TCRAP_Public/090525.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Monday, May 25, 2009, Vol. 12, No. 101

                            Headlines

A U S T R A L I A

BRISCONNECTIONS: To Auction Up to 278 Million Defaulted Securities
CENTRO NP: S&P Affirms Long-Term Corporate Credit Rating at 'CCC+'
OZJET AIRLINES: Parent Calls In Administrators


H O N G  K O N G

ASSET MANAGEMENT: Creditors' Proofs of Debt Due on June 22
CASTEL QIHUA: Creditors' Proofs of Debt Due on June 22
CHARTER CHALLENGE: Creditors' Proofs of Debt Due on June 22
FINE HORSE: Tang and Ying Step Down as Liquidators
HESON ENTERPRISE: Commences Wind-Up Proceedings

LAI YEE: Creditors' Proofs of Debt Due on June 25
MAK COMMEMORATIVE: Placed Under Voluntary Wind-Up
ONYX FUNDING: Moody's Downgrades Ratings on 2006-1 Notes
PEACHROSE AGENTS: Placed Under Voluntary Wind-Up
PERIBIT NETWORKS: Creditors' Proofs of Debt Due on June 12

PRO-ONE: Inability to Pay Debts Prompts Wind-Up
RUBY FINANCE: Moody's Downgrades Ratings on 2004-3 Notes
SPREADFAITH INVESTMENT: Placed Under Voluntary Wind-Up
U-RIGHT TRADING: Inability to Pay Debts Prompts Wind-Up
WEALTHY BEST: Members to Receive Wind-Up Report on June 23

Y.M. LAU: Appoints Tang Tin Ying as Liquidator
YUE HING: Members to Receive Wind-Up Report on June 24


I N D I A

AHW STEELS: CRISIL Assigns 'BB+' Rating on Various Bank Facilities
AMD INDUSTRIES: CARE Assigns 'CARE BB+' Rating on LT Bank Loans
GNA DURAPARTS: CRISIL Places 'BB+' Rating on INR230.0MM Term Loan
MANIPAL ACUNOVA: Stretched Liquidity Prompts CRISIL 'B+' Ratings
PREMCO RAIL: CRISIL Assigns 'BB' Rating on INR143.90MM Cash Credit

SRI JAYAJOTHI: CARE Places 'B' Rating on INR55.79cr LT Bank Loan
SRI RAMNARAYAN: Low Net Worth Cues CRISIL To Assign 'B' Ratings
TATA MOTORS: JLR Bridge Loan Refinancing to Be Completed This Week
VITAL HEALTH: CRISIL Rates INR57.3 Million Long Term Loan at 'BB'
VITAL LABORATORIES: CRISIL Puts 'BB' Rating on INR60MM Cash Credit


I N D O N E S I A

TELEKOMUNIKASI: Faces Woes on Iran Telecom Stake Acquisition


J A P A N

PEGASUS FUNDING: S&P Affirms 'B' Rating on Class B of Notes
SONY CORP: To Slash Number of Suppliers by 50%


K O R E A

SSANGYONG MOTOR: Court Approves Restructuring Plan
SSANGYONG MOTOR: Threatens to Close Plant if Strike Goes On


N E W  Z E A L A N D

AUSTRAL PACIFIC: Infratil Incurs NZ$12.1-Mln Impairment Losses
WILLIAM HILL: Placed in Receivership
XERO LIMITED: Raises NZ$5.8 Million Through Share Purchase Plan


S I N G A P O R E

COB TECHNOLOGY: Court Enters Wind-Up Order
* SINGAPORE: MTI Forecasts GDP Growth at -9.0% to -6.0% in 2009


                         - - - - -


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

BRISCONNECTIONS: To Auction Up to 278 Million Defaulted Securities
------------------------------------------------------------------
Approximately 278 million or over 70 percent BrisConnections
stapled securities will be offered for sale after investors failed
to pay the second installment by April 29.

In a statement to the Australian Securities Exchange,
BrisConnections Management Company Limited said these defaulted
securities will be offered for sale at a public auction, unless
the full amount owing in respect of the second installment is
received prior to the auction date and the sale of those
securities canceled by Brisconnections.

The auction will be held at 10:00 a.m. on June 5, 2009 at HSBC
Building, Ground Floor Conference Room, 300 Queen Street, in
Brisbane, Queensland.

In accordance with BMCL's obligations under the Underwriting
Agreement, BMCL will set a reserve price of $1.00 per stapled
security at the auction.

Stapled securities will be offered in lots of no less than 500
stapled securities.

"Although purchasers of the defaulted stapled securities sold at
the public auction will not be liable to pay the second
installment, they will be liable to pay the third installment of
$1.00 per stapled security on January 29, 2010 if they hold the
stapled securities on the record date for that installment,"
Brisconnections said.

As reported in the Troubled Company Reporter-Asia Pacific on
April 27, 2009, the Age said a major shareholder in
BrisConnections has launched a AU$1.3 billion class action against
the company and Macquarie Bank.

The Age said the claim was filed in the Federal Court in Sydney
on April 24, by lawyers for Brisbane Toll Road Link ("BTR")- owned
by US-based New Hampton Distressed Asset Fund and represented by
Jim Byrnes.  BTR owns 15.2 percent of BrisConnections.

According to the Age, Mr. Byrnes said the class action was
launched on behalf of all past and present unit holders.  The Age
related that Mr. Byrnes said the action alleged misleading
statements and errors in the product disclosure statement.

                           Wind Up Bid

As reported in the TCR-AP on April 15, 2009, The Australian said
a vote to wind up BrisConnections failed after renegade investor
Nicholas Bolton sold his voting rights to Leighton Holdings Ltd.

The Australian, citing Leighton Holdings in a filing to the
Australian stock exchange, said the company has agreed to pay
AU$4.5 million for the voting rights associated with Mr. Bolton's
19.8 percent stake in BrisConnections.

The Australian said Mr. Bolton voted against his own motion to
wind up BrisConnections.  The motion to wind the company up failed
with 63.34% of votes against the motion and 35.66% of votes in
favor, The Australian noted.

                           Background

BrisConnections was awarded a 45-year concession to design,
construct, operate, maintain and finance the AU$4.8 billion
Airport Link toll road in Brisbane, according to a report posted
at Core Economics Web site by Sam Wylie.

The Core Economics related the equity financing component of the
AU$4.8 billion project is raised by issuing 390 million units at
AU$3 each, AU$1 is paid in July and additional payments of AU$1
must be met by the unit holders on April 20, 2009 and January 29,
2010.

According to the Core Economics, BrisConnections has promised a
payment of 5.95c to unit holders in 2009 before the first AU$1
installment is due.  However, the units fall in price to 41c on
their first day of listing on the ASX.  The issue was
undersubscribed, as evidenced by the large number of shares held
by the underwriters after the listing.

The units continue to fall in price, falling below 5c per unit in
mid September and reaching 0.1c per unit, the lowest possible
price for a listing on the ASX, in November 2008.

BrisConnections had announced that the first distribution to unit
holders will not take place until after the receipt of the first
AU$1 installment in April 2009.

                      About BrisConnections

BrisConnections Management Company Limited (ASX:BCSCA) --
http://www.brisconnections.com.au/-- is an Australia-based
company.  The company is engaged in designing, constructing,
operating, maintaining and financing Airport Link in Australia.
Airport Link is a 6.7 kilometer toll road, mainly underground,
connecting the North-South Bypass Tunnel, Inner City Bypass and
local road network at Bowen Hills, to the northern arterials of
Gympie Road and Stafford Road at Kedron, Sandgate Road and the
East West Arterial leading to the airport.


CENTRO NP: S&P Affirms Long-Term Corporate Credit Rating at 'CCC+'
------------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'CCC+' long-term
corporate credit rating on U.S.-based shopping-center owner Centro
NP LLC.  Centro NP's senior unsecured note ratings were also
affirmed at 'CCC+', and a recovery rating of '3' was assigned to
these notes, reflecting S&P's expectation of meaningful recovery
prospects for bondholders in the event of a default.  At the same
time, the ratings were removed from CreditWatch with developing
implications, where they were initially placed on Jan. 3, 2008.
The rating outlook on the long-term rating is negative.

These rating actions follow the recent agreement on debt
stabilization between the lenders to Centro NP, its immediate
parent—Super LLC, and the ultimate Australian parent—Centro
Properties Group.  The rating affirmation factors in: the
vulnerability that Centro NP creditors face with sizeable near-
term debt maturities; a U.S.-based retail asset portfolio that is
being buffeted by weak economic conditions and fragile consumer
sentiment; the potential for further tenant defaults to weaken the
group's income and debt-servicing capacity; and a highly leveraged
parent.

"In our view, these debt extensions increase Centro NP
management's ability to manage the assets through these difficult
economic conditions," Standard & Poor's credit analyst Craig
Parker said.  "However, S&P note that Centro NP's access to
readily available liquidity is dependant on the support from Super
LLC."

The negative rating outlook factors in S&P's expectation that the
Centro NP rating will continue to come under pressure from these:
tenants remain vulnerable to continued weak economic conditions;
asset valuations may encounter further stress; refinancing of
maturing indebtedness remains challenging; and debt covenants are
tested at Centro NP and its parent entity.  As Centro NP
approaches the Dec. 31, 2010 maturity date for its revolving bank
debt, S&P would look to evidence that management are able to
position the company's capital structure on a more stable footing;
if this occurs, the outlook may be revised to stable.


OZJET AIRLINES: Parent Calls In Administrators
----------------------------------------------
OzJet Airlines has been placed in voluntary administration after
abruptly suspending flights from Perth to Derby and Bali.

According to Flightglobal, OzJet CEO, Willie O'Neill, told Air
Transport Intelligence ("ATI") that the company was placed into
administration by OzJet chairman Nicholas Leach on Wednesday,
May 20.  Peter Ngan, of Sydney accounting firm Ngan & Co, was
appointed as administrator to the company.

Mr. Leach is also CEO of HeavyLift Cargo Airlines, which bought
OzJet in May 2008 from Paul Stoddart, the former owner of the
Minardi Formula One race team, Flightglobal says.

According to The Australian, Ozjet blamed the decision on problems
with the Civil Aviation Safety Authority and Indojet Asia.

The Australian, citing Perth airport chief executive Brad
Geatches, says Ozjet had arrears amounting to hundreds of
thousands of dollars and extending back to 2008.

The Australian relates that Mr. Geatches said the Ozjet had broken
"dozens of promises" and Ozjet had become a significant credit
risk after parent Heavylift had told the airport it would no
longer support the airline.

Mr. O'Neill confirmed Alliance Airlines Fokker 100s are now being
used to maintain OzJet's services from Perth to Derby in Western
Australia but he declines to say which third-party airlines are
being used for its services from Perth to Bali Denpasar and Perth
to Christmas Island, Flightglobal relates.

                      About OzJet Airlines

Based in Melbourne, Australia, OzJet Airlines --
http://www.ozjet.com.au/-- operates a fleet of Boeing 737-200
aircraft and provides both charters and Regular Passenger
Transport (RPT) services.



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

ASSET MANAGEMENT: Creditors' Proofs of Debt Due on June 22
----------------------------------------------------------
The creditors of Asset Management HK Limited are required to file
their proofs of debt by June 22, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 12, 2009.

The company's liquidators are:

          Thomas Andrew Corkhill
          Iain Ferguson Bruce
          Gloucester Tower, 8th Floor
          The Landmark
          15 Queen's Road, Central
          Hong Kong


CASTEL QIHUA: Creditors' Proofs of Debt Due on June 22
------------------------------------------------------
The creditors of Castel Qihua Hi-Tech Investments Limited are
required to file their proofs of debt by June 22, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on May 14, 2009.

The company's liquidator is:

          Tam Kan Wing
          Millennium City
          Unit 2002, 20th Floor
          Millenium City 3
          370 Kwun Tong Road, Kowloon
          Hong Kong


CHARTER CHALLENGE: Creditors' Proofs of Debt Due on June 22
-----------------------------------------------------------
The creditors of Charter Challenge Limited are required to file
their proofs of debt by June 22, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 14, 2009.

The company's liquidators are:

         Cheng Kwok Wai David
         Chan Yuen Bik Jane
         Gloucester Tower, 31st Floor
         The Landmark
         11 Pedder Street, Central
         Hong Kong


FINE HORSE: Tang and Ying Step Down as Liquidators
--------------------------------------------------
On May 11, 2009, Alan C W Tang and Alison Wong Lee Fung Ying
stepped down as liquidators of Fine Horse Company Limited.


HESON ENTERPRISE: Commences Wind-Up Proceedings
-----------------------------------------------
Heson Enterprise Limited commenced wind-up proceedings on May 20,
2009.

The company's provisional liquidator is:

          D.C. (CPA) Limited
          Ginza Square, 17th Floor
          565-567 Nathan Road, Kowloon
          Hong Kong


LAI YEE: Creditors' Proofs of Debt Due on June 25
-------------------------------------------------
The creditors of Lai Yee Kee Cotton Yarn Limited are required to
file their proofs of debt by June 25, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 14, 2009.

The company's liquidator is:

         Liu Chi Lai
         Wah Kit Commercial Centre, 13th Floor
         302 Des Voeux Road Central
         Hong Kong


MAK COMMEMORATIVE: Placed Under Voluntary Wind-Up
-------------------------------------------------
At an extraordinary general meeting held on May 13, 2009, the
members of Mak Commemorative Association Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

          Mak Lei Wun
          Dynasty Court
          Flat B, 36th Floor, Tower 4
          23 Old Peak Road
          Hong Kong


ONYX FUNDING: Moody's Downgrades Ratings on 2006-1 Notes
--------------------------------------------------------
Moody's Investors Service announced that is has downgraded its
rating of series 2006-1 notes issued by Onyx Funding Limited.  The
notes have exposure to Lehman Brothers Special Financing Inc.
Moody's explained that LBSFI acts as a credit default swap
counterparty in the transaction and that its obligations as such
are guaranteed by Lehman Brothers Holdings Inc.

The filing of a petition of bankruptcy by LBHI under Chapter 11 of
the U.S. Bankruptcy Code on September 15, 2008 is expected to
result in an Event of Default under the CDS in the transaction and
an Event of Default of the Transaction itself under the applicable
transaction documents.  Moody's noted that following a Transaction
Event of Default certain parties to the transaction may elect to
accelerate the maturity of the notes and to liquidate collateral.
The proceeds of such liquidation may not be sufficient to repay in
full the principal amount and accrued and unpaid interest of
notes.

The rating action reflects the increased expected loss
attributable to the notes.  The severity of losses may be
different, however, depending on the timing and choice of remedy
to be pursued following the Event of Default.

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

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

The rating action is:

Onyx Funding Limited:

(1) US$15,000,000 Synthetic Portfolio Notes due 2014, Series
    2006-1

  -- Current Rating: Caa3

  -- Prior Rating: A2, on review for possible downgrade

  -- Prior Rating Date: 17 September 2008, A2 placed under review
     for possible downgrade


PEACHROSE AGENTS: Placed Under Voluntary Wind-Up
------------------------------------------------
On May 15, 2009, the shareholders of Peachrose Agents Limited
passed a resolution that voluntarily winds up the company's
operations.

The company's liquidator is:

          Chan Sun Kwong
          Beverley Commercial Centre
          Office 1818, 18th Floor
          87-105 Chatham Road South
          Tsimshatsui, Kowloon
          Hong Kong


PERIBIT NETWORKS: Creditors' Proofs of Debt Due on June 12
----------------------------------------------------------
The creditors of Peribit Networks (Asia Pacific) Limited are
required to file their proofs of debt by June 12, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on May 12, 2009.

The company's liquidators are:

         Ying Hing Chiu
         Yeung Betty Yuen
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


PRO-ONE: Inability to Pay Debts Prompts Wind-Up
-----------------------------------------------
On May 14, 2009, a special resolution was passed that voluntarily
winds up Pro-One Computer Limited's operations due to its
inability to pay debts when it fall due.

The company's liquidators are Wong Sun Keung and Tsui Mei Yuk
Janice.


RUBY FINANCE: Moody's Downgrades Ratings on 2004-3 Notes
--------------------------------------------------------
Moody's Investors Service announced that is has downgraded its
rating of series 2004-3 notes issued by Ruby Finance Public
Limited.  The notes have exposure to Lehman Brothers Special
Financing Inc.  Moody's explained that LBSFI acts as a credit
default swap counterparty in the transaction and that its
obligations as such are guaranteed by Lehman Brothers Holdings
Inc.

The filing of a petition of bankruptcy by LBHI under Chapter 11 of
the U.S. Bankruptcy Code on September 15, 2008 is expected to
result in an Event of Default under the CDS in the transaction and
an Event of Default of the Transaction itself under the applicable
transaction documents.  Moody's noted that following a Transaction
Event of Default certain parties to the transaction may elect to
accelerate the maturity of the notes and to liquidate collateral.
The proceeds of such liquidation may not be sufficient to repay in
full the principal amount and accrued and unpaid interest of
notes.

The rating action reflects the increased expected loss
attributable to the notes. The severity of losses may be
different, however, depending on the timing and choice of remedy
to be pursued following the Event of Default.

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

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

The rating action is:

Ruby Finance Public Limited:

(1) Series 2004-3 US$50,000,000 Credit-Linked Synthetic Portfolio
Notes due 12 May 2011

  -- Current Rating: Caa1

  -- Prior Rating: A3, on review for possible downgrade

  -- Prior Rating Date: 17 September 2008, A3 placed under review
     for possible downgrade


SPREADFAITH INVESTMENT: Placed Under Voluntary Wind-Up
------------------------------------------------------
At an extraordinary general meeting held on May 18, 2009, the
members of Spreadfaith Investment Limited resolved to voluntarily
wind up the company's operations.

The company's liquidators are:

         Lee King Yue
         Two International Finance Centre
         72-76th Floor
         8 Finance Street, Central
         Hong Kong


U-RIGHT TRADING: Inability to Pay Debts Prompts Wind-Up
-------------------------------------------------------
On May 13, 2009, the shareholders of U-Right Trading Limited
passed a resolution that voluntarily winds up the company's
operations due to its inability to pay debts when it fall due.

The company's liquidators are:

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


WEALTHY BEST: Members to Receive Wind-Up Report on June 23
----------------------------------------------------------
The members of Wealthy Best Development Limited will receive the
liquidator's report on the company's wind-up proceedings and
property disposal on June 23, 2009, at 10:00 a.m.

The meeting will be held at Unit 402, 4th Floor of Malaysia
Building, No. 50, Gloucester Road, in Wanchai, Hong Kong.


Y.M. LAU: Appoints Tang Tin Ying as Liquidator
----------------------------------------------
On May 4, 2009, a special resolution was passed appointing Tang
Tin Ying as the liquidator of Y.M. Lau Charity Fund Limited.

The Liquidator can be reached at:

          Tang Tin Ying
          Hang Seng North Point Building
          Rooms 2305-8, 23rd Floor
          341 King's Road
          Hong Kong


YUE HING: Members to Receive Wind-Up Report on June 24
------------------------------------------------------
The members of Yue Hing Land Investment Company, Limited will
receive the liquidator's report on the company's wind-up
proceedings and property disposal on June 24, 2009, at 12:00 noon.

The meeting will be held at Room 1903 of New World Tower, in 18
Queen's Road Central, Hong Kong.



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

AHW STEELS: CRISIL Assigns 'BB+' Rating on Various Bank Facilities
------------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4' to the bank
facilities of AHW Steels Ltd (AHW).

   INR320 Million Cash Credit       BB+/Stable (Assigned)
   INR124.3 Million Term Loan       BB+/Stable (Assigned)
   INR34.2 Million Proposed Long    BB+/Stable (Assigned)
         Term Bank Loan Facility

   INR71.5 Million Packing Credit   P4 (Assigned)

   INR150 Million Letter of Credit/ P4 (Assigned)
                   Bank Guarantee

The ratings reflect AHW's marginal market share and exposure to
cyclicality, in the steel industry, and the lack of backward
integration in its operations.  These weaknesses are partially
offset by AHW's established presence in the steel industry, and
the benefits it derives from the experience of its promoters.

Outlook: Stable

CRISIL believes that AHW will maintain its moderate business risk
profile on the back of their established experience in this
industry.  The outlook may be revised to 'Positive' if there is
higher-than-expected increase in AHW's revenues and profitability,
or if the company undertakes initiatives to integrate its
operations.  Conversely, the outlook may be revised to 'Negative'
if the company undertakes large debt-funded capital expenditure
(capex) or reports lower-than-expected capacity utilisation
levels.

                       About AHW Steels

AHW Steels was formed in 1949 by the Beriwal family in Kolkata
and was engaged in the business of manufacturing tor steel.  The
Bagadia family took over the company in 1982.  The company's
rolling mill commenced operations in 1985 with a capacity of
24,000 tonnes per annum (tpa) in Sodepur, West Bengal.  The
company currently has a capacity of 48,000 tpa. AHW started
windmill operations in 2005-06 (refers to financial year, April 1
to March 31) in Maharashtra.  It has two wind turbine generators
with a combined capacity of 2.5 mega watts (MW). AHW reported a
profit after tax (PAT) of INR30.7 million on net sales of
INR2994 million for 2007-08, as against a PAT of INR10.9 million
on net sales of INR2181 million for 2006-07.


AMD INDUSTRIES: CARE Assigns 'CARE BB+' Rating on LT Bank Loans
---------------------------------------------------------------
CARE assigned 'CARE BB+' [CARE Double B (Plus)] rating to the
Long-term Bank Facilities of AMD Industries Limited (AMD).  This
rating is applicable for facilities having tenure of over one
year. 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.

Also, CARE assigned 'PR 4' [PR Four] rating to the Short-term Bank
Facilities of AMD.  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.  These ratings are assigned to outstanding
term loan facility of INR12.22 cr, outstanding short-term loan
facility of INR9.00 cr, fund-based limits of INR16.00 cr
and non-fund based limits of INR19.00 cr.

The ratings take into account the company's high credit risk
profile characterised by low profitability and high debt repayment
obligations in the short term.  The ratings also take into account
the company's significant exposure to subsidiary companies
engaged in real estate business which has a negative outlook in
the near-term scenario.  However, the risks are partially
mitigated by experienced promoters & management team, long track
record, reputed client base and comfortable gearing levels.  Going
forward, the ability of the company to improve its profitability,
sufficiency & timeliness of proceeds from the proposed asset sale
and to generate returns from real estate investment shall be the
key rating sensitivities.

The company was incorporated in 1983 as 'Ashoka Metal Décor
Private Ltd' to carry out the business of manufacturing packaging
products for the beverage industry.  The name was changed to AMD
Metplast Pvt. Limited in 2004 and subsequently to AMD Industries
Ltd in 2007.  The affairs of the business are managed by various
divisional heads under the supervision of Mr. Harswarup Gupta
(Chairman) and Mr. Ashok Gupta (Managing Director).  AMD is mainly
owned by the promoters with about 52.5% stake as on March 31,
2008. AMD made an Initial Public Offer (IPO) of equity shares in
February 2007 aggregating INR76.25 cr.

AMD is engaged in providing Beverage Packaging solutions with two
sets of product line: 1. Crown caps (metallic closure) for glass
bottles and 2. Polyethylene Terpthalate (PET) Preforms and Plastic
Closures for PET bottles.  The company has a long track of
supplying caps and preforms to leading bottlers and soft drink
manufacturers of India.  AMD is having multi-location
manufacturing facilities with total installed capacity of 2,90,000
cases p.a, 440 million pieces p.a and 9,000 MTPA, respectively,
for crown caps, plastic closures and PET preforms. AMD was also
engaged in trading business of various products till FY08.

Over the period FY06-08, the total income of the company had seen
varied trends; it decreased in FY07 due to fluctuating trading
income and decline in crown sales.  However it increased in FY08
due to higher trading income and increase in PET sales.  The
PBILDT has declined over the years primarily on account of higher
contribution of low-yield trading income and declining return from
the crown division.  The company also registered losses at PBT
level (before other income) in preceding two years.  The non-
operating income (primarily interest income) helped the company to
register net profit of INR3.2 cr in FY08.  The company has
considerable exposure in the real estate business through its
subsidiaries which has impacted the risk profile of the company
in the light of the negative outlook of the sector.  The company
posted sales of INR40.3 cr in H1FY09 and PAT of INR4.5 cr. The
margins have improved in H1FY2009 as compared to H1FY2008 due to
higher sales volume and higher contribution of manufacturing
income as against trading income which has low margins.


GNA DURAPARTS: CRISIL Places 'BB+' Rating on INR230.0MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4' to the various
bank facilities of GNA Duraparts Pvt Ltd (GNA Dura).

   INR220.0 Million Cash Credit Limit *  BB+/Stable (Assigned)
   INR230.0 Million Term Loan            BB+/Stable (Assigned)
   INR220.0 Million Bill Purchase/       P4 (Assigned)
            Discounting **
   INR30.0 Million Letter of Credit      P4 (Assigned)

   * Includes WCDL and Stock at Branches of INR170.0 million
     and 10.0 million respectively

   ** Includes WCDL and Bill Purchase Clean of INR 170.0 million
      and 5.0 million respectively

The ratings reflect GNA Dura's exposure to risks relating to
volatility in raw material prices, and its exposure to the
commercial vehicle (CV) segment, which is cyclical in nature.
However, these weaknesses are partially offset by the benefits
that the company derives from its established relationships with
original equipment manufacturers (OEMs), efficient working capital
management, and average financial risk profile.

Outlook: Stable

CRISIL believes that GNA Dura will maintain a stable credit risk
profile on the back of established presence in the transmission
components industry and low concentration risk due to customer
diversification.  The outlook may be revised to 'Positive' if the
company reports substantial growth in operating margins and
improved working capital management.  Conversely, the outlook may
be revised to 'Negative' if the company undertakes large, debt-
funded capital expenditure, or reports decline in operating
margins.

                     About GNA Duraparts

Set up in Mehtiana, Punjab, GNA Dura converted to a private
limited company in 2008.  The company manufactures gears and
allied products and sells them to the OEM and after-sales
segments.  The company is part of the GNA Group established in
1946, which manufactures transmission components for CVs,
agricultural tractors, and off-highway equipments.

GNA Dura reported a profit after tax (PAT) of INR37.8 million on
sales of INR938.3 million for 2007-08 (refers to financial year,
April 1 to March 31), as against a PAT of INR57.2 million on sales
of INR868.7 million for 2006-07.


MANIPAL ACUNOVA: Stretched Liquidity Prompts CRISIL 'B+' Ratings
----------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Negative/P4' to the bank
facilities of Manipal Acunova Ltd (Manipal Acunova).

   INR75.0 Million Long Term Loan           B+/Negative (Assigned)
   INR42.0 Million Proposed Long            B+/Negative (Assigned)
               Term Loan
   INR50.0 Million Cash Credit Limit        B+/Negative (Assigned)
   INR25.0 Million Letter of Credit Limit   P4 (Assigned)
   INR308.0 Million Letter of Comfort Limit P4 (Assigned)

   (All the above bank facilities are with State Bank of India)

The ratings reflect Manipal Acunova's stretched liquidity, and
weak debt protection measures.  The ratings also factor in small
scale of operations and intense competition in the contract
research industry and the company's exposure to risks relating to
unfavourable changes in regulatory policies and sponsor contracts.
These weaknesses are, however, partially offset by the benefit
that the company derives from promoters' experience in the
contract research industry, and healthy operating efficiencies.

CRISIL has consolidated the business and financial risk profiles
of Manipal Acunova, and its wholly-owned subsidiaries Acunova
GmbH, Germany, Acunova Life Sciences Inc, USA, Acunova Life
Sciences Ltd, UK, and Ecron Acunova GmbH, UK; this is because
these companies have a common ownership, management and line of
business.

Outlook: Negative

CRISIL expects Manipal Acunova's financial risk profile to remain
weak on account of stretched liquidity, marked by negative net
cash accruals and low profitability.  The ratings may be
downgraded if the company continues to report negative cash
accruals, or undertakes large, debt-funded capital
expenditure/acquisitions, thereby straining its capital structure.
Conversely, the outlook may be revised to 'Stable' if Manipal
Acunova's revenues and profitability improve substantially owing
to stabilisation of operations/acquisitions, or if equity
infusions improve its financial risk profile.

                     About Manipal Acunova

Set up in 2005 by MEMG International India Pvt Ltd and Acunova
Life Sciences Pvt Ltd, Manipal Acunova is a contract research
organisation providing services such as clinical trials, Bio-
availability/Bio-equivalent studies, clinical data management,
site management, and central reference lab.  It has research
facilities in Bangalore, Mangalore, and Manipal and overseas
operations in Europe and USA through wholly-owned subsidiaries.

Manipal Acunova reported a net loss of INR79.82 million on net
sales of INR438.42 million for 2007-08 (refers to financial year,
April 1 to March 31), as against a net loss of INR119.82 million
on net sales of INR134.66 million for 2006-07.


PREMCO RAIL: CRISIL Assigns 'BB' Rating on INR143.90MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its ratings of 'B/Stable/P4' to the bank
facilities of Premco Rail Engineers Limited (Premco Rail).

   INR143.90 Million Cash Credit              B/Stable (Assigned)
   INR206.10 Million Proposed Cash Credit     B/Stable  (Assigned)
   INR540.00 Million Bank Guarantee*          P4 (Assigned)
   INR210.00 Million Proposed Bank Guarantee  P4 (Assigned)
   * includes a sub-limit for Letter of Credit of
     INR30.00 million.

The ratings reflect the recent overdrawals in the company's bank
limits, and its working capital-intensive operations.  The ratings
also factor in the company's exposure to risks relating to revenue
concentration in the rail infrastructure segment.  These
weaknesses are partially offset by Premco Rail's healthy gearing
and debt protection measures, and the benefits that it derives
from its promoters' experience.

Outlook: Stable

CRISIL believes that Premco Rail's liquidity profile will remain
strained on account of its working capital requirements.  The
outlook may be revised to 'Positive' if the company's liquidity
improves owing to enhancement in its bank limits or significant
equity infusion.  Conversely, the outlook may be revised to
'Negative' if the company reports lower-than-expected operating
margins, or undertakes any large, debt-funded capital expenditure.

                    About Premco Rail

Set up in 1988 by Mr. Prem Kumar Lihala, Premco Rail renders
integrated engineering, procurement, and construction services for
construction of railway siding and main line railway tracks, and
for overhead electrification, bridges, pavements and road works in
India and abroad.  The company is an approved consultant for
design and construction of private sidings for all the 19 zonal
railway authorities in the country.  Premco Rail caters to both
the private and public sector.  It acquired propertiorship firm,
Premco Traders, in 2006-07 (refers to financial year, April 1 to
March 31).

Premco Rail reported a profit after tax (PAT) of INR94.5 million
on net sales of INR1.17 billion for 2007-08, as against a PAT of
INR28.7 million on net sales of INR508 million for 2006-07.


SRI JAYAJOTHI: CARE Places 'B' Rating on INR55.79cr LT Bank Loan
----------------------------------------------------------------
CARE has assigned a 'CARE B' [Single B] rating to the Long-term
Bank Facilities of Sri Jayajothi Textile Mills Pvt Limited (SJTM).
This rating is applicable for facilities having tenure of over one
year.  Facilities with this rating are considered to offer low
safety for timely servicing of debt obligations and carry very
high credit risk.  Such facilities are susceptible to default.

Further, CARE has assigned 'PR4' [PR Four] rating to the Short-
term Bank Facilities of SJTM.  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.

                                 Amount
   Instrument                 (INR Crore)         Rating
   ----------                  ----------         ------

   Long-term Bank Facilities      55.79            'B'
   Short-term Bank Facilities     41.82            'PR4'

Rating Rationale

The ratings primarily factor in SJTM's delays in servicing its
debt obligations.  Notwithstanding SJTM's presence in the spinning
industry for over a decade, the ratings are also constrained by
the weak financial position of the company characterized by high
gearing levels, falling profits, tight liquidity position and
inadequate operational cash flows to meet its debt obligations.
The ratings also take into account the highly competitive nature
of the textile industry, prevailing industry environment
characterized by demand slowdown in the industry, increase in
cotton costs and the unfavorable power situation in Tamil Nadu.

                   About Sri Jayajothi Textile

SJTML is a closely-held company set up in 1990 at Rajapalayam,
Tamil Nadu as a wholly-owned subsidiary of Sri Jayajothi & Co Ltd.
The company is engaged in the business of spinning cotton yarn
(count ranging from 40s to 120s) and had an installed capacity of
1, 00,704 spindles as on March 31, 2008.  The day-to-day
activities of the company are currently managed by Mr. T.R.
Jayaraman, Managing Director (son of Mr. T. Ramasamy Naicker) and
he is assisted by his son Mr. J. Rajasekaran.  During FY08, SJTM
reported net sales of INR127 cr as against INR114 cr in FY07.
However, PAT declined from INR2 cr in FY07 to 0.15 cr in FY08.

Against the backdrop of increasing input costs, volatile currency
markets along with the overall slowdown in the world economy, SJTM
though an established player in the
spinning industry is bound to face pressure on its operations. The
ability of the company to ensure growth in volumes, maintain its
margins and generate sufficient cash accruals to ensure timely
debt servicing would remain the key rating sensitivities.


SRI RAMNARAYAN: Low Net Worth Cues CRISIL To Assign 'B' Ratings
---------------------------------------------------------------
CRISIL has assigned its ratings of 'B/Negative/P4' to the bank
facilities of Sri Ramnarayan Mills Ltd (SRML).

   INR26 Million Cash Credit        B/Negative (Assigned)
   INR32.8 Million Long Term Loan   B/Negative (Assigned)
   INR1 Million Bank Guarantee      P4 (Assigned)
   INR20 Million Letter of Credit   P4 (Assigned)

The ratings reflect SRML's weak financial risk profile marked by
high gearing and low net worth, geographical concentration in its
revenue profile, small scale of operations, and its exposure to
risks relating to fluctuations in cotton prices.  These weaknesses
are partially offset by SRML's established presence in the textile
spinning industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SRML and its subsidiary, SM Textiles
Ltd (SMTL), together referred to as the Sri Ramnarayan group.
Both the entities are in the same line of business, under the same
management, and have fungible funds.

Outlook: Negative

CRISIL believes that SRML's financial risk profile will weaken
over the medium term, on account of the current unfavourable
conditions in the textile spinning industry.  The ratings may be
downgraded in case the company reports significant deterioration
in its financial risk profile, or undertakes large debt-funded
capital expenditure, affecting its capital structure.  Conversely,
the outlook may be revised to 'Stable' if the company scales up
its operations and considerably improves its financial risk
profile.

                     About Sri Ramnarayan

The Sri Ramnarayan group was incorporated in 1954 and commenced
operations in 1956. Promoted by Mr. N Velappan, in Coimbatore,
Tamil Nadu, the group is currently managed by his son, Mr. V
Jayaraman.  The group manufactures combed cotton yarn in counts
of 60s and 90s and has an installed capacity of 39,000 spindles.
SRML reported a net loss of INR7.24 million on net sales of
INR222.40 million for 2007-08 (refers to financial year, April 1
to March 31), as against a net loss of INR3.93 million on net
sales of INR246.27 million for 2006-07.


TATA MOTORS: JLR Bridge Loan Refinancing to Be Completed This Week
------------------------------------------------------------------
Vipin V. Nair at Bloomberg News reports that India's Tata Motors
Ltd. is expected to complete the refinancing of a bridge loan used
to buy its Jaguar and Land Rover luxury units early this week.

Debasis Ray told Bloomberg News in a telephone interview on
Thursday that Tata Motors is in the "final stages" of rolling over
the remaining portion the loan after raising INR42 billion
(US$887 million) by selling debt securities.

Bloomberg News recalls the company sold the securities on
Wednesday to mutual funds, banks, insurance companies and other
investors to help repay the US$3 billion bridge loan.  The debt
securities, which were issued in four tranches with maturities
ranging from 23 months to 83 months, are guaranteed by the State
Bank of India, Bloomberg News says citing Tata Motors in a
statement.

On May 13, 2009, the Troubled Company Reporter-Europe, citing The
Economic Times, reported that Tata Motors had raised about US$3
billion in bridge loans to acquire luxury carmaker Jaguar Land
Rover (JLR) in 2008.  The Economic Times stated that while about
US$1 billion was repaid through a rights issue, the remaining US$2
billion has to be repaid by June.

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly 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 and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.  TML is listed on the Bombay Stock
Exchange, the National Stock Exchange of India and New York
Stock Exchange.  It was ultimately 33.4% owned by the Tata Group
as of December 2007.

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 27, 2009, Standard & Poor's Ratings Services lowered its
corporate credit rating on India-based automaker Tata Motors Ltd.
to 'B+' from 'BB-'.  The rating remains on CreditWatch with
negative implications, where it was placed on Dec. 12, 2008.  At
the same time, S&P lowered its issue rating on the company's
senior unsecured notes to 'B+' from 'BB-' and also kept the rating
on CreditWatch with negative implications.

S&P said the rating action follows material deterioration in Tata
Motors' cash flows and related metrics on a consolidated basis,
derived from an adverse operating environment, which, combined
with significantly high debt levels, will affect its credit
protection measures beyond those consistent with a 'BB' rating
category.


VITAL HEALTH: CRISIL Rates INR57.3 Million Long Term Loan at 'BB'
-----------------------------------------------------------------
CRISIL has assigned ratings of 'BB/Stable P4' to the bank
facilities of Vital Health Care Pvt Ltd (Vital Health Care).

   INR160.0 Million Cash Credit *        BB/Stable (Assigned)
   INR57.3 Million Long Term Loan        BB/Stable (Assigned)
   INR22.7 Million Proposed Long Term    BB/Stable (Assigned)
                   Bank Loan Facility
   INR60.0 Million Letter of Credit **   P4 (Assigned)

   *Sublimit for book debts INR60 Million. & Packing Credit
    INR120 Million.
   **Sublimit for Buyers Line of Credit INR60 Million.

The ratings are constrained by the working capital intensity of
the group's operations, its limited track record, and
concentration of revenues in a few products.  These weaknesses
are, however, partly offset by the Vital group's comfortable
financial risk profile.

CRISIL has consolidated the business and financial profiles of
Vital Health Care and Vital Laboratories Pvt Ltd (Vital Labs).
This is because the two companies (together referred to herein as
the Vital group) have a common set of promoters — Mr. Rajiv Bajaj
and family.  The Bajaj family has majority stakes (directly or
indirectly) and management control in the companies.  The
companies are also in similar lines of business, have a common
management team, and are managed as a single business. The
management also intends to merge the two companies at an
appropriate time in future.

Outlook: Stable

CRISIL expects the Vital group to maintain its current financial
risk profile, backed by moderate gearing and satisfactory debt
protection measures. The outlook may be revised to 'Positive' if
the group's financial risk profile improves considerably, on the
back of sustained improvement in operating margins and working
capital management.  Conversely, the outlook may be revised to
'Negative' if the financial risk profile deteriorates due to
large, debt-funded capital expenditure.

                        About the Group

The Vital group was established in 1998 with the incorporation of
Vital Health Care, which was promoted by Mr. Shrigopal Bajaj and
family, and supported by the Mehta family. In 2002, the Bajaj
family also promoted Vital Labs.  The Vital group manufactures and
sells bulk drugs.  The group's largest active pharmaceutical
ingredients (APIs) include hyoscine butyl bromide, digoxin,
quinine and artimisinin and their derivatives.  For 2007-08
(refers to financial year, April 1 to March 31), the Vital group
reported a profit after tax (PAT) of INR 18.5 million on net sales
of INR 668.3 million, as against a PAT of INR 11.6 million on net
sales of INR 598.7 million for 2006-07.


VITAL LABORATORIES: CRISIL Puts 'BB' Rating on INR60MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned ratings of 'BB/Stable/P4' to the bank
facilities of Vital Laboratories Pvt Ltd (Vital Labs).

   INR60.4 Million Long Term Loan      BB/Stable (Assigned)
   INR60.0 Million Cash Credit         BB/Stable (Assigned)
   INR29.6 Million Proposed Long Term  BB/Stable (Assigned)
                   Bank Loan Facility
   INR50.0 Million Packing Credit      P4 (Assigned)
   INR70.0 Million Letter of Credit    P4 (Assigned)

The ratings are constrained by the working capital intensity of
the group's operations, its limited track record, and
concentration of revenues in a few products.  These weaknesses
are, however, partly offset by the Vital group's comfortable
financial risk profile.

CRISIL has consolidated the business and financial profiles of
Vital Labs and Vital Health Care Pvt Ltd (Vital Health Care).
This is because the two companies (together referred to herein as
the Vital group) have a common set of promoters — Mr. Rajiv Bajaj
and family.  The Bajaj family has majority stakes (directly or
indirectly) and management control in the two companies.  The
companies are also in similar lines of business, have a common
management team, and are managed as a single business. The
management also intends to merge the two companies at an
appropriate time in future.

Outlook: Stable

CRISIL expects the Vital group to maintain its current financial
risk profile, backed by moderate gearing and satisfactory debt
protection measures.  The outlook may be revised to 'Positive'
if the group's financial risk profile improves considerably, on
the back of sustained improvement in operating margins and working
capital management.  Conversely, the outlook may be revised to
'Negative' if the financial risk profile deteriorates due to
large, debt-funded capital expenditure.

                         About the Group

The Vital group was established in 1998 with the incorporation of
Vital Health Care, which was promoted by Mr. Shrigopal Bajaj and
family, and supported by the Mehta family.  In 2002, the Bajaj
family also promoted Vital Labs.  The Vital group manufactures
and sells bulk drugs.  The group's largest active pharmaceutical
ingredients (APIs) include hyoscine butyl bromide, digoxin,
quinine and artimisinin and their derivatives.  For 2007-08
(refers to financial year, April 1 to March 31), the Vital group
reported a profit after tax (PAT) of INR 18.5 million on net sales
of INR 668.3 million, as against a PAT of INR 11.6 million on net
sales of INR 598.7 million for 2006-07.



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

TELEKOMUNIKASI: Faces Woes on Iran Telecom Stake Acquisition
------------------------------------------------------------
PT Telekomunikasi Indonesia's (Telkom) plan to acquire a 30 to 50
percent stake in the Telecommunication Company of Iran (Iran
Telecom) appear to have been thwarted by hostile Iran-United
States relations and stiff competition from Chinese and Russian
companies, Jakarta Globe reports citing some company officials.

The report, citing Telkom's president director Rinaldi Firmansyah,
says that the risk management factors were high as Iran barred US-
based shareholders to participate in the tender scheme.

Telkom shares are held by several US pension funds, the report
discloses.  If the investment went forward, there is a strong
possibility that Telkom's US shareholders would be forced to sell
their holdings, the report adds citing Telkom's vice president for
investor relations Heri Supriyadi.

On the other hand, Telkom is facing a strong competition for the
stake acquisition as the Iranian company has since decided to put
the stake up for tenders, drawing the attention of aggressive
Chinese and Russian telecoms, the report recounts citing a high-
level government official who is familiar with the matter but who
requested not to be named.

The acquisition plan also appears to have been stalled by Iranian
politics, with the presidential election in June, the news agency
noted.

"Telkom now has to gauge its risk, and [the deal] is likely not
going to happen", the report quoted a source as saying.

                     About PT Telkom Indonesia

Based in Bandung, Indonesia, PT Telekomunikasi Indonesia Tbk
-- http://www.telkom-indonesia.com/-- provides local and long
distance telephone service in Indonesia.  Known as Telkom, the
company also offers fixed wireless service, leased lines, and
data transport through affiliates.

                          *     *     *

P.T. Telekomunikasi Indonesia Tbk continues to carry 'BB'  Long-
term foreign and local currency Issuer Default ratings from Fitch
Ratings with stable outlook.  The ratings were affirmed by Fitch
in November 2008.



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

PEGASUS FUNDING: S&P Affirms 'B' Rating on Class B of Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services kept its ratings on Pegasus
Funding's class A1, A2, and class B asset-backed loans, issued in
September 2006, on CreditWatch with negative implications.

On Feb. 24, 2009, Standard & Poor's placed its ratings on the
class A1, A2, and class B ABLs on CreditWatch with negative
implications, reflecting increasing risks of negative impact on
servicing activities from the civil rehabilitation proceedings
commenced by the servicer, thus delaying collection from
collateral assets or recovery from the sale of collateral real
estate.  (In February 2009, the servicer filed for commencement of
civil rehabilitation proceedings, which were eventually ordered by
the court to commence as bankruptcy proceedings.)

The transaction's relevant parties are currently formulating a new
servicing structure, including the sale plan for the collateral
real estate, which will outline the targeted timing and the amount
of recoveries from the collateral real estate sale.  The new
servicer will start servicing activities according to the sale
plan once it is approved by the relevant parties.

Currently, due to the low amount of collection from collateral
assets and a delay in the sale of collateral real estate, the
liquidity reserves are being drawn down to cover interest payments
on the ABLs, and therefore, the liquidity reserve amount has
fallen below the required amount.  There is still a certain amount
of liquidity reserves that can cover interest payments for a
certain period even if there is a stall in collection or recovery
from the sale of collateral real estate.  Nevertheless, Standard &
Poor's believes that liquidity risk or interest payment delays in
this transaction will increase if the liquidity reserves are
further drawn down to cover interest payment shortfalls and if the
reserve amount continues to fall below the required amount.

Standard & Poor's kept the ratings on Pegasus Funding's class A1,
A2, and class B on CreditWatch with negative implications because
S&P need to consider: 1) the sale plan's content, including the
timing and the amount of recoveries from the collateral real
estate sale, as well as whether the sale plan would soon be
approved by the transaction's relevant parties; 2) the execution
of servicing activities under the new servicing structure; and 3)
the amount of liquidity reserves.  Standard & Poor's will resolve
the CreditWatch listings after monitoring the status of the
aforementioned three factors and their impact on the ratings.  A
greater than one-notch downgrade may be possible, depending on the
degree of impact that these factors may have on the transaction.

The ratings address the full and timely payment of interest and
the full and timely payment of principal of the ABLs by December
2014.

                 Ratings On Creditwatch Negative

                         Pegasus Funding
      JPY120 billion total extendable amount due December 2014

Class      To               From             Initial Issue Amount
-----      --               ----             --------------------
Class A1   BBB-/Watch Neg   BBB-/Watch Neg   JPY40.0 bil.
A2         BBB-/Watch Neg   BBB-/Watch Neg   JPY51.9 bil.
Class B    B/Watch Neg      B/Watch Neg      JPY28.1 bil.

                    Issue date Sept. 29, 2006.


SONY CORP: To Slash Number of Suppliers by 50%
-----------------------------------------------
Sony Corp will cut the number of its suppliers by 50 percent in
the next two years and aims to slash procurement costs by 20
percent this year, in an effort to turn around business amid
mounting losses, Reuters reports.

According to the report, Sony spokeswoman Mami Imada said the
company plans to cut its suppliers to about 1,200 from the current
2,500 by March 2011.  It will cut costs by increasing the volume
of parts and materials purchased from each supplier, the report
notes.

Reuters says the consolidation of suppliers will include video
game subsidiary Sony Computer Entertainment Inc, which has enjoyed
considerable freedom in purchasing supplies.

As reported in the Troubled Company Reporter-Asia Pacific on
May 18, 2009, Bloomberg News said Sony Corp.'s net loss may widen
to JPY120 billion (US$1.26 billion) in the 12 months ending
March 31, from a JPY98.9 billion deficit a year earlier.

The company projected its operating loss may more than halve to
JPY110 billion and sales may drop 5.6 percent to JPY7.3 trillion,
Bloomberg News related.

In December, Sony said it has embarked on a series of measures to
strengthen its corporate structure and bolster profitability
across the Sony Group.  These measures include review of
investment plan; realignment of manufacturing sites; and rorkforce
reallocation and headcount reduction.

Sony plans to reduce the total number of manufacturing sites by
approximately 10%, from the current total of 57, by March 31,
2010.  Sony also plans to reduce headcount in the electronics
business worldwide by approximately 8,000, out of approximately
160,000 as of September 30, 2008.  At the same time, Sony plans to
reduce headcount in its seasonal and temporary workforces.

Japan-based Sony Corporation (TYO:6758) -- http://www.sony.co.jp/
-- is the ultimate parent company of the Sony Group.  The company
is primarily focused on Electronics, such as audiovisual/
information technology products & components; Game, such as
PlayStation; Entertainment, such as motion pictures and music, and
Financial Services, such as insurance and banking sectors.  It has
five segments: Electronics, Games, Pictures, Financial Services
and All Other.  In the Electronics segment, it develops, designs,
manufactures and sells various kinds of electronic equipment,
instruments and devices for consumer and professional markets.  In
the Games segment, Sony Computer Entertainment Inc. (SCEI)
develops, produces, markets and distributes PlayStation Portable
(PSP), PlayStation 2 and the PLAYSTATION 3 computer entertainment
systems.  In the Entertainment segment, operations encompass
motion picture, television and home entertainment production,
acquisition and distribution; television broadcasting, and digital
content creation.



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

SSANGYONG MOTOR: Court Approves Restructuring Plan
--------------------------------------------------
A South Korean court approved on Friday, May 22, Ssangyong Motor
Co's restructuring plan, The Auto Channel reports.

The report says the court confirmed a recent Samil
PricewaterhouseCoopers assessment that the manufacturer had a
greater value as a going concern than its liquidated value, and
ordered Ssangyong to submit its full restructuring plan by mid-
September.

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

On Feb. 6, 2009, the TCR-AP, citing the International Herald
Tribune, reported that court spokesman Hong Jun-ho said the Seoul
Central District Court accepted Ssangyong's application to
rehabilitate under court protection.  Mr. Hong said the court
named former Hyundai Motor Co. executive Lee Yoo-il and Ssangyong
executive Park Young-tae to run the automaker, the Tribune
related.

Headquartered in Kyeonggi-Do, South Korea, Ssangyong Motor Co.
Ltd. -- http://www.smotor.com/-- is a manufacturer of automobiles
primarily engaged in production of sports utility vehicles (SUVs)
and recreational vehicles (RVs).  The company's production is
grouped into four lines: SUVs under brand names REXTON, KYRON and
ACTYON; sports utility trucks (SUTs) under the brand name ACTYON
Sports; passenger cars under brand name Chairman, and multi-
purpose vehicles (MPVs) under the brand name Rodius.  It also
provides automobile parts such as coolers, diesel engines and
others.


SSANGYONG MOTOR: Threatens to Close Plant if Strike Goes On
-----------------------------------------------------------
Ssangyong Motor Co. is threatening plant closure as unionized
workers staged full strike against massive job-cut plan, the
Chosul Ilbo reports.

The report, citing Ssangyong Motor in a statement, says
restructuring is "unavoidable" for the company's revival.
Ssangyong threatened to close the plant if the union continues to
take illegal action, the report states.

According to the report, industry experts said the chances are
slim if the strike continues, since both court and creditors
regard personnel restructuring as the primary precondition for the
company's survival.

The Troubled Company Reporter-Asia Pacific, citing Yonhap News
Agency, reported on May 22, 2009, that unionized workers at
SsangyongMotor Co. launched a full strike against the company's
massive job-cut plan.  According to the news agency, the work
stoppage came a day before a bankruptcy court in Seoul held its
first meeting with creditors of Ssangyong to discuss the company's
restructuring plan.

As reported in the TCR-AP on April 8, 2009, The Chosun Ilbo said
Ssangyong planned to cut some 2,800 employees or 40 percent of its
entire workforce in a bid to revive the company.

                      About Ssangyong Motor

Headquartered in Kyeonggi-Do, South Korea, Ssangyong Motor Co.
Ltd. -- http://www.smotor.com/ -- is a manufacturer of
automobiles primarily engaged in production of sports utility
vehicles (SUVs) and recreational vehicles (RVs).  The company's
production is grouped into four lines: SUVs under brand names
REXTON, KYRON and ACTYON; sports utility trucks (SUTs) under the
brand name ACTYON Sports; passenger cars under brand name
Chairman, and multi-purpose vehicles (MPVs) under the brand name
Rodius.  It also provides automobile parts such as coolers, diesel
engines and others.

                         *     *     *

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

On Feb. 6, 2009, the TCR-AP, citing the International Herald
Tribune, reported that court spokesman Hong Jun-ho said the Seoul
Central District Court accepted Ssangyong's application to
rehabilitate under court protection.  Mr. Hong said the court
named former Hyundai Motor Co. executive Lee Yoo-il and Ssangyong
executive Park Young-tae to run the automaker, the Tribune
related.



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

AUSTRAL PACIFIC: Infratil Incurs NZ$12.1-Mln Impairment Losses
--------------------------------------------------------------
Infratil Ltd has written off a total of NZ$12.1 million on the
investment in Austral Pacific Energy, since buying its initial
11 percent stake in 2005, The National Business Review reports
citing Infratil executive Tim Brown.

According to the report, Infratil marked a NZ$7.1 million
impairment loss on the investment in its financial 2008 accounts
and another NZ$5 million in its just released 2009 result.

"The best we can say of that unfortunate investment is that we
didn't support their last few capital raisings, so while a bad
outcome it could have been worse," Mr. Brown told NBR.

The report relates that Infratil bought its original stake of 2.45
million shares for NZ$8.84 million and increased its holding to
nearly 20 percent after converting a further 1.2 million warrants
at NZ$4.29 a piece.  However, NBR states, Infratil's holding was
diluted back to 13.5%. after a series of share placements that it
did not take part in.

Meanwhile, Austral Pacific disclosed that company directors
Thompson Jewell and Douglas Ellenor have resigned from the board
of directors of the company, Mr. Jewell with effect from May 18,
2009, and Dr. Ellenor with effect from May 12, 2009.

The board of directors now comprises Peter Hill, David Newman,
Peter Hazledine and Bernhard Zinkhofer.

                       About Infratil

Infratil Limited (NZE:IFT) -- http://www.infratil.com-- is a New
Zealand-based infrastructure investor.  The Company provides
energy (renewable and waste-derived electricity) airports and
public transport.  The Company owns infrastructure investments in
Europe, the United Kingdom, Australia and New Zealand, and
operates in four areas: investment in infrastructure and utility
companies, airport, transport and energy operations.  In January
2007, 51% of Perth Energy Pty Ltd was acquired by the Company.
In April 2007, the Company acquired Victoria Electricity.

                    About Austral Pacific

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

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific, Austral
Pacific Energy was placed in receivership on May 1, 2009.

The company said it agreed with the group's senior secured
creditor, Investec Bank (Australia) Limited, to the
appointment of receivers to Austral Pacific Energy Ltd., the
publicly traded Canadian corporation, and two of its New Zealand
subsidiaries, Austral Pacific Energy (NZ) Limited and Totara
Energy Limited.  The appointed receivers are Michael Ryan and Ian
Francis of Taylor Woodings of Perth and Paul Sargison of Gerry Rea
Partners of Auckland.

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


WILLIAM HILL: Placed in Receivership
------------------------------------
William Hill Winery Ltd, one of Central Otago's pioneering
vineyards, was placed in receivership last week, the Otago Daily
Times reports.

The report says Wanaka accountant Alistair King and Invercargill
chartered accountant Peter Heenan, of WHK Cook Adam Ward Wilson,
have been appointed as receivers and managers of the company in
respect of all rights, titles and interests in the undertaking,
property, assets and revenues of the winery.

According to the report, Mr. King said the receivers had secured
all of William Hill's assets and were starting an assessment of
the company's financial position.

In the meantime, Mr. King said, no employees of William Hill had
lost their jobs as the company continued to trade, the Otago Daily
relates.

William Hill -- http://www.williamhill.co.nz/-- was established
in 1973 when founders Bill and Gillian Grant planted the first
pinot noir vines.  Its first commercial production was in 1987.
William Hill Wine's are marketed worldwide under the brand name
Shaky Bridge.


XERO LIMITED: Raises NZ$5.8 Million Through Share Purchase Plan
---------------------------------------------------------------
The National Business Review reports that Xero Limited raised
NZ$5.8 million in a share purchase plan that closed on May 18.

The company, as cited by the report, said 70 percent of
shareholders opted to buy up to NZ$5,000 worth of shares at a
purchase price of NZ$0.90 cents.

The report says the plan took to NZ$29 million the amount of
capital raised recently by Xero, which last month reported raising
NZ$23.2 million through a strategic placement.

Xero Limited (NZE:XRO) -- http://www.xero.com/-- formerly Xero
Live Limited, is a New Zealand-based company.  The Company is
principally engaged in the provision of a platform for online
accounting and business services to small and medium sized
enterprises.  The Company's subsidiaries include Xero Live
Limited, Xero Live Pty Limited and Xero Trustee Limited.

                         *     *     *

Xero Limited reported a net loss of NZ$6.75 million for the year
ended March 31, 2009, its third consecutive annual loss.  In 2008,
the company posted a net loss of NZ$4.31 million.  Xero reported a
NZ$1.05 million net loss for 2007.



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

COB TECHNOLOGY: Court Enters Wind-Up Order
------------------------------------------
On May 15, 2009, the High Court of Singapore entered an order to
wind up the operations of COB Technology Pte Ltd.

The company's liquidator is:

          Official Receiver
          Insolvency & Public Trustee’s Office
          The URA Centre, East Wing
          45 Maxwell Road, #05-11 & #06-11
          Singapore 069118


* SINGAPORE: MTI Forecasts GDP Growth at -9.0% to -6.0% in 2009
---------------------------------------------------------------
Singapore's Ministry of Trade and Industry said that it will
maintain the GDP growth forecast for 2009 at -9.0 to -6.0 percent.

The economy contracted by 14.6 percent on a quarter-on-quarter,
seasonally adjusted annualised basis in first quarter of 2009,
compared to the decline of 16.4 percent recorded in the last
quarter of 2008.  In year-on-year terms, real GDP contracted by
10.1 percent in the first quarter of 2009.

Except for construction and financial services, all major sectors
of the economy experienced further quarter-on-quarter declines.
Weighed down by continued weakness in electronics, biomedical
manufacturing, precision engineering and chemicals, manufacturing
contracted by 26.6 percent, worse than the previous quarter’s
contraction of 21.3 percent.  The services producing industries
contracted by 10.3 percent, less than the 15.0 percent decline in
the previous quarter.  Financial services provided a small boost
for the services sector in the first quarter, but the rest of the
services sector registered large declines, mainly because of the
collapse in global trade in early 2009.  Tourist arrivals have
also slumped, affecting the tourism-related segments of the
services sector.

The preliminary estimates for the first quarter present a less
pessimistic picture of the economy compared to the advance
estimates released on April 14. 2009.  In particular, the advance
estimates projected that the Singapore GDP would contract by
19.7 percent in quarter-on-quarter terms and 11.5 percent in year-
on-year terms.  The changes in the preliminary estimates reflect
the impact of revisions in output of the manufacturing sector and
the performance of the financial sector.

MTI last revised the 2009 GDP growth forecast on April 14, 2009,
based on the advance estimates for the first quarter of 2009.
Since then, apart from the outbreak of Influenza A(H1N1), no new
major systemic risks to global economic growth have emerged.  The
sharp collapse in global trade in late 2008 and early 2009 has
tapered off.  While trade is still expected to be weak for the
rest of 2009, further declines of the magnitude seen earlier this
year seem unlikely.

CPI inflation has slowed significantly to 2.1 percent in the first
quarter of 2009, down from 5.4 percent in the fourth quarter of
2008.  The slowdown in CPI inflation falls within expectations and
has mainly been due to a downward correction of global commodity
prices from the peaks in 2008.  Domestic cost pressures have
started to ease in line with the recession and lower commodity
prices.  These trends are expected to persist and CPI inflation is
estimated to continue to fall in the coming months.  For 2009, the
forecast for CPI inflation is maintained at -1.0 to 0 percent.



                         *********

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

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

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


                            *********


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

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

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

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

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





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