TCRAP_Public/090605.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, June 5, 2009, Vol. 12, No. 110



ILLAWARRA SERIES: Fitch Upgrades Ratings on Seven Classes of Notes
PISCES GROUP: Calls In Voluntary Administrators
SKYAIRWORLD: Owner Faces Insolvent Trading Charges
TIMBERCORP: Administrator Seeks to Wind-up Olive & Almond Projects

H O N G  K O N G

BLISS SUCCESS: Court to Hear Wind-Up Petition on July 15
COME ELEMENT: Court Enters Wind-Up Order
DIORVA GARMENTS: Court to Hear Wind-Up Petition on July 29
ENTERBAY LIMITED: Court to Hear Wind-Up Petition on June 24
GREENTOWN CHINA: S&P Affirms 'B+' Long-Term Corp. Credit Rating

HANG FUNG: Appoints Provisional Liquidators
HAPPY LINK: Court Enters Wind-Up Order
INFINITIVE KNITTING: Court to Hear Wind-Up Petition on July 8
INTEGRITY PROPERTY: Court Enters Wind-Up Order

KENLAP P.C.G.: Appoints Members of Committee of Inspection
MASTER-LAU LIMITED: Court Enters Wind-Up Order
REHM SUNEAST: Creditors' and Contributories' to Meet on June 9
RIWELL PROPERTIES: Court Enters Wind-Up Order
ROAD KING: Expressway Sale Won't Affect Moody's 'Ba3' Rating

ROBOTOOLZ LIMITED: Court to Hear Wind-Up Petition on June 24
SLA LIMITED: Releases Hung and Yau as Liquidators
SPEED-TRANS CARGO: Court to Hear Wind-Up Petition on July 8
STRAIT PUBLICATION: Court Enters Wind-Up Order
UNIROSS BATTERRIES: Creditors & Contributories to Meet on June 18

W.I.F. GLASS: Court Enters Wind-Up Order


ARDEE BUSINESS: CRISIL Rates Rs.50 Million Term Loan at ‘BB+’
HARDIK INDUSTRIAL: Low Net Worth Cues CRISIL ‘BB+’ Ratings
JUPITER ALLOYS: CRISIL Puts ‘BB+’ Ratings on Various Bank Loans
NEKKANTI SEA: CRISIL Assigns ‘BB+’ Rating on Rs.3.4 Mln LT Loan
SPECIAL ENGINEERING: Loan Payment Default Cues CRISIL ‘D’ Ratings

STL GLOBAL: Fitch Junks National Long-Term Rating from 'BBB-'


AOZORA BANK: Fitch Downgrades Individual Rating to 'C/D'
JAPAN AIRLINES: To Receive JPY100 Billion Loan from Banks


MERGE ENERGY: Asks Bourse to Put Firm Under Enhanced PN17 Status
STAMFORD COLLEGE: Seeks Waiver From Regularization Plan Filing

N E W  Z E A L A N D

FLETCHER BUILDING: Former CEO Waters to Replace Chairman Deane
ST LAURENCE: Posts NZ$87.2 Million Annual Loss


* Fitch Affirms 'B+' Long-Term Ratings on Nigerian State of Kwara


EXCELLENT HOLDINGS: Pays Second and Final Dividend
FRASER THERMAL: Contributories & Creditors to Meet on June 11
MI-REIT: Financing Pressure Cues Moody's to Junk Corp. Rating
SUNCORP METWAY: Creditors' Proofs of Debt Due on July 1
TEO BROS: Pays First and Final Dividend

S O U T H  A F R I C A

PAMODZI GOLD: Sekunjalo Investments Submits US$150-Mln Offer
SAPPI LTD: Moody's Downgrades Corporate Family Rating to 'Ba3'

* Large Companies with Insolvent Balance Sheets

                         - - - - -


ILLAWARRA SERIES: Fitch Upgrades Ratings on Seven Classes of Notes
Fitch Ratings has upgraded seven classes of notes and affirmed
three classes of notes from the Illawarra Series of Australian
CMBS as detailed below.  The transactions are backed by pools of
Australian SME commercial mortgages originated by IMB Ltd.

Illawarra Series 2004-1 CMBS Trust:

  -- AUD16.9 million Class A (ISIN AU300ILWB012) affirmed at
     Outlook Stable; 'LS-1' Loss Severity Rating assigned;

  -- AUD12.8 million Class B (ISIN AU300ILWB020) affirmed at
     Outlook Stable; 'LS-1' Loss Severity Rating assigned;

  -- AUD9.9 million Class C upgraded from 'AA+' to 'AAA';
     Stable; 'LS-1' Loss Severity Rating assigned;

  -- AUD7.6 million Class D upgraded from 'A+' to 'AA';
     Outlook Stable;
     'LS-2' Loss Severity Rating assigned; and

  -- AUD4.7 million Class E upgraded from 'BBB' to 'A';
     Outlook Stable;
     'LS-2' Loss Severity Rating assigned;

Illawarra Series 2007-1 CMBS Trust:

  -- AUD139.2 million Class A (ISIN AU3FN0002747) affirmed at
     'AAA'; Outlook Stable; 'LS-1' Loss Severity Rating assigned;

  -- AUD12.25 million Class B (ISIN AU3FN0002754) upgraded from
     'AA' to 'AAA'; Outlook Stable; 'LS-2' Loss Severity Rating

  -- AUD10.25 million Class C (ISIN AU3FN0002838) upgraded from
     'A' to 'AA'; Outlook Stable; 'LS-2' Loss Severity Rating

  -- AUD8.0 million Class D (ISIN AU3FN0002853) upgraded from
     ‘BBB' to 'A'; Outlook Stable; 'LS-2' Loss Severity Rating
     assigned; and

  -- AUD4.3 million Class E (ISIN AUSFN0002788) upgraded from 'BB'
     to 'BB+'; Outlook Stable; 'LS-3' Loss Severity Rating

The rating upgrades, affirmations and Stable Outlooks assigned to
the notes for both transactions reflect the paydown of the most
senior note, resulting in the building of additional credit
support at the lower notes and the very stable delinquency
performance of each transaction.  Series 2004-1 CMBS currently has
+30 days' delinquencies at the end of April 2009 of 1.4%, with one
loan of 0.5% at +90 days delinquent.  No foreclosures have
occurred within this transaction to date.  Series 2007-1 CMBS
currently has +30 days' delinquencies at the end of April 2009 of
0.3%, being one loan.  One foreclosure has occurred within this
transaction to date, with the incurred loss being relatively minor
and fully reimbursed from transaction income.

With the senior note in each transaction paying down and no
charge-offs of any notes to date, credit support has built up at
the lower classes of notes allowing upgrades to occur.  The Class
A notes in Series 2004-1 CMBS have been paid down to an
outstanding bond factor of 8.7% whilst the Class A notes in Series
2007-1 CMBS have been paid down to an outstanding bond factor of
66.0%.  "The strong performance of these two SME CMBS transactions
and the building of credit enhancement to support rating upgrades
is a result of strong underwriting standards at origination," says
David Carroll, Director in Fitch's Structured Finance team.

Rating Outlooks have been published for all newly issued Asia
Pacific Structured Finance tranches since June 2008, and
concurrently with rating actions for tranches issued prior to June
2008.  Unlike a Rating Watch which notifies investors that there
is a reasonable probability of a rating change in the short term
as a result of a specific event, rating Outlooks indicate the
likely direction of any rating change over a one- to two-year

The 'LS' ratings assigned to each class of notes reflect the risk
of severe loss severity given an event of default on the notes and
are a function of estimated base loss rates within the transaction
and tranche thickness.  Loss Severity criteria were published on
February 17, 2009.

Fitch will continue to monitor the servicing and performance of
these transactions.

PISCES GROUP: Calls In Voluntary Administrators
Pisces Group Ltd, a North Sydney technology firm chaired by former
federal Liberal Party leader and businessman John Hewson, has gone
into voluntary administration, The Sydney Morning Herald reports.

The company has appointed insolvency and reconstruction specialist
Robert Moodie of Rodgers Reidy Chartered Accountants as its
voluntary administrator, the Herald says.

"Over the coming four weeks, Mr. Moodie and his team will be
working with the board of Pisces Group Ltd and its senior
management with a view to effecting a restructure of its
operations and debt," the Herald quoted Mr. Moodie as saying in a

"It is anticipated that the company will offer a formal proposal
to its creditors at a forthcoming major meeting of creditors which
will be held in four to five weeks time."

Mr. Hewson was appointed Pisces Group's chairman in April 2008,
the report notes.

Pisces Group Limited -- is
Australian owned company providing IT, messaging services and
electronic support of mortgage sales and distribution solutions
for mortgage brokers and aggregators.  The business is operated
through four subsidiaries, Pisces Communication Pty Ltd, Mortgage
Data Solutions Pty Ltd, Newsnet Pty Ltd and Starcom Group Pty Ltd.

SKYAIRWORLD: Owner Faces Insolvent Trading Charges
SkyAirWorld liquidators are looking into the possibility of
bringing up charges of insolvent trading against SkyAirWorld owner
David Charlton, eTravel Blackboard reports citing Courier Mail.

“We’re still investigating insolvent trading,” the report quoted
Peter Lucas as saying.

Mr. Charlton, the report says, may be found personally accountable
for attributing to the collapse of the airline, if investigators
deem that he continued to allow the company to operate while
suspecting that the operations were going belly up.

“In my opinion, management should have taken a more aggressive and
wider-ranging cost reduction strategy on the company's cost base
and at an earlier point in time, reviewed its pricing, minimized
business development expenditure and further reduced aircraft
capacity,” Mr. Lucas said as cited by the report.

The report, citing Courier Mail, notes that aside from insolvent
trading charges, the carrier is also facing allegations on unpaid
employee's superannuation and other entitlements.

As reported in the Troubled Company Reporter-Asia Pacific on
March 19, 2009, The Australian said Queensland carrier SkyAirWorld
collapsed, owing creditors more than AU$40 million and left 140
staff with little chance of getting their full entitlements.

According to a report posted in, the carrier called
in a voluntary administrator, Peter Lucas, just days after GE
Capital's aircraft leasing arm, GECAS, repossessed the carrier's
five Embraer aircraft.

In February, said, SkyAirWorld sacked 40 staff from
its 140 workforce and grounded three of its five aircraft.

The carrier, said, will almost certainly not fly
again as its only remaining assets include tools, spare parts and
an air operator's certificate.

Backed by Australian, New Zealand and British businessmen, said SkyAirWorld began flying three years ago with
the aim of tapping the mining industry's demand for charter
flights to the outback.  It later began commercial flights within
Queensland and between Brisbane and Honiara, capital of the
Solomon Islands, according to

TIMBERCORP: Administrator Seeks to Wind-up Olive & Almond Projects
The Herald Sun reports that investors in Timbercorp Limited's
olive and almond plantations could lose AU$600 million when the
Supreme Court is asked to consider winding up the "hopelessly
insolvent" company.

According to the Sun, Timbercorp's administrator Mark Korda will
lodge papers asking a judge to decide whether it is proper to
bring forward a wind-up application of Timbercorp's 13 almond
projects and 11 olive ventures sold to investors over the past six

The Sydney Morning Herald relates Mr. Korda said Timbercorp's
olives and almonds projects, which represent about 40 percent of
Timbercorp's total business, were insolvent, leaving around 10,000
investors out of pocket.

"Timbercorp Securities Ltd (TSL), which is the responsible entity
for most Timbercorp projects, is hopelessly insolvent," the
Morning Herald quoted Mr. Korda as saying.  "They are totally
insolvent.  They're going to cost more to run than proceeds of the
harvests in the next 12 months and beyond."

Mr. Korda said it would cost more than AU$300 million to operate
the almond and olive projects for the next 12 months - AU$66
million for olives and about AU$255 million for almonds, the
Morning Herald relates.

The Sun states that Mr. Korda's decision to go to court almost
certainly will dash the hopes the 18,600 "growers" had of finding
another manager to replace Timbercorp and run their "farms".

The Morning Herald meanwhile reports that Timbercorp administrator
have not yet determined if the company's forestry projects are
still viable, or insolvent like its olive and almonds projects.

Mr. Korda, as cited by the Morning Herald, said the full financial
analysis of the forestry projects, which represented about 60 per
cent of Timbercorp's total business, was expected to be completed
in the next week or two.

As reported in the Troubled Company Reporter-Asia Pacific on
April 24, 2009, Timbercorp Limited called in voluntary
administrators to the company and its subsidiaries.  The company
appointed Mark Korda and Leanne Chesser of KordaMentha as
voluntary administrators.  "The company had been hurt by the
combined impact of declining global asset values, tightening
credit, the economic downturn and drought," according to a
statement issued by Kordamentha.

The administrators would implement this three-point plan:

  1. suspend forestry and horticulture operations while funding
     options are determined;

  2. develop a strategy for each forestry and horticulture
     product, project by project, then execute; and

  3. attend to statutory reporting, investigation, creditor
     and shareholder liaison.

Timbercorp had previously announced that the company's business
model was no longer appropriate in the current environment due to
the capital intensity of the projects and was in the process of
transforming the business into an integrated agribusiness company.
Unfortunately these plans, which included asset sales, could not
be executed in the timeframe to meet the company's debt

In the full year accounts issued in November 2008, Timbercorp
reported current debt of AU$568 million, net debt of AU$903.1
million and net assets of AU$595 million.

                       About Timbercorp

Based in Melbourne, Australia, Timbercorp Limited (ASX:TIM) -- is engaged in the establishment,
development, marketing and management of primary industry-based
projects, the acquisition of land, water rights and infrastructure
to support these projects, and the provision of finance to growers
in these projects.  The company is also involved in eucalypt and
olive oil processing operations, asset development, asset
management, the sale of agricultural assets and holding
investments in agricultural-related enterprises.  The company is
organized in four business segments: Horticulture, Forestry,
Finance and Asset development.  Horticulture segment is engaged in
orchard / vineyard establishment, including securing access to
land, water rights and other infrastructure.  Forestry segment is
engaged in land acquisition and management.  Finance segment is
engaged in the provision of loan finance to new and existing
project grower investors.  Asset development segment develops and
manages orchards and vineyards under contract to third parties.

H O N G  K O N G

BLISS SUCCESS: Court to Hear Wind-Up Petition on July 15
A petition to have Bliss Success Limited's operations wound up
will be heard before the High Court of Hong Kong on July 15, 2009,
at 9:30 a.m.

Kin Hing Hong Textiles Limited filed the petition against the
company on April 22, 2009.

The Petitioner's solicitors are:

          Lily Fenn & Partners
          Lippo Centre, Tower 1
          Room D, 32nd Floor
          89 Queensway, Hong Kong
          Telephone: 3655 9898
          Facsimile: 2522 3367

COME ELEMENT: Court Enters Wind-Up Order
On May 7, 2009, the High Court of Hong Kong entered an order to
have Come Element Limited's operations wound up.

Ho Man Kit Horace and Kong Sze Man Simone are the company's

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

Prym Fashion Asia Pacific & Co. filed the petition against the
company on April 29, 2009.

The Petitioner's solicitors are:

          Sanny Kwong & Henry Lo
          Prosperous Commercial Building
          Units C & D, 12th Floor
          54 Jardine's Bazaar, Causeway Bay
          Hong Kong
          Telephone: 2504 0883
          Facsimile: 3118 6686

ENTERBAY LIMITED: Court to Hear Wind-Up Petition on June 24
A petition to have Enterbay Limited's operations wound up will be
heard before the High Court of Hong Kong on June 24, 2009, at
9:30 a.m.

Renown (Asia) Limited filed the petition against the company on
April 8, 2009.

The Petitioner's solicitors are:

          Messrs. Kelvin Cheung & Co.
          Hong Kong Trade Centre, Unit 101, 1st Floor
          161-167 Des Voeux Road Central
          Hong Kong

GREENTOWN CHINA: S&P Affirms 'B+' Long-Term Corp. Credit Rating
Standard & Poor's Ratings Services said that it had affirmed the
'B+' long-term corporate credit rating on Greentown China Holdings
Ltd.  The outlook is negative.  At the same time, S&P affirmed the
'B' issue rating on the company's outstanding bonds.  Both ratings
have been removed from CreditWatch, where they were placed with
negative implications on April 23, 2009.

S&P affirmed the ratings and removed them from CreditWatch as
Greentown completed a cash tender offer to buy back its
US$400 million senior unsecured notes on May 26, 2009.  In
addition, bondholders removed or waived restrictive bond
covenants, a number of which Greentown had breached.

"These moves have ended our earlier uncertainty about a potential
acceleration of repayment of debt obligations should bondholders
declare a default, which would have put the company under severe
liquidity pressure.  This uncertainty underpinned the original
CreditWatch placement," said Standard & Poor's credit analyst
Christopher Lee.

"The affirmation reflects our belief that the company's contract
sales, which have increased in line with the industry, will
improve its cash position and liquidity to a level that is
sufficient to meet its short-term refinancing needs, taking into
account a likely increase in total borrowings," added Mr.

From January to May 9, 2009, the company generated total sales of
Chinese renminbi 8.8 billion, compared with RMB15.0 billion for
full-year 2008.  In S&P's view, the company's property sales are
good and should be resilient for the rest of the year, given
supportive lending policies and improved buyers' sentiment.  Total
sales (including affiliates) could reach RMB20 billion in 2009.
S&P believes Greentown's margins should be satisfactory, as the
company has not materially cut prices.

In S&P's view, Greentown's high leverage remains a key weakness
for the rating.  S&P believes the company's leverage is likely to
remain high as borrowings will likely increase to fund accelerated
development of its new land bank.  S&P believes the company
continues to have an aggressive appetite for expansion.  Given its
high leverage, Greentown is vulnerable to a sudden slowdown in
sales due to macroeconomic factors and unpredictable government

The rating on Greentown also reflects the company's aggressive
debt-funded expansion, its high leverage and low cash flow
protection, and its limited financial flexibility.  These
weaknesses are partly mitigated by the company's good brand name
and quality products, its strong presence in Hangzhou, Zhejiang
province, and its well-located land bank.

The negative outlook reflects over view that: (1) Greentown's
credit ratios will likely remain weak for the current rating level
as Greentown's leverage could increase further; and (2) the
company will have weak liquidity and potential pressure from the
early redemption of a convertible bond.

HANG FUNG: Appoints Provisional Liquidators
On October 17, 2008, Messrs. Darach E. Haughey, Edmond Wah Bon
Ching and Yeung Lui Ming (Edmund) were appointed as provisional
liquidators of Hang Fung Jewellery Company Limited.

HAPPY LINK: Court Enters Wind-Up Order
On April 29, 2009, the High Court of Hong Kong entered an order to
have Happy Link Travel Services Limited's operations wound up.

Ho Man Kit Horace and Kong Sze Man Simone are the company's

On May 18, 2009, the High Court of Hong Kong entered an order to
have Hong Kong International Culture Travel Agent Limited's
operations wound up.

Ho Man Kit Horace and Kong Sze Man Simone are the company's

INFINITIVE KNITTING: Court to Hear Wind-Up Petition on July 8
A petition to have Infinitive Knitting Factory Limited's
operations wound up will be heard before the High Court of
Hong Kong on July 8, 2009, at 9:30 a.m.

Windex Limited filed the petition against the company on April 24,

The Petitioner's solicitors are:

          Ivan Tang & Co.
          Silvercorp International Tower
          Units A & B, 22nd Floor
          707-713 Nathan Road
          Kowloon, Hong Kong
          Telephone: 23889389
          Facsimile: 27701726

INTEGRITY PROPERTY: Court Enters Wind-Up Order
On May 18, 2009, the High Court of Hong Kong entered an order to
have Integrity Property Agency Limited's operations wound up.

Stephen Briscoe is the company's liquidator.

KENLAP P.C.G.: Appoints Members of Committee of Inspection
On May 13, 2009, Kenlap P.G.C. Manufacturer Company Limited
appointed its committee of inspection, namely:

   -- Bank of New York Mellon;
   -- Castlerigg Master Investments Limited; and
   -- Ocean Grand Chemicals (BVI) Limited.

The company's liquidators are:

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

MASTER-LAU LIMITED: Court Enters Wind-Up Order
On May 4, 2009, the High Court of Hong Kong entered an order to
have Master Lau Limited's operations wound up.

Ho Man Kit Horace and Kong Sze Man Simone are the company's

REHM SUNEAST: Creditors' and Contributories' to Meet on June 9
The creditors and contributories of REHM Suneast International
Limited will hold their meeting on June 9, 2009, at 2:30 p.m. and
3:30 p.m., respectively, at the Official Receiver's Office, 10th
Floor of Queensway Government Offices, in 66 Queensway, Hong Kong.

RIWELL PROPERTIES: Court Enters Wind-Up Order
On May 18, 2009, the High Court of Hong Kong entered an order to
have Riwell Properties Limited's operations wound up.

Stephen Briscoe is the company's liquidator.

ROAD KING: Expressway Sale Won't Affect Moody's 'Ba3' Rating
Moody's Investors Service says that it expects no immediate impact
on Road King Infrastructure Ltd's Ba3 corporate family and senior
unsecured debt ratings following the company's announcement that
it has entered into an agreement to sell its interests in an

These are a 45% interest in the Jihe Expressway (Eastern-Section)
and a related HK$179 million loan to Shenzhen Expressway Company
Ltd for a total consideration of HK$1.2 billion. The ratings
outlook remains negative.

"While the company's toll road cash flow will be reduced by
approximately 15% following the sales, the proceeds will
strengthen its near term liquidity profile," says Peter Choy, a
Moody's VP/Senior Credit Officer.

"Additionally, the impact on Road King's financial metrics will be
moderate and its overall credit profile should remain appropriate
for its current level," adds Choy, also Moody's lead analyst for
the company.

The negative outlook continues to reflect the execution risk Road
King faces in relation to its property sales.  It also reflects
the pressure exerted on its profitability by some of the high-cost
inventory in its ex-Sunco portfolio, of which it has yet to fully

Moody's last rating action with regard to Road King occurred on
April 17, 2009, when the company's rating outlook was changed to

Established in 1994, Road King is a Hong Kong-listed company with
investments in toll roads and property development projects in

ROBOTOOLZ LIMITED: Court to Hear Wind-Up Petition on June 24
A petition to have Robotoolz Limited's operations wound up will be
heard before the High Court of Hong Kong on June 24, 2009, at
9:30 a.m.

Suga Electronics Limited filed the petition against the company on
April 20, 2009.

The Petitioner's solicitors are:

          Chui and Lau
          New Henry House
          Room 42, 4th Floor
          10 Ice House Street
          Central, H.K.

SLA LIMITED: Releases Hung and Yau as Liquidators
On April 14, 2009, Andrew George Hung and Yau Sun Yu, Sonia were
released as liquidators of SLA Limited.

SPEED-TRANS CARGO: Court to Hear Wind-Up Petition on July 8
A petition to have Speed-Trans Cargo Company Limited's operations
wound up will be heard before the High Court of Hong Kong on
July 8, 2009, at 9:30 a.m.

Agility Logistics Limited filed the petition against the company
on April 28, 2009.

The Petitioner's solicitors are:

          C.P. Cheung & Co.
          Golden Centre
          Room 2301, 23rd Floor
          188 Des Voeux Road
          Central, Hong Kong

STRAIT PUBLICATION: Court Enters Wind-Up Order
On May 18, 2009, the High Court of Hong Kong entered an order to
have Strait Publication Limited's operations wound up.

Ho Man Kit Horace and Kong Sze Man Simone are the company's

UNIROSS BATTERRIES: Creditors & Contributories to Meet on June 18
The creditors and contributories of Uniross Batteries (HK) Limited
will hold their meeting on June 18, 2009, at 10:00 a.m. and
11:00 a.m., respectively, at Room 201 of Duke of Windsor Social
Service Building, 15 Hennessy Road, in Wanchai, Hong Kong.

W.I.F. GLASS: Court Enters Wind-Up Order
On May 7, 2009, the High Court of Hong Kong entered an order to
have W.I.F. Glass Bottle (Int'l) Limited's operations wound up.

Ho Man Kit Horace and Kong Sze Man Simone are the company's


ARDEE BUSINESS: CRISIL Rates Rs.50 Million Term Loan at ‘BB+’
CRISIL has assigned its ratings of ‘BB+/Stable/P4’ to Ardee
Business Services Pvt Ltd’s (Ardee’s) bank facilities.

   Rs.50 Million Term Loan          BB+/Stable (Assigned)
   Rs.170 Million Cash Credit       BB+/Stable (Assigned)
   Rs.180 Million Letter of Credit  P4 (Assigned)
   Rs.56 Million Bank Guarantee     P4 (Assigned)

The ratings reflect Ardee’s below-average financial risk profile
and its average business risk profile.  The company’s average
business risk profile is reflective of its exposure to the steel
sector and its changing product mix over the past three years
which has resulted in erosion in its margins during this period.
These weaknesses are partly mitigated by the company’s strong
market position.

Outlook: Stable

CRISIL expects Ardee to maintain its financial and business risk
profiles over the medium term.  The outlook may be revised to
‘Positive’ in case of a sustained improvement in the company’s
financial risk profile, led by a marked improvement in its
operating margins and debt protection measures. Conversely, the
outlook could be revised to ‘Negative’ if the company contracts
large debt.

                       About Ardee Business

Ardee manufactures sensors (used for measuring temperature and gas
content in molten iron and steel) and cored wire (used for
injecting alloys in molten iron and steel).  The company has three
manufacturing units - two in Rourkela and one in Visakhapatnam,
and has two wholly-owned subsidiaries in China.  The company
posted a profit after tax of Rs.20 million on revenues of Rs.645
million in 2007-08 (refers to financial year, April 1 to March
31). The company’s unaudited results for the 2008-09 indicate a
profit after tax of Rs.18 million on revenues of Rs.645 million.

HARDIK INDUSTRIAL: Low Net Worth Cues CRISIL ‘BB+’ Ratings
CRISIL has assigned its ratings of ‘BB+/Stable/P4’ to the bank
facilities of Hardik Industrial Corporation (Hardik).

   Rs.20.0 Million Overdraft           BB+/Stable (Assigned)
   Rs.90.0 Million Bill Discounting    P4 (Assigned)
   Rs.70.0 Million Bank Guarantee      P4 (Assigned)

The ratings reflect Hardik’s limited financial flexibility led by
low net worth and high working capital intensity, and its small
scale of operations in the polymer products del credere agency
business.  These weaknesses are, however, partially offset by the
firm’s satisfactory risk management policies.

Outlook: Stable

CRISIL believes that Hardik will maintain a stable credit risk
profile over the medium term on the back of satisfactory risk
management practices.  The outlook may be revised to ‘Positive’ if
the firm significantly enhances it scale of operations, without
material deterioration in its capital structure and debt
protection indicators.  Conversely, the outlook may be revised to
‘Negative’ if there is significant increase in debtors, or if
adverse movements in interest rates affect the spreads available
to the firm.

                      About Hardik Industrial

Set up in 1976, Hardik began operations as a del credere agent for
Reliance Industries Ltd (RIL) in 1997, prior to which the firm was
engaged in import of polymer products.  The firm is promoted by
Mr. Bharat Valia and his family.  Hardik sells around 4000 tonnes
of polymer products on average each month in Maharashtra and Goa,
and union territories of Daman and Silvassa.

Hardik reported a profit after tax (PAT) of Rs.4.0 million on net
sales of Rs.16.5 million for 2007-08 (refers to financial year,
April 1 to March 31), as against a PAT of Rs.4.4 million on net
sales of Rs.30.7 million for 2006-07.

JUPITER ALLOYS: CRISIL Puts ‘BB+’ Ratings on Various Bank Loans
CRISIL has assigned its ratings of ‘BB+/Stable/P4’ to the various
bank facilities of Jupiter Alloys & Steel (India) Ltd (JASIL).

   Rs.150 Million Cash Credit           BB+/Stable (Assigned)
   Rs.24 Million Proposed Cash Credit   BB+/Stable (Assigned)
   Rs.91 Million Term Loan              BB+/Stable (Assigned)
   Rs.20 Million Bank Guarantee         P4 (Assigned)
   Rs.65 Million Letter of Credit      P4 (Assigned)

The ratings reflect Jupiter group’s exposure to risks relating to
fluctuations in the prices of raw materials, and low pricing
power.  The ratings also factor in the group’s weak financial risk
profile, marked by high gearing, and weak debt protection
measures.  These weaknesses are, however, mitigated by Jupiter
group’s average market position and healthy growth prospects in
the railway supply industry.

As part of this rating exercise, CRISIL has combined the financial
risk profiles of JASIL and Jupiter Wagons Ltd (JWL); this is
because JASIL and JWL, together referred to as the Jupiter group,
share a common management and line of business, and have
operational linkages between them.

Outlook: Stable

CRISIL expects the Jupiter group’s healthy growth prospects to
help the group maintain a stable credit risk profile, despite its
aggressive gearing.  The outlook may be revised to ‘Positive’ if
the group’s financial risk profile improves on the back of large
cash accruals, or sizeable equity infusions.  Conversely, the
outlook may be revised to ‘Negative’ if large debt-funded capital
expenditure, or reduced revenues lead to deterioration in the
group’s financial risk profile.

                      About Jupiter Alloys

Set up in 2005-06 (refers to financial year, April 1 to March 31)
by Mr. M L Lohia, JASIL is the flagship company of the Jupiter
group.  The company is currently managed by Mr. Lohia’s sons, Mr.
Vivek Lohia and Mr. Vikash Lohia. JASIL’s manufacturing facility
at Hooghly has an arc furnace and rolling mill, in addition to
bogies and couplers.  It commenced operations in 2006-07. The
company also received the approval from Research Design and
Standard Organisation (RDSO) for CMS crossing in 2007-08.

JWL manufactures wagons and coaches, for which the approval was
received from RDSO in 2008-09.

The Jupiter group reported a profit after tax (PAT) of Rs.8.2
million on sales of Rs. 965 million for 2007-08, as against a PAT
of Rs.4 million on sales of Rs.587 million for 2006-07.

NEKKANTI SEA: CRISIL Assigns ‘BB+’ Rating on Rs.3.4 Mln LT Loan
CRISIL has assigned its ratings of ‘BB+/Stable/P4’ to the various
bank facilities of Nekkanti Sea Food Ltd (NSFL).

   Rs.3.4 Million Long Term Loan     BB+/Stable (Assigned)
   Rs.5.0 Million Bank Guarantee     P4 (Assigned)
   Rs.5.0 Million Letter of Credit   P4 (Assigned)
   Rs.152.5 Million Line of Credit   P4 (Assigned)
   Rs.180.0 Million Packing Credit   P4 (Assigned)

The ratings reflect NSFL’s exposure to risks relating to
fluctuations in raw material prices and the value of the Indian
rupee, and its vulnerability to the dynamics of the shrimp
industry.  These weaknesses are, however, partially offset by
NSFL’s established presence in the marine foods industry, and
above-average financial risk profile.

Outlook: Stable

CRISIL expects NSFL to maintain a comfortable business risk
profile backed by sound operating efficiencies and the healthy
demand for Indian shrimps in the global market.  The outlook may
be revised to ‘Positive’ if the business profile improves
significantly on the back of increased scale of operations, and
improved margins and realisations.  The outlook may be revised to
‘Negative’ if the company’s capital structure deteriorates on
account of large debt-funded capital expenditure, or if its
revenues and margins decline substantially.

                      About Nekkanti Sea Food

NSFL was set up in 1984 in Vishakhapatnam by Mr. N S R Murty.
It processes and exports aquaculture shrimps that it procures from
farmers and agents. The company’s processing plants at
Visakhapatnam and Ravulapalayem have a combined processing
capacity of 10,512 tonnes per annum.

NSFL reported a profit after tax (PAT) of Rs.2.67 million on sales
of Rs.923.1 million for 2007-08 (refers to financial year, April 1
to March 31), as against a net loss of Rs.3.24 million on sales of
Rs.1028 million for 2006-07.

SPECIAL ENGINEERING: Loan Payment Default Cues CRISIL ‘D’ Ratings
CRISIL has assigned its ratings of ‘D/P5’ to the bank facilities
of Special Engineering Services Ltd (SESL).

   Rs.25 Million Cash Credit          D (Assigned)
   Rs.45.8 Million Term Loan          D (Assigned)
   Rs.32 Million Letter of Credit     P5 (Assigned)
   Rs.1 Million Bank Guarantee        P5 (Assigned)
   Rs.25 Million Bills Discounting *  P5 (Assigned)

   * Includes 1.2 Million of proposed amount

The ratings reflect default by SESL in its repayment of term loan
obligations, owing to weak liquidity.

                      About Special Engineering

Set up in 1960, SESL is a joint venture of the C K Birla group and
Intrust AG (Switzerland).  SESL manufactures automotive and
locomotive components such as axle boxes, magnetic frames,
catalytic converters, and propeller shafts.  It has manufacturing
facilities in Kolkata, Chennai and Jaipur.

SESL reported a profit after tax (PAT) of Rs.8.2 million on net
sales of Rs.207 million for 2007-08 (refers to financial year,
April 1 to March 31), as against a PAT of Rs.14.5 million on net
sales of Rs.224 million for 2006-07.

STL GLOBAL: Fitch Junks National Long-Term Rating from 'BBB-'
Fitch Ratings has downgraded India's STL Global Limited's National
Long-term rating to 'C(ind)' from 'BBB-(ind)' and its bank loan

  -- INR1133.4 million fund based limits downgraded to
     'C(ind)'/'F5(ind)'  from 'BBB-(ind)'/'F3(ind)'

  -- INR209.2 million non-fund based limits downgraded to
     'C(ind)'/'F5(ind)' from 'BBB-(ind)'/'F3(ind)'

The downgrade follows the sharp deterioration in the financial
performance of the company, especially during the fourth quarter
of FY09 when it reported EBITDA losses, which has impaired its
ability to make payments on its debt obligations; consequent to
which it has approached banks for restructuring of its
liabilities.  Fitch has treated STL's offer of financial
restructuring with banks as "coercive", reflecting the
deterioration in its financial profile during the quarter ended
March 2009, in line with the agency's criteria on treatment of
such restructurings (for additional context please see Fitch's
comment titled "India: Impact of Restructurings on Corporate
Ratings" dated May 29, 2009).  The details of the restructuring
are awaited.

During the nine month period ending December 2009, STL reported
(unaudited) net sales of INR2380.7 million and EBITDA of
INR208.3 million with a net loss of INR2.7 million.  However, the
company reported an EBITDA loss in Q4FY09, and for the full FY09
(twelve months ended March 2009), STL reported (unaudited) net
sales of INR3262.2 million, an EBITDA of INR143 million and a net
loss (excluding extraordinary gain) of INR115.5 million.  The
company's interest coverage (EBITDA/Interest) for FY09 was 0.8x.
In the absence of restructuring, there is a high probability of
the company not being able to meet its debt obligations.

STL (former Shivalik Global Limited) was established in 1997 by
hiving off SPL Industries Limited's woven fabric division.  The
company recorded net sales of INR3,364.8 million in FY08 and
EBITDA of INR318.9 million, with a net income of INR137 million.


AOZORA BANK: Fitch Downgrades Individual Rating to 'C/D'
Fitch Ratings has downgraded Japan's Aozora Bank Ltd.'s Long-term
foreign and local currency Issuer Default Ratings to 'BBB' from
'BBB+' and its Individual rating to 'C/D' from 'C'.  The Rating
Watch Negative placed on Aozora's ratings on 12 February 2009 has
been resolved, while a Stable Outlook has been assigned to the
Long-term IDRs.  Meanwhile, the Short-term foreign and local
currency IDRs have been affirmed at 'F2'.  A full rating breakdown
is provided at the end of this commentary.

The downgrade reflects Aozora's limited revenue prospects over the
medium- to long-term and, despite a restructuring of its balance
sheet, potential further losses on its remaining risk on
particular asset classes, mainly on non-core assets such as
leveraged finance, and some core assets, notably non-recourse real
estate finance.

Although the bank maintains a strong franchise in domestic real
estate loans where it has long been a major player, and has long-
established relationships with regional banks, revenue prospects
are more limited given its renewed focus on more stable lending
business in Japan.  Significant write-downs are still possible
given the bank's remaining risk positions, particularly in
leveraged loans and real estate where the bank has notable
concentration.  Strong competition in a slow-growth market is
expected to continue to put pressure on the bank's bottom-line
profitability, raising the risk of capital erosion should further
loan losses occur.  However, Aozora's strength is capitalisation,
which should enable it to absorb potential further losses without
affecting the ratings in the short- to medium-term.  This is
reflected in the Stable Outlook.

In the financial year ended March 2009, Aozora undertook an
extensive restructuring of its investments and loan portfolio,
which reduced risk-weighted assets by 16%.  Aozora reported
JPY243 billion of net losses after incurring JPY135bn of credit
costs and JPY54 billion net operating losses before provisioning.
Excluding the 'one-off' loss items (described below), the bank's
net losses after tax would have been JPY102bn.  Aozora forecasts a
return to profitability in FY10 with a net profit of JPY5 billion.
Although the bank's tier 1 capital ratio declined to 12.58% from
15.23% in FY08, it was still the highest among major Japanese

The large losses stemmed from the bank's investments in GMAC,
hedge funds and ETFs (exchange-traded funds), loans to Lehman
Brothers as well as to buyout financing.  However, the bank
announced that it has withdrawn from these businesses and will
redirect its resources to its core business of domestic lending.
As the value of these investments is highly sensitive to market
conditions, compared to standard loans or bond investments, Fitch
views the bank as moving in the right direction despite the
adverse impact on capitalization and revenue prospects.

The bank is reportedly in discussion of a potential merger with
another financial institution, although neither party has
confirmed this to date.  Fitch will closely monitor the progress
of any merger discussion by the bank, and take rating actions as
and when appropriate.

The complete list of ratings is:

Aozora Bank:

  -- Long-term foreign and local currency IDRs downgraded to 'BBB'
     from 'BBB+', off RWN, Stable Outlook assigned

  -- Short-term foreign and local currency IDRs affirmed at 'F2',
     off RWN

  -- Individual ratings downgraded to 'C/D' from 'C', off RWN

  -- Support rating affirmed at '3', and

  -- Support Rating Floor affirmed at 'BB+'

JAPAN AIRLINES: To Receive JPY100 Billion Loan from Banks
Japan Airlines Corp. will receive a JPY100 billion loan from the
government's Development Bank of Japan and three other major
Japanese banks, Japan Today reports.

The report, citing Kyodo News, relates that the Development Bank
of Japan, which has government backing, and three other major
Japanese banks — Mizuho Corporate Bank, Sumitomo Mitsui Banking
Corp and Bank of Tokyo-Mitsubishi UFJ — are in the final stages of
loaning about JPY100 billion to the carrier.

A spokeswoman for JAL, however, said the reports were speculative,
and there had been no word yet on the loan request, Japan Today

As reported in the Troubled Company Reporter-Asia Pacific on
April 23, 2009, Bloomberg News said Japan Airlines has applied for
a JPY200 billion (US$2 billion) loan from the Development Bank of
Japan amid weak travel demand.

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

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

                      About Japan Airlines

Japan Airlines Corporation -- 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

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


MERGE ENERGY: Asks Bourse to Put Firm Under Enhanced PN17 Status
Merge Energy Bhd has asked Bursa Malaysia Securities Berhad's
consideration to put the company under the enhanced framework of
PN17 for the Main Market and to uplift MEB from PN17 status
without having to undertake a new and comprehensive restructuring

The company said the request was based on these justifications:

   -- It has improved its financial performance for the past
      four years from January 31, 2006, to January 31, 2009.
      Based on generated profits on its existing contracts in
      hand, MEB has increased its shareholders’ equity from
      MYR10.52 million (January 31, 2006) to MYR48.18 million
      (January 31, 2009).  As of Jan. 31, 2009, the company's
      shareholders' equity on a consolidated basis of MYR48.18
      million is equivalent to 71.92% of its paid-up capital;

   -- the company's present financial position is healthy with
      no borrowing and not in distress situation;

   -- the company has approximately MYR80 million balance of
      contract works to generate profits.

On May 8, 2009, the Securities Commission and Bursa Securities
announced the release of the enhanced framework for equity-fund
raisings and listing requirements for the merged Main Board and
Second Board, now known as the Main Market which will take effect
on August 3,2009.  One of the criteria of the provision of the
enhanced framework for PN17 is amended where the threshold for
shareholders’ equity of a listed issuer falling under PN17 is
reduced from MYR60 million to MYR40 million.

                      About Merge Energy

Merge Energy Berhad's principal activities involve building
construction, structural, infrastructure and civil engineering
works.  Other activity includes property investment and
investment holding.  Operations of the company are carried out
predominantly in Malaysia.

                         *     *     *

On May 8, 2006, the company was classified as an affected listed
issuer pursuant to the Amended Practice Note No. 17/2005 whereby
the company's shareholders' equity on consolidated basis is less
than 25% of its issued and paid-up share capital of
MYR67.00 million.

On Feb. 27, 2009, Bursa Malaysia Securities Berhad approved the
first extension of time of three (3) months from March 4, 2009,
to June 4, 2009, for MEB to identify new assets and submit a new
proposed restructuring scheme to regularize its Amended PN17

STAMFORD COLLEGE: Seeks Waiver From Regularization Plan Filing
Stamford College Berhad has submitted an application to Bursa
Malaysia Securities Berhad for a waiver from submitting the
Regularization Plan, as defined under Paragraph 8.14C(2) of the
Listing Requirements of Bursa Securities, as well as to uplift SCB
from the list of PN17 companies.

The company said that the issue of the Company triggering
paragraph 2.1(e) of PN17 is no longer applicable since the
External Auditors have given an unqualified report with no
modified opinion with emphasis on the company's going concern in
the audited Financial Statements for the financial period ended
March 31, 2009, and that the shareholders' equity of SCB on a
consolidated basis is more than 50% of the issued and paid-up
capital of the Company as at March 31, 2009.

The company's audited consolidated income statement for the
financial period ended March 31, 2009, showed a net profit of
MYR2.85 million.  The audited consolidated balance sheet as at
March 31, 2009, showed that the shareholders’ equity of SCB on a
consolidated basis is MYR20.89 million, which represented 52.2% of
the issued and paid-up share capital of the Company.

The application is now pending approval from Bursa Securities.

                       About Stamford College

Stamford College Berhad (KUL:STAMCOL) -- is principally engaged in the
provision of executive training.  The Company offers over 50
courses of study, which include full Undergraduate Degrees,
Masters Degrees and North American Degree Program.  The
disciplines offered by Stamford range from Accounting to Business
Administration, Engineering, Computer Science, Hospitality
Management and Executive Secretaryship.  Foreign students have
also been part of Stamford's landscape, and Stamford has more than
1,500 foreign students from over 40 countries pursuing their
higher education.  In September 2007, the Company disposed an 80%
interest in Stamford College (Selangor) Sdn Bhd to Quill
Construction Sdn Bhd.

Stamford College Berhad ("SCB") has been considered as an Affected
Listed Issuer under Practice Note No. 17/2005 of the Bursa
Malaysia Securities Berhad as it has triggered Paragraph 2.1(e) of
PN 17/2005.

According to the company's disclosure statement with the bourse,
it triggered the PN 17/2005 listing since auditors have expressed
a modified opinion with emphasis on the company's going concern
status in the latest audited accounts for the financial year ended
December 31, 2008 and the company's shareholders equity on a
consolidated basis is equal to or less than 50% of the issued and
paid-up capital of the company.

N E W  Z E A L A N D

FLETCHER BUILDING: Former CEO Waters to Replace Chairman Deane
Fletcher Building Limited disclosed that Chairman Dr Roderick
Deane would retire from the company's board effective March 31,
2010.  He will be succeeded by non-executive director, and former
chief executive, Ralph Waters.

The company also said its two current directors, Paul Baines and
Geoffrey McGrath, would retire from the board with effect from
June 30, 2009.  Gene Tilbrook and Dr Alan Jackson were appointed
as independent directors and will join the board on Sept. 1, 2009.

Mr. Tilbrook was Finance Director at Wesfarmers Limited until his
retirement in May 2009.  He had been with Wesfarmers since 1985,
and was a central figure in the group’s growth for much of that

Mr. Jackson is currently Chairman Australasia, Senior Vice
President and Director of The Boston Consulting Group, based in
Sydney and Auckland.

Dr. Deane said the two new directors have very considerable
business and management experience, encompassing between them
experience in building products, manufacturing, hardware
retailing, supply chain processes, and acquisition and financial
strategies.  They will be very valuable additions to the board.

                     About Fletcher Building

Headquartered in Penrose, New Zealand, Fletcher Building Finance
Limited -- is the holding
company of the Fletcher Building group.  The company’s segments
include Building Products, Steel, Distribution, Infrastructure,
and Laminates & Panels.  On July 2, 2007, the company acquired
Formica Corporation.  On August 3, 2007, the company acquired Fair
Dinkum Homes and Sheds.  On October 5, 2007, the company acquired
Cameron Quarries.  On February 1, 2008, the company acquired DVS
Limited.  On May 1, 2008, the company acquired Morinda Australia
Pty Limited (trading as Garage World and Shed Boss).

Fletcher Building's businesses operate at more than 300 sites
around New Zealand, Australia, Finland, Slovenia, United
Kingdom, Japan, Taiwan, among others.

                         *     *     *

The Troubled Company Reporter-Asia Pacific, on June 2, 2009,
listed these Fletcher Building bonds as distressed:

          Coupon          Maturity              Price
          ------          --------              -----
          7.550%          03/15/11             NZ$9.00
          8.500%          03/15/15             NZ$9.50

ST LAURENCE: Posts NZ$87.2 Million Annual Loss
St Laurence Property & Finance Limited (SLPF) disclosed its
unaudited financial results for the year ended March 31, 2009.

SLPF reported a consolidated net loss of NZ$87.2 million for the
year ended March 31, 2009, compared with a NZ$28.5 million profit
for the year to March 31, 2008.  A major contributor to this
result was a NZ$52.6 million decrease in the value of the
company’s property portfolio, which equates to a drop in value of
13 percent across the combined investment and development/joint
venture property portfolio.

The development/joint venture property portfolio recorded a drop
in value of approximately 18.5% for the 12 month period ending
March 31, 2009, whereas the investment portfolio decreased in
value by approximately 10.2% for the same period.

The current financial crisis has also contributed to a substantial
increase in loan provisioning and write-offs of NZ$17.3 million
and readjustments of NZ$3.6 million on its investments in
associates.  As a result the net tangible asset backing per
Ordinary Share has decreased to 78 cents as at March 31, 2009 from
NZ$1.39 post the April 2008 rights issue.

SLPF Executive Chairman Kevin Podmore said, “The extremely
difficult economic climate is continuing to adversely effect
underlying property values.  The decline has continued into the
second half of the financial year and this, combined with further
deterioration in the property development sector, has had a
significant impact on the Company’s financial results.”

The weighted average lease term of the portfolio increased from
3.57 years to 3.96 years.  The passing rental yield on the
portfolio was 7.03 per cent, down marginally from 7.12 per cent as
at March 31, 2008.

As at March 31, 2009, outstanding bank debt is $145 million or 39
per cent of total assets.

SLPF said the company won't pay a dividend for 2009 financial year
and will announce its decision on dividend payments for the 2010
financial year in the Annual Report commentary due out by
June 30, 2009.


Following the appointment of Chris Minty as the General Manager of
SLPF in February of this year, the Company undertook a strategic
review of its assets and objectives.

Mr. Minty said “Our focus will primarily be on ensuring SLPF’s
current assets are performing to an optimal level and actively and
intensively managing the progression of Company’s current and
planned development projects.  We expect that the operating
environment will continue to be challenging for some time but we
also expect that we will also see opportunities to enhance the
value of the portfolio.”

As part of the strategic review the board has agreed that SLPF
should seek to exit the property financing market.

Mr. Podmore said, “While we do not see the property market
improving this year markets are cyclical and our experienced
management team will continue to work prudently to reduce debt
levels whilst selectively pursuing opportunities that will add
value to the portfolio.”

                       About St Laurence

Headquartered in Wellington, New Zealand, St Laurence Limited
(NZX: DPC) -- is
a property-based funds management and finance company with over
NZ$1.2 billion in assets under management.  Since 1995 it has
been developing and promoting investments, lending to property
borrowers, and managing its property assets and investments for
its investors.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 4, 2008, New Zealand Herald said St Laurence Limited
stopped repaying principal investments ahead of a vote on a scheme
of repayment.

According to the report, managing director Kevin Podmore
confirmed that the company had now halted repayments of
principal after it received legal advice which said all
debenture holders needed to be treated equally and fairly.

The TCR-AP reported on June 25, 2008, that St. Laurence Limited
said it has decided to exit from its money lending activities and
is to withdraw its prospectus immediately.  This decision results
from rapid changes in the property lending markets affecting many
financiers and investors.


* Fitch Affirms 'B+' Long-Term Ratings on Nigerian State of Kwara
Fitch Ratings has affirmed the Nigerian State of Kwara's Long-term
foreign and local currency ratings at 'B+' and National Long-term
rating at 'AA-(nga)'.   The Outlooks for all the ratings are

At the same time, the agency has assigned Kwara's upcoming
NGN17 billion five-year bullet bond expected Long-term local
currency 'B+' and National Long-term 'AA-(nga)' ratings.  The bond
proceeds will be used to finance investments.  The bond is issued
within Kwara's NGN30 billion medium-term note programme, also
rated 'B+' and 'AA-(nga)'.  The final ratings of the bond are
contingent upon the receipt of final documentation conforming to
information already received.

The ratings reflect Kwara's good budgetary performance and low,
but rising, debt amid growing infrastructure investments to
develop the local economy.  The ratings take into account Kwara's
prudent budget management which, together with gradually
increasing tax autonomy, will help mitigate the expected decline
in the operating surplus in 2009 due to lower oil-related federal

The ratings could be upgraded if reduced oil price volatility and
an expected increase of Kwara's internally generated revenue to
about a third of the operating budget help limit downward pressure
on the operating balance.  Conversely, the ratings could be
downgraded if spending proves to be more rigid than expected and
leads to substantial deterioration in the operating margin from
the 35% average seen in 2006-2008.

Kwara posted a strong budget surplus in 2008, which helped shrink
debt by about NGN9 billion.  The operating balance peaked at
NGN13 billion in 2008, or 35% of adjusted recurrent revenues,
driven also by taxes and fees, which doubled to about
NGN12 billion during 2005-2008.  The continual growth of Kwara's
own revenues, such as land use charges driven by the local
economy, should raise internally generated revenues to about 30%
of operating revenues in 2009/10, up from 20% over the last three
years, partly absorbing the fall in federal allocations.  Frozen
distribution of excess crude oil reserves in 2009 is likely to
reduce oil-related federal allocations to around NGN20 billion, a
level last seen prior to the oil price increase in 2008.

Fitch therefore expects Kwara's operating balance to hover around
NGN10 billion per year over the medium term, or about 30% of
adjusted operating income.  A shrinking surplus may challenge
Kwara's projections to generate about NGN15 billion to fund 50% of
the ambitious 2009-2011 investment programme.  The NGN100 billion
programme will invest in a cement factory, a truck terminal, an
aviation college and a diagnostic centre, as well as irrigation
infrastructure to foster agriculture produce that may benefit from
the completion of a cargo airport in 2009, in turn helping to
raise local standards of living.

With asset sales and capital subsidies expected to fund only about
10% of the investment plan, Fitch forecasts Kwara's balance before
debt will be NGN12 billion in deficit during 2009-2011, or one
third of the budget size.  A debt management office has been set
up to issue bonds of up to NGN30 billion.  Fitch expects Kwara's
debt stock to peak at 80% of operating revenues by 2011, almost
double the size seen in mid- 2000s.  However, operating and
current surpluses should help keep the interest coverage ratio
above 5x and the debt coverage ratio at around three years.  The
creation of the debt management office should help improve cash
flow planning, while the newly established trust fund should help
to build up reserves to meet bullet maturities of forthcoming
bonds issues.

Kwara is located in central Nigeria between Lagos and Abuja.  It
has about three million residents and is the 11th-largest Nigerian
state by territory.  The agriculture sector employs 80% of the
workforce.  The development of commercial agriculture and food
processing, as well as investment in infrastructure development,
offers strong growth potential though this is below the 7%-10% of
the past five years owing to the economic downturn.  This should
help raise Kwarans' standard of living (currently GDP per capita
from the current level of about NGN130,000 (EUR700/US$1,000)).


EXCELLENT HOLDINGS: Pays Second and Final Dividend
Excellent Holdings Pte Ltd, which is in compulsory liquidation,
paid the second and final dividend on June 3, 2009.

The company paid 0.073708 cents to a dollar to all received

FRASER THERMAL: Contributories & Creditors to Meet on June 11
Fraser Thermal Technology Pte. Ltd., which is in compulsory
liquidation, will hold a meeting for its contributories and
creditors on June 11, 2009, at 10:00 a.m. and 10:30 a.m.,
respectively, at 1 Raffles Place, in #20-02 OUB Centre, Singapore

The company's liquidator is:

          Abuthahir Abdul Gafoor
          c/o 1 Raffles Place
          #20-02 OUB Centre
          Singapore 048616

MI-REIT: Financing Pressure Cues Moody's to Junk Corp. Rating
Moody's Investors Service has downgraded MI-REIT's corporate
family rating to Caa1 from B2. The outlook is negative.

This concludes the rating review extended on April 1, 2009.

"The downgrade reflects heightened financing pressure facing
MI-REIT as a result of its funding requirement to complete its
S$91 million acquisition of 4A International Business Park by
4Q09," says Kathleen Lee, a Moody's VP/Senior Analyst.

"The timing for securing this funding remains uncertain while the
value of this asset has fallen by S$20 million or 22%," adds Lee.

While Moody's notes that MI-REIT's S$201 million bank loan due
June 16, 2009, has been granted a 6-month extension to
December 31, 2009, the loan extension also includes an event of
default should MI-REIT fail to settle the 4A IBP acquisition in
4Q09.  This bank loan represents 91% of MI-REIT's total debt

MI-REIT faces strained financial flexibility as all its assets are
encumbered, its banking relationships are limited, while it also
lacks a strong sponsor.  As a result, there is substantial near-
term uncertainty as to whether it will be able to secure new
funding to settle the asset acquisition.

The negative outlook reflects the high level of uncertainty over
the trust's ability to fully address its financing/refinancing
requirements by 4Q09.

The rating could be further downgraded if MI-REIT fails to make
material progress in securing definitive financing for its asset
acquisition and debt maturities over the next 3-6 months.

On the other hand, the rating may experience upward pressure if
MI-REIT is able to substantially address its funding needs or
recapitalize its balance sheet.

The last rating action was on April 1, 2009, when MI-REIT's rating
was downgraded to B2 and Moody's continued its review for further
possible downgrade.

Headquartered in Singapore, MI-REIT is a real estate investment
trust that owns and invests in a portfolio of industrial
properties.  The REIT reported investment property assets of
approximately S$530 million as at March 31, 2009.

SUNCORP METWAY: Creditors' Proofs of Debt Due on July 1
The creditors of Suncorp Metway Risk Management Pte Ltd are
required to file their proofs of debt by July 1, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on June 1, 2009.

The company's liquidators are:

          Seshadri Rajagopalan
          Aaron Loh Cheng Lee
          Ernst & Young Solutions LLP
          c/o One Raffles Quay North Tower, 18th Floor
          Singapore 048583

TEO BROS: Pays First and Final Dividend
Teo Bros Pte Ltd, which is in liquidation, paid the third interim
dividend to its creditors on June 3, 2009.

The company's liquidators are:

          Chee Yoh Chuang
          Lim Lee Meng
          c/o Stone Forest Corporate Advisory Pte Ltd
          8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095

S O U T H  A F R I C A

PAMODZI GOLD: Sekunjalo Investments Submits US$150-Mln Offer
Sekunjalo Investments Limited has submitted a US$150 million offer
for Pamodzi Gold Ltd., which is currently in provisional
liquidation, Ron Derby at Bloomberg News reports citing Chief
Financial Officer Khalid Abdulla.

According to the report, Mr. Abdulla said the bid, which is for
all of Pamodzi's assets, has been made along with an unidentified
Middle Eastern group.

Sekunjalo Investments Limited (Sekunjalo) is a South Africa-based,
investment holding company.

                       About Pamodzi Gold

Pamodzi Gold Limited (JNB:PZG) --
is a junior gold mining company with assets on the Witwatersrand
gold basin in South Africa.  The Company has gold mining
operations in the East and West Rand of Gauteng Province in South
Africa.  The Company has acquired operations in Orkney, in the
North West Province, and the President Gold mine in the Free State
province.  The West Rand operation consists of Pamodzi Gold West
Rand (Pty) Limited (PGWR)'s Middelvlei opencast mine situated 55
kilometers southwest of Johannesburg, extracting the Black Reef
ore body.  The East Rand Operations consist of three underground
operations, namely Grootvlei Proprietary Mines Limited
(Grootvlei), Consolidated Modderfontein Mines Limited (Cons
Modder) and Nigel Gold Mining Company (Pty) Limited situated on
the East Rand, some 40 kilometers east of Johannesburg. The PGWR
operations are an early-stage gold mining project.  The PGER
operations are located approximately 40 kilometers east of
Johannesburg in the Springs area.

SAPPI LTD: Moody's Downgrades Corporate Family Rating to 'Ba3'
Moody's Investors Service has downgraded the corporate family
rating of Sappi Ltd to Ba3 from Ba2.  The downgrade also applies
to two debt instrument ratings of Sappi Papier Holding GmbH: the
US$500 million global bonds due 2012 and the US$250 million global
bonds due 2032.  The outlook is now stable.

"The downgrade to Ba3 reflects Moody's revised view that Sappi's
credit metrics have eroded below the thresholds for the previous
Ba2 rating category and are now unlikely to improve to a level
commensurate with a Ba2 rating over the next quarters, as had been
previously expected, in light of the unprecedented cyclical
erosion in demand for coated fine paper and pulp in the company's
core markets, significant pricing pressures in some regions and
uncertainty whether these pressures will persist for an extended
period," says Christian Hendker, lead analyst at Moody's for
Sappi.  "Nonetheless, Moody's expects a gradual improvement of
operating performance over the second half of 2009 on the back of
benefits from lower input costs, cost reduction activities and a
stabilisation in deliveries and preservation of pricing levels,"
Mr. Hendker adds.

In light of the recent weakening in the company's operating
performance, its leverage is likely to remain too high for a Ba2
rating.  In its previous rating action on February 13, 2009,
Moody's had indicated that downward rating pressure could emerge
if credit metrics weakened such as EBITDA margin fell towards the
low teens or RCF to Debt remained below 15% -- all of which
occurred over the last twelve months ending March 2009.

Sappi's performance erosion was driven by significantly lower
deliveries in all regions and lower pricing levels for pulp
globally and for coated fine paper in the North American market.
Prices in Europe have held up reasonably well, supported by
significant capacity curtailments in that region, but Moody's
cautions that pricing pressure in Europe could emerge in the event
that the recent improvement in the supply-demand relationship
reverses in a scenario of a continued contraction in demand for
coated fine paper.

The stable outlook reflects an assumption that the full-year
contraction in demand will be less severe than the volume erosion
in the first months of 2009, which is partly due to de-stocking
activities of Sappi's end customers, but also that pricing levels
will be preserved.  Moody's thus expects the recent performance
erosion will stabilise over the coming quarters, supported not
only by the company's disciplined capacity management to adjust
for weakening demand (which should gradually reduce break-even
operating rates), tight cost management and the realisation of
synergies from the recent acquisition of M-real graphic paper
assets, but also by lower input costs, which should have an
increasingly positive impact on the company's profitability.  The
stable outlook also recognizes that the company has been able to
generate free cash flow over the last twelve months ending March

"The stable rating outlook takes into consideration Sappi's
commitment to continuously generate positive free cash flows to be
applied to de-leveraging in the medium term and anticipates that
the company will maintain a solid liquidity cushion including
sufficient covenant headroom and timely addressing of debt
maturities," explains Mr. Hendker.

While funds from operations are likely to remain below historical
levels over the coming quarters, lower investments and working
capital releases should support continued positive free cash flow
generation going forward.  Sappi had access to US$711 million of
cash at end-March 2009 but has to refinance up to US$1.1 billion
by the end of 2010, which consists of a term loan of around
US$532 million due in December 2010 and a revolving credit
facility of EUR600 million (app. US$798 million of which
US$543 million currently drawn), due in May 2010, both of which
are protected by a set of financial covenants.

The ratings could experience downward pressure over the coming
quarters in the event of: (1) a weakening liquidity profile driven
by negative free cash flows, or a tightening financial covenant
headroom, diminishing Sappi's flexibility to successfully navigate
through the current downturn, or evidence of a failure to
renegotiate debt maturities on a timely basis, or (2) weakening
credit metrics, reflected in EBITDA margins falling below the low
teens, RCF/Debt falling towards the single digits, or EBITDA-Capex
to interest expense trending towards 1.0x.

Upward rating pressure could emerge if Sappi gradually restored
credit metrics over the coming quarters -- as reflected in RCF to
Debt restored towards 15%, EBITDA-Capex to Interest Cover towards
2.0x and EBITDA margins above 12% -- and ensured a solid liquidity
profile including sufficient financial covenants headroom and
addressed debt maturities on a timely basis.


Issuer: Sappi Limited

  -- Corporate Family Rating, Downgraded to Ba3 from Ba2

Issuer: Sappi Papier Holding GmbH

  -- Senior Unsecured Regular Bond/Debenture, Downgraded to Ba3
     from Ba2


Issuer: Sappi Papier Holding GmbH

  -- Senior Unsecured Regular Bond/Debenture, Upgraded to LGD4,
     51% from LGD4, 52%


Issuer: Sappi Limited

  -- Probability of Default Rating, Assigned Ba3

Outlook Actions:

Issuer: Sappi Limited

  -- Outlook, Changed To Stable From Negative

Issuer: Sappi Papier Holding GmbH

  -- Outlook, Changed To Stable From Negative


Issuer: Sappi Papier Holding GmbH

  -- Probability of Default Rating, Withdrawn, previously rated

Moody's previous rating action on Sappi was on February 13, 2009,
when the outlook on the then Ba2 ratings was changed to negative
from stable.

Sappi Ltd, domiciled in Johannesburg, South Africa, is among the
leading global producers of coated fine paper with group sales of
US$5.9 billion in FY 2008 (ended September).


* Large Companies with Insolvent Balance Sheets

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


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


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


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


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


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


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


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


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


DOMINION FINANCE           DFH      258902749.12    -55312405.88


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


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


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


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

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.

                 *** End of Transmission **