' from 'CC'.  At the same time, S&P
affirmed the 'C' issue rating on Neo-China's US$400 million 9.75%
senior notes due 2014.

The downgrade follows Neo-China's announcement that the holders of
the company's convertible bond (CB; not rated) due 2011 have
accepted a proposed change to the terms of the CB.  The Hong Kong
stock exchange approved the amendment.

"In our view, with the changed terms, the CB holders may receive
less value than the promise of the original securities.  As a
result, such a change constitutes a "distressed exchange"
tantamount to an immediate default on the CB under Standard &
Poor's criteria.  S&P affirmed the 'C' issue rating on the senior
notes as Neo-China continues to service interest payments on
them," said Standard & Poor's credit analyst Bei Fu.

According to S&P's criteria, following the completion of a
distressed exchange, the issuer is no longer considered to be in
selective default.  Accordingly, once the exchange is completed
and if there are no other extenuating circumstances, Standard &
Poor's will change the 'SD' rating as expeditiously as possible.
Any future rating action would take into account S&P's opinion of
whether the proposed change of terms affects the creditworthiness
of Neo-China with respect to its senior obligations.  At this
stage, S&P believes that the company's creditworthiness with
respect to senior obligations may benefit from the proposed
restructure of the CB redemption terms.



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

ARIES TECH: Yan and Haughey Quit Down as Liquidators
----------------------------------------------------
On May 5, 2009, Lai Kar Yan (Derek) and Darach E. Haughey stepped
down as liquidators of Aries Tech Electronics Limited.


BASIC LIFE: Creditors' Proofs of Debt Due on June 30
----------------------------------------------------
The creditors of Basic Life Charitable Fund Limited are required
to file their proofs of debt by June 30, 2009, to be included in
the company's dividend distribution.

The company's liquidator is:

          Ku Ngan Ming
          Hing Yip Commercial Centre
          Unit 501, 5th Floor
          272-284 Des Voeux Road Central
          Hong Kong


BTS INTERNATIONAL: Final Meeting Slated for June 16
---------------------------------------------------
BTS International Limited will hold its final meeting on June 16,
2009, at 10:00 a.m., to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Lai Hin Chi
          Cameron Commercial Centre
          19th Floor
          468 Hennessy Road
          Causeway Bay
          Hong Kong


CHIN LEE: Creditors' Proofs of Debt Due on June 16
--------------------------------------------------
The creditors of Chin Lee Sing Company Limited are required to
file their proofs of debt by June 16, 2009, to be included in the
company's dividend distribution.

The company's liquidator is:

          Chan Ping Yan, Raymond
          Tak Fung Building
          Flat 1 & 2, 2nd Floor
          79-81 Connaught Road West
          Hong Kong


ITXC GLOBAL: Ying Hing Chiu Steps Down as Liquidator
----------------------------------------------------
On May 11, 2009, Ying Hing Chiu stepped down as liquidator of ITXC
Global Hong Kong Limited.


KIU KOON: Creditors' Proofs of Debt Due on May 29
-------------------------------------------------
The creditors of Kiu Koon Development 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:

          Jacky CW Muck
          Patrick Cowley
          Alexandra House, 27th Floor
          18 Chater Road
          Central, Hong Kong


STANDARD COMMODITIES: Gilligan Steps Down as Liquidator
-------------------------------------------------------
On May 6, 2009, Philip Brendan Gilligan stepped down as liquidator
of Standard Commodities (Asia) Limited.


THERAPEDIC (HK): Lui Siu Tsuen Steps Down as Liquidator
-------------------------------------------------------
On April 27, 2009, Lui Siu Tsuen, Richard stepped down as
liquidator of Therapedic (HK) Limited.


TOTAL PROFIT: Creditors' Proofs of Debt Due on May 29
-----------------------------------------------------
The creditors of Total Profit International 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:

          Jacky CW Muck
          Patrick Cowley
          Alexandra House, 27th Floor
          18 Chater Road
          Central, Hong Kong


WILMINGTON COMPANY: Kwan and Hup Step Down as Liquidators
---------------------------------------------------------
On May 1, 2009, Robert Chiu-Yin Kwan and Fong Hup stepped down as
liquidators of Wilmington Company Limited.



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I N D I A
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AAKASH VALUE: CARE Assigns 'BB' Rating on INR100cr Long Term Loan
-----------------------------------------------------------------
CARE has assigned a 'BB' (Double B) rating to the INR100 crore
long-term bank facilities of Aakash Value Realty Private Limited
(AVRL) for maturity of more than one year.  Facilities with this
rating are considered to offer inadequate safety for timely
servicing of debt obligations.  Such facilities carry high credit
risk.

The rating is, constrained by risk associated with implementation
of project within time and estimated cost, deployment of proceeds
from booking as advances for purchase of property and negative out
look for the real estate industry.  The rating takes into account
the promoter's strength, location of the project and current
booking status for the project.  The ability of the company to
sell the commercial real estate developed at assumed rate in the
current economic scenario is the key rating sensitivity.

                       About Aakash Value

Aakash Value Reality Private Limited (AVRL) was incorporated on
May 19, 2006, for development of commercial real estate.  The
Company is promoted by Nilkamal group and Lotus group for the
purpose of development of real estate and each possesses 50% of
the equity share capital of the company.  AVRL is developing
commercial office complex with built up area of 1.2 mn. sq. ft. at
Goregaon, Mumbai.

The project is a commercial building of G+22 storey structure with
six wings at Goregaon, Mumbai with built up area of 1.2 mnsqft.
The proposed building is being constructed on a plot near the
Western Express Highway at Goregaon (East), Mumbai in the name of
"Lotus Corporate Park.  The location is in proximity to the
proposed Oshiwara railway station.  The total saleable area of the
building would be 0.79 mn.sq.ft.  The commercial building is
proposed to be sold to various companies according to their
requirements for office use.  The total cost of the project has
been estimated at INR430.27 crore which is proposed to be funded
through equity/unsecured loans from promoters of INR86.01 crore,
advance from customers towards sale of INR244.26 crore and term
loans of INR100 crore.


ARK INDUSTRIES: CRISIL Assigns 'BB' Rating on INR90.0 Mln LT Loan
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the bank
facilities of Ark Industries Pvt Ltd (AIPL).

   INR90.0 Million Long Term Loan     BB/Stable (Assigned)
   INR50.0 Million Cash Credit        BB/Stable (Assigned)
   INR150.0 Million Letter of Credit  P4 (Assigned)

The ratings reflect AIPL's moderate financial risk profile, and
the impact on its revenues because of the ongoing economic
slowdown.  These weaknesses are mitigated by the benefits AIPL
derives from the experience of its promoters in the steel
business.

Outlook: Stable

CRISIL believes that AIPL will maintain its stable business risk
profile on the back of its established client relationships,
resulting in a steady inflow of orders.  The outlook may be
revised to 'Positive' in case of a substantial and sustained
improvement in the company's financial risk profile.  Conversely,
the outlook may be revised to 'Negative' if the company's capacity
utilization declines, or if its financial risk profile
deteriorates because of any debt-funded capital expenditure or
decline in profitability.

                       About Ark Industries

Promoted by Mr. Akshay Jain and Mr. Dhanesh Mehta, AIPL is engaged
in the business of processing of hot-rolled steel into sheets,
blanks, strips, and other such products.  For 2007-08 (refers to
financial year, April 1 to March 31), the auto ancillaries segment
accounted for 25 per cent of its revenues, earth moving equipment
20 per cent, tube industry 20 per cent, and engineering and
fabrication and other segments for the remainder.

AIPL reported a profit after tax (PAT) of INR13.2 million on net
sales of INR73.7 million for 2007-08, as against INR1.6 million
and INR3.2 million, respectively, for 2006-07.


DECCAN JEWELLERS: CRISIL Rates INR200.00 Mln Cash Credit at 'BB-'
-----------------------------------------------------------------
CRISIL has assigned its rating of 'BB-/Stable' to the cash credit
facility of Deccan Jewellers Pvt Ltd (Deccan Jewellers).

   INR200.00 Million Cash Credit    BB-/Stable (Assigned)

The rating reflects Deccan Jewellers' below-average financial risk
profile, and its exposure to risks relating to intense competition
in the fragmented jewellery industry, and to volatility in the
prices of gold.  These weaknesses are partially offset by the
benefits that Deccan Jewellers derives from its promoters'
experience, and its recognised brand name.

Outlook: Stable

CRISIL believes that Deccan Jewellers will maintain a stable
business risk profile, supported by its established brand.  The
outlook may be revised to 'Positive' if the company's business
risk profile improves substantially, owing to increase in its
scale of operations, and if its financial risk profile improves on
the back of higher-than-expected cash accruals and a healthy
capital structure.  Conversely, the outlook may be revised to
'Negative' if Deccan Jewellers' operating margins decline
substantially, or if it undertakes large debt-funded capital
expenditure.

                      About Deccan Jewellers

Deccan Jewellers, which began operations in 2007, is owned by the
families of Mr. Azizul Rahaman Khan and Mr. Fazulul Rahaman Khan.
The promoters have been in the jewellery business for more than
three decades.  Deccan Jewellers has retail outlets at Vijayawada,
Kakinada, and Rajahmundry, in Andhra Pradesh.  Deccan Jewellers
reported a profit after tax (PAT) of INR7 million on net sales of
INR124 million in 2007-08 (refers to financial year, April 1 to
March 31), as against a PAT of INR4 million on net sales of INR95
million for the previous year.


KRISHNA ELECTRICAL: CRISIL Puts 'B+' Rating on INR6.5MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable/P4' to the bank
facilities of Krishna Electrical Industries Ltd (KEIL).

   INR150.0 Million Cash Credit #       B+/Stable (Assigned)
   INR6.5 Million Term Loan             B+/Stable (Assigned)
   INR20.0 Million Letter of Credit *   B+/Stable (Assigned)
   INR100.0 Million Letter of Credit    P4 (Assigned)
   INR170.0 Million Bank Guarantee      P4 (Assigned)

   # Cash Credit limit has a sublimit of INR30 million Bill
     discounting
   * Interchangeable with Cash Credit

The ratings reflect KEIL's weak financial risk profile marked by
large working capital requirements, small scale of operations in
the power cable and conductor industry, and exposure to volatility
in raw material prices.  These weaknesses are mitigated by KEIL's
established customer base and experience in the power cable and
conductor industry.

Outlook: Stable

CRISIL expects KEIL's financial risk profile to remain weak over
the medium term because of its large working capital requirements.
Also, the company's scale of operations is expected to remain
small over the medium term.  The outlook may be revised to
'Positive' if the company scales up its operations significantly
and improves its financial flexibility, most likely through fresh
equity infusion.  Conversely, the outlook may be revised to
'Negative' if the company undertakes large debt-funded capital
expenditure programme, leading to further weakening in its
financial risk profile.

                     About Krishna Electrical

Set up by Mr. Kashiram Gupta in 1978, KEIL manufactures power,
control, and high-tension cables under the Krishna and MPCAB
brands.  The company has a manufacturing unit in Banmore, Madhya
Pradesh, and supplies its products to government departments,
state electricity boards, and private players.  KEIL reported a
profit after tax of INR13.9 million on net sales of INR715.2
million for 2007-08 (refers to financial year, April 1 to
March 31), against INR6.4 million and INR668.5 million
respectively in 2006-07.


NAFTOGAZ INDIA: CARE Puts 'CARE BB+' Rating on LT Bank Facilities
-----------------------------------------------------------------
CARE has assigned 'CARE BB+' (Double B Plus) rating to the Long-
term Bank Facilities of NaftoGaz India Private Limited (NIPL).
Facilities with this rating are considered to offer inadequate
safety for timely servicing of debt obligations.  Such facilities
carry high credit risk.  CARE assigns '+' or '-' signs to be shown
after the assigned rating (wherever necessary) to indicate the
relative position within the band covered by the rating symbol.

Further, CARE has assigned a 'PR4' (PR Four) rating to the Short-
term Bank Facilities of NIPL.  This rating is applicable for
facilities having tenure up to one year.  Facilities with this
rating would have inadequate capacity for timely payment of short-
term debt obligations and carry very high credit risk.  Such
facilities are susceptible to default.

   Instrument                    Amount             Rating
   ----------                    ------             ------

   Long-term Bank Facilities    INR25 crore         'BB+'
   Short-term / Long-term       INR175 crore       'BB+'/'PR4'
           Bank Facilities

                         Rating Rationale

The ratings reflect the relatively limited track record of the
company, moderate liquidity position indicated by high working
capital utilisation and limited financial flexibility.  The
ratings also take into consideration the relatively modest scale
of operations and sizeable working capital requirements for
successful completion of the current order book.

The constraints are however partially offset by expertise of
promoters & management and strong technical support on account of
its international tie-up with National Joint Stock Company
NaftoGaz (NJSC), Ukraine.  Going forward, the company's ability to
manage liquidity, successfully execute the order book and improve
the capital structure would remain the key rating sensitivities

                       About NaftoGaz India

NIPL established in August 2005 is the technical Indian
representative of NJSC, Ukraine.  NIPL is promoted by Mr. Mahdoom
Bava Bahrudeen Noorul Ameen, Chairman & Managing Director. NIPL
has expertise in Engineering, Procurement and Construction (EPC)
in total turnkey solution in refineries, process units/plants, gas
processing facilities, oil terminals, cross-country pipelines,
offshore pipelines, offshore platforms etc.  NIPL had also forayed
into Exploration and Production (E&P) of oil and gas in FY07 and
has won three oil blocks under NELP VI in consortium as a 'fields
operator' in the states of Assam, Gujarat and Mizoram.

NIPL has signed a Memorandum of Understanding (MOU) and Agreement
with NJSC for five years (from August 2005 to September 2010)
which shall be automatically extended for the period of five years
in the event of the efforts resulting in business.  The MOU &
Agreement provides for technical support from NJSC to NIPL for
undertaking EPC and E&P contracts in oil and gas sector. The net
sales of the company increased from INR18 crore in FY07 to
INR158 crore in FY08 mainly due to increased operations from
increased order book position.  Though the demand outlook for the
sector looks to be driven by strong growth, it is prone to many
challenges.


TATA MOTORS: Raises INR1,250cr from LIC to Partly Refinance Loan
----------------------------------------------------------------
The Economic Times reports that Tata Motors Limited has raised
INR1,250 crore by selling non-convertible debentures (NCDs) to
Life Insurance Corporation of India (LIC).  The report says the
NCDs bear a coupon of 10 percent and have a maturity of seven
years.

Citing merchant bankers familiar with the transaction, the report
relates only 2 percent of the total coupon payment is to be made
on a quarterly basis while the remaining payment will be made upon
maturity.

The report says the debt is part of a larger fund-raising
programme to refinance the bridge loan taken at the time of the
Jaguar Land Rover acquisition.

As reported in the Troubled Company Reporter-Asia Pacific on
May 13, 2009, The Economic Times said Tata Motors may opt for an
overseas bond issue to partly repay a US$2-billion bridge loan due
in June.  The company may also sell part of its shareholding in
various groups of companies, the Times related citing people
familiar with the auto major's preparations.

Tata, the Times recalled, had raised about US$3 billion in bridge
loans to acquire luxury carmaker Jaguar Land Rover (JLR) in 2008.
The Times stated while about US$1 billion was repaid through a
rights issue, the remaining US$2 billion has to be repaid by June.

         S&P Keeps 'B+' Long-Term Corp. Credit Rating

The Troubled Company Reporter-Asia Pacific reported on May 20,
2009, that Standard & Poor's Ratings Services kept its 'B+' long-
term corporate credit rating and issue rating on the senior
unsecured debt of India-based automaker Tata Motors Ltd. on
CreditWatch with negative implications.

"After our recent communication with Tata Motors, S&P continue to
expect the company to be able to successfully complete its bridge
facility refinancing before the June 2, 2009, due date," said
Standard & Poor's credit analyst Manuel Guerena.

S&P expects the refinancing to happen partly through rupee bonds
of different tenures of up to seven years, guaranteed by banks,
and the balance through roll-over of the bridge facility with
scheduled maturities up to Dec. 31, 2010.  The company said it is
close to completion on both the plans.  The company would also now
be required to comply with various financial covenants.

The current outstanding amount on the original US$3 billion bridge
facility stands at about US$1.88 billion after the company repaid
(1) about US$1 billion through proceeds from a rights issuance and
certain divestments in October 2008; and (2) a further
US$126 million recently, through a voluntary prepayment option.

                        About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is engaged in the business of
automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the company.  The company's operating segments consists of
automotive operations and other operations.  Automotive operations
business segment includes the design, manufacture, assembly, sale
and service of commercial and passenger vehicles, spare parts,
components and accessories, as well as financing its vehicles.
Its other operations business segment includes information
technology (IT) services, construction equipment manufacturing,
machine tools and factory automation solutions, high-precision
tooling and plastic and electronic components for certain
applications and investment business.  On October 15, 2008, Tata
Motors' UK, a subsidiary of Tata Motors European Technical Centre
plc, acquired a 50.3 percent stake in Miljo Grenland.


TATA MOTORS: To Hike Wages This Year Despite Slowdown
-----------------------------------------------------
Tata Motors Limited would hike wages of its employees this fiscal
despite the effects of the slowdown, The Times of India reports.

According to the report, Tata Motors human resource vice-president
SJ Tambe said the company is yet to finalise its wage increment
structure and would be announcing it on July 1.

The report relates that during the last three years, Tata Motor's
average wage increment was around 12 to 13 percent but this year,
Mr. Tambe said "the increment would be in single digit."

Meanwhile, the Times reports Mr. Tambe said that most of the
over-700 workers laid-off at Tata Motors' Jamshedpur factory
during October-November after a block closure of production, had
been reinstated.

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is engaged in the business of
automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the company.  The company's operating segments consists of
automotive operations and other operations.  Automotive operations
business segment includes the design, manufacture, assembly, sale
and service of commercial and passenger vehicles, spare parts,
components and accessories, as well as financing its vehicles.
Its other operations business segment includes information
technology (IT) services, construction equipment manufacturing,
machine tools and factory automation solutions, high-precision
tooling and plastic and electronic components for certain
applications and investment business.  On October 15, 2008, Tata
Motors' UK, a subsidiary of Tata Motors European Technical Centre
plc, acquired a 50.3 percent stake in Miljo Grenland.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on May 20,
2009, that Standard & Poor's Ratings Services kept its 'B+' long-
term corporate credit rating and issue rating on the senior
unsecured debt of India-based automaker Tata Motors Ltd. on
CreditWatch with negative implications.


TATA STEEL: Secures INR2,000-cr Loan from LIC
--------------------------------------------
Tata Steel Limited has secured a INR2,000-crore loan from Life
Insurance Corporation (LIC) to help infuse additional equity into
its U.K. subsidiary, The Economic Times reports.

LIC will subscribe to Tata Steel's non-convertible debentures
(NCD) that carry an interest rate of 10.5 percent, the report
relates citing an official with an institutional investor.  Tata
Steel plans to raise INR3,000 crore through the NCD issue, the
Economic Times says.

The Times relates that the official said some other government-
owned insurance companies are also investing in Tata Steel's NCD.

According to the report, the proceeds of the NCD, along with the
existing cash balances available with Tata Steel, will be used to
enhance the capital base of Tata Steel U.K. and prepay some of its
debt obligations.  The balance, the report notes, will be retained
within the business, keeping the consolidated net debt levels
unchanged.

LIC, which holds an 11.68 percent stake in Tata Steel, is the
second-largest shareholder in the steel maker after the Tata
Group, the Times discloses.

                     About Tata Steel Limited

Headquartered in Mumbai, India, Tata Steel Limited --
http://www.tatasteel.com/--  is a diversified steel producer.
It has operations in 24 countries and commercial presence in
over 50 countries.  Its operations predominantly relate to
manufacture of steel and ferro alloys and minerals business.
Other business segments comprises of tubes and bearings.
On April 2, 2007, Tata Steel UK Limited (TSUK), a subsidiary of
Tulip UK Holding No.1, which in turn is a subsidiary of Tata Steel
completed the acquisition of Corus Group plc.  Tata Metaliks
Limited, which is engaged in the business of manufacturing and
selling pig iron, became a subsidiary of the company with effect
from February 1, 2008.  In September 2008, the company acquired a
7.3% interest in Riversdale Mining Ltd.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
April 7, 2009, Fitch Ratings downgraded Tata Steel Limited's Long-
term foreign currency Issuer Default Rating to 'BB+' from 'BBB-'
(BBB minus), and its National Long-term rating to 'AA(ind)' from
'AAA(ind)'.  Simultaneously, Fitch also downgraded Tata Steel
U.K. Ltd's Long-term foreign currency IDR to 'B+' from 'BB'.  The
Outlook on all the ratings continues to be Negative.

The TCR-AP reported on March 6, 2009, that Moody's Investors
Service downgraded the corporate family rating of Tata Steel Ltd
to Ba2 from Ba1.  The rating remains on review for possible
further downgrade.


UTTAR HARYANA: CARE Rates Issuer Rating at 'CARE BB+ (Is)'
---------------------------------------------------------
CARE has assigned a 'CARE BB+ (Is)' [Double B Plus (Issuer)]
rating to Uttar Haryana Bijli Vitran Nigam Ltd. (UHBVNL).  The
rating is only an opinion on the general creditworthiness of the
entity and not specific to any particular debt instrument.
Issuers with this rating are considered to offer inadequate safety
for timely servicing of debt obligations.  Such issuers carry high
credit risk.

The rating takes into consideration the high exposure to
regulatory risk in terms of revision in tariff and pass-through of
cost items, high outstanding liabilities due to debt-funded
capital expenditure plans, accumulated losses and poor
debtservicing indicators.  The rating however draws comfort from
Government of Haryana (GoH) support and reduction in Aggregate
Technical and Commercial (AT&C) losses over the years.

                           Background

In August 1998, the erstwhile Haryana State Electricity Board was
reorganised into two state-owned corporations namely Haryana Power
Generation Company Ltd (HPGCL) for power generation and
procurement and Haryana Vidyut Prasaran Nigam Ltd (HVPNL) for
power transmission and distribution.  HVPNL was further
reorganised on July 1, 1999 by carving out two more Corporations,
namely Uttar Haryana Bijli Vitran Nigam Ltd. (UHBVNL) and Dakshin
Haryana Bijli Vitran Nigam Ltd. (DHBVNL) with the responsibility
of distribution and retail supply of power within their
jurisdiction.

As on March 31, 2008, HVPNL held 69.29% of the total equity of
UHBVNL and the balance 30.70% of equity was held by GoH.

As on March 31, 2008, UHBVNL's network comprised 32,329 Km long
H.T. Line and 62,343 long L.T. lines. Till April 01, 2008, Haryana
Power Generation Corporation Limited (HPGCL) was responsible for
supplying all the power i.e. own generated, allocated power
through long-term Power Purchase Agreements (PPAs) and from short-
term sources which has now been entrusted to UHBVNL.  The PPAs of
HPGCL have been realigned with each Distribution Company (Discom)
viz UHBVNL and DHBVNL on 50:50 basis.

During FY08, the income from sale of power was Rs.3,545 cr with
PBILDT and PAT of Rs. (341) cr and Rs (531) cr, respectively.  The
loss at PBILDT level was primarily on account of higher power
purchase cost and only marginal hike in tariff in terms of Fuel
Surcharge Adjustment (FSA).  The income from energy sales has
increased at a Compounded Annual Growth Rate (CAGR) of over 15%
during the three years ended March 31, 2008. Change in sales-mix
(increase in the proportion of industrial customer vis--vis
agriculture category) also helped in increase in sale during
FY04-08.  The gradual increase in the net sales of the company was
also on account of reduction in AT&C losses by the company.

During FY08, operating losses mounted primarily on account of
increase in power purchase cost.
Interest coverage was consistently below unity on account of
continuous operating losses and higher interest outgo for the
company.

With the expansions and strengthening of infrastructure primarily
being funded through debt and raising of loans to fund the
accumulated losses, the leverage ratios have deteriorated during
the period under consideration.

In FY08, GoH contributed Rs.81.26 cr towards equity share capital.
However the networth was still negative on account of accumulated
losses.



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

BANK PERKREDITAN: Branch Liquidated by Bank Indonesia
-----------------------------------------------------
Bank Indonesia liquidated Bank Perkreditan Rakyat's branch in Bali
for its low capital adequacy ratio and the state insurer will take
over the bank's liquidation process, Tempo Interactive reports
citing a press release by Indonesia Deposite Insurance
Corporation.

The liquidation process started on May 13, the report says.


BANK RAKYAT: To Pay Dividends on July 3
---------------------------------------
The Jakarta Post reported that PT Bank Rakyat Indonesia would
allocate 35 percent of its 2008 net profits to pay dividends in
July.  The bank had a net profit of IDR5.96 trillion last year,
compared with a net profit of IDR4.84 trillion in 2007.

According to the Post, BRI president director Sofyan Basyir said
the bank will pay IDR168 (.01 US cent) per share on July 3.

The dividends will be distributed to shareholders recorded to own
the bank's shares up until June 19, the report noted.

Headquartered in Jakarta, Indonesia, PT Bank Rakyat Indonesia
(Persero) Tbk -- http://www.bri.co.id/-- is engaged in banking
activities and its products and services include savings, loans,
consumer products, investment banking and sharia.  As of Dec. 31,
2008, the Bank was supported by 14 regional offices, 12 inspection
offices, 372 domestic branch offices, one special branch office,
three overseas offices, 337 cash offices, 4,417 BRI units, 76
small offices, 27 sharia branch offices and 18 sharia sub branch
offices.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 12, 2008, Fitch Ratings affirmed PT Bank Rakyat Indonesia
Tbk's Long-term foreign currency Issuer Default Rating at 'BB'
with a Stable Outlook, Short-term foreign currency IDR at 'B',
National Long-term rating at 'AAA(idn)' with a Stable Outlook,
Individual Ratingat 'C/D', Support Rating at '3' and Support
Rating Floor at 'BB-'(BB minus).


MEDCO ENERGI: Plans to Acquire BP Indonesia's Stake in ONWJ Block
-----------------------------------------------------------------
PT Medco Energi Internasional (Medco) is planning to acquire BP
Indonesia's stake in the Offshore North West Java Sea (ONWJ)
block, West Java, The Jakarta Post reports.

"We were invited by BP and are evaluating the commercial value (of
the acquisition)", Medco operational director, Lukman Mahfoedz,
was quoted by Antara News as saying.

The report, citing Lukman, says that Medco is also eyeing on the
possibility of sharing ownership of the stake with other
companies.

According to The Post, the ONWJ concession stretches from Cirebon
in the east to the Thousand Islands, Jakarta, in the west.

The block supplies gas to fertilizer company PT Pupuk Kujang,
state electricity company PT PLN and state gas company PT PGN, the
report relates.

Headquartered in Jakarta, Indonesia, Medco Energi Internasional
Tbk PT (JAK:MEDC) -- http://www.medcoenergi.com/-- is an
integrated energy company.  The company is engaged in oil and
gas exploration and production, drilling services, methanol
production and the power generation industry.  The company holds
working interests in various exploration and production blocks
in Indonesia and overseas, producing more than 21 million barrel
of oil and 61 million cubic feet of gas annually.  In addition,
it has 10 onshore rigs and four offshore rigs (swamp barge) and
operates one methanol plant, one liquefied petroleum gas plant
and three power plants.  The company's Indonesian operations
span from Aceh in Indonesia's western border to Papua in the
eastern territory.

The company's subsidiary, PT Apexindo Pratama Duta Tbk, is a
heavy equipment provider.  Apexindo Pratama has five
subsidiaries, namely PT Antareja Jasatama, Apexindo Asia Pacific
B.V., Apexindo Khatulistiwa B.V., Apexindo Offshore Pte. Ltd.
and Apexindo Raniworo Pte. Ltd.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
April 27, 2009, Moody's Investors Service put on review for
possible downgrade PT Medco Energi Internasional Tbk's B2
corporate family rating and B3 senior unsecured rating (Senior
8.75% bonds due 2010 issued by MEI Euro Finance Ltd).



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

BEARINGPOINT INC: Proceeds Sharing of Japan Unit Declined by Judge
------------------------------------------------------------------
According to Bloomberg's Bill Rochelle, BearingPoint Inc. didn't
receive permission from the U.S. Bankruptcy Court for the Southern
District of New York to turn over $100 million in proceeds from
the sale of its Japanese business to secured lenders.  The judge
told the Company to think up a new structure that would avoid
paying taxes in Japan while not giving all the proceeds to the
secured lenders, in response to objections from creditors.

BearingPoint intended a traditional reorganization by proposing to
issue new stock to unsecured creditors and holders of $690 million
in subordinated notes, pursuant to a Chapter 11 plan.  The
Company, however, changed its course and sold its units.

The Company has sold its public services group to Deloitte LLP for
$350 million.  Its commercial services business goes up for
auction May 27, with bids due May 25, and PricewaterhouseCoopers
LLP as lead bidder with its $25 million offer.

On April 2, 2009, BearingPoint International Bermuda Holdings
Limited, BearingPoint's indirect subsidiary, entered into a Share
Sale Agreement with PwC Advisory Co., Ltd., the Japanese member
firm of the PricewaterhouseCoopers global network of firms, for
the sale of BearingPoint's consulting business in Japan to PwC
Japan for roughly $45 million.

On April 17, 2009, BearingPoint and certain of its subsidiaries
entered into a definitive agreement with PricewaterhouseCoopers
LLP pursuant to which BearingPoint agreed to sell a substantial
portion of its assets related to its Commercial Services business
unit, including Financial Services, to PwC.  In addition, an
affiliate of PwC also entered into a definitive agreement to
purchase the equity interests of BearingPoint Information
Technologies (Shanghai) Limited, a subsidiary of BearingPoint that
operates a global development center in China, and certain assets
of a separate global development center in India.  The aggregate
purchase price for these three transactions is roughly
$25 million.

                     About BearingPoint Inc.

BearingPoint, Inc. -- http://www.BearingPoint.com/-- is currently
one of the world's largest providers of management and technology
consulting services to Global 2000 companies and government
organizations in more than 60 countries worldwide.  Based in
McLean, Va., BearingPoint -- a former consulting arm of KPMG LLP
-- has approximately 15,000 employees focusing on the Public
Services, Commercial Services and Financial Services industries.
BearingPoint professionals have built a reputation for knowing
what it takes to help clients achieve their goals, and working
closely with them to get the job done.  The Company's service
offerings are designed to help clients generate revenue, increase
cost-effectiveness, manage regulatory compliance, integrate
information and transition to "next-generation" technology.

BearingPoint, Inc., fka KPMG Consulting, Inc., together with its
units, filed for Chapter 11 on February 18, 2009 (Bankr. S.D.
N.Y., Case No. 09-10691).  Alfredo R. Perez, Esq., at Weil Gotshal
& Manges LLP, has been tapped as counsel.  Greenhill & Co., LLC,
and AP Services LLC, have also been tapped as advisors.  Davis
Polk & Wardell is special corporate counsel.  BearingPoint
disclosed total assets of $1,762,689,000, and debts of
$2,231,839,000 as of September 30, 2008.

Contemporaneous with their bankruptcy petitions, the Debtors filed
a pre-packaged Joint Plan of Reorganization under Chapter to
implement the terms of their agreement with the secured lenders.
Under the Plan, the Debtors propose to exchange general unsecured
claims for equity in the reorganized company.  Existing
shareholders are out of the money.  The Plan and the explanatory
disclosure statement remain subject to approval by the Bankruptcy
Court.


TOSHIBA CORP: Begins US$3-Billion Stock Sale
--------------------------------------------
Toshiba Corp. began the sale of more than US$3 billion of stock,
Bloomberg News reports citing an e-mailed statement sent to
investors by sale arranger Nomura Holdings Inc.

The report, citing Nomura, says that the company plans to offer
870 million new shares at 3% to 5% below the stock's closing price
the day the sale ends, which may be as early as next week.  About
690 million shares will be sold to Japanese investors and 180
million to overseas buyers, the report adds.

According to the report, the company plans to sell about
US$5 billion of stock and bonds.

The share offering may help the company replenish its capital and
invest in factories, the Bloomberg News noted.

                    About Toshiba Corporation

Toshiba Corporation (TYO:6502) --- http://www.toshiba.co.jp/---
is a Japan-based manufacturer involved in five business segments.
The Digital Products segment offers cellular phones, hard disc
devices, optical disc devices, liquid crystal
televisions, camera systems, digital versatile disc (DVD) players
and recorders, personal computers (PCs) and business phones, among
others.  The Electronic Device segment provides general logic
integrated circuits (ICs), optical semiconductors, power devices,
large-scale integrated (LSI) circuits for image information
systems and liquid crystal displays (LCDs), among others.  The
Social Infrastructure segment offers various generators, power
distribution systems, water and sewer systems, transportation
systems and station automation systems, among others.  The Home
Appliance segment offers refrigerators, drying machines, washing
machines, cooking utensils, cleaners and lighting equipment.  The
Others segment leases and sells real estate.

                          *     *     *

Toshiba Corp. posted JPY343.6 billion net loss in the fiscal year
ended March 31, 2009, the Troubled Company Reporter-Asia Pacific
reported on May 12, 2009, citing the Wall Street Journal.  For the
fiscal year ending March 31, 2010, the company forecasts a net
loss of JPY50 billion.


TOYOTA MOTOR: Begins Sale of Revamped Prius in Japan
----------------------------------------------------
Toyota Motor Corp. began Japan sales of its third version of
Prius, Bloomberg News reports.

According to the report, Toyota plans to sell 10,000 Prius cars a
month in Japan, with prices starting at JPY2.05 million
(US$21,600).

Globally, Toyota plans to sell between 300,000 and 400,000 units
of the new Prius and between 500,000 and 600,000 units of all
hybrid models in the year ending December, Bloomberg News relates
citing incoming President Akio Toyoda.

Toyota also plans to double the number of countries the Prius is
sold in to about 80, mostly by extending its reach into the Middle
East and Latin America, the report adds citing spokeswoman Yasue
Kato.

Toyota's sales orders in Japan were up by 20% in April from a year
earlier, with half coming from the new Prius, Yoichiro Ichimaru,
Toyota's senior managing director, was cited by the report as
saying.

Toyota Motor Corporation (TYO:7203) -- http://toyota.jp/--
primarily conducts automobile, financial and other businesses.
Its business segments are automotive operations, financial
services operations and all other operations.  Its automotive
operations include the design, manufacture, assembly and sale of
passenger cars, minivans and trucks and related parts and
accessories.  Toyota's financial services business consists
primarily of providing financing to dealers and their customers
for the purchase or lease of Toyota vehicles.  Its financial
services also provide retail leasing through the purchase of lease
contracts originated by Toyota dealers.  Related to Toyota's
automotive operations is its development of intelligent transport
systems (ITS).  Toyota's all other operations business segment
includes the design and manufacture of prefabricated housing and
information technology related businesses, including an e-commerce
marketplace called Gazoo.com.  The Company acquired CENTRAL MOTOR
CO., LTD. on October 1, 2008.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
May 11, 2009, Toyota Motor Corp. incurred a loss of JPY437 billion
in the fiscal year ended March 31, 2009.  The company forecasts a
JPY550 billion net loss for the fiscal year ending March 31, 2010.



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

* KOREA: Corp. Bankruptcies Fell for the Fourth Month in April
--------------------------------------------------------------
Yonhap News Agency reports that the number of corporate
bankruptcies in South Korea fell for the fourth month in April
after hitting a near four-year high in December.  The report says
decline was mainly due to the government stimulus measures and
liquidity supply.

The news agency says that according to the Bank of Korea (BOK),
business failures in April totaled 219, down four from the
previous month.


* KOREA: Credit Risk Test Shows 430 Firms Face Insolvency
---------------------------------------------------------
A group of creditor banks have given some South Korean companies
failing grades in their credit risk evaluation, KBS World Radio
reports.

After evaluating the credit risk of 1,422 companies, creditor
banks found that 430 firms would be facing insolvency, the report
relates citing financial market sources.  The surveyed companies
has credit line of more than KRW50 billion, the report notes.

According to the report, creditors are likely to finalize their
evaluations as early as the end of this month and pick out those
to undergo restructuring.



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

POLY TOWER: Units Defaulted on Some Credit Facilities
-----------------------------------------------------
Pursuant to the PN 1/2001, Poly Tower Ventures Berhad ("PTV")
disclosed that its wholly owned and major subsidiaries, Poly
Carriers Industries (Malaysia) Sdn Bhd ("PCI") and Poly Asia
Plastics Industries Sdn Bhd ("PAPI"), have defaulted in paying
their outstanding and overdue credit facilities.

PTV said PCI and PAPI are unable to service the repayment of
overdue credit facilities to EON Bank due to its tight overall
working capital position.

Due to the tight overall working capital position, the defaulted
bank borrowings with EON Bank will have a consequence on the on-
going bank borrowings which will also be declared "defaulted" by
other banks.

PTV said the group will appoint a legal advisor to address issues
arising from these default including legal proceedings initiated
by its lenders against certain subsidiaries of the group.


            Outstanding and Overdue Credit Facilities


        Trade                  Amount            Total Credit
Unit   Facilities         (with interest)       Facilities
----   ----------         ---------------       ------------

PCI   Bankers Acceptance   MYR743,952.83          MYR19,800,000
                                                  (Composite Trade
                                                  Facilities)

       Trust Receipts       MYR2,422,508.03        MYR200,000
                                                  (Overdraft
                                                  Facilitiy)

PAPI Bankers Acceptance   MYR491,609.34          MYR100,000
                                                  (Overdraft
                                                  Facility)

                                                  MYR2,700,000
                                                  (Overdraft
                                                  Facility)

                                                  MYR2,700,000
                                                  (Composite Trade
                                                  Facilities)


In addition, PTV said that its subsidiary, Poly Carriers
Industries (Malaysia), had also defaulted on its payment of
overdue loan of MYR4,980,000 of a total credit facility of MYR27
million granted by Bangkok Bank Berhad.

                        About Poly Tower

Based in Malaysia, Poly Tower Ventures Berhad (KUL:POLYTWR) --
http://www.polytowerventures.com/-- is an investment holding
company.  The company's segments include investment holding and
property investment, manufacturing, and trading.  The company is
engaged in manufacturing, marketing and exportation of plastic
bags, films, related products, trading of plastic packaging,
recycling of materials used by plastic industry, and property
investment.  The company's subsidiaries include Poly Carriers
Industries (Malaysia) Sdn. Bhd, Poly Packaging Products Pty. Ltd.,
Kinsplastic Sdn. Bhd., Kinsplastic Vietnam Co. Ltd, and Bestari
Palms Sdn. Bhd.

Poly Tower Ventures Berhad has been considered as an
Affected Listed Issuer under Practice Note No. 17/2005 of the
Bursa Malaysia Securities Berhad as the company defaulted in its
principal and interest payments pursuant to Practice Note
No.1/2001 and the company is unable to provide a solvency
declaration.



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

DYMOCKS GROUP: Wellington Shop Goes Into Liquidation
----------------------------------------------------
A Dymocks bookshop in Lambton Quay, Wellington has gone into
liquidation after franchise owner called in liquidators to the
company, Radio New Zealand reports.  All 12 employees have lost
their jobs.

The report, citing liquidator Andrew Brady, says Dymocks
Wellington had been struggling financially for a few years and the
situation worsened in the past six months citing steep competition
and the economic slowdown.

Meanwhile, the report says an Auckland franchise in Takapuna has
also closed its doors, leaving five staff jobless.

Dymocks Group operates and franchises over 96 bookstores in
Australia, New Zealand Hong Kong.


PLUS SMS: Extends Share Purchase Plan Cut-Off to May 29
-------------------------------------------------------
Plus SMS Holdings Ltd has again extended the cut-off date for its
share purchase plan to May 29, The National Business Review
reports.

According to the report, the company initially made 1.2 million
shares available on April 14 until May 5, however, the company
moved the cut-off date for applying out to May 19.

The Business Review relates that the NZ$626,084 Plus SMS hoped to
get for selling the shares, going for 0.5c each, would "fund the
company's working capital and continued product development".

The offer allowed shareholders to buy from NZ$500 to NZ$5,000
worth of shares, the report adds.

Plus SMS Holdings Ltd. (NZX: PLS) -- http://www.cre-eight.com/
-- along with its subsidiaries, is principally engaged in the
provision of mobile entertainment and network services.  Some of
its wholly owned subsidiaries include CRE8 Limited, which is
engaged in content and network services; Content Technology, S A
De C V, which is engaged in content services, and CRE8
Consultoria, which is engaged in administration services.

                          *     *     *

The company incurred three consecutive net losses of NZ$6.96
million, NZ$11.89 million, and NZ$4.49 million for the financial
years ended March 31, 2008, 2007 and 2006, respectively.



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

HIVERN INVESTMENTS: Subject to Judicial Management Petition
-----------------------------------------------------------
A petition to place Hivern Investments Pte Ltd under judicial
management will be heard before the High Court of Singapore on
May 29, 2009, at 10:00 a.m.

The Applicant's solicitor is:

          Wong Tan & Molly Lim LLC
          80 Robinson Road #17-02
          Singapore 068898


LEO STIER: Creditors' Proofs of Debt Due on June 17
---------------------------------------------------
The creditors of Leo Stier Noi & Cie. Pte. Ltd. are required to
file their proofs of debt by June 17, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 8, 2009.

The company's liquidator is:

          Lau Chin Huat
          c/o 50 Havelock Road #02-767
          Singapore 160050


PETRORIG: Case Summary & 3 Largest Unsecured Creditors
------------------------------------------------------
Debtor: PetroRig I Pte. Ltd.
       14 Ann Siang Road, #02-01
       Singapore 069694

Bankruptcy Case No.: 09-13083

Debtor-affiliates filing separate Chapter 11 petitions:

  Entity                                  Case No.
  ------                                  --------
PetroRig II Pte. Ltd.                      09-13084
PetroRig III Pte. Ltd.                     09-13085

Chapter 11 Petition Date: May 17, 2009

Court: United States Bankruptcy Court
      Southern District of New York (Manhattan)

Judge: James M. Peck

Debtor's Counsel: Ira S. Dizengoff, Esq.
                 Akin Gump Strauss Hauer & Feld LLP
                 One Bryant Park
                 New York, NY 10036
                 Tel: (212) 872-1000
                 Fax: (212) 872-1002
                 E-mail: idizengoff@akingump.com

Estimated Assets: US$100,000,001 to US$500,000,000

Estimated Debts: US$100,000,001 to US$500,000,000

The Debtor's 3 Largest Unsecured Creditors:

  Entity                      Nature of Claim   Claim Amount
  ------                      ---------------   ------------
Norsk Tillitsmann ASA          bond debt         US$260,000,000
Postboks 1470 Vika
Oslo, Norway 0116

Aker MH AS                     trade debt          US$2,863,567
Dvergsnes, Serviceboks 413
Kristiansand, Norway N-4604

Larsen Oil & Gas Pte. Ltd.     trade debt        unliquidated
12 International Business Park
Singapore 609920

PetroRig I's petition was signed by Timothy Bernlohr, director of
the Company.


RENEWABLE ENERGY: Subject to Judicial Management Petition
---------------------------------------------------------
A petition to place Renewable Energy Holdings Private Limited
under judicial management will be heard before the High Court of
Singapore on May 29, 2009, at 10:00 a.m.

ABN AMRO Bank N.V. filed the petition against the company on
May 6, 2009.

The Applicant's solicitors are:

          Rodyk & Davidson LLP
          80 Raffles Place #33-00 UOB Plaza 1
          Singapore 048624


TCS INTELLIGENT: Court Enters Wind-Up Order
-------------------------------------------
On May 8, 2009, the High Court of Singapore entered an order to
have TCS Intelligent Building Technology Pte. Ltd.'s operations
wound up.

Hong Leong Finance Limited filed the petition against the company.

The company's liquidator is:

          The Official Receiver
          45 Maxwell Road
          #05-11/#06-11 The URA Centre, East Wing
          Singapore 069118



                         *********

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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