TCRAP_Public/090529.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

           Friday, May 29, 2009, Vol. 12, No. 105

                            Headlines

A U S T R A L I A

CENTRO PROPERTIES: Launches Cross-Claim Against PwC
FAIRFAX MEDIA: Buys Back AU$32 Million of 2011 Notes
GREAT SOUTHERN: KMPG Under Probe Over Project Transform Deal
SUNCORP-METWAY: Loss on Bad Assets Totals AU$136 Million


C H I N A

AES CHINA: Declining Financial Profile Prompts Moody's Junk Rating
SINO-FOREST CORP: Share Placement Won't Affect Moody's Ba2 Rating


H O N G  K O N G

ASIA ALUMINUM: Court to Hear Wind-Up Petition on July 8
BEST CONCORD: Members' Final Meeting Set for June 24
ETS TESTING: Creditors' Proofs of Debt Due on June 23
GROOVER LIMITED: Members' Final Meeting Set for June 24
HESON ENTERPRISE: Creditors' Meeting Set for June 1

JOHNSTONE LIMITED: Members' Final Meeting Set for June 23
KIN YUEN: Releases Kwan and Man as Liquidators
MILLION CHEER: Members' Final Meeting Set for June 24
OMIZ INDUSTRIAL: Court to Hear Wind-Up Petition on July 8
OPTROM (HONG KONG): Court to Hear Wind-Up Petition on July 22

PETER CHAN: Members' and Creditors' Meeting Set for June 26
POWER SOLUTIONS: Court to Hear Wind-Up Petition on July 8
SMART GOOD: Creditors' Meeting Set for Today
STYLATRADE INTERNATIONAL: Placed Under Voluntary Wind-Up
WAI WAH: Court to Hear Wind-Up Petition on June 3

WORLD FLOWER: Court to Hear Wind-Up Petition on July 29


I N D I A

ALCHEMIST HOSPITALS: Fitch Assigns 'BB-' National Long-Term Rating
BRAND ALLOYS: CRISIL Reaffirms 'BB' Rating on INR56 Mln Term Loans
EVEREADY SPINNING: CRISIL Rates INR110.00 Mln Cash Credit at 'BB+'
HALDIA STEELS: CRISIL Reaffirms 'BB' Ratings on Various Bank Loans
HI-TECH POWER: CRISIL Places 'BB+' Rating on INR25.7 Mln Term Loan

ISPAT DAMODAR: CRISIL Reaffirms 'BB' Rating on INR1.80MM Term Loan
JET AIRWAYS: Plans to Cut Domestic Flights by 10% in June
LAHOTI OVERSEAS: Strained Liquidity Cues CRISIL 'P4' Ratings
MANI SPINNING: CRISIL Assigns 'BB+' Rating on INR550MM Cash Credit
SATYAM COMPUTER: Four Tech Mahindra Nominees Join Company's Board

TATA MOTORS: Completes Refinancing of US$3 Billion JLR Bridge Loan


I N D O N E S I A

ANEKA TAMBANG: To Reduce Capex in 2009 Due to Economic Conditions
GARUDA INDONESIA: Inks Debt Restructuring Deal with Some Creditors


J A P A N

BANK OF IKEDA: Fitch Affirms 'BB+' Long-Term Issuer Default Rating
JAPAN AIRLINES: Inks Deal W/ Mitsui to Jointly Offer Cargo Service
*S&P Cuts Ratings on 29 Tranches From 21 Japanese CDO Deals


L E B A N O N

BANK AUDI: Moody's Puts Currency Deposit Ratings on Review
BLOM BANK: Moody's Puts Currency Deposit Ratings on Review
BYBLOS BANK: Moody's Puts Currency Deposit Ratings on Review


M A L A Y S I A

HO HUP: Indera Files Wind Up Petition Against Unit
PECD BERHAD: Unit's Wind-up Petition Hearing Moved to September 3


N E W  Z E A L A N D

BLIS TECHNOLOGIES: Posts NZ$488,000 Annual Net Loss
FISHER & PAYKEL: Sells Stake to Haier, Gets New Bank Funding


P H I L I P P I N E S

GOTESCO LAND: SEC Revokes Licence Due to Non-Submission of Reports


S I N G A P O R E

DMC CHEMICALS: Court to Hear Wind-Up Petition on June 5
KIAN SENG: Creditors' Proofs of Debt Due on June 15
TINCEL PROPERTIES: Creditors' Proofs of Debt Due on June 25
VIRTUAL INNOVATIONS: Court to Hear Wind-Up Petition on June 5


T H A I L A N D

TMB BANK: Moody's Reviews Debt & Deposit Ratings for Poss. Cut


V I E T N A M

ASIA COMMERCIAL: Moody's Puts Low-B Ratings on Review
BIDV: Moody's Puts Low-B Ratings on Review for Poss. Downgrade
TECHCOMBANK: Moody's Puts Currency Deposit Ratings on Review
VIETNAM INTERNATIONAL: Moody's Places 'D-' BFSR on Review


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                         - - - - -


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

CENTRO PROPERTIES: Launches Cross-Claim Against PwC
---------------------------------------------------
Centro Properties Group has launched a cross-claim against
PricewaterhouseCoopers in relation to the class action claims
brought by Maurice Blackburn and Slater & Gordon.

The Australian reports that Centro officially launched its cross-
claim in the Federal Court on May 27, alleging PwC should assume
part or all of the blame over claims it failed to disclose the
debt that led to its near collapse.

The Federal Court gave Centro until today, May 29, to serve a cost
claim on PwC, which must now take part in a mediation scheduled
for July 17, the report says.

As reported by the Class Action Reporter on Aug. 27, 2008, Centro
Properties executives appeared at a Melbourne Federal Court
directions hearing on Aug. 25, 2008.  Preliminary hearings for
Maurice Blackburn's "opt in" claim and Slater & Gordon's
traditional claim will be heard before Justice Ray Finkelstein as
part of a billion-dollar-plus joint class action suit.

Investors represented by Slater & Gordon and Maurice Blackburn
have accused Centro of being involved in misleading and
deceptive conduct, failing to adhere to accounting standards,
breaching continuous disclosure obligations and deliberately
misclassifying its debt position.

The law firm Slater & Gordon lodged a class action suit in the
Federal Court in Melbourne specifically against:

     -- Centro Properties Ltd,

     -- CPT Manager Ltd, the responsible entity for Centro
        Property Trust,

     -- Centro Retail Ltd, and

     -- Centro MCS Manager Ltd, the responsible entity for the
        Centro Retail Trust

on behalf of Nicholas Vlachos, Monatex Pty Ltd and Ramon Franco
(Class Action Reporter, May 27, 2008).

The applicants are representative parties for persons who were
not group members in the class action claim commenced against
Centro Properties Ltd and CPT Manager Ltd by Maurice Blackburn
on May 9, 2008, also in the Federal Court in Melbourne.

Maurice Blackburn filed a shareholder class action suit against
the property fund, with a claim value of at least AU$100 million,
on behalf of litigation funder IMF Australia Ltd (Class Action
Reporter, May 14, 2008).

According to IMF, the claims relate to alleged misleading and
deceptive conduct and breaches by Centro of its continuous
disclosure obligations between August 9, 2007, and February 15,
2008.

Maurice Blackburn's shareholder claim seek compensation over the
price paid for securities inflated by Centro's alleged failure
to properly disclose its circumstances.

                    About Centro Properties

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

                         *     *     *

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

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


FAIRFAX MEDIA: Buys Back AU$32 Million of 2011 Notes
----------------------------------------------------
Fairfax Media has bought back AU$32.3 million of medium-term notes
that mature in 2011, The Australian reports citing Dow Jones
Newswire.

Company treasurer Dale Bridle, according to the report, said the
Fairfax Media buy-back was priced at 84 cents in the dollar.

As reported in the Troubled Company Reporter-Asia Pacific on
May 21, 2009, Fairfax Media Limited said that it is considering a
buy back of its AU$200 million fixed rate notes due June 27, 2011.

The company said it 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.

                        About Fairfax Media

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.


GREAT SOUTHERN: KMPG Under Probe Over Project Transform Deal
------------------------------------------------------------
The Australian reports that the administrators of Great Southern
Limited will launch an investigation into a controversial capital
raising exercise completed by Great Southern in January, just four
months before it collapsed.

The Australian says that under the deal, hundred of scheme
investors handed the company AU$88 million worth of cattle in
return for now worthless Great Southern shares.

Ferrier Hodgson administrator Martin Jones, according to the
Australian, said the administrators will also examine KMPG's role
in the deal.  KMPG had prepared an "independent expert's report"
supporting the deal called Project Transform.

The Herald Sun says that KPMG endorsed the deal last October and
stood by it in a January 12 report, despite a plunge in Great
Southern's share price from 43.5 to 17.5 and "inherent uncertainty
regarding Great Southern's ability to continue as a going concern
in its current form".

Mr. Jones said Project Transform was "clearly an issue that needs
to be looked at" and the actions of all parties involved,
including KPMG, would be examined, the Sun relates.

As reported in the Troubled Company Reporter-Asia Pacific on
May 19, 2009, the directors of Great Southern Limited and Great
Southern Managers Australia Limited have appointed Martin Jones,
Andrew Saker, Darren Weaver and James Stewart of Ferrier Hodgson
as joint and several administrators of the two companies and the
majority of their subsidiaries.

On May 20, 2009, the TCR-AP, citing the Sydney Morning Herald
reported that McGrathNicol had been appointed receivers to the
company and certain of its subsidiaries by a security trustee on
behalf of a group of secured creditors.

Citing figures released by the administrators, the Sydney Morning
Herald discloses that as of April 30, 2009, Great Southern had
total liabilities of AU$996.4 million, including loans and
borrowings of AU$833.9 million.  The loans and borrowings included
AU$375 million from the groups banks.  The secured creditors
include ANZ, Commonwealth Bank and BankWest.

Great Southern manages about 43,000 investors through 45 managed
investment schemes.  The group owns and leases approximately
240,000 hectares of land.  It also owns more than 150,000 cattle
across approximately 1.5 million hectares of owned and leased
land.

                     About Great Southern

Based in West Perth, Australia, Great Southern Limited (ASX:GTP)
-- http://www.great-southern.com.au/-- is engaged in the
development, marketing, establishment and management of
agribusiness-based projects.  The Company provides finance,
directly and through third party financiers, to approved investors
who wish to invest in the Company's projects.  The Company also
acquires and manages farmland and other agribusiness related
properties which are held for long term investment.  It operates
an agricultural investment services business offering two key
products: agricultural managed investment schemes, which is
provision of MIS products in the forestry and agribusiness sector,
and agricultural funds management, which are agricultural
investment funds providing investors exposure to a portfolio of
agricultural assets.


SUNCORP-METWAY: Loss on Bad Assets Totals AU$136 Million
--------------------------------------------------------
ABC News reports that Suncorp-Metway Limited has made a loss on
bad assets of AU$136 million in the March quarter, with total bad
assets now at AU$1.2 billion.

According to ABC News, the bank said its bottom line has been hit
by falling property values and bad debts, but, its capital
position has improved, with its capital adequacy ratio rising.
Suncorp-Metway's capital adequacy ratio rises to 13.24 percent,
and its Tier 1 ratio increasing to 11.39 percent, the Herald Sun
relates.

Suncorp is also considering creating a listed holding company to
own its banking, general insurance and wealth management
subsidiaries, ABC News adds.

Meanwhile, Suncorp said it has received a combined total of
approximately 4,500 claims across all of its personal and
commercial insurance brands as a result of severe weather in
south-east Queensland and nothern New South Wales.

Suncorp companies, including Vero, GIO, Suncorp, AAMI and Apia,
have the number of claims staff, assessors and other support staff
to help process claims as quickly as possible, Suncorp said in a
statement.

                          About Suncorp

Brisbane, Australia-based Suncorp-Metway Ltd. --
http://www.suncorp-metway.com.au/-- is engaged in the business of
banking, insurance, investment and superannuation and focuses on
retail customers and small to medium businesses. The Company’s
banking division provides a range of banking services including
loans, savings and investment accounts, credit cards, foreign
currency services for retail and small- to medium-business
customers. It includes general insurance group, which offers a
range of covers across Personal, Commercial, Workers Compensation
and CTP insurance. Wealth Management covers life, super and
managed investments. It also includes the funds management
activities of the Company. Suncorp Metway Investment Management
Limited (SMIML) is a wholly owned subsidiary of Suncorp-Metway
Ltd. It is responsible for wholesale investment management of the
Suncorp Group. On April 15, 2008, the Company acquired Prophet
Financial Advice Pty Ltd. On March 20, 2007, it acquired Promina
Group Limited.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 11, 2009, Fitch Ratings affirmed and removed from Rating
Watch Evolving Suncorp-Metway Limited's and Suncorp Metway
Insurance Limited's ratings.

These rating actions have been taken:

     -- Individual rating: affirmed at 'B', removed from RWE

     -- Support Rating Floor affirmed at 'BB+'; removed from RWE

At the same time, Fitch placed Suncorp's 'A+' Long- term Issuer
Default Rating on Negative Outlook, and SMIL's Insurer Financial
Strength Rating on Stable Outlook.  The actions follow Suncorp's
announcement that there has been a significant increase in bad
debts, which will affect H109 profits.  With signs that the
Queensland and Australian economies are facing significant
challenges, risks to asset quality are clearly on the downside.



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

AES CHINA: Declining Financial Profile Prompts Moody's Junk Rating
------------------------------------------------------------------
Moody's Investors Service has downgraded to Caa1 from B1 the
senior unsecured bond rating of AES China Generating Company
Limited.  The rating outlook remains negative.

"The downgrade was prompted by Moody's expectation of a material
deterioration in AES Chigen's financial profile, as well as a
heightened level of refinancing risk for the company's
US$103 million bond," says Jennifer Wong, a Moody's AVP/Analyst.

"In addition, AES Chigen's joint-venture projects' inability to
pass through high fuel costs in FY2008 is expected to
significantly impact dividend contributions to the company in
FY2009, and result in a significant deterioration in its financial
performance," says Wong, also Moody's lead analyst for the
company.

In particular, dividends from the Yangcheng project, which over
80% of AES Chigen's cash flow and capacity, are expected to only
equal one third of its total dividend receipts in FY2009, down
sharply from FY2008.

"Accordingly, Moody's expects that the company's total operational
cash inflow from joint-venture projects in FY2009 will be
insufficient to service its interest payments, meaning it will
need to rely on cash on hand as well as the cash generated from
the Hefei liquidation to meet these obligations," says Wong.

Although the disposal of the Jiaozuo Aluminum Power Plant has been
completed, with the principal amount of the outstanding bonds
reduced from US$175 million to US$103 million in January 2009,
AES Chigen continues to face large refinancing requirements with
its bond maturing on June 26, 2010.

Moody's is concerned over the company's lack of concrete
refinancing plans, particularly in light of the current state of
the credit environment and the limited availability of refinancing
options, and also by the company's reliance on cash flow from one
minority-owned project, and over which it has no control.

The negative outlook continues to reflect Moody's concerns over
the company's refinancing risks amid the challenging economic and
operating environments.

Upward rating pressure on AES Chigen's rating is unlikely in the
near term, given the current negative outlook.  However, upward
pressure could result from the establishment of an adequate and
appropriate refinancing plan for its US$103 million bond.

On the other hand, the rating will be further downgraded if AES
Chigen fails to refinance the bond.

Moody's last rating action with regard to AES Chigen occurred on
August 26, 2008, when the outlook of the company's B1 senior
unsecured bond rating was changed to negative from stable.

AES Chigen's ratings were assigned by evaluating factors believed
to be relevant to its credit profile, such as i) the business risk
and competitive position of AES versus others within its industry
or sector, ii) the capital structure and financial risk of AES,
iii) the projected performance of AES over the near to
intermediate term, and iv) AES' history of achieving consistent
operating performances and meeting financial plan goals.  These
attributes were compared against those of other issuers both
within and outside of AES Chigen's core peer group; and AES
Chigen's ratings are believed to be comparable to ratings assigned
to other issuers of similar credit risk.

AES China Generating Company Limited is primarily a holding
company engaged in the development, construction, operation and
ownership of electric power generating facilities in China through
its participation in joint-ventures.  The company owns interests
in five operating power plants with an aggregate capacity of
approximately 2,592MW, of which 736MW are attributable to its
stakes.


SINO-FOREST CORP: Share Placement Won't Affect Moody's Ba2 Rating
-----------------------------------------------------------------
Moody's Investors Service says that the recent share placement
announced by Sino-Forest Corporation will have no immediate impact
on the company's Ba2 corporate family and senior unsecured bond
ratings.  The outlook for the ratings remains stable.

"The C$330 million share placement will further strengthen Sino
Forest's equity base, and is consistent with the company's prudent
financial policy of funding acquisitions and capex through a
mixture of equity and debt," says Wonnie Chu, a Moody's Analyst.

The net proceeds of the offering will be used primarily for the
acquisition of commercial plantation forests in Jiangxi Province
in the People's Republic of China, and for general corporate
purposes.

"While the share placement will mildly improve Sino-Forest's
balance sheet leverage, Moody's notes that Sino-Forest's may raise
additional debt to fund its expansion, including the potential
investment in Mandra Forestry," adds Chu, also Moody's lead
analyst for the company.

Positive ratings drivers remain the company's ability to generate
positive free cash flow and build on its track record for
delivering on its business plan and growing its plantation base,
while at the same time maintaining a strong financial profile.

On the other hand, the ratings will come under downward pressure
if: 1) the company fails to achieve its business plan and cash
flow declines due to an inability to secure enough plantations;
2) its overall business risk rises substantially due to material
acquisitions; and/or 3) changes occur in China's regulatory regime
which fundamentally alter operating conditions with a consequence
reduction in profitability.

Credit metrics that Moody's would consider for a downgrade include
retained cash flow/Adjusted Debt of below 15-20% and EBIT/Interest
of less than 2.5-3.0x.

The last rating action with regard to Sino-Forest was taken on
24th July, 2008, when the company's rating was affirmed with a
stable outlook following its US$345m convertible bond issuance.

Sino-Forest's ratings have been assigned based on factors that
Moody's believe are relevant to the risk profile of Sino-Forest,
such as the company's (i) business risk and competitive position
compared with other firms within the industry; (ii) capital
structure and financial risk; (iii) projected performance over the
near to intermediate term; and (iv) management's track record and
tolerance for risk.

These attributes were compared against other issuers both within
and outside Sino-Forest's core industry; Moody's believes the
company's ratings are comparable with those of other issuers of
similar credit risk.

Sino-Forest Corporation is a holding company listed in Toronto,
Canada.  The company is engaged in forestry plantation activities
in China as well as in the sale of timber, wood logs and other
wood products in China.



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

ASIA ALUMINUM: Court to Hear Wind-Up Petition on July 8
-------------------------------------------------------
A petition to have Asia Aluminum Management Limited's operations
wound up will be heard before the High Court of Hong Kong on
July 8, 2009, at 9:30 a.m.

Asia Aluminum Holdings Limited filed the petition against the
company on April 27, 2009.

The Petitioner's solicitors are:

         Wilkinson & Grist
         Prince's Building, 6th Floor
         10 Chater Road
         Hong Kong
         Telephone: 2524-6011
         Facsimile: 2520-2090


BEST CONCORD: Members' Final Meeting Set for June 24
----------------------------------------------------
The members of Best Concord Limited will hold their final general
meeting on June 24, 2009, at 10:00 a.m., at 13A, Tak Lee
Commercial Building, 113-117 Wanchai Road, in Wanchai, Hong Kong.

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


ETS TESTING: Creditors' Proofs of Debt Due on June 23
-----------------------------------------------------
The creditors of ETS Testing Service Limited are required to file
their proofs of debt by June 23, 2009, to be included in the
company's dividend distribution.

The company's liquidator is:

         Ko Tak Wing
         CRE Building, 303 Hennessy Road
         Wanchai
         Hong Kong


GROOVER LIMITED: Members' Final Meeting Set for June 24
-------------------------------------------------------
The members of Groover Limited will hold their final general
meeting on June 24, 2009, at 10:00 a.m., at 13A, Tak Lee
Commercial Building, 113-117 Wanchai Road, in Wanchai, Hong Kong.

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


HESON ENTERPRISE: Creditors' Meeting Set for June 1
---------------------------------------------------
The creditors of Heson Enterprise Limited will hold their meeting
on June 1, 2009, at 3:00 p.m. for the purposes mentioned in
Sections 241, 242, 243, 244 and 255A of the Companies Ordinance.

The meeting will be held at the 17th Floor of Ginza Square,
565-567 Nathan Road, in Kowloon, Hong Kong.


JOHNSTONE LIMITED: Members' Final Meeting Set for June 23
---------------------------------------------------------
The members of Johnstone Limited will hold their final general
meeting on June 23, 2009, at 2:00 p.m., at Office B, 26th Floor of
United Centre, in 95 Queensway, Hong Kong.

At the meeting, Cheng Mo Kit Katherine, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


KIN YUEN: Releases Kwan and Man as Liquidators
----------------------------------------------
On May 7, 2009, Chiang Ping Kwan and Wu Wai Man were released as
liquidators of Kin Yuen Construction Company Limited.


MILLION CHEER: Members' Final Meeting Set for June 24
-----------------------------------------------------
The members of Million Cheer Limited will hold their final general
meeting on June 24, 2009, at 10:00 a.m., at 13A, Tak Lee
Commercial Building, 113-117 Wanchai Road, in Wanchai, Hong Kong.

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


OMIZ INDUSTRIAL: Court to Hear Wind-Up Petition on July 8
---------------------------------------------------------
A petition to have Omiz Industrial (Hong Kong) Limited's
operations wound up will be heard before the High Court of
Hong Kong on July 8, 2009, at 9:30 a.m.

Dah Sing Bank, Limited filed the petition against the company on
April 21, 2009.

The Petitioner's solicitors are:

         Wilkinson & Grist
         Prince's Building, 6th Floor
         10 Chater Road
         Hong Kong
         Telephone: 2524-6011
         Facsimile: 2520-2090


OPTROM (HONG KONG): Court to Hear Wind-Up Petition on July 22
-------------------------------------------------------------
A petition to have Optrom (Hong Kong) International Limited's
operations wound up will be heard before the High Court of
Hong Kong on July 22, 2009, at 9:30 a.m.

Yip Kin Tim filed the petition against the company on May 11,
2009.

The Petitioner's solicitors are:

         Cham & Co.
         Hong Kong Trade Centre, Room 2102
         Nos. 164-167 Des Voeux Road
         Central, Hong Kong


PETER CHAN: Members' and Creditors' Meeting Set for June 26
-----------------------------------------------------------
The members and creditors of Peter Chan Secretaries
(International) Limited will hold their meeting on June 26, 2009,
at 10:00 a.m. and 12:00 noon, respectively, at the 2nd Floor of
Caltex House, in 258 Hennessy Road, Hong Kong.

At the meeting, Chan Po Fun Peter, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


POWER SOLUTIONS: Court to Hear Wind-Up Petition on July 8
---------------------------------------------------------
A petition to have Power Solutions Asia Pacific Limited's
operations wound up will be heard before the High Court of
Hong Kong on July 8, 2009, at 9:30 a.m.

The Petitioner's solicitor is:

          Tanner De Witt
          1806, Tower Two, Lippo Centre
          89 Queensway
          Hong Kong


SMART GOOD: Creditors' Meeting Set for Today
--------------------------------------------
The creditors of Smart Good Enterprises Limited will hold their
meeting today, May 29, 2009, at 10:30 a.m., to appoint a
liquidator and consider further matters voluntary to the
creditors' wind-up.

The meeting will be held at the Unit D, 6th Floor of Fu Cheong
Centre, 5-7 Wong Chuk Yeung Street, Fotan, in New Territories,
Hong Kong.


STYLATRADE INTERNATIONAL: Placed Under Voluntary Wind-Up
--------------------------------------------------------
At an extraordinary general meeting held on May 13, 2009, the
shareholders of Stylatrade International Holdings Limited resolved
to voluntarily wind up the company's operations.

The company's liquidator is:

         Leung Chi Wing
         Yue Xiu Building
         Room 3, 8th Floor
         160 Lockhart Road, Wan Chai
         Hong Kong


WAI WAH: Court to Hear Wind-Up Petition on June 3
-------------------------------------------------
A petition to have Wai Wah Electronics Limited's operations wound
up will be heard before the High Court of Hong Kong on June 3,
2009, at 9:30 a.m.

Clifford Chance filed the petition against the company on April 1,
2009.


WORLD FLOWER: Court to Hear Wind-Up Petition on July 29
-------------------------------------------------------
A petition to have World Flower Jewellery Limited's operations
wound up will be heard before the High Court of Hong Kong on
July 29, 2009, at 9:30 a.m.

Au Tat Sang filed the petition against the company on May 11,
2009.

The Petitioner's solicitors are:

         Benson Li & Co.
         Two Chinachem Plaza
         Unit B, 6th Floor
         135 Des Voeux Road, Central
         Hong Kong



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

ALCHEMIST HOSPITALS: Fitch Assigns 'BB-' National Long-Term Rating
------------------------------------------------------------------
Fitch Ratings has assigned India's Alchemist Hospitals Limited a
National Long-term rating of 'BB-(ind)' with Stable Outlook.
Simultaneously, the agency has assigned rating of 'BB-(ind)' to
AHL's bank term loan limits of INR550 million.

The ratings reflect the wide range of services provided by AHL,
its modern infrastructure and reputable doctors, which together
enhance its ability to attract adequate patient volumes, and thus,
to improve its cash flows.  The ratings are also supported by the
relative immunity of the healthcare sector against seasonal and
economic factors.  The ratings have been notched up by one level
to reflect the financial support extended by The Alchemist Group,
in the form of approximately INR299 million equity to date and
INR253 million unsecured loans (as of March 31, 2009).

The ratings are constrained by a lack of track record given its
brief operational history after The Alchemist Group acquired it in
November 2005.  The ratings also reflect significant losses
inherited from Kaiser Hospital, which was the original name of AHL
before the acquisition.  The ratings are also constrained by its
stretched financial profile owing to the recently completed debt-
funded capex, keen competition from reputable hospitals in the
area, geographical concentration risk, the difficulty faced by
start-up institutions in retaining quality medical staff, current
low occupancy rates and a low revenue base.  Fitch also concerned
that financial leverage may come under further pressure from plans
to expand bed capacity.

Demonstrated growth in patient volumes leading to positive
operating cash flows and a significant improvement in financial
leverage could have positive implications on the ratings.
Simultaneously, further deterioration in financial leverage,
lower-than-expected patient volume growth and higher-than-expected
debt-financed capex could put downward pressure on the ratings.
Any indication of weakening financial support from The Alchemist
Group, or loss of key personnel could also negatively impact the
ratings.

The current financial leverage of AHL is high due to the debt-
funded capital expenditure and minimal operation till FY08.  Total
debt for FY08 was INR592.9 million, comprising INR214.93 million
bank term loans and INR377.99 million unsecured loans from group
companies, whereas the equity on book was INR77.62 million.  The
company had INR26.16 million as cash and cash equivalents in FY08.
Reported revenues were INR3.95 million which excluded capitalized
income of INR16.55 million from the hospital.  Reported net income
was INR0.75 million.  Due to the hospital's facilities being under
construction, the company had been capitalizing the income and
expenses related to its hospital operations up to FY08.

AHL is a 108-bed super-specialty hospital based in Panchukula.
Originally known as Kaiser Hospital, it was acquired by The
Alchemist Group in 2006 with the intention to turn around the
loss-making entity.  After nearly two years of renovating the
hospital, it began operations in September 2008.  The flagship
company of The Alchemist Group, Alchemist Limited is a publicly
listed diversified company with operations in agribusiness,
pharmaceuticals & chemicals, and food processing.  In FY08, AL
generated revenues of INR3079 million with operating EBITDAR and
net income of INR309 million and INR105 million respectively.  It
had INR171 million as cash and cash equivalents, and the financial
leverage measured by total adjusted debt net of cash/operating
EBITDAR was 3.7x.


BRAND ALLOYS: CRISIL Reaffirms 'BB' Rating on INR56 Mln Term Loans
------------------------------------------------------------------
CRISIL's rating on the bank facilities of Brand Alloys Ltd (BAL),
a Haldia group company, continue to reflect the Haldia group's
constrained financial risk profile due to debt-funded capital
expenditure (capex), limited risk management policies, and
exposure to risks relating to marginal market share in the steel
industry.  These weaknesses are mitigated by the benefits that the
Haldia group derives from its average forward-integration
initiatives.

   INR40 Million Cash Credit          BB/Stable (Reaffirmed)
   INR56 Million Term Loans           BB/Stable (Reaffirmed)
   INR50 Million Letter of Credit *   P4 (Reaffirmed)

   * Non-fund-based limits are interchangeable between
     letter of credit and bank guarantee

CRISIL has combined the business and financial profiles of BAL,
Haldia Steels Ltd (HSL), Ispat Damodar Ltd (IDL), and Sonic
Thermal Pvt Ltd (STPL), together referred to as the Haldia group,
as part of this rating exercise.  This is because these companies
have strong operational linkages, and a common management.

Outlook: Stable

CRISIL expects the Haldia group's profitability to remain strained
over the medium term owing to its significant capex plan and the
current slowdown in the economy.  The Haldia group is expected to
remain a small player in the domestic steel industry.  The outlook
may be revised to 'Positive' if there is substantial improvement
in the Haldia group's profitability, or if the group is able to
achieve linkages for raw material.  Conversely, the outlook may be
revised to 'Negative' if the group undertakes large, debt-funded
capex, or reports reduced profitability.

                       About Brand Alloys

Established in 1994, the Haldia group commenced operations with an
ingot manufacturing facility.  Thereafter, the group expanded
operations by setting up BAL in March 1994 as a steel and
engineering unit.  Subsequently, the promoters ventured into
manufacturing ferro alloys and steel billets along with sponge
iron in Durgapur, West Bengal, under HSL.  The group also set up
Brand Projects Ltd (later renamed as IDL) in April 1996. IDL began
operations in December 2006, with sponge iron and steel ingot
manufacturing facilities.  STPL, incorporated in December 2002, is
setting up two submerged electric arc furnaces with capacity of
7.5 megavolt amperes each, for the production of ferro manganese
and silico manganese; it is also setting up pelletisation,
bracketing, and beneficiation equipment.

The Haldia group reported a profit after tax (PAT) of
INR111 million on net sales of INR4.1 billion in 2007-08, as
against a PAT of INR90 million on net sales of INR2.8 billion in
2006-07.


EVEREADY SPINNING: CRISIL Rates INR110.00 Mln Cash Credit at 'BB+'
------------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4' to the various
bank facilities of Eveready Spinning Mills Pvt Ltd (ESMPL), a
Eveready group entity.

   INR72.30 Million Long Term Loan  BB+/Stable (Assigned)
   INR110.00 Million Cash Credit    BB+/Stable (Assigned)
   INR10.00 Million Bank Guarantee  P4 (Assigned)

The ratings reflect the group's below-average financial risk
profile, marked by high gearing, and exposure to risks relating to
fluctuations in the prices of raw materials.  These weaknesses
are, however, partially offset by the group's established presence
in the spinning mills industry supported by extensive experience
of group's promoters.

For arriving at the ratings, CRISIL has combined the financials of
ESMPL and Mani Spinning Mills Pvt Ltd (Mani Mills).  This is
because both ESMPL and Mani Mills (together referred to as the
Eveready group) are under common management, are in the same line
of business, and there exists fungibilty of funds between the
companies.

Outlook: Stable

CRISIL believes that Eveready group will maintain a comfortable
financial risk profile over the medium term backed by steady
accruals.  The outlook may be revised to 'Positive' if the group's
financial risk profile enhances substantially on the back of
improvement in gearing and higher profitability.  The outlook may
be revised to 'Negative' if the group undertakes large, debt-
funded capital expenditure, or faces decline in revenues and
profitability due to the ongoing economic slowdown.

                        About the Group

The Eveready group was established in 1998, when its flagship
entity, ESMPL, was set up. ESMPL manufactures cotton yarn of count
size ranging from 30s to 40s. The group set up Fisher Spinning
Mills Pvt Ltd (Fisher Mills) to manufacture yarn of low count, and
Mani Mills with a capacity of 60,000 spindles and 720 rotors to
manufacture hosiery yarn. Fisher Mills was merged with Mani Mills
in 2006.

Eveready group reported a loss of INR103.1 million on a turnover
of INR1.78 billion for 2007-08 (refers to financial year,
April 1 to March 31), as against a Profit After Tax (PAT) of
INR6.8 million on net sales of INR1.5 billion for 2006-07.


HALDIA STEELS: CRISIL Reaffirms 'BB' Ratings on Various Bank Loans
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of Haldia Steels Ltd
(HSL), a Haldia group company, continue to reflect Haldia group's
constrained financial risk profile due to debt-funded capital
expenditure (capex), limited risk management policies, and
exposure to risks relating to marginal market share in the steel
industry.  These weaknesses are mitigated by the benefits that the
Haldia group derives from its average forward-integration
initiatives.

   INR225 Million Cash Credit         BB/Stable (Reaffirmed)
   INR356.8 Million Term Loans        BB/Stable (Reaffirmed)
   INR200 Million Letter of Credit *  P4 (Reaffirmed)

   * Non-fund-based limits are interchangeable between letter
    of credit and bank guarantee

CRISIL has combined the business and financial profiles of HSL,
Brand Alloys Ltd (BAL), Ispat Damodar Ltd (IDL), and Sonic Thermal
Pvt Ltd (STPL), together referred to as the Haldia group, as part
of this rating exercise. This is because these companies have
strong operational linkages and a common management.

Outlook: Stable

CRISIL expects the Haldia group's profitability to remain strained
over the medium term owing to its significant capex plan and the
weak industrial scenario.  The Haldia group is expected to remain
a small player in the domestic steel industry.  The outlook may be
revised to 'Positive' if there is substantial improvement in the
Haldia group's profitability, or if the group is able to achieve
linkages for raw material.  Conversely, the outlook may be revised
to 'Negative' if the group undertakes large, debt-funded capex, or
reports reduced profitability.

                       About the Group

Established in 1994, the Haldia group commenced operations with an
ingot manufacturing facility.  Thereafter, the group expanded
operations by setting up BAL in March 1994 as a steel and
engineering unit.  Subsequently, the promoters ventured into
manufacturing ferro alloys and steel billets along with sponge
iron in Durgapur, West Bengal, under HSL.  The group also set up
Brand Projects Ltd (later renamed as IDL) in April 1996. IDL began
operations in December 2006, with sponge iron and steel ingot
manufacturing facilities. STPL, incorporated in December 2002, is
setting up two submerged electric arc furnaces with capacity of
7.5 megavolt amperes each, for the production of ferro manganese
and silico manganese; it is also setting up pelletisation,
bricketing and beneficiation equipment.

The Haldia group reported a profit after tax (PAT) of
INR111 million on net sales of INR4.1 billion in 2007-08 (refers
to financial year, April 1 to March 31), as against a PAT of
INR90 million on net sales of INR2.8 billion in 2006-07.


HI-TECH POWER: CRISIL Places 'BB+' Rating on INR25.7 Mln Term Loan
------------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Negative/P4' to the
various bank facilities of Hi-Tech Power & Steel Ltd (Hi-Tech).

   INR60 Million Cash Credit Limits     BB+/Negative (Assigned)
   INR25.7 Million Term Loan            BB+/Negative (Assigned)
   INR9 Million Standby Line of Credit  P4 (Assigned)
   INR30 Million Letter of Credit       P4 (Assigned)

The ratings reflect Hi-Tech's marginal market share in the steel
industry, and exposure to risks relating to non-integrated
operations, and cyclicality in the steel industry.  These
weaknesses are, however, partially offset by Hi-Tech's above-
average financial risk profile.

Outlook: Negative

CRISIL believes that Hi-Tech's business and financial risk
profiles will be adversely impacted by the current slowdown in the
steel industry, and by the company's planned debt-funded capital
expenditure (capex).  The rating may be downgraded if the
company's operating margins decline significantly, or the company
takes on more debt than expected to fund capex.  Conversely, the
outlook may be revised to 'Stable' if the company's revenues and
profitability improve substantially, or if equity infusions
enhance the company's financial risk profile.

                        About Hi-Tech Power

Hi-Tech was incorporated in 2000 by Mr. Ashok Kumar Agrawal,
Mr. Binod Kumar Agarwal, Mr. Manoj Kumar Agarwal, Mr. Manoj Kumar
Kariwalla and Mr Ashok Kumar Maskara.  The company produces sponge
iron at its unit at Raipur (Chattisgarh).  Its two kilns have
capacity to produce 100 tonnes of sponge iron per day.  For 2007-
08 (refers to financial year, April 1 to March 31), Hi-Tech
reported a profit after tax (PAT) of INR11 million on net sales of
INR517 million, as against a PAT of INR0.2 million on net sales of
INR339 million for 2006-07.


ISPAT DAMODAR: CRISIL Reaffirms 'BB' Rating on INR1.80MM Term Loan
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of Ispat Damodar Ltd
(IDL), a Haldia group company, continue to reflect the Haldia
group's constrained financial risk profile due to debt-funded
capital expenditure (capex), limited risk management policies, and
exposure to risks relating to marginal market share in the steel
industry.  These weaknesses are mitigated by the benefits that the
Haldia group derives from its average forward-integration
initiatives.

   INR28.8 Million Cash Credit        BB/Stable (Reaffirmed)
   INR1.80 Million Term Loans         BB/Stable (Reaffirmed)
   USD 2.36 Million FCNRB Term Loans  BB/Stable (Reaffirmed)
   INR7.0 Million Letter of Credit *  P4 (Reaffirmed)

   * Non-fund-based limits are interchangeable between letter
     of credit and bank guarantee

CRISIL has combined the business and financial profiles of IDL,
Brand Alloys Ltd (BAL), Haldia Steels Ltd (HSL), and Sonic Thermal
Pvt Ltd (STPL), together referred to as the Haldia group, as part
of this rating exercise.  This is because these companies have
strong operational linkages and a common management.

Outlook: Stable

CRISIL expects the Haldia group's profitability to remain strained
over the medium term owing to its significant capex plan and the
current slowdown in the economy.  The Haldia group is expected to
remain a small player in the domestic steel industry.  The outlook
may be revised to 'Positive' if there is substantial improvement
in the Haldia group's profitability, or if the group is able to
achieve linkages for raw material.  Conversely, the outlook may be
revised to 'Negative' if the group undertakes large, debt-funded
capex, or reports reduced profitability.

                         About the Group

Established in 1994, the Haldia group commenced operations with
an ingot manufacturing facility.  Thereafter, the group expanded
operations by setting up BAL in March 1994 as a steel and
engineering unit.  Subsequently, the promoters ventured into
manufacturing ferro alloys and steel billets along with sponge
iron in Durgapur, West Bengal, under HSL.  The group also set up
Brand Projects Ltd (later renamed as IDL) in April 1996.  IDL
began operations in December 2006, with sponge iron and steel
ingot manufacturing facilities.  STPL, incorporated in December
2002, is setting up two submerged electric arc furnaces with
capacity of 7.5 megavolt amperes each, for the production of ferro
manganese and silico manganese; it is also setting up
pelletisation, bricketing, and beneficiation equipment.

The Haldia group reported a profit after tax (PAT) of
INR111 million on net sales of INR4.1 billion in 2007-08 (refers
to financial year, April 1 to March 31), as against a PAT of
INR90 million on net sales of INR2.8 billion in 2006-07.


JET AIRWAYS: Plans to Cut Domestic Flights by 10% in June
---------------------------------------------------------
Jet Airways India Ltd plans to reduce domestic capacity by 10
percent in June on top of the 20 percent capacity cut it took from
November to May, The Times of India reports.

The report says the reduced capacity in domestic routes, however,
will be added to the international operations where the airline is
making profit.

"Our EBIDTA growth on international sector is 24% in Q4 of 2008-
09, a figure that was negative on first two quarters of last
fiscal and 12% in Q3.  The improved result, though the overall
condition is still challenging, is substantially due to
international operations doing better.  We are almost done with
our international long-haul restructuring and there will be
gradual expansion here," Jet CEO Wolfgang Prock-Schaeur was quoted
by the Times as saying.

The Times meanwhile says Jet expects to save US$330 million
through route restructuring and cost-cutting programmes.  The
carrier also expect a cash release of US$270 million from
restructuring of payment schedules to financial institutions and
service providers.

"So we have nearly US$600 million of cost saving and cash release
for this fiscal," Mr. Prock-Schauer said.

Jet Airways posted a consolidated net loss of INR9614.10 million
for the year ended March 31, 2009, compared with consolidated net
loss of INR6538.70 million for the year ended March 31, 2008.
Consolidated total income increased from INR109907.20 million for
the year ended March 31, 2008 to INR134488.60 million for the year
ended March 31, 2009.

                        About Jet Airways

Jet Airways (India) Ltd (BOM:532617) -- http://www.jetairways.com/
-- currently operates a fleet of 85 aircraft, which includes 10
Boeing 777-300 ER aircraft, 10 Airbus A330-200 aircraft, 54
classic and next generation Boeing 737-400/700/800/900 aircraft
and 11 modern ATR 72-500 turboprop aircraft.  Flights to 63
destinations span the length and breadth of India and beyond,
including New York (both JFK and Newark), San Francisco, Toronto,
Brussels, London (Heathrow), Hong Kong, Singapore, Shanghai, Kuala
Lumpur, Colombo, Bangkok, Kathmandu, Dhaka, Kuwait, Bahrain,
Muscat, Doha, Abu Dhabi and Dubai.

The company's subsidiaries include Jet Lite (India) Limited,
Jetair Private Limited, Jet Airways LLC, Trans Continental e
Services Private Limited, Jet Enterprises Private Limited, Jet
Airways of India Inc., India Jetairways Pty Limited and Jet
Airways Europe Services N.V.  On April 20, 2007, the Company
acquired Sahara Airlines Limited.


LAHOTI OVERSEAS: Strained Liquidity Cues CRISIL 'P4' Ratings
------------------------------------------------------------
CRISIL has assigned its ratings of 'P4' to the bank facilities of
Lahoti Overseas Ltd. (Lahoti).

   INR87.5 Million Packing Credit         P4 (Assigned)
   INR107.5 Million Bills Discounting     P4 (Assigned)
   INR55.0 Million Proposed Short Term    P4 (Assigned)
                    Bank Loan Facility

The ratings reflect Lahoti's strained short-term liquidity
position.  This is on account of the high sunk costs and losses
incurred from its failed diversification initiatives into knitting
and dyeing, and garment manufacturing businesses.  The ratings
also factor the company's modest size of trading operations.
These weaknesses are, however, partially offset by the benefits
derived from the promoters' long years of experience in cotton
yarn trading.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Lahoti and Lahoti Terra Knitfab Ltd
(LTKL), collectively referred to as the Lahoti group.  This is
because of the operational synergies and cash flow fungibility
between the entities, and their common set of promoters.  LTKL is
53 percent subsidiary of the company and is managed by the
promoters of Lahoti.

                   About Lahoti Overseas

Incorporated in 1995, Lahoti is a trader of cotton yarn and
related commodities primarily catering to the export market.
Promoted by Mr. Umesh Lahoti and Mr. Ujwal Lahoti, the company is
a government recognised three-star export house.  In 2007, the
company set up a garment manufacturing unit in Tirupur, Tamil Nadu
which resulted in losses in 2008-09.  Also, the company formed a
53 percent subsidiary in the same year to set up knitting and
dyeing unit in Solapur, Maharashtra, which has been delayed.

Lahoti reported a profit after tax (PAT) of INR26 million on
net sales of INR1,985 million in 2007-08 as against a PAT of
INR28 million on net sales of INR1,667 million for 2006-07.


MANI SPINNING: CRISIL Assigns 'BB+' Rating on INR550MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4' to the various
bank facilities of Mani Spinning Mills Pvt Ltd (MSMPL), a Eveready
group entity.

   INR1063.30 Million Long Term Loan   BB+/Stable (Assigned)
   INR550.00 Million Cash Credit       BB+/Stable (Assigned)
   INR20.00 Million Bank Guarantee     P4 (Assigned)

The ratings reflect the group's below-average financial risk
profile, marked by high gearing, and exposure to risks relating to
fluctuations in the prices of raw materials.  These weaknesses
are, however, partially offset by the group's established presence
in the spinning mills industry supported by extensive experience
of group's promoters.

For arriving at the ratings, CRISIL has combined the financials of
MSMPL and Eveready Spinning Mills Pvt Ltd (Eveready Mills).  This
is because both MSMPL and Eveready Mills (together referred to as
the Eveready group) are under common management, are in the same
line of business, and there exists fungibilty of funds between the
companies.

Outlook: Stable

CRISIL believes that Eveready group will maintain a comfortable
financial risk profile over the medium term backed by steady
accruals.  The outlook may be revised to 'Positive' if the group's
financial risk profile enhances substantially on the back of
improvement in gearing and higher profitability.  The outlook may
be revised to 'Negative' if the group undertakes large, debt-
funded capital expenditure, or faces decline in revenues and
profitability due to the ongoing economic slowdown.

                     About the Group

The Eveready group was established in 1998, when its flagship
entity, Eveready Mills, was set up. Eveready Mills manufactures
cotton yarn of count size ranging from 30s to 40s.  The group set
up Fisher Spinning Mills Pvt Ltd (Fisher Mills) to manufacture
yarn of low count, and MSMPL with a capacity of 60,000 spindles
and 720 rotors to manufacture hosiery yarn. Fisher Mills was
merged with MSMPL in 2006.

Eveready group reported a loss of INR103.1 million on a turnover
of INR1.78 billion for 2007-08 (refers to financial year,
April 1 to March 31), as against a Profit After Tax (PAT) of
INR6.8 million on net sales of INR1.5 billion for 2006-07.


SATYAM COMPUTER: Four Tech Mahindra Nominees Join Company's Board
-----------------------------------------------------------------
Satyam Computer Services Ltd. confirmed the appointment of the
four nominee directors of Tech Mahindra's Venturbay Consultants
Private Limited to the board of directors of the Company,
effective May 27, 2009.

The four nominee directors are:

   -- Mr. Vineet Nayyar, vice-chairman, managing director
      and chief executive officer of Tech Mahindra;

   -- Mr. C.P. Gurnani, head of Tech Mahindra’s global
      operations;

   -- Mr. Sanjay Kalra, President, Strategic Initiatives for
      Tech Mahindra; and

   -- Mr. Ulhas N. Yargop, President, IT Sector and group
      management board of Mahindra & Mahindra Ltd.

Accordingly, Satyam's board now comprises ten directors, including
six directors appointed in January by the Central Government
pursuant to the orders of the Hon'ble Company Law Board.

Mr. Vineet Nayyar has been designated as whole time director of
the company effective as of June 1, 2009.

Separately, The Wall Street Journal reports that Satyam Computer
has seen some of its top executives leave the company over the
past two months.

According to WSJ, a company spokeswoman told Dow Jones Newswires
that those who have quit include Virender Agarwal, business head
of India, the Middle-East and the Asia-Pacific regions; Hetzel
Folden, head of the strategic deals group; Naresh Jhangiani, human
resources head of business process outsourcing, and Deepak Nangia,
head of the Australian region.

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

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

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

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

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

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

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

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

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

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

On April 14, 2009, the TCR-AP, citing the Financial Express,
reported that Tech Mahindra Limited emerged as the top bidder with
an offer of INR58 a share for a 31 per cent stake in Satyam
Computer Services Limited, beating strong rival L&T.  Tech
Mahindra would acquire the stake in an all-cash deal, followed by
an open offer for a 20 percent stake to take management control
of the company.

                          About Satyam

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


TATA MOTORS: Completes Refinancing of US$3 Billion JLR Bridge Loan
------------------------------------------------------------------
Soyoung Kim at Reuters reports that Tata Motors Ltd said on
Wednesday it has completed refinancing of the US$3 billion bridge
loan it took out to acquire luxury car brands Jaguar and Land
Rover from Ford Motor Co in 2008.

Reuters relates Tata Motors said it has extended the final
maturity of the remaining US$1 billion by 18 months up to
the end of 2010.  Tata Motors agreed to pay interest of 5
percentage points more than the London interbank offered rate for
the 18-month loan, Times of India says citing two people with
knowledge of the matter.

Tata Motors, as cited by Reuters, said a total of 21 lenders
participated in the agreement, leading to an oversubscription of
47 percent of the extended loan.

Reuters notes Tata Motors had already repaid US$1.16 billion of
the US$3 billion bridge loan last year.

On May 25, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported Tata Motors raised INR42 billion
(US$887 million) by selling debt securities.  According to
Bloomberg News, the company sold the securities Wednesday last
week to mutual funds, banks, insurance companies and other
investors to help repay the 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 said citing Tata Motors in a statement.

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-'.  S&P said 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.



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

ANEKA TAMBANG: To Reduce Capex in 2009 Due to Economic Conditions
-----------------------------------------------------------------
PT Aneka Tambang (Antam) will significantly pare back its capital
expenditure (Capex) this year, with a number of projects being
cancelled due to low nickel prices and continuing global economic
uncertainty, Jakarta Globe reports.

The company previously planned to spend IDR3 trillion
(US$291 million) on capex this year, the report recounts.

"Given the current conditions, we will focus on three projects
that are line with our strategy", Alwin Syah Loebis, Antam's
president director, was quoted by the report as saying.

The report, citing Mr. Loebis, says that the company will pursue
diversification, acquisition of mining licences and cost-cutting
this year.

The company, which plans to diversify into coal, has entered into
an agreement with PT Indika Energy to build a coal-fired power
plant in Pomalaa [Southeast Sulawesi] to provide an alternative
energy source for our ferronickel plant, the report adds citing
Mr. Loebis.

                       About Aneka Tambang

PT Aneka Tambang Tbk (JAK:ANTM) -- http://www.antam.com/-- is an
Indonesia-based diversified mining and metals company.  The
Company is engaged in the mining of natural deposits,
manufacturing, trading, transportation and other related
activities.  The Company undertakes activities from exploration,
excavation, processing to marketing of nickel ore, ferronickel,
gold, silver, bauxite and iron sands.  Its nickel operations are
located in Southeast Sulawesi and North Maluku, its gold mine is
in Pongkor in West Java, while its precious metal refinery is in
Jakarta, its bauxite mine is in Riau province and its iron sands
mine is in Central Java.  Its largest bauxite deposit is located
at Tayan, West Kalimantan and its largest nickel deposit is at
Buli, North Maluku.

                          *     *     *

The company continues to carry Moody's Investors Service 'Ba3'
long-term corporate family rating.  It also carries S&P's 'B+'
ratings on long-term foreign and local issuer credit.


GARUDA INDONESIA: Inks Debt Restructuring Deal with Some Creditors
------------------------------------------------------------------
PT Garuda Indonesia has reached a debt restructuring agreement
with several of its creditors to pay its debts worth
US$600 million, Jakarta Globe reports.

"Our creditors have agreed to extend all of their loans by seven
years", the report quoted Eddy Porwanto, Garuda’s chief financial
officer as saying.

The report, citing Mr. Porwanto, says that the European Credit
Agency (ECA), one of Garuda’s largest creditors, had agreed to
extend the tenure of its US$450 million in outstanding loans by
seven years.

The company will start paying installments this June, the report
adds citing Mr. Porwanto.

According to the news agency, restructuring the airline's debt
into a manageable package is a major prerequisite for holding its
initial public offering.

The company's total debts amount to about US$700 million,
including US$450 million in dollar-denominated loans and a further
US$200 million in rupiah, the report noted.

                     About Garuda Indonesia

Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/--
currently has a fleet of about 77 aircraft offering service to
some 27 domestic and 33 international destinations.  Under its
Citilink brand, it serves 10 other domestic routes.  Garuda also
ships about 200,000 tons of cargo a month and operates a
computerized tracking system.



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

BANK OF IKEDA: Fitch Affirms 'BB+' Long-Term Issuer Default Rating
------------------------------------------------------------------
Fitch Ratings has affirmed Bank of Ikeda Ltd.'s ratings following
an agreement on its integration with Senshu Bank, a subsidiary of
Bank of Tokyo-Mitsubishi UFJ (BTMU, 'A'/Stable).  The Outlook is
Stable.  Ikeda's ratings are:

  -- Long-term foreign and local currency Issuer Default Ratings
     affirmed at 'BB+'; Outlook Stable;

  -- Short-term foreign and local currency IDRs affirmed at 'B';

  -- Individual rating affirmed at 'D';

  -- Support Rating affirmed at '3';

  -- Support Rating Floor affirmed at 'BB+'; and

  -- Dated subordinated debt affirmed at 'BB'.

Based on the agreement, Ikeda and Senshu will form a joint holding
company through a share transfer on 1 October 2009.  BTMU will own
approximately 36% of the new holding company, and the new entity
will become an equity method affiliate of BTMU.  However as BTMU
intends to reduce its own stake to less than 10% latest by
September 2014, and less than 15% after including stakes held by
Mitsubishi UFG Financial Group (BTMU's parent) related companies,
Fitch believes the consolidation and eventual merger are unlikely
to trigger an increase in potential long-term support from MUFG.
The consolidation will, nevertheless, increase the size and market
share of the bank (holding company) in Osaka prefecture (around 4%
of deposits and 5% of loans based on FYE08 figures).  Therefore
the agency expects a moderate probability of the support, in case
of need, from the government, which underpins the Support Rating
of '3'.

Ikeda's 'BB+' Long-term foreign and local currency IDRs are at the
Support Rating Floor.  Barring a substantial weakening in either
the ability or the willingness of the government to provide
support, a further downgrade of the IDR is unlikely, hence the
Stable Outlook.

Ikeda posted a net loss (JPY37bn) again in the fiscal year to end-
March 2009 (FYE09), mainly due to further sizable losses on
securities investments and sharply higher loan loss charges.  The
net loan loss charges increased 31% yoy to JPY12bn, 5.7x its pre-
provision operating profit.  This created further pressure on
Ikeda's already weak capitalization, together with unrealized
losses on its securities investment (JPY5.6bn), causing its non-
consolidated equity on its balance sheet to fall 15% yoy.  The
bank's non-consolidated Tier 1 capital ratio, which does not take
into account the adverse effects of unrealized losses on the
securities investment, stood at 5.17% at end-March 2009 versus
5.58% a year ago.


JAPAN AIRLINES: Inks Deal W/ Mitsui to Jointly Offer Cargo Service
------------------------------------------------------------------
Japan Airlines Group ("JAL") and Mitsui & Co., Ltd ("Mitsui") have
jointly agreed on a business alliance in the logistics field, with
JAL offering its air cargo transport services and Mitsui offering
logistics solution services centering on sea freight transport in
what is a first of its kind cooperation between an airline and a
general trading company in Japan.

Under the agreement, both parties will complement each other with
their respective strengths to further improve service and increase
competitiveness.  "Value-up Innovation Partners by Mitsui & JAL"
is the one-stop service solution formulated as a result of their
collaboration, and aims to offer customers an enhanced value chain
with wider options in the areas of transportation modes, logistics
processing, and other technique-based functions such as logistics
financing.

"At a time when global demand in the logistics sector is weak, and
as the industry continues to face a challenging year ahead, JAL
and Mitsui both recognize the need to expand service territories
and to raise the level of convenience and service standards by
providing a comprehensive and seamless transport process that will
meet the needs of the customers. The companies hope that through
the partnership, they can both transcend the frameworks of a
logistics division in a general trading firm and of an airline,
and integrate their respective features and functions to offer
support to the businesses of their customers," JAL said in a
statement.

Both group companies will start sales activities from July 1,
2009.

                        About Mitsui

Mitsui & Co., Limited (Mitsui) and its subsidiaries are a general
trading company engaged in a range of global business activities,
including global trading of various commodities, arranging
financing for customers and suppliers in connection with the
trading activities, organizing and coordinating international
industrial projects, participating in financing and investing
arrangements, assisting in the procurement of raw materials and
equipment, providing new technologies and processes for
manufacturing, and coordinating transportation and marketing of
finished goods. The trading activities of the Company include the
sale, distribution, purchase, marketing and supply of and dealing
in a range of products and services including iron and steel, non-
ferrous metals , machinery, electronics, chemicals, energy-related
commodities and products, food products, textiles, general
merchandise and real estate.

                     About Japan Airlines

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

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

                          *     *     *

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

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


*S&P Cuts Ratings on 29 Tranches From 21 Japanese CDO Deals
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 29
tranches relating to 21 Japanese synthetic CDO transactions.  At
the same time, Standard & Poor's removed its ratings on 20 of the
29 tranches from CreditWatch, while keeping the ratings on the
other nine on CreditWatch with negative implications.  In
addition, Standard & Poor's affirmed its ratings on four tranches
and removed the ratings from CreditWatch with negative
implications.

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

The ratings assigned here are based on S&P's criteria for rating
synthetic CDOs.  As recently announced, however, this criteria is
under review.  S&P solicited feedback from market participants
with regard to proposed changes to S&P's collateralized loan
obligation and synthetic CDO criteria.  S&P will evaluate the
market feedback, which may result in changes to the criteria.  Any
such criteria changes may affect the rating(s) on the notes
affected by the rating actions.

                           Ratings List

                   Corsair (Jersey) No. 2 Ltd.
  Floating rate secured portfolio credit-linked notes series 27
                            (Trinity)

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

              Fixed rate credit-linked loan series 58

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

   Floating rate secured portfolio credit-linked notes series 81

               To     From             Issue Amount
               --     ----             ------------
               CCC-   CCC-/Watch Neg   JPY1.0 bil.

                          Eirles Two Ltd.
  Series 197 floating rate portfolio credit linked secured notes

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

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

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

                  Hummingbird Securitization Ltd.
                          Series 2 loan

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

                       J-Bear Funding Ltd.
  Limited recourse secured floating rate portfolio credit-linked
                         notes series 36

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

                    Momentum CDO (Europe) Ltd.
      Secured credit-linked notes (Louvre CDO) series 2005-1

       Class   To              From           Issue Amount
       -----   --              ----           ------------
       AF      BB-/Watch Neg   BB/Watch Neg   JPY1.0 bil.
       AX      BB-/Watch Neg   BB/Watch Neg   JPY1.5 bil.
       BF      B-/Watch Neg    B/Watch Neg    JPY1.0 bil.
       BX      B-/Watch Neg    B/Watch Neg    JPY200.0 mil.

     Secured credit-linked notes Louvre II CDO series 2005-2

      Class   To              From             Issue Amount
      -----   --              ----             ------------
      AX      BB+             BBB/Watch Neg    JPY700.0 mil.
      BF      BB+/Watch Neg   BBB-/Watch Neg   JPY1.5 bil.
      BX      BB+/Watch Neg   BBB-/Watch Neg   JPY2.2 bil.

     Secured credit-linked loan Louvre CDO II series 2005-3

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

          Prelude III floating rate notes series 2005-4

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

                    SONATA notes series 2006-2

          Class   To    From           Issue Amount
          -----   --    ----           ------------
          AF      CCC   B-/Watch Neg   JPY2.0 bil.
          AX      CCC   B-/Watch Neg   JPY1.1 bil.

            SONATA floating rate notes series 2006-5

           Class   To    From             Issue Amount
           -----   --    ----             ------------
           AF      CCC   CCC+/Watch Neg   EUR5.0 mil.

                 SONATA notes series 2006-7

          Class   To     From             Issue Amount
          -----   --     ----             ------------
          BF      CCC-   CCC+/Watch Neg   JPY100.0 mil.
          BX      CCC-   CCC+/Watch Neg   JPY700.0 mil.

             SONATA fixed-rate notes series 2006-10

          Class   To     From             Issue Amount
          -----   --     ----             ------------
          AX      CCC-   CCC+/Watch Neg   EUR20.0 mil.

            SONATA floating rate notes series 2006-11

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

                  Omega Capital Investments PLC
              Class A-1 series 11 secured 1.5% notes

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

               Secured multi rate notes series 32

           Class   To     From             Issue Amount
           -----   --     ----             ------------
           A1      CCC-   CCC+/Watch Neg   JPY500.0 mil.
           A2      CCC-   CCC+/Watch Neg   JPY300.0 mil.

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

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

     Secured floating rate credit-linked notes series 2005-07

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

     Series 2006-05 secured floating rate credit-linked notes

              To     From             Issue Amount
              --     ----             ------------
              CCC+   B-/Watch Neg     JPY600.0 mil.

     Secured floating rate credit-linked notes series 2006-10

              To     From             Issue Amount
              --     ----             ------------
              CCC    CCC+/Watch Neg   JPY300.0 mil.

                        Silk Road Plus PLC
Limited recourse secured floating-rate credit-linked notes series
                          5 class C1-J

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

Limited recourse secured floating rate credit-linked notes series
                          7 class A1-U

              To     From             Issue Amount
              --     ----             ------------
              BBB    BBB+/Watch Neg   $0.1 mil.

Limited recourse secured floating-rate credit-linked notes series
                          10 class A1-E

              To     From             Issue Amount
              --     ----             ------------
              BBB    BBB+/Watch Neg   EUR10.0 mil.



=============
L E B A N O N
=============

BANK AUDI: Moody's Puts Currency Deposit Ratings on Review
----------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade the global local currency deposit ratings of three
Lebanese banks (Bank Audi, Blom Bank and Byblos Bank).  All other
ratings assigned to these banks are not affected by this action.

"The review of the three banks' ratings will look at the extent to
which the Lebanese government's ability to provide support to its
banking system, if needed, is converging with the government's own
debt capacity as a result of the ongoing global economic and
credit crisis.  At present the GLC deposit ratings of the banks on
review receive a one-notch uplift due to systemic support," says
Stathis Kyriakides, a Limassol-based Moody's Assistant Vice
President - Analyst, and lead analyst for these issuers.

Moody's believes that most governments are at least as likely, if
not more likely, to support their banking systems as they are to
service their own debt, a view that has traditionally led to bank
ratings often benefiting from significant uplift due to systemic
support.  However, as the financial crisis continues, the capacity
of countries and their respective central banks to support their
banks converges with, and is increasingly constrained by, each
government's respective debt capacity.

As such, Moody's will be reassessing the level of systemic support
for the aforementioned Lebanese banks to determine whether the
systemic support they receive needs to be further aligned to the
government's local currency bond rating.  Moody's will review the
specific circumstances of Lebanon to determine the appropriate
systemic support for Lebanese bank ratings and the implications
for the three banks under review.

Factors that Moody's will consider in its assessment of systemic
support include the size of the banking system in relation to
government resources, the level of stress in the banking system,
the foreign currency obligations of the banking systems relative
to the government's own foreign exchange resources, and changes to
the government's political patterns and priorities.

The rating agency expects to conclude the review over the next few
weeks.

Meanwhile, the BFSRs of Bank Audi, Blom Bank and Byblos Bank are
unaffected as Moody's believes that their adequate capitalisation
enables them to absorb a level of stress in line with Moody's
expected loss assumptions.

The detailed ratings and actions are listed below:

Bank Audi:

  -- Bank financial strength rating of D- was unaffected and
     continues to carry a stable outlook

  -- Long-term global local currency (GLC) deposit rating of Ba2
     was placed on review for possible downgrade

  -- Long-term foreign currency deposit rating of B2 was
     unaffected as it remains constrained by Lebanon's foreign
     currency deposit ceiling and continues to carry a stable
     outlook

  -- National Scale Rating of Aa1.lb was unaffected and continues
     to carry a stable outlook

  -- Short-term local- and foreign-currency deposit ratings of
     Not-Prime were unaffected and carry a stable outlook

Blom Bank:

  -- Bank financial strength rating of D- was unaffected and
     continues to carry a stable outlook

  -- Long-term global local currency deposit rating of Ba2 was
     placed on review for possible downgrade

  -- Long-term foreign currency deposit rating of B2 was
     unaffected as it remains constrained by Lebanon's foreign
     currency deposit ceiling and continues to carry a stable
     outlook

  -- National Scale rating of Aa1.lb was unaffected and continues
     to carry a stable outlook

  -- Short-term local- and foreign-currency deposit ratings of
     Not-Prime were unaffected and carry a stable outlook

Byblos Bank:

  -- Bank financial strength rating of D- was unaffected and
     continues to carry a stable outlook

  -- Long-term global local currency (GLC) deposit rating of Ba2
     was placed on review for possible downgrade

  -- Long-term foreign currency deposit rating of B2 was
     unaffected as it remains constrained by Lebanon's foreign
     currency deposit ceiling and continues to carry a stable
     outlook

  -- Foreign currency senior unsecured debt rating of B1 was
     unaffected as it remains constrained by Lebanon's foreign
     currency debt ceiling and continues to carry a stable
     outlook.

  -- Foreign currency subordinated debt rating of B1 was
     unaffected as it remains constrained by Lebanon's foreign
     currency debt ceiling and continues to carry a stable outlook

  -- National Scale rating of Aa2.lb was unaffected and continues
     to carry a stable outlook

  -- Short term local- and foreign-currency deposit ratings of
     Not-Prime were unaffected and carry a stable outlook

Moody's previous rating action on Bank Audi, Blom Bank and Byblos
Bank was on April 2, 2009, when the rating agency upgraded to B2
from B3 the constrained long-term foreign currency deposit ratings
of these issuers.  Moody's also upgraded Byblos Bank's constrained
foreign currency senior and subordinated bond ratings to B1 from
B2.


BLOM BANK: Moody's Puts Currency Deposit Ratings on Review
----------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade the global local currency deposit ratings of three
Lebanese banks (Bank Audi, Blom Bank and Byblos Bank).  All other
ratings assigned to these banks are not affected by this action.

"The review of the three banks' ratings will look at the extent to
which the Lebanese government's ability to provide support to its
banking system, if needed, is converging with the government's own
debt capacity as a result of the ongoing global economic and
credit crisis.  At present the GLC deposit ratings of the banks on
review receive a one-notch uplift due to systemic support," says
Stathis Kyriakides, a Limassol-based Moody's Assistant Vice
President - Analyst, and lead analyst for these issuers.

Moody's believes that most governments are at least as likely, if
not more likely, to support their banking systems as they are to
service their own debt, a view that has traditionally led to bank
ratings often benefiting from significant uplift due to systemic
support.  However, as the financial crisis continues, the capacity
of countries and their respective central banks to support their
banks converges with, and is increasingly constrained by, each
government's respective debt capacity.

As such, Moody's will be reassessing the level of systemic support
for the aforementioned Lebanese banks to determine whether the
systemic support they receive needs to be further aligned to the
government's local currency bond rating.  Moody's will review the
specific circumstances of Lebanon to determine the appropriate
systemic support for Lebanese bank ratings and the implications
for the three banks under review.

Factors that Moody's will consider in its assessment of systemic
support include the size of the banking system in relation to
government resources, the level of stress in the banking system,
the foreign currency obligations of the banking systems relative
to the government's own foreign exchange resources, and changes to
the government's political patterns and priorities.

The rating agency expects to conclude the review over the next few
weeks.

Meanwhile, the BFSRs of Bank Audi, Blom Bank and Byblos Bank are
unaffected as Moody's believes that their adequate capitalisation
enables them to absorb a level of stress in line with Moody's
expected loss assumptions.

The detailed ratings and actions are listed below:

Bank Audi:

  -- Bank financial strength rating of D- was unaffected and
     continues to carry a stable outlook

  -- Long-term global local currency (GLC) deposit rating of Ba2
     was placed on review for possible downgrade

  -- Long-term foreign currency deposit rating of B2 was
     unaffected as it remains constrained by Lebanon's foreign
     currency deposit ceiling and continues to carry a stable
     outlook

  -- National Scale Rating of Aa1.lb was unaffected and continues
     to carry a stable outlook

  -- Short-term local- and foreign-currency deposit ratings of
     Not-Prime were unaffected and carry a stable outlook

Blom Bank:

  -- Bank financial strength rating of D- was unaffected and
     continues to carry a stable outlook

  -- Long-term global local currency deposit rating of Ba2 was
     placed on review for possible downgrade

  -- Long-term foreign currency deposit rating of B2 was
     unaffected as it remains constrained by Lebanon's foreign
     currency deposit ceiling and continues to carry a stable
     outlook

  -- National Scale rating of Aa1.lb was unaffected and continues
     to carry a stable outlook

  -- Short-term local- and foreign-currency deposit ratings of
     Not-Prime were unaffected and carry a stable outlook

Byblos Bank:

  -- Bank financial strength rating of D- was unaffected and
     continues to carry a stable outlook

  -- Long-term global local currency (GLC) deposit rating of Ba2
     was placed on review for possible downgrade

  -- Long-term foreign currency deposit rating of B2 was
     unaffected as it remains constrained by Lebanon's foreign
     currency deposit ceiling and continues to carry a stable
     outlook

  -- Foreign currency senior unsecured debt rating of B1 was
     unaffected as it remains constrained by Lebanon's foreign
     currency debt ceiling and continues to carry a stable
     outlook.

  -- Foreign currency subordinated debt rating of B1 was
     unaffected as it remains constrained by Lebanon's foreign
     currency debt ceiling and continues to carry a stable outlook

  -- National Scale rating of Aa2.lb was unaffected and continues
     to carry a stable outlook

  -- Short term local- and foreign-currency deposit ratings of
     Not-Prime were unaffected and carry a stable outlook

Moody's previous rating action on Bank Audi, Blom Bank and Byblos
Bank was on April 2, 2009, when the rating agency upgraded to B2
from B3 the constrained long-term foreign currency deposit ratings
of these issuers.  Moody's also upgraded Byblos Bank's constrained
foreign currency senior and subordinated bond ratings to B1 from
B2.


BYBLOS BANK: Moody's Puts Currency Deposit Ratings on Review
------------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade the global local currency deposit ratings of three
Lebanese banks (Bank Audi, Blom Bank and Byblos Bank).  All other
ratings assigned to these banks are not affected by this action.

"The review of the three banks' ratings will look at the extent to
which the Lebanese government's ability to provide support to its
banking system, if needed, is converging with the government's own
debt capacity as a result of the ongoing global economic and
credit crisis.  At present the GLC deposit ratings of the banks on
review receive a one-notch uplift due to systemic support," says
Stathis Kyriakides, a Limassol-based Moody's Assistant Vice
President - Analyst, and lead analyst for these issuers.

Moody's believes that most governments are at least as likely, if
not more likely, to support their banking systems as they are to
service their own debt, a view that has traditionally led to bank
ratings often benefiting from significant uplift due to systemic
support.  However, as the financial crisis continues, the capacity
of countries and their respective central banks to support their
banks converges with, and is increasingly constrained by, each
government's respective debt capacity.

As such, Moody's will be reassessing the level of systemic support
for the aforementioned Lebanese banks to determine whether the
systemic support they receive needs to be further aligned to the
government's local currency bond rating.  Moody's will review the
specific circumstances of Lebanon to determine the appropriate
systemic support for Lebanese bank ratings and the implications
for the three banks under review.

Factors that Moody's will consider in its assessment of systemic
support include the size of the banking system in relation to
government resources, the level of stress in the banking system,
the foreign currency obligations of the banking systems relative
to the government's own foreign exchange resources, and changes to
the government's political patterns and priorities.

The rating agency expects to conclude the review over the next few
weeks.

Meanwhile, the BFSRs of Bank Audi, Blom Bank and Byblos Bank are
unaffected as Moody's believes that their adequate capitalisation
enables them to absorb a level of stress in line with Moody's
expected loss assumptions.

The detailed ratings and actions are listed below:

Bank Audi:

  -- Bank financial strength rating of D- was unaffected and
     continues to carry a stable outlook

  -- Long-term global local currency (GLC) deposit rating of Ba2
     was placed on review for possible downgrade

  -- Long-term foreign currency deposit rating of B2 was
     unaffected as it remains constrained by Lebanon's foreign
     currency deposit ceiling and continues to carry a stable
     outlook

  -- National Scale Rating of Aa1.lb was unaffected and continues
     to carry a stable outlook

  -- Short-term local- and foreign-currency deposit ratings of
     Not-Prime were unaffected and carry a stable outlook

Blom Bank:

  -- Bank financial strength rating of D- was unaffected and
     continues to carry a stable outlook

  -- Long-term global local currency deposit rating of Ba2 was
     placed on review for possible downgrade

  -- Long-term foreign currency deposit rating of B2 was
     unaffected as it remains constrained by Lebanon's foreign
     currency deposit ceiling and continues to carry a stable
     outlook

  -- National Scale rating of Aa1.lb was unaffected and continues
     to carry a stable outlook

  -- Short-term local- and foreign-currency deposit ratings of
     Not-Prime were unaffected and carry a stable outlook

Byblos Bank:

  -- Bank financial strength rating of D- was unaffected and
     continues to carry a stable outlook

  -- Long-term global local currency (GLC) deposit rating of Ba2
     was placed on review for possible downgrade

  -- Long-term foreign currency deposit rating of B2 was
     unaffected as it remains constrained by Lebanon's foreign
     currency deposit ceiling and continues to carry a stable
     outlook

  -- Foreign currency senior unsecured debt rating of B1 was
     unaffected as it remains constrained by Lebanon's foreign
     currency debt ceiling and continues to carry a stable
     outlook.

  -- Foreign currency subordinated debt rating of B1 was
     unaffected as it remains constrained by Lebanon's foreign
     currency debt ceiling and continues to carry a stable outlook

  -- National Scale rating of Aa2.lb was unaffected and continues
     to carry a stable outlook

  -- Short term local- and foreign-currency deposit ratings of
     Not-Prime were unaffected and carry a stable outlook

Moody's previous rating action on Bank Audi, Blom Bank and Byblos
Bank was on April 2, 2009, when the rating agency upgraded to B2
from B3 the constrained long-term foreign currency deposit ratings
of these issuers.  Moody's also upgraded Byblos Bank's constrained
foreign currency senior and subordinated bond ratings to B1 from
B2.



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

HO HUP: Indera Files Wind Up Petition Against Unit
--------------------------------------------------
Ho Hup Construction Company Bhd disclosed in a regulatory filing
that a winding-up petition has been served on Bukit Jalil
Development Sdn. Bhd. ("BJD"), a major subsidiary of the company,
by Indera Management Services (KL) Sdn. Bhd.  The High Court at
Kuala Lumpur will hear the petition on July 2, 2009.

The company said Indera Management Services alleges BJD of non-
payment of property management fee due amounting to MYR190,665.50
as at June 30, 2008.

The company is seeking legal advice on the strength of the
winding-up petition.  The directors of the company do not envisage
the impact of winding-up petition on the Group, financially or
operationally, to be very significant.

Ho Hup Construction Company Bhd is engaged in foundation
engineering, civil engineering, building contracting works and
hire of plant and machinery.  The company operates in three
segments: construction, which is engaged in foundation and civil
engineering, building contracting works and engineering,
procurement, construction and commissioning of pipeline system;
property development, which includes the development of
residential and commercial properties, and manufacturing, which
includes manufacturing and distribution of ready-mixed concrete
and concrete spun piles.  The company's subsidiaries include Ho
Hup Construction Company (India) Private Limited, Ho Hup
Construction Company Berhad (Madagascar Branch), Ho Hup
Corporation (Mauritius) Ltd, Ho Hup Corporation (South Africa) Pty
Ltd, Ho Hup Equipment Rental Sdn Bhd, Ho Hup Geotechnics Sdn Bhd,
Ho Hup Jaya Sdn Bhd, Mekarani Heights Sdn Bhd, Intermax Resources
Sdn Bhd and Timeless Element Sdn Bhd.

                          *     *     *

Messrs. Ernst & Young have expressed a disclaimer opinion in the
company's 2007 audited financial statements.  As a result, the
company became an affected listed issuer pursuant to paragraph 2.1
of the PN17/2005.  The auditors cited these factors that indicate
the existence of material uncertainties, which may cast
significant doubt on the ability of the group and the company to
continue as a going concerns:

   * the group and the company reported a net loss of
     MYR46.16 mil. and MYR19.04 mil. respectively during the year
     ended December 31, 2007.  As of that date, the group's
     current liabilities exceeded its current assets by
     MYR83.62 mil.  In addition, the recognition of the liability
     may increase the group's net current liabilities by
     MYR43.9 million;

   * Should the outcome of the arbitration case between the
     company and the Government of Madagascar be unfavorable to
     the company, the liquidity of the group and the company would
     be adversely affected; and

   * the Secured Bank Guarantees amounting to MYR43.41 mil. have
     been called upon by the Govt. of Madagascar from the
     Guarantor Bank following the dismissal of the company's
     application for leave to the Federal Courts on July 8, 2008.
     On July 25, 2008, the Guarantor Bank has paid MYR43.41 mil.
     to the  Govt. of Madagascar.  No provision has been made for
     the amounts of bank guarantees demanded by the Govt. of
     Madagascar but the amounts have been disclosed as Contingent
     Liabilities.  The non-recognition of the liability arising
     from the demand of bank guarantees by the Govt. of Madagascar
     is not in accordance with Financial Reporting Standards in
     Malaysia.  The  auditors were unable to perform sufficient
     appropriate audit procedures to ascertain whether the
     corresponding debit represents a recoverable amount or an
     expense in the income statement.


PECD BERHAD: Unit's Wind-up Petition Hearing Moved to September 3
-----------------------------------------------------------------
PECD Berhad said the winding-up petition by Tacam Jaya
Technologies Sdn. Bhd. against PECD Construction Sdn. Bhd., the
company's subsidiary, which was fixed for hearing on Feb. 17,
2009, had been further adjourned to September 3, 2009.

As reported in the Troubled Company Reporter-Asia Pacific on
July 3, 2008, PECD Berhad disclosed that the company's subsidiary,
PECD Construction Sdn Bhd, received a wind-up petition from
TacamJaya Technologies Sdn Bhd.

TacamJaya claimed for a sum MYR926,929.11, the alleged amount
owed by PECD Construction.

         Circumstances Leading to Filing of the Petition

   1) PECD Construction received a Notice pursuant to Section
      218 (2) (a) of the Companies Act, 1965 on March 28, 2008,
      from the petitioner's solicitors, Messrs. Goh Haslinda &
      Partners demanding payment of MYR926,929.11, the alleged
      amount due and owed under The Construction and Completion
      of the Proposed 6 Storey Private Hospital 3-Basement car
      park on Lot 290 & 291 Section 63, Jalan Tun Razak, Kuala
      Lumpur project; and

   2) The Petition was presented when payment were not made.

                       About PECD Berhad

PECD Berhad is engaged in investment holding and provision of
management services.  The company operates in four business
segments: construction, EPCC oil and gas, property development
and others.  Its wholly owned subsidiaries include Peremba
Construction Sdn. Bhd., which is engaged in general construction
and investment holding and Wong Heng Engineering Sdn. Bhd.,
which is engaged in investment holding and engineering,
procurement, construction and commissioning emphasizing in the
oil and gas, as well as the power sectors.  PECD Berhad's 70%-
owned subsidiary is Peremba Jaya Holdings Sdn. Bhd., which is
engaged in property development, construction and investment
holding.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on
March 7, 2008, that the company was classified as an Affected
Listed Issuer under Practice Note No. 17/2005 of the Listing
Requirements of Bursa Malaysia Securities Berhad, since the
company's shareholders' equity deficit reached MYR914.9 million
as at December 31, 2007.



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

BLIS TECHNOLOGIES: Posts NZ$488,000 Annual Net Loss
---------------------------------------------------
Blis Technologies reported a net loss of NZ$488,000 for the year
ended March 31, 2009, an improvement on the previous year's loss
of NZ$617,000.

Revenue for the year increased 31 percent to NZ$1.15 million while
product sales were down 7 percent to NZ$609,000 primarily due to
the reduction in sales in Australia and New Zealand.  Licensing
revenue from Nestle Nutrition for the year was NZ$155,000 compared
with nothing in the previous year.

The overall reduction in product sales occurred despite the marked
lift in sales in the USA following the appointment of Frutarom Ltd
as the global distributor in October 2008.  US sales were
NZ$325,000 with international revenue amounting to NZ$462,000.

NZ revenue was lower than the previous year by 28 percent, but
that was now being reversed in the current year as a result of the
marketing campaign developed with Pharmabroker NZ.

Shareholder funds currently stand at NZ$1.919 million, compared to
NZ$1.923 million the previous year.  No tax is payable and no
dividend will be paid.

Based in New Zealand, BLIS Technologies Limited (NZE:BLT) --
http://www.blis.co.nz/-- develops healthcare products based on
strains of bacteria that produce bacteriocin like inhibitory
substances (BLIS).  These BLIS probiotics are selective and target
disease causing bacteria.  BLIS K12 lozenges contain Streptococcus
salivarius K12, which have been shown to assist in maintaining
throat health.  BLIS Bio RESTORE is a course of specially selected
intestinal and oral bacteria designed to help repopulate the body
with beneficial bacteria.  BLIS Throat Spray contains natural oils
specially selected for their individual properties, and which as a
combination help soothe and moisten a dry irritated throat.  BLIS
K12 Travel Guard lozenges contain Streptococcus salivarius K12,
which has been shown to support the throat's natural immune
defense system.

                        *     *     *

BLIS Technologies reported three consecutive net losses of
NZ$616,811; NZ$964,253; and NZ$1,107,851 for the years ended
March 31, 2008, 2007 and 2006, respectively.


FISHER & PAYKEL: Sells Stake to Haier, Gets New Bank Funding
------------------------------------------------------------
Gavin Evans at Bloomberg News reports that Fisher & Paykel
Appliances Holdings Ltd. has sold a stake to China’s Haier Group
and arranged new bank funding.

According to Bloomberg News, Fisher & Paykel said China’s biggest
appliance maker will invest NZ$46 million (US$29 million) for a 17
percent stake and participate in a rights offer raising at least
another NZ$143 million.

As part of the refinancing package, investors, including Haier,
will be offered another share for every one held at 41 N.Z. cents
each, Bloomberg News says.  The offer is being underwritten by the
local units of Deutsche Bank AG and Credit Suisse.

Agence France-Presse relates Fisher & Paykel and Haier have also
struck a co-operation deal where they will share market resources,
develop products and co-ordinate their manufacturing facilities.
Haier will have exclusive marketing and distribution rights for
Fisher & Paykel products in China and Fisher & Paykel will have
the same rights for Haier products in Australasia, AFP says.

                         New Bank Funding

The company arranged a new NZ$575 million, three- year banking
package, Bloomberg News discloses.  Of this, NZ$235 million has to
be repaid by the end of April next year, AFP says.

Bloomberg News relates Fisher & Paykel posted a NZ$95.3 million
full-year loss Wednesday after sales in Europe and the U.S.
plunged and it was forced to sell properties to reduce debt.  The
same report recalls the company warned investors in February it
may need to raise capital after a plant closure in the U.S. and a
slump in the New Zealand dollar increased debts incurred shifting
output overseas.

AFP says the New Zealand white goods manufacturer's debt ballooned
to US$323.5 million as it shifted manufacturing to cheaper
countries such as Thailand and Mexico.

                       About Fisher & Paykel

Fisher & Paykel Appliances Holdings Ltd. --
http://www.fisherpaykel.com/--  is a New Zealand-based company,
which has two principal areas of business: Appliance manufacturer,
distributor and marketer (Appliances Group) and Financial services
in New Zealand (Finance Group).  The principal activity of the
Appliances business is the design, manufacture and marketing of
household appliances.  Its major markets are New Zealand,
Australia, North America and Europe. The Appliances business has
manufacturing operations in New Zealand, Australia, North America,
Italy and Thailand.  The Finance business is a provider of retail
point of sale consumer finance (including the Farmers Finance
Card), insurance services, and rental and leasing finance.



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

GOTESCO LAND: SEC Revokes Licence Due to Non-Submission of Reports
------------------------------------------------------------------
The Philippine Stock Exchange (PSE) received an order from the
Securities and Exchange Commission revoking the license of Gotesco
Land, (Inc.) due to its non-compliance of Structured Repertorial
Requirements.

According to the PSE's disclosure, Gotesco Land failed to file:

   -- 2007 Annual Report (SEC Form 17-A);
   -- 2008 1st Quarter Report (SEC Form 17-Q);
   -- 2008 2nd Quarter Report (SEC Form 17-Q); and
   -- 2008 3rd Quarter Report (SEC Form 17-Q).

Headquartered in Manila, Philippines, Gotesco Land, Inc. is the
holding company of the Ever-Gotesco Group of Companies for its
property development projects.  As a real estate company, it
acquired various interests principally involved in
leisure/tourist estate developments.  The company was partially
successful in the early part of the three-year period but was
hit by the 1997 Asian economic crisis that led to the temporary
suspension of some of its affiliates' various on-going real
estate projects.



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

DMC CHEMICALS: Court to Hear Wind-Up Petition on June 5
-------------------------------------------------------
A petition to have DMC Chemicals Pte Ltd's operations wound up
will be heard before the High Court of Singapore on June 5, 2009,
at 10:00 a.m.

The petitioner's solicitor is:

          Cheryl-Ann Yeo Wen Si
          Messrs Pacific Law Corporation
          No. 133 New Bridge Road #22-02
          Chinatown Point
          Singapore 059413


KIAN SENG: Creditors' Proofs of Debt Due on June 15
---------------------------------------------------
Kian Seng Lee (1488) Food Manufacturers Pte Ltd, which is in
liquidation, requires its creditors to file their proofs of debt
by June 15, 2009, to be included in the company's dividend
distribution.

The company's liquidator is:

         Don M Ho, FCPA
         c/o Don Ho & Associates
         c/o Certified Public Accountants
         Corporate Advisory & Recoveries
         Equity Plaza 20 Cecil Street #12-02
         Singapore 049705


TINCEL PROPERTIES: Creditors' Proofs of Debt Due on June 25
-----------------------------------------------------------
The creditors of Tincel Properties (Private) Limited are required
to file their proofs of debt by June 25, 2009, to be included in
the company's dividend distribution.

The company's liquidator is:

         Tam Chee Chong
         6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


VIRTUAL INNOVATIONS: Court to Hear Wind-Up Petition on June 5
-------------------------------------------------------------
A petition to have Virtual Innovations Private Limited's
operations wound up will be heard before the High Court of
Singapore on June 5, 2009, at 10:00 a.m.

Panju Zulfikarali filed the petition against the company on
May 13, 2009.

The Petitioner's solicitors are:

          Messrs WongPartnership LLP
          One George Street #20-01
          Singapore 049145



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

TMB BANK: Moody's Reviews Debt & Deposit Ratings for Poss. Cut
--------------------------------------------------------------
Moody's Investors Service has placed the debt and deposit ratings
of 11 banks in Thailand on review for possible downgrade.

The banks affected are Bangkok Bank, Bank of Ayudhya, Export-
Import Bank of Thailand, Government Housing Bank, Kasikornbank,
Krung Thai Bank, Siam City Bank, Siam Commercial Bank, Standard
Chartered Bank Thailand, TMB Bank and United Overseas Bank
Thailand.

"The review of their debt and deposit ratings will look at the
extent to which Thailand's ability to provide support to its
banking system, if needed, is converging with the government's own
debt capacity as a result of the ongoing global economic and
credit crisis," says Karolyn Seet, a Moody's Assistant Vice
President and Analyst.

"Moody's believes that most governments are at least as likely, if
not more likely, to support their banking systems as they are to
service their own debt -- a view that has traditionally led to
bank ratings often benefiting from significant uplift due to
systemic support," says Seet.

"However, as the financial crisis continues, the capacity of a
country and its central bank to support its banks converges with,
and is increasingly constrained by, the government's own debt
capacity," says Seet.  In this respect, please see Moody's recent
report "Financial Crisis More Closely Aligns Bank Credit Risk and
Government Ratings in Non-Aaa Countries" available on
www.moodys.com.

"As such, Moody's will be reassessing the level of systemic
support for the banks listed above to determine whether the
systemic support they receive needs to be more closely aligned to
the government's local currency bond rating," says Seet.

Moody's will review the specific circumstances of Thailand to
determine the appropriate systemic support for Thailand's bank
ratings and the implications for the 11 banks that have been
identified as being potentially affected.

Factors that Moody's will consider in its assessment of systemic
support include the size of the banking system in relation to
government resources, the level of stress in the banking system,
the foreign currency obligations of the banking systems relative
to the government's own foreign exchange resources, and changes to
the government's political patterns and priorities.

Moody's assesses Thailand to be a high support country.  This
guideline takes into consideration the history of support for
banks, the size, strength and the degree of fragmentation of the
Thai banking system.

Thai banking assets equal around 90% of GDP.  Thailand's
government debt, low relative to the country's GDP, is underpinned
by the hardiness of the domestic banking and financial system,
allowing the government a high degree of flexibility in extending
support to the banking system through liquidity and capital
assistance, as exemplified in the past.  The banking system does
not rely substantially on the supply of foreign currency to fund
its operations.

The credit stress evident in the Thai banking system is low
relative to other Asian countries, following the worldwide
economic recession and domestic political unrest.  Banking system
NPLs have remained rather resilient to the global downturn and
have shown signs of only a gradual increase to date (approximately
0.5% on average).  Thai banking system loans have experienced
tepid growth in the past 10 years, and are expected to continue to
grow during the course of 2009.

The rating review has been prompted by the severity and longevity
of the global economic crisis and the country's political turmoil
-- as reflected by Moody's negative credit outlook on the Thai
banking system.  Over the next two years, banks are likely to
experience higher credit-related write-downs, lower growth and
lower revenue, which in turn may pressure the banks' current
capitalization levels.

With regard to political and historical patterns, necessary
procedures and policy instruments to deal with banking system
problems have been established and tested since the 1997 Asian
Financial Crisis.  In Moody's view, in case of need, support is
likely to be provided for the system's banks.  The support
framework for problematic banks will likely aim to maintain
ordinary banking functions and to avoid the liquidation of any
bank.

Moody's notes that the review is unlikely to lead to more than a
one-notch change in the debt and deposit ratings of the
institutions under review. It expects to conclude the review over
the next few weeks.

All other bank ratings in Thailand are not impacted by the
reassessment of the systemic support level.

The last rating actions for BBL, EXIMT, GHB, KBank, KTB, SCB, SCBT
and UOBT, were on December 5, 2008, when the outlook of their
foreign currency debt and deposit ratings was revised to negative
from stable;

The last rating action for BAY was on April 10, 2008 when the BFSR
was upgraded to D from D-;

The last rating action for KTB was on December 8, 2008, when the
outlook on its D- BFSR, A3/Prime-1 local currency deposit ratings
and the Baa3 rating for its preferred stock were changed to
negative from stable;

The last rating action for SCIB was on May 4, 2007, when its BFSR
was affirmed at D.  Its long-term foreign currency deposit rating
was changed to Baa2 from Baa3 and short-term foreign currency
deposit rating was left unchanged at P-3.  Its foreign currency
debt rating for senior unsecured MTN was changed to Baa2 from
Baa3.  Its foreign currency debt rating for subordinate MTN
obligations was changed to Baa3 from Ba1;

The last rating action for TMB was on June 20, 2007, when its B1
Hybrid Tier 1 securities was affirmed.

These ratings were placed on review for downgrade:

(i) BBL: the foreign currency long-term deposit rating of Baa1
with a negative outlook; the foreign currency short-term deposit
rating of P-2 with a stable outlook; the foreign currency
subordinated debt rating of Baa2 with a stable outlook;

(ii) BAY: the foreign currency long-term deposit rating of Baa2;
the foreign currency senior unsecured debt rating of Baa2; the
foreign currency short-term deposit rating of P-2; all with a
stable outlook;

(iii) EXIMT: The foreign currency issuer rating of A3 with a
negative outlook;

(iv) GHB: the foreign currency long-term deposit rating of Baa1
with a negative outlook and the foreign currency short-term
deposit rating of P-2 with a stable outlook;

(v) KBank: the foreign currency long-term deposit rating of Baa1
with a negative outlook; the foreign currency short-term deposit
rating of P-2 with a stable outlook; the local currency deposit
ratings of A3/P-1 with stable outlooks; the foreign currency
subordinated debt rating of Baa1 with a negative outlook;

(vi) KTB: the foreign currency long-term deposit rating of Baa1
with a negative outlook; the foreign currency short-term deposit
rating of P-2 with a stable outlook; the local currency deposit
ratings of A3/P-1 with negative outlooks; the foreign currency
certificate of deposit program rating of Baa1 and the foreign
currency preferred stock rating of Baa3 with negative outlooks;

(vii) SCIB: the foreign currency long-term deposit rating of Baa2,
the foreign currency senior unsecured debt ratings of Baa2/P-3;
the foreign currency subordinated debt rating of Baa3; the foreign
currency short-term deposit rating of P-3; all with stable
outlooks;

(viii) SCB: the foreign currency long-term deposit rating of Baa1
with a negative outlook; the foreign currency short-term deposit
rating of P-2 with a stable outlook; the local currency deposit
ratings of A3/P-1 with stable outlooks;

(ix) SCBT: the foreign currency long-term deposit rating of Baa1
with a negative outlook; the foreign currency short-term deposit
rating of P-2 with a stable outlook; the foreign currency issuer
ratings of A3/P-2; the local currency issuer ratings of A3/P-1;
the local currency deposit ratings of A3/P-1 with stable outlooks;

(x) TMB: the foreign currency long-term deposit rating of Baa2;
the foreign currency short-term deposit rating of P-2; the foreign
currency preferred stock rating of B1; all with stable outlooks;

(xi) UOBT: the foreign currency long term deposit rating of Baa1
with a negative outlook; the foreign currency short-term deposit
rating of P-2 with a stable outlook.

BBL, headquartered in Bangkok, had total assets of Bt1,677 billion
as of end-2008.

BAY, headquartered in Bangkok, had total assets of Bt745 billion
as of end-2008.

EXIMT, headquartered in Bangkok, had total assets of Bt60 billion
as of end-2008.

GHB, headquartered in Bangkok, had total assets of Bt664 billion
as of end-2008.

KBank, headquartered in Bangkok, had total assets of Bt1,303
billion as of end-2008.

KTB, headquartered in Bangkok, had total assets of Bt1,330 billion
as of end-2008.

SCIB, headquartered in Bangkok, had total assets of Bt420 billion
as of end-2008.

SCB, headquartered in Bangkok, had total assets of Bt1,241 billion
as of end-2008.

SCBT, headquartered in Bangkok, had total assets of Bt290 billion
as of end-2008.

TMB, headquartered in Bangkok, had total assets of Bt602 billion
as of end-2008.

UOBT, headquartered in Bangkok, had total assets of Bt217 billion
as of end-2008.



=============
V I E T N A M
=============

ASIA COMMERCIAL: Moody's Puts Low-B Ratings on Review
------------------------------------------------------
Moody's Investors Service has placed the deposit and issuer
ratings of four Vietnamese banks on review for possible downgrade.

The banks affected are Asia Commercial Bank, Bank for Investment
and Development, Techcombank and Vietnam International Bank.

At the same time, Moody's has placed the bank financial strength
rating of VIB on review for possible downgrade.

                          Review Of BFSR

"The review of VIB's D- BFSR will focus on the likely
deterioration of the Vietnamese operating environment and its
potential impact on the bank's financial fundamentals and its
overall creditworthiness," says Karolyn Seet, a Moody's Assistant
Vice President and Analyst.  "Although currently its profitability
and capital levels seem adequate, Moody's believes that these
factors are likely to prove less resilient to stressed conditions
than those of its D- rated peers."

Moody's cautions that these factors may translate into a
significant deterioration of the bank's capital adequacy and
earnings generation over the course of 2009: (i) the deteriorating
macro-economic environment in Vietnam, which is expected to lead
to higher default rates among borrowers, (ii) the ongoing global
crisis, which continues to weigh negatively on export markets,
unemployment levels and property prices, and (iii) reduced
profitability due to elevated credit costs, a lower interest rate
environment, and weaker loan growth.

In determining VIB's BFSR, Moody's will also assess its capital
level after incorporating expected losses in its risk assets using
scenario analysis.  This approach is consistent with the Moody's
special comment titled "Calibrating Bank Ratings in the Context of
the Global Financial Crisis," February 2009.

               Review Of Debt And Deposit Ratings

On the issue of government support: "The review of the banks' debt
and deposit ratings will look at the extent to which Vietnam's
ability to provide support to its banking system - if needed - is
converging with the government's own debt capacity as a result of
the ongoing global economic and credit crisis," says Seet.

"Moody's believes that most governments are at least as likely, if
not more likely, to support their banking systems as they are to
service their own debt -- a view that has traditionally led to
bank ratings often benefiting from significant uplift due to
systemic support," says Seet.

"However, as the financial crisis continues, the capacity of a
country and its central bank to support its banks converges with,
and is increasingly constrained by, the government's own debt
capacity," says Seet.  In this respect, please see Moody's recent
report "Financial Crisis More Closely Aligns Bank Credit Risk and
Government Ratings in Non-Aaa Countries" available on
www.moodys.com.

"As such, Moody's will be reassessing the level of systemic
support for the banks listed above to determine whether the
systemic support they receive needs to be more closely aligned to
the government's local currency bond rating," says Seet.

Moody's will review the specific circumstances of Vietnam to
determine the appropriate systemic support for Vietnam's bank
ratings and the implications for the four banks that have been
identified as being potentially affected.

Factors that Moody's will consider in its assessment of systemic
support include the size of the banking system in relation to
government resources, the level of stress in the banking system,
the foreign currency obligations of the banking systems relative
to the government's own foreign exchange resources, and changes to
the government's political patterns and priorities.

Moody's assesses Vietnam to be a medium support country.  This
guideline takes into consideration the history of support for
banks, the size, strength and the degree of fragmentation of the
Vietnamese banking system.

Vietnamese banking assets equal around 120% of GDP.  Vietnam's
government debt, low relative to the country's GDP, is underpinned
by the evolving domestic banking and financial system, allowing
the government a high degree of flexibility in extending support
to the banking system through liquidity and capital assistance, as
exemplified in the past.  The banking system does not rely
substantially on the supply of foreign currency to fund its
operations.

The credit stress evident in the banking system is low, following
the worldwide economic recession.  The Vietnamese banking system's
loans have experienced robust double-digit growth in the past 10
years, and are expected to continue to grow during the course of
2009.  Banking system NPLs have shown signs of only a gradual
increase to date (approximately 1% on average).

On the down side, as a result of the high loan growth, pressure on
asset quality across all asset classes is expected to continue
throughout 2009 and into 2010.  Banks with lower tier-1 and
tangible common equity ratios and higher expected losses on their
risk assets, are likely to experience more significant pressure on
their BFSRs.  This rating review has been prompted by the severity
and longevity of the global economic crisis -- as reflected by
Moody's negative credit outlook on the Vietnamese banking system.

With regard to political and historical patterns, necessary
procedures and policy instruments to deal with banking system
problems have been established since the 1997 Asian Financial
Crisis.  In Moody's view, in case of need, support is likely to be
provided for the system's key banks.  The support framework for
problematic banks aims to maintain ordinary banking functions and
to avoid the liquidation of any major bank.

Moody's notes that the review is unlikely to lead to more than a
one-notch change in the debt and deposit ratings of ACB, BIDV and
TCB. It expects to conclude the review over the next few weeks.
For VIB, its BFSR review for possible downgrade is expected to be
concluded within the next three months.

All other bank ratings in Vietnam are not impacted by the
reassessment of the systemic support level.

The last rating action for BIDV and ACB was on June 4, 2008 when
the rating outlook for their B1 foreign currency deposits was
revised to negative from positive.  The revision followed the
sovereign rating action taken on the outlook for Vietnam's B1
foreign currency deposit ceiling to negative from positive;

The last rating action for TCB was on June 12, 2008 when the
outlook on its BFSR was changed to stable from positive;

The last rating action for VIB was on July 2, 2008 when the bank's
ratings were first assigned.

These ratings were placed on review for possible downgrade:

(i) ACB: the local currency long-term deposit rating of Ba1; the
local currency long-term issuer rating of Ba1; the foreign
currency long-term issuer rating of Ba2;

(ii) BIDV: the local currency long-term deposit rating of Ba1; the
local currency long-term issuer rating of Ba1; the foreign
currency long-term issuer rating of Ba2;

(iii) TCB: the local currency long-term deposit rating of Ba1; the
local currency long-term issuer rating of Ba1; the foreign
currency long-term issuer rating of Ba2;

(iv) VIB: BFSR of D-; the local currency long-term deposit rating
of Ba2; the local currency long-term issuer rating of Ba2; the
foreign currency long-term issuer rating of Ba2;

ACB, headquartered in Ho Chi Minh City, had total assets of VND105
trillion as of end-2008.

BIDV, headquartered in Hanoi, had total assets of VND242 trillion
as of end-2008.

TCB, headquartered in Hanoi, had total assets of VND59 trillion as
of end-2008.

VIB, headquartered in Hanoi, had total assets of VND35 trillion as
of end-2008.


BIDV: Moody's Puts Low-B Ratings on Review for Poss. Downgrade
--------------------------------------------------------------
Moody's Investors Service has placed the deposit and issuer
ratings of four Vietnamese banks on review for possible downgrade.

The banks affected are Asia Commercial Bank, Bank for Investment
and Development, Techcombank and Vietnam International Bank.

At the same time, Moody's has placed the bank financial strength
rating of VIB on review for possible downgrade.

                          Review Of BFSR

"The review of VIB's D- BFSR will focus on the likely
deterioration of the Vietnamese operating environment and its
potential impact on the bank's financial fundamentals and its
overall creditworthiness," says Karolyn Seet, a Moody's Assistant
Vice President and Analyst.  "Although currently its profitability
and capital levels seem adequate, Moody's believes that these
factors are likely to prove less resilient to stressed conditions
than those of its D- rated peers."

Moody's cautions that these factors may translate into a
significant deterioration of the bank's capital adequacy and
earnings generation over the course of 2009: (i) the deteriorating
macro-economic environment in Vietnam, which is expected to lead
to higher default rates among borrowers, (ii) the ongoing global
crisis, which continues to weigh negatively on export markets,
unemployment levels and property prices, and (iii) reduced
profitability due to elevated credit costs, a lower interest rate
environment, and weaker loan growth.

In determining VIB's BFSR, Moody's will also assess its capital
level after incorporating expected losses in its risk assets using
scenario analysis.  This approach is consistent with the Moody's
special comment titled "Calibrating Bank Ratings in the Context of
the Global Financial Crisis," February 2009.

               Review Of Debt And Deposit Ratings

On the issue of government support: "The review of the banks' debt
and deposit ratings will look at the extent to which Vietnam's
ability to provide support to its banking system - if needed - is
converging with the government's own debt capacity as a result of
the ongoing global economic and credit crisis," says Seet.

"Moody's believes that most governments are at least as likely, if
not more likely, to support their banking systems as they are to
service their own debt -- a view that has traditionally led to
bank ratings often benefiting from significant uplift due to
systemic support," says Seet.

"However, as the financial crisis continues, the capacity of a
country and its central bank to support its banks converges with,
and is increasingly constrained by, the government's own debt
capacity," says Seet.  In this respect, please see Moody's recent
report "Financial Crisis More Closely Aligns Bank Credit Risk and
Government Ratings in Non-Aaa Countries" available on
www.moodys.com.

"As such, Moody's will be reassessing the level of systemic
support for the banks listed above to determine whether the
systemic support they receive needs to be more closely aligned to
the government's local currency bond rating," says Seet.

Moody's will review the specific circumstances of Vietnam to
determine the appropriate systemic support for Vietnam's bank
ratings and the implications for the four banks that have been
identified as being potentially affected.

Factors that Moody's will consider in its assessment of systemic
support include the size of the banking system in relation to
government resources, the level of stress in the banking system,
the foreign currency obligations of the banking systems relative
to the government's own foreign exchange resources, and changes to
the government's political patterns and priorities.

Moody's assesses Vietnam to be a medium support country.  This
guideline takes into consideration the history of support for
banks, the size, strength and the degree of fragmentation of the
Vietnamese banking system.

Vietnamese banking assets equal around 120% of GDP.  Vietnam's
government debt, low relative to the country's GDP, is underpinned
by the evolving domestic banking and financial system, allowing
the government a high degree of flexibility in extending support
to the banking system through liquidity and capital assistance, as
exemplified in the past.  The banking system does not rely
substantially on the supply of foreign currency to fund its
operations.

The credit stress evident in the banking system is low, following
the worldwide economic recession.  The Vietnamese banking system's
loans have experienced robust double-digit growth in the past 10
years, and are expected to continue to grow during the course of
2009.  Banking system NPLs have shown signs of only a gradual
increase to date (approximately 1% on average).

On the down side, as a result of the high loan growth, pressure on
asset quality across all asset classes is expected to continue
throughout 2009 and into 2010.  Banks with lower tier-1 and
tangible common equity ratios and higher expected losses on their
risk assets, are likely to experience more significant pressure on
their BFSRs.  This rating review has been prompted by the severity
and longevity of the global economic crisis -- as reflected by
Moody's negative credit outlook on the Vietnamese banking system.

With regard to political and historical patterns, necessary
procedures and policy instruments to deal with banking system
problems have been established since the 1997 Asian Financial
Crisis.  In Moody's view, in case of need, support is likely to be
provided for the system's key banks.  The support framework for
problematic banks aims to maintain ordinary banking functions and
to avoid the liquidation of any major bank.

Moody's notes that the review is unlikely to lead to more than a
one-notch change in the debt and deposit ratings of ACB, BIDV and
TCB. It expects to conclude the review over the next few weeks.
For VIB, its BFSR review for possible downgrade is expected to be
concluded within the next three months.

All other bank ratings in Vietnam are not impacted by the
reassessment of the systemic support level.

The last rating action for BIDV and ACB was on June 4, 2008 when
the rating outlook for their B1 foreign currency deposits was
revised to negative from positive.  The revision followed the
sovereign rating action taken on the outlook for Vietnam's B1
foreign currency deposit ceiling to negative from positive;

The last rating action for TCB was on June 12, 2008 when the
outlook on its BFSR was changed to stable from positive;

The last rating action for VIB was on July 2, 2008 when the bank's
ratings were first assigned.

These ratings were placed on review for possible downgrade:

(i) ACB: the local currency long-term deposit rating of Ba1; the
local currency long-term issuer rating of Ba1; the foreign
currency long-term issuer rating of Ba2;

(ii) BIDV: the local currency long-term deposit rating of Ba1; the
local currency long-term issuer rating of Ba1; the foreign
currency long-term issuer rating of Ba2;

(iii) TCB: the local currency long-term deposit rating of Ba1; the
local currency long-term issuer rating of Ba1; the foreign
currency long-term issuer rating of Ba2;

(iv) VIB: BFSR of D-; the local currency long-term deposit rating
of Ba2; the local currency long-term issuer rating of Ba2; the
foreign currency long-term issuer rating of Ba2;

ACB, headquartered in Ho Chi Minh City, had total assets of
VND105 trillion as of end-2008.

BIDV, headquartered in Hanoi, had total assets of VND242 trillion
as of end-2008.

TCB, headquartered in Hanoi, had total assets of VND59 trillion as
of end-2008.

VIB, headquartered in Hanoi, had total assets of VND35 trillion as
of end-2008.


TECHCOMBANK: Moody's Puts Currency Deposit Ratings on Review
-------------------------------------------------------------
Moody's Investors Service has placed the deposit and issuer
ratings of four Vietnamese banks on review for possible downgrade.

The banks affected are Asia Commercial Bank, Bank for Investment
and Development, Techcombank and Vietnam International Bank.

At the same time, Moody's has placed the bank financial strength
rating of VIB on review for possible downgrade.

                          Review Of BFSR

"The review of VIB's D- BFSR will focus on the likely
deterioration of the Vietnamese operating environment and its
potential impact on the bank's financial fundamentals and its
overall creditworthiness," says Karolyn Seet, a Moody's Assistant
Vice President and Analyst.  "Although currently its profitability
and capital levels seem adequate, Moody's believes that these
factors are likely to prove less resilient to stressed conditions
than those of its D- rated peers."

Moody's cautions that these factors may translate into a
significant deterioration of the bank's capital adequacy and
earnings generation over the course of 2009: (i) the deteriorating
macro-economic environment in Vietnam, which is expected to lead
to higher default rates among borrowers, (ii) the ongoing global
crisis, which continues to weigh negatively on export markets,
unemployment levels and property prices, and (iii) reduced
profitability due to elevated credit costs, a lower interest rate
environment, and weaker loan growth.

In determining VIB's BFSR, Moody's will also assess its capital
level after incorporating expected losses in its risk assets using
scenario analysis.  This approach is consistent with the Moody's
special comment titled "Calibrating Bank Ratings in the Context of
the Global Financial Crisis," February 2009.

               Review Of Debt And Deposit Ratings

On the issue of government support: "The review of the banks' debt
and deposit ratings will look at the extent to which Vietnam's
ability to provide support to its banking system - if needed - is
converging with the government's own debt capacity as a result of
the ongoing global economic and credit crisis," says Seet.

"Moody's believes that most governments are at least as likely, if
not more likely, to support their banking systems as they are to
service their own debt -- a view that has traditionally led to
bank ratings often benefiting from significant uplift due to
systemic support," says Seet.

"However, as the financial crisis continues, the capacity of a
country and its central bank to support its banks converges with,
and is increasingly constrained by, the government's own debt
capacity," says Seet.  In this respect, please see Moody's recent
report "Financial Crisis More Closely Aligns Bank Credit Risk and
Government Ratings in Non-Aaa Countries" available on
www.moodys.com.

"As such, Moody's will be reassessing the level of systemic
support for the banks listed above to determine whether the
systemic support they receive needs to be more closely aligned to
the government's local currency bond rating," says Seet.

Moody's will review the specific circumstances of Vietnam to
determine the appropriate systemic support for Vietnam's bank
ratings and the implications for the four banks that have been
identified as being potentially affected.

Factors that Moody's will consider in its assessment of systemic
support include the size of the banking system in relation to
government resources, the level of stress in the banking system,
the foreign currency obligations of the banking systems relative
to the government's own foreign exchange resources, and changes to
the government's political patterns and priorities.

Moody's assesses Vietnam to be a medium support country.  This
guideline takes into consideration the history of support for
banks, the size, strength and the degree of fragmentation of the
Vietnamese banking system.

Vietnamese banking assets equal around 120% of GDP.  Vietnam's
government debt, low relative to the country's GDP, is underpinned
by the evolving domestic banking and financial system, allowing
the government a high degree of flexibility in extending support
to the banking system through liquidity and capital assistance, as
exemplified in the past.  The banking system does not rely
substantially on the supply of foreign currency to fund its
operations.

The credit stress evident in the banking system is low, following
the worldwide economic recession.  The Vietnamese banking system's
loans have experienced robust double-digit growth in the past 10
years, and are expected to continue to grow during the course of
2009.  Banking system NPLs have shown signs of only a gradual
increase to date (approximately 1% on average).

On the down side, as a result of the high loan growth, pressure on
asset quality across all asset classes is expected to continue
throughout 2009 and into 2010.  Banks with lower tier-1 and
tangible common equity ratios and higher expected losses on their
risk assets, are likely to experience more significant pressure on
their BFSRs.  This rating review has been prompted by the severity
and longevity of the global economic crisis -- as reflected by
Moody's negative credit outlook on the Vietnamese banking system.

With regard to political and historical patterns, necessary
procedures and policy instruments to deal with banking system
problems have been established since the 1997 Asian Financial
Crisis.  In Moody's view, in case of need, support is likely to be
provided for the system's key banks.  The support framework for
problematic banks aims to maintain ordinary banking functions and
to avoid the liquidation of any major bank.

Moody's notes that the review is unlikely to lead to more than a
one-notch change in the debt and deposit ratings of ACB, BIDV and
TCB. It expects to conclude the review over the next few weeks.
For VIB, its BFSR review for possible downgrade is expected to be
concluded within the next three months.

All other bank ratings in Vietnam are not impacted by the
reassessment of the systemic support level.

The last rating action for BIDV and ACB was on June 4, 2008 when
the rating outlook for their B1 foreign currency deposits was
revised to negative from positive.  The revision followed the
sovereign rating action taken on the outlook for Vietnam's B1
foreign currency deposit ceiling to negative from positive;

The last rating action for TCB was on June 12, 2008 when the
outlook on its BFSR was changed to stable from positive;

The last rating action for VIB was on July 2, 2008 when the bank's
ratings were first assigned.

These ratings were placed on review for possible downgrade:

(i) ACB: the local currency long-term deposit rating of Ba1; the
local currency long-term issuer rating of Ba1; the foreign
currency long-term issuer rating of Ba2;

(ii) BIDV: the local currency long-term deposit rating of Ba1; the
local currency long-term issuer rating of Ba1; the foreign
currency long-term issuer rating of Ba2;

(iii) TCB: the local currency long-term deposit rating of Ba1; the
local currency long-term issuer rating of Ba1; the foreign
currency long-term issuer rating of Ba2;

(iv) VIB: BFSR of D-; the local currency long-term deposit rating
of Ba2; the local currency long-term issuer rating of Ba2; the
foreign currency long-term issuer rating of Ba2;

ACB, headquartered in Ho Chi Minh City, had total assets of
VND105 trillion as of end-2008.

BIDV, headquartered in Hanoi, had total assets of VND242 trillion
as of end-2008.

TCB, headquartered in Hanoi, had total assets of VND59 trillion as
of end-2008.

VIB, headquartered in Hanoi, had total assets of VND35 trillion as
of end-2008.


VIETNAM INTERNATIONAL: Moody's Places 'D-' BFSR on Review
---------------------------------------------------------
Moody's Investors Service has placed the deposit and issuer
ratings of four Vietnamese banks on review for possible downgrade.

The banks affected are Asia Commercial Bank, Bank for Investment
and Development, Techcombank and Vietnam International Bank.

At the same time, Moody's has placed the bank financial strength
rating of VIB on review for possible downgrade.

                          Review Of BFSR

"The review of VIB's D- BFSR will focus on the likely
deterioration of the Vietnamese operating environment and its
potential impact on the bank's financial fundamentals and its
overall creditworthiness," says Karolyn Seet, a Moody's Assistant
Vice President and Analyst.  "Although currently its profitability
and capital levels seem adequate, Moody's believes that these
factors are likely to prove less resilient to stressed conditions
than those of its D- rated peers."

Moody's cautions that these factors may translate into a
significant deterioration of the bank's capital adequacy and
earnings generation over the course of 2009: (i) the deteriorating
macro-economic environment in Vietnam, which is expected to lead
to higher default rates among borrowers, (ii) the ongoing global
crisis, which continues to weigh negatively on export markets,
unemployment levels and property prices, and (iii) reduced
profitability due to elevated credit costs, a lower interest rate
environment, and weaker loan growth.

In determining VIB's BFSR, Moody's will also assess its capital
level after incorporating expected losses in its risk assets using
scenario analysis.  This approach is consistent with the Moody's
special comment titled "Calibrating Bank Ratings in the Context of
the Global Financial Crisis," February 2009.

               Review Of Debt And Deposit Ratings

On the issue of government support: "The review of the banks' debt
and deposit ratings will look at the extent to which Vietnam's
ability to provide support to its banking system - if needed - is
converging with the government's own debt capacity as a result of
the ongoing global economic and credit crisis," says Seet.

"Moody's believes that most governments are at least as likely, if
not more likely, to support their banking systems as they are to
service their own debt -- a view that has traditionally led to
bank ratings often benefiting from significant uplift due to
systemic support," says Seet.

"However, as the financial crisis continues, the capacity of a
country and its central bank to support its banks converges with,
and is increasingly constrained by, the government's own debt
capacity," says Seet.  In this respect, please see Moody's recent
report "Financial Crisis More Closely Aligns Bank Credit Risk and
Government Ratings in Non-Aaa Countries" available on
www.moodys.com.

"As such, Moody's will be reassessing the level of systemic
support for the banks listed above to determine whether the
systemic support they receive needs to be more closely aligned to
the government's local currency bond rating," says Seet.

Moody's will review the specific circumstances of Vietnam to
determine the appropriate systemic support for Vietnam's bank
ratings and the implications for the four banks that have been
identified as being potentially affected.

Factors that Moody's will consider in its assessment of systemic
support include the size of the banking system in relation to
government resources, the level of stress in the banking system,
the foreign currency obligations of the banking systems relative
to the government's own foreign exchange resources, and changes to
the government's political patterns and priorities.

Moody's assesses Vietnam to be a medium support country.  This
guideline takes into consideration the history of support for
banks, the size, strength and the degree of fragmentation of the
Vietnamese banking system.

Vietnamese banking assets equal around 120% of GDP.  Vietnam's
government debt, low relative to the country's GDP, is underpinned
by the evolving domestic banking and financial system, allowing
the government a high degree of flexibility in extending support
to the banking system through liquidity and capital assistance, as
exemplified in the past.  The banking system does not rely
substantially on the supply of foreign currency to fund its
operations.

The credit stress evident in the banking system is low, following
the worldwide economic recession.  The Vietnamese banking system's
loans have experienced robust double-digit growth in the past 10
years, and are expected to continue to grow during the course of
2009.  Banking system NPLs have shown signs of only a gradual
increase to date (approximately 1% on average).

On the down side, as a result of the high loan growth, pressure on
asset quality across all asset classes is expected to continue
throughout 2009 and into 2010.  Banks with lower tier-1 and
tangible common equity ratios and higher expected losses on their
risk assets, are likely to experience more significant pressure on
their BFSRs.  This rating review has been prompted by the severity
and longevity of the global economic crisis -- as reflected by
Moody's negative credit outlook on the Vietnamese banking system.

With regard to political and historical patterns, necessary
procedures and policy instruments to deal with banking system
problems have been established since the 1997 Asian Financial
Crisis.  In Moody's view, in case of need, support is likely to be
provided for the system's key banks.  The support framework for
problematic banks aims to maintain ordinary banking functions and
to avoid the liquidation of any major bank.

Moody's notes that the review is unlikely to lead to more than a
one-notch change in the debt and deposit ratings of ACB, BIDV and
TCB. It expects to conclude the review over the next few weeks.
For VIB, its BFSR review for possible downgrade is expected to be
concluded within the next three months.

All other bank ratings in Vietnam are not impacted by the
reassessment of the systemic support level.

The last rating action for BIDV and ACB was on June 4, 2008 when
the rating outlook for their B1 foreign currency deposits was
revised to negative from positive.  The revision followed the
sovereign rating action taken on the outlook for Vietnam's B1
foreign currency deposit ceiling to negative from positive;

The last rating action for TCB was on June 12, 2008 when the
outlook on its BFSR was changed to stable from positive;

The last rating action for VIB was on July 2, 2008 when the bank's
ratings were first assigned.

These ratings were placed on review for possible downgrade:

(i) ACB: the local currency long-term deposit rating of Ba1; the
local currency long-term issuer rating of Ba1; the foreign
currency long-term issuer rating of Ba2;

(ii) BIDV: the local currency long-term deposit rating of Ba1; the
local currency long-term issuer rating of Ba1; the foreign
currency long-term issuer rating of Ba2;

(iii) TCB: the local currency long-term deposit rating of Ba1; the
local currency long-term issuer rating of Ba1; the foreign
currency long-term issuer rating of Ba2;

(iv) VIB: BFSR of D-; the local currency long-term deposit rating
of Ba2; the local currency long-term issuer rating of Ba2; the
foreign currency long-term issuer rating of Ba2;

ACB, headquartered in Ho Chi Minh City, had total assets of
VND105 trillion as of end-2008.

BIDV, headquartered in Hanoi, had total assets of VND242 trillion
as of end-2008.

TCB, headquartered in Hanoi, had total assets of VND59 trillion as
of end-2008.

VIB, headquartered in Hanoi, had total assets of VND35 trillion as
of end-2008.



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

* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                                         Total
                                       Total      Shareholders
Company                     Ticker    Assets           Equity
-------                     ------    ------     ------------


AUSTRALIA

ADVANCE HEAL-NEW           AHGN      16933460.19     -8226075.95
ADVANCE HEALTHCA            AHG      16933460.19     -8226075.95
ALLOMAK LTD                 AMA      40685785.47     -5913422.67
ALLSTATE EXPLORA            ALX      16169603.20    -50619940.96
ALLSTATE EXPL-PP          ALXCC      16169603.20    -50619940.96
ANTARES ENERGY L            AZZ      14174189.76     -6756494.56
ARC EXPLORATION             ARX      58544299.40    -15958771.93
AUSMELT LTD                 AET      10421943.80     -1558622.35
AUSTAR UNITED               AUN     448602007.58   -261905005.38
AUSTRAILIAN Z-PP          AZCCA      77741918.88     -2566335.24
AUSTRALIAN ZIRC             AZC      77741918.88     -2566335.24
BIRON APPAREL LT            BIC      19706738.17     -2220069.83
BISALLOY STEEL G            BIS      54556820.43     -7472108.44
CHEMEQ LIMITED              CMQ      25194855.59    -24254413.72
CITY PACIFIC LTD            CIY     171501648.08     -6383353.75
EIRCOM HOLDINGS             ERC    7921901248.89   -381294562.59
ELLECT HOLDINGS             EHG      18245003.37    -15487781.92
ETW CORP LTD                ETW      83708786.34    -58673955.65
FORTESCUE METALS            FMG    4293524492.00   -378456209.91
FULCRUM EQUITY L            FUL      19209266.15     -3664831.35
JAMES HARDIE NV           JHXCC    1827000064.00    -37500000.00
JAMES HARDIE-CDI            JHX    1827000064.00    -37500000.00
LAFAYETTE MIN               LAF     105239389.93   -190859526.77
MAC COMM INFR-CD          MCGCD    8104415200.76   -103343256.49
MACQUARIE COMMUN            MCG    8104415200.76   -103343256.49
RESIDUAL ASSC-EE          RAGXF     597329874.01   -126963316.48
RUBICON AMERICA             RAT     649532285.57   -100605696.94
TOOTH & CO LTD              TTH     108860665.87    -69404500.26
VERTICON GROUP              VGP      21729291.58    -11591492.96
VIDELLI LTD                 VID      78516329.21     -5679479.23

CHINA

ALONG TIBET CO-A         600773      10333935.67      -913954.99
AMOI ELECTRONICS         600057     232705737.25    -54492563.65
ANHUI KOYO GROUP         000979      60298626.62    -47685854.30
BAO LONG ORIENTA         600988      15467573.79     -1560369.16
CHANG LING GROUP         000561      43077849.74    -10486820.00
CHINA EAST AIR-A         600115   10702789177.41  -1851807066.86
CHINA EAST AIR-H            670   10702789177.41  -1851807066.86
CHINA KEJIAN-A           000035      78570187.73   -180331094.29
CHINESE.COM LOGI         000805      13883647.68     -8947568.12
DANDONG CHEM F-A         000498     108580649.97    -96583109.33
DONGXIN ELECTR-A         600691      20502873.62     -3038531.89

FUJIAN SANNONG-A         000732      65238961.39    -54995633.00
DONGXIN ELECTR-A         600691     20502873.62      -3038531.89
FUJIAN SANNONG-A         000732     65238961.39     -54995633.00
GAOXIN ZHANGTO-A         002075    132630368.70      -9869752.84
GUANGDONG HUAL-A         600242     22465173.76      -2740933.18
GUANGDONG KEL-A          000921    553672005.51    -123382591.66
GUANGMING GRP -A         000587     49483133.27     -38236098.22
GUANGXI BEISHE-A         600556    127731806.69    -151971279.72
GUANGXIA YINCH-A         000557     50935704.91    -104988061.10
HEBEI BAOSHUO CO         600155    142966656.73    -343290007.70
HEBEI JINNIU C-A         600722    223470984.32    -222746304.24
HISENSE ELEC-H              921    553672005.51    -123382591.66
HUATONG TIANXI-A         600225     71967700.19     -34586375.37
HUDA TECHNOLOG-A         600892     20117117.87      -1494139.58
HUNAN ANPLAS CO          000156     51664398.17     -84057853.53
HUNAN AVA HOLDIN         000918    194225793.46     -69811133.26
JIAOZUO XIN'AN-A         000719     16467080.91      -2586535.71
MUDAN AUTOMOBI-H           8188     32224095.17      -1211266.54
QINGHAI SUNSHI-A         600381     52481259.62     -33816335.98
SHANG HONGSHENG          600817     20571020.42    -395924551.33
SHANG LIANHUA-A          600617     17393631.02      -1326976.74
SHANG LIANHUA-B          900913     17393631.02      -1326976.74
SHANG WORLDBES-A         600094    327982181.09    -175167931.11
SHANG WORLDBES-B         900940    327982181.09    -175167931.11
SHANGHAI WORLDBE         600757    228103550.88    -102348116.27
SHENZ CHINA BI-A         200017     27968310.96    -264106065.10
SHENZ CHINA BI-B         200017     27968310.96    -264106065.10
SHENZ SEG DASH-A         000007     89466024.49     -10969846.28
SHENZHEN DAWNC-A         000863     29007400.22    -151962203.17
SHENZHEN KONDA-A         000048    184040609.38     -19817331.48
SHENZHEN SHENXIN         000034     27017593.82    -165994719.64
SICHUAN DIRECT-A         000757    121583277.97    -107533583.56
SUNTEK TECHNOLOG         600728     36559320.30     -22153556.46
SUNTIME INTERN-A         600084    355378023.17    -100009910.49
TAIYUAN TIANLON          600234     13532912.36     -59849665.53
TIANJIN MARINE           600751     82399198.24     -30394356.74
TIANJIN MARINE-B         900938     82399198.24     -30394356.74
TIBET SUMMIT I-A         600338     63612758.53     -10426824.98
TOPSUN SCIENCE-A         600771    200297068.36    -121751109.77
WINOWNER GROUP C         600681     21498115.00     -81284231.50
WUHAN BOILER-B           200770    420171281.85     -31431673.83
WUHAN GUOYAO-A           600421     11572781.73     -36641609.36
XIAMEN OVERSEAS          600870    203753040.13    -161726321.55
YUEYANG HENGLI-A         000622      39549992.25    -14748281.75
ZHANGJIAJIE TO-A         000430      46479019.96     -4406094.66

HONG KONG

APTUS HLDGS LTD            8212      54183295.49     -5233351.51
ASIA TELEMEDIA L            376      16618871.08     -5369335.42
CHINA HEALTHCARE            673      29513119.73     -7815705.47
CORE HEALTHCARE            8250      27890609.26    -11660364.96
EGANAGOLDPFEIL               48     557892423.39   -132858951.98
EMPEROR ENTERTAI           8078      35493733.40     -2976735.60
HUTCHISON TELE              215    2386395819.88   -363969917.68
NEW CITY CHINA             456      113178595.41     -9932226.54
PALADIN LTD                495      186461196.61     -9780904.71
PALADIN LTD -PRE           642      186461196.61     -9780904.71
SANYUAN GROUP LT           140       17768260.98     -2131329.68

INDIA

ALCOBEX METALS             AML       26047761.96    -22443296.68
APPLE FINANCE              APL       70832103.73    -29253849.19
ARTSON ENGR                 ART      10310745.75      -705781.13
ASHIMA LTD                 ASHM      83553376.09    -43417749.51
BALAJI DISTILLER            BLD      59974008.41    -50890026.26
BELLARY STEELS             BSAL     512415670.40   -101442229.54
BHAGHEERATHA ENG           BGEL      22646453.72    -28195273.09
CFL CAPITAL FIN           CEATF      20637497.85    -48884440.84
CORE HEALTHCARE            CPAR     185364966.99   -241912027.81
DIGJAM LTD                 DGJM      98769193.78    -14623833.58
DISH TV IND-PP             DITVPP   310351828.22   -117439484.91
DISH TV INDIA              DITV     310351828.22   -117439484.91
DUNCANS INDUS               DAI     164653351.85   -220922929.88
GANESH BENZOPLST            GBP      77840261.61    -41865917.86
GUJARAT SIDHEE             GSCL      59440728.18      -660003.43
GUJARAT STATE FI            GSF      30159595.18   -234918081.46
HFCL INFOTEL LTD           HFCL     187858492.73    -20403289.30
HIMACHAL FUTURIS           HMFC     633329926.05   -104792044.71
HINDUSTAN PHOTO            HPHT      93725753.93  -1229352757.43
HMT LTD                     HMT     206932743.85   -263572925.12
ICDS                       ICDS      13300348.69     -6171079.46
IFB INDS LTD               IFBI      50668510.63    -65490798.77
JCT ELECTRONICS            JCTE     122542558.60    -49996834.55
JENSON & NIC LTD             JN      15734678.26    -92089109.12
JK SYNTHETICS               JKS      20208078.76     -2171303.89
JOG ENGINEERING             VMJ      50080964.36    -10076436.07
KALYANPUR CEMENT           KCEM      37538318.01    -41771703.35
LLOYDS METALS              LYDM      76625324.31      -409399.15
LLOYDS STEEL IND           LYDS     392561769.16   -102160401.76
MILLENNIUM BEER             MLB      39726352.09      -732186.48
NATH PULP & PAP            NPPM      11602126.35    -34768739.20
ORIENT PRESS LTD             OP      16699814.52       -94789.33
PANCHMAHAL STEEL            PMS      51024827.03      -325116.26
PANYAM CEMENTS              PYC      30241162.87     -9403739.61
PARASRAMPUR SYN             PPS     111971290.89   -317111727.95
PAREKH PLATINUM            PKPL      61081050.43    -88849040.15
PTL ENTERPRIESES           PTLE      54293986.93      -397481.92
RATHI ISPAT LTD            RTIS      44555929.56     -3933592.50
REMI METALS GUJA            RMM      82273746.28     -1650461.11
ROLLATAINERS LTD            RLT      22965755.05    -22244556.92
ROYAL CUSHION              RCVP      29192373.45    -73115309.68
RPG CABLES LTD              RPG      51431409.37    -20192930.18
SEN PET INDIA LT           SPEN     13283611.52     -25431862.10
SHREE RAMA MULTI           SRMT      81405835.45    -64134056.23
SIL BUSINESS ENT           SILB      12461159.02    -19961202.41
SPICE COMMUNICAT           SPCM     263692459.52    -19679192.67
STI INDIA LTD              STIB      44107456.00      -300149.59
TAMILNADU TELE              TNT      11680819.22     -3373123.87
TRANS FREIGHT               TFC      14196928.74     -9623049.18
TRIVENI GLASS              TRSG      34542881.89     -6209872.78
UNIWORTH LTD                 WW     178225972.59   -131624807.91
USHA INDIA LTD             USHA      12064900.61    -54512967.31
WINDSOR MACHINES            WML      14500894.45    -28144999.02
WIRE AND WIRELES            WNW     106984536.93    -23622538.56


INDONESIA

BUKAKA TEKNIK UT           BUKK      73759284.09    -88378100.23
DAYA SAKTI UNGGU           DSUC      20925717.25    -12275407.90
ERATEX DJAJA               ERTX      22390016.89     -5709537.72
JAKARTA KYOEI ST           JKSW      23855890.79    -36519229.92
KARWELL INDONESI           KARW      13459944.34     -7208303.23
MULIA INDUSTRIND           MLIA     329626279.29   -438147831.29
PANCA WIRATAMA             PWSI      24440350.75    -28494642.10
POLYSINDO EKA PE           POLY     433818115.13   -814874663.33
SEKAR BUMI TBK             SKBM      16733314.21     -2444090.09
STEADY SAFE TBK            SAFE     10838828.11      -4030148.54
SURABAYA AGUNG             SAIP     222819808.76   -101236552.84
TEIJIN INDONESIA           TFCO     199177024.00    -55412900.00
UNITEX TBK                 UNTX      13522871.92    -14918402.46


JAPAN

APRECIO CO LTD             2460      15981315.82     -2395526.71
ATRIUM CO LTD              8993    3004532577.65   -555330991.82
FDK CORP                   6955     465071545.70    -85901797.18
G-TRADING                  3348      53439073.69    -19823380.51
GREEN FOODS CO             3367      87003396.49    -48040344.74
L CREATE CO LTD            3247      42344509.56     -9146496.90
LIFE STAGE CO LT           8991     140521332.90     -4256881.43
LINK CONSULTING            4798      20858257.56    -22890695.36
LINK ONE                   2403      12290544.83     -5772835.00
MORISHITA CO LTD           3594     168223801.88     -2415401.06
NESTAGE CO LTD             7633      15532484.72     -6808781.92
OPEN INTERFACE I           4302      32715547.40     -5699491.16
PION CO LTD                2799      50289757.53     -4685410.43
PLACO CO LTD               6347      26260220.44      -997325.51
SOWA JISHO CO LT           3239      54007939.02    -15643863.67
TERRANETZ CO LTD           2140      11633353.37     -4293462.63


KOREA

CL LCD CO LTD            035710     55585277.13     -14793655.63
CORE INFO SYSTEM         039990     18137662.12      -7700051.48
DAHUI CO LTD             055250     186003859.24     -1504246.54
DAISHIN INFO             020180     740500919.30   -158453978.78
ELIM EDU CO LTD          046240      34029159.88     -3747735.09
FIRST FIRE & MAR         000610    2044031310.36     -1780221.91
HECENAT CO LTD           036270      26642811.85    -29463868.53
KYSYS CO LTD             015390      10671544.09     -6267111.24
MOBILINK TELECOM         041310      52665694.67    -11474605.44
MOBO CO LTD              051810     196643340.38    -11979182.85
ORICOM INC               010470      82645454.13    -40039161.33
PAXMEDU CO LTD           035500      32757713.75     -7323573.46
PRIME ENTMT              017170      31473002.90    -19371600.20
ROCKET ELEC-PFD          000425      68584186.91     -2140474.00
ROCKET ELECTRIC          000420      68584186.91     -2140474.00
SAMT CO LTD              031330     303858255.56    -77572655.65
SARACOM CO LTD           040020      26655055.92     -2791385.72
SIMM TECH CO LTD         036710     314177541.38    -34486443.29
SOLAR & TECH CO          030390      11466591.81      -588035.38
STARMAX CO LTD           017050      50131660.74    -25436154.88
TAESAN LCD CO            036210     187935112.10   -546263614.46
TONG YANG MAGIC          023020     355147750.92    -25767007.75
YOUILENSYS CORP          038720     166697877.68    -12337148.33

MALAYSIA

BSA INTERNATIONA           BSAI      64645666.63    -41780061.34
ENERGREEN CORP              ECB      24169075.85    -33192197.50
LITYAN HLDGS BHD            LIT      22219653.83    -28844509.51
NIKKO ELECTRONIC          NIKKO      11848555.26     -8049133.18
PANGLOBAL BHD               PGL     154526312.03   -196600884.35
PECD BHD                   PECD     192983533.96   -369308385.35
WONDERFUL WIRE               WW      13595954.15    -12213873.19
WWE HOLDINGS BHD            WWE      67986614.2      -3400656.26

NEW ZEALAND

DOMINION FINANCE           DFH      258902749.12    -55312405.88


PHILIPPINES

APEX MINING-A               APX      51256351.82     -8972145.85
APEX MINING 'B'            APXB      51256351.82     -8972145.85
BENGUET CORP-A               BC      76582504.46    -34018154.09
BENGUET CORP 'B'            BCB      76582504.46    -34018154.09
CENTRAL AZUC TAR            CAT      37806902.52     -2588843.76
CYBER BAY CORP             CYBR      12926776.59    -79228223.36
EAST ASIA POWER             PWR      72744279.35   -136684406.25
FIL ESTATE CORP              FC      37286935.14    -11355841.65
FILSYN CORP A               FYN      22000423.4     -10278638.86
FILSYN CORP. B             FYNB      22000423.4     -10278638.86
GOTESCO LAND-A               GO      18684576.24    -10863822.41
GOTESCO LAND-B              GOB      18684576.24    -10863822.41
MRC ALLIED                  MRC      13040098.81     -3682026.54
PICOP RESOURCES             PCP     105659068.50    -23332404.14
UNIVERSAL RIGHTF             UP      45118524.67    -13478675.99
UNIWIDE HOLDINGS             UW      52802040.71    -56176026.28
VICTORIAS MILL              VMC      178060236.02   -36659989.09


SINGAPORE

ADV SYSTEMS AUTO            ASA       15738651.44    -8778195.07
CHUAN SOON HUAT             CSH       35287522.69   -11167501.56
FALMAC LTD                  FAL       10907421.75    -5669361.14
HL GLOBAL ENTERP           HLGE       92915826.56    -8391185.82
INFORMATICS EDU            INFO       24731271.45    -5096073.27
LINDETEVES-JACOB             LJ      160168482.84   -79374132.79
OCEAN INTERNATIO          OCEAN       61659949.85   -13720313.13
SUNMOON FOOD COM          SMOON       16158450.92   -13753828.36
WESTECH ELECTRON            WTE       28098021.50   -12602338.58

TAIWAN

CHIEN TAI CEMENT           1107      213252699.79    -8622456.43
HELIX TECHNOL-EC          2479S       29014861.50   -18177223.18
HELIX TECH-EC             2479T       29014861.50   -18177223.18
HELIX TECH-EC IS          2479U       29014861.50   -18177223.18
YEU TYAN MACHINE           8702       39574168.04  -271070409.72


THAILAND

ABICO HOLDINGS            ABICO       16687406.79    -9849452.81
ABICO HOLD-NVDR         ABICO-R       16687406.79    -9849452.81
ABICO HLDGS-F           ABICO/F       16687406.79    -9849452.81
BANGKOK RUB-NVDR          BRC-R       86059276.81   -66357490.80
BANGKOK RUBBER              BRC       86059276.81   -66357490.80
BANGKOK RUBBER-F          BRC/F       86059276.81   -66357490.80
CENTRAL PAPER IN          CPICO       10220356.04  -216074904.26
CENTRAL PAPER-NV        CPICO-R       10220356.04  -216074904.26
CENTRAL PAPER-F         CPICO/F       10220356.04  -216074904.26
CIRCUIT ELEC PCL         CIRKIT       61295807.28   -25886476.66
CIRCUIT ELE-NVDR     CIRKIT-RTB       61295807.28   -25886476.66
CIRCUIT ELEC-FRN       CIRKIT/F       61295807.28   -25886476.66
DATAMAT PCL                 DTM       12690638.93    -6132014.29
DATAMAT PCL-NVDR          DTM-R       12690638.93    -6132014.29
DATAMAT PLC-F             DTM/F       12690638.93    -6132014.29
ITV PCL                     ITV       32184803.45   -75222598.62
ITV PCL-NVDR              ITV-R       32184803.45   -75222598.62
ITV PCL-FOREIGN           ITV/F       32184803.45   -75222598.62
K-TECH CONSTRUCT          KTECH       83204235.85    -5693045.29
K-TECH CONTRU-R         KTECH-R       83204235.85    -5693045.29
K-TECH CONSTRUCT        KTECH/F       83204235.85    -5693045.29
KUANG PEI SAN            POMPUI       17146363.89   -12117287.24
KUANG PEI-NVDR       POMPUI-RTB       17146363.89   -12117287.24
KUANG PEI SAN-F        POMPUI/F       17146363.89   -12117287.24
MALEE SAMPRAN             MALEE       56829657.96    -6993880.74
MALEE SAMPR-NVDR        MALEE-R       56829657.96    -6993880.74
MALEE SAMPRAN-F         MALEE/F       56829657.96    -6993880.74
SAFARI WORLD PUB         SAFARI      101174462.93   -16589186.57
SAFARI WORL-NVDR     SAFARI-RTB      101174462.93   -16589186.57
SAFARI WORLD-FOR       SAFARI/F      101174462.93   -16589186.57
SAHAMITR PRESSUR           SMPC       31177710.43   -14940579.60
SAHAMITR PR-NVDR         SMPC-R       31177710.43   -14940579.60
SAHAMITR PRESS-F         SMPC/F       31177710.43   -14940579.60
SUNWOOD INDS PCL            SUN       29427364.98    -6703524.31
SUNWOOD INDS-NVD          SUN-R       29427364.98    -6703524.31
SUNWOOD INDS-F            SUN/F       29427364.98    -6703524.31
THAI-DENMARK PCL          DMARK       15715462.27   -10102519.69
THAI-DENMARK-F           DMARK/F      15715462.27   -10102519.69
THAI-DENMARK-NVD         DMARK-R      15715462.27   -10102519.69
UNIVERSAL STARCH            USC       80642846.98   -54988407.82
UNIVERSAL S-NVDR          USC-R       80642846.98   -54988407.82
UNIVERSAL STAR-F          USC/F       80642846.98   -54988407.82



                         *********

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.


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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,
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without prior written permission of the publishers.
Information contained herein is obtained from sources believed
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mail.  Additional e-mail subscriptions for members of the same
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