TCRAP_Public/090608.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Monday, June 8, 2009, Vol. 12, No. 111

                            Headlines

A U S T R A L I A

BABCOCK & BROWN POWER: Inks Power Supply Deal With BHP Billiton
CITY PACIFIC: Maybe Hit by Indigo Group's Woes
INDIGO PACIFIC: Loan to Indigo Group May Cause Firm's Collapse
KLEENMAID: Director's AU$1.7-Million Waterfront Home Up for Sale


C H I N A

HOPSON DEVELOPMENT: Share Value Won't Affect Moody's 'B2' Rating


H O N G  K O N G

ANGLO STARLITE: Appoints Provisional Liquidators
BONDA KNITTING: Court Enters Wind-Up Order
BILLION WIN: Court Enters Wind-Up Order
DONGGUAN JOYFUL: Appoints Lees and Ng as Provisional Liquidators
FORAY FAR: Appoints Lees and Ng as Provisional Liquidators

FORTUNE VENTURE: Court Enters Wind-Up Order
FORWARD INTERNATIONAL: Appoints Committee of Inspection
GALLEX TECHNOLOGY: Court Enters Wind-Up Order
GLAD ATTAIN: Creditors' & Contributories' Meeting Set for June 16
JOYFUL LONG: Appoints Lees and Ng as Provisional Liquidators

KING POWER: Court Enters Wind-Up Order
MASS HING: Appoints Members of Committee of Inspection
PAN SINO: Court Enters Wind-Up Order
SKY GAINER: Court Enters Wind-Up Order
SUCCESS LEATHERWARE: Court Enters Wind-Up Order

SUCCESS VALUE: Court Enters Wind-Up Order
SUNVIEW GARMENT: Court Enters Wind-Up Order


I N D I A

CISONS EXPORTS: CRISIL Assigns 'P4' Ratings on Various Bank Loans
DIGHI PORT: CARE Assigns 'CARE BB+' Rating on Senior LT Facilities
ENSEMBLE INFRASTRUCTURE: CRISIL Rates INR38.7 Mln Term Loan at 'D'
GUPTA INFRASTRUCTURE: Weak Liquidity Prompts CRISIL 'D' Rating
KAUR SAIN: Delays in Term Loan Payment Prompt CRISIL 'C' Ratings

ROHAN BUILDERS: CRISIL Cuts Rating on INR350 Mln Term Loan to 'C'
SHREE RAJMOTI: CRISIL Reaffirms 'B' Rating on Cash Credit Limit
SHREE VAISHNAV: CRISIL Places 'BB' Rating on INR172.5 Mln LT Loan
SORABJI GROUP: Fitch Assigns National Long-Term Rating at 'B'


I N D O N E S I A

* INDONESIA: ADB Okays US$1 Billion Loan for Public Expenditures


J A P A N

AOZORA BANK: Fitch Corrects Errors; Downgrades Rating to 'C/D'
GENERAL MOTORS: Bankruptcy Won't Affect Partnership With Suzuki
HITACHI LTD: Finds Incorrect Expressions in Product Catalogs
JLOC 36: S&P Downgrades Rating on Class D Floating Notes to 'B-'
JLOC 38: Fitch Downgrades Ratings on Class D Notes to 'C'

PANASONIC: May Delay Chip Plant Opening in Toyama


K O R E A

KUMHO LIFE: Parent in Talks with Potential Buyers


M A L A Y S I A

EKRAN BERHAD: Posts MYR4.34 Mil. Net Loss in Qtr. Ended March 31
IDAMAN UNGGUL: Incurs MYR7.42 Mil. Net Loss in Qtr. Ended March 31
KOSMO: March 31 Balance Sheet Upside-Down by MYR106.24 Million
WONDERFUL WIRE: Total Default Reaches MYR77.29 Mil. as of May 31


N E W  Z E A L A N D

BLUE CHIP: Co-Founder Mark Bryers Faces Five New Charges
BRIDGECORP: Two Former Directors Banned for Five Years
SOVEREIGN YACHTS: Court Enters Order to Liquidate Business


                         - - - - -


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

BABCOCK & BROWN POWER: Inks Power Supply Deal With BHP Billiton
---------------------------------------------------------------
Babcock & Brown Power has signed a deal to supply power to BHP
Billiton's Olympic Dam operations, The Age reports.

Under the two-year contract, the report relates, BBP will provide
electricity for copper mining and smelting operations, which use
about 10 percent of all power in South Australia.  The contract
does not include supply after expansion of the mine, when it will
use nearly half the state's electricity, the Age notes.

The report relates that most of the electricity will come from two
coal-fired power stations BBP owns.

As reported in the Troubled Company Reporter-Asia Pacific on
June 4, 2009, The National Business Review said that BBP's share
price has been further buffeted by news that its AU$2.7 billion
debt will have to be renegotiated, in light of the company being
unable to attract an investment grade credit rating.  Babcock &
Brown Power, the Business Review related, is already in breach of
its interest cover covenant and is in talks with its banking
syndicates.

The Business Review said BBP has posted two profit downgrades so
far this year and is now picking a normalized ebitda figure of
AU$260 to AU$270 million.

Babcock & Brown Power lost 96% of its market value last year and
was the worst performer in Australia's benchmark stock index in
2008, the Business Review noted.

                   About Babcock & Brown Power

Australia-based Babcock & Brown Power (ASX:BBP) --
http://www.bbpower.com/--   is a power generation business.  The
company develops, operates and acquires generation portfolio.  As
of June 30, 2008, its portfolio had interests in 12 operating
power stations representing 3,000 megawatts of installed
generation capacity and two power stations under construction.
BBP has interests in a number of other associated power assets,
including the Western Australia retail assets of Alinta.  BBP is a
stapled entity comprising Babcock & Brown Power Limited and the
Babcock & Brown Power Trust.  In February 2008, BBP acquired 100%
of BBP Neerabup Power Pty Limited from B&B Australia
Infrastructure.  On July 4, 2008, the Company sold its 100%
interest in the Uranquinty Power Station near Wagga Wagga in
southern New South Wales to Origin Energy Ltd. The manager of BBP
is Babcock & Brown Power Management Pty Ltd.  In March 2009, the
company sold its remaining interest in the Kwinana Power Station
to ERM Power Pty Limited.

Babcock & Brown Power is a listed satellite of Babcock & Brown
Ltd.


CITY PACIFIC: Maybe Hit by Indigo Group's Woes
----------------------------------------------
City Pacific Limited's balance sheet may face a further hit
through its investment in its Indigo Pacific Capital joint
venture, a report posted at goldcoast.com.au says.

According to the report, City Pacific said it was awaiting an
announcement by Indigo Pacific Capital over the likelihood it may
not be able to recover a loan forwarded to privately owned
Brisbane developer, the Indigo Group.

The Australian relates that City Pacific, which held 26.5 percent
of Indigo Pacific Group's shares, had already written-down most of
that exposure, with the value of those shares recorded at just
AU$1.76 million at December 31, based on Indigo Pacific Capital's
8c shareprice at the time.

Meanwhile, The Australian reports that City Pacific subsidiary CP1
last week told the market the Commonwealth Bank had threatened
legal action over an unpaid AU$15 million debt.

According to The Australian, John Ellis, managing director of City
Pacific, said that if CBA took further action against CP1 it could
have a "material impact" on City Pacific, which had outstanding
loans to its subsidiary.


INDIGO PACIFIC: Loan to Indigo Group May Cause Firm's Collapse
--------------------------------------------------------------
Anthony Klan at The Australian reports that troubles surrounding
Indigo Private Group could cause the collapse of listed group
Indigo Pacific Capital.

Indigo Pacific requested last week for a voluntary suspension of
its shares.

"The board of Indigo Pacific Capital ... is in discussions with
the Indigo Private Group regarding uncertainty surrounding the
recoverability of the company's loan to the Indigo Group," Indigo
Pacific Capital said as cited by the report.

According to the report, more than 90 percent of Indigo Pacific
Capital's assets are in the form of a AU$27 million loan to Indigo
Private Group.

In the 18 months to December, according to company accounts cited
by the Australian, Indigo Pacific Capital wrote-down AU$21 million
in loans from Indigo Private Group.  In those accounts Indigo
Pacific Capital said Indigo Private Group would be required to
sell down assets to repay debts and "maintain appropriate
arrangements with their financiers" if it were to avoid collapse.

"If the Indigo Private Group cannot continue as a going concern
the realisable value of the security property securing the
AU$27.46 million (loan) may be significantly reduced, resulting in
significantly increased impairment losses," the accounts said.

"In the current economic conditions there is uncertainty as to the
amount that could be realised on the sale of security properties,
and the time it may take to achieve a sale."

Indigo Private Group is the name given to a group of about 50
property development, property management and land holdings
companies controlled by Mitch Nielsen, Queensland president of
the Property Council of Australia, and business partner
Lawrence Truce.

Indigo Pacific Capital Limited (ASX:IPA) --
http://www.indipac.com.au/-- is a joint venture between Indigo
Private Group and Gold Coast financier City Pacific Limited .  It
provides mezzanine funding for property developments undertaken by
the two groups.


KLEENMAID: Director's AU$1.7-Million Waterfront Home Up for Sale
----------------------------------------------------------------
Kleenmaid director Andrew Young's million-dollar waterfront home
on the Sunshine Coast in Queensland is on the market a week after
creditors voted to wind up the failed whitegoods company,
news.com.au reports.

The report relates that Mr. Young has previously claimed he "owns
nothing personally but my wife owns a couple of properties".  "I
did have an AU$8 million house but I sold it and the cash went
straight into the business," he said.

According to the report, the luxurious three-bedroom, three-
bathroom property with a double-garage was purchased by Mr.
Young's wife Linda for AU$1.7 million less than two years ago and
will be auctioned later this month.

Mr. Young is likely to be investigated for allegedly allowing
Kleenmaid to trade illegally, the report notes.

Citing various reports, the Troubled Company Reporter-Asia Pacific
reported on April 13, 2009, that Kleenmaid Group has been placed
into administration.  The company appointed Deloitte partners
John Greig, Richard Hughes and David Lombe as voluntary
administrators.

As reported in the TCR-AP on May 26, 2009, ABC News said the
creditors of Kleenmaid Group voted to wind up the company at a
meeting in Brisbane on May 25.

The TCR-AP, citing a previous news.com.au report, said that
Deloitte partner John Greig said the administrators had
recommended Kleenmaid be put into liquidation, saying the company
may have been insolvent as early as June 2007.  The administrators
said Kleenmaid creditors are now owed AU$102 million, which
included AU$3 million owed to Kleenmaid employees.

                      About Kleenmaid Group

Founded in 1985, Kleenmaid Group -- http://www.kleenmaid.com.au/
--  sells kitchen and laundry appliances.



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

HOPSON DEVELOPMENT: Share Value Won't Affect Moody's 'B2' Rating
----------------------------------------------------------------
Moody's Investors Service says it expects no immediate impact on
Hopson Development Holdings Limited's B2 corporate family and B3
senior unsecured ratings or on their negative outlook, following
the company's announcement that it is to place 120 million new
shares at HK$13.3 per share.

The net proceeds of the issuance, totaling about HK$1.58 billion,
will be used for general working capital purposes.

"While the new equity proceeds will address part of Hopson's near-
term funding needs and reflect Hopson's access to the capital
markets, the company will still have to rely on the successful
achievement of its sales targets and on further financing to meet
its sizable land and construction payments as well as the
convertible bonds due in February 2009," says Kaven Tsang, a
Moody's AVP/Analyst.

"Though Hopson's contracted sales in the first 4 months of 2009
have been satisfactory, it is uncertain whether it can maintain
this throughout the year given that the sustainability of the
recent rebound in China's property market remains unconfirmed,"
says Tsang, also Moody's lead analyst for Hopson.

"These factors restrain any significant improvement to Hopson's
credit metrics and liquidity position enough to exert positive
pressure to the ratings," he adds.

The ratings outlook, however, could return to stable if Hopson's
credit position improves through 1) achieving sales targets; 2)
maintaining strong financial discipline in land acquisitions and
expansions; and 3) successfully refinancing or repaying maturing
debt, including the convertible bond and bank loans, without
impairing balance sheet liquidity.

Moody's last rating action with regard to Hopson occurred on
April 28, 2009, when the company's corporate family and senior
unsecured ratings were downgraded to B2 and B3 respectively with a
negative outlook.

Hopson Development Company Holdings Limited is one of the largest
property developers in China. Its principal business interests are
residential developments in 4 major cities -- Guangzhou, Beijing,
Shanghai and Tianjin -- and their surrounding areas.



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

ANGLO STARLITE: Appoints Provisional Liquidators
------------------------------------------------
On May 7, 2009, Messrs. Jan Gerard Willemszoon Blaauw and Peter
Anthony Whalley were appointed as provisional liquidators of Anglo
Starlite Insurance Company Limited.

The Provisional Liquidators can be reached at:

         Jan Gerard Willemszoon Blaauw
         Peter Anthony Whalley
         PricewaterhouseCoopers
         Prince's Building, 22nd Floor
         10 Chater Road
         Central, Hong Kong


BONDA KNITTING: Court Enters Wind-Up Order
------------------------------------------
On May 20, 2009, the High Court of Hong Kong entered an order to
have Bonda Knitting Limited's operations wound up.


BILLION WIN: Court Enters Wind-Up Order
---------------------------------------
On May 20, 2009, the High Court of Hong Kong entered an order to
have Billion Win International Enterprise Limited's operations
wound up.


DONGGUAN JOYFUL: Appoints Lees and Ng as Provisional Liquidators
-----------------------------------------------------------------
On April 28, 2009, John Robert Lees and Mat Ng were appointed as
provisional liquidators of Dongguan Joyful Long Development
Limited.

The Provisional Liquidators can be reached at:

         John Robert Lees
         Mat Ng
         John Lees & Associates Limited
         Hong Kong Club Building, 19th Floor
         3A Chater Road
         Central, Hong Kong


FORAY FAR: Appoints Lees and Ng as Provisional Liquidators
----------------------------------------------------------
On April 28, 2009, John Robert Lees and Mat Ng were appointed as
provisional liquidators of Foray Far East Limited.

The Provisional Liquidators can be reached at:

         John Robert Lees
         Mat Ng
         John Lees & Associates Limited
         Hong Kong Club Building, 19th Floor
         3A Chater Road
         Central, Hong Kong


FORTUNE VENTURE: Court Enters Wind-Up Order
-------------------------------------------
On May 20, 2009, the High Court of Hong Kong entered an order to
have Fortune Venture Development Limited's operations wound up.


FORWARD INTERNATIONAL: Appoints Committee of Inspection
-------------------------------------------------------
On May 15, 2009, a committee of inspection was appointed for
Forward International Electronics Limited, namely:

   -- The Hongkong and Shanghai Banking Corporation Limited;
   -- DBS Bank (Hong Kong) Limited; and
   -- Hang Seng Bank Limited.

THe company's liquidators are:

         Edward Simon Middleton
         Paul Edward Mitchell
         Prince's Building, 8th Floor
         10 Chater Road, Central
         Hong Kong


GALLEX TECHNOLOGY: Court Enters Wind-Up Order
---------------------------------------------
On May 20, 2009, the High Court of Hong Kong entered an order to
have Gallex Technology Limited's operations wound up.


GLAD ATTAIN: Creditors' & Contributories' Meeting Set for June 16
-----------------------------------------------------------------
The creditors and contributories of Glad Attain International
Limited will hold their meeting on June 16, 2009, at 10:00 a.m.
and 11:00 a.m., respectively, at the Official Receivers' Office,
10th Floor of Queensway Government Offices, in 66 Queensway,
Hong Kong.


JOYFUL LONG: Appoints Lees and Ng as Provisional Liquidators
------------------------------------------------------------
On April 28, 2009, John Robert Lees and Mat Ng were appointed as
provisional liquidators of Joyful Long International Limited.

The Provisional Liquidators can be reached at:

         John Robert Lees
         Mat Ng
         John Lees & Associates Limited
         Hong Kong Club Building, 19th Floor
         3A Chater Road
         Central, Hong Kong


KING POWER: Court Enters Wind-Up Order
--------------------------------------
On May 20, 2009, the High Court of Hong Kong entered an order to
have King Power Construction Engineering Limited's operations
wound up.


MASS HING: Appoints Members of Committee of Inspection
------------------------------------------------------
On May 15, 2009, a committee of inspection was appointed for Mass
Hing Enterprises Limited, namely:

   -- The Hongkong and Shanghai Banking Corporation;
   -- DBS Bank (Hong Kong) Limited; and
   -- Hang Seng Bank Limited.

The company's liquidators are:

         Edward Simon Middleton
         Paul Edward Mitchell
         Prince's Building, 8th Floor
         10 Chater Road, Central
         Hong Kong


PAN SINO: Court Enters Wind-Up Order
------------------------------------
On May 20, 2009, the High Court of Hong Kong entered an order to
have Pan Sino International Limited's operations wound up.


SKY GAINER: Court Enters Wind-Up Order
--------------------------------------
On May 20, 2009, the High Court of Hong Kong entered an order to
have Sky Gainer Industrial International Limited's operations
wound up.


SUCCESS LEATHERWARE: Court Enters Wind-Up Order
-----------------------------------------------
On May 20, 2009, the High Court of Hong Kong entered an order to
have Success Leatherware Holdings Limited's operations wound up.


SUCCESS VALUE: Court Enters Wind-Up Order
-----------------------------------------
On May 20, 2009, the High Court of Hong Kong entered an order to
have Success Value Holdings Limited's operations wound up.


SUNVIEW GARMENT: Court Enters Wind-Up Order
-------------------------------------------
On May 20, 2009, the High Court of Hong Kong entered an order to
have Sunview Garment Limited's operations wound up.



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

CISONS EXPORTS: CRISIL Assigns 'P4' Ratings on Various Bank Loans
-----------------------------------------------------------------
CRISIL has assigned its rating of 'P4' to the bank facilities of
Cisons Exports Pvt Ltd (CEPL).

   INR50.0 Million Export Packing Credit  P4 (Assigned)
   INR17.5 Million Bills Discounting      P4 (Assigned)
   INR10.0 Million Letter of Credit       P4 (Assigned)
   INR5.0 Million Bank Guarantee          P4 (Assigned)
   INR67.5 Million Proposed Short Term    P4 (Assigned)
                   Bank Loan Facility

The rating reflects CEPL's modest scale of operations and moderate
financial risk profile.  These weaknesses are, however, partially
offset by the benefits that CEPL derives from the experience of
its management in the garment exports business.

                      About Cisons Exports

CEPL was incorporated in 1988.  The company manufactures and
exports readymade garments.  Currently, it is managed by
Mr. Prakash Karnani and his wife, Mrs. Neha Karnani.  It has
manufacturing facilities at Badlapur, Goregaon and Rabale in
Mumbai (Maharashtra).  CEPL reported a profit after tax (PAT) of
INR0.47 million on net sales of INR154.4 million for 2007-08
(refers to financial year, April 1 to March 31), as against a PAT
of INR3.0 million on net sales of INR140.7 million for 2006-07.


DIGHI PORT: CARE Assigns 'CARE BB+' Rating on Senior LT Facilities
------------------------------------------------------------------
CARE has assigned a 'CARE BB+' [Double B Plus] rating to the
senior long-term bank facilities and 'CARE BB' [Double B] rating
to the subordinate long-term bank facilities of Dighi Port Ltd.
This rating is applicable for facilities having tenure of over one
year.

Facilities with these ratings are considered to offer inadequate
safety for timely servicing of debt obligations. Such facilities
carry high credit risk.  CARE assigns '+' or '-' signs to be shown
after the assigned rating to indicate the relative position within
the band covered by the rating symbol.  Also, CARE assigned 'PR 4'
(PR Four) rating to the short-term bank facilities of DPL. This
rating is applicable for facilities having a tenure up to one
year.  Facilities with this rating would have inadequate capacity
for timely payment of short-term debt obligations and carry very
high credit risk.

                              Amount
   Instrument              (Rs. Crore)             Rating
   ----------              -----------             ------

   Senior Long-term          727.30                 'BB+'
   Bank Facilities

   Subordinate Long-term      75.00                 'BB'
   Bank Facilities

   Short-term Bank          (15.71 Plus             'PR 4'
   Facilities                EUR4.17 million)
   Non Fund Based (as
   sub limit within the
   senior debt-term
   loan)-Bank Guarantee/
   Letter of Credit
   --------------------------------------------------------
   Total                      802.30

Rating Rationale

The ratings are constrained by the factors comprising project
implementation risks during the construction phase, absence of
firm tie-ups for cargo and the consequent possibility of the
gestation period which may be needed for the cargo build-up to
reach sustained levels, cost plus nature of the EPC contract, the
comparatively large size of the project in relation to the size of
the promoter company, promoter's not having a track record in
development of port facilities and port operations in particular
and the requirement for the promoter to demonstrate capacity to
bring in resources to meet any possible cost over-run during
implementation or to absorb any initial losses during the
gestation period till achievement of commercial viability .
However, the ratings factor in the financial closure achieved for
the project, locational advantages, obtaining of major statutory
approvals and the presence of a leading infrastructure sponsor
company as co-promoter.

The ability of the company to implement the project within the
budgeted time and costs to enable start of commercial operations
by March 2010 and firm tie-ups for cargo remain key rating
sensitivities.

                        About Dighi Port

Dighi lies in the Raigad district of Maharashtra, at a distance of
170 kms. by road from Mumbai Port and about 45 nautical miles by
sea from Jawaharlal Nehru Port (JNPT).  Maharashtra Maritime Board
(MMB) and Balaji Infra Projects Ltd (BIPL) executed a Concession
Agreement (CA) on March 17, 2002, granting BIPL an exclusive right
for development, designing, engineering, financing, procurement,
construction, operation and maintenance of multipurpose, common-
user port at
Dighi on Build, Own, Operate, Share and Transfer (BOOST) basis for
a period of 50 years.  Infrastructure Leasing & Financial Services
Ltd (IL&FS) a leading sponsor, co-developer and advisor for the
infrastructure projects has decided to co-develop the Dighi Port
with BIPL.  The latter has incorporated Dighi Port Limited (DPL)
as an SPV for the development, implementation and operation &
maintenance of the port.  The total cost for the project is
estimated to be Rs.1,039.10 crore as per the development plan
envisaged.  The project is planned to be funded with a mix of debt
and equity (including quasi equity) in the ratio of 70:30. The
Balaji Group proposes to invest up to 69% of the equity capital as
the main sponsor of the project and MMB is expected to subscribe
to up to 11% of equity under the provisions of concession
agreement.  IL&FS is participating in the project as a strategic
investor and co-developer and has also undertaken to bridge in gap
or shortfall in equity by infusing or arranging additional equity
participation in the project.

The project is targeting industrial belt of Konkan, Pune and Nasik
region as immediate hinterland for cargo, besides land-locked
regions of central and northern India as extended hinterland along
with the Delhi Mumbai Industrial Corridor (DMIC).  For railway
connectivity, a separate project providing a 42 kmalignment
to Indapur, to be executed by the Konkan Railways, has been
approved by the Railway Board, with DPL, IL&FS and Indian Railway
as equity partners.  DPL proposes to build 3 berths as part of
DPL's start-up strategy in Phase I, consisting of a Multi-purpose
berth, a Coal berth and a Car berth.  The berths will be designed
to handle vessels up to 65,000 DWT with a scope for future
expansion, especially for coal and multi-purpose berths.  The
berths to be developed in this phase are on the shores of inner
harbour of the northern side and hence, they do not require
breakwaters.

The project is under implementation stage.  All statutory
approvals and consents, including the Environmental Clearance from
the Ministry of Environment and Forests, Government of India
(MoEF) have been obtained.  Punj Llyod has been given the EPC
mandate for offshore construction, onshore construction and
marine works on a cost-plus basis, while the dredging contract has
been awarded to Van Oord.  There are no 'Take or Pay' agreements;
however, DPL has entered into MOUs for port usage with various
leading companies.


ENSEMBLE INFRASTRUCTURE: CRISIL Rates INR38.7 Mln Term Loan at 'D'
------------------------------------------------------------------
The ratings reflect the continuous overdrawings in its cash credit
account over a month owing to stretched liquidity.

   INR115 Million Cash Credit         D (Assigned)
   INR38.7 Million Term Loan          D (Assigned)
   INR20.0 Million Letter of Credit   P5 (Assigned)
   INR60.0 Million Bank Guarantee     P5 (Assigned)

                       About the Company

The Mumbai-based Ensemble offers civil designing and interior
contract services. Its clientele includes large companies, banks,
and government bodies. The company was founded in 2003 by Mr.
Nilesh Rathod and Mr. Vikas Rathod who are first generation
entrepreneurs. Ensemble reported a profit after tax (PAT) of
INR3.7 million on revenues of INR227 million for 2007-08 (refers
to financial year, April 1 to March 31), as against INR43 million
and INR350 million, respectively, for 2006-07.


GUPTA INFRASTRUCTURE: Weak Liquidity Prompts CRISIL 'D' Rating
--------------------------------------------------------------
CRISIL has assigned its rating of 'D/P5' to the various bank
facilities of Gupta Infrastructure (India) Pvt Ltd (Gupta Infra).

   INR800 Million Term Loan         D (Assigned)
   INR123 Million Bank Guarantee    P5 (Assigned)

The rating reflects the delays by Gupta Infra in its repayment of
term loan obligations, owing to weak liquidity position.

                    About Gupta Infrastructure

Gupta Infra is a joint venture (JV) between Gupta Coal India Ltd,
Pantaloons Retail India Ltd, and Cinemax Cinemas (India) Pvt Ltd
in the ratio of 60:20:20.  Gupta Infra is a special purpose
vehicle (SPV) created for developing a shopping mall, Citi Center
and Multiplex, for the Raipur Development Authority in
Chhattisgarh.  Citi Center and Multiplex project is expected to
get completed by June, 2009.


KAUR SAIN: Delays in Term Loan Payment Prompt CRISIL 'C' Ratings
----------------------------------------------------------------
CRISIL has assigned its rating of 'C/P4' to the bank facilities of
Kaur Sain Spinners Ltd (KSSL).

   INR140.00 Million Cash Credit       C (Assigned)
   INR370.00 Million Term Loan *       C (Assigned)
   INR40.00 Million Letter of Credit   P4 (Assigned)
   INR19.2 Million Bank Guarantee      P4 (Assigned)

   * Includes a proposed limit of 9 million.

The ratings reflect recent delays by KSSL in repayment of term
loans, pending approval from bank for deferment of repayments;
weak financial risk profile owing to high gearing; small scale of
operations and vulnerability to volatility in input prices.  These
weaknesses are, however partially offset by the benefits that KSSL
derives from its promoters' experience in the yarn marketing
business.

                        About Kaur Sain

Incorporated in September 1997, KSSL manufactures polyester spun
yarn.  The company is promoted by Mr. Sushil Kumar Mittal and his
brothers.  KSSL became operational in 2002 and has an installed
capacity of 32,928 spindles.  Group company, Kaur Sain Spinning
Mills Ltd, manufactures polyester and cotton yarn; another group
company, Kaur Sain Spinning Mills, manufactures texturised
synthetic yarn.

KSSL reported a profit after tax (PAT) of INR2.8 million on sales
of INR364 million for 2007-08 (refers to financial year, April 1
to March 31), as against a PAT of INR6.2 million on sales of
INR382 million for 2006-07.


ROHAN BUILDERS: CRISIL Cuts Rating on INR350 Mln Term Loan to 'C'
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Rohan Builders (I) Pvt Ltd (RBIPL) to 'C' from 'BB-/Negative'.

   INR130 Million Cash Credit       C (Downgraded from
                                       'BB-/Negative')

   INR350 Million Term Loan         C (Downgraded from
                                       'BB-/Negative')

   INR600 Million Bank Guarantee    P4 (Reaffirmed)

The rating on the bank guarantee has been reaffirmed at 'P4'.  The
downgrade reflects the high, sustained pressure on RBIPL's
operational liquidity; the pressure has severely constrained the
company's ability to service its debt in a timely manner.  Because
of the strained liquidity, the management has been unable to set
up a debt service reserve; CRISIL's earlier rating had factored in
its expectation that RBIPL will set up the reserve.

                      About Rohan Builders

RBIPL is the flagship company of the Pune-based Rohan group that
is engaged in industrial construction.  The company was promoted
by Mr. Suhas Lunkad.  For 2007-08 (refers financial year, April 1
to March 31), RBIPL reported a profit after tax of INR161.5
million on net sales of INR1266.3 million, against INR222.3
million and INR1137.1 million, respectively, in the previous year.


SHREE RAJMOTI: CRISIL Reaffirms 'B' Rating on Cash Credit Limit
---------------------------------------------------------------
CRISIL's ratings on bank facilities of M/S Shree Rajmoti
Industries (Rajmoti) continue to reflect Rajmoti's weak financial
risk profile, marked by high gearing and weak debt protection
measures, and the firm's exposure to risks relating to seasonality
and fragmentation in the edible oil industry, and large working
capital requirements.  However, these weaknesses are partially
offset by the benefits that the firm derives from its promoters'
experience, and its established presence in the groundnut oil
segment.

   INR350.00 Million Cash Credit Limit       B/Stable
        (Enhanced from INR300 Million)    
   INR158.40 Million Short Term Bank         P4 (Reaffirmed)
             Facility
   INR41.60 Million Proposed Short Term     P4 (Reaffirmed)
                     Facility

Outlook: Stable

CRISIL expects Rajmoti to maintain a stable credit risk profile
backed by its position in groundnut oil segment in Gujarat, and
strong brand.  The outlook may be revised to 'Positive' if Rajmoti
reports substantial, sustained profitable growth, and significant
improvement in debt protection indicators.  Conversely, the
outlook may be revised to 'Negative' if the company's capital
structure deteriorates considerably, on account of increased
working capital requirements.

                     About M/S Shree Rajmoti

Set up in 1962 in Rajkot, Rajmoti, is a partnership firm, engaged
primarily in the manufacture and trading of double-filtered and
refined groundnut oil, and refined cottonseed oil.  The firm sells
groundnut oil under the brand, Rajmoti.  The company is promoted
by three partners Mr. Sameer Shah, Mr. Shyam Shah, and Mr.
Bhavdeep Vajubhai Vala, with a profit sharing of 28.5 per cent,
28.5 per cent, and 43 per cent respectively.

Rajmoti reported a profit after tax (PAT) of INR11.2 million on
net sales of INR2472.6 million in 2008-09 (refers to financial
year, April 1 to March 31) as against a PAT of INR7.1 million on
net sales of INR2667.2 million for 2007-08.


SHREE VAISHNAV: CRISIL Places 'BB' Rating on INR172.5 Mln LT Loan
-----------------------------------------------------------------
CRISIL has assigned its rating of 'BB/Stable' to the bank
facilities of Shree Vaishnav Casting Pvt Ltd (Shree Vaishnav).

   INR172.5 Million Long Term Loan      BB/Stable (Assigned)
   INR77.5 Million Proposed Long Term   BB/Stable (Assigned)
                   Bank Loan Facility

The rating reflects Shree Vaishnav's exposure to project-related
risks.  This weakness is, however, mitigated by the benefits that
Shree Vaishnav derives from its experienced and resourceful
promoters.

Outlook: Stable

CRISIL believes that Shree Vaishnav's ability to complete its
ongoing project on time is strong, given the degree of completion
to date.  The outlook may be revised to 'Positive' if the company
commissions its facility without time or cost overruns, and
exceeds the projected capacity utilisation in the first year of
commercial production.  Or, the outlook may be revised to
'Negative' if the company faces delays in project implementation,
or reports a significantly low capacity utilisation in the first
year of commercial production.

                       About Shree Vaishnav

Shree Vaishnav is part of the Shree Vaishnav group promoted by Mr.
Shersingh Agarwal in 1975.  Shree Vaishnav is a 50:50 joint
venture between the Agarwal family, headed by Mr. Shersingh
Agarwal, and another Agarwal family, headed by Mr. Bhagwandas
Agarwal. The company will manufacture mild steel billets at its
upcoming facility at Nashik, with a capacity of 100,000 tonnes per
annum.

The Shree Vaishnav group comprises of 8 companies, of which Shree
Vaishnav Alloys Pvt Ltd, Shree Vaishnav Industries Pvt Ltd and
Shree Vaishnav Ispat Pvt Ltd are rated 'BB+/Stable/P4' by CRISIL.
The other party to the joint venture, headed by Mr. Bhagwandas
Agarwal, is engaged in the auto ancillary business through
Narasinha Engineering Pvt Ltd. The family is also engaged in real
estate business in Nashik.


SORABJI GROUP: Fitch Assigns National Long-Term Rating at 'B'
-------------------------------------------------------------
Fitch Ratings has assigned B Sorabji Group a National Long-term
rating of 'B(ind)'.  At the same time, the agency assigned a
'B(ind)' rating to its sanctioned fund based packing credit
facility of INR35 million.  The Outlook is Stable.

The ratings factor in the firm's long operating track record in
the garment exports industry, its established relationships with
customers and its financial risk profile, which is expected to be
moderate on account of conservative capex plans.

However, the ratings are constrained by the year on year decrease
in sales for two consecutive years and increased demand risk
arising from the firm's key export destinations -- U.S. and the EU
nations -- on account of the prevalent economic recession.  The
number of the firm's customers has also reduced on account of
tight market conditions in the U.S. and Europe, coupled with B
Sorabji's strategy of working with limited customers with lower
receivable risk.  B Sorabji also follows the policy of keeping its
receivables position unhedged.  Customer concentration risk along
with foreign exchange volatility risk can negatively impact the
firm's order book and operating margins.

Fitch also notes that a weaker domestic economic outlook and the
impact of domestic and international competition can put pressure
on B Sorabji's profitability.  However, this downside is partly
offset by the firm's high margin product profile such as
children's and ladies apparel.  Nevertheless, the company's
leverage is expected to increase due to pressure on earnings,
coupled with working capital stresses in the current environment.
Any material deterioration beyond 1.2x on an EBITDA/Interest basis
could potentially act as a negative ratings trigger.

For the year to end-March 2008, the firm had a net revenue of
INR207.7 million (FY07: INR263.3 million), with an EBITDA margin
of 8.8% (FY07: 5.2%) and a net income of INR8.9 million (FY07:
INR20.8 million).  For the 12 months to end-March 2009, B Sorabji
had estimated net revenue of INR198.6 million with an EBITDAR
margin of 13.3%.

Established as a partnership firm in 1978, B Sorabji manufactures
and exports apparels from India to the U.S. and EU nations.  Its
product profile includes men's wear, women's wear and children's
wear.  The firm operates out of one manufacturing unit in
Bangalore and is headquartered in Mumbai, with excess orders being
sub-contracted in Mumbai.  B Sorabji caters mostly to distributors
of renowned brands such as Inditex, Sears Canada and Neck Child.
S.A.



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

* INDONESIA: ADB Okays US$1 Billion Loan for Public Expenditures
----------------------------------------------------------------
The Asian Development Bank has approved a US$1 billion loan to
Indonesia that will help the country sustain critical public
expenditures for poverty alleviation, social protection and
infrastructure maintenance in the wake of the global financial
crisis.

ADB said that it is one of the largest single loans it has ever
provided to Indonesia.

The loan is being provided under Indonesia's Public Expenditure
Support Facility Program, which will allow Indonesia to enhance
the country's financial safety net, better mobilize funds from
commercial markets, and maintain financial sector stability,
thereby reducing the government's costs for borrowing from the
market.

The financial crisis has significantly hindered Indonesia's
ability to access funds from credit markets.

Economic recessions in several of Indonesia's major trading
partners have also negatively affected demand for Indonesian
exports, and hindered investment inflows.

"The global financial crisis has made it expensive for Indonesia
to access international debt markets and trade finance, which
could constrain spending on essential social services and poverty
alleviation programs," said Jaseem Ahmed, Director of ADB's
Financial Sector, Public Management and Trade Division for
Southeast Asia Department.  "This loan will enable the Government
to maintain public expenditures, and to respond more effectively
to the poverty impacts of the financial crisis."

Indonesia's Public Expenditure Support Facility Program is part of
a joint effort by ADB, the governments of Australia and Japan, and
the World Bank to support Indonesia's financial crisis mitigation
and budget financing agenda.

ADB's US$1 billion loan brings the total amount of the Facility to
US$5.5 billion.

The Government may withdraw the Facility funds to meet quarterly
financing shortfalls through the end of 2010.

The Government has stated it only intends to access the Facility
if market conditions remain tight and the drawdown triggers set
out in the financing plan are met.

Indonesia is the first country among ADB's member countries to
receive this type of standby loan.

The single-tranche loan will have a 15-year term, including a 3-
year grace period, with an interest rate determined in accordance
with ADB's LIBOR-based lending facility. The loan has a contingent
facility that provides the option for deferred drawdown.



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

AOZORA BANK: Fitch Corrects Errors; Downgrades Rating to 'C/D'
--------------------------------------------------------------
This announcement corrects some factual errors in the version
released.  In the fourth paragraph of this press release, Aozora's
net operating losses before provisioning should be JPY53 billion,
not JPY54 billion.  Also in the same paragraph, Aozora forecasts a
return to profitability in FYE10, not FY10 as previously stated.
The updated text:

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 February 12, 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 capitalization,
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 JPY53 billion net operating losses before provisioning.
Excluding the 'one-off' loss items (described below), the bank's
net losses after tax would have been JPY102 billion.  Aozora
forecasts a return to profitability in FYE10 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 banks.

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+'


GENERAL MOTORS: Bankruptcy Won't Affect Partnership With Suzuki
---------------------------------------------------------------
Japanese small car maker Suzuki Motor Corporation and General
Motors will continue their partnership in production and
technology-sharing after the latter's bankruptcy, Japan Today
reports citing both companies as saying.

According to the report, Suzuki Motor Corp Chairman and Chief
Executive Osamu Suzuki blamed GM's woes on its emphasis on bigger,
less fuel-efficient vehicles.

On the other hand, GM Asia Pacific President Nick Reilly said that
small cars are now vital for GM, and its operations in Asia will
play a key part in their development, the report relates.

Suzuki and GM have had a partnership since 1981, and they have a
joint-venture plant CAMI in Ingersoll, Ontario, Canada.  They also
share research on technology.  In 2006, GM reduced its stake in
Suzuki to 3% from 20%, the report recounts.

Suzuki said that it has JPY71.6 billion in debt related to GM's
bankruptcy filings, including uncollected sales to GM and
guarantees related to investment for their Canadian joint venture,
the report notes.

                         About Suzuki Motor

Suzuki Motor Corporation is a Japan-based manufacturing company?
that operates in three business segments.  The Two-wheel Vehicle
segment is involved in the manufacturing of two-wheel vehicles, as
well as the manufacturing of parts for two-wheel vehicles and the
sale of two-wheel vehicles in domestic and overseas market.  The
Four-wheel Vehicle segment is involved in the manufacturing of
four-wheel vehicles, as well as the manufacturing of parts for
four-wheel vehicles and the sale of four-wheel vehicles in
domestic and overseas market.  The Others segment is involved in
the manufacturing and sale of outboard motors, as well as the sale
of electric vehicles and housing.  The Company has 140
subsidiaries and 36 associated companies.

                      About General Motors

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries.  In 2007, nearly 9.37 million GM cars and
trucks were sold globally under the following brands: Buick,
Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security and
information services.

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D. N.Y. Lead Case
No. 09-50026).  The Honorable Robert E. Gerber presides over the
Chapter 11 cases.  Harvey R. Miller, Esq., Stephen Karotkin, Esq.,
and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges LLP,
assist the Debtors in their restructuring efforts.  Al Koch at AP
Services, LLC, an affiliate of AlixPartners, LLP, is the Debtors'
restructuring officer.  GM is also represented by Jenner & Block
LLP and Honigman Miller Schwartz and Cohn LLP as counsels.
Cravath, Swaine, & Moore LLP is providing legal advice to the GM
Board of Directors.  GM's financial advisors are Morgan Stanley,
Evercore Partners and the Blackstone Group LLP.


HITACHI LTD: Finds Incorrect Expressions in Product Catalogs
------------------------------------------------------------
Hitachi Ltd. has found around 200 incorrect or misleading
expressions in catalogs and advertisements related to the energy-
saving features of home electronics appliances manufactured by its
subsidiary, Hitachi Appliances Inc, Japan Today reports citing
Kyodo News.

The report says that the cases of mispresentation included one in
which Hitachi Appliances used a misleading expression about the
effectiveness of the energy-saving mode of a new vacuum cleaner
comparing its power consumption with that of an older model the
firm had released six years ago.

Japan Today relates that Hitachi Appliances should have compared
the power consumption of the new model when the power-saving mode
is switched on with that of the same model when the mode is
switched off.

As reported in the Troubled Company Reporter-Asia Pacific, citing
Bloomberg News, Hitachi Ltd said its net loss will narrow this
fiscal year after the company booked tax writedowns in the
previous period.

Bloomberg News said that according to the Tokyo-based company,
net loss will contract to JPY270 billion (US$2.78 billion) in the
12 months ending March 31, 2010, from a record JPY787.3 billion
deficit a year earlier, while operating profit will probably fall
76 percent to JPY30 billion as sales decline 11 percent to JPY8.9
trillion.

Bloomberg News related Hitachi said it had JPY390 billion in tax-
related writedowns last fiscal year, disposing of all such
obligations.  The company will probably book a charge of
JPY200 billion, including JPY100 billion for reorganization and
JPY50 billion to reflect losses at the semiconductor unit, Renesas
Technology Corp., Bloomberg News cited Takashi Miyoshi, an
executive vice president at Hitachi, as saying.

According to Bloomberg News, the company in March said it's
cutting jobs and separating its automotive systems and consumer
units to trim costs by JPY500 billion this fiscal year and weather
the global recession.

                       About Hitachi Ltd

Hitachi Ltd. (NYSE:HIT) -- http://www.hitachi.co.jp/-- is engaged
in developing a diversified product mix ranging from electricity
generation systems to consumer products and electronic devices.
The Company has seven segments: Information & Telecommunication
Systems, Electronic Devices, Power & Industrial Systems, Digital
Media & Consumer Products, High Functional Materials & Components,
Logistics, Services & Others and financial services.  In April
2008, Hitachi acquired a majority ownership interest in M-Tech
Information Technology, Inc.  In April 2008, Hitachi, Ltd.
established a wholly owned subsidiary, Hitachi Information &
Telecommunication Systems Global Holding Corporation. In March
2008, Hitachi Consulting, the global consulting company of
Hitachi, acquired JMN Associates.  On March 16, 2009, the Company
made Hitachi Koki Co., Ltd. a subsidiary via share purchase.  On
March 18, 2009, the Company made Hitachi Kokusai Electronic Inc. a
subsidiary via share purchase.


JLOC 36: S&P Downgrades Rating on Class D Floating Notes to 'B-'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'B-' from 'BB' its
rating on JLOC 36 LLC's class D floating-rate secured notes, after
downgrading the aforementioned tranche to 'BB' from 'BBB' on
April 24, 2009.  At the same time, Standard & Poor's affirmed it
ratings on the class A1 through C2 and X secured notes.

The downgrade of class D reflects what S&P views as growing
uncertainty over the recovery prospects of the collateral
properties relating to five of the transaction's underlying loans
(representing about 10.7% of the notes' initial issuance amount;
there were originally 34 underlying loans; there are now 27
underlying loans) that had defaulted.  The five defaulted loans
include three loans that defaulted after S&P downgraded class D on
April 24, 2009.  According to the asset business plan provided by
the servicer, the recovery amount from one of the defaulted loans
may fall below the outstanding loan amount.

The rating affirmations on the class A1 to C2 notes reflect
prospects for collection from the underlying properties, as well
as credit support provided through the senior/subordinate
transaction structure and the reserve account.  However, if the
transaction's credit quality weakens, along with deterioration in
the recovery prospects of the collateral properties, S&P may see
downward pressure on the ratings on the senior tranches,
especially on classes C1 and C2.

Based on this transaction's servicing agreement, collection
procedures relating to the sale of the collateral properties
backing the five aforementioned defaulted loans are in progress.
Standard & Poor's will therefore continue to monitor the recovery
prospects and progress in the sale of collateral properties
relating to the defaulted loans.

This is a multi-borrower CMBS transaction.  The notes were
originally secured by 34 loans extended to 34 corporate obligors,
which were ultimately backed by 99 real estate properties and real
estate trust certificates.  This transaction has been arranged by
Morgan Stanley Japan Securities Co. Ltd.  Premier Asset Management
Co. acts as the servicer for this transaction.

Standard & Poor's is now requesting comments on its proposal to
amend the rating methodology for interest-only certificates,
including the class X notes of this transaction (see "Request for
Comment: Methodology For Rating Interest-Only Certificates",
published on June 1, 2009).  If the proposal is adopted, it could
affect the rating on the class X notes.

                          Rating Lowered

                           JLOC 36 LLC
          JPY59.1 billion secured notes due February 2016

            Class   To   From   Initial Issue Amount
            -----   --   ----   --------------------
            D       B-   BB     JPY4,300 mil.

                         Ratings Affirmed

    Class               Rating   Initial Issue Amount
    -----               ------   --------------------
    A1                  AAA      JPY29.05 bil.
    A2                  AAA      EUR65,300,000
    A3                  AAA      $8,000,000
    B                   AA       JPY6.8 bil.
    C1                  A        JPY3.6 bil.
    C2                  A        EUR24,250,000
    X (interest only)   AAA      JPY59.1 bil. (initial notional
                                               principal)


JLOC 38: Fitch Downgrades Ratings on Class D Notes to 'C'
---------------------------------------------------------
Fitch Ratings has downgraded JLOC 38 LLC's Class C and D notes due
April 2016, placed them on Rating Watch Negative and revised the
Recovery Rating on the Class D notes.  The remaining classes have
been affirmed and the Outlook on the Class B notes has been
revised to Negative from Stable.  The rating actions are:

  -- JPY54.4 billion* Class A notes affirmed at 'AAA';
     Outlook Stable;

  -- JPY5.52 billion* Class B notes affirmed at 'AA';
     Outlook revised to Negative from Stable;

  -- JPY5.2 billion* Class C notes downgraded to 'BBB+' from
     'A'; placed on RWN;

  -- JPY4.85 billion* Class D notes downgraded to 'C' from 'CCC';
     placed on RWN and Recovery Rating (RR) revised to 'RR4'
     from 'RR3'; and

  -- Class X notes (interest-only) affirmed at 'AAA'; Outlook
     Stable.

  * as of June 3, 2009

The rating actions reflect Fitch's view of the expected
recoverable amounts from three defaulted loans which have been
revised lower from initial expectations, based on the current real
estate market, characteristics of the collateral properties and
the quality of the property portfolio including specific locations
and property types.

The downgrade of the Class D notes to 'C' results from Fitch's
increasing concerns that losses will inevitably impact the Class D
notes.  These concerns reflect the expected loss from the loan
which defaulted in June 2008 stemming from further information
regarding the actual sales activity to date.  The agency has also
placed this class on RWN as it anticipates that if current
conditions prevail, a default will occur in time.

The Class C notes have been downgraded due to concerns over the
refinance risk of loans maturing through the remainder of 2009,
and that credit enhancement levels could deteriorate as
collections on the defaulted underlying loans progress under
stressed circumstances.

The agency has placed both of the downgraded classes on RWN,
reflecting further concerns about the probability of recovery from
the defaulted loan and is awaiting updated information of sales
activities to be provided by the servicer.  Fitch will resolve the
RWN status after it carefully reviews further information from the
latest loan collection status.  The agency will also take a closer
look at refinance activities of seven loans maturing within 2009,
and will take into account additional information of these
activities in the final rating decision.

Redemption of multiple underlying loans has improved the credit
enhancement levels of the senior notes, which has led to the
ratings of Classes A to B and X notes being affirmed.  However,
the Outlook of Class B notes has been revised to Negative from
Stable, reflecting the possible future impact of the loans
currently in special servicing.

Six loans have been fully repaid and the transaction is currently
secured by 28 loans backed by a total of 98 real estate and
beneficial interests.

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
period.

Fitch's Recovery Ratings, introduced in 2005, are a relative
indicator of creditor recovery on a given obligation in the event
of a default.


PANASONIC: May Delay Chip Plant Opening in Toyama
-------------------------------------------------
Panasonic Corp. is considering postponing the opening of its
semiconductor plant in Tonami, Toyama Prefecture, for several
months due to lower demand for home electronics products using
semiconductors, The Japan Times reports citing sources.  The plant
was set to open in August this year.

The major electronics manufacturer, according to the report, is
investing JPY94 billion in the plant that will produce image
sensor semiconductors for digital cameras, camcorders and other
products.

The Times notes that Panasonic has already put off the opening of
a new plasma panel plant in Amagasaki, Hyogo Prefecture, from May
until November, and a liquid crystal display panel factory in
Himeji, Hyogo Prefecture, from next January to July 2010.

The Troubled Company Reporter-Asia Pacific, citing Bloomberg News,
reported on May 19, 2009 that Panasonic predicted to incur its
second annual loss of JPY195 billion in the 12 months ending
March 31, 2010.  The company posted JPY379 billion net loss in the
year ending March 31, 2009.

Panasonic Corporation, formerly Matsushita Electric Industrial
Co., Ltd., -- http://www.panasonic.co.jp/-- is engaged in the
production and sales of electronic and electric products in an
array of business areas.  It offers products, systems and
components for consumer, business and industrial use.  Most of the
company's products are marketed under the Panasonic brand name
worldwide, along with other product, or region, specific brand
names, including National primarily for home appliances and
household electric equipment sold in Japan, and Technics for
certain high-fidelity products.  Some of its subsidiaries also use
their own brand names, such as PanaHome.  The company's segments
comprise audiovisual connection networks, home appliances,
components and devices, Matsushita Electric Works, Ltd. and
PanaHome Corporation.  In August 2007, Victor Company of Japan
Ltd. and its consolidated subsidiaries became associated companies
from consolidated subsidiaries.  The company merged with two
subsidiaries on October 1, 2008.



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

KUMHO LIFE: Parent in Talks with Potential Buyers
-------------------------------------------------
Kumho Asiana Group has engaged in negotiations with potential
buyers for its life insurance arm Kumho Life Insurance, The Korea
Times reports.  The group is reportedly in talks with SC First
Bank, Consus Asset Management, and a private equity fund (PEF) set
up by Quantum Fund, the report says.

The Times says that Kumho Asiana had originally planned to list
the life insurance arm on the bourse, but failed because of
liquidity trouble.

Kumho Life Insurance saw its deficit grow to nearly KRW200 billion
for the fiscal year 2008, much bigger than the originally
estimated KRW100 billion, under new accounting standards.  Its
solvency margin ratio stands at around 120 percent as of April,
far below the 150 percent recommended by regulators, the report
notes.

According to the report, the group has been looking for a buyer
for Kumho Life since September last year but the insurer's huge
deficit is hampering the move.  The insurer would need further
capital infusion from its parent group first to attract a
potential buyer, the Times notes.

Established in 1988, Kumho Life Insurance Co, Ltd. is a South
Korean insurance company with headquarters in Sinmunro-1-ga
Jongno-gu Seoul, Korea.  One leading life insurance product
operates under the brand name Stand By.



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

EKRAN BERHAD: Posts MYR4.34 Mil. Net Loss in Qtr. Ended March 31
----------------------------------------------------------------
Ekran Berhad disclosed its financial report for the third quarter
ended March 31, 2009.

For the current period under review, the group booked a MYR4.34
million net loss on MYR12.68 million revenue, compared with a
MYR2.73 million net loss on MYR15.62 million revenue in the same
quarter of the preceding year.

As of March 31, 2009, the company's balance sheet showed
MYR1.06 billion in total assets, MYR330.59 million in total
liabilities and MYR726.70 million in total shareholders' equity.

Ekran Berhad is a Malaysian company engaged in investment
holding and the provision of management services to its
subsidiary companies.  Through its subsidiaries, the company is
engaged in property development; the provision of property
management services; timber logging and saw milling; the sale of
timber products, and the operation of oil palm plantations.  The
company's operations are mainly concentrated in Malaysia, China
and the Philippines.

                          *     *     *

Ekran has been classified as an affected listed issuer under
Amended Practice Note 17, when auditors expressed a disclaimer
opinion on the company's audited financial report for the
financial year ended June 30, 2005, and for defaulting on
various credit facilities.


IDAMAN UNGGUL: Incurs MYR7.42 Mil. Net Loss in Qtr. Ended March 31
------------------------------------------------------------------
Idaman Unggul Berhad incurred a net loss of MYR7.42 million on
MYR19.89 million of revenues in the quarter ended March 31, 2009,
compared with a net loss of MYR12.49 million on MYR18.59 million
of revenues in the same period in 2008.

The company's unaudited balance sheet as of March 31, 2009, showed
total assets of MYR627.98 million, total liabilities of
MYR576.49 million, insurance reserve of MYR33.99 million and
shareholders' equity of MYR17.50 million.

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.



KOSMO: March 31 Balance Sheet Upside-Down by MYR106.24 Million
--------------------------------------------------------------
Kosmo Technology Industrial Berhad's unaudited balance sheet as of
March 31, 2009, went upside down by MYR106.24 million, on total
assets of MYR13.76 million and total liabilities of MYR119.99
million.

As of March 31, 2009, the company's balance sheet showed
strained liquidity with current assets of MYR5.98 million
available to pay MYR119.69 of current liabilities coming due
within the next twelve months.

For the first quarter ended March 31, 2009, the company
posted a net loss of MYR1.80 million on MYR1.02 million of
revenues, as compared with a net loss of MYR2.54 million on
MYR1.61 million of revenues in the same quarter of 2008.

Kosmo Technology Industrial Bhd., formerly known as Orion Unggul
Sdn. Bhd., is a Malaysia-based investment holding company.  The
company operates through two business segments: investment
holding and car accessories, which is engaged in the manufacture
and sale of plastic injection mould car accessories.  The
company operates through its subsidiaries Kosmo Motor Company
Sdn. Bhd. and Hexariang Sdn. Bhd. Kosmo Motor Company Sdn. Bhd.
is engaged in importing, assembling, distributing and
maintaining commercial vehicles.  Hexariang Sdn. Bhd. is an
investment holding company.  Nagatrend Sdn. Bhd., which is a
subsidiary of Hexariang Sdn. Bhd. is engaged in the manufacture
and sale of car accessories.  The company also has a 30% equity
interest in M Dot Mobile Sdn. Bhd.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
May 14, 2008, Kosmo Technology Industrial Berhad has been
considered as an Affected Listed Issuer under Practice Note No.
17/2005 of the Bursa Malaysia Securities Berhad as the company
was unable to provide a solvency declaration.

The company is currently encountering cash flow problems and has
been unable to meet its obligations in payment of loans and to
creditors.  A notice of demand has been issued to Kosmo by Zul
Rafique & Partners for and on behalf of CapOne Berhad and
Malaysian Trustees Berhad for the repayment of the whole loan
facility together with all interest payable amounting to
MYR52,029,322.


WONDERFUL WIRE: Total Default Reaches MYR77.29 Mil. as of May 31
---------------------------------------------------------------
Wonderful Wire Berhad disclosed with the Bursa Stock Exchange
that the company's total default reached MYR77,286,669.47 as of
May 31, 2009, which comprises of:

Wonderful Wire's loans:

                                              Principal & Interest
    Lender                    Facility          Outstanding (MYR)
    -------                   --------        --------------------

CIMB Bank Berhad          Short Term Advance      10,608,085.72
                           Overdraft               2,379,279.96

CIMB Factor Lease Berhad  Leasing                  4,537,524.08

Malayan Banking Berhad    Term Loan               33,114,547.42
                            Overdraft              5,394,792.56

RHB Islamic Bank Berhad   Term Financing          18,558,735.31
                           Revolving Credit        2,263,393.90

Bank Muamalat Malaysia    Hire Purchase Car Loan      20,346.00

Orix Rentec (M) Sdn. Bhd. Rental of office
                            equipment                 71,144.00
                                                  --------------
                                         Total:   76,947,848.95

WWC Oil & Gas (Malaysia) Sdn. Bhd.'s loan:

                                              Principal & Interest
    Lender                    Facility          Outstanding (MYR)
    -------                   --------        --------------------
* CIMB Factor Lease Bhd.      Leasing                 338,820.52

                      About Wonderful Wire

Wonderful Wire & Cable Berhad is a Malaysia-based company that
is engaged in the manufacture and trading of all kinds of
electrical wires and cables.  The principal activities of the
company's subsidiaries include the investment holding, provision
for oil, gas and petroleum engineering, and design engineers and
contractors.  Its subsidiaries include Wonderful Industries Sdn.
Bhd., WWC Oil & Gas (Malaysia) Sdn. Bhd., WWC Sealing (Malaysia)
Sdn. Bhd., Transmission Resources Sdn. Bhd., WWC Engineering (M)
Sdn. Bhd. and Wonderful Wire & Cable.  In November 2006, the
company acquired the remaining 40% interest in WWC Sealing
(Malaysia) Sdn Bhd.  The principal activity of WWC Sealing
(Malaysia) Sdn Bhd is to design, manufacture and market
different ranges of industrial seal and gasket.

On December 3, 2007, the company was classified as an affected
listed issuer pursuant to Bursa Malaysia Securities Berhad's
Practice Note 17 category as the company's shareholders' equity
on a consolidated basis for the unaudited results is less than
25% of the issued and paid-up capital for the third quarter
ended Sept. 30, 2007.



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

BLUE CHIP: Co-Founder Mark Bryers Faces Five New Charges
--------------------------------------------------------
The New Zealand Herald reports that five new charges have been
laid against Blue Chip co-founder Mark Bryers.

According to the report, the charges were laid in the Auckland
District Court on May 29 in connection to five companies that
Mr. Bryers was a director.  The Herald says Mr. Bryers is alleged
to have failed to complete and sign financial statements for
Marinc Ltd, Marinc Developments Ltd, Porchester Ltd, Okra Ltd and
Brighton Ltd between August 2006 and August 2008.  Mr. Bryers has
also been charged with 60 breaches of the Companies Act, the
report adds.

Meanwhile, The New Zealand Herald reports that Mr. Bryers has
found some new allies in his fight to stay in business in
Australia even as the list of court charges he faces in New
Zealand mounts.

According to the report, ASX-listed Blue Chip parent company
Northern Crest Limited has appointed David Sekel, a corporate
lawyer and adviser, as a non-executive director.  Northern Crest
has also appointed Lauire Eakin to its board and Marc Wilson as
chairman to replace Mr. Bryers, the Herald adds.

The report relates Northern Crest said Mr. Sekel's appointment was
"further evidence of the important rebuilding process underway at
the company."

As reported in the Troubled Company Reporter-Asia Pacific on
March 20, 2009, The National Business Review said the Registrar of
Companies filed an application to liquidate Mr. Bryers' remaining
investment vehicle, Northern Crest Investments Limited, on
February 18.

Northern Crest remain in suspension as it has not produced an up-
to-date set of accounts, the Herald notes.

                       About Blue Chip NZ

Blue Chip New Zealand Ltd. is a financial services company with
offices throughout New Zealand.  It is a subsidiary of Blue Chip
Financial Solutions Limited, now known as Northern Crest
Investments.  Northern Crest operates in two divisions:
financial services and leasing services.  The financial services
division is engaged in the provision of financial structuring
services and investment product to a variety of clients.  The
leasing activities division is engaged in rental of residential
property.

                         *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
April 15, 2008, Blue Chip New Zealand Ltd. is in voluntary
liquidation, joining 20 other Blue Chip companies that are now
being wound up.  Blue Chip New Zealand is a subsidiary of the
company of Northern Crest Investment Limited, formerly known as
Blue Chip Financial Solutions Limited.


BRIDGECORP: Two Former Directors Banned for Five Years
------------------------------------------------------
David Hargreaves at Business Day reports that two former
Bridgecorp directors have been barred from directing or managing a
company in New Zealand for five years.

The ban, imposed by the Deputy Registrar of Companies Peter
Barker, is for the maximum term allowed under the law, the
Business Day says.

As reported in the Troubled Company Reporter-Asia Pacific on
June 25, 2008, the New Zealand Herald said the Registrar of
Companies' National Enforcement Unit is carrying out the
prosecution of Bridgecorp Limited's two executive directors,
Rodney Petricevic and Robert Roest, who are facing charges under
the Securities Act and the Companies Act.

According to the Business Day, Mr. Barker said that the National
Enforcement Unit had provided reports that alleged mismanagement
including: misleading information contained in the prospectus;
defaults of the payment of principal and interest; misleading
information provided to the Trustee; and, in the case of
Mr. Petricevic, transactions involving personal interest.

Mr. Barker said he found the failings of Messrs. Petricevic and
Roest to be "serious and fundamental" with such a depth that any
one of the matters alone would have been enough to prohibit them
from acting as company managers or directors, the Business Day
relates.

                        About Bridgecorp

New Zealand-based Bridgecorp Ltd was placed in receivership on
July 2, 2007, after failing to pay principal due to debenture
holders.  John Waller and Colin McCloy, partners at
PricewaterhouseCoopers, were appointed as receivers.  The
company owes around 1,800 debenture holders, which liquidators
estimate hold approximately NZ$500 million.


SOVEREIGN YACHTS: Court Enters Order to Liquidate Business
----------------------------------------------------------
The High Court at Auckland entered an order to liquidate Sovereign
Yachts after the liquidation petition filed by ASB Bank against
the company was approved, The National Business Review reports.

A similar application made by superyacht service provider YCO SAM,
a subsidiary of YCO Deuxmil was struck out, the report recounts.

The list of secured creditors for Sovereign Yachts is lengthy and
includes finance companies Marac Finance and Rent Plus Funding and
the troubled Nuplex, the report noted.

According to media reports, Sovereign Yachts has been in trouble
before as it had come to New Zealand leaving behind unpaid taxes
in Canada.

Sovereign Yachts which is owned by Bill Lloyd, is in the business
of building big luxurious boats for export.



                         *********

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
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thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.





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