TCRAP_Public/090611.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

           Thursday, June 11, 2009, Vol. 12, No. 114

                            Headlines

A U S T R A L I A

GREAT SOUTHERN: Sells AU$23-Mln Loan Assets Weeks Before Collapse
SUNCORP-METWAY: To Sell US$-Denominated Floating-Rate Notes


B A N G L A D E S H

* Fitch Holds 'E' Individual Ratings on Three Banks in Bangladesh


C H I N A

SHIMAO PROPERTY: Moody's Affirms Corporate Family Rating at 'Ba3'


G A B O N

GABON: Smooth Transition of Power After Pres.'s Death Needed


H O N G  K O N G

ABSA BANK: Member to Receive Wind-Up Report on July 6
BOTHFAIR LIMITED: Members to Receive Wind-Up Report on July 6
CHINA GLASS: Tender Offer Prompts Moody's to Junk Corporate Rating
CONCORD CAMERA: Lampert Steps Down as Liquidator
DONG YANG: Inability to Pay Debts Prompts Wind-Up

ENFANTS DU NINGXIA: Members' Final General Meeting Set for July 6
GATELINK MOULD: Placed Under Voluntary Wind-Up
GLORY RISE: Creditors' Meeting Set for June 18
GOLD VICTORY: Inability to Pay Debts Prompts Wind-Up
GOLD WEALTH: Creditors' Proofs of Debt Due on July 10

GRAPHIC PACKAGING: Creditors' Proofs of Debt Due on July 6
HONG KONG TOSHIN: Placed Under Voluntary Wind-Up
INTERNATIONAL MEDICAL: Members' General Meeting Set for July 6
MCDATA HONG KONG: Members' Final General Meeting Set for July 10
MORIRIN (ASIA): Wing Steps Down as Liquidator

RASON (HONG KONG): Creditors' Proofs of Debt Due on July 6
RUSTIC GARDEN: Wong and Lin Step Down as Liquidators
SRE GROUP: Waiver on Covenants Won't Affect S&P's 'B' Rating
VICTORY STAR: Creditors' Proofs of Debt Due on July 6


I N D I A

BIMAL AUTO: Low Net Worth Cues CRISIL 'BB+' Ratings
CAPTAIN POLYPLAST: CRISIL Rates Cash Credit Limit at 'BB-'
DHRUV GLOBALS: CRISIL Assigns 'B-' Rating on INR76.0 Mln Term Loan
GABA OVERSEAS: CRISIL Puts 'BB+' Rating on INR860.0 Mln Term Loan
KHAJRANA GANESH: Liquidity Pressure Prompts CRISIL 'B+' Ratings

PARAMOUNT WIRES: CRISIL Rates INR70.0MM Cash Credit Limit at 'BB+'
PREGNA INTERNATIONAL: Low Net Worth Cues CRISIL 'B+' Ratings
R. K. INDUSTRIES: CARE Places 'CARE BB-' Rating on LT Bank Loans
RAMA AGRO: Default in Loan Repayment Prompt CRISIL 'D' Ratings
SATYAM COMPUTER: To Defend Class Action Lawsuits, Upaid Case

SHREE RAM: CARE Assigns 'CARE BB-' Ratings on LT Bank Facilities
SHREE RAM VESSEL: CARE Rates Rs.5.15cr LT Bank Loans at 'CARE BB+'
SHREE SIDDHIVINAYAK: CRISIL Rates INR143.0 Mln Term Loan at 'BB+'


J A P A N

ISUZU MOTORS: Maybe Hit by GM's Plan to Cut Diesel Engine Purchase
* JAPAN: Corporate Bankruptcies Fell 6.7% in May


K U W A I T

GLOBAL INVESTMENT: Fitch Affirms Issuer Default Rating at 'D'


M A L A Y S I A

AXIS INC: Malayan Banking Seeking MYR20,973,241
BSA INTERNATIONAL: To Hold 9th Annual General Meeting on June 26
PANGLOBAL BERHAD: 44th Annual General Meeting Set on June 26


N E W  Z E A L A N D

* NEW ZEALAND: Building Work Falls 0.7% in Q1
* NEW ZEALAND: Electronic Card Spending Up 0.7% in May
* NEW ZEALAND: Export Prices Fell 8.2% in March 2009 Quarter


P H I L I P P I N E S

POWER SECTOR: Central Bank Okays US$2-Mln Standby Letter of Credit


S I N G A P O R E

ALTUS CORPORATION: Court Enters Wind-Up Order
CHAMP ASIA: Court Enters Wind-Up Order
LABONE SINGAPORE: Court Enters Wind-Up Order
THINK & LEARN: Court to Hear Wind-Up Petition on June 26
TRANSBILT ENGINEERING: Creditors' Proofs of Debt Due on June 20


T A I W A N

BANK SINOPAC: Fitch Affirms Support Rating Floor at 'BB+'
HUA NAN COMMERCIAL: Fitch Affirms Individual Rating at 'C/D'
QUANTA COMPUTER: May 2009 Sales Dropped 22%
SINOPAC FINANCIAL: Fitch Cuts Individual Rating to 'C'
STANDARD CHARTERED: Fitch Affirms Individual Rating at 'C/D'

TAICHUNG COMMERCIAL: Fitch Affirms Individual Rating at 'C/D'


U N I T E D  A R A B  E M I R A T E S

UAE CMBS: Moody's Downgrades Ratings on Three Classes of Notes


                         - - - - -


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

GREAT SOUTHERN: Sells AU$23-Mln Loan Assets Weeks Before Collapse
-----------------------------------------------------------------
The Herald Sun reports that Great Southern Limited sold loan
assets far below their market value just weeks before its collapse
to a business funded by company founder and director John Young.

The report relates that company records reveal that Great Southern
sold a AU$23 million loan book for AU$9 million -- equal to 38 in
the dollar -- to a company called Javelin Asset Management, who
stands to earn AU$14.62 million -- plus interest -- from the deal.

According to the report, company records show the loans deal took
place on March 31 when Great Southern was seeking financial
support from its bankers.  The transaction, Herald Sun states,
occurred on the same day Javelin Asset Management was established
as a AU$2 company with only two shareholders.

Herald Sun further says that according to company records,
Mr. Young's family company JSJA Holdings granted a loan facility
of up to AU$10 million to Javelin and registered a charge over
Javelin's assets as security for the loan on the same day the loan
deal occurred.

The charge document, according to the report, notes that Javelin
Asset Management is liable for all money paid under a "deed of
loan dated about March 31, 2009, between the chargor, namely
Javelin Asset Management, and the chargee, JSJA Holdings".

Documents show that lawyers further considered shoring up JSJA's
security by taking out a separate charge over a loan book, which
was not identified, the Herald Sun adds.

According to the Herald Sun, the transaction is one of a number of
issues being investigated by Great Southern's receivers, Ferrier
Hodgson.

Meanwhile, ABC Rural reports that funds litigation company IMF
said it may fund a possible class action against Great Southern.

ABC Rural relates IMF said investors were forced to convert cattle
investments into Great Southern shares, which are now worthless.

Great Southern administrators will auction cattle properties next
week, the assets are valued at over AU$200 million, ABC Rural
notes.

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

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

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

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

                     About Great Southern

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


SUNCORP-METWAY: To Sell US$-Denominated Floating-Rate Notes
-----------------------------------------------------------
Suncorp-Metway Ltd. plans to sell U.S. dollar-denominated
floating-rate notes guaranteed by the Australian government,
Shelley Smitha at Bloomberg News reports citing a person familiar
with the transaction, who declined to be identified ahead of a
public announcement.

According to the report, the person said the 18-month notes may be
priced to pay interest of about 40 basis points more than the
London interbank offered rate, or Libor.

Bloomberg News relates the source said Citigroup Inc. and Nomura
Holdings Inc. are managing the sale for Suncorp-Metway.

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

                         *     *     *

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

These rating actions have been taken:

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

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

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



===================
B A N G L A D E S H
===================

* Fitch Holds 'E' Individual Ratings on Three Banks in Bangladesh
-----------------------------------------------------------------
Fitch Ratings has affirmed the Individual and Support ratings of
Bangladesh's Sonali Bank Limited, Janata Bank Limited, and Agrani
Bank Limited at 'E' and '5', respectively.

The Individual ratings, at the low end of Fitch's ratings scale,
are due to their very poor asset quality, constrained
profitability and more importantly, very weak capitalization;
equity net of book adjustment done during the conversion of the
three banks into Limited Liability Companies in 2007 was still
negative for SBL and ABL, while only marginally positive for JBL.
The Support ratings, also the lowest on the agency's scale,
reflect the non-reliability of timely support in a crisis given
the fiscal weakness of the sovereign, although the propensity of
the state to support them would likely be high, given the dominant
position of these State-owned Commercial Banks in the domestic
deposit market.

The SOCBs' weak financial profiles are a result of years of
directed lending at the insistence of the State and weak
governance.  Despite their very weak capital position, the SOCBs
have been able to operate due to the implicit comfort depositors
derive from their state ownership.  Notwithstanding their
widespread presence across the country, Fitch notes that SOCBs
have been steadily losing market share to private banks, with
SOCBs' share of banking system assets dropping to 31% in September
2008 from 47% in 2002.  Plans to revive SOCBs have had limited
success so far, except for the conversion of these three SOCBs
into LLCs during 2007, and the appointment of new management.
Given the short period of time since their conversion into LLCs,
notable improvements are yet to be seen.

During the conversion of the three SOCB into LLCs, the accumulated
losses were reclassified as an intangible asset, amortized over a
period of ten years.  Consequently at end-2008, the reported
equity/assets ratios of SBL, ABL and JBL improved to 4.95%, 3.43%
and 3.39%, respectively.  However, net of this book adjustment,
the equity/assets ratios of SBL, ABL and JBL would have been very
poor at -7.67%, -2.96% and +0.40%, respectively.  The agency notes
that this restatement of the equity position, without any actual
capital infusion, is only a book adjustment and does not resolve
the deficient capital position of these banks.  Hence, Fitch
considers SBL and ABL to be still technically insolvent.  Although
JBL was able to report a marginally positive equity, its
capitalization is also considered to be very poor as its adjusted
Tier 1 capital (net of the book adjustment) is still negative.

Due to their inability to effectively pass on their cost of funds
to borrowers, the operating profitability of these banks remains
weak with low net interest revenue to average assets ratios.
Despite this, all three banks have reported profits in 2008 due to
increased contribution from non-interest income sources.
Consequently, the reported ROAs of ABL and JBL were at 1.42% and
1.23%, respectively, while SBL reported a much lower ROA of 0.48%,
as its profitability was impacted by negative net interest
margins.  Fitch expects profitability to remain depressed in the
medium-term, given the challenging operating environment due to
the persistent political and economic volatilities, coupled with
increased competition from the private banks.

Asset quality remains weak due to the combined effect of a large
unresolved legacy NPL base and fresh slippages over the past 24
months on account of several economic shocks.  As such, reported
gross NPL ratios were very high with SBL having the highest ratio
of 26.1% at end-2008, followed by ABL and JBL with 20.4% and 9.9%,
respectively.  Despite NPLs in the loss category being more than
80% of total NPLs for all three banks, the reported provision
cover of NPLs remained low in the 45%-65% range at end-2008,
implying further capital impairment risks.  Given the weak risk
management standards, directed lending and a poor economy, any
significant improvement in asset quality is unlikely in the
medium-term and the banks' financial profiles would likely remain
extremely weak as reflected in their low Individual ratings.



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

SHIMAO PROPERTY: Moody's Affirms Corporate Family Rating at 'Ba3'
-----------------------------------------------------------------
Moody's Investors Service has affirmed Shimao Property Holdings
Ltd's Ba3 corporate family and B1 senior unsecured debt ratings.
The outlook for both ratings remains negative.

This ratings affirmation follows Shimao's announcement of a land
purchase in Xiamen City for RMB3.02 billion.

"The rating affirmation reflects Moody's expectation that Shimao's
improved cash reserve can cover the land premium payments,
including the two land transactions previously announced by its
64.2%-owned subsidiary, Shanghai Shimao Co Ltd, without any
material impact on its overall financial profile," says
Peter Choy, a Moody's Vice President & Senior Credit Officer.

"Shimao's liquidity position has improved mainly due to better-
than-expected contract sales in the first 5 months of 2009 and the
HK$ 1.9 billion rights issue completed in April 2009.  Meanwhile,
a substantial repayment of the US$328 million syndicated loan has
also removed the tight headroom in its covenant compliance," says
Choy, also Moody's lead analyst for Shimao.

"Nevertheless, the sustainability of the current market rebound in
the Chinese property development sector remains uncertain.  In
addition, Shimao's pursuit of further material land acquisitions
could add cash flow burden to the company's land payments and
future development expenditures, which could in turn pressure its
ratings," adds Choy.

Moody's last rating action with regard to Shimao was taken on
December 15, 2008, when the company's corporate family rating was
downgraded to Ba3 from Ba2 and its bond rating was downgraded to
B1, due to increased risk of subordination, with a negative
outlook.

Shimao Property Holdings Ltd is a Grand Cayman-incorporated
Chinese property developer that was listed on the Hong Kong Stock
Exchange in July 2006.  Shimao has 34 projects in 22 cities in
Eastern and North Eastern China.



=========
G A B O N
=========

GABON: Smooth Transition of Power After Pres.'s Death Needed
------------------------------------------------------------
Fitch Ratings says that a smooth transition of power following the
death of Gabon's longstanding President Omar Bongo Ondimba is
important for maintaining the country's Long-term foreign and
local currency Issuer Default Ratings of 'BB-'.  The Outlook on
the ratings is Stable.

Gabon's sovereign ratings have been supported by the political
stability the country enjoyed under President Bongo's 42-year
rule.  Fitch recognizes that Gabon scores below the 'BB' median on
World Bank governance indicators that aim to measure the extent to
which a country's citizens are able to participate in selecting
their government, as well as freedom of expression, freedom of
association, and a free media.  However, President Bongo's regime
minimized ethnic and social tensions within the country while also
maintaining good relations with neighbouring countries and also
France, Gabon's former colonial ruler.

Fitch reiterates that succession is an important political risk
for Gabon.  The Gabonese constitution designates the President of
the Senate, Rose Francine Rogombe, as the interim successor to the
President and stipulates that presidential elections should be
organized in 45 days.  Failure to follow constitutional
requirements on the election of a new President could lead to
popular discontent and would be negative for the ratings.  In the
longer-term, the election of a President who cannot uphold the
political stability put in place by President Bongo would also put
downwards pressure on the ratings.



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

ABSA BANK: Member to Receive Wind-Up Report on July 6
-----------------------------------------------------
The member of ABSA Bank (Asia) Limited will receive on July 6,
2009, at 10:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The meeting will be held at the 8th Floor of Gloucester Tower, The
Landmark, in 15 Queen's Road Central, Hong Kong.


BOTHFAIR LIMITED: Members to Receive Wind-Up Report on July 6
-------------------------------------------------------------
The members of Bothfair Limited will receive on July 6, 2009, at
10:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The meeting will be held at Room 1903, 19th Floor of World-Wide
House, 19 Des Voeux Road in Central, Hong Kong.


CHINA GLASS: Tender Offer Prompts Moody's to Junk Corporate Rating
------------------------------------------------------------------
Moody's Investors Service has downgraded to Caa1 from B3 the
corporate family rating, and to Ca from B3 the senior unsecured
debt rating of China Glass Holdings Ltd.  The outlook for the
ratings remains negative.

The rating action follows China Glass' announcement that it is
commencing a tender offer to purchase for cash all the US$100
million senior notes due 2012.  The company will offer up to 50
cents to the dollar for the senior notes.  In conjunction with the
tender offer, the company is soliciting consent from bondholders
to amend and waive certain restrictive provisions of the indenture
governing the US$ notes.

"Moody's views the transaction as a distressed exchange and the Ca
rating for the notes reflects the high economic loss for the note
holders," says Wonnie Chu, a Moody's Analyst.

"While a successful buyback of the US$ notes could reduce China
Glass's debt leverage in the near-term and improve its financial
flexibility as some of the restricted covenants in the current
bond indenture will be removed, the downgrade of the corporate
family rating to Caa1 takes into account the company's weak
operating performance and aggressive financial management," says
Chu, also Moody's lead analyst for China Glass.

"The buyback has yet to be funded and comes at a time when the
company already has sizeable committed capital expenditure and
scheduled debt payments to serve in the next 12 months," she adds.

The negative outlook reflects uncertainty over the successful
completion of the tender offer and consent solicitation.

Moody's last rating action with respect to China Glass was taken
on May 14, 2009, when the company's ratings were downgraded to B3
with a negative outlook.

China Glass Holdings Ltd, publicly listed in Hong Kong, is the
second largest flat glass manufacturer in China in terms of
capacity, with 15 production lines across the country.  The flat
glass it produces is largely for use in the construction industry.


CONCORD CAMERA: Lampert Steps Down as Liquidator
------------------------------------------------
On May 22, 2009, Ira Lampert stepped down as liquidator of Concord
Camera HK Limited.


DONG YANG: Inability to Pay Debts Prompts Wind-Up
-------------------------------------------------
At an extraordinary general meeting held on May 29, 2009, the
members of Dong Yang Enterprises (H.K.) Limited resolved to
voluntarily wind up the company's operations due to its inability
to pay debts when it fall due.

The company's liquidators are:

          Cosimo Borrelli
          G Jacqueline Fangonil Walsh
          Borrelli Walsh Limited
          Unit 1401, Level 14, Tower 1
          Admiralty Centre
          18 Harcourt Road
          Hong Kong


ENFANTS DU NINGXIA: Members' Final General Meeting Set for July 6
-----------------------------------------------------------------
The members of Enfants du Ningxia Foundation Limited will hold
their final general meeting on July 6, 2009, at 9:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Wong Lung Tak, Patrick
          China Insurance Group Building
          Room 1101, 11th Floor
          141 Des Voeux Road Central
          Hong Kong


GATELINK MOULD: Placed Under Voluntary Wind-Up
----------------------------------------------
On May 29, 2009, the members of Gatelink Mould Engineering Limited
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

          Cosimo Borrelli
          G Jacqueline Fangonil Walsh
          Borrelli Walsh Limited
          Unit 1401, Level 14, Tower 1
          Admiralty Centre
          18 Harcourt Road
          Hong Kong


GLORY RISE: Creditors' Meeting Set for June 18
----------------------------------------------
The creditors of Glory Rise Limited will hold their meeting on
June 18, 2009, at 3:30 p.m., for the purposes mentioned in
Sections 242, 243, 244 of the Companies Ordinance.

The meeting will be held at the 2nd Floor of Wing Yee Commercial
Building, 5 Wing Kut Street, in Central, Hong Kong.


GOLD VICTORY: Inability to Pay Debts Prompts Wind-Up
----------------------------------------------------
The creditors of Gold Victory Trading Limited held a meeting on
May 25, 2009, and resolved to voluntarily wind up the company's
operations due to its inability to pay debts when it fall due.

The company's liquidator is:

          Lui Tin Nang
          Tai Yau Building, Room 1613
          Wan Chai
          Hong Kong


GOLD WEALTH: Creditors' Proofs of Debt Due on July 10
-----------------------------------------------------
The creditors of Gold Wealth Limited are required to file their
proofs of debt by July 10, 2009, to be included in the company's
dividend distribution.

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

The company's liquidator is:

          Kwan Kwok Wah
          Tung Hip Commercial Building, Room 803
          248 Des Voeux Road Central
          Hong Kong


GRAPHIC PACKAGING: Creditors' Proofs of Debt Due on July 6
----------------------------------------------------------
The creditors of Graphic Packaging International Asia Pacific
Limited are required to file their proofs of debt by July 6, 2009,
to be included in the company's dividend distribution.

The company commenced wind-up proceedings on May 26, 2009.

The company's liquidator is:

          Chen Yung Ngai Kenneth
          Wong Tak Man Stephen
          Caroline Centre, 29th Floor
          Lee Gardens Two
          28 Yun Ping Road
          Hong Kong


HONG KONG TOSHIN: Placed Under Voluntary Wind-Up
------------------------------------------------
At an extraordinary general meeting held on June 1, 2009, the
members of Hong Kong Toshin Sea Foods Company Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

          Akinori Orimo
          Three Pacific Place, Level 28
          1 Queen's Road East
          Hong Kong


INTERNATIONAL MEDICAL: Members' General Meeting Set for July 6
--------------------------------------------------------------
The members of International Medical Products Promotion
Association Limited will hold their final general meeting on
July 6, 2009, at 9:00 a.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Wong Lung Tak, Patrick
          China Insurance Group Building
          Room 1101, 11th Floor
          141 Des Voeux Road Central
          Hong Kong


MCDATA HONG KONG: Members' Final General Meeting Set for July 10
----------------------------------------------------------------
The members of McData Hong Kong Limited will hold their final
general meeting on July 10, 2009, at 5:05 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Natalia K M Seng
          Three Pacific Place, Level 28
          1 Queen's Road East
          Hong Kong


MORIRIN (ASIA): Wing Steps Down as Liquidator
---------------------------------------------
On March 16, 2009, Pui Chiu Wing stepped down as liquidator of
Moririn (Asia) Company Limited.


RASON (HONG KONG): Creditors' Proofs of Debt Due on July 6
----------------------------------------------------------
The creditors of Rason (Hong Kong) Limited are required to file
their proofs of debt by July 6, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on June 5, 2009.

The company's liquidator is:

          Mak Kin Man
          Fee Tat Commercial Centre, 21st Floor
          No. 613 Nathan Road
          Kowloon, Hong Kong


RUSTIC GARDEN: Wong and Lin Step Down as Liquidators
----------------------------------------------------
On May 26, 2009, Wong Wai Pui Ricky and Ngan Lin Chun Esther
stepped down as liquidators of Rustic Garden Limited.


SRE GROUP: Waiver on Covenants Won't Affect S&P's 'B' Rating
------------------------------------------------------------
Standard & Poor's Ratings Services said that the rating and
outlook on SRE Group Ltd. (B/Negative/--) are not affected by the
company's proposal to buy back its bond at 80% of the face value
and to waive certain bond covenants.  In S&P's view, the tender
offer is not tantamount to a distressed exchange.  S&P believes
that an imminent default is unlikely if bondholders don't accept
the offer because SRE's cash buffer is adequate and its property
sales are improving.  The proposal is opportunistic, in S&P's
opinion, as the tender offer is conditional on the company raising
sufficient equity or equity-linked financing and at satisfactory
interest rates.

In S&P's view, SRE's leverage ratios and cash flow coverage should
improve after the tender offer.  S&P will review the company's
credit profile after the successful completion of equity issues
and settlement of the tender offer.  The prospect of a more
positive outlook or rating is dependent on the company sustaining
the improvement in its property sales and finances.


VICTORY STAR: Creditors' Proofs of Debt Due on July 6
-----------------------------------------------------
The creditors of Victory Star Enterprise Limited are required to
file their proofs of debt by July 6, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 29, 2009.

The company's liquidator is:

          Ng Kam Chiu
          Tak Lee Commercial Building, 13A
          113-117 Wanchai Road
          Wanchai, Hong Kong



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

BIMAL AUTO: Low Net Worth Cues CRISIL 'BB+' Ratings
---------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4' to the bank
facilities of Bimal Auto Agency (Bimal Auto).

   INR130.0 Million Cash Credit          BB+/Stable (Assigned)
   INR20.0 Million Term Loan             BB+/Stable (Assigned)
   INR305.0 Million Inventory Funding *  P4 (Assigned)
   INR30.0 Million Letter of Credit      P4 (Assigned)
   INR100.0 Million Bank Guarantee       P4 (Assigned)

   * Includes proposed limits of INR52 million

The ratings reflect Bimal Auto's weak financial risk profile,
constrained by low net worth and high gearing, and exposure to
pressure on operating margins due to limited pricing power and the
current competitive industry scenario.  These weaknesses are,
however, partially offset by Bimal Auto's established position and
experience in the automobile dealership business in Guwahati and
Bangalore.

Outlook: Stable

CRISIL believes that Bimal Auto will maintain a stable business
risk profile over the medium term, backed by its established
market position in Bangalore and Guwahati.  The outlook may be
revised to 'Positive' if the firm's financial risk profile
improves substantially due to equity infusions or otherwise.
Conversely, the rating may be revised to 'Negative' if decline in
revenues leads to reduced cash generation, or if a large, debt-
funded capital expenditure impacts the firm's gearing and debt
protection metrics.

                        About Bimal Auto

Established in 1976, Bimal Auto initially sold Bajaj Tempo and two
wheelers of Kinetic Motor Co. Ltd. and India Yamaha Motor Pvt.
Ltd. It set up a dealership for Maruti Udyog Ltd. in Guwahati in
1984, and in Bangalore in 2002.  Today, Bimal Auto is an ISO 9001
certified company, and one of the largest Maruti-Suzuki dealership
groups in the country.  Bimal Auto's Guwahati operations are
managed by Mr. Bhagchand Sarawgi, the founder partner of the
group, while his son, Mr. Naveen Sarawgi, manages the dealership
operations at Bangalore.  Bimal Auto reported a profit after tax
(PAT) of INR14 million on a turnover of INR4,229 million for 2007-
08 (refers to financial year, April 1 to March 31), as against a
PAT of INR12 million on a turnover of INR4,154 million for 2006-
07.


CAPTAIN POLYPLAST: CRISIL Rates Cash Credit Limit at 'BB-'
----------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4' to the bank
facilities of Captain Polyplast Ltd (Captain Polyplast).

   INR55.0 Million Cash Credit Limit   BB-/Stable (Assigned)
   INR25.0 Million Letter of Credit    P4 (Assigned)
   INR20.0 Million Bank Guarantee      P4 (Assigned)

The ratings reflect Captain Polyplast's weak financial risk
profile, working-capital-intensive operations, and exposure to
risks relating to unfavourable changes in government policies on
micro irrigation systems.  These weaknesses are, however,
partially offset by the benefits that Captain Polyplast derives
from its established presence in the fast-growing micro irrigation
systems segment.

Outlook: Stable

CRISIL believes that Captain Polyplast's sales will continue to
grow on the back of expected growth in end-user industries. The
outlook may be revised to 'Positive' if improved working capital
management helps the company report positive cash flows from
operations on a consistent basis.  Conversely, the outlook may be
revised to 'Negative' if Captain Polyplast takes on large debt to
fund working capital requirements or capacity expansions.

                      About Captain Polyplast

Incorporated in 1997, Captain Polyplast manufactures micro
irrigation systems, including sprinkler, drip, and mini-sprinkler
irrigation systems.  It also manufactures high-density
polyethylene (HDPE) pipes, linear low-density polyethylene (LLDPE)
pipes and polyvinyl chloride (PVC) pipes. The company is promoted
by Mr. Ramesh Khichadia.  Its plant in Rajkot (Gujarat) has
capacity to produce 5.5 tonnes of pipes per shift per day. It has
recently added a fresh PVC pipe manufacturing capacity of 2 tonnes
per shift per day.

Captain Polyplast reported a profit after tax (PAT) of INR2.2
million on net sales of INR207.3 million for 2007-08 (refers to
financial year, April 1 to March 31), as against a PAT of INR0.6
million on net sales of INR81.5 million for 2006-07.


DHRUV GLOBALS: CRISIL Assigns 'B-' Rating on INR76.0 Mln Term Loan
------------------------------------------------------------------
CRISIL has assigned its ratings of 'B-/Negative/P4' to the various
bank facilities of Dhruv Globals Ltd (Dhruv).

   INR17.5 Million Cash Credit Limit   B-/Negative (Assigned)
   INR42.5 Million Stand-by Line of    B-/Negative (Assigned)
                    Credit  
   INR76.0 Million Term Loan           B-/Negative (Assigned)
   INR90.0 Million Export Packing      P4 (Assigned)
                    Credit  
   INR100.0 Million Bill Purchase      P4 (Assigned)
   INR24.0 Million Bank Guarantee      P4 (Assigned)

The ratings reflect Dhruv's weak financial risk profile, marked by
high gearing, weak debt protection measures, and low net worth.
The ratings also factor in the company's small scale of operations
and exposure to the risks of cyclicality inherent to the garments'
business.  However, these weaknesses are partially offset by the
benefits that the company derives from its established track
record in the readymade garments industry.

Outlook: Negative

CRISIL believes that Dhruv's cash accruals will be inadequate to
cover maturing debt obligations over the medium term.  The rating
maybe downgraded if the company is unable to repay its term debt
obligations on time. Conversely, the outlook may be revised to
'Stable' if Dhruv's revenues report considerable growth, leading
to high cash accruals.

                       About Dhruv Globals

Set up in 2001, by the New Delhi-based Mittal and Goyal families,
Dhruv manufactures ready-made garments, specialising in T-shirts
for all age groups. Its plant at Faridabad (Haryana) has capacity
to manufacture 4 million pieces per annum. It exports its products
to USA, Canada and Europe.

Dhruv reported a profit after tax (PAT) of INR4.5 million on net
sales of INR 641 million for 2007-08 (refers to financial year,
April 1 to March 31), as against a PAT of INR 7.1 million on net
sales of INR 591 million for 2006-07.


GABA OVERSEAS: CRISIL Puts 'BB+' Rating on INR860.0 Mln Term Loan
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4' to the bank
facilities of Gaba Overseas Pvt Ltd (GOPL).

   INR285.0 Million Cash Credit Limit *  BB+/Stable (Assigned)
   INR860.0 Million Term Loan       BB+/Stable (Assigned)
   INR15.0 Million Bank Guarantee       P4 (Assigned)

   * including a proposed limit of INR186.00 million

The ratings reflect GOPL's restricted financial flexibility with
increasing debt repayment obligations, and weak financial risk
profile.  These rating weaknesses are mitigated by GOPL's
comfortable market position in the home furnishings segment.

Outlook: Stable

CRISIL expects GOPL's financial risk profile to weaken over the
medium term owing to high gearing levels.  High working capital
intensity of the company's operations, coupled with debt-funded
capex, will result in sustained pressure on its capital structure,
and constrain its financial flexibility.  The outlook may be
revised to positive in case of significant improvement in cash
accruals / fresh equity infusion resulting in improvement in
capital structure.  Conversely, the outlook may be revised to
negative in case of deterioration in the profitability/cash
accruals and/or the company undertakes significant debt funded
capex, both resulting in sharp deterioration in its financial risk
profile.

                     About Gaba Overseas

GOPL, promoted by Mr. Kalu Gaba, commenced operations in 1990. The
company manufactures acrylic and viscose carpets, upholstery,
durries, mats, and poly propylene carpets at its facilities in
Sewah and Machhrauli (both in Panipat, Haryana).

For 2007-08 (refers to financial year, April 1 to March 31), GOPL
reported a profit after tax (PAT) of INR36 million on net sales of
INR435 million, as against a PAT of INR27 million on net sales of
INR249 million for 2006-07.


KHAJRANA GANESH: Liquidity Pressure Prompts CRISIL 'B+' Ratings
---------------------------------------------------------------
CRISIL has assigned its ratings of 'B+(so)/B-/Negative' to
Khajrana Ganesh Properties Pvt Ltd's (KGPPL's) bank facilities.

   INR700 Million Rupee Term Loan     B+(so)/Negative (Assigned)
   INR600 Million Proposed Long-Term  B-/Negative (Assigned)
                  Bank Loan Facility

The ratings reflect the pressure on KGPPL's liquidity because of
the moderate saleability of, and lease rental income from, its
sole project, SP Infocity.  The ratings also reflect the company's
exposure to debt refinancing risk.  The rating on the rupee term
loan factors in the strength of the escrow mechanism supporting
the debt servicing: lease rentals from SP Infocity will be placed
in the escrow account.  The impact of the rating weaknesses is
mitigated by the fact that the work on the project has been
completed and the property can be leased out.

Outlook: Negative

CRISIL expects KGPPL's debt protection measures to remain under
pressure until SP Infocity is entirely leased out. The ratings may
be downgraded in case of delay in refinancing the older term loan
maturing on June 30, 2009.  Conversely, the outlook may be revised
to 'Stable' if the company leases out the entire area in SP
Infocity successfully over the medium term, leading to significant
improvement in its liquidity and debt protection measures.

                       About Khajrana Ganesh

Incorporated in 1995, KGPPL is owned by Sterling Investment
Corporation Pvt Ltd (SICPL; 51 per cent holding) and Khajrana
Ganesh (Mauritius) Ltd (KGML; 49 per cent).  SICPL will transfer
its entire equity to KGML (in which New Vernon Private Equity Ltd
holds equity of 90 per cent) over the near term.

KGPPL has only one project, SP Infocity, an information technology
park in Gurgaon, which has a total saleable area of 0.608 million
square feet.  The project was completed in May 2008 at a total
cost of INR1.76 billion.  The company has been able to lease only
41.4 per cent of the total area, to Li & Fung (India) Pvt Ltd and
Nokia India Pvt Ltd.  For 2008-09 (refers to financial year, April
1 to March 31), KGPPL reported a provisional loss of INR16.4
million on net sales of INR10.4 million.


PARAMOUNT WIRES: CRISIL Rates INR70.0MM Cash Credit Limit at 'BB+'
------------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4' to the bank
facilities of Paramount Wires & Cables Ltd (PWCL).

   INR70.0 Million Cash Credit Limit    BB+/Stable (Assigned)
   INR110.0 Million Letter of Credit    P4 (Assigned)
   INR150.0 Million Bank Guarantee      P4 (Assigned)

The ratings reflect PWCL's exposure to risks relating to small
scale of operations in the wires and cables industry, fluctuating
demand for its products, and limited financial flexibility. These
weaknesses are, however, partially offset by the benefits that
PWCL derives from its promoters' experience in the cables business
and established relationships with large customers.

Outlook: Stable

CRISIL believes that PWCL's financial risk profile will remain
stretched over the medium term on account of low internal accruals
and net worth.  The outlook may be revised to 'Positive' if PWCL's
capital structure improves substantially, most likely through
healthy internal accruals and fresh equity infusions.  Conversely,
the outlook may be revised to 'Negative' if the company's capital
structure weakens further due to pressure on demand and
profitability.

                        About Paramount Wires

PWCL, set up by the late Mr. Shyam Sunder Aggarwal and his sons,
Mr. Sanjay Aggarwal and Mr. Sandeep Aggarwal in 1987, manufactures
jelly-filled telephone cables and power cables.  Its leading
customers include Bharat Sanchar Nigam Ltd and Mahanagar Telephone
Nigam Ltd.  It also undertakes job works for cable manufacturers
such as Paramount Communications Ltd.

PWCL reported a profit after tax (PAT) of INR1.2 million on net
sales of INR626 million for 2007-08 (refers to financial year,
April 1 to March 31), as against a PAT of INR1.4 million on net
sales of INR276 million for 2006-07.


PREGNA INTERNATIONAL: Low Net Worth Cues CRISIL 'B+' Ratings
------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable/P4' to the bank
facilities of Pregna International Ltd (Pregna).

   INR41.5 Million Cash Credit       B+/Stable (Assigned)
   INR12.0 Million Term Loan         B+/Stable (Assigned)
   INR37.5 Million Proposed Long     B+/Stable (Assigned)
         Term Bank Loan Facility

   INR25.0 Million Letter of Credit  P4 (Assigned)
   INR24.0 Million Bank Guarantee    P4 (Assigned)

The ratings reflect Pregna's weak financial risk profile, marked
by low net worth and large working capital requirements, and
stagnant sales over the past four years.  These weaknesses are
mitigated by the benefits the company derives from its established
presence and leadership position in the intra-uterine devices
(IUD) segment.

Outlook:Stable

CRISIL expects Pregna's credit risk profile to remain weak over
the medium term owing to its low net worth and stagnant revenues.
The outlook may be revised to 'Positive' in case of significant
growth in Pregna's revenues and cash accruals.  Conversely, the
outlook could be revised to 'Negative if the company is unable to
implement and commission its capital expenditure project
successfully.

                      About Pregna International

Set up in 1996 by Mr. Rameshchandra Taparia, Pregna manufactures
IUDs, tubal rings, and laparoscopes (contraceptive devices).
These are sold mainly through government and donor organisations,
social marketing, and private parties.  For 2007-08 (refers to
financial year, April 1 to March 31), Pregna reported a profit

after tax (PAT) of INR3.5 million on net sales of INR123.4
million, as against a PAT of INR3.4 million on net sales of
INR122.8 million for 2006-07.


R. K. INDUSTRIES: CARE Places 'CARE BB-' Rating on LT Bank Loans
----------------------------------------------------------------
CARE has assigned a 'CARE BB-' (Double B minus) rating to the
Long-term Bank Facilities of R. K. Industries (Unit-II) (RKI)
aggregating Rs.6 crore.  This rating is applicable for facilities
having tenure of more than one year.  Facilities with this rating
are considered to offer inadequate safety for timely servicing of
debt obligations. Such facilities carry high credit risk.  CARE
assigns '+' or '-' signs to be shown after the assigned rating
(wherever necessary) to indicate the relative position of the
company within the band covered by the rating symbol.

Further, CARE has assigned a 'PR4' (PR Four) rating to the Short-
term Bank Facilities of RKI aggregating Rs.34 crore. This rating
is applicable for facilities having tenure up to one year.
Facilities with this rating would have inadequate capacity for
timely payment of short-term debt obligations and carry very high
credit risk. Such facilities are susceptible to default.

Rating Rationale

The ratings take into account RKI's long and established track
record and Shree Ram Group's sizeable market-share in the domestic
ship breaking industry.  The ratings are constrained by the
group's significant investment in real estate project compared to
its networth, volatile nature of ship breaking industry, highly
working capital intensive nature of operations and weak financial
profile as indicated by high overall gearing and stressed
liquidity ratios.  Ability to improve its operational efficiency,
withstand volatility in scrap prices and profitable realisations
from the real estate project in a timely manner are key rating
sensitivities.

Company Profile

RKI, registered as a partnership firm since April 1994, belongs to
the Shree Ram Group of Companies.  The group based at Bhavnagar,
Gujarat, is in the business of ship breaking since 1994 and has
four ship breaking yards located at Alang operated through four
different entities including RKI.  All firms operate under a
common management platform and have interchangeable bank limits
within the three group companies dealing with the same bank.
Since inception RKI has recycled around 50 vessels with total
tonnage of around 4.7 lakh tonne.  The bank has sanctioned working
capital facilities to the entities of the Shree Ram Group and has
allowed interchangeability within the group entities.

RKI had outstanding advances of Rs.20.83 crore to a group company
Shree Ram Vessel Scrap Pvt. Ltd. (SRVS) as on Mar.20, 2009. SRVS
had mobilized these and additional funds to invest in a real
estate joint venture, Parinee Developers Pvt. Ltd (PDPL).  SRVS
had an investment of Rs.57.48 crore as on March 20, 2009 (Rs.16.49
crore in the form of equity and Rs.40.99 crore in the form of
unsecured advances) in PDPL.  PDPL is a Special Purpose Vehicle
(SPV) promoted by SRVS (49.5% share), Green Bird Developers Pvt.
Ltd. (49.5% share) and Shree Naman Developers Pvt. Ltd. (1% share)
for construction of a commercial complex having total saleable
area of 36,834 Sq.mt (3,96,478 Sq.ft) on land admeasuring 9,000
Sq.mt in Bandra-Kurla Complex (BKC) in Mumbai.  The total cost of
project is Rs.972 crore for which the company has availed term
loans from ten banks of Rs.487 crore of which Rs.284 crore of
loans are outstanding as on Feb.28, 2009.
As on the same date, PDPL has incurred an expenditure of Rs.799
crore (82% of total project cost) towards the project and has sold
38% of total saleable area to Standard Chartered Bank (SCB) for a
total consideration of Rs.736 crore.  The investment in the
project through SRVS is significant as compared to RKI's networth
and hence represents a risk on account of its leveraged capital
structure and sector specific risk.

For FY08, RKI had a total income of Rs.25.12 crore with PBILDT and
PAT margins of 9.76% and 4.49% respectively. Overall gearing ratio
was 1.43 times as at March 31, 2008.


RAMA AGRO: Default in Loan Repayment Prompt CRISIL 'D' Ratings
--------------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to the various bank
facilities of Rama Agro & Food Products (RAFP).

   INR105.0 Million Cash Credit     D (Assigned)
   INR43.20 Million Term Loan ^     D (Assigned)
   INR2.50 Million Bank Guarantee   P5 (Assigned)

   ^ Including proposed limit of INR8.7 Million

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

                         About Rama Agro

Set up in 2004, RAFP processes wheat to produce maida, atta, rava,
and suzi. Sales to institutional customers account for around 90
per cent of the firm's revenues.  The firm's plant at Bijnor
(Uttar Pradesh) has a processing capacity of 200 tonnes per day
(tpd).  The firm is also setting up a 100-tpd gram processing
facility, which is expected to begin commercial production in
2009-10 (refers to financial year, April 1 to March 31).  For
2007-08, RAFP reported a profit after tax (PAT) of INR0.5 million
on net sales of INR302 million, as against a PAT of INR0.1 million
on net sales of INR265 million for 2006-07.


SATYAM COMPUTER: To Defend Class Action Lawsuits, Upaid Case
------------------------------------------------------------
The Economic Times reports that Satyam Computer Services Limited
said it will "vigorously defend" the class action law suits filed
against the IT firm in the US and the case filed by British mobile
service firm Upaid in the Texas Court.

"The company has not yet been required to reply to the complaints
but anticipates that, in accordance with US procedures it will
vigorously defend itself," the report cited Satyam in a filing to
the Bombay Stock Exchange.

The Class Action Reporter previously reported that between
Jan. 9, 2009 and Feb. 11, 2009, several law firms have filed
purported class-action lawsuits against the company in the U.S.
District Court for the Southern District of New York.

One of these lawsuits was filed by law firm of Vianale & Vianale
LLP.  That suit was brought on behalf of purchasers of the
American Depository Shares of Satyam Computer Services Ltd.
during the period Jan. 6, 2004 through Jan. 6, 2009 (Class
Action Reporter, Jan. 9, 2009).

The complaint alleges that the Company and its top executives
violated the Section 10(b) and 20(a) of the Securities Exchange
Act of 1934 by issuing false and misleading financial statements.

In addition, the Times says, British mobile services firm Upaid is
fighting a forgery case against Satyam in a district Court in
Texas.  The case was scheduled to come up for hearing in the first
week of June, the report notes.

According to the Times, the various class action suits against the
company have been consolidated in the US district court for the
Southern District of New York, and are awaiting appointment of
lead plaintiff and lead plaintiff's counsel, and then the filing
of a consolidated amended complaint.

                      Quarterly Financial Results

Reuters reports that Satyam posted a standalone net profit of
INR1.81 billion (US$38 million) on revenue of INR22.9 billion in
the quarter to December.

Reuters says the company reported a profit of INR40 million on
revenue of INR6.81 billion in January and net profit of INR520
million in February on revenues of INR6.76 billion.

The company said it had total bank balances of INR3.73 billion as
at March 31, 2009, Reuters relates.

The Times of India relates that Satyam management in its filing,
however, cautioned that the results are based on information
available in the company's management information system and not
necessarily in compliance with generally accepted accounting
principles and in the absence of proper records a lot of
information has been derived on the basis of assumptions.  In
other words, says the Times, the information may prove to be
incorrect after Satyam's incomes are restated by the two auditing
companies that are on the job presently.

Satyam also disclosed that it had 41,622 associates (employees) on
March 28, 2009 down from 46,115 as on December 31, 2008, the Times
notes.

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

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

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

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

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

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

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

Mr. Raju was later found to have invented more than one quarter of
Satyam's workforce and used fictitious names to siphon
INR200 million (US$4.1 million) a month out of the company, The
Financial Times said in a report.

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

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

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

                         About Satyam

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


SHREE RAM: CARE Assigns 'CARE BB-' Ratings on LT Bank Facilities
----------------------------------------------------------------
CARE has assigned a 'CARE BB-' (Double B minus) rating to the
Long-term Bank Facilities of Shree Ram Steel & Rolling Industries
(Unit-II) (SRSR) aggregating Rs.3.75 crore.  This rating is
applicable for facilities having tenure of more than one year.
Facilities with this rating are considered to offer inadequate
safety for timely servicing of debt obligations. Such facilities
carry high credit risk.  CARE assigns '+' or '-' signs to be shown
after the assigned rating (wherever necessary) to indicate the
relative position of the company within the band covered by the
rating symbol.

Further, CARE has assigned a 'PR4' (PR Four) rating to the Short-
term Bank Facilities of SRSR aggregating Rs.21 crore. This rating
is applicable for facilities having tenure up to one year.
Facilities with this rating would have inadequate capacity for
timely payment of short-term debt obligations and carry very high
credit risk.  Such facilities are susceptible to default.

Rating Rationale

The ratings take into account SRSR's long and established track
record and Shree Ram Group's sizeable market-share in the domestic
ship breaking industry.  The ratings are constrained by the
group's significant investment in real estate project compared to
its networth, volatile nature of ship breaking industry, highly
working capital intensive nature of operations and weak financial
profile as indicated by high overall gearing and stressed
liquidity ratios.  Ability to improve its operational efficiency,
withstand volatility in scrap prices and profitable realisations
from the real estate project in a timely manner are key rating
sensitivities.

SRSR, a proprietorship firm is in operation since April 1994. It
belongs to the Shree Ram Group of Companies. The group based at
Bhavnagar, Gujarat, is in the business of ship breaking since 1994
and has four ship breaking yards located at Alang operated through
four different entities including SRSR.  All firms operate under a
common management platform and have interchangeable bank limits
within the three group companies dealing with the same bank.

Since inception SRSR has recycled around 40 vessels with total
tonnage of around 2.2 lakh tonne.  The bank has sanctioned working
capital facilities to the entities of the Shree Ram Group and has
allowed interchangeability within the group entities. Performance
of a group entity is likely to impact all the entities in the
group.

One of the group companies, Shree Ram Vessel Scrap Pvt. Ltd.
(SRVS) had an investment of Rs.57.48 crore as on Mar.20, 2009
(Rs.16.49 crore in the form of equity and Rs.40.99 crore in the
form of unsecured advances) in a real estate joint venture,
Parinee Developers Pvt. Ltd (PDPL).  PDPL is a Special Purpose
Vehicle (SPV) promoted by SRVS (49.5% share), Green Bird
Developers Pvt. Ltd. (49.5% share) and Shree Naman Developers Pvt.
Ltd. (1% share) for construction of a commercial complex having
total saleable area of 36,834 Sq.mt (3,96,478 Sq.ft) on land
admeasuring 9,000 Sq.mt in Bandra-Kurla Complex (BKC) in Mumbai.
The total cost of project is Rs.972 crore for which the company
has availed term loans from ten banks of Rs.487 crore of which
Rs.284 crore of loans are outstanding as on Feb.28, 2009. As on
the same date, PDPL has incurred an expenditure of Rs.799 crore
(82% of total project cost) towards the project and has sold 38%
of total saleable area to Standard Chartered Bank (SCB) for a
total consideration of Rs.736 crore. The investment in the project
through SRVS is significant as compared to the Group's networth
and hence represents a risk on account of its leveraged capital
structure and sector specific risk.

For FY08, SRSR had a total income of Rs.28.57 crore with PBILDT
and PAT margins of 8.27% and 6.63% respectively. Overall gearing
ratio was 0.41 times as at March 31, 2008.


SHREE RAM VESSEL: CARE Rates Rs.5.15cr LT Bank Loans at 'CARE BB+'
------------------------------------------------------------------
CARE has assigned a 'CARE BB+' (Double B plus) rating to the Long-
term Bank Facilities of Shree Ram Vessel Scrap Private Limited
(SRVS) aggregating Rs.5.15 crore. This rating is applicable for
facilities having tenure of more than one year.  Facilities with
this rating are considered to offer inadequate safety for timely
servicing of debt obligations. Such facilities carry high credit
risk. CARE assigns '+' or '-' signs to be shown after the assigned
rating (wherever necessary) to indicate the relative position of
the company within the band covered by the rating symbol.

Further, CARE has assigned a 'PR4' (PR four) rating to the Short-
term Bank Facilities of SRVS aggregating Rs.30 crore. This rating
is applicable for facilities having tenure up to one year.
Facilities with this rating would have inadequate capacity for
timely payment of short-term debt obligations and carry very high
credit risk. Such facilities are susceptible to default.

Rating Rationale

The ratings take into account SRVS's long and established track
record and Shree Ram Group's sizeable market-share in the domestic
ship breaking industry.  The ratings are constrained by the
group's significant investment in real estate project compared to
its networth, volatile nature of ship breaking industry, highly
working capital intensive nature of operations and weak financial
profile as indicated by high overall gearing and stressed
liquidity ratios. Ability to improve its operational efficiency,
withstand volatility in scrap prices and profitable realisations
from the real estate project in a timely manner are key rating
sensitivities.

                       About Shree Ram Vessel

SRVS, incorporated in September 1998, belongs to the Shree Ram
Group of Companies.  The group based at Bhavnagar, Gujarat, is in
the business of ship breaking since 1994 and has four ship
breaking yards located at Alang operated through four different
entities including SRVS.  All firms operate under a common
management platform and have interchangeable bank limits within
the three group companies dealing with the same bank.

Since inception SRVS has recycled around 40 vessels with total
tonnage of around 2.5 lakh tonne.

SRVS had an investment of Rs.57.48 crore as on Mar.20, 2009
(Rs.16.49 crore in the form of equity and Rs.40.99 crore in the
form of unsecured advances) in the real estate project through a
joint venture, Parinee Developers Pvt. Ltd. (PDPL).

PDPL is a Special Purpose Vehicle (SPV) promoted by SRVS (49.5%
share), Green Bird Developers Pvt. Ltd. (49.5% share) and Shree
Naman Developers Pvt. Ltd. (1% share) for construction of a
commercial complex having total saleable area of 36,834 Sq.mt
(3,96,478 Sq.ft) on land admeasuring 9,000 Sq.mt in Bandra-
Kurla Complex (BKC) in Mumbai.  The total cost of project is
Rs.972 crore for which the company has availed term loans from ten
banks of Rs.487 crore of which Rs.284 crore of loans are
outstanding as on Feb.28, 2009. As on the same date, PDPL has
incurred an expenditure of Rs.799 crore (82% of total project
cost) towards the project and has sold 38% of total saleable area
to Standard Chartered Bank (SCB) for a total consideration of
Rs.736 crore.  The investment in the project is significantly
higher than SRVS' existing networth and hence represents a risk on
account of its leveraged capital structure and sector specific
risk.

For FY08 SRVS had a total income of Rs.69.60 crore with PBILDT and
PAT margins of 4.90% and 2.33% respectively. Overall gearing ratio
was 5.02 times as at March 31, 2008 on account of unsecured
borrowings in the form of ICDs for investment in PDPL.


SHREE SIDDHIVINAYAK: CRISIL Rates INR143.0 Mln Term Loan at 'BB+'
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable' to the bank
facilities of Shree Siddhivinayak Cotspin Pvt Ltd (SSCPL).

   INR60.0 Million Cash Credit      BB+/Stable (Assigned)
   INR143.0 Million Term Loan       BB+/Stable (Assigned)
   INR47.0 Million Proposed Cash    BB+/Stable (Assigned)
                   Credit  

The ratings reflect SSCPL's average financial risk profile, marked
by low net worth and high gearing, and small scale of operations
in the yarn manufacturing industry.  These weaknesses are,
however, partially offset by the benefits that SSCPL derives from
its improved working capital management and its promoter's
experience in the yarn manufacturing business.

Outlook:Stable

CRISIL believes that SSCPL will continue to have an average
financial risk profile over the medium term.  The outlook may be
revised to 'Positive' if there is considerable improvement in the
company's capital structure and overall financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the
company faces pressure on operating margins, or is unable to
maintain recent improvements in working capital management.

                    About Shree Siddhivinayak

Incorporated in September 2004 by Mr. Jaswantrai D Mehta, as a
cotton trading company, SSCPL commenced manufacturing of yarn in
June 2007.  Its manufacturing facility at Kolhapur has a spindle
capacity of 14,400 spindles.  The company also undertakes job
works in conversion of cotton to yarn at its 38,000 spindle
capacity at Ichalkaranji.  The company manufactures a wide range
of cotton yarn from 16s to 34s, which it sells in the domestic and
international markets. SSCPL reported a profit after tax (PAT) of
INR9.2 million on net sales of INR359.3 million for 2007-08
(refers to financial year, April 1 to March 31), as against a PAT
of INR2.7 million on net sales of INR275.3 million for 2006-07.



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

ISUZU MOTORS: Maybe Hit by GM's Plan to Cut Diesel Engine Purchase
------------------------------------------------------------------
Isuzu Motors Ltd will become the first Japanese company to take a
direct hit from General Motors Corp's bankruptcy as the American
automaker will cut its procurement of diesel engines from the
Tokyo-based manufacturer, Kyodo News reports citing sources
familiar with the matter.

The sources, as cited by Kyodo News, said the development follows
GM’s decision to pull the plug on medium-duty truck production.

The Associated Press relates that General Motors will stop making
the GMC Topkick and Chevrolet Kodiak commercial trucks at its
Flint, Mich., Assembly Plant by July 31.

According to AP, GM spokesman Jim Hopson said 398 people work on
the medium-duty assembly line, and GM is working with the United
Auto Workers union to determine what happens to them.

As reported in the Troubled Company Reporter-Asia Pacific on
May 13, 2009, Kyodo News said Isuzu Motors reported a group net
loss of JPY26.86 billion for fiscal 2008 ended March 31, its first
such loss in six years.  The news agency said Isuzu Motors also
expected the group to remain in the red in the current business
year to next March with a net loss of JPY20 billion as business
environments would stay grim due to the continued deterioration of
the economic slump and the worsening of the global financial
crisis.

Isuzu's domestic sales for fiscal 2008 were about 58,000 units,
down 22 percent from the previous year, while overseas sales for
were roughly 343,000 units, down 21.2 percent.  In the current
business year, the company expected domestic sales to fall to
around 49,000 units while overseas sales is expected to fall
further to about 226,000 units.

Headquartered in Tokyo, Japan, Isuzu Motors Limited --
http://www.isuzu.co.jp/-- is engaged in the manufacture and
sale of automobile, automobile parts, as well as industrial
engines.  The company carries products such as light commercial
vehicles (LCVs) and commercial vehicles, which include large-
size trucks and buses, small-size trucks and pickup trucks,
among others.  It also manufactures and sells engines and
components.  Through its subsidiaries, the company is also
engaged in the provision of logistics services and other
services.  The company has offices in Japan, the United States,
Mexico, Belgium, and Thailand, among others.


* JAPAN: Corporate Bankruptcies Fell 6.7% in May
------------------------------------------------
Japan's corporate bankruptcies fell 6.7 percent in May from a year
earlier to 1,203, posting the first year-on-year fall in 12
months, Kyodo News reports citing a private credit research
agency.

Kyodo News relates that Tokyo Shoko Research said the debts left
by the failed firms contracted 1.8 percent to JPY539.88 billion,
the second straight month of decline.



===========
K U W A I T
===========

GLOBAL INVESTMENT: Fitch Affirms Issuer Default Rating at 'D'
-------------------------------------------------------------
Fitch Ratings has affirmed and withdrawn Kuwait-based Global
Investment House's Long-term foreign currency Issuer Default
Rating of 'D', Short-term foreign currency IDR of 'D', Long-term
local currency IDR of 'D', Individual Rating of 'F', Support
Rating of '5' and Support Rating Floor of 'No floor'.

At the same time, Fitch has affirmed the Long-term local currency
rating of 'CC' assigned to the company's KWD50 million bond issue,
and removed the Rating Watch Negative.  The agency has
simultaneously withdrawn the ratings, including the Recovery
Rating of 'RR4', it had assigned to the bond issue.

Fitch will no longer provide analytical or rating coverage on the
company.



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

AXIS INC: Malayan Banking Seeking MYR20,973,241
-----------------------------------------------
Axis Incorporation Berhad has been served with a Writ of Summons
and Statement of Claim by Malayan Banking Berhad for these
claims:

   * Judgement amounting to MYR20,973,241.44 outstanding as
     at February 28, 2009;

   * subsequent interest at Basic Lending Rate + 2.00% per
     year calculated on a daily basis (inclusive of late
     interest or accrued interest at the rate of 1.00%) from
     March 1, 2009, until full settlement is made.  (The Basic
     Lending Rate as at February 28, 2009, is 5.95% per year
     and will be reduced to 5.55% per year as at March 2, 2009;

   * legal cost and costs to be taxed on a solicitor client
     basis;

   * costs of this action; and

   * other reliefs as the Court deems fit.

In light of the restraining order granted to the Company, Malayan
Banking Berhad would be restrained from proceeding with this
action.  The Company has nevertheless filed a memorandum of
appearance.

Based in Johor Bahru, Malaysia, Axis Incorporation Berhad
(KUL:AXIS) -- http://www.chongee.com.my-- is principally engaged
in the business of investment holding. The company, through its
subsidiaries, is engaged in fabric knitting and dyeing, and
manufacturer of garments.  Its subsidiaries include Asiapin Sdn.
Bhd., Chongee Enterprise Sdn. Bhd. and GBC Marketing Pte. Ltd.  In
June 2008, Axis Incorporation Berhad announced the disposal of the
entire equity interest in Ganad Corporation Bhd.

On May 23, 2009, Axis Incorporation Berhad was classified as an
affected issuer under the Amended Practice Note No. 17/2005 and
Paragraph 8.14C of the Listing Requirements of Bursa Malaysia
Securities Berhad as the Company was unable to provide a solvency
declaration to Bursa Securities.


BSA INTERNATIONAL: To Hold 9th Annual General Meeting on June 26
----------------------------------------------------------------
BSA International Berhad will hold its 9th Annual General Meeting
on June 26, 2009, at 11:00 a.m., at Templer Ballroom, Perangsang
Templer Golf Club, No. 1, Templer Park Resort, 48000 Rawang, in
Selangor Darul Ehsan.

At the meeting, the members will be asked to:

   -- receive and adopt the Directors’ Report and Audited
      Financial Statements for the financial year ended
      December 31, 2008;

   -- approve the payment of Directors’ fees amounting to
      MYR44,000.00 for the financial year ended December 31,
      2008;

   -- re-elect Chu Kheh Wee who retires pursuant to Article 85
      of the Company’s Articles of Association;

   -- re-elect Soh Ah Gong who retires pursuant to Article 82
      of the Company’s Articles of Association;

   -- re-elect Yeong Buang Leng @ Geoh Buang Leng who retires
      pursuant to Article 82 of the Company’s Articles of
       Association;

   -- reappoint Messrs. Baker Tilly Monteiro Heng as Auditors
      of the Company to hold office until the conclusion of
      the next Annual General Meeting of the Company at a
      remuneration to be determined by the Directors;

   -- consider and, if thought fit, pass the Ordinary Resolution:

       "That pursuant to Paragraph 10.09 of the Listing
         Requirements of Bursa Malaysia Securities Berhad, a
         renewal of mandate be and is hereby granted to allow
         recurrent related party transactions of a revenue or
         trading nature, which are necessary for the day-to-day
         operations of the Company and/or its subsidiaries,
         provided that such transactions are in the ordinary
         course of business and are on terms not more favourable
         to the related party than those generally available to
         the public and is not detrimental to the minority
         shareholders, particulars of which are set out in
         Section 2.3 of the Circular to Shareholders of the
         Company dated June 4, 2009, and that such approval
         conferred by a mandate shall continue to be in force
         until:

         i. the conclusion of the next Annual General Meeting
            of the Company following this AGM at which such
            mandate is passed, at which time it will lapse,
            unless by a resolution passed at such AGM whereby
            the authority is renewed;

        ii. the expiration of the period within which the next
            AGM of the Company after that date is required to
            be held pursuant to Section 143(1) of the Companies
            Act, 1965  (but shall not extend to such extension
            as may be allowed pursuant to Section 143(2) of the
            Act); or

       iii. revoked or varied by resolution passed by the
            shareholders in a general meeting; whichever is
            earlier, and that disclosure is made in accordance
            with the Listing Requirements of Bursa Malaysia
            Securities Berhad in the annual report of the
            Company of the aggregate value of transactions
            conducted based on the nature of recurrent related
            party transactions made, names of the related
            parties involved in each type of recurrent related
            party transactions made and their relationship with
            the Company pursuant to the mandate during the
            financial year and in the annual reports for the
            subsequent financial years during which the mandate
            is in force and further that the Directors of the
            Company be and are hereby authorised to complete
            and do all such acts and things (including executing
            such documents under the common seal in accordance
            with the provisions of the Articles of Association
            of the Company, as may be required) as they may
            consider expedient or necessary to give effect to
            the Proposed Renewal of Shareholders’ Mandate.”

                         About BSA

BSA International Berhad is a Malaysia-based investment holding
company.  The company operates in two business segments:
manufacturing, which is engaged in manufacturing of alloy wheels
and related accessories, and trading, which is engaged in
trading of alloy wheels, tires and related accessories.  Other
business segments include investment holding, provision of
services and promotion of motor sport events.  The company's
subsidiaries include BSA International (Labuan) Plc., CAM
International Limited, BS Automotive (M) Sdn. Bhd., BSA
Motorsports Sdn. Bhd., CAM Automotive Inc., PT CAM Automotive
and BSA Racing Team Sdn. Bhd.

                          *     *     *

BSA Group said it defaulted in payments under Practice Note No.
1/2001 of the Listing Requirements of Bursa Malaysia Securities
Berhad on June 2, 2008.  Moreover, it triggered the requirement
under Practice Note No. 17/2005 of the Listing Requirements of
Bursa Malaysia on June 9, 2008.


PANGLOBAL BERHAD: 44th Annual General Meeting Set on June 26
------------------------------------------------------------
PanGlobal Berhad's 44th Annual General Meeting will be held on
June 26, 2009, at 11:00 a.m., at Meranti Room, Level 22, Menara
PanGlobal, in Lorong P. Ramlee, Kuala Lumpur.

During the meeting, members will be asked to:

   -- receive the Audited Financial Statements for the financial
      year ended December 31, 2008, together with the Reports of
      Directors and Auditors;

   -- approve the Directors' Fees for the financial year ended
      December 31, 2008;

   -- re-elect as directors:

      * Richard Wong Shoon Fook;
      * Chin Jit Pyng; and
      * Jeffrey Zhin Kok Wong;

   -- re-appoint Y.Bhg. Tan Sri Dato Sri Abang Haji Ahmad Urai
      bin Datu Hakim Abang Haji Mohideen as director of the
      company;

   -- reappoint Messrs. KMPG as auditors for the year
      ending December 31, 2009, and to authorize the Directors
      to fix the auditors' remuneration;

   -- authorize the Company's directors to issue shares in
      the Company at any time until the conclusion of the
      Company's next Annual General Meeting; and

   -- transact any other business of which due notice has
      been given.

Headquartered in Kuala Lumpur, Malaysia, PanGlobal Berhad --
http://home.panglobal.com.my/-- is engaged in underwriting all
classes of general insurance business, extracting of logs,
sawmilling, manufacturing of veneer and extraction of coal.
Other activities include property investment and development and
leasing of real estate, investment holding, business management,
building and fitness club management.

PanGlobal is listed under Practice Note 4/2001.  The Bursa
Malaysia Securities has required the company to regularize its
financial condition, curb huge losses and settle debts in order
to continue operating.  The company has already submitted a
Proposed Restructuring Scheme to the Securities Commission on
Sept. 9, 2005.  On April 6, 2006, the Securities Commission
approved PanGlobal Berhad's proposed restructuring scheme for
implementation.  The Company is in the process of negotiating with
its lenders to restructure defaulted loans and is working on a
scheme to regularize its financial position.



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

* NEW ZEALAND: Building Work Falls 0.7% in Q1
---------------------------------------------
New Zealand's seasonally adjusted volume of all building work put
in place fell 0.7 percent in the March 2009 quarter, the country's
statistics agency said.  Both the volume of residential (down 0.4
percent) and non-residential (down 1.0 percent) buildings
decreased, according to Statistics New Zealand.

The trend indicates that the volume of building work put in place
has decreased for the last five quarters, falling almost one-fifth
over this period.

For the March 2009 year, the unadjusted value of all building work
put in place was NZ$12.1 billion, down 11.1 percent from the
previous year.  This fall is attributable to the fall in
residential building, which is 20.6 percent lower than for the
March 2008 year.  Non-residential building work is up 5.2 percent
from the previous year.

For the March 2009 year, residential building work comprised 56.4
percent of all building work put in place, down from 63.2 percent
in the March 2008 year.


* NEW ZEALAND: Electronic Card Spending Up 0.7% in May
------------------------------------------------------
The seasonally adjusted value of electronic card spending in
New Zealand increased by 0.7 percent in May 2009, following a 0.8
percent increase in April, the country's statistics agency said.
Both the retail and core retail series were also up in May 2009.
The consumables industry (which includes food, liquor, and chemist
retailing) was the main contributor to all these increases,
according to Statistics New Zealand.

The value of transactions in core retail (which excludes the motor
vehicle-related industries) was up 1.6 percent in May 2009, the
third consecutive monthly increase.  Led by consumables, all the
core retail industry groups recorded increases in May.

Despite a decrease in automotive fuel retailing, the value of
retail transactions was up 0.9 percent in May 2009, the fourth
consecutive monthly increase.

The trends for the three main series (total, retail, and core
retail) are all showing growth since January 2009.  Latest figures
indicate that the growth rate is slightly stronger than previous
estimates.  However, initial trend estimates may be revised and
should be used with caution until more data points are available.

Monthly figures for the value of transactions made with credit and
debit cards indicate that May 2009 had the highest proportion of
debit card usage (56.9 percent) since the series began.


* NEW ZEALAND: Export Prices Fell 8.2% in March 2009 Quarter
------------------------------------------------------------
New Zealand's export prices fell 8.2 percent in the March 2009
quarter, the largest quarterly fall since the December 1957
quarter, the country's statistics agency said.  This was mainly
driven by a fall in dairy product prices which were down 20.5
percent.  The other main contributor to the fall in export prices
was a 28.0 percent fall in petroleum and petroleum products due to
lower export prices for crude oil, according to Statistics New
Zealand.

Import prices fell 5.4 percent in the March 2009 quarter.  The
most significant contributor to the drop in import prices was
petroleum and petroleum products (down 35.8 percent), largely
driven by lower prices for crude oil.  When petroleum and
petroleum products are excluded, the total import price index
shows a 2.8 percent rise in the March 2009 quarter, reflecting
strong growth in machinery and transport equipment import prices.

Export and import prices fell in the March 2009 quarter, despite
the depreciation of the New Zealand dollar by 7.1 percent as
measured by the Trade Weighted Index.

The terms of trade fell 3.0 percent in the March 2009 quarter as
merchandise export prices fell more than import prices.  This is
the largest fall in the terms of trade since the June 2002
quarter.  The latest fall in the merchandise terms of trade means
that in the March 2009 quarter, 3.0 percent less merchandise
imports could be funded by a fixed quantity of merchandise exports
than in the previous quarter.

Seasonally adjusted export volumes rose 2.0 percent in the March
2009 quarter – the first rise since the December 2007 quarter.
Dairy products were the major contributor to the rise, led by
increases in the volumes of skimmed and buttermilk powder and
butter.

Seasonally adjusted import volumes fell 9.8 percent in the March
2009 quarter, and are at their lowest level since the December
2004 quarter.  All commodity groupings fell this quarter apart
from processed petroleum and petroleum products.



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

POWER SECTOR: Central Bank Okays US$2-Mln Standby Letter of Credit
------------------------------------------------------------------
The Bangko Sentral ng Pilipinas approved last week the application
of Power Sector Assets and Liabilities Management Corp. (PSALM)
for a US$2-million standby letter of credit, Manila Standard Today
reports citing a senior central bank official.

The Troubled Company Reporter-Asia Pacific, citing the Philippine
Daily Inquirer, reported on May 22, 2009, that PSALM successfully
issued US$1 billion in global bonds, with the offering nearly six
times oversubscribed as it attracted US$5.7 billion in demand.

"We are pleased with the outcome of the transaction.  It clearly
highlights investors' appreciation of the [Philippine
government's] credit and their confidence in the overall economic
prospects of the country", Finance Secretary Margarito B. Teves
was quoted by the PDI as saying in a joint statement with PSALM.

The oversubscription came despite Moody’s and Standard & Poor's
rating the issue at B1 and BB-, respectively, the report noted.

According to the Inquirer, about 55% of the bonds were allocated
to Asia, 17.5% went to Europe and 27% were booked in the United
States.  A total of 208 foreign investors participated in the
transaction, the Inquirer related.

                     Credit Ratings Downgrade

As reported in the Troubled Company Reporter-Asia Pacific on
May 15, 2009, Standard & Poor's Ratings Services said that it had
assigned its 'BB-' rating to the proposed issue of U.S.-dollar
senior unsecured notes by Power Sector Assets & Liabilities
Management Corp.  The net proceeds from the sale of the notes will
be used for general corporate funding requirements, including
servicing payments arising under contracts with independent power
producers.  The rating on the notes is subject to finalization of
documentation.

S&P said the issue rating reflects the Philippine government's
(foreign currency BB-/Stable/B; local currency BB+/Stable/B)
irrevocable, unconditional, and timely guarantee on the notes,
which is in accordance with S&P's criteria.  The stand-alone
credit profile of PSALM may differ substantially from the
guarantor and that profile may change in future; if the profile
deteriorates, the possibility that the guarantee has to be called
upon may increase.

Meanwhile, Moody's Investors Service assigned a B1 rating to the
proposed US Dollar senior unsecured bonds to be issued by Power
Sector Assets & Liabilities Management Corporation.  The bonds
will be irrevocably and unconditionally guaranteed by the
Philippine government.  The rating outlook is positive, in line
with the sovereign outlook.  This is the first time that Moody's
has assigned a rating to PSALM.

Power Sector Asset & Liabilities Corporation, wholly-owned and
controlled by the Philippine government, was established in 2001
to take ownership, manage, privatize and dispose of all
generation-related assets, liabilities, contracts with Independent
Power Producers, real estate and other disposable assets of the
National Power Corporation, including National Transmission
Corporation.

PSALM has a corporate life of 25 years.  Any remaining assets and
liabilities after this period will be assumed by the government.

                       About National Power

Headquartered in Quezon City, Philippines, National Power Corp.
-- http://www.napocor.gov.ph/-- is a state-owned utility that
builds and operates nuclear, hydroelectric, thermal, and
alternative power generating facilities.  It works with
independent producers under a build-operate-transfer program.
With a generating capacity of more than 11,500 megawatts,
National Power sells electricity to distributors and industrial
companies.

National Power first incurred losses in 1998 after the Asian
financial crisis and expensive contract terms from independent
power producers, and reported a PHP29.9 billion loss in 2004,
after a PHP117-billion net loss in 2003.

The Troubled Company Reporter-Asia Pacific reported on April 5,
2006, that Napocor posted a PHP16-million profit in 2005, the
first time in seven years, on the Energy Regulation Commission's
approval of a rate increase, the use of an improved fuel mix and
better fuel prices.

A subsequent report by the TCR-AP states that in the first
review of Napocor's portfolio, it was projected that the
Philippine Government would have to absorb some PHP600 million
worth of debt.  The Government initially absorbed Napocor's PHP200
billion debt, which was incurred when the state firm adopted
international accounting standards, forcing it to report its
foreign exchange losses.  The Department of Finance is studying
the legality of the Government's absorption of the debt.

To comply with the privatization bill approved by the Philippine
Congress, the Company started selling off its generation assets
to help pay for the utility's total estimated debt.  It also
separated its transmission operations into a new subsidiary, the
National Transmission Corporation.

Napocor's remaining debt could still be absorbed by the
Government, but the Development Budget Coordinating Committee
wants to see the Company improve operations and sell off non-
profitable assets in order to reduce its debt, instead of
relying on government aid to do so.



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

ALTUS CORPORATION: Court Enters Wind-Up Order
---------------------------------------------
On May 15, 2009, the High Court of Singapore entered an order to
have Altus Corporation Limited's operations wound up.

Malayan Banking Berhad filed the petition against the company.

The company's liquidator is:

          The Official Receiver
          Insolvency & Public Trustee's Office
          The URA Centre (East Wing)
          45 Maxwell Road #05-11/#06-11
          Singapore 069118


CHAMP ASIA: Court Enters Wind-Up Order
--------------------------------------
On May 15, 2009, the High Court of Singapore entered an order to
have Champ Asia Enterprises (S) Pte Ltd's operations wound up.

Malayan Banking Berhad filed the petition against the company.

The company's liquidator is:

          The Official Receiver
          Insolvency & Public Trustee's Office
          The URA Centre (East Wing)
          45 Maxwell Road #05-11/#06-11
          Singapore 069118


LABONE SINGAPORE: Court Enters Wind-Up Order
--------------------------------------------
On April 20, 2009, the High Court of Singapore entered an order to
have Labone Singapore Pte Ltd's operations wound up.

AP Lab Pte Ltd. filed the petition against the company.

The company's liquidators are:

           Chee Yoh Chuang
           Lim Lee Meng
           RSM
           Chio Lim
           LLP/Stone Forest Corporate Advisory Pte Ltd
           8 Wilkie Road, #03-08 Wilkie Edge
           Singapore 228095


THINK & LEARN: Court to Hear Wind-Up Petition on June 26
--------------------------------------------------------
A petition to have Think & Learn Pte Ltd's operations wound up
will be heard before the High Court of Singapore on June 26, 2009,
at 10:00 a.m.

United Overseas Bank Limited filed the petition against the
company on May 29, 2009.

The Petitioner's solicitors are:

          Allen & Gledhill LLP
          One Marine Boulevard #28-00
          Singapore 018989


TRANSBILT ENGINEERING: Creditors' Proofs of Debt Due on June 20
---------------------------------------------------------------
Transbilt Engineering Pte Ltd, which is in liquidation, requires
its creditors to file their proofs of debt by June 20, 2009, to be
included in the company's dividend distribution.

The company's liquidator is:

          Goh Ngiap Suan
          c/o Goh Ngiap Suan & Co
          336 Smith Street
          #06-308 New Bridge Centre
          Singapore 050336



===========
T A I W A N
===========

BANK SINOPAC: Fitch Affirms Support Rating Floor at 'BB+'
---------------------------------------------------------
Fitch Ratings has revised the Outlook of Taiwan-based Bank SinoPac
ratings to Negative from Stable, downgraded its Individual rating
to 'C' from 'B/C', and affirmed its other ratings.  Accordingly,
the agency revised the Outlook of its parent SinoPac Financial
Holdings ratings to Negative from Stable, downgraded its
Individual rating to 'C' from 'B/C' and affirmed its other
ratings.  At the same time, the agency has affirmed all the
ratings of SinoPac Securities, the group's securities subsidiary.

In addition to its PEM group exposure, the rating action on BSP
principally reflects the bank' notably weakened internal capital
generation due to sharply compressed interest margins on its
mortgage-concentrated loan portfolio.  Also, the consecutive
losses in 2007-2008 caused by its write-downs of investments on
structured investment vehicles and PEM group exposure points to
weaknesses in the bank's internal control and risk management.  As
of March 31, 2009, BSP's Tier I CAR stood at 9.38%.  A full
writedown of the PEM group exposure would reduce it by around 70
basis points.  The Negative Outlook indicates that Fitch may
downgrade BSP's IDRs if the bank's core profitability,
capitalization, or asset quality deteriorates.

The rating action on SPH reflects the weakening of its principal
subsidiary, BSP, as discussed above.  That said, while losses at
BSP in 2009, should they come to pass, would negatively impact
SPH's liquidity level, on a stand-alone basis, SPH is lowly
leveraged with a double leverage ratio of just 105% at end-March
2009.  Meanwhile, SPH's sum-of-the-parts capital ratio remained
satisfactory at 130% at end-March 2009, well above the regulatory
minimum 100%, thanks to excess capital in SPS.

The ratings of SPS are underpinned by its stand-alone financial
strength.  The company's capitalization increased to 473% at end-
March 2009, from 369% at end-2007, as SPS scaled back its risk
exposures throughout 2008 to cope with the economic downturn.  It
has a rather liquid balance sheet, with a current asset to current
liabilities ratio of 200% at end-March 2009.  Benefiting from
improved equity market, SPS reported a net profit of TWD164
million, versus a full year loss of TWD828 million in 2008.

The new ratings of BSP and SPH are:

BSP:

  -- Long-term foreign currency Issuer Default Rating (IDR) at
     'BBB+',

  -- Short-term foreign currency IDR at 'F2',

  -- National Long-term rating at 'AA-(twn)' ,

  -- National Short-term rating at 'F1+(twn)',

  -- Individual at 'C',

  -- Support at '3',

  -- Support Rating Floor at 'BB+', and

  -- Negative Outlook.

SPH:

  -- Long-term foreign currency IDR at 'BBB',
  -- Short-term foreign currency IDR at 'F3',
  -- National Long-term rating at 'A+(twn)',
  -- National Short-term rating at 'F1(twn)',
  -- Individual at 'C',
  -- Support at '5', and
  -- Negative Outlook.

SPS:

  -- Long-term foreign currency IDR at 'BBB',
  -- Short-term foreign currency IDR at 'F3',
  -- National Long-term rating at 'A+(twn)',
  -- National Short-term rating at 'F1(twn)',
  -- Individual at 'C',
  -- Support at '2', and
  -- The Outlook is Stable.


HUA NAN COMMERCIAL: Fitch Affirms Individual Rating at 'C/D'
------------------------------------------------------------
Fitch Ratings has taken various rating actions on four Taiwanese
banks with exposure to the PEM group following the agency's
assessment of the likely negative impact on their financial
standing, and after a review of their latest available Q109
results.  The rating actions include Outlook revisions to Negative
from Stable on Bank SinoPac and Taichung Commercial Bank's Issuer
Default Ratings, as well as affirmation of all of Standard
Chartered Bank (Taiwan) Limited's and Hua Nan Commercial Bank's
ratings.  The details of the ratings actions are summarized at the
end of this press release.

Fitch notes that all four of the above banks have announced that
they will be buying back PEM group wealth management products
previously sold to their customers; the PEM group is currently
being investigated by the US Securities & Exchange Commission for
fraud.  Recoveries on its products remains to be seen and are
difficult to determine given the complexity of the alleged PEM
group fraud and opaque market values.  Fitch, however, believes
that the recoveries will be limited and take considerable time to
achieve.  As such, and for the sake of conservativeness, Fitch has
assumed a nil level of recoveries in estimating the impact on the
above banks.  In this regard it is noted that BSP, HNCB, and TCB
have respectively reported their PEM group exposure will be TWD4.8
billion (8% of equity), TWD6.8 billion (9%), and TWD2.3 billion
(15%).  SCBT has not officially disclosed its exposure.

In addition to its PEM group exposure, the rating action on BSP
principally reflects the bank' notably weakened internal capital
generation due to sharply compressed interest margins on its
mortgage-concentrated loan portfolio.  Also, the consecutive
losses in 2007-2008 caused by its write-downs of investments on
structured investment vehicles and PEM group exposure points to
weaknesses in the bank's internal control and risk management.  As
of March 31, 2009, BSP's Tier I CAR stood at 9.38%.  A full
writedown of the PEM group exposure would reduce it by around 70
basis points (refer to the press release "Fitch Revises Outlook on
Taiwan's Bank SinoPac and SinoPac Financial Holdings to Negative",
dated June 9, 2009, for further details on Fitch's rating actions
on the SinoPac group).

While TCB faces similar challenges to other Taiwanese banks
including decreased spread revenue and the ongoing economic
recession, a review of TCB's latest available results indicates a
notable rise in credit costs in Q109 due to the bank's higher
proportion of lending to SMEs which are more vulnerable to an
economic downturn.  As of March 31, 2009, TCB's Tier 1 CAR stood
at 7.6%.  A full writedown of the PEM group exposure would reduce
it by around 119 basis points.  Fitch considers a further
weakening in asset quality leading to deteriorations of
profitability and capitalization to have an adverse effect on
TCB's ratings.

HNCB's IDRs are supported by the very high probability of
government support, given its large state ownership and systematic
importance to the Taiwanese banking sector.  Its Individual rating
takes into account its strong liquidity profile and funding
capacities -- both of which are important factors especially in
the current environment -- as well as the benefits that generally
accrue with a large retail franchise.  Nevertheless, Fitch expects
the deterioration in the bank's asset quality and the weakening in
its internal capital generation, along with the related losses
arising from the repurchase of PEM notes to pressure its
Individual rating.  At March 31, 2009, HNCB's Tier 1 CAR stood at
6.6%. A full writedown of the PEM group exposure would reduce it
by around 67 basis points.

SCBT's ratings are underpinned by the strength of its parent,
Standard Chartered Bank (SCB, rated 'A+'/Stable), including its
strong franchise in the Asia-Pacific region and adequate
capitalization.  The Standard Chartered Group has followed a
prudent capital management approach with an aim to maintain a
strong capital base to support the development of its business and
meet regulatory capital requirements at all times.  As a wholly-
owned subsidiary of SCB, Fitch expects SCB to provide SCBT with
necessary capital support to offset the losses arising from the
buy-back of the PEM notes and to maintain an adequate capital
level.  Fitch considers the damage of mis-selling the suspected
fraudulent financial products to SCBT's reputation and franchise
should be limited as the products were all sold by the acquired
Hsinchu International Bank prior to the integration of HIB and
SCB's Taiwanese branches (renamed as SCBT) in 2007.  In addition,
SCBT was the first bank to pledge a full repurchase of all PEM-
related products.

The rating actions are:

BSP:

  -- Long-term foreign currency Issuer Default Rating (IDR)
     affirmed at 'BBB+',

  -- Short-term foreign currency IDR affirmed at 'F2',

  -- National Long-term rating affirmed at 'AA-(twn)',

  -- National Short-term rating affirmed at 'F1+(twn)',

  -- Individual revised to 'C' from 'B/C',

  -- Support affirmed at '3',

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

  -- Outlook revised to 'Negative' from 'Stable'.

TCB:

  -- Long-term foreign currency IDR affirmed at 'BBB-',
  -- Short-term foreign currency IDR affirmed at 'F3',
  -- National Long-term rating affirmed at 'A(twn)',
  -- National Short-term rating affirmed at 'F1(twn)',
  -- Individual affirmed at 'C/D',
  -- Support affirmed at '5',
  -- Support Rating Floor affirmed at 'NF', and
  -- Outlook revised to 'Negative' from 'Stable'.

HNB:

  -- Long-term foreign currency IDR affirmed at 'BBB+',
  -- Short-term foreign currency IDR affirmed at 'F2',
  -- National Long-term rating affirmed at 'AA-(twn)',
  -- National Short-term rating affirmed at 'F1(twn)',
  -- Individual affirmed at 'C/D',
  -- Support affirmed at '2',
  -- Support Rating Floor affirmed at 'BBB+', and
  -- Outlook is 'Stable'.

SCBT:

  -- Long-term foreign currency IDR affirmed at 'A',
  -- Short-term foreign currency IDR affirmed at 'F1',
  -- National Long-term rating affirmed at 'AA+(twn)',
  -- National Short-term rating affirmed at 'F1+(twn)',
  -- Individual affirmed at 'C/D',
  -- Support affirmed at '1', and
  -- Outlook is 'Stable'.


QUANTA COMPUTER: May 2009 Sales Dropped 22%
-------------------------------------------
Quanta Computer Inc. posted a 22 percent decline in consolidated
May sales to NT$50.17 billion (US$1.5 billion), The China Post
reports citing Quanta in a statement.

The report says that according to Bloomberg calculations, the
company's revenue is 9.1 percent less than the amount posted in
April, and the lowest since February.

Carol Hsu, a company spokeswoman, said notebook shipments last
month were 2.3 million, unchanged from April, the report relates.

Headquartered in Taoyuan, Taiwan, Quanta Computer Inc. --
http://www.quantatw.com/-- is engaged in research, development,
design and manufacture of notebook computers.  The company
provides series products of notebook computer, wireless
communications series products, including global positioning
system (GPS) mobile phones, Web personal digital assistants (PDAs)
and wireless local area network (WLAN) products; liquid crystal
display (LCD) series products, including LCD monitors and LCD PCs,
as well as network servers.  The company distributes its products
in the Americas, Europe and Asia.

                         *     *     *

The company continues to carry Fitch Ratings' "BB" long-term
foreign currency issuer default rating.


SINOPAC FINANCIAL: Fitch Cuts Individual Rating to 'C'
------------------------------------------------------
Fitch Ratings has revised the Outlook of Taiwan-based Bank SinoPac
ratings to Negative from Stable, downgraded its Individual rating
to 'C' from 'B/C', and affirmed its other ratings.  Accordingly,
the agency revised the Outlook of its parent SinoPac Financial
Holdings ratings to Negative from Stable, downgraded its
Individual rating to 'C' from 'B/C' and affirmed its other
ratings.  At the same time, the agency has affirmed all the
ratings of SinoPac Securities, the group's securities subsidiary.

In addition to its PEM group exposure, the rating action on BSP
principally reflects the bank' notably weakened internal capital
generation due to sharply compressed interest margins on its
mortgage-concentrated loan portfolio.  Also, the consecutive
losses in 2007-2008 caused by its write-downs of investments on
structured investment vehicles and PEM group exposure points to
weaknesses in the bank's internal control and risk management.  As
of March 31, 2009, BSP's Tier I CAR stood at 9.38%.  A full
writedown of the PEM group exposure would reduce it by around 70
basis points.  The Negative Outlook indicates that Fitch may
downgrade BSP's IDRs if the bank's core profitability,
capitalization, or asset quality deteriorates.

The rating action on SPH reflects the weakening of its principal
subsidiary, BSP, as discussed above.  That said, while losses at
BSP in 2009, should they come to pass, would negatively impact
SPH's liquidity level, on a stand-alone basis, SPH is lowly
leveraged with a double leverage ratio of just 105% at end-March
2009.  Meanwhile, SPH's sum-of-the-parts capital ratio remained
satisfactory at 130% at end-March 2009, well above the regulatory
minimum 100%, thanks to excess capital in SPS.

The ratings of SPS are underpinned by its stand-alone financial
strength.  The company's capitalization increased to 473% at end-
March 2009, from 369% at end-2007, as SPS scaled back its risk
exposures throughout 2008 to cope with the economic downturn.  It
has a rather liquid balance sheet, with a current asset to current
liabilities ratio of 200% at end-March 2009.  Benefiting from
improved equity market, SPS reported a net profit of TWD164
million, versus a full year loss of TWD828m in 2008.

The new ratings of BSP and SPH are:

BSP:

  -- Long-term foreign currency Issuer Default Rating (IDR) at
     'BBB+',

  -- Short-term foreign currency IDR at 'F2',

  -- National Long-term rating at 'AA-(twn)' ,

  -- National Short-term rating at 'F1+(twn)',

  -- Individual at 'C',

  -- Support at '3',

  -- Support Rating Floor at 'BB+', and

  -- Negative Outlook.

SPH:

  -- Long-term foreign currency IDR at 'BBB',
  -- Short-term foreign currency IDR at 'F3',
  -- National Long-term rating at 'A+(twn)',
  -- National Short-term rating at 'F1(twn)',
  -- Individual at 'C',
  -- Support at '5', and
  -- Negative Outlook.

SPS:

  -- Long-term foreign currency IDR at 'BBB',
  -- Short-term foreign currency IDR at 'F3',
  -- National Long-term rating at 'A+(twn)',
  -- National Short-term rating at 'F1(twn)',
  -- Individual at 'C',
  -- Support at '2', and
  -- The Outlook is Stable.


STANDARD CHARTERED: Fitch Affirms Individual Rating at 'C/D'
------------------------------------------------------------
Fitch Ratings has taken various rating actions on four Taiwanese
banks with exposure to the PEM group following the agency's
assessment of the likely negative impact on their financial
standing, and after a review of their latest available Q109
results.  The rating actions include Outlook revisions to Negative
from Stable on Bank SinoPac and Taichung Commercial Bank's Issuer
Default Ratings, as well as affirmation of all of Standard
Chartered Bank (Taiwan) Limited's and Hua Nan Commercial Bank's
ratings.  The details of the ratings actions are summarized at the
end of this press release.

Fitch notes that all four of the above banks have announced that
they will be buying back PEM group wealth management products
previously sold to their customers; the PEM group is currently
being investigated by the US Securities & Exchange Commission for
fraud.  Recoveries on its products remains to be seen and are
difficult to determine given the complexity of the alleged PEM
group fraud and opaque market values.  Fitch, however, believes
that the recoveries will be limited and take considerable time to
achieve.  As such, and for the sake of conservativeness, Fitch has
assumed a nil level of recoveries in estimating the impact on the
above banks.  In this regard it is noted that BSP, HNCB, and TCB
have respectively reported their PEM group exposure will be TWD4.8
billion (8% of equity), TWD6.8 billion (9%), and TWD2.3 billion
(15%).  SCBT has not officially disclosed its exposure.

In addition to its PEM group exposure, the rating action on BSP
principally reflects the bank' notably weakened internal capital
generation due to sharply compressed interest margins on its
mortgage-concentrated loan portfolio.  Also, the consecutive
losses in 2007-2008 caused by its write-downs of investments on
structured investment vehicles and PEM group exposure points to
weaknesses in the bank's internal control and risk management.  As
of March 31, 2009, BSP's Tier I CAR stood at 9.38%.  A full
writedown of the PEM group exposure would reduce it by around 70
basis points (refer to the press release "Fitch Revises Outlook on
Taiwan's Bank SinoPac and SinoPac Financial Holdings to Negative",
dated June 9, 2009, for further details on Fitch's rating actions
on the SinoPac group).

While TCB faces similar challenges to other Taiwanese banks
including decreased spread revenue and the ongoing economic
recession, a review of TCB's latest available results indicates a
notable rise in credit costs in Q109 due to the bank's higher
proportion of lending to SMEs which are more vulnerable to an
economic downturn.  As of March 31, 2009, TCB's Tier 1 CAR stood
at 7.6%.  A full writedown of the PEM group exposure would reduce
it by around 119 basis points.  Fitch considers a further
weakening in asset quality leading to deteriorations of
profitability and capitalization to have an adverse effect on
TCB's ratings.

HNCB's IDRs are supported by the very high probability of
government support, given its large state ownership and systematic
importance to the Taiwanese banking sector.  Its Individual rating
takes into account its strong liquidity profile and funding
capacities -- both of which are important factors especially in
the current environment -- as well as the benefits that generally
accrue with a large retail franchise.  Nevertheless, Fitch expects
the deterioration in the bank's asset quality and the weakening in
its internal capital generation, along with the related losses
arising from the repurchase of PEM notes to pressure its
Individual rating.  At March 31, 2009, HNCB's Tier 1 CAR stood at
6.6%. A full writedown of the PEM group exposure would reduce it
by around 67 basis points.

SCBT's ratings are underpinned by the strength of its parent,
Standard Chartered Bank (SCB, rated 'A+'/Stable), including its
strong franchise in the Asia-Pacific region and adequate
capitalization.  The Standard Chartered Group has followed a
prudent capital management approach with an aim to maintain a
strong capital base to support the development of its business and
meet regulatory capital requirements at all times.  As a wholly-
owned subsidiary of SCB, Fitch expects SCB to provide SCBT with
necessary capital support to offset the losses arising from the
buy-back of the PEM notes and to maintain an adequate capital
level.  Fitch considers the damage of mis-selling the suspected
fraudulent financial products to SCBT's reputation and franchise
should be limited as the products were all sold by the acquired
Hsinchu International Bank prior to the integration of HIB and
SCB's Taiwanese branches (renamed as SCBT) in 2007.  In addition,
SCBT was the first bank to pledge a full repurchase of all PEM-
related products.

The rating actions are:

BSP:

  -- Long-term foreign currency Issuer Default Rating (IDR)
     affirmed at 'BBB+',

  -- Short-term foreign currency IDR affirmed at 'F2',

  -- National Long-term rating affirmed at 'AA-(twn)',

  -- National Short-term rating affirmed at 'F1+(twn)',

  -- Individual revised to 'C' from 'B/C',

  -- Support affirmed at '3',

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

  -- Outlook revised to 'Negative' from 'Stable'.

TCB:

  -- Long-term foreign currency IDR affirmed at 'BBB-',
  -- Short-term foreign currency IDR affirmed at 'F3',
  -- National Long-term rating affirmed at 'A(twn)',
  -- National Short-term rating affirmed at 'F1(twn)',
  -- Individual affirmed at 'C/D',
  -- Support affirmed at '5',
  -- Support Rating Floor affirmed at 'NF', and
  -- Outlook revised to 'Negative' from 'Stable'.

HNB:

  -- Long-term foreign currency IDR affirmed at 'BBB+',
  -- Short-term foreign currency IDR affirmed at 'F2',
  -- National Long-term rating affirmed at 'AA-(twn)',
  -- National Short-term rating affirmed at 'F1(twn)',
  -- Individual affirmed at 'C/D',
  -- Support affirmed at '2',
  -- Support Rating Floor affirmed at 'BBB+', and
  -- Outlook is 'Stable'.

SCBT:

  -- Long-term foreign currency IDR affirmed at 'A',
  -- Short-term foreign currency IDR affirmed at 'F1',
  -- National Long-term rating affirmed at 'AA+(twn)',
  -- National Short-term rating affirmed at 'F1+(twn)',
  -- Individual affirmed at 'C/D',
  -- Support affirmed at '1', and
  -- Outlook is 'Stable'.


TAICHUNG COMMERCIAL: Fitch Affirms Individual Rating at 'C/D'
-------------------------------------------------------------
Fitch Ratings has taken various rating actions on four Taiwanese
banks with exposure to the PEM group following the agency's
assessment of the likely negative impact on their financial
standing, and after a review of their latest available Q109
results.  The rating actions include Outlook revisions to Negative
from Stable on Bank SinoPac and Taichung Commercial Bank's Issuer
Default Ratings, as well as affirmation of all of Standard
Chartered Bank (Taiwan) Limited's and Hua Nan Commercial Bank's
ratings.  The details of the ratings actions are summarized at the
end of this press release.

Fitch notes that all four of the above banks have announced that
they will be buying back PEM group wealth management products
previously sold to their customers; the PEM group is currently
being investigated by the US Securities & Exchange Commission for
fraud.  Recoveries on its products remains to be seen and are
difficult to determine given the complexity of the alleged PEM
group fraud and opaque market values.  Fitch, however, believes
that the recoveries will be limited and take considerable time to
achieve.  As such, and for the sake of conservativeness, Fitch has
assumed a nil level of recoveries in estimating the impact on the
above banks.  In this regard it is noted that BSP, HNCB, and TCB
have respectively reported their PEM group exposure will be TWD4.8
billion (8% of equity), TWD6.8 billion (9%), and TWD2.3 billion
(15%).  SCBT has not officially disclosed its exposure.

In addition to its PEM group exposure, the rating action on BSP
principally reflects the bank' notably weakened internal capital
generation due to sharply compressed interest margins on its
mortgage-concentrated loan portfolio.  Also, the consecutive
losses in 2007-2008 caused by its write-downs of investments on
structured investment vehicles and PEM group exposure points to
weaknesses in the bank's internal control and risk management.  As
of March 31, 2009, BSP's Tier I CAR stood at 9.38%.  A full
writedown of the PEM group exposure would reduce it by around 70
basis points (refer to the press release "Fitch Revises Outlook on
Taiwan's Bank SinoPac and SinoPac Financial Holdings to Negative",
dated June 9, 2009, for further details on Fitch's rating actions
on the SinoPac group).

While TCB faces similar challenges to other Taiwanese banks
including decreased spread revenue and the ongoing economic
recession, a review of TCB's latest available results indicates a
notable rise in credit costs in Q109 due to the bank's higher
proportion of lending to SMEs which are more vulnerable to an
economic downturn.  As of March 31, 2009, TCB's Tier 1 CAR stood
at 7.6%.  A full writedown of the PEM group exposure would reduce
it by around 119 basis points.  Fitch considers a further
weakening in asset quality leading to deteriorations of
profitability and capitalization to have an adverse effect on
TCB's ratings.

HNCB's IDRs are supported by the very high probability of
government support, given its large state ownership and systematic
importance to the Taiwanese banking sector.  Its Individual rating
takes into account its strong liquidity profile and funding
capacities -- both of which are important factors especially in
the current environment -- as well as the benefits that generally
accrue with a large retail franchise.  Nevertheless, Fitch expects
the deterioration in the bank's asset quality and the weakening in
its internal capital generation, along with the related losses
arising from the repurchase of PEM notes to pressure its
Individual rating.  At March 31, 2009, HNCB's Tier 1 CAR stood at
6.6%. A full writedown of the PEM group exposure would reduce it
by around 67 basis points.

SCBT's ratings are underpinned by the strength of its parent,
Standard Chartered Bank (SCB, rated 'A+'/Stable), including its
strong franchise in the Asia-Pacific region and adequate
capitalization.  The Standard Chartered Group has followed a
prudent capital management approach with an aim to maintain a
strong capital base to support the development of its business and
meet regulatory capital requirements at all times.  As a wholly-
owned subsidiary of SCB, Fitch expects SCB to provide SCBT with
necessary capital support to offset the losses arising from the
buy-back of the PEM notes and to maintain an adequate capital
level.  Fitch considers the damage of mis-selling the suspected
fraudulent financial products to SCBT's reputation and franchise
should be limited as the products were all sold by the acquired
Hsinchu International Bank prior to the integration of HIB and
SCB's Taiwanese branches (renamed as SCBT) in 2007.  In addition,
SCBT was the first bank to pledge a full repurchase of all PEM-
related products.

The rating actions are:

BSP:

  -- Long-term foreign currency Issuer Default Rating (IDR)
     affirmed at 'BBB+',

  -- Short-term foreign currency IDR affirmed at 'F2',

  -- National Long-term rating affirmed at 'AA-(twn)',

  -- National Short-term rating affirmed at 'F1+(twn)',

  -- Individual revised to 'C' from 'B/C',

  -- Support affirmed at '3',

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

  -- Outlook revised to 'Negative' from 'Stable'.

TCB:

  -- Long-term foreign currency IDR affirmed at 'BBB-',
  -- Short-term foreign currency IDR affirmed at 'F3',
  -- National Long-term rating affirmed at 'A(twn)',
  -- National Short-term rating affirmed at 'F1(twn)',
  -- Individual affirmed at 'C/D',
  -- Support affirmed at '5',
  -- Support Rating Floor affirmed at 'NF', and
  -- Outlook revised to 'Negative' from 'Stable'.

HNB:

  -- Long-term foreign currency IDR affirmed at 'BBB+',
  -- Short-term foreign currency IDR affirmed at 'F2',
  -- National Long-term rating affirmed at 'AA-(twn)',
  -- National Short-term rating affirmed at 'F1(twn)',
  -- Individual affirmed at 'C/D',
  -- Support affirmed at '2',
  -- Support Rating Floor affirmed at 'BBB+', and
  -- Outlook is 'Stable'.

SCBT:

  -- Long-term foreign currency IDR affirmed at 'A',
  -- Short-term foreign currency IDR affirmed at 'F1',
  -- National Long-term rating affirmed at 'AA+(twn)',
  -- National Short-term rating affirmed at 'F1+(twn)',
  -- Individual affirmed at 'C/D',
  -- Support affirmed at '1', and
  -- Outlook is 'Stable'.



=====================================
U N I T E D  A R A B  E M I R A T E S
====================================

UAE CMBS: Moody's Downgrades Ratings on Three Classes of Notes
--------------------------------------------------------------
Moody's Investors Service has downgraded the Class B Notes, the
Class C Notes and the Class D Notes issued by UAE CMBS Vehicle No.
1 Limited (amounts reflecting initial outstandings):

  -- US$12,900,000 Class B Secured Floating Rate Notes due 2016
     downgraded to Baa3 from A3; previously A3, assigned on 27
     July 2007;

  -- US$12,500,000 Class C Secured Floating Rate Notes due 2016
     downgraded to Ba1 from Baa1; previously Baa1, assigned on 27
     July 2007;

  -- US$9,500,000 Class D Secured Floating Rate Notes due 2016
     downgraded to Ba3 from Baa3; previously Baa3, assigned on 27
     July 2007.

At the same time, Moody's Investors Service has affirmed the
rating of the Class A Notes issued by UAE CMBS Vehicle No. 1
Limited.

1) Transaction Overview

UAE CMBS Vehicle No. 1 Limited represents a true-sale
securitization of one commercial mortgage loan secured by a single
office property located within the Technology and Media Free Zone
in Dubai.  The loan which matures in June 2012 is subject to
annual updated valuations and also benefits from targeted
amortization with a deferral mechanism.  As a result, the loan
balance has slightly decreased from AED 231,392,700 at closing
(US$63m based on the peg level of US$1= approximately AED 3.6729)
to AED 229,663,510 as of March 2009.  The loan is subject to an
ICR and a LTV default covenant set at 1.3x and 75%, respectively.
At closing, the UW ICR was 1.45x and the UW LTV was 59.4% based on
an underwriter property market value of AED 389.5 million.  The
currently reported ICR level is 1.70x (according to the latest
available investor report per March 2009) and the currently
reported LTV is 49.2% which is based on the most recent
revaluation from December 2008 (AED 470.2million).

2) Rating Rationale

The rating action follows a detailed re-assessment of the
transaction and the underlying property. In particular Moody's
focused its analysis on (i) property value declines and future
developments of property values; (ii) term default risk; (iii)
refinancing risk; (iv) potential remedies by the sponsor and/or
borrower upon a covenant breach; as well as (v) the anticipated
work-out strategy of the special servicer and its timing in case
of a loan default.

As outlined in more detail below Moody's rating action on the
Class B, C and D notes is mainly driven by (i) the adverse
property market performance in Dubai witnessed recently and
expected further negative sentiment in the foreseeable future; and
(ii) significant uncertainties with respect to the recovery path
and timing of the current dysfunctional refinancing markets.

Since Class A Notes benefit from (i) significant credit
enhancement in the form of more junior Notes; and (ii) payment
priority due to the fully sequential pay structure Moody's does
not prensently see downgrade pressure on the Class A Notes based
on its current property value assumptions highlighted below.

3) Moody's Portfolio Analysis

Property value: Property values across the UAE, most notable in
Dubai, have declined significantly since their peak in the third
quarter of 2008 and are expected to continue to decline, albeit at
a lesser pace, until at least 2010.  Based on available market
information investors were prepared to consider yields of below 9%
in September 2008 while currently average yields appear to be
ranging between 10% to 11% with relatively little discrimination
between markets and assets.

In its original analysis, Moody's estimated a market value of AED
340m along with an applied model severity value of AED 315m in the
event of a loan default leading to an initial LTV of 68.1%.
Moody's revised market value assessment is currently approximately
AED 300m based on estimated net cash flows generated by the
property of about AED 26m, equivalent to a LTV of approximately
77%.  As further value declines are anticipated by Moody's its
resulting trough value is approximately AED 243m for the years
2010 and 2011 leading to a trough LTV of around 95%.  From 2012
onwards Moody's anticipates a gradual recovery of property values
by on average 3% per year.  Moody's current value assessment is
significantly below the most recent external property valuation as
per December 2008.  This difference is mainly driven by the fact
that Moody's has applied lower sustainable cash flows and higher
property yields than the external valuers and may in part be
explained by the significant deterioration witnessed since the end
of 2008 when the valuation was done.

Term default risk: The occupational markets in Dubai are currently
experiencing falling rents and increasing vacancy rates.  Due to
the mainly short term (1 to 3 years) leases in place, future cash
flows generated by the property might be exposed to weakening
occupational markets.  However, term default risk is considered
low at present due to an annual rental guarantee provided by TECOM
Investment FZ-LLC, which is wholly owned by Dubai Holding
Commercial Operation Group LLC (rated A2).

Refinancing Risk: In Moody's view, default risk at maturity has
significantly increased since closing of the transaction.  Given
the relatively short remaining period until loan maturity in 2012,
prospects of a material property value improvement from Moody's
trough value seem limited.  In addition, the loan will be exposed
to a more challenging lending market in the region as a
consequence of the current crisis.  Although Moody's is of the
opinion that the current shortage of liquidity should abate until
2012, there is still a significant uncertainty with respect to the
path and timing for a recovery.

Work-Out Strategy.  In scenarios where a loan defaults, Moody's
current expectation is that the servicer will most likely not
pursue an immediate sale of the property given the depressed
market conditions.  Therefore, Moody's has assumed that, upon
default, a sale of the mortgaged properties and ultimate work-out
of the loan will occur at a later point and has taken the existing
tail period on the Notes into account.

Moody's has simulated various scenarios including a loan event of
default triggered by a LTV covenant breach in the near future.
The scenarios include, among others, (i) the trapping of excess
cash available and (ii) a potential remedy by the sponsor.  Since
the loan presently benefits (i) from a strong ICR of about 1.7x
(solely based on the generated rental income) and (ii) additional
support via an annual rental guarantee of AED 27m, trapped excess
cash upon a LTV covenant breach should provide significant
incremental value in particular to the most senior Classes of
Notes.

The latest Performance Overview for the transaction was published
on 4 March 2009.

                         *********

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
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Information contained herein is obtained from sources believed
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