TCRAP_Public/090602.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

           Tuesday, June 2, 2009, Vol. 12, No. 107

                            Headlines

A U S T R A L I A

MAXIMUS RESOURCES: To Sell Bird-in-Hand Gold Project
OZ MINERALS: FIRB Okays Sale of Martabe Project to China Sci-Tech
PAPERLINX LIMITED: Sells Australian Paper Business to Nippon Paper
REDBANK PROJECT: S&P Junks Rating on AU$252 Million Bank Debt


H O N G  K O N G

BEST WESTERN: Lai and Haughey Step Down as Liquidators
CHINA ECO-HOTEL: Members' Final General Meeting Set for June 29
CHINALANDMARK.COM: Placed Under Voluntary Wind-Up
CRYSTAL JADE: Wu and Lam Step Down as Liquidators
DRAGON WISE: Placed Under Voluntary Wind-Up

FRANSISCO COMPANY: Creditors' Proofs of Debt Due on June 19
GOLDEN GATE: Creditors' Proofs of Debt Due on June 19
HONG KONG SKI: Members' Final General Meeting Set for June 30
MAXTONE ENTERPRISES: Creditors' Proofs of Debt Due on June 29
MAZI (HONG KONG): Creditors' Proofs of Debt Due on June 30

MOBILEGATE LIMITED: Creditors' Meeting Set for June 8
NHH INTERNATIONAL: Placed Under Voluntary Wind-Up
PEREGRINE BROKERAGE: Hague and Osborn Step Down as Liquidators
THE HONG KONG CEMENT: Placed Under Voluntary Wind-Up
WAT HONG KONG: Appoints Leung Chui Mei as Liquidator


I N D I A

GUJARAT SPICES: CRISIL Reaffirms 'BB+' Ratings on Various Loans
JB DIAMONDS: CARE Junks Rating on INR702cr LT Bank Facilities
RP BASMATI: Low Net Worth Prompts CRISIL to Assign 'BB' Ratings
TATA MOTORS: Names Telang as its New Managing Director
TATA MOTORS: Profit Falls 50.7% in Fiscal Year Ended March 31

TATA STEEL UK: Banks Approve Covenant Reset on GBP3.7 Bln Loan
TREHAN PROMOTERS: Delay in Loan Repayment Cues CRISIL 'C' Rating
VIMAL OIL: CRISIL Reaffirms 'BB+' Ratings on INR19 Mln Term Loans


I N D O N E S I A

BANK MANDIRI: Expects Low Credit for Financing Companies in 2009
INDIKA ENERGY: Sets Aside US$300 Million for More Acquisitions
MOBILE-8 TELECOM: Wants New Business Plan to Attract Investors


J A P A N

KIRAYAKA BANK: JCR Affirms 'BB+' Rating on Subordinated Bonds
SHINGINKO TOKYO: Posts JPY10.5 Billion Net Loss in FY2008


K O R E A

SSANGYONG MOTOR: Auto Sales Fell 60% in May


M A L A Y S I A

IDAMAN UNGGUL: Bourse to Suspend Trading of Securities on June 5


N E W  Z E A L A N D

DORCHESTER PACIFIC: Posts NZ$25.4 Mln Loss in Year Ended March 31
HANOVER FINANCE: Exposure to Failed Projects May Affect Moratorium
* NEW ZEALAND: Building Consents in April 2009 Rise 4.5%


S I N G A P O R E

HOCEN INTERNATIONAL: Creditors' Proofs of Debt Due on June 12
ISHIKARI SHIPPING: Creditors' Proofs of Debt Due on June 29
MARICA SHIPPING: Creditors' Proofs of Debt Due on June 29
RUSINA SHIPPING: Creditors' Proofs of Debt Due on June 29


X X X X X X X X

* BOND PRICING: For the Week May 25 to May 29, 2009


                         - - - - -


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

MAXIMUS RESOURCES: To Sell Bird-in-Hand Gold Project
----------------------------------------------------
Maximus Resources Limited has put its high-grade Bird-in-Hand gold
project in the Adelaide Hills up for sale.

The company said the sale is part of the asset rationalisation
previously flagged by Maximus to restructure, boost cash reserves
and focus on existing or new minerals assets with nearer term
production and revenue potential.

Joining the Bird-in-Hand sales package is a suite of 12 gold
exploration tenements in other Adelaide Hills areas around the
project’s Woodside location.

The Company also reiterated its intention to dispose of all or
some of its stake in the Windimurra uranium resource and the
Ironstone Well gold project – both assets located in Western
Australia.

Maximus said it is currently retaining the Sellheim alluvial gold
mine south of Townsville in north Queensland and the Windimurra-
Narndee base metals project in Western Australia where a recent
airborne electromagnetic survey has delineated 24 first order EM
conductors believed to represent strong nickel and copper-zinc
prospects.

"We anticipate that the sale process, for all or part of the
assets offered, can lead to Maximus emerging in a much stronger
financial position to progress those opportunities we identify as
having the likelihood of nearer term production," Maximus
Managing Director, Dr. Kevin Wills said in a statement.

"The global financial crisis has severely restricted our ability
to drive the transition of Bird-in-Hand to commercial fruition –
something more likely possible with a future owner able to ensure
the project’s long-term viability," Dr. Wills said.

"By offering Bird-in-Hand on a preferred whole-of-project basis,
and with a large proven resource, we believe it will have wider
market appeal.  "While we will entertain part asset disposals, a
total project sale for Bird-in-Hand would seem preferable to a
joint venture in ensuring this exciting gold project matures
as early as possible to its full potential," Dr. Wills said.

The Bird-in-Hand deposit contains an Indicated and Inferred JORC-
compliant mineral resource with the mineralisation open at depth
and potentially also open to the north.

In addition, Maximus said it has secured conditional State
Government approval to conduct a pumping and injection test to
prove the resilience of the local aquifer to withstand
depressurisation – that approval is expected to be transferable to
any new project owner.

The additional exploration rights being offered with Bird-in-Hand
cover 12 historic goldfields in the Adelaide Hills area and whose
total tenement footprint has a large exploration target for gold.

Expressions of Interest for the Bird-in-Hand and the other
individual tenements, including the historic Deloraine, New Era,
Eureka and Scotts Reef goldfields, close on June 19 ahead of the
selection of preferred bidders.

                     About Maximus Resources

Maximus Resources Limited (ASX:MXR)--
http://www.maximusresources.com/-- is an Australia-based company
engaged in gold, nickel, uranium, copper, platinum and other
minerals exploration.  Eromanga Uranium Limited is a subsidiary of
the Company.  The Company has a portfolio of projects with
potential for the discovery of uranium, gold, copper, nickel and
platinum group element (PGE) deposits.  The Company’s projects
include Windimurra Uranium Prospect and Bird-in-Hand Gold
Prospect.

                         *     *     *

Maximus Resources reported a net loss of AU$1.12 million for the
year ended June 30, 2008 -- its third consecutive annual loss.  In
2007, the company posted a AU$812,172 net loss.  Maximus Resources
also reported a AU$659,028 net loss for 2006.


OZ MINERALS: FIRB Okays Sale of Martabe Project to China Sci-Tech
-----------------------------------------------------------------
OZ Minerals Limited said that the Foreign Investment Review Board
("FIRB") has approved China Sci-Tech (CST) Holdings Limited's
proposal to acquire OZ Minerals'sinterest in the Martabe Project,
including the Project's subsequent proposed acquisition by Smart
Rich Energy Finance (Holdings) Limited (or its wholly owned
subsidiary).

"This is an important step towards completion of the sale of
Martabe and we continue to work with CST in order to complete the
transaction towards the end of June" OZ Minerals Chairman Barry
Cusack said in a statement.

The FIRB approval satisfies one of the conditions precedent to the
sale and still requires approval from CST shareholders and the
consent of certain OZ Minerals banks.

As reported in the Troubled Company Reporter-Asia Pacific on
April 27, 2009, OZ Minerals sold its Martabe gold and silver
project in North Sumatra, Indonesia, to China Sci-Tech Holdings
Limited ("CST") for US$211 million in cash.

CST has agreed to pay a deposit of US$10 million upon signing and
the balance of US$201 million upon completion of the transaction,
which is expected by early June 2009, OZ Minerald said in a
statement on April 24.

OZ Minerals said it will also be reimbursed by CST for an
estimated expenditure of US$7.5 million on the project since
April 1 through to the completion date.

The sale is not conditional on financing, and CST will fund the
acquisition from cash on hand.  However, it is conditional on the
consent of certain of OZ Minerals' lenders, CST's shareholders and
Australia's FIRB.

                        About OZ Minerals

OZ Minerals Limited, formerly Oxiana Limited, --
http://www.ozminerals.com/-- is an Australia-based mining
company.  The company is a producer of zinc, copper, lead, gold
and silver.  OZ Minerals was formed through a merger of Australia-
based international mining companies Oxiana Limited and Zinifex
Limited.  The company has five mining operations located in
Australia and Asia, three new mining projects in development and a
portfolio of advanced and early-stage exploration projects
throughout Australia, Asia and North America.  Its projects
include the Century mine in Queensland, Sepon copper operation in
Laos, the gold operation at Sepon, the Golden Grove underground
base and precious metals mine in Western Australia, the Rosebery
mine in Tasmania, the Avebury nickel mine in Tasmania, the
Prominent Hill copper-gold project in South Australia, the Martabe
gold project in Indonesia, the Dugald River deposit in Queensland,
and the Izok Lake and High Lake copper and zinc deposits in the
Nunavut territories of Canada.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
December 12, 2008, Fitch Ratings downgraded OZ Minerals Limited's
Long-term foreign currency Issuer Default Rating to 'CC' from
'BBB-' (BBB minus), and has simultaneously withdrawn it.  The
rating remained on Rating Watch Negative at the time of
withdrawal.


PAPERLINX LIMITED: Sells Australian Paper Business to Nippon Paper
------------------------------------------------------------------
PaperlinX Limited said it has completed the sale of its Australian
manufacturing business, Australian Paper, to Nippon Paper Group,
Inc. ("Nippon Paper").

"This sale completes a major step in the transformation of
PaperlinX and the receipt of the AU$600 million initial purchase
price today strengthens our financial profile at a time of
volatility and uncertainty in global economic markets," PaperlinX
Chairman David Meiklejohn said in a statement.

PaperlinX Managing Director, Tom Park said, "This divestment
allows us to concentrate on our core paper merchanting business.
There has been continued deterioration across all markets during
the year and this has impacted full year performance. We have,
however, successfully completed a number of key activities over
the past year as we have worked to keep ahead of the sharp
deterioration in the global economic environment and its impact on
our industry, including property sales, an equity raising and
significant internal cost reductions."

"PaperlinX is now moving from a period where we have had high
internal demand for capital for the completion of the pulp mill at
Maryvale, to a period where we expect to be able to further secure
our future through tight working capital management and ongoing
debt reduction."

In addition to the sale proceeds, PaperlinX will share in an earn-
out arrangement that allows it to participate in positive earnings
growth of the divested operations over the next three years.  This
is capped at AU$100 million over that period and is a 50:50
sharing of EBITDA above an agreed target level.

As previously reported the sale excludes the two Tasmanian mills
at Burnie and Wesley Vale.  A detailed review of these operations
is expected to complete by the end of June 2009.  Potential
outcomes of the review include retention of the existing business,
partial closure, closure or sale.

PaperlinX recorded an impairment in the carrying value of the
fixed assets of Australian Paper of AU$(567.5) million in its
interim results released in February.  A loss on sale adjustment
of approximately AU$(150) million will be reported in the 2009
accounts.

In agreement with PaperlinX’s key lenders, a AU$500 million
immediate pay down in debt owing to those lenders will be made.  A
further AU$70 million (representing approximate net asset
adjustments) is expected to be received in 90 - 120 days and will
also be used to further pay down debt owing to those lenders.
As a part of these pay down arrangements, the terms to apply to
the balance of the key lenders’ debt must be agreed and documented
by August 31, with the essential principles to govern those terms
having been agreed.  These principles include requirements for
debt owing to PaperlinX’s main lending syndicate to be extended or
repaid by February 2011 and PaperlinX’s outstanding US notes to be
redeemed on new maturity dates falling in August 2013, August 2014
and August 2015.  Permanent waivers by all applicable lenders in
relation to covenant breaches at December 2008 and March 2009 have
been confirmed.  PaperlinX must gain approval from its lending
syndicate and holders of its US notes before declaring dividends
or making distribution payments on its ordinary shares and
PaperlinX SPS Trust securities.

Current business conditions remain difficult, with weak economic
conditions impacting sales volumes in all markets.  This has been
exacerbated over recent months by significant inventory reductions
throughout the supply chain.  The 20-25% approximate reduction in
sales volumes versus the prior year being experienced in the
second half from the above factors has impacted operating
earnings, with full year divisional EBIT (reported EBIT before
Corporate and significant items) expected to be 30-35% lower than
in the prior year, while reported EBIT before significant items
will be further reduced by around AU$95 million in costs relating
to ongoing corporate overheads, previously announced FX losses and
bank/note holder charges, consultants costs for lenders and
related waiver fees.

Demand is expected to increase as economic activity improves;
however the inventory replenishment cycle is expected to begin
earlier.  Mill capacity reductions, both temporary and permanent,
have helped reduce the impact of demand weakness on market
pricing, while cost reductions and mix improvements within
PaperlinX have partially mitigated margin impacts.

"This has been a complex transaction to undertake, especially in
such turbulent markets.  I would like to thank all those who have
worked so hard to get to this point.  I would also like to wish
Australian Paper well under the new ownership of Nippon Paper and
thank the people in Australian Paper for their support through
this unsettling period," Mr. Park said.

The Troubled Company Reporter-Asia Pacific on April 2, 2009,
reported PaperlinX said its lenders and note holders have extended
waivers relating to the company's non-compliance with certain of
its financial ratio covenants.

The waivers have been extended to May 31, 2009, pending either
completion of the sale of Australian Paper or agreement over
alternative long term arrangements, PaperlinX said in a statement.

PaperlinX said Feb. 16 its lenders and note holders have provided
waivers in respect of the non-compliance by the company with
certain of its financial ratio covenants for the period ending
December 31, 2008.

                        About PaperlinX

Australia-based PaperlinX Limited (ASX:PPX) --
http://www.paperlinx.com.au/-- is a fine paper merchant and
manufacturer of communication and packaging paper. PaperlinX
employs over 9,600 people in 28 countries.


REDBANK PROJECT: S&P Junks Rating on AU$252 Million Bank Debt
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
ratings on Redbank Project Pty Ltd.'s AU$252 million bank debt to
'CCC+', from 'B'.  At the same time, the underlying ratings on
A$170 million of bonds issued by RB Pass Through Pty Ltd., a debt-
repacking vehicle for Redbank's senior debt, were lowered to
'CCC+', from 'B'.  The rating outlooks on debt issued by both
entities were placed on CreditWatch with negative implications.

"The rating downgrades reflect the Redbank project's weak
liquidity and the power plant's history of, and risk of, continued
poor and unstable operations," Standard & Poor's credit analyst
Parvathy Iyer said.  "In our opinion, liquidity may be affected in
the short term by the potential review in June 2009 of Redbank's
liquidity facilities by the project's lenders and any subsequent
changes to these facilities.  S&P believes these facilities are
critical to maintaining the project's liquidity because they
provide Redbank the financial flexibility to manage unexpected
operational problems."

In S&P's view, Redbank has been highly reliant on its liquidity
facilities to meet the costs associated with its operational
problems; however, debt service continues to be supported by its
undrawn six-month debt-service reserve.  If the lenders' review of
these facilities results in a reduced commitment and Redbank do
not replace the facilities with alternate arrangements, the
project's liquidity will be severely weakened.  Given Redbank's
very weak credit metrics, there is minimal headroom to withstand
any adverse movements in the pricing or terms and conditions of
these facilities.

Ms. Iyer added: "The CreditWatch could be resolved and the rating
could revert to a stable outlook if Redbank refinances its
liquidity facilities at terms and conditions no worse than its
existing facilities.  If the lenders withdraw or reduce Redbank's
liquidity facilities or introduce more onerous terms and
conditions, including pricing, another rating downgrade is
likely."



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

BEST WESTERN: Lai and Haughey Step Down as Liquidators
------------------------------------------------------
On May 19, 2009, Lai Kar Yan, Derek and Darach Eoghan Haughey
stepped down as liquidators of Best Western (Hong Kong) Limited.


CHINA ECO-HOTEL: Members' Final General Meeting Set for June 29
---------------------------------------------------------------
The members of China Eco-Hotel Investments Limited will hold their
final general meeting on June 29, 2009, at 9:00 a.m., at the 29th
Floor of Caroline Centre, Lee Gardens Two, in 28 Yun Ping Road,
Hong Kong.

At the meeting, Chen Yung Ngai Kenneth, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


CHINALANDMARK.COM: Placed Under Voluntary Wind-Up
-------------------------------------------------
At an extraordinary general meeting held on May 20, 2009, the
members of ChinaLandmark.com Limited resolved to voluntarily wind
up the company's operations.

The company's liquidator is:

          To Fung Wo
          Chinachem Century Tower, 31st Floor
          178 Gloucester Road
          Wanchai, Hong Kong


CRYSTAL JADE: Wu and Lam Step Down as Liquidators
-------------------------------------------------
On April 6, 2009, Wu Shek Chun Wilfred and Lam Siu Wing stepped
down as liquidators of Crystal Jade La Mian Xiao Long Bao (Taikoo)
Limited.


DRAGON WISE: Placed Under Voluntary Wind-Up
-------------------------------------------
At an extraordinary general meeting held on May 22, 2009, the
shareholders of Dragon Wise Trading Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

          Cheung Chui Ping
          Times Media Centre, 9th Floor
          133 Wanchai Road
          Wanchai, Hong Kong


FRANSISCO COMPANY: Creditors' Proofs of Debt Due on June 19
-----------------------------------------------------------
The creditors of Fransisco Company Limited are required to file
their proofs of debt by June 19, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 19, 2009.

The company's liquidators are:

          Ying Hing Chiu
          Chan MI Har
          Three Pacific Place, Level 28
          1 Queen's Road East
          Hong Kong


GOLDEN GATE: Creditors' Proofs of Debt Due on June 19
-----------------------------------------------------
The creditors of Golden Gate (Asia Pacific) Limited are required
to file their proofs of debt by June 19, 2009, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on May 20, 2009.

The company's liquidator is:

          Hannah Chan Yuen Han
          EIB Centre, Unit A, 13th Floor
          No. 40-44 Bonham Strand
          Sheung Wan, H.K.


HONG KONG SKI: Members' Final General Meeting Set for June 30
-------------------------------------------------------------
The members of Hong Kong Ski Club Limited will hold their meeting
on June 30, 2009, at 11:00 a.m., at House 41 of Manderly Garden,
in 48 Deep Water Bay Road, Hong Kong.

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


MAXTONE ENTERPRISES: Creditors' Proofs of Debt Due on June 29
-------------------------------------------------------------
The creditors of Maxtone Enterprises Limited are required to file
their proofs of debt by June 29, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 18, 2009.

The company's liquidators are:

          Ho Chiu Lung Michael
          Alliance Building
          Room 603, 6th Floor
          130-136 Connaught Road Central
          Hong Kong


MAZI (HONG KONG): Creditors' Proofs of Debt Due on June 30
----------------------------------------------------------
The creditors of Mazi (Hong Kong) Limited are required to file
their proofs of debt by June 30, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 19, 2009.

The company's liquidators are:

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


MOBILEGATE LIMITED: Creditors' Meeting Set for June 8
-----------------------------------------------------
The creditors of Mobilegate Limited will hold their meeting on
June 8, 2009, at 11:00 a.m., at the 15th Floor of Hutchison House,
10 Harcourt Road, in Central, Hong Kong.

At the meeting, the creditors will be asked to appoint a
liquidator and consider matters relevant to creditors' voluntary
wind-up.


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

The company's liquidator is:

         Chan Che Wai
         Hing Yip Commercial Centre, 17th Floor
         272-284 Des Voeux Road
         Central, Hong Kong


PEREGRINE BROKERAGE: Hague and Osborn Step Down as Liquidators
--------------------------------------------------------------
On May 20, 2009, David Richard Hague and Donald Edward Osborn
stepped down as liquidators of Peregrine Brokerage Limited.


THE HONG KONG CEMENT: Placed Under Voluntary Wind-Up
----------------------------------------------------
At an extraordinary general meeting held on May 15, 2009, the
members of The Hong Kong Cement Association Limited resolved to
voluntarily wind up the company's operations.

The company's liquidators are:

         Lui Wan Ho
         To Chi Man
         Olympia Plaza, Room 1701
         255 King's Road, North Point
         Hong Kong


WAT HONG KONG: Appoints Leung Chui Mei as Liquidator
----------------------------------------------------
On May 19, 2009, the creditors of Wat Hong Kong Limited appointed
Leung Chui Mei as the company's liquidator.

The Liquidator can be reached at:

         Leung Chui Mei
         Prosperous Building
         Room 502, 5th Floor
         48-52 Des Voeux Road Cenral
         Central, Hong Kong



=========
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GUJARAT SPICES: CRISIL Reaffirms 'BB+' Ratings on Various Loans
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Gujarat Spices & Oil
Seeds Growers Cooperative Union Ltd (GSOGCU) continue to reflect
the union's weak financial risk profile, low profit margins due to
the commoditised nature of the edible oil refining business, and
high working capital requirements.  These weaknesses are mitigated
by incentives provided by the government, favourable location of
GSOGCU's manufacturing facility, and healthy growth in revenues.

   INR153 Million Cash Credit Limits    BB+/Stable (Reaffirmed)
   INR300 Million Term Loans            BB+/Stable (Reaffirmed)
   INR67 Million Working Capital        P4 (Reaffirmed)
                  Demand Loan
   INR1200 Million Letter of Credit     P4 (Reaffirmed)
                      Limits
   INR130 Million Bank Guarantee        P4 (Reaffirmed)

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of GSOGCU and Vimal Oil & Foods Ltd
(VOFL), together referred as the Vimal group.  This is because
both companies are under the same management and engaged in a
similar line of business.

Outlook: Stable

CRISIL believes that the Vimal group's business growth will remain
healthy over the medium term, despite low operating margins. The
group's financial risk profile is expected to remain constrained
over the medium term due to the working capital-intensive nature
of operations.  The outlook may be revised to 'Positive' in case
of substantial improvement in the group's financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
large debt-funded capital expenditure or decline in the group's
profitability, leading to deterioration in its financial risk
profile.

                         About the Group

GSOGCU, a state-level cooperative union, is engaged in the
business of edible oil refining.  It was set up in August 2003 in
order to avail of the benefits available under the Gujarat
Earthquake Relief Programme.  GSOGCU's products are sold under the
brand names Shreeji (soya oil), Oscar (palm oil), Lijjat
(vanaspati), and Shreehari (palmolein).  The union uses VOFL's
marketing network for its sales and pays a proportionate share of
the marketing manpower cost.  It also has its own small marketing
network in states where VOFL does not have a presence.
Incorporated in 1993, VOFL manufactures edible oils from
cottonseed, groundnut, soya, and mustard, in addition to exporting
de-oiled cake.

For 2007-08 (refers to financial year, April 1 to March 31),
the Vimal group's consolidated profit after tax stood at
INR126.49 million (INR92.45 million in the previous year) on
net sales of INR11.21 billion (INR8.60 billion).


JB DIAMONDS: CARE Junks Rating on INR702cr LT Bank Facilities
-------------------------------------------------------------
CARE has revised the rating assigned to the Long-term Bank
Facilities of M/s. JB Diamonds Limited to 'CARE C' [Single C]
from 'CARE A-' [Single A Minus].  This rating is applicable for
facilities having tenure of over one year.  Facilities with
this rating are considered to be having very high likelihood of
default in the payment of interest and principal.  These ratings
are assigned to the Long-term Bank Facilities aggregating
INR702 crore.

The rating revision takes into account the company's inability to
realise its receivables resulting in very high proportion of old
debtors and in turn abnormal elongation of its working capital
cycle, large number of bills remaining overdue with banks, losses
on cancellation of forward contracts, overdrawings reported in
its credit facilities with some of the banks and delinquency in
repayment of its recent dues in respect of term loan from banks.
The rating takes cognisance of the vast experience of promoters in
the diamond business and the support that the company derives from
its associate/group companies.

Further, ability of the company to realise export receivables and
honour its repayment obligations under the prevailing economic
slowdown in the major export markets remains the key rating
sensitivity.

M/s JB Diamonds was established as a partnership firm in 1981. In
June 2007, the firm was converted into a limited company under the
name JB Diamonds Limited (JDL).  JDL is engaged in the business of
importing rough/polished diamonds and exporting polished diamonds.
The company has been accorded with DTC Sight holder status since
1994.  Also, it is an ISO 9001-2001 certified company.  JDL is a
closely-held family-controlled public limited company.  Mr. J.P
Surani, Mr. B.K Kukadia and Mr. V.K Kukadia, the Directors of the
company, look after manufacturing at its factories in Surat. Among
the other directors, Mr. R.J Surani looks after procurement
whereas Mr. V.P Surani and Mr. S.V Kukadia are responsible for
selling and marketing.

In FY08, JBD registered marginal growth in Net Sales from
INR1,336.02 crore to INR1,343.13 crore.  PAT declined from
INR28.59 crore in FY07 to INR21.81 crore in FY08.

During H1FY09, JBD reported net sales of INR750 crore and PAT of
INR16.43 crore.


RP BASMATI: Low Net Worth Prompts CRISIL to Assign 'BB' Ratings
---------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the bank
facilities of RP Basmati Rice Ltd (RP Basmati).

   INR100.0 Million Cash Credit Limit    BB/Stable (Assigned)
   INR20.0 Million Term Loan             BB/Stable (Assigned)
   INR200.0 Million Export Packing       P4 (Assigned)
                     Credit *
   INR4.0 Million Letter of Credit **    P4 (Assigned)

   * Fully interchangeable PCFC
   ** Interchangeable with Bill discounting

The ratings reflect RP Basmati's weak financial risk profile,
marked by high gearing, low net worth, and weak debt protection
measures.  The ratings also factor in the company's small scale of
operations in the rice industry, and exposure to risks relating to
unfavourable changes in government policies, raw material price
fluctuations, and vagaries in the monsoons.  These weaknesses are,
however, partially offset by the benefits that RP Basmati derives
from its promoter's experience in the basmati rice business, and
the healthy growth prospects of the rice industry.

Outlook: Stable

CRISIL expects RP Basmati's financial risk profile to remain
stretched over the medium term, owing to the working capital-
intensive nature of its operations, and its scale of operations to
remain small over the near term.  The outlook may be revised to
'Positive' if the company enhances its capital structure and scale
of operations considerably.  Conversely, the outlook may be
revised to 'Negative if the company faces pressures on
profitability or further deterioration in its capital structure.

                        About RP Basmati

Set up in 1986 as a proprietorship firm, by Raj Pal Singhal, RP
Basmati converted to a public limited company in 2001.  The
company mills, processes, and sells basmati rice.  Exports account
for over 60 per cent of its revenues.  Its plant at Karnal
(Haryana) has an installed milling and sorting capacity of 8
tonnes per hour. The company also purchases semi-processed rice
from smaller mills in the area, and sorts it, before exporting the
same.

RP Basmati reported a profit after tax (PAT) of INR13 million on
net sales of INR997 million for 2007-08 (refers to financial year,
April 1 to March 31), as against a PAT of INR8 million on net
sales of INR681 million for 2006-07.


TATA MOTORS: Names Telang as its New Managing Director
------------------------------------------------------
Tata Motors Limited has decided to elevate executive director
Mr. Prakash M. Telang as managing director for India operations
effective June 2, 2009.

Mr. Telang will replace managing director Mr. Ravi Kant who will
retire from his Executive position on June 1, 2009, on reaching
the retirement age of 65 years as per the company's policy.

The company will retain Mr. Ravi Kant on the Board as non-
executive Vice-Chairman.

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the company.  The company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.  TML is listed on the Bombay Stock
Exchange, the National Stock Exchange of India and New York
Stock Exchange.  It was ultimately 33.4% owned by the Tata Group
as of December 2007.

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

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

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


TATA MOTORS: Profit Falls 50.7% in Fiscal Year Ended March 31
-------------------------------------------------------------
Tata Motors Limited has reported a 50.7 percent drop in net profit
for fiscal year ended March 31, 2009.

The company posted a INR1001.26 crore net profit in 2008-09,
compared with a INR2028.92 crore net profit in the previous
fiscal.  Revenues for the year were INR25660.79 crore, compared to
INR28739.41 crore in 2007-08, a decline of 10.7 percent.

"The demand contraction was triggered by high interest rates and
unavailability of finance throughout the year, particularly in the
October-December quarter post the global financial market
upheavals.  The impact on heavy commercial vehicles was more
severe, abetted by reduction in freight movement in different
segments and customer concerns on economic conditions," Tata
Motors said in a statement.

Stimulus packages from the Government in the last quarter of the
year have to an extent helped regenerate overall sales, as in the
automobile industry, but growth is yet to revive to earlier
levels.

The company said, "The fall in volumes combined with peak input
prices and high interest rates brought margins under pressure.
The company accelerated cost reduction measures and proactively
managed working capital to contain the impact as best as it
could."

The total 2008-09 sales volume (including exports) is 506,421
units, compared to 585,649 units in the previous year.  Domestic
commercial vehicles sales amounted to 265,373 units (2007-08:
312,935 units) while domestic passenger vehicles sales amounted to
207,512 units (2007-08: 218,055 units).

The launch of the second generation Tata Indica Vista and the
continuing good run of the Tata Indigo CS has helped recover
market share in passenger vehicles in the second half which stands
at 13.1% for the year (2007-08: 14%) and a March exit share of
14.5%.   Tata Motors’ exports were 33,536 numbers (2007-08: 54,659
numbers), impacted by the worldwide downturn in the industry.

The Times of India reports that the company said it would cut
annual capital expenditure plan for the next two years by between
25 percent and 38 percent due to the slowdown in the market.

According to the Times, Chief financial officer C Ramakrishnan
said annual capital expenditure over the next two years has been
cut to between Rs 2500 crore and Rs 3000 crore, from Rs 4000 crore
previously.

                        About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the company.  The company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.  TML is listed on the Bombay Stock
Exchange, the National Stock Exchange of India and New York
Stock Exchange.  It was ultimately 33.4% owned by the Tata Group
as of December 2007.

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

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

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


TATA STEEL UK: Banks Approve Covenant Reset on GBP3.7 Bln Loan
--------------------------------------------------------------
Reuters reports that Tata Steel UK Ltd, a wholly owned subsidiary
of Tata Steel Ltd, got approval from banks to ease conditions on
GBP3.7 billion of loans it took to buy Anglo-Dutch Corus.

According to Reuters, the revised covenant did not include any
additional finance from the lenders or rescheduling of debt
servicing commitments.

"As part of the agreement reached with banks, testing of the
facility's earnings-related covenants will largely be suspended
until March 2010 and will then resume with significantly higher
flexibility than in the case of original covenants," Reuters
quoted Tata Steel as saying in a statement.

Reuters relates in return Tata Steel pledged to repay about
GBP200 million (US$304 million) of debt ahead of schedule and
inject GBP425 million into Tata Steel UK in a phased manner.

The waiver, which was led by Citigroup, Royal Bank of Scotland and
Standard Chartered, is expected to be signed at the end of next
week, Reuters says citing two bankers close to the deal.

On May 15, 2009, the Troubled Company Reporter-Europe, citing
Times of India, reported Tata Steel UK, which bought Corus for
GBP6.7 billion in 2006, sought an easing on the terms of the loans
as the economic slowdown could hit its earnings, straining its
ability to service the loan.

                   About Tata Steel UK Limited

Tata Steel UK Limited is the 100% subsidiary of Tata Steel Ltd,
and is the holding company for its European steel operations,
which principally consists of the Corus group.

                         *     *     *

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

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


TREHAN PROMOTERS: Delay in Loan Repayment Cues CRISIL 'C' Rating
----------------------------------------------------------------
CRISIL has assigned its rating of 'C' to the term loan facility of
Trehan Promoters & Builders Pvt Ltd (TPBPL).

   INR250.0 Million Term Loan     C (Assigned)

The rating reflects instances of delay in repayment of term loan,
followed by rescheduling of the loan, because of delay in receipt
of advances from customers.  The rating also reflects TPBPL's
demand and revenue risks because of the current downturn in the
realty market. These weaknesses are mitigated by the promoter's
longstanding presence in the real estate segment.

                      About Trehan Promoters

TPBPL, incorporated as a private limited company in 1994, is a
leading player in the real estate sector with the brand IRIS.  The
company has interests in construction of commercial complexes,
information technology (IT) parks, and development of residential
townships in Delhi and the National Capital Region.  TPBPL is
currently undertaking the IRIS Tech Park Sohna Road project (Tikri
Project), which involves construction of three towers each for
IT offices, food chains, and commercial purposes such as exclusive
showrooms.  The total project cost is estimated at around
INR770 million to be financed through debt of INR 250 million,
promoter's contribution of around INR150 million, and balance
through advances received from prospective buyers.


VIMAL OIL: CRISIL Reaffirms 'BB+' Ratings on INR19 Mln Term Loans
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Vimal Oil & Foods Ltd
(VOFL) continue to reflect the company's weak financial risk
profile, low profit margins due to the commoditised nature of the
edible oil refining business, and high working capital
requirements.  These weaknesses are mitigated by the favourable
location of VOFL's facility and healthy growth in revenues.

   INR285 Million Cash Credit Limits   BB+/Stable (Reaffirmed)
   INR19 Million Term Loans            BB+/Stable (Reaffirmed)
   INR500 Million Letter of Credit     P4 (Reaffirmed)
                  Limits

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of VOFL and Gujarat Spices and Oilseeds
Growers Co-operative Union (GSOGCU), together referred as the
Vimal group. This is because both companies are under the same
management and engaged in a similar line of business.

Outlook: Stable

CRISIL believes that the Vimal group's business growth will remain
healthy over the medium term, despite low operating margins.  The
group's financial risk profile is expected to remain constrained
over the medium term due to the working capital-intensive nature
of operations.  The outlook may be revised to 'Positive' in case
of substantial improvement in the group's financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
large debt-funded capital expenditure or decline in the group's
profitability, leading to deterioration in its financial risk
profile.

                         About Vimal Oil

Incorporated in 1993, VOFL manufactures edible oils from
cottonseed, groundnut, soya, and mustard, in addition to exporting
de-oiled cake.  The company's products are sold under the Vimal
brand. GSOGCU is a state-level co-operative federation set up in
August 2003 in order to avail of the benefits available under the
Gujarat Earthquake Relief Programme. GSOGCU's products are sold
under the brand names Shreeji (soya oil), Oscar (palm oil), Lijjat
(vanaspati), and Shreehari (palmolein).

For 2007-08 (refers to financial year, April 1 to March 31), the
Vimal group's consolidated profit after tax stood at INR126.49
million (INR92.45 million in the previous year) on net sales of
INR11.21 billion (INR8.60 billion).



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

BANK MANDIRI: Expects Low Credit for Financing Companies in 2009
----------------------------------------------------------------
PT Bank Mandiri is projecting that credit disbursement for
financing companies this year would likely fall 16.7 percent to
IDR2.5 trillion (US$242 million), compared with last year's
IDR3 trillion rise, because of the slowing domestic automotive
industry, Jakarta Globe reports.

"In the first quarter, credit to financing companies was nearly
flat because the automotive industry" was experiencing slow
growth, Fransisca Nelwan Mok, Bank Mandiri's senior vice president
for Jakarta commercial sales was quoted by the report as saying.

The automotive finance sector dominates the financing industry,
with on average 80 percent of domestic cars and motorcycles
financed directly through bank loans and indirectly through
financing companies, the report notes.

The report, citing Ms. Mok, says that the weak credit demand was
also caused by the inevitable market correction.

However, Bank Mandiri could deal with the reduced demand for
credit from financing companies as long as nonperforming loan
levels remained manageable, the report adds citing Zulkifli Zaini,
Bank Mandiri's director of commercial banking, as saying.

                        About Bank Mandiri

PT Bank Mandiri -- http://www.bankmandiri.co.id/-- is
Indonesia's largest and best capitalized bank in terms of
assets, loans and deposits, and provides comprehensive financial
services to more than six million corporate and individual
consumers, as well as small and medium-sized enterprises in
Indonesia.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on Dec. 7,
2007, that Fitch Ratings upgraded the Individual Rating of PT
Bank Mandiri (Persero) Tbk (Mandiri) to 'C/D' from 'D', and its
National Long-term rating to 'AA+ (idn)' from 'AA (idn)'.  The
outlook on the national rating remains stable.

At the same time, Fitch affirmed the company's Long-term foreign
and local currency Issuer Default ratings at 'BB-' with a
Positive Outlook, Short-term IDR at 'B' and Support Floor at
'B+'.

On Oct. 19, 2007, Moody's Investors Service raised Bank
Mandiri's foreign currency senior/subordinated debt ratings
to Ba2/Ba2 from Ba3/Ba3 and foreign currency long- term deposit
rating to B1 from B2.


INDIKA ENERGY: Sets Aside US$300 Million for More Acquisitions
--------------------------------------------------------------
PT Indika Energy is setting aside a budget of up to US$300 million
as it prepares for more acquisitions, including an oil and gas
block belonging to British energy giant BP Plc and local coal
producer Berau Coal, The Jakarta Post reports.

The report, citing finance director Azis Armand, says the company
would take the budget from the company's cash reserves, which
currently stand at US$377 million.

According to the report, President director Arsjad Rasjid unveiled
last week a plan to partnering with state oil and gas company PT
Pertamina to buy a 46 percent stake in BP's North West Java Sea
block in West Java.  Mr. Arsjad, the Post says, also mentioned the
possibility the company might buy a stake in Berau Coal, the
country's fifth largest coal producer.

The Post meanwhile reports that Mr. Arsjad said the company has
decided to delay the completion of the US$83.8 million deal to
acquire 82 percent in Petrosea due to "administrative problems."

According to the Post, Indika had previously hoped to close the
deal early this month after securing approval in an extraordinary
shareholders' meeting, which was supposed to be on Thursday,
June 4.  However, the report notes, the company decided to move
the extraordinary shareholders meeting to June 17.

In December, the report discloses, Indika also acquired coal
mining rights to 13 sites located in Melawi, West Kalimantan with
a total concession area of 53,000 hectares with coal reserves
estimated at 150 million tons.

Mr. Azis, as cited by the Post, said that the company would spend
US$55 million in capital expenditure this year on the development
and operation of coal mines.

                       About Indika Energy

PT Indika Energy Tbk is an Indonesia-based energy company.  The
Company is engaged in the provision of energy services, energy
resources and infrastructures, specifically in the areas of coal
production, engineering, procurement and construction (EPC)
services and power generation projects.  It has six direct
subsidiaries namely PT Tripatra Engineering, PT Tripatra Engineers
& Constructors, PT Indika Inti Corpindo, Indo Integrated Energy
B.V., PT Indika Infrastruktur Investindo and Indika Power
Investments Pte. Ltd. Singapore, which are engaged in
consultation, EPC, general trading, investment and financing
activities.

                         *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
March 4, 2009, Fitch Ratings affirmed PT Indika Energy Tbk's Long-
term foreign and local currency Issuer Default Ratings at 'B',
following the company's announcement on February 26, 2009 that it
plans to acquire a 81.95% stake in PT Petrosea Tbk (an engineering
and construction contractor with mining capability) for an
indicative purchase price of US$83.8 million.  The Outlook remains
Positive.  Fitch also affirmed its 'B' senior unsecured rating on
Indika's US$250 million senior notes due in 2012, with a recovery
rating of 'RR4'.


MOBILE-8 TELECOM: Wants New Business Plan to Attract Investors
--------------------------------------------------------------
PT Mobile-8 Telecom is seeking new investors, new subscribers and
a new business plan to help it reduce high levels of debt, Jakarta
Globe reports.

According to the report, Merza Fachys, Mobile-8's newly elected
president director, has tasked PT Mandiri Sekuritas to come up
with a business plan that would attract 1 million to 1.5 million
new subscribers this year, bringing its total to almost 5 million.

"We hope that we can restructure our bond debts, so we can invite
other parties to support the company’s funding", Mr. Fachys was
quoted by the report as saying.

The report, citing Pres. Merza, says that the company's debt
restructuring could be done through rescheduling or a combination
of debt rescheduling and equity swaps.  The company is also
considering a rights issue, the report adds.

Established in 2002 and operating commercially since the launch of
its pre-paid services in 2003, PT Mobile-8 Tbk is the fourth
largest mobile cellular operator in Indonesia.  It operates in the
800 MHz spectrum on a CDMA2000 1X platform.

                          *     *     *

The Indonesia Stock Exchange suspended trading of shares of
Mobile-8 after the company defaulted on interest payments for a
2007 bond worth IDR675 billion US($65.4 million) on March 13,
Jakarta Globe reported.

In December, Mobile-8 also failed to repay the principal and
unpaid interests for 2007 dollar bonds worth US$100 million.  The
bonds, which were issued by Mobile-8 Telecom Finance, a wholly
owned foreign-based unit, matures in 2013, the report added.



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

KIRAYAKA BANK: JCR Affirms 'BB+' Rating on Subordinated Bonds
-------------------------------------------------------------
Japan Credit Rating Agency Ltd. ("JCR") has affirmed the
BBB-/Stable and the BB+ rating on senior debts and subordinated
bonds of the issuer, respectively.

Senior debts: BBB-/Stable

   Issue       Amount (bn) Issue Date   Due Date   Coupon Rating
   -----       ----------  ----------   --------   -------------

   callable       JPY12     03/22/2006  03/22/2016*    BB+
   bonds no.1
  (subordinated)

   *2.59% per annum till March 22, 2011.  It will switch to 6M
    Euroyen LIBOR + 2.80% after that date.

Kirayaka Bank is a second-tire regional bank with fund volume
reaching more than JPY1 trillion, which was created by merger of
two banks, Shokusan Bank and Yamagata Shiawase Bank in Yamagata
Prefecture, on May 7, 2007.  It absorbed the then holding company,
Kirayaka Holdings, on October 1, 2008.  Although JCR values that
the Bank has been increasing the core earnings power, its
profitability remains poor.  It is likely that its profit will
remain low because the effects of the integration of its branches
will be limited due to its reaching a certain point and the credit
costs will increase.  Therefore, JCR considers it necessary to
examine carefully its record of performance.

On the other hand, the recording of the net loss for FY2008 ended
March 31, 2009 and redemption of preferred shares by purchase
lowered its capital adequacy level.  However, JCR values that the
Bank still keeps a problem-free regulated capital adequacy ratio
even with the current valuation loss on investment securities held
by it and effects of changes in market value calculation method
for the floating rate JGBs being taken into consideration.


SHINGINKO TOKYO: Posts JPY10.5 Billion Net Loss in FY2008
---------------------------------------------------------
The Japan Times reports that Shinginko Tokyo Ltd posted an
unconsolidated net loss of more than JPY10 billion in fiscal 2008,
its fourth straight year of losses.

According to the report, the JPY10.5 billion loss shrank compared
with the JPY16.7 billion net loss it reported the previous year
and is below its earlier projected loss of JPY12.6 billion.

The report says the operating loss from core banking operations,
however, fell to JPY2.7 billion from JPY8.9 billion the previous
year.  The bank reported a profit of JPY2 billion on the
redemption of securities.

Shinginko Tokyo expects to further narrow the net loss to
JPY700 million by curbing nonperforming loan disposal costs for
the current fiscal year ended March 2010, the report notes.

Shinginko Tokyo Ltd was founded in April 2005 by the Tokyo
Metropolitan Government at the initiative of Tokyo Governor
Shintaro Ishihara with an investment of JPY100 billion.  The
bank provides loans mainly to struggling small firms based in
Tokyo.  The bank was Mr. Ishihara's promise during his 2003
gubernatorial election campaign.

                         *     *     *

Shinginko Tokyo continues to carry a "BB+" Subordinated Debt
rating placed by Japan Credit Rating Agency on March 28, 2008.



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

SSANGYONG MOTOR: Auto Sales Fell 60% in May
-------------------------------------------
Yonhap News Agency reports that Ssangyong Motor Co. said Monday
its auto sales plunged 60 percent in May as consumers shun buying
cars from the potentially bankrupt automaker.

The news agency relates that Ssangyong sold 2,868 units last month
with exports nosediving 85.7 percent to 612 units and domestic
sales falling 22.3 percent to 2,256 units.

The Troubled Company Reporter-Asia Pacific, citing The Auto
Channel, reported on May 25, 2009, that a South Korean court
approved Ssangyong Motor Co's restructuring plan.

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

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

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

                      About Ssangyong Motor

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



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

IDAMAN UNGGUL: Bourse to Suspend Trading of Securities on June 5
----------------------------------------------------------------
Bursa Malaysia Securities Berhad will suspend trading of Idaman
Unggul Berhad's securities on Friday, June 5, 2009, due to the
failure of the company to submit its regularisation plan to the
Securities Commission and other relevant authorities for approval
by May 29, 2009, the timeframe stipulated by Bursa Securities.

The company further disclosed that:

   * it has been accorded five market days by Bursa Securities
     to make written representations to Bursa Securities,
     supported by documentary evidence, as to why its securities
     should not be removed from the Official List of Bursa
     Securities;

   * that in the event Bursa Securities decides to de-list the
     company, its securities will be removed from the Official
     List of Bursa Securities upon the expiry of seven market
     days from the date of notification of the decision to de-
     list the company or other date as may be specified by Bursa
     Securities unless an appeal is made within the prescribed
     timeframe; and

   * that in the event Bursa Securities decides not to de-list
     the company, other appropriate action/penalty(ies) may be
     imposed pursuant to paragraph 16.17 of the LR.

                      About Idaman Unggul

Idaman Unggul Berhad is an investment holding company, whose
principal activity is the provision of corporate, administrative
and management support to its subsidiaries.  The company
operates in two segments: insurance, which includes underwriting
of life insurance and all classes of general insurance business,
and other, which includes investment holding.  Idaman Unggul's
subsidiaries include Tahan Insurance Malaysia Berhad, F.T. Land
Sdn. Bhd., PCM Synergy Sdn. Bhd., PICT Solution Sdn. Bhd. and
Straight Effort Sdn. Bhd.  On July 12, 2006, the company
disposed Advanced Electronics (M) Sdn. Bhd. to Elevale Temasek
Sdn. Bhd.  On July 3, 2006, Tahan Insurance Malaysia Berhad
disposed of its Life Insurance Business to AXA Affin Life
Insurance Berhad. Waikiki Beach Hotel Sdn. Bhd., a wholly owned
subsidiary of Idaman Unggul, was also divested as part of the
Life Insurance Business disposal.  On January 17, 2007, the
company disposed IUB Asset Management Sdn Bhd to Capital
Intelligence Holdings Sdn Bhd.

                          *     *     *

As reported by Troubled Company Reporter-Asia Pacific on
March 6, 2008, the company was classified as an Affected
Listed Issuer under Amended Practice Note 17/2005 of the Listing
Requirements of Bursa Malaysia Securities Berhad, since the
company's shareholders' fund has dropped to MYR41.204 million
which is lower than the 25% of the paid-up share capital and
minimum issued and paid up capital of MYR60 milion required
under the Listing Requirements.



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

DORCHESTER PACIFIC: Posts NZ$25.4 Mln Loss in Year Ended March 31
-----------------------------------------------------------------
Dorchester Pacific disclosed its full year results for the
financial year ended March 31, 2009.

The company reported a net loss of NZ$25.4 million in the year to
March 31 compared to a NZ$18.1 million loss in the previous year.
Net revenue of NZ$24.6 million was significantly down on 2008 net
revenue of NZ$64.4 million.

Chairman Barry Graham said "Obviously comparisons with last year
reflect the wind-down of the finance receivable book and no new
lending for most of the financial year following the decision in
June 2008 to freeze repayments to investors pending approval of
the Deferred Repayment Plan."

The finance group reported an operating loss of NZ$28.7 million
before tax and before the fair value adjustment as a result of the
increased provisioning and bad debts written off.

The company's accounts have been prepared on a going concern
basis.  Although an unqualified opinion is expressed, auditors
Staples Rodway note fundamental uncertainties with respect to the
realisation of property book loans should the property market
continue to decline.

The directors confirmed that no dividend will be paid.

Dorchester Pacific said it will pay debenture holders their next 5
percent principal repayment under the Deferred Repayment Plan a
week early on June 23, which will bring total repayments to date
to 30 percent.

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

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

                     About Dorchester Pacific

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

                          *     *     *

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

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

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


HANOVER FINANCE: Exposure to Failed Projects May Affect Moratorium
------------------------------------------------------------------
Greg Ninness at the Sunday Star Times reports that Hanover Finance
have provided about NZ$60 million for the first stage Kawarau
Falls Station project at Queenstown, which went into receivership
last week.  The amount it is owed, according to the report, will
continue to grow as the interest bill mounts up.

The Troubled Company Reporter-Asia Pacific, citing The National
Business Review, reported on May 27, 2009 that Bank of Scotland
International (BOS) called in Brendon Gibson and Grant Graham of
KordaMentha as receivers to Melview (Kawarau Falls Station)
Investments Ltd and Melview (Kawarau Falls Station) Development
Ltd, the companies associated with a billion-dollar resort
development in Queenstown.

The Business Review disclosed that the 6.4ha site at Kawarau Falls
Station, the only north-facing high-density residential site in
Queenstown, was intended to have 1100 units and 13 buildings,
boulevard-style streets, restaurants and parks, when completed in
2011.

According to the Business Review, construction of the first stage
of the project, two international hotels and an extensive upmarket
residential development, was financed by Bank of Scotland
International (BOS) and Hanover Finance.   The Business Review
noted that BOS has a first mortgage securing up to $513 million
while Hanover has a second mortgage securing up to $150 million.

Funding for a second stage, the Business Review related, was to be
provided by Fortress Credit Corp with Hanover as second mortgagee.

The Star Times meanwhile says that Hanover have lost more than
NZ$20 million from a second mortgage loan it had on a commercial
property in Takapuna which was sold by the property's first
mortgagee, Commonwealth Bank, last month.

Hanover, Star Times relates, also has exposure to another major
development, Jamie Peters' Gulf Harbour project north of Auckland,
where it also stands second in line behind BOS.  Hanover is
believed to be owed about NZ$30 million on Gulf Harbour, the Star
Times notes.

According to the Star Times, Bryan Connor, general manager of
Hanover's trustee company Guardian Trust, said he was waiting to
receive reports on the Kawarau situation, but was unable to
comment on how that, or losses from the Takapuna property, might
affect the company's ability to meet its moratorium obligations.

The Troubled Company Reporter-Asia Pacific on Dec. 10, 2008,
reported that Hanover Finance's investors have voted in favor of
the company's Debt Restructure Proposals, including a plan to
fully repay NZ$552.6 million principal it owes over five years.

                           About HFL

Hanover Finance Limited -- http://www.hanover.co.nz/-- is
New Zealand's third-largest privately-owned finance company with
total assets of NZ$796 million at December 31, 2007.  The company
was established in 1984 to provide finance to the rural sector
and began lending to property developers and investors in 1995.
The loan portfolio has been gradually downsized since 2006 as a
result of a more cautious approach to lending in the face of
retail funding constraints.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 2, 2008, Fitch Ratings affirmed and simultaneously withdrawn
the ratings of Hanover Finance Limited's Long-term and Short-term
foreign currency Issuer Default Ratings of 'D', Individual rating
of 'F', Support rating of '5' and the Support Rating Floor of
'NF'.

A Long-term foreign currency IDR of 'D' indicates that HFL has
defaulted on its financial obligations.

The withdrawal of the ratings recognizes that HFL is no longer
accepting new debentures and is seeking to implement a debt
restructure plan for existing debenture holders.  As a result,
Fitch said it will no longer provide analytical coverage.


* NEW ZEALAND: Building Consents in April 2009 Rise 4.5%
--------------------------------------------------------
Building consent statistics for the month of April 2009 show the
trend for the number of new housing units authorised, excluding
apartment units, continues to be at a low level, Statistics New
Zealand said.  The trend is currently at its lowest level since
this series began in January 1992, and has fallen by more than
half since June 2007, although there are signs that the decline is
easing.

The seasonally adjusted number of new housing units authorised,
excluding apartments, rose 4.5 percent in April 2009.

In April 2009, there were 1,009 new housing units authorised,
including 199 apartment units.

The value of non-residential consents ($530 million) for
April 2009 is the highest recorded since this series began in
April 1965, but has been boosted by the Christchurch International
Airport development.



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

HOCEN INTERNATIONAL: Creditors' Proofs of Debt Due on June 12
-------------------------------------------------------------
Hocen International Pte Ltd, which is in compulsory liquidation,
requires its creditors to file their proofs of debt by June 12,
2009, to be included in the company's dividend distribution.

The company's liquidators are:

          Goh Thien Phong
          Chan Kheng Tek
          c/o PricewaterhouseCoopers LLP
          8 Cross Street #17-00
          PWC Building
          Singapore 048424


ISHIKARI SHIPPING: Creditors' Proofs of Debt Due on June 29
-----------------------------------------------------------
Ishikari Shipping Pte Ltd, which is in voluntary liquidation,
requires its creditors to file their proofs of debt by June 29,
2009, to be included in the company's dividend distribution.

The company's liquidator is:

          Lau Chin Huat
          c/o 6 Shenton Way #32-00
          DBS Building Tower Two
          Singapore 068809


MARICA SHIPPING: Creditors' Proofs of Debt Due on June 29
---------------------------------------------------------
Marica Shipping Pte Ltd, which is in voluntary liquidation,
requires its creditors to file their proofs of debt by June 29,
2009, to be included in the company's dividend distribution.

The company's liquidator is:

          Lau Chin Huat
          c/o 6 Shenton Way #32-00
          DBS Building Tower Two
          Singapore 068809


RUSINA SHIPPING: Creditors' Proofs of Debt Due on June 29
---------------------------------------------------------
Rusina Shipping Pte Ltd, which is in voluntary liquidation,
requires its creditors to file their proofs of debt by June 29,
2009, to be included in the company's dividend distribution.

The company's liquidator is:

          Lau Chin Huat
          c/o 6 Shenton Way #32-00
          DBS Building Tower Two
          Singapore 068809



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

* BOND PRICING: For the Week May 25 to May 29, 2009
---------------------------------------------------

   AUSTRALIA
   ---------
A&R Whitcoulls                9.500%   12/15/10   NZS      66.33
Ainsworth Game                8.000%   12/31/09   AUD       0.70
AMP Group Financ              9.803%   04/01/19   NZD       9.00
AMP Group Financ              6.875%   08/23/22   GBP      66.22
Antares Energy               10.000%   10/31/13   AUD       1.50
Aust & NZ Bank                6.540%   06/29/49   GBP      71.50
Babcock & Brown Pty           8.500%   11/17/09   NZD      30.04
Becton Property Group         9.500%   06/30/10   AUD       0.46
Bemax Resources               9.375%   07/15/14   USD      41.75
Bemax Resources               9.375%   07/15/14   USD      41.75
Bounty Industries Ltd        10.000%   06/30/10   AUD       0.02
Capral Aluminum              10.000%   03/29/12   AUD       1.05
Centaur Mining               11.000%   12/01/07   USD       0.00
China Century                12.000%   09/30/10   AUD       0.79
Com BK Australia              4.875%   12/19/23   GBP      68.35
Djerriwarrh Inv               6.500%   09/30/09   AUD       3.92
First Australian             15.000%   01/31/12   AUD       0.56
Griffin Coal Min              9.500%   12/01/16   USD      40.50
Griffin Coal Min              9.500%   12/01/16   USD      40.50
Hanson Australia              5.250%   03/15/13   USD      69.72
Heemskirk Consol              8.000%   04/29/11   AUD       2.15
Insurance Austra              5.625%   12/21/26   GBP      64.50
Jpm Au Enf Nom 1              3.500%   06/30/10   USD       1.62
Macquarie Bank                5.500%   09/19/16   GBP      70.04
Minerals Corp                10.500%   09/30/09   AUD       0.51
Metal Storm                  10.000%   09/01/09   AUD       0.07
Nylex Ltd                    10.000%   12/08/19   AUD       0.84
Orchard Invest                9.000%   12/15/10   AUD      29.50
Resolute Mining              12.000%   12/31/12   AUD       0.75
Sun Resources NL             12.000%   06/30/11   AUD       0.55
Suncorp-Metway                6.500%   06/22/16   AUD      69.47
Suncorp-Metway                6.625%   10/23/17   GBP      65.57
Suncorp Insuran               6.250%   06/13/27   GBP      61.50
Timbercorp Ltd                8.900%   12/01/10   AUD      26.10
Westfield Fin                 5.500%   06/27/17   GBP      71.05



   CHINA
   -----
China Govt Bond                 4.860%  08/10/14     CNY    00.00
Chinatrust Comm                 5.625%  03/29/49     CNY    70.12
Jiangxi Copper                  1.000%  09/22/16     CNY    73.57


   HONG KONG
   ---------
Bank East Asia                 6.125%  03/29/49     GBP    71.24
Wing Hang BK Ltd               6.000%  04/29/49     USD    67.75


   INDIA
   -----
Aftek Infosys                  1.000%  06/25/10     USD    73.00
AKSH Optifibre                 1.000%  01/29/10     USD    57.50
Amtek India Ltd                0.500%  11/12/10     USD    71.35
Flex Industries                4.000%  03/09/12     USD    52.75
Gemini Commnica                6.000%  07/18/12     EUR    60.00
GHCL Ltd                       1.000%  03/21/11     USD    50.00
Gitanjali Gems                 1.000%  11/25/11     USD    69.00
Hindustan Cons                10.000%  10/25/09     INR    20.00
ICICI Bank Ltd                 7.250%  08/29/49     USD    70.67
Kei Industries                 1.000%  11/30/11     USD    59.25
Subex Azure                    2.000%  03/09/12     USD    22.00
Videocon Indus                 5.000%  03/07/11     USD    67.25
Wanbury Ltd                    1.000%  04/23/12     EUR    64.50


   INDONESIA
   ---------
Ciliandra                     11.500%  11/27/12     IDR    73.10


   JAPAN
   -----
Aiful Corp                     1.900%  10/19/15     JPY    54.52
Aozora Bank                    0.560%  08/12/13     JPY    74.83
Aozora Bank                    0.560%  08/27/13     JPY    74.56
Aozora Bank                    0.560%  09/12/13     JPY    74.26
Aozora Bank                    0.560%  09/27/13     JPY    73.98
Aozora Bank                    0.560%  10/12/13     JPY    73.72
Aozora Bank                    0.560%  10/25/10     JPY    73.46
Aozora Bank                    0.560%  11/12/13     JPY    73.13
Aozora Bank                    0.560%  11/27/13     JPY    72.85
Aozora Bank                    0.400%  12/12/13     JPY    71.97
Aozora Bank                    0.400%  12/27/13     JPY    71.68
Aozora Bank                    0.400%  01/12/14     JPY    71.42
Aozora Bank                    0.400%  01/27/14     JPY    71.10
Aozora Bank                    0.400%  02/12/14     JPY    70.79
Aozora Bank                    0.400%  02/27/14     JPY    70.51
Aozora Bank                    0.400%  03/12/14     JPY    70.26
Aozora Bank                    0.400%  03/27/14     JPY    69.98
Aozora Bank                    0.400%  04/12/14     JPY    69.69
Aozora Bank                    0.400%  04/27/14     JPY    69.43
Aozora Bank                    0.400%  05/12/14     JPY    69.11
Aozora Bank                    0.400%  05/27/14     JPY    68.82
Aozora Bank                    0.400%  06/12/14     JPY    68.68
Belluna Co Ltd                 1.100%  03/21/12     JPY    59.62
CSK Corporation                0.250%  09/30/13     JPY    33.10
Daikyo Inc.                    1.880%  03/12/12     JPY    72.37
Ebara Corp                     1.300%  09/30/13     JPY    74.47
Elpida Memory In               2.100%  11/29/12     JPY    74.98
Fukoku Mutual                  4.500%  09/28/25     EUR    50.00
JACCS Co Ltd                   1.820%  09/28/15     JPY    74.30
Japan Airlines                 3.100%  01/22/18     JPY    72.77
JPN Exp Hld/Debt               0.500%  09/17/38     JPY    57.09
Kenedix Realty I               2.370%  03/15/17     JPY    44.12
Kirayaka Holding               2.590%  03/22/16     JPY    66.05
Orix Corp                      2.110%  03/18/16     JPY    73.95
Orix Corp                      2.190%  04/18/17     JPY    70.30
Pacific Golf Gro               1.000%  05/01/12     JPY    72.90
Resona Bank                    5.986%  08/29/49     GBP    66.28
Resona Bank                    4.125%  09/29/49     GBP    69.00
Resona Bank                    5.850%  09/29/49     USD    63.50
Shinsei Bank                   1.960%  03/25/15     JPY    72.03
Shinsei Bank                   2.010%  10/30/15     JPY    69.74
Shinsei Bank                   3.750%  02/23/16     EUR    70.00
Shinsei Bank                   5.625%  12/29/49     GBP    39.00
Sumitomo Mitsui                4.375%  07/29/49     EUR    71.50
Takefuji Corp                  4.500%  10/22/32     JPY    64.47


   MALAYSIA
   --------
Advance Synergy Berhad         2.000%  01/26/18     MYR     0.06
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     0.95
AMBB Capital                   6.770%  01/29/49     USD    63.50
Berjaya Land Bhd               5.000%  12/30/09     MYR     3.20
Crescendo Corp B               3.750%  01/11/16     MYR     0.64
Dutaland Bhd                   4.000%  04/11/13     MYR     0.73
Dutaland Bhd                   4.000%  04/11/13     MYR     0.34
Eastern & Orient               8.000%  04/25/11     MYR     0.60
Huat Lai Resources             5.000%  03/28/10     MYR     0.25
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.20
Kretam Holdings                1.000%  08/10/10     MYR     1.03
Kumpulan Jetson                5.000%  11/27/12     MYR     0.45
LBS Bina Group                 4.000%  12/31/09     MYR     0.60
Lion Diversified               4.000%  12/17/13     MYR     0.95
Mithril Bhd                    3.000%  04/05/12     MYR     0.63
Nam Fatt Corp                  2.000%  06/24/11     MYR     0.35
Olympia Industri               2.800%  04/11/13     MYR     0.18
Olympia Industri               4.000%  04/11/13     MYR     0.22
Plus SPV Bhd                   2.000%  03/11/19     MYR    72.36
Puncak Niaga Hld               2.500%  11/18/16     MYR     0.72
Rubberex Corp                  4.000%  08/14/12     MYR     0.85
SBB Capital Corp               6.620%  11/29/49     USD    71.12
Tradewinds Corp                2.000%  02/08/12     MYR     0.70
TRC Synergy                    5.000%  01/20/12     MYR     1.12
Tradewinds Plant               3.000%  02/28/16     MYR     1.10
Wah Seong Corp                 3.000%  05/21/12     MYR     2.50
Wijaya Baru Glob               7.000%  09/17/12     MYR     0.35
YTL Cement Bhd                 4.000%  11/10/15     MYR     1.75


   MARSHALL ISLANDS
   ----------------

Navios Maritime                9.500%  12/15/14     USD    73.75


   NEW ZEALAND
   -----------
Allied Farmers                 9.600%  11/15/11     NZD    49.00
Allied Nationwid              11.520%  12/29/49     NZD    40.00
BBI Ntwrks NZ Ltd              8.000%  11/30/12     NZD    34.44
Blue Star Print                9.100%  09/15/12     NZD    27.54
Cadmus Devt Ltd                9.900%  01/15/10     NZD    55.12
Capital Prop NZ                8.000%  04/15/10     NZD    12.74
Contact Energy                 8.000%  05/15/14     NZD     1.00
Fidelity Capital               9.250%  07/15/13     NZD    64.19
Fletcher Buildin               7.550%  03/15/11     NZD     9.00
Fletcher Buildin               8.500%  03/15/15     NZD     9.50
Fonterra                       8.740%  11/29/49     NZD    70.00
Generator Bonds                8.200%  09/07/11     NZD    59.29
Hellaby Holdings               8.500%  06/15/11     NZD    62.55
Infrastr & Util                8.500%  09/15/13     NZD    11.50
Infratil Ltd                   8.500%  02/15/20     NZD    74.18
Infratil Ltd                   8.500%  11/15/15     NZD    11.00
Infratil Ltd                  10.180%  12/29/49     NZD    57.00
Marac Finance                 10.500%  07/15/13     NZD     0.98
Rabobank Ned NZ                7.449%  01/29/49     NZD    75.00
Sky Network TV                 9.370%  10/16/16     NZD    73.00
South Canterbury              10.500%  06/15/11     NZD     0.99
South Canterbury              10.430%  12/15/12     NZD     0.87
St Laurence Prop               9.250%  07/15/11     NZD    59.64
Tower Capital                  8.500%  04/15/14     NZD     0.85
Trustpower Ltd                 8.500%  09/15/12     NZD     7.80
Trustpower Ltd                 8.500%  03/15/14     NZD    12.50
Vector Ltd                     8.000%  12/29/49     NZD     7.85


   SINGAPORE
   ---------
Blue Ocean                    11.000%  06/28/12     USD    34.91
Capitaland Ltd.                2.950%  06/20/22     SGD    72.94
Sengkang Mall                  8.000%  11/20/12     SGD     0.00
United ENG Ltd                 1.000%  03/03/14     SGD     1.22


SOUTH KOREA
-----------
GS Caltex Corp                 6.000%  08/08/16     USD    74.07
Korea Elec Pwr                 6.000%  12/01/26     USD    64.29
Korea Elec Pwr                 7.000%  02/01/27     USD    73.04
Korea Elec Pwr                 6.750%  08/01/27     USD    70.34
Shinhan Bank                   6.819%  09/20/36     USD    65.50


SRI LANKA
---------
Sri Lanka Govt                 7.500%  08/15/18     LKR    70.32
Sri Lanka Govt                 7.000%  10/01/23     LKR    61.04


  THAILAND
  --------
Advance Agro Pub              11.000%  12/19/12     USD    74.62
Italian-Thai Dev               4.500%  06/10/13     USD    50.37
Krung Thai Bank                7.378%  10/29/49     USD    69.75
PTT PCL                        5.875%  08/03/35     USD    73.38
True Move                     10.750%  12/16/13     USD    73.52



                         *********

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

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

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


                            *********


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

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

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

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

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





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