TCRAP_Public/090616.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                          A S I A   P A C I F I C

              Tuesday, June 16, 2009, Vol. 12, No. 117

                            Headlines

A U S T R A L I A

CITY PACIFIC: Trilogy Bid Gets Initial 36.5% Investors Vote
FAIRFAX MEDIA: Merges Canberra Bureaux of SMH and The Age
SUNCORP-METWAY: May Cut Up to 500 Jobs Amid Rising Bad Debts


C H I N A

CHINA PROPERTIES: S&P Downgrades Corporate Credit Rating to 'B-'
HOPSON DEVELOPMENT: S&P Affirms 'BB-' Corporate Credit Rating
SHENZHEN DEV'T: Ping An to Buy Up to 30% Stake in Bank
XINHUA FINANCE: Moody's Withdraws 'B3' Corporate Family Rating


H O N G  K O N G

CHINA LAW: Ho Wai Chi Steps Down as Liquidator
GEORGE ZEE: Appoints Cheung Chui Ping Chaplin as Liquidator
INNOPRISE INVESTMENT: Placed Under Voluntary Wind-Up
KAWAMURA CO: Resets Creditors' Meeting to June 19
SENTROL LIFESAFETY: Chiu and Yuen Step Down as Liquidators

THE GOLD CLUB: Members to Receive Wind-Up Report on July 13


I N D I A

AIR INDIA: To Defer June Salary by 15 Days
AHMEDABAD PACKAGING: Low Net Worth Cues CRISIL 'BB' Ratings
BALAJI SOURCINGS: CRISIL Puts 'BB+' Rating on INR50MM Cash Credit
CHAITANYA OILS: CRISIL Rates INR56.5 Mln Cash Credit Limit at 'B+'
CT RAMANATHAN: CRISIL Assigns 'BB' Rating on INR5 Mln Term Loan

KINGFISHER AIRLINES: To Roll Over INR8 Billion Short Term Debt
PATEL INTEGRATED: Fitch Assigns 'BB+' National Long-Term Rating
RITESH EXPORT: Weak Financial Risk Profile Cues CRISIL 'P4' Rating
SUBBURAJ COTTON: Delays in Loan Payment Prompts CRISIL 'D' Ratings


I N D O N E S I A

TELEKOMUNIKASI: To Secure Loan and Issue Bonds to Finance Capex
TELEKOMUNIKASI: To Pay Shareholders 55% of Profit for Dividend


J A P A N

ASTRA ALPHA: S&P Raises Ratings on 2005-01 Notes from 'CCC'
ASYST TECHNOLOGIES: Can't File Quarterly Report on Time
CAFES 2: Fitch Downgrades Ratings on Class E Notes to 'BB'
CAFES 3: Moody's Cuts Ratings on Three Classes of Certificates
GODO KAISHA: Moody's Changes Ratings on Class B to D Notes

ELPIDA MEMORY: Taiwan Memory Plans to Buy Less 10% Stake in Firm
L-JAC6 TRUST: Moody's Changes Ratings on Various Certificates
MEDCA JAPAN: JCR Withdraws "BB-" Rating on Senior Debts
ORSO FUNDING: Moody's Changes Ratings on Various 2005-2 Certs.
* JAPAN: Two Securities Firms Go Under, Sell Unlisted Shares


M A L A Y S I A

PECD BERHAD: Perkasa Sutera Serves Windup Petition Against Unit
RANHILL BERHAD: To Hold Extraordinary General Meeting on June 25
RHYTHM CONSOLIDATED: Penang Dev't. Okays Proposed Asset Disposal
RHYTHM CONSOLIDATED: Reconciles Deviation of Financial Results
TIME ENGINEERING: Completes MYR342-Million Loan Stock Issuance


N E W  Z E A L A N D

GENEVA FINANCE: Posts NZ$6.99MM Loss for the Year Ended March 31
PLUS SMS: Clarifies Directors' Resignation, Shares Still Suspended


P H I L I P P I N E S

METRO BANK: Fitch Affirms 'B' Foreign Currency IDR
SECURITY BANK: Fitch Affirms 'B' Short-Term Foreign Currency IDR


S I N G A P O R E

CHARTERED SEMICONDUCTOR: Temasek Seeks Better Offer for Stake
DMC CHEMICALS: Court Enters Wind-Up Order
S.C. CAPITAL: Pays First and Final Dividend
SIEM SENG: Court to Hear Wind-Up Petition on June 26
UNIFONE PTE: Creditors' Proofs of Debt Due on June 29


X X X X X X X X

* BOND PRICING: For the Week June 8 to June 12, 2009


                         - - - - -


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


CITY PACIFIC: Trilogy Bid Gets Initial 36.5% Investors Vote
-----------------------------------------------------------
Trilogy Capital Group and Balmain Commercial have secured more
than two-thirds of the 50 percent of votes required to take over
the AU$640 million City Pacific mortgage fund, two weeks before
unitholders meet to vote on the proposal, The Australian reports.

According to the report, the joint venture said investors
controlling about 36.5 percent of the 880 million units on issue
had voted in favour of the takeover, which requires more than 50
percent of votes to proceed.

The report, citing Trilogy executive chairman Rodger Bacon, says
votes representing 328 million of the 880 million mortgage fund
units had been received to date, with 97.5 percent of those
supporting the move.

Separately, The Australian reports that City Pacific has
restructured its debt more than six months after the company
breached the license it uses to manage the mortgage fund.

City Pacific banker CBA, the report says, has agreed to
subordinate AU$39 million of debt to allow the group to meet
financial services license requirements.

The Australian recalls that City Pacific announced in its
December 31 accounts, issued in March, that it was in breach of
the conditions of its financial services license because it had
negative assets of AU$9 million.

As at December 31, the report relates, City Pacific reported a
half-year loss of AU$74.3 million.  The company's auditor KPMG, at
that time, warned the group may be in danger of collapse, the
Australian notes.

As reported in the Troubled Company Reporter-Asia Pacific on
March 2, 2009, The Australian said that Trilogy will launch a
hostile takeover bid for City Pacific's mortgage fund.  The
Australian related that Trilogy executive chairman Mr. Bacon
said Trilogy would seek to replace City Pacific as the
responsible entity controlling the fund.

The Australian stated that the fund has about 11,000 investors and
for Trilogy to gain control it requires support from voters
controlling more than 50 percent of the fund's 887 million issued
shares.  Investors in the City Pacific mortgage fund will vote on
June 25 whether to hand control of the fund to Trilogy, the TCR-AP
reported on May 26, 2009.

As reported in the TCR-AP on August 18, 2008, City Pacific said it
took the necessary steps to preserve the value of the Fund's
assets and protect unitholders investments in light of the rapidly
changing market conditions.  As a result of the significant market
changes, City Pacific made the decision in March 2008 to defer the
payment of redemptions from the Fund while continuing the payment
of distributions to unitholders.

City Pacific Limited (ASX: CIY) -- http://www.citypac.com.au/
-- is a diversified financial services company, providing
finance and investment products.  City Pacific, a non-bank loan
provider, has AU$5 billion in mortgage assets under advice,
comprising over AU$1 billion funds under management in the City
Pacific First Mortgage Fund, City Pacific Income Fund, City
Pacific Managed Fund and City Pacific Private Fund, a residential
loan book of AU$3.3 billion and commercial mortgage assets under
management of approximately AU$800 million.  City Pacific
originates nearly AU$3 billion per annum in loans to fund
residential property, property development, commercial
property investment, plant & equipment and business
finance.

                          *     *     *

City Pacific reported a net loss after tax of AU$139.53 million
for the financial year ended June 30, 2008, compared with a net
profit of AU$73.21 million in the previous year.  The company also
reported an operating profit before impairment and tax of
AU$55.5 million down 58.4% from the previous year's operating
profit of AU$133.42 million.


FAIRFAX MEDIA: Merges Canberra Bureaux of SMH and The Age
---------------------------------------------------------
Fairfax Media Limited is merging the Canberra bureaux of its two
major newspapers - The Sydney Morning Herald and The Age - but
says no jobs will be lost, the Australian Associated Press
reports.

The AAP says in a memo released on June 15, Fairfax chief
executive and publisher Lloyd Whish-Wilson told staff of the
"important changes" that would strengthen and broaden national
coverage.

The memo, as cited by AAP, stated that:

   -- reporters currently working separately for the Sydney
      and Melbourne newspapers will now form one team
      providing stories for both mastheads;

   -- the changes at Fairfax's Canberra bureau, based at
      Parliament House's press gallery, would maintain
      current staffing levels;

   -- stories written by the masthead-specific reporters will
      be published by all Fairfax online sites; and

   -- a remaining pool of some 12 reporters will work as a
      team providing copy for the SMH and The Age.

The new structure will take effect from Monday, June 22, the
report notes.

                     Credit Ratings Downgrade

The Troubled Company Reporter-Asia Pacific reported on May 18,
2009, that Standard & Poor's Ratings Services lowered its
long-term corporate credit and debt ratings on Fairfax Media Ltd.
to 'BB+' from 'BBB-'.  In addition, the rating on Fairfax's
stapled preference securities (which attract intermediate equity
credit from Standard & Poor's) was lowered to 'B+' from 'BB'.  The
outlook is stable.

"Although we are disappointed with the decision of Standard &
Poor's we are confident that our diversified market positions,
strong balance sheet and operational focus will allow us to
weather the current economic conditions and to take advantage of
any upturn when it occurs," Brian McCarthy, Chief Executive
Officer and Managing Director of Fairfax Media Limited said in a
statement.  "The company remains comfortably within its various
financial covenants."

Fairfax Media, however, said that due to this change in credit
rating, some margins under certain financing facilities are
increased with a consequential increase in net interest expense in
the 2010 financial year of approximately AU$10 million.

                       About Fairfax Media

Headquartered in Sydney, Australia, Fairfax Media Limited
(ASX:FXJ) -- http://www.fxj.com.au/-- is engaged in publishing of
news, information and entertainment; advertising sales in
newspaper, magazine and online formats; radio broadcasting, and
film and television production and distribution.  In Australia,
the company's mastheads include The Sydney Morning Herald, The
Age, BRW, The Sun-Herald and The Land.  Its New Zealand mastheads
include The Dominion Post, The Press and Cuisine.  Fairfax Media
online businesses include Fairfax Digital in Australia (including
the news sites, smh.com.au and theage.com.au, and classified and
transaction Websites), and Trade Me and stuff.co.nz in New
Zealand.  On November 9, 2007, it acquired the former Southern
Cross Broadcasting's radio business, (including metropolitan
stations 2UE in Sydney, 3AW and Magic 1278 in Melbourne, 4BC and
4BH in Brisbane, and 6PR and 96FM in Perth), the Southern Star
television production and distribution business, Satellite Music
Australia and associated businesses from Macquarie Media Group.


SUNCORP-METWAY: May Cut Up to 500 Jobs Amid Rising Bad Debts
------------------------------------------------------------
The Sydney Morning Herald reports that Suncorp-Metway Ltd may cut
up to 500 jobs by September as it restructures its banking
division amid increasing bad debts provisions in the commercial
property sector.

The job cuts may affect those lending operations from which
Suncorp's banking arm is already withdrawing and which it may
abandon, the Herald relates.

A Suncorp spokesman, however, said the group was not in a position
to say how many jobs would be affected by the review.  "It's far
too early to be specific about numbers or the time frame as we are
still in the process of working through those issues," he told the
Herald.

The report says the bancassurance group has been reviewing its
lending business since updating the market last month about its
financial prospects for the financial year ending June 30.

The company has had a hiring freeze in place for the past year as
part of measures to control costs, and it hopes to minimize the
number of actual staff axed, the Herald notes.

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

                          *     *     *

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

These rating actions have been taken:

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

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

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


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


CHINA PROPERTIES: S&P Downgrades Corporate Credit Rating to 'B-'
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on China-based property
developer China Properties Group Ltd. to 'B-' from 'B'.  The
outlook is negative.  At the same time, Standard & Poor's lowered
the issue rating on China Properties' US$300 million 9.125% senior
unsecured notes due 2014 to 'B-' from 'B'.  All the ratings were
removed from CreditWatch, where they were placed with negative
implications on Sept. 24, 2008 due to uncertainty over the
company's refinancing and weak liquidity.

"We lowered the rating to reflect China Properties' vulnerable
liquidity and a lack of visibility over the company's likely
financial performance in 2009," said Standard & Poor's credit
analyst Bei Fu.  "We removed the ratings from CreditWatch because
the company renewed a bank loan of approximately Hong Kong dollar
508 million for a further two years to mature in March 2011.
Although S&P is not able to confirm whether there has been any
major change in the loan terms, S&P believes the renewal
alleviates imminent liquidity risk."

S&P expects the company's liquidity to remain tight in 2009, given
its limited projects for sale and low level of cash holdings
relative to its daily operational and project development needs.
The company could face greater difficulty in 2010 if construction
and sales slow down.  Its two Shanghai projects have limited gross
floor area for sale, and S&P expects limited completions from its
two Chongqing projects as construction only commenced recently.

In addition to tight liquidity, the rating on China Properties
reflects key-man risk, project concentration risk, and the
competitive and cyclical nature of the Chinese real estate market.
These risks are slightly tempered by the good location of its
commercial projects and generally low-cost land bank.  Currently,
S&P has limited access to China Properties' management team.
S&P's analysis is based on publicly available information.

The negative outlook reflects: (1) China Properties' continued low
cash balance; (2) uncertainty over bank support to carry out its
property developments, both in Shanghai and Chongqing; and (3)
execution risk for its two Chongqing projects.  Chongqing is a
competitive and fragmented market.  As China Properties is
newcomer with limited brand recognition in Chongqing, S&P believes
it's questionable whether it can achieve its planned sales
target--even though the property market seems to be warming up in
China.


HOPSON DEVELOPMENT: S&P Affirms 'BB-' Corporate Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'BB-' long-term corporate credit rating on China-based property
developer Hopson Development Holdings Ltd.  The outlook is
negative.  At the same time, Standard & Poor's affirmed its 'B+'
issue ratings on Hopson's US$350 million 8.125% notes due 2012 and
on its convertible bond.  All the ratings were removed from
CreditWatch, where they had been placed with negative implications
on Feb. 25, 2009.

"We affirmed the ratings and removed them from CreditWatch due to
signs that Hopson's liquidity is improving and its land
acquisition activities have become less aggressive so far this
year.  The company recently raised equity of close to Hong Kong
dollar 1.6 billion, which should support liquidity.  The slowdown
in land acquisitions since late last year has also helped to
preserve cash," said Standard & Poor's credit analyst Bei Fu.

The affirmed rating on Hopson also reflects S&P's opinion that the
company's risk appetite, particularly regarding land expansion,
has remained aggressive even though market conditions are as
challenging as those in 2008.  The company added 3.2 million
square meters in gross floor area to its land bank in 2008.  Many
peers, in contrast, slowed down or suspended their land bank
replenishment programs last year.

The rating also reflects Hopson's relatively tight but improving
liquidity, its weakened financial performance, and the cyclical
and competitive nature of the Chinese real estate market, which
has high regulatory risks.

Hopson's financial metrics are weak for the rating category, as a
result of lower sales and higher debt to support its aggressive
growth in a challenging market.  Despite price cuts, Hopson's
average selling price and margin improved in 2008 as the company
launched more high-end projects.  However, its EBITDA interest
coverage and ratio of debt to EBITDA weakened to 3.1x and 4.7x,
respectively.  S&P expects these ratios to improve in 2009 such
that they remain consistent with a 'BB-' rating.  The sector
outlook remains uncertain for the second half of 2009, although
sales and funding access have significantly improved this year for
most large-scale Chinese developers.

These weaknesses are somewhat tempered by Hopson's proven track
record and well-known brand name, particularly in major tier-one
cities, and its diverse revenue stream from a large number of
saleable property projects.  Sales were evenly distributed among
its three key markets of Guangdong, Beijing and Shanghai in the
first quarter of 2009.

The negative outlook reflects the risk, in S&P's view, that
Hopson's aggressive risk appetite could put further pressure on
its liquidity and financial metrics, such that they may not be
sufficient for the current rating level.  The company's
established market position and somewhat diversified development
portfolio support the current rating.


SHENZHEN DEV'T: Ping An to Buy Up to 30% Stake in Bank
------------------------------------------------------
Xinhua News Agency reports that China Ping An Insurance (Group),
said that it planned to purchase stake worth up to a combined
CNY22 billion (US$3.2 billion) in Shenzhen Development Bank.

Citing Ping An in an online statement, the news agency says that
the company had agreed to purchase up to 585 million new shares
from Shenzhen Development Bank for CNY10.7 billion, or CNY18.26
per share.

According to Xinhua, Ping An said it would also buy 520 million
shares from the U.S.-based TPG's Asian arm Newbridge Capital for
CNY11.45 billion by the end of 2010.  Newbridge Capital is
currently the top shareholder in Shenzhen Development Bank, Xinhua
notes.

Ping An, according to the news agency, would acquire no more than
a 30 percent stake in Shenzhen Development Bank after the deal,
and become the top shareholder instead.

Reuters relates that shares in Shenzhen Development Bank rallied
on Monday, June 15, after Ping An said it will increase its stake
in the mid-sized lender to close to 30 percent, from the under 5
percent it holds.  Ping An shares, however, rose to a lesser
degree as some analysts deemed the deal expensive and not greatly
value accretive to the insurer's banking aspirations, Reuters
states.

Reuters says Shenzhen Bank which has been seeking new funding to
bolster its capital and meet regulatory requirements is expected
to benefit from the deal.

"The investment by Ping An, a new shareholder with strong
financial strength, can bolster Shenzhen Bank's capital, enabling
the lender to enter a phase of rapid growth," China International
Capital Corp analyst Mao Junhua was quoted by Reuters as saying in
a report.

                   About Shenzhen Development

Headquartered in Shenzhen, Guangdong, People's Republic of
China, Shenzhen Development Bank Company Ltd.'s --
http://www.sdb.com.cn/-- provides local and foreign currency
deposits and loan services.  Other activities include foreign
currencies exchanging, foreign currency deposit and remittances,
acts as an agent for issuing foreign currency value-bearing
securities, management of letters of credit and operation of
both an international and a domestic discounting service.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
Sept. 1, 2008, Moody's Investors Service upgraded Shenzhen
Development Bank's (SZDB) bank financial strength rating (BFSR)
from E+ to D-.  At the same time, the rating agency upgraded the
bank's long-term foreign currency deposit rating from Ba3 to Ba2;
its short-term foreign currency deposit rating remains unaffected
at Not-Prime.  The outlook for all ratings is stable.


XINHUA FINANCE: Moody's Withdraws 'B3' Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service has withdrawn the B3 corporate family
rating and Caa1 senior unsecured bond rating of Xinhua Finance
Ltd.

The ratings have been withdrawn for business reasons.

Moody's last rating action with regard to XFL was taken on
Oct. 24, 2008, when the company's corporate family and senior
unsecured bond ratings were downgraded to B3 and Caa1
respectively.

XFL's ratings had been assigned by evaluating factors Moody's
believes are relevant to the company's credit profile, such as its
i) business risk and competitive position compared with others
within the industry; ii) capital structure and financial risk;
iii) projected performance over the near to intermediate term; and
iv) management's track record and tolerance for risk.

These attributes were compared against other issuers both within
and outside of XFL's core industry; its ratings are believed to be
comparable to those of other issuers of similar credit risk.

XFL is a provider of media services in China.


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


CHINA LAW: Ho Wai Chi Steps Down as Liquidator
----------------------------------------------
On June 1, 2009, Ho Wai Chi stepped down as liquidator of China
Law Council.


GEORGE ZEE: Appoints Cheung Chui Ping Chaplin as Liquidator
-----------------------------------------------------------
At an extraordinary general meeting held on June 5, 2009, the
members of George Zee and Company, Limited appointed Cheung Chui
Ping Chaplin as the company's liquidator.

The Liquidator can be reached at:

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


INNOPRISE INVESTMENT: Placed Under Voluntary Wind-Up
----------------------------------------------------
At an extraordinary general meeting held on June 5, 2009, the
members of Innoprise Investment (HK) Limited resolved voluntarily
wind up the company's operations.

The company's liquidators are:

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


KAWAMURA CO: Resets Creditors' Meeting to June 19
-------------------------------------------------
The annual meeting of Kawamura Co., Limited's creditors which was
initially set for June 5, 2009, was adjourned to June 19, 2009, at
10:00 a.m., at Room 1005 of Allied Kajima Building, 138 Gloucester
Road, in Wanchai, Hong Kong.

At the meeting, the creditors will be asked to determine whether
or not to accept certain accounts receivable to be bad debt.


SENTROL LIFESAFETY: Chiu and Yuen Step Down as Liquidators
----------------------------------------------------------
On June 8, 2009, Ying Hing Chiu and Yeung Betty Yuen stepped down
as liquidators of Sentrol LifeSafety China Limited.


THE GOLD CLUB: Members to Receive Wind-Up Report on July 13
-----------------------------------------------------------
The members of The Gold Club Hong Kong Limited will receive on
July 13, 2009, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator:

         Chu Wing Sze Jenny
         New Tech Plaza
         Room 2602-7, 26th Floor
         34 Tai Yau Street
         San Po Kong, Kowloon


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I N D I A
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AIR INDIA: To Defer June Salary by 15 Days
------------------------------------------
The Financial Express reports that Air India Ltd will defer the
payment of salaries for the month of June of about 30,000
employees by 15 days.

The report relates that an AI spokesperson said that "the salaries
of June will be paid on July 15 due to the resource crunch that
the company is facing."

Citing a previous report by The Financial Express, the Troubled
Company Reporter-Asia Pacific said on June 10, 2009, that the
National Aviation Company of India Ltd (Nacil), the company that
operates Air India, is seeking Rs 14,000 crore in equity infusion,
soft loans and grants.

However, the Express related, the airline is unlikely to get the
amount that it is seeking, and may have to settle for around
US$1-1.5 billion (Rs 5,000-5,500 crore) as indicated by the
government.

"An equity infusion of up to Rs 1,500 crore, plus a soft loan of
Rs 3,000-3,500 crore will be considered on a priority basis.
There is no chance of the airline receiving a package of Rs 14,000
to 15,000-crore package," the Express quoted a very senior source
in the civil aviation ministry as saying.

The report disclosed that a hectic reworking of the capital
restructuring possibilities is underway and is expected to be
submitted by June 22.

Civil aviation minister Praful Patel, according to the Express,
had already said an initial public offering of shares in Air India
could be considered in the near future.  The report noted that any
decision in this regard, however, will be considered once the
markets revive.

Though auditors are still vetting Nacil's 2008-09 accounts, the
airline's losses are in the range of Rs 5,000 crore instead of the
expected Rs 3,000 crore, the report said.

Air India -- http://www.airindia.com/-- transports passengers
throughout India and to more than 40 destinations throughout the
world.  Affiliate Air India Express operates as a low-fare
carrier, mainly between India and destinations in the Middle East,
and Air India Cargo provides freight transportation.  The
government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on domestic
routes.  The combined airline, part of a new holding company
called National Aviation Company of India, uses the Air India
brand.  The new Air India and its affiliates have a fleet of more
than 110 aircraft altogether.

Air India and Indian Airlines posted a combined net loss of
Rs.688 crore for the financial year ended March 2007, according to
The Financial Express.


AHMEDABAD PACKAGING: Low Net Worth Cues CRISIL 'BB' Ratings
-----------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the bank
facilities of Ahmedabad Packaging Industries Ltd (Ahmedabad
Packaging).

   INR48.0 Million Cash Credit Limit    BB/Stable (Assigned)
   INR24.3 Million Term Loan            BB/Stable (Assigned)
   INR9.6 Million Working Capital       BB/Stable (Assigned)
                      Demand Loan
   INR4.0 Million Letter of Credit      P4/Stable (Assigned)
   INR8.0 Million Bank Guarantee        P4/Stable (Assigned)

The ratings reflect Ahmedabad Packaging's weak financial risk
profile due to low net worth, and exposure to intense competition
in the highly-fragmented, high-density polyethylene (HDPE) and
polypropylene (PP) fabrics industry.  These rating weaknesses are,
however, partially offset by the benefits that Ahmedabad Packaging
derives from its status as an established regional player, and its
diversified product portfolio.

Outlook: Stable

CRISIL believes that Ahmedabad Packaging will maintain strong
growth in sales backed by its promoters' experience, and its
established customer base. The company's financial risk profile
may, however, remain constrained by low net worth. The outlook may
be revised to 'Positive' if the company's revenues, profitability
and net worth improve substantially; or to 'Negative' if inability
to maintain profit margins leads to lower-than-expected cash
accruals.

                      About Ahmedabad Packaging

Incorporated in 1980 as a private limited company, Ahmedabad
Packaging converted to a closely-held public limited company in
1994.  The company manufactures a variety of PP and HDPE-woven
fabric used in sacks and bags, and as packaging material.  Its
unit at Ahmedabad has capacity to manufacture 4800 tonnes per
annum.

Ahmedabad Packaging reported a profit after tax (PAT) of INR9.9
million on net sales of INR233 million for 2007-08 (refers to
financial year, April 1 to March 31), as against a PAT of INR1.9
million on net sales of INR223.2 million for 2006-07.


BALAJI SOURCINGS: CRISIL Puts 'BB+' Rating on INR50MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4' to the bank
facilities of Balaji Sourcings Pvt Ltd (BSPL).

   INR50.0 Million Cash Credit          BB+/Stable (Assigned)
   INR150.0 Million Letter of Credit    P4(Assigned)

The ratings reflect BSPL's small scale of operations and limited
track record in chemical imports, and exposure to debtor and
inventory risks relating to the trading business.  These
weaknesses are, however, partially offset by BSPL's satisfactory
financial risk profile, marked by low gearing, and comfortable
debt protection measures, and the benefits that the company
derives from established supplier and customer relationships owing
to association with Balaji Amines Ltd (BAL, rated 'BBB+/Stable/P2'
by CRISIL)

Outlook: Stable

CRISIL expects BSPL to maintain a stable business risk profile,
backed by its association with BAL.  The outlook may be revised to
'Positive' if BSPL's net worth improves substantially, led by
sustained improvement in profitability, or fresh equity infusions.
Conversely, the outlook may be revised to 'Negative' if BSPL's
capital structure deteriorates materially, led by debt-funded
capital expenditure, decline in profitability, or devolvement of
non-fund-based facilities.

                      About Balaji Sourcings

Incorporated in 2006, by Mr. D Ram Reddy, Mr. A Prathap Reddy,
Mr. Vikas Shah and BAL, BSPL is a merchant importer of methanol
and other key chemicals used by the pharmaceutical and agro-
chemical industries.  BSPL imports products from the Gulf
countries, primarily Saudi Arabia, and sells them in India. The
company has storage facilities in Mumbai and Kandla.  BSPL
reported a profit after tax (PAT) of INR5.4 million on net sales
of INR459.5 million for 2007-08 (refers to financial year, April 1
to March 31), as against a PAT of INR1.1 million on net sales of
INR129.1 million for 2006-07.


CHAITANYA OILS: CRISIL Rates INR56.5 Mln Cash Credit Limit at 'B+'
------------------------------------------------------------------
CRISIL has assigned its rating of 'B+/Stable' to the cash credit
limit facility of Chaitanya Oils Ltd (Chaitanya).

   INR56.5 Million Cash Credit Limit     B+/Stable (Assigned)

The rating reflects Chaitanya's weak financial risk profile marked
by high gearing, weak debt protection measures, and declining
revenues on account of sub-optimal capacity utilisation.  The
rating also factors in the company's small scale of operations in
the edible oil and rice mill businesses.  These weaknesses are
partially offset by the benefits that Chaitanya derives from its
diversified business profile, and its promoters' experience in the
edible oil and rice mill businesses.

Outlook: Stable

CRISIL believes that Chaitanya will maintain a stable credit risk
profile backed by its established relationships with its customers
and suppliers.  The outlook may be revised to 'Positive' if the
company significantly improves its scale of operations,
profitability, and debt protection measures.  Conversely, the
outlook may be revised to 'Negative' if Chaitanya's profit margins
reduce significantly, or if it undertakes large, debt-funded
capital expenditure.

                      About Chaitanya Oils

Incorporated in 1984 by Mr. Visweshwara Rao, Chaitanya
manufactures crude rice bran oil, de-oiled bran cakes, and rice.
Its manufacturing facility at Kurumadalli (Andhra Pradesh) has
capacity to produce 54,000 tonnes per annum (TPA) of crude rice
bran; it also has a rice mill with a capacity of 48,000 TPA.
Chaitanya reported a profit after tax (PAT) of INR2.1 million on
net sales of INR441.6 million for 2007-08 (refers to financial
year, April 1 to March 31), as against a PAT of INR1.3 million on
net sales of INR392.7 million for 2006-07.


CT RAMANATHAN: CRISIL Assigns 'BB' Rating on INR5 Mln Term Loan
---------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the bank
facilities of CT Ramanathan Infrastructure Pvt Ltd (CTR).

   INR5 Million Term Loan           BB/Stable (Assigned)
   INR145 Million Cash Credit       BB/Stable (Assigned)
   INR150 Million Proposed Cash     BB/Stable (Assigned)
                Credit Facility
   INR150 Million Bank Guarantee    P4 (Assigned)
   INR50 Million Proposed Bank      P4 (Assigned)
            Guarantee Facility

The ratings reflect CTR's weak financial risk profile marked by
low net worth and high gearing, and exposure to risks relating to
high customer and geographical concentration in its revenue
profile.  These weaknesses are partially offset by CTR's
established track record in the civil construction business.

Outlook: Stable

CRISIL believes that CTR will maintain a stable business risk
profile over the medium term on the back of its large order book
position.  The outlook may be revised to 'Positive' if the company
improves its operating profitability, capital structure, and debt
protection measures.  Conversely, the outlook may be revised to
'Negative' if the company faces any time or cost overruns in its
projects, or undertakes large, debt-funded capital expenditure.

                       About CT Ramanathan

CTR was set up in 1975 as a partnership firm engaged in civil
construction work.  It was converted to a private limited company
in April 2008.  For the past 10 years, the company has been
executing contracts for Southern Railways for construction of
station buildings, buildings for staff quarters, locomotive sheds,
and bridges, besides engineering works such as gauge conversion
and laying of new lines.  CTR reported profit after tax (PAT) of
INR11.5 million on net sales of INR396.8 million for 2007-08
(refers to financial year, April 1 to March 31), as against PAT of
INR8.8 million on net sales of INR298.3 million for 2006-07.


KINGFISHER AIRLINES: To Roll Over INR8 Billion Short Term Debt
--------------------------------------------------------------
Kingfisher Airlines Ltd is looking to roll over INR8 billion of
its short term debt, Reuters reports citing the Business Standard.

According to Reuters, the Business Standard said the airline has
short term debt of around INR25 billion and a third of that is due
for repayment this fiscal.

The Business Standard said the airline has a cumulative debt of
close to INR60 billion and is leveraged around 13 times, Reuters
relates.

The paper, as cited by Reuters, said corporate loans of around
INR25 billion are mainly secured against cash flows from the
airline operations and is backed by a corporate guarantee from
UB Holdings, which controls around 67 percent of Kingfisher
Airlines.

Meanwhile, The Wall Street Journal reports that Kingfisher denied
a report on a possible equity partnership with Singapore Airlines
Ltd.  WSJ says that India's NDTV.com had earlier cited unnamed
sources as saying the two airlines were in talks over a possible
sale of a 25 percent to 26 percent stake in the Indian airline.

Prakash Mirpuri, a spokesman for the UB Group, said the airline
"denies the speculative media reports stating we are in talks with
Singapore Airlines," WSJ relates.

Kingfisher Airlines and other Indian carriers have been forced to
cut flights, defer the delivery of new planes and consolidate
among themselves to cut costs amid declining air travel demand in
India, WSJ notes.

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/ -- formerly known as Deccan
Aviation Ltd, serves about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.  It maintains bases in major cities such as Delhi and
Mumbai.  Kingfisher Airlines is a unit of UB Holdings, best known
for its United Breweries unit, and the carrier shares the
Kingfisher brand with a popular Indian beer.  UB Holdings also
owns a stake in another domestic carrier, Air Deccan, whose
operations it combined with Kingfisher Airlines in mid-2008.
Kingfisher Airlines began flying in 2005.

                          *     *     *

In the financial year ended June 30, 2007, Deccan Aviation
reported a net loss of INR4.2 billion, up 23% from the
INR3.41 billion loss incurred in FY 2006.

In the financial year ended March 31, 2008, Kingfisher Airlines
reported a net loss of INR1.89 billion.


PATEL INTEGRATED: Fitch Assigns 'BB+' National Long-Term Rating
---------------------------------------------------------------
Fitch Ratings has assigned Patel Integrated Logistics Limited a
'BB+(ind) National Long-term rating with a Stable Outlook.  The
agency has also assigned 'BB+(ind)' ratings to its long-term bank
loans of INR7.5 million, to its cash credit limits of INR239
million and to its INR52 million financial lease obligations, as
well as a 'F4(ind)' rating to its INR155 million non-fund based
limits.

The rating reflects the company's long track record, its
diversified revenue streams, and market leadership in its courier
consolidation business.  PILL has a well-established network of
franchisee offices across the country for its divisions through
Patel Roadways and Patel on Board courier service.  With most of
its truck fleet hired on short-term contracts, PILL retains
flexibility in the event of lower volumes which provides some
margin protection.  PILL currently has a fleet of 80 owned and
250-300 hired trucks.  Fitch further notes that the company has
upgraded its trans-shipment centres in anticipation of increased
volumes from its retail business, although the benefits have yet
to materialize.  Fitch expects these benefits to materialize over
the longer term, given the current pressure on costs and retail
volumes.

The ratings are constrained by thin EBITDA margins due to high
competition from the unorganized segment and low utilization
levels across the logistics sector, as well as increased working
capital requirements for its POBC segment.  Working capital
pressures have risen in the form of higher receivables and shorter
credit periods from suppliers (primarily airlines), which has put
pressure on PILL's operating liquidity.  Also, in FY09 there was a
drop in EBITDA margins to 3.8% (FY08: 4.5%) due to increased
competition and limited demand, while interest cover
(EBITDA/Interest) declined due to higher utilization of debt
limits to meet working capital requirements.

The agency expects that these pressures are likely to continue
over the near term, until economic conditions improve.  The
ratings are also constrained by the cyclicality of the company's
business, whereby volumes and margins are linked to the economic
cycles.  In the current economic environment characterized by
slowing growth rates, Fitch believes that the company's operating
metrics and liquidity will remain under pressure over the near
term.

Enhancements in PILL's bank facilities to cover the working
capital pressure will be essential in maintaining its ratings,
while further liquidity stress leading to interest cover below
1.5x or net debt/EBITDA above 3.5x can act as downward rating
triggers.

PILL is the merged entity of PRL and POBC.  It is in the business
of surface transportation and door-to-door retail cargo
transportation and courier/cargo consolidation that involve
domestic and international air transportation of courier/cargo
consignments of courier companies.

In FY09 PILL's revenue declined yoy 3.7% to INR2814.8 million,
EBITDA margins declined to 3.8% in FY09 from 4.5% in FY08 and net
leverage declined to 2.2x in FY09 from 1.4x in FY08.  The interest
cover was at 2.1x in FY09 (FY08: 3.3x).


RITESH EXPORT: Weak Financial Risk Profile Cues CRISIL 'P4' Rating
-----------------------------------------------------------------
CRISIL has assigned its rating of 'P4' to the bank facilities of
Ritesh Export.

   INR122.00 Million Packing Credit     P4 (Assigned)
   INR278.00 Million Post Shipment      P4 (Assigned)
                          Credit
   INR80.00 Million Line of Credit      P4 (Assigned)

The rating reflects Ritesh Export's weak financial risk profile,
limited competitiveness due to lack of sight-holder status, and
exposure to risks relating to intense competition in the diamond
cutting and polishing business.  The impact of these weaknesses is
mitigated by the promoters' experience in the business.

                       About Ritesh Export

Established as a partnership firm in 1986, Ritesh Export processes
and trades in diamonds.  The firm's manufacturing facility in
Surat employs 150 workers, and has capacity to process 105,000
pieces of diamond every month.  Due to lack of sight-holder
status, the firm procures rough diamonds from sight holders; the
rough diamond is cut into shapes and sizes, and polished at the
firm's unit.  The exports are primarily to South-East Asia and
Europe.  Ritesh Export reported a profit after tax of INR53.29
million on net revenues of INR1.54 billion for 2008-09 (refers to
financial year, April 1 to March 31), against INR28.8 million and
INR1.22 billion in the previous financial year.


SUBBURAJ COTTON: Delays in Loan Payment Prompts CRISIL 'D' Ratings
------------------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to the bank facilities
of Subburaj Cotton Mills Pvt Ltd (Subburaj Cotton).  This is
because the company has delayed its term loan obligations, owing
to weak liquidity.  Subburaj Cotton has approached the banks for
restructuring the term loan instalments, which is still pending
approval.  The company has not paid the term loan instalments from
February 2009.

   INR460.70 Million Long Term Loan      D (Assigned)
   INR267.50 Million Cash Credit         D (Assigned)
   INR10.00 Million Overdraft Facility   D (Assigned)
   INR5.00 Million Line of Credit        D (Assigned)
   INR40.00 Million Bank Guarantee       P5 (Assigned)

                      About Subburaj Cotton

Established in 1980 as a partnership firm by Mr. K Venkadaswamy,
Subburaj Cotton was converted to a private limited company in
1995.  It manufactures cotton yarn, and has capacity of 65,000
spindles.  For 2007-08 (refers to financial year, April 1 to
March 31), Subburaj Cotton reported a profit after tax (PAT) of
INR14.3 million on net sales of INR800.2 million, as against a PAT
of INR53 million on net sales of INR660 million for 2006-07.


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


TELEKOMUNIKASI: To Secure Loan and Issue Bonds to Finance Capex
---------------------------------------------------------------
PT Telekomunikasi Indonesia (Telkom) will next week ink a loan
agreement worth IDR2 trillion with Bank Rakyat Indonesia, Bank
Negara Indonesia and the Government Investment Center, to finance
part of the company's capital expenditure (capex) this year, The
Jakarta Post reports citing Telkom finance director Sudiro Asno as
saying after an annual meeting of the company's shareholders on
Friday.

The report, citing Telkom president director Rinaldi Firmansyah,
says the company would use its internal cash reserves to finance
up to 70 percent of the proposed capex while the remaining 30
percent, would be mobilized from bank loans.

Moreover, to support Telkom's capex, the company is also planning
to issue IDR3-trillion rupiah-denominated bonds by the end of this
year or early 2010, the report adds.

                    About PT Telkom Indonesia

Based in Bandung, Indonesia, PT Telekomunikasi Indonesia Tbk
-- http://www.telkom-indonesia.com/-- provides local and long
distance telephone service in Indonesia.  Known as Telkom, the
company also offers fixed wireless service, leased lines, and
data transport through affiliates.

                          *     *     *

P.T. Telekomunikasi Indonesia Tbk continues to carry 'BB'  Long-
term foreign and local currency Issuer Default ratings from Fitch
Ratings with stable outlook.  The ratings were affirmed by Fitch
in November 2008.


TELEKOMUNIKASI: To Pay Shareholders 55% of Profit for Dividend
--------------------------------------------------------------
During the annual meeting of PT Telekomunikasi Indonesia's
(Telkom) shareholders held last Friday, the company approved to
allocate 55 percent of last year's net profit for dividends, The
Jakarta Post reports.

According to The Post, the company will pay dividends worth
IDR5.84 trillion in total, or about IDR296.94 a share, to its
shareholders on July 27, 2009.

                     About PT Telkom Indonesia

Based in Bandung, Indonesia, PT Telekomunikasi Indonesia Tbk
-- http://www.telkom-indonesia.com/-- provides local and long
distance telephone service in Indonesia.  Known as Telkom, the
company also offers fixed wireless service, leased lines, and
data transport through affiliates.

                          *     *     *

P.T. Telekomunikasi Indonesia Tbk continues to carry 'BB'  Long-
term foreign and local currency Issuer Default ratings from Fitch
Ratings with stable outlook.  The ratings were affirmed by Fitch
in November 2008.


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


ASTRA ALPHA: S&P Raises Ratings on 2005-01 Notes from 'CCC'
-----------------------------------------------------------
Standard & Poor's Ratings Services raised to 'AA' from 'CCC' its
rating on Astra Alpha Ltd.'s series 2005-01 credit-linked notes,
issued in December 2005.  The upgrade reflects an increase in the
transaction's credit enhancement after a
noteholder's option was exercised.

                          Rating Raised

                         Astra Alpha Ltd.
         Multi-issuer obligation programme series 2005-01
                       credit-linked notes

         To   From   Issue amount   Legal Final Maturity
         --   ----   ------------   --------------------
         AA   CCC    JPY15.0 bil.     September 2009

The transaction's closing date was Dec. 6, 2005.


ASYST TECHNOLOGIES: Can't File Quarterly Report on Time
-------------------------------------------------------
Steve Debenham, senior vice president, general counsel and
secretary of Asyst Technologies, Inc., disclosed in a regulatory
filing with the U.S. Securities and Exchange Commission that the
company is unable to file timely its Form 10-K for its fiscal year
ended March 31, 2009, without unreasonable effort or expense, due
primarily to the United States bankruptcy and Japanese
reorganization proceedings, associated lack of financial and other
resources necessary to prepare the Form 10-K, and the inability of
the company to obtain and prepare financial information on a
consolidated basis and in accordance with generally accepted
accounting principles that includes its Japanese subsidiaries.

Mr. Debenham relates that Asyst's common stock may have no future
value and may be cancelled in connection with the bankruptcy
proceeding. "Asyst does not currently expect that it will
reorganize and continue as a publicly traded company after
completion of the bankruptcy proceedings."

Mr. Debenham adds that Asyst is not able to estimate the
anticipated change in results of operations on a consolidated
basis in accordance with generally accepted accounting principles.
Asyst believes it is unlikely that it will be able to report
results of operations on a consolidated basis for the fiscal year
ending March 31, 2009.

Headquartered in Fremont, California, Asyst Technologies, Inc. --
http://www.asyst.com/-- makes, sells and supports integrated
hardware and software systems primarily for semiconductor and flat
panel display manufacturing industries.

The Company filed for Chapter 11 on April 20, 2009 (Bankr. N.D.
Calif. Case No. 09-43246).  Ali M.M. Mojdehi, Esq., at the Law
Offices of Baker and McKenzie, represents the Debtor in its
restructuring efforts.  As of December 31, 2008, the Debtor
reported total assets of $295,782,000 and total debts of
$315,364,000.

The company's Japanese subsidiaries, Asyst Technologies Japan
Holdings Company, Inc., and Asyst Technologies Japan, Inc.,
entered into related voluntary proceedings under Japan's Corporate
Reorganization Law (Kaisha Kosei Ho) on April 20, 2009.


CAFES 2: Fitch Downgrades Ratings on Class E Notes to 'BB'
----------------------------------------------------------
Fitch Ratings has downgraded Cafes 2 Trust's Class D and E Trust
Beneficiary Interests due August 2013 and placed both classes on
Rating Watch Negative.  The remaining classes have been affirmed
and Outlooks assigned:

  -- JPY5.49 billion* Class A TBIs affirmed at 'AAA';
     Outlook Stable;

  -- JPY1.5 billion* Class B TBIs affirmed at 'AA';
     Outlook Stable;

  -- JPY1.45 billion* Class C TBIs affirmed at 'A';
     Outlook Negative;

  -- JPY0.96 billion* Class D TBIs downgraded to 'BBB-' from
     'BBB'; placed on RWN;

  -- JPY0.16 billion* Class E TBIs downgraded to 'BB' from 'BBB';
     placed on RWN; and

  -- Dividends-only Class X TBIs affirmed at 'AAA'; Outlook
     Stable.

  * as of June 11, 2009

The rating actions reflect Fitch's revised view on the expectation
of recovery from the loan that defaulted on its maturity date in
May 2009.

The defaulted loan is backed by 14 properties, mainly residential,
whose performance to date has generally been in line with the
agency's expectations.  However, if the properties are to be sold
in the current distressed real estate market, sales prices could
be subject to strong downward pressure.

At this point, Fitch considers the full recovery of the
outstanding amount on the defaulted loan can be reasonably
assumed.  However, the default risk of the Class E TBIs is viewed
to have elevated compared to the agency's initial analysis and
Fitch has therefore downgraded the Class E TBIs to 'BB' from
'BBB'.  The Class D TBIs were downgraded to 'BBB-' on concern that
credit enhancement levels could deteriorate under stressed
collection scenarios.

Furthermore, the agency has placed both classes on RWN to reflect
the possibility that it may change its view on the likelihood of
full loan recovery, depending on the servicer's collection
activities and progress made on the defaulted loan.  In addition,
another loan is due to mature in July 2009.  Fitch will resolve
the RWN status once it has reviewed further information of these
loans to be provided by the servicer.

Since credit enhancement levels have substantially improved on the
back of repayment of other underlying loans since closing, Classes
A to C TBIs and Class X TBI have been affirmed.  However, the
Negative Outlook assigned to the Class C TBIs reflects the
agency's general concerns about the current real estate market and
the availability of finance.

The TBIs were issued in October 2006, and the transaction was
initially a securitization of nine loans backed by 29 property and
property TBIs.  Four loans have been fully repaid to date, and the
transaction is currently backed by 20 property TBIs.

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


CAFES 3: Moody's Cuts Ratings on Three Classes of Certificates
--------------------------------------------------------------
Moody's Investors Service has changed the ratings for the Class A
through F and X trust certificates issued by Cafes 3.  The final
maturity of the trust certificates will take place in August 2014.

The individual rating actions are listed below.

  -- Class A, Confirmed at Aaa; previously, Aaa Placed Under
     Review for Possible Downgrade on April 14, 2009

  -- Class B, Downgraded to Aa3 from Aa2; previously, Aa2 Placed
     Under Review for Possible Downgrade on April 14, 2009

  -- Class C, Downgraded to A3 from A2; previously, A2 Placed
     Under Review for Possible Downgrade on April 14, 2009

  -- Class D, Downgraded to Ba1 from Baa2; previously, Baa2 Placed
     Under Review for Possible Downgrade on April 14, 2009

  -- Class E, Downgraded to B2 from Baa3; previously, Baa3 Placed
     Under Review for Possible Downgrade on April 14, 2009

  -- Class F, Downgraded to B2 from Ba2; previously, Ba2 Placed
     Under Review for Possible Downgrade on April 14, 2009

  -- Class X, Confirmed at Aaa; previously, Aaa Placed Under
     Review for Possible Downgrade on April 14, 2009

Cafes 3, effected in November 2007, represents the securitization
of six non-recourse loans and four specified bonds (collectively,
"Loan").  One of the non-recourse loans has been paid in full, and
the transaction is currently secured by nine Loans backed by 19
properties.

Moody's has updated its key surveillance assumptions for the
monitoring of Japanese CMBS ratings and on April 14, 2009, started
reviewing for possible downgrade 228 tranches in 50 Japanese CMBS
deals.

As a result, the number of tranches on review for possible
downgrade comes to 339, in 57 deals -- including deals that had
already been on review for possible downgrade.  This is one of the
transactions that had been placed under review because of the
update.

In light of Japan's current liquidity crisis, Moody's is concerned
that refinancing possibilities for existing CMBS borrowers are
declining precipitously, and that real estate prices will remain
stressed.

Moody's is thus applying higher stress to its recovery assumptions
for those loans that are more likely to default than in normal
market conditions.  To incorporate this influence into its CMBS
ratings, Moody's has classified all CMBS loans into three
categories -- plus special servicing loans -- according to the
likelihood of refinancing.

Moody's has also re-evaluated recovery assumptions for other loans
that are not characterized as having a high likelihood of default,
depending on a necessity based on collateral performance such as
rents and occupancy rates.

                         Category 1 Loans

                        0% of the loan pool

Moody's considers these loans as having a high likelihood of
refinancing based on (1) the sponsor's characteristics, (2) the
quality of the collateral, and (3) the amount of leverage.

                         Category 2 Loans

                       39% of the loan pool

Moody's considers these loans as having a high likelihood of
default, based on the sponsor's characteristics and the short
period until maturity.

                         Category 3 Loans

                       61% of the loan pool

These are loans that do not fit the criteria for Categories 1 and
2.

                     Special Servicing Loans

                       0% of the loan pool

Moody's received relevant information such as PM reports and rent
rolls.  Accordingly, Moody's estimated recovery stress in the
range of 11% to 21% and 15% for the weighted average (excluding
the specially serviced loans), in light of these factors.

1) Rents and occupancy rates, among others, for some of properties
are less than originally assumed.

2) 6% of the Loans is a liquidating loan.  The rating actions
reflect the changes made to Moody's scenario, which take into the
account the progress of property disposition as well as the types
of property.


GODO KAISHA: Moody's Changes Ratings on Class B to D Notes
----------------------------------------------------------
Moody's Investors Service has changed the ratings for the Class B
through D Notes issued by Godo Kaisha JLOC36,. The notes will
mature in February 2016.

The individual rating actions are listed below.

  -- Class B, confirmed at Aa2; previously, Aa2 placed under
     review for possible downgrade on April 14, 2009

  -- Class C1 and Class C2, downgraded to Baa1 from A2;
     previously, A2 placed under review for possible downgrade on
     January 16, 2009

  -- Class D, downgraded to Caa1 from B2; previously, downgraded
     to B2 from Baa2 and placed under review for possible
     downgrade on April 28, 2009

JLOC36, effected in May 2007, represents the securitization of 34
non-recourse loans.

Moody's has updated its key surveillance assumptions for the
monitoring of Japanese CMBS ratings and on April 14, 2009, started
reviewing for possible downgrade 228 tranches in 50 Japanese CMBS
deals.

As a result, the number of tranches on review for possible
downgrade comes to 339, in 57 deals -- including deals that had
already been on review for possible downgrade.  This is one of the
transactions that had been placed under review because of the
update.

In light of Japan's current liquidity crisis, Moody's is concerned
that refinancing possibilities for existing CMBS borrowers are
declining precipitously, and that real estate prices will remain
stressed.

Moody's is thus applying higher stress to its recovery assumptions
for those loans that are more likely to default than in normal
market conditions.  To incorporate this influence into its CMBS
ratings, Moody's has classified all CMBS loans into three
categories -- plus special servicing loans -- according to the
likelihood of refinancing.

Moody's has also re-evaluated recovery assumptions for other loans
that are not characterized as having a high likelihood of default,
based on collateral performance such as rents and occupancy rates.

                         Category 1 Loans

                       0% of the loan pool

Moody's considers these loans as having a high likelihood of
refinancing based on (1) the sponsor's characteristics, (2) the
quality of the collateral, and (3) the amount of leverage.

                         Category 2 Loans

                       17% of the loan pool

Moody's considers these loans as having a high likelihood of
default, based on the sponsor's characteristics and the short
period until maturity.

                         Category 3 Loans

                      69% of the loan pool

These are loans that do not fit the criteria for Categories 1 and
2.

                     Special Servicing Loans

                       14% of the loan pool

Moody's received relevant information such as PM reports and rent
rolls.  Accordingly, recovery stress ranges from 8% to 23% and is
estimated at 14% for the weighted average (excluding the specially
serviced loans), reflecting these factors.

1) Five loans are now classified as "Specially Serviced Loans."
   Given the location and type of properties, recovery of these
   loans will likely be hampered by the stressed environment for
   the commercial real estate market.

2) Rents and occupancy rates, among others, for some of properties
   are less than originally assumed.


ELPIDA MEMORY: Taiwan Memory Plans to Buy Less 10% Stake in Firm
----------------------------------------------------------------
Taiwan Memory Co., a memory-chip company set up by the Taiwan
government, plans to buy "less than" a 10 percent stake in Japan's
Elpida Memory Inc., Chinmei Sung at Bloomberg News reports citing
a government official.

"The investment will take place after the venture is formed,
possibly in September," Bloomberg News quoted Woody Duh, head of
the Industrial Development Bureau in Taiwan's Ministry of Economic
Affairs, as saying.  Mr. Duh said Taiwan Memory plans to submit
its business plan to the National Development Fund for less than
NT$10 billion (US$305 million) of startup capital next month, the
report relates.

As reported in the Troubled Company Reporter-Asia Pacific on
April 3, 2009, Bloomberg News said Elpida may consider selling a
stake of about 10 percent to Taiwan Memory after the state-led
semiconductor company named it as its technology partner.  Elpida
is considering a private stock placement and may ask Taiwan Memory
to underwrite preferred shares and loans, Kumi Higuchi, an Elpida
spokeswoman, told Bloomberg News by telephone.

Taiwan Memory, which was set up by the island's government to
rescue the country's US$23.6 billion industry, will develop
dynamic random access memory with Elpida and will jointly own
intellectual property rights to new technologies, the Troubled
Company Reporter-Asia Pacific reported on April 3, 2009, citing
the Bloomberg News.

                       5th Quarterly Loss

As reported in the TCR-AP on Feb. 10, 2009, Elpida posted its
fifth straight quarterly loss after "an accelerated fall in
consumer spending, manufacturing adjustments and higher rates of
unemployment resulting from the intensified financial crisis
worsened global economy drastically in the third quarter."

The company's net loss for the third quarter ended Dec. 31, 2008,
widened to JPY72.3 billion (US$795 million) from JPY12.1 billion
in the same period in 2007.

Sales dropped 34 percent to JPY61.8 billion from JPY94.0 billion.

The company incurred gross losses of JPY42.9 billion (compared
with an JPY8 billion  loss in the previous quarter) and operating
losses of JPY57.9 billion (a JPY24.5 billion yen loss in the
previous quarter) since selling prices continued to run well below
manufacturing costs and the yen grew stronger, Elpida said in a
Feb. 6 statement.

Ordinary losses came to JPY66.1 billion (a JPY30.3 billion loss in
the previous quarter) partly due to equity method investment
losses of JPY7.4 billion that mainly concerned Rexchip Electronics
Corporation ("Rexchip").

An extraordinary loss of JPY5.4 billion in connection with an
accrued provision to cover litigation settlement costs was a
factor in a net loss of JPY72.3 billion (a JPY31.9 billion loss in
the previous quarter).

                        Rating Downgrade

As reported in the TCR-Asia Pacific on Feb. 23, 2009, Standard &
Poor's Ratings Services lowered to 'B+' from 'BB-' its long-term
corporate credit and senior unsecured ratings on Elpida Memory
Inc., and placed the ratings on CreditWatch with negative
implications.

According to the rating agency, the downgrade and CreditWatch
placement reflect the material weakening of the company's
financial soundness, due to continued losses stemming from
deteriorating market conditions and uncertainty over the company's
short-term liquidity.

                          About Elpida

Elpida Memory Inc. (TYO:6665) -- http://www.elpida.com/ja/-- is a
Japan-based company principally engaged in the development,
design, manufacture and sale of semiconductor products, with a
focus on dynamic random access memory (DRAM) silicon chips.  The
main products are DDR3 SDRAM, DDR2 SDRAM, DDR SDRAM, SDRAM, Mobile
RAM and XDR DRAM, among others.  The Company distributes its
products to both domestic and overseas markets, including the
United States, Europe, Singapore, Taiwan, Hong Kong and others.
The company has eight subsidiaries and two associated companies.


L-JAC6 TRUST: Moody's Changes Ratings on Various Certificates
-------------------------------------------------------------
Moody's Investors Service has changed the ratings for the Class B-
1 through G-1 trust certificates issued by L-JAC6 Trust.  The
final maturity of the trust certificates will take place in
October 2016.

The individual rating actions are listed below.

  -- Class B-1, confirmed at Aa2; previously, Aa2 placed under
     review for possible downgrade on April 14, 2009

  -- Class C-1, downgraded to A3 from A2; previously, A2 placed
     under review for possible downgrade on April 14, 2009

  -- Class D-1, downgraded to Baa3 from Baa2; previously, Baa2
     placed under review for possible downgrade on April 14, 2009

  -- Class E-1, downgraded to Ba2 from Baa3; previously, Baa3
     placed under review for possible downgrade on April 14, 2009

  -- Class F-1, downgraded to Ba3 from Ba1; previously, Ba1 placed
     under review for possible downgrade on April 14, 2009

  -- Class G-1, downgraded to B1 from Ba2; previously, Ba2 placed
     under review for possible downgrade on April 14, 2009

L-JAC6 Trust, effected in November 2007, represents the
securitization of two non-recourse loans.

Moody's has updated its key surveillance assumptions for the
monitoring of Japanese CMBS ratings and on April 14, 2009, started
reviewing for possible downgrade 228 tranches in 50 Japanese CMBS
deals.

As a result, the number of tranches on review for possible
downgrade comes to 339, in 57 deals -- including deals that had
already been on review for possible downgrade.  This is one of the
transactions that had been placed under review because of the
update.

In light of Japan's current liquidity crisis, Moody's is concerned
that refinancing possibilities for existing CMBS borrowers are
declining precipitously, and that real estate prices will remain
stressed.

Moody's is thus applying higher stress to its recovery assumptions
for those loans that are more likely to default than in normal
market conditions.  To incorporate this influence into its CMBS
ratings, Moody's has classified all CMBS loans into three
categories -- plus special servicing loans -- according to the
likelihood of refinancing.

Moody's has also re-evaluated its recovery assumptions for other
loans that are not characterized as having a high likelihood of
default, based on collateral performance such as rents and
occupancy rates.

                         Category 1 Loans

                       0% of the loan pool

Moody's considers these loans as having a high likelihood of
refinancing based on (1) the sponsor's characteristics, (2) the
quality of the collateral, and (3) the amount of leverage.

                         Category 2 Loans

                       84% of the loan pool

Moody's considers these loans as having a high likelihood of
default, based on the sponsor's characteristics and the short
period until maturity.

                         Category 3 Loans

                      16% of the loan pool

These are loans that do not fit the criteria for Categories 1 and
2.

                     Special Servicing Loans

                       0% of the loan pool

Moody's received relevant information such as PM reports and rent
rolls.  Accordingly, Moody's estimated recovery stress in the
range of 7% to 12% and 11% for the weighted average in light of
these factors.

1) 84% of the loan portfolio will mature in 2010.  Loans that will
need to be refinanced in a stressed market account for a higher
percentage of the loan pool.


MEDCA JAPAN: JCR Withdraws "BB-" Rating on Senior Debts
-------------------------------------------------------
Japan Credit Rating Agency Ltd. ("JCR") has withdrawn the
#BB-/Negative rating on senior debts of Medca Japan Co. Ltd. at
the request of the company.

Medca Japan Co. Limited is a Japan-based company mainly engaged
in the medical business.  The company operates in four business
segments.  The Nursing Care segment provides home care services,
as well as operates and maintains care centers and long-stay
centers.  The Clinical Examination segment is engaged in the
provision of clinical examinations, as well as the collection
and distribution of blood and urinal examination materials.  The
Product Sales segment offers medical equipment and consumable
medical supplies to nursing care and medical institutions.  The
Others segment is involved in the leasing of real estate; the
provision of medical waste transportation from medical
institutions; the operation and management of hotels and hot
springs, as well as the operation and management of condominiums
for elderly people.  Headquartered in Saitama Prefecture, the
company has nine subsidiaries and six associated companies.


ORSO FUNDING: Moody's Changes Ratings on Various 2005-2 Certs.
--------------------------------------------------------------
Moody's Investors Service has changed the ratings for the Class B
through G Trust Certificates issued by Orso Funding CMBS 2005-2
Trust.  The final maturity of the trust certificates will take
place in July 2012.

The individual rating actions are listed below.

  -- Class B, confirmed at Aa2; previously, Aa2 placed under
     review for possible downgrade on April 14, 2009

  -- Class C, downgraded to A3 from A2; previously, A2 placed
     under review for possible downgrade on April 14, 2009

  -- Class D, downgraded to Baa3 from Baa2; previously, Baa2
     placed under review for possible downgrade on April 14, 2009

  -- Class E, downgraded to Ba3 from Ba2; previously, Ba2 placed
     under review for possible downgrade on April 14, 2009

  -- Class F, downgraded to B1 from Ba3; previously, Ba3 placed
     under review for possible downgrade on April 14, 2009

  -- Class G, downgraded to B2 from B1; previously, B1 placed
     under review for possible downgrade on April 14, 2009

Orso Funding CMBS 2005-2 Trust, effected in July 2005, represents
the securitization of non-recourse loans and specified bonds to
seven borrowers.  The transaction is currently secured by two non-
recourse loans.

Moody's has updated its key surveillance assumptions for the
monitoring of Japanese CMBS ratings and on April 14, 2009, started
reviewing for possible downgrade 228 tranches in 50 Japanese CMBS
deals.

As a result, the number of tranches on review for possible
downgrade comes to 339, in 57 deals -- including deals that had
already been on review for possible downgrade.  This is one of the
transactions that had been placed under review because of the
update.

In light of Japan's current liquidity crisis, Moody's is concerned
that refinancing possibilities for existing CMBS borrowers are
declining precipitously, and that real estate prices will remain
stressed.

Moody's is thus applying higher stress to its recovery assumptions
for those loans that are more likely to default than in normal
market conditions.  To incorporate this influence into its CMBS
ratings, Moody's has classified all CMBS loans into three
categories -- plus special servicing loans -- according to the
likelihood of refinancing.

Moody's has also re-evaluated recovery assumptions for other loans
that are not characterized as having a high likelihood of default,
depending on a necessity based on collateral performance such as
rents and occupancy rates.

                         Category 1 Loans

                       0% of the loan pool

Moody's considers these loans as having a high likelihood of
refinancing based on (1) the sponsor's characteristics, (2) the
quality of the collateral, and (3) the amount of leverage.

                         Category 2 Loans

                      100% of the loan pool

Moody's considers these loans as having a high likelihood of
default, based on the sponsor's characteristics and the short
period until maturity.

                         Category 3 Loans

                       0% of the loan pool

These are loans that do not fit the criteria for Categories 1 and
2.

                     Special Servicing Loans

                       0% of the loan pool

Moody's received relevant information such as PM reports and rent
rolls.  Accordingly, Moody's estimated recovery stress in the
range of 8% to 10% and 9% for the weighted average, in light of
these factors.

1) Given stressed environment for the commercial real estate
   market, the properties are likely to be less attractive to
   potential buyers in terms of property type and location.

2) 100% of the loan portfolio will mature in 2010.  Loans that
   will need to be refinanced in a stressed market account for a
   higher percentage of the loan pool.

Moody's Investors Service is a publisher of rating opinions and
research.  It is not involved in the offering or sale of any
securities, nor is it acting on behalf of the offering party.
This release is not a solicitation or a recommendation to buy,
hold, or sell securities.


* JAPAN: Two Securities Firms Go Under, Sell Unlisted Shares
------------------------------------------------------------
Two unregistered securities firms in Tokyo have gone under after
selling unlisted shares for about JPY20 billion to several
thousand investors nationwide since 2003, Kyodo News reports
citing lawyers and former employees of the brokerage houses.

According to the report, the lawyers and former employees said
that the two firms and their affiliates solicited purchases of
unlisted shares in various venture companies over the phone,
saying the shares would be listed and their prices would go up in
the future.  Those who purchased the shares suffered massive
losses because none of the stocks were listed, they said.

The lawyers and former employees, as cited by the news agency,
said the two securities firms were established in 2003 by the same
person and headquartered in the same building in Tokyo's Minato
Ward, with branch offices located in Sendai, Osaka and Fukuoka.

One of the companies continued operations until around 2006 but
can no longer be found in the building where its headquarters is
registered, while the other one has been undergoing bankruptcy
procedures since May, Kyodo News says.


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


PECD BERHAD: Perkasa Sutera Serves Windup Petition Against Unit
---------------------------------------------------------------
PECD Berhad said a winding up petition has been served against
PECD Jaya Engineering Sdn. Bhd. by Perkasa Sutera Sdn. Bhd.

PECD Jaya Engineering Sdn. Bhd. is a 70 percent subsidiary of PECD
Jaya Holdings Sdn. Bhd., which is a wholly owned subsidiary of the
company.

On February 27, 2009, PECD Berhad discloses, PECD Jaya received a
notice from Perkasa Sutera's solicitors, Messrs. Shearn Delamore &
Co., demanding payment of MYR1,725,613.97 being monies allegedly
due and owing vide a judgement dated May 26, 2008, in Kuala Lumpur
High Court Civil Suit No. D1-22-1170-2007.

The winding up petition was presented at the Shah Alam High Court
MT5-28-70-2009 on March 24, 2009.  The winding up petition is
fixed for hearing on July 21, 2009.

PECD Berhad's total costs of investment in PECD Jaya is
MYR2,000,002.00.

Most debts accumulated by PECD Jaya Engineering are largely owed
by PECD Jaya and its associated company, Arif Cerah Sdn. Bhd.
("ACSB").  ACSB is the wholly-owned subsidiary of PECD Jaya and a
winding-up order has been made against ACSB and the Official
Receiver has been appointed as the liquidator.  ACSB together with
PECD Jaya has filed suit against Putrajaya Holdings Sdn. Bhd. for
amount due and owing under Precinct 11 development.

                        About PECD Berhad

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

                         *     *     *

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


RANHILL BERHAD: To Hold Extraordinary General Meeting on June 25
----------------------------------------------------------------
Ranhill Berhad will hold an extraordinary general meeting
on June 25, 2009, at 2:30 p.m., at Concorde Ballroom, Lobby Level,
Concorde Hotel Kuala Lumpur, No. 2 Jalan Sultan Ismail, in
Kuala Lumpur.

At the meeting, the members will be asked to:

   -- approve the proposed disposal by SAJ Holdings Sdn Bhd,
      an indirect subsidiary of Ranhill Berhad, of its water
      assets and corresponding liabilities to Pengurusan Aset
      Air Berhad, a company wholly owned by the Minister of
      Finance Incorporated pursuant to the National Water
      Services Industry Restructuring Initiatives; and

   -- approve new shareholders' mandate for additional
      recurrent related party transactions of a revenue
      or trading nature.

                       About Ranhill Berhad

Ranhill Berhad is a Malaysia-based company.  The company is
engaged in the business of investment holding, provision of
management services to its subsidiaries, and provision of
engineering, procurement and construction services.  It is engaged
in the provision of engineering and construction services, as well
as asset management and ownership, with focus on power, utilities
and other infrastructure and resource assets.  It has also
undertaken oil and gas exploration, development and production
activities.  Ranhill Berhad is organized into four business
segments: EPC & EPCM/PMC, power generation, transmission and
distribution, water and others.  In January 2008, the company
acquired a dormant company, Ranhill Global Systems Sdn Bhd, making
it a wholly owned subsidiary of the company.  On June 20, 2008,
the company disposed its entire equity interest in Bumi
Parahyangan Ranhill Energi Citarum Pte Ltd and BPE became a 72.72%
subsidiary of the Company through West Java Energy Pte Ltd (WJE).

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
March 26, 2009, Fitch Ratings affirmed Ranhill Berhad's Long-term
foreign currency Issuer Default rating at 'B'.  The Outlook is
Stable.  At the same time, the agency has affirmed the 'B-' (B
minus) senior unsecured rating on the US$220 million notes due
2011 issued by Ranhill (L) Limited and guaranteed by Ranhill and
its subsidiaries.

On Dec. 11, 2008, the TCR-AP reported that Standard & Poor's
Rating Services affirmed the 'B' corporate credit rating on
Malaysia-based Ranhill Bhd and removed it from CreditWatch with
negative implications.  The outlook is negative.


RHYTHM CONSOLIDATED: Penang Dev't. Okays Proposed Asset Disposal
----------------------------------------------------------------
AmInvestment Bank, on behalf of Rhythm Consolidated Berhad,
disclosed that the Penang Development Corporation had no objection
to the transfer of the property to UPP Paper Industries Sdn Bhd.

The proposed disposal of the property, comprising of a piece of
land held under HS(d) No. 16472, Lot No. 3839 (previously known as
Lot No. PT 184), Mukim 13, Daerah Seberang Perai Tengah, Negeri
Pulau Pinang together with an industrial complex erected, to UPP
Paper for a cash consideration of MYR7 million is subject to final
approval of the State Authority (Pihak Berkuasa Negeri) and the
Department Of Environment (Jabatan Alam Sekitar).

Based in Malaysia, Rhythm Consolidated Bhd is an investment
holding company.  The Company operates in five business segments:
publishing, trading and distribution of books, paper stationery,
printing paper and instruction manuals; manufacturing of music
books, novels, educational books and paper stationery; import,
wholesale and retail of paper products; marketing of diaries,
organizers, leather and polyvinyl chloride (PVC) folders, wallets,
bags, rain coats and others, and information and communication
technology, which includes credit cards terminal development and
solutions, and system application developer and system support.
During the fiscal year ended June 30, 2007 (fiscal 2007), the
Company acquired an additional 15% of interest in its associated
company namely, Rhythm ICT Services Sdn. Bhd., formerly known as
IQ Card Services Sdn Bhd, (ICT).  As a result, the Company owns
55% interest in ICT, and ICT became a subsidiary of the Company.

                      *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
May 1, 2009, Rhythm Consolidated Berhad was considered as an
Affected Listed Issuer under Practice Note No. 17/2005 of the
Bursa Malaysia Securities Berhad as the company was unable to
provide a solvency declaration to Bursa as per the announcement of
default in payment by Monosetia Sdn Bhd.


RHYTHM CONSOLIDATED: Reconciles Deviation of Financial Results
-----------------------------------------------------------
Rhythm Consolidated Berhad advised Bursa Malaysia Securities
Berhad that there was a variance of more than 10 percent in the
unaudited fourth quarterly report ended June 30, 2008, compared to
the audited Financial Statements for the year ended June 30, 2008.

The reconciliation of the deviation and the explanations are set
out in this table:

              Unaudited  Adjustment    Audited
              Results                  Results   Variance Variance
              MYR'000     MYR'000      MYR'000    MYR'000    %
              -------    ----------    -------   -------- --------

Revenue       23,386    (2,406)       20,980    (2,406)    10

Profit/(Loss) (8,639)   (18,896)     (27,535)  (18,896)   218

Profit/(Loss) (8,548)   (19,220)     (27,768)  (19,060)   219
              --------  -----------    -------   -------- --------


The variance in loss after taxation is due to:

                                                          MYR'000
                                                          -------

(a) Allowance for impairment of property, plant and      3,583
     equipment of RM3.58 million which was mainly
     due to the adjustments put through to reflect
     the estimated recoverable amount as a result of

  (i) the proposed disposal of a plot of industrial
      land held under Lot No. PT184 (New Lot No. 3839)
      HS(D) No. 16472, Mukim 13, Province Wellesley
      Central, Penang together with the factory cum
      office building and warehouse erected thereon
      for a  cash consideration of RM7.00 million.
      The Company had entered into a conditional sale
      and purchase agreement on February 25, 2009,
      which is subsequent to the financial year;

(ii) certain machinery under hire-purchase
      arrangements were repossessed and disposed
      off by the lending institutions subsequent
      to the financial year end.

(b) Inventories written off of RM4.70 million which       4,701
     was mainly due to additional write off during
     the audit process.

(c) Allowance for doubtful debts and bad debts            4,466
     written off of MYR1.18 million and MYR3.29 million
     respectively which was mainly due to addition
     provision/written off during the audit process.

(d) Impairment of goodwill of MYR1.28 million which       1,282
     was mainly due to the immediate recognition of
     all unamortized balance of goodwill arising from
     the acquisition of additional equity of Rhythm
     ICT Sdn Bhd in previous year after taking into
     consideration the legal cases against Rhythm ICT
     Sdn Bhd initiated subsequent to financial year
     end.

(e) Project revenue over recognised of MYR1.89 million    1,421
     and project cost over taken up of MYR0.47 million.

(f) Property, plant and equipment written off of          1,219
     MYR1.22 million which was mainly due to the asset
     review exercise carried-out during the audit
     process.

(g) Others items.                                         2,548
---------------------------------------------------      -------
     Total                                                19,220

                   About Rhythm Consolidated

Based in Malaysia, Rhythm Consolidated Bhd is an investment
holding company.  The Company operates in five business segments:
publishing, trading and distribution of books, paper stationery,
printing paper and instruction manuals; manufacturing of music
books, novels, educational books and paper stationery; import,
wholesale and retail of paper products; marketing of diaries,
organizers, leather and polyvinyl chloride (PVC) folders, wallets,
bags, rain coats and others, and information and communication
technology, which includes credit cards terminal development and
solutions, and system application developer and system support.
During the fiscal year ended June 30, 2007 (fiscal 2007), the
Company acquired an additional 15% of interest in its associated
company namely, Rhythm ICT Services Sdn. Bhd., formerly known as
IQ Card Services Sdn Bhd, (ICT).  As a result, the Company owns
55% interest in ICT, and ICT became a subsidiary of the Company.

                      *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
May 1, 2009, Rhythm Consolidated Berhad was considered as an
Affected Listed Issuer under Practice Note No. 17/2005 of the
Bursa Malaysia Securities Berhad as the company was unable to
provide a solvency declaration to Bursa as per the announcement of
default in payment by Monosetia Sdn Bhd.


TIME ENGINEERING: Completes MYR342-Million Loan Stock Issuance
--------------------------------------------------------------
Public Investment Bank Berhad disclosed that TIME Engineering
Berhad has completed the issuance of 712,500,000 nominal value
redeemable secured loan stocks at MYR0.48 each totaling
MYR342,000,000 ("TIME RSLS") pursuant to the Debt Restructuring in
accordance with the principal terms and conditions which were
approved by the Securities Commission (Private Debt Securities) on
March 16, 2009.

The TIME RSLS was issued as settlement for the company's
outstanding term loan facilities owing to Bank Pembangunan
Malaysia Berhad ("BPMB") as prescribed by the Debt Restructuring
Agreement and the RSLS Subscription Agreement entered into between
the company and BPMB on February 27, 2009.

The TIME RSLS will be for a period of up to seven (7) years
commencing on and including the date of issue and shall mature on
December 31, 2015, unless earlier redeemed by the company in
accordance with the provisions of the terms and conditions
attached to the TIME RSLS.

The TIME RSLS was implemented pursuant to the Debt Restructuring
and this forms part of the proposals within the Proposed
Restructuring Exercise of the company.

Time Engineering Berhad is an investment holding company engaged
in information technology, telecommunications and engineering
services.  The company operates through three segments.  The
information communication technology segment is engaged in the
supply, delivery, installation, testing, commissioning and
maintenance of teaching aids equipment; development, management
and provision of business to business e-commerce, and
computerized transaction facilitation services; provision of
media and electronic communications services; provisioning of
managed and Internet-related services, and total systems
integrators and information technology consultancy.  The
telecommunication segment is engaged in the provision of
telecommunications, Internet and multimedia facilities, and
services of an associate.  The others segment is engaged in the
supply, installation and maintenance of engineering and other
equipment for expressways, telecommunications network and other
general engineering works.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
May 9, 2008, Time Engineering Berhad was considered as an
affected listed issuer of the Practice Note No. 17/2005 of Bursa
Malaysia Securities Berhad as the auditors have expressed a
modified opinion on the company's going concern status and on
its shareholders' equity, which is less than 50% of its total
issued and paid-up share capital.


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

GENEVA FINANCE: Posts NZ$6.99MM Loss for the Year Ended March 31
----------------------------------------------------------------
Geneva Finance Limited disclosed in a regulatory filing with NZX
its financial result for the year ended March 31, 2009.

The company reported a NZ$6.99 million net loss for the year ended
March 31, 2009, compared with a NZ$7.9 million net loss reported
in 2008.  Revenue was down 14 percent to NZ$38.75 million.

Geneva said it delivered an audited pretax profit of NZ$636,000 in
the last six months.  This return to profit is a function of the
benefits of the improved business model and the acquisitions of
both Stellar Collections Limited and Quest Insurance Group Limited
during the course of the year.

                   Restructuring and Rebuilding

The finance company said that during the last twelve months the
company's focus has been on bedding down the new procedures and
systems, as well as making ongoing improvements to its business
model.  Further reductions in head count have been achieved and
the business has now lowered overhead costs by approximately
NZ$12.7 million per annum.

                       Capital Reconstruction

Since approval of the capital reconstruction in May 2008, the
company has met all its obligations under that proposal, including
the repayment of NZ$48.0 million principal to stockholders
together with interest in full at each month end.

                        Revised Forecasts

Geneva said it revised its forecasts for the periods to March 31,
2011, which was disclosed in its capital reconstruction document,
due the severity of the world-wide recession.

The company forecast a tax-paid profit of NZ$1.5 million in the
year to March 31, 2010, down from the previous forecast of
NZ$3.25 million.  The company also forecast tax-paid profit of
NZ$2.62 million for March 31, 2011, down from NZ$3.36 million.

Geneva Finance Limited -- http://www.genevafinance.co.nz/--
provides finance and financial services to the consumer credit
and small to medium business markets.  The company provides hire
purchase finance and personal loans secured by registered
security interests over personal assets such as motor vehicles,
household goods and residential property.  Geneva Finance's
loans are originated through three distribution channels
(Direct, Retail and Dealer), processed by the central sales desk
and mobile sign-up managers then administered through a national
operations centre located at Mt Wellington, Auckland.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
May 1, 2008, Standard & Poor's Ratings raised its long-term
counterparty credit rating on New Zealand finance company Geneva
Finance Ltd. (Geneva) to 'CCC' from 'CC'.  The three-rating-
notch upgrade follows Geneva debtholders' acceptance of a
recapitalization and new funding proposal, and Geneva's banker
support to the proposal.  The proposal will provide more funding
certainty in the short term, and will materially strengthen the
company's capitalization.   At the same time, the rating was
removed from CreditWatch with developing implications, where it
was initially placed on November 5, 2007.  The outlook on the
rating is negative.


PLUS SMS: Clarifies Directors' Resignation, Shares Still Suspended
------------------------------------------------------------------
Plus SMS Holdings Ltd said that some of the directors resignations
announcements released on June 11, 2009, were results of error and
miscommunication.

In a statement to the stock exchange, the company said "the market
was erroneously advised that Mr. Robert K. Hunter had resigned
from the Board of Directors.  Mr. Hunter did not table his
resignation from the Board and his position as Chairman remains
unaltered."

The company also said Mr. Murray Allot and Mr. Clive Thomas remain
as directors of the company.

"The Board has been unable to contact Mr. Hans Hawinkles at this
point in time and further information will be provided when his
position is clarified."

Trading in Plus SMS shares remains suspended until the company can
proved that it has an appropriate corporate governance structures
in place to ensure compliance with the NZAX Listing Rules and to
prevent such an error occurring again.

As reported in the Troubled Company Reporter-Asia Pacific on
June 12, 2009, Plus SMS disclosed that Murray G Allott and Robert
K. Hunter have resigned as directors of the company, effective
June 11, 2009.  In a separate stock exchange statement, Plus SMS
said company director Hans Hawinkels also tendered his resignation
as director effective immediately.

The National Business Review reported that excluding recently
announce departures, company Office records show Plus SMS has 11
former directors since 2000.  The NZAX-listed company has
farewelled its chief commercial officer, chief executive and chief
financial officer in the last year and has been in dispute with a
founder, the report noted.

Plus SMS Holdings Ltd. (NZX: PLS) -- http://www.cre-eight.com/
-- along with its subsidiaries, is principally engaged in the
provision of mobile entertainment and network services.  Some of
its wholly owned subsidiaries include CRE8 Limited, which is
engaged in content and network services; Content Technology, S A
De C V, which is engaged in content services, and CRE8
Consultoria, which is engaged in administration services.

                         *     *     *

The company incurred three consecutive net losses of NZ$6.96
million, NZ$11.89 million, and NZ$4.49 million for the financial
years ended March 31, 2008, 2007 and 2006, respectively.


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


METRO BANK: Fitch Affirms 'B' Foreign Currency IDR
--------------------------------------------------
Fitch Ratings has affirmed the ratings of Metropolitan Bank and
Trust Company, Security Bank Corporation, Philippine National Bank
and Allied Banking Corporation.  The full list of rating actions
is included at the end of the release.

Fitch believes that while difficult macroeconomic conditions in
the Philippines are likely to result in weaker financial
performance for the banking sector, such risks appear reasonably
supported by the banks' capital positions in view of system-wide
Tier 1 CAR of around 12%.  Importantly, the agency believes that
operating-environment-related risks are still generally reflected
in the banks' modest to weak Individual Ratings as well as low
Issuer Default Ratings.

Metro Bank's ratings are premised on its modest balance sheet and
profitability, and its size as the second largest Philippine bank.
Impairment risks may stem from the bank's lowly-reserved
foreclosed properties due to declining property prices, and a
deterioration in loan quality amid difficult market conditions.
However, its moderate capital position may help cushion the impact
of asset quality issues and hence the Rating Outlook is on balance
still Stable.

Security Bank's ratings reflect its vulnerability arising from a
concentrated loan book, although this is mitigated by its prudent
reserve levels, adequate profitability and capitalization.  The
bank may be susceptible to new large corporate NPLs although this
is offset by the fact that its corporate loan exposure was mostly
to large top-tier institutions.  In addition, Fitch notes that the
bank has prudently set aside reserves for concentration risks.  As
such, the Outlook continues to be Stable.

PNB's Individual Rating is based on the bank's weak balance sheet
strength and limited profitability.  Even after merging with
Allied Bank (which is pending regulatory clearance), the financial
profile of the merged entity still appears inferior to its peers,
although somewhat healthier than on a standalone basis.  Indeed,
as a proportion of total assets at end-2008, problematic assets
were around 14% for PNB and 10% on a pro-forma basis (after
including Allied Bank).  As such, its core equity, although
estimated to remain above average at around 9%-10% of total
assets, appears susceptible to capital impairment risks as
indicated in its low Individual Rating.

Allied Bank's Individual Rating reflects a relatively better
standalone risk profile than PNB's thanks to improved balance
sheet strength, although there are some risks of loan
concentration and weak profitability.  However, the downward
pressure on its rating appears to have increased given the
difficult operating environment and the bank's impending merger
with a relatively weaker entity.

The full list of rating actions on the Philippine banks is:

  -- Metro Bank: Long-term foreign currency IDR at 'BB', Short-
     term foreign currency IDR at 'B', Individual at 'D', Support
     at '3', Support Rating Floor at 'BB-' and rating on hybrid
     Tier 1 at 'B'.  The Outlook is Stable.

  -- Security Bank: Long-term foreign and local currency IDRs at
     'BB', Short-term foreign currency IDR at 'B', National Long-
     term Rating at 'AA-(phl)', Individual at 'D', Support at '4',
     Support Rating Floor at 'B+', National Rating on subordinated
     notes at 'A+(phl)'.  The Outlook is Stable.  Meanwhile, the
     local currency 'BB-' rating on the subordinated notes is
     affirmed and withdrawn.

  -- PNB: Individual 'D/E' and Support '3'.

  -- Allied Bank: Individual 'D' and Support '4'.


SECURITY BANK: Fitch Affirms 'B' Short-Term Foreign Currency IDR
----------------------------------------------------------------
Fitch Ratings has affirmed the ratings of Metropolitan Bank and
Trust Company, Security Bank Corporation, Philippine National Bank
and Allied Banking Corporation.  The full list of rating actions
is included at the end of the release.

Fitch believes that while difficult macroeconomic conditions in
the Philippines are likely to result in weaker financial
performance for the banking sector, such risks appear reasonably
supported by the banks' capital positions in view of system-wide
Tier 1 CAR of around 12%.  Importantly, the agency believes that
operating-environment-related risks are still generally reflected
in the banks' modest to weak Individual Ratings as well as low
Issuer Default Ratings.

Metro Bank's ratings are premised on its modest balance sheet and
profitability, and its size as the second largest Philippine bank.
Impairment risks may stem from the bank's lowly-reserved
foreclosed properties due to declining property prices, and a
deterioration in loan quality amid difficult market conditions.
However, its moderate capital position may help cushion the impact
of asset quality issues and hence the Rating Outlook is on balance
still Stable.

Security Bank's ratings reflect its vulnerability arising from a
concentrated loan book, although this is mitigated by its prudent
reserve levels, adequate profitability and capitalization.  The
bank may be susceptible to new large corporate NPLs although this
is offset by the fact that its corporate loan exposure was mostly
to large top-tier institutions.  In addition, Fitch notes that the
bank has prudently set aside reserves for concentration risks.  As
such, the Outlook continues to be Stable.

PNB's Individual Rating is based on the bank's weak balance sheet
strength and limited profitability.  Even after merging with
Allied Bank (which is pending regulatory clearance), the financial
profile of the merged entity still appears inferior to its peers,
although somewhat healthier than on a standalone basis.  Indeed,
as a proportion of total assets at end-2008, problematic assets
were around 14% for PNB and 10% on a pro-forma basis (after
including Allied Bank).  As such, its core equity, although
estimated to remain above average at around 9%-10% of total
assets, appears susceptible to capital impairment risks as
indicated in its low Individual Rating.

Allied Bank's Individual Rating reflects a relatively better
standalone risk profile than PNB's thanks to improved balance
sheet strength, although there are some risks of loan
concentration and weak profitability.  However, the downward
pressure on its rating appears to have increased given the
difficult operating environment and the bank's impending merger
with a relatively weaker entity.

The full list of rating actions on the Philippine banks is:

  -- Metro Bank: Long-term foreign currency IDR at 'BB', Short-
     term foreign currency IDR at 'B', Individual at 'D', Support
     at '3', Support Rating Floor at 'BB-' and rating on hybrid
     Tier 1 at 'B'.  The Outlook is Stable.

  -- Security Bank: Long-term foreign and local currency IDRs at
     'BB', Short-term foreign currency IDR at 'B', National Long-
     term Rating at 'AA-(phl)', Individual at 'D', Support at '4',
     Support Rating Floor at 'B+', National Rating on subordinated
     notes at 'A+(phl)'.  The Outlook is Stable.  Meanwhile, the
     local currency 'BB-' rating on the subordinated notes is
     affirmed and withdrawn.

  -- PNB: Individual 'D/E' and Support '3'.

  -- Allied Bank: Individual 'D' and Support '4'.


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


CHARTERED SEMICONDUCTOR: Temasek Seeks Better Offer for Stake
-------------------------------------------------------------
Temasek Holding Pte. Ltd. wants a better offer for its controlling
stake in Chartered Semiconductor Manufacturing Ltd. than the one
it got from Abu Dhabi-owned Advanced Technology Investment Co.,
Dow Jones Newswires reports citing two people familiar with the
situation.

According to the report, one of the people said Temasek, which
holds 62.33% stake in Chartered, is "still considering the Arab
offer, but there are no talks right now."  The source, as cited by
Dow Jones, noted the company feels it can get a better offer.

Dow Jones, citing two people familiar with the situation, said
that in late May ATIC had offered to buy Temasek's stake in
Singapore chip foundry Chartered at about SG$2.50 a share, valuing
the company at around SG$2.35 billion.

The report recalls that the company said in a statement at the
time that it received no bid from ATIC, but added that it engages
various parties in talks for business opportunities or strategic
direction.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 2, 2009, for the year ended December 31, 2008, Chartered Semi
incurred a net loss of US$92.6 million compared to a net income of
US$101.7 million in 2007.

As reported in the Troubled Company Reporter-Asia Pacific on
April 21, 2009, Moody's Investors Service confirmed the Ba2
corporate family and senior unsecured bond ratings of Chartered
Semiconductor.  The rating outlook is negative.

On March 12, 2009, the TCR-AP reported that Fitch Ratings
downgraded Chartered Semiconductor's Long-term foreign currency
Issuer Default rating and outstanding senior unsecured debt to
'BB-' (BB minus) from 'BB+'.  The Outlook has been revised to
Negative from Stable.

A TCR-AP report on Feb. 27, 2009, said Standard & Poor's Ratings
Services lowered its long-term corporate credit rating on
Chartered Semiconductor to 'BB' from 'BB+'.  The outlook is
negative.  At the same time, Standard & Poor's lowered the issue
ratings on all of Chartered's senior unsecured notes to 'BB' from
'BB+'.

                  About Chartered Semiconductor

Singapore-based Chartered Semiconductor Manufacturing Ltd.
(Nasdaq: CHRT and SGX-ST: CHARTERED) --
http://www.charteredsemi.com/-- is a semiconductor foundry, which
provides wafer fabrication services and technologies to
semiconductor suppliers and systems companies.  The company
focuses on providing foundry services to customers that serve
technologically advanced applications for the communication,
computer and consumer sectors.  As of December 31, 2008, Chartered
owns, or have an interest in, six fabrication facilities, Fabs 2,
3, 3E, 5, 6 and 7, all of which are located in Singapore. Fab 7 is
its only 300-mm facility.  The company have service operations in
9 locations in 7 countries throughout North America, Europe and
Asia.  In March 2008, the company completed its acquisition to
purchase 100% of the shares in Chartered Tampines, which owns and
operates an eight-inch wafer fabrication facility, or Fab 3E,
located in Singapore.


DMC CHEMICALS: Court Enters Wind-Up Order
-----------------------------------------
On June 5, 2009, the High Court of Singapore entered an order to
have DMC Chemicals Pte Ltd's operations wound up.

Dai Nippon Toryo Co., Ltd filed the petition against the company.

The company's liquidator is:

          JPL Wong & Co
          20 Maxwell Road
          #07-12/13/14 Maxwell House
          Singapore 069113


S.C. CAPITAL: Pays First and Final Dividend
-------------------------------------------
S.C. Capital Advisors (Singapore) Pte Ltd, which is in voluntary
liquidation, paid its creditors the first and final dividend on
June 12, 2009.

The company paid 100% to all received claims,

Mick Aw is the company's liquidator.


SIEM SENG: Court to Hear Wind-Up Petition on June 26
----------------------------------------------------
A petition to have Siem Seng Paints Supplier Pte Ltd's operations
wound up will be heard before the High Court of Singapore on
June 26, 2009, at 10:00 a.m.

Goh Kah Hock filed the petition against the company on May 28,
2009.

The Petitioner's solicitor is:

          CTLC Law Corporation
          No. 5 Shenton Way
          #11-01 UIC Building
          Singapore 068808


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

The company's liquidators are:

          Chia Soo Hien
          Leow Quek Shiong
          c/o BDO Raffles
          19 Keppel Road
          #02-01 Jit Poh Building
          Singapore 089058


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


* BOND PRICING: For the Week June 8 to June 12, 2009
----------------------------------------------------

   AUSTRALIA
   ---------
A&R Whitcoulls                9.500%   12/15/10   NZS      68.98
Ainsworth Game                8.000%   12/31/09   AUD       0.70
AMP Group Financ              9.803%   04/01/19   NZD       1.85
AMP Group Financ              6.875%   08/23/22   GBP      64.70
Antares Energy               10.000%   10/31/13   AUD       1.80
Aust & NZ Bank                6.540%   06/29/49   GBP      74.00
Babcock & Brown Pty           8.500%   11/17/09   NZD      32.87
Becton Property Group         9.500%   06/30/10   AUD       0.49
Bemax Resources               9.375%   07/15/14   USD      60.00
Bemax Resources               9.375%   07/15/14   USD      60.00
Bounty Industries Ltd        10.000%   06/30/10   AUD       0.02
Capral Aluminum              10.000%   03/29/12   AUD       6.00
Centaur Mining               11.000%   12/01/07   USD       0.00
China Century                12.000%   09/30/10   AUD       0.79
Com BK Australia              4.650%   06/15/18   GBP      73.65
Com BK Australia              4.650%   06/15/18   GBP      73.65
Djerriwarrh Inv               6.500%   09/30/09   AUD       3.93
First Australian             15.000%   01/31/12   AUD       0.55
GE Cap Australia              6.000%   03/15/19   AUD      72.52
Griffin Coal Min              9.500%   12/01/16   USD      52.37
Griffin Coal Min              9.500%   12/01/16   USD      52.37
Hanson Australia              5.250%   03/15/13   USD      74.50
Heemskirk Consol              8.000%   04/29/11   AUD       2.25
Insurance Austra              5.625%   12/21/26   GBP      66.00
Jpm Au Enf Nom 1              3.500%   06/30/10   USD       1.75
Minerals Corp                10.500%   09/30/09   AUD       0.59
Metal Storm                  10.000%   09/01/09   AUD       0.07
Nylex Ltd                    10.000%   12/08/19   AUD       0.84
Orchard Invest                9.000%   12/15/10   AUD      29.50
Resolute Mining              12.000%   12/31/12   AUD       0.78
Sun Resources NL             12.000%   06/30/11   AUD       0.60
Suncorp-Metway                6.500%   06/22/16   AUD      68.50
Suncorp-Metway                6.625%   10/23/17   GBP      67.00
Suncorp Insuran               6.250%   06/13/27   GBP      61.50
Timbercorp Ltd                8.900%   12/01/10   AUD      26.10
Westfield Fin                 5.500%   06/27/17   GBP      74.90
Westpac Banking               4.625%   06/01/18   USD      73.20


   CHINA
   -----
China Govt Bond                 4.860%  08/10/14     CNY    00.00
Chinatrust Comm                 5.625%  03/29/49     CNY    69.87
Jiangxi Copper                  1.000%  09/22/16     CNY    73.09


   HONG KONG
   ---------
Bank East Asia                 6.125%  03/29/49     GBP    74.23


   INDIA
   -----
Aftek Infosys                  1.000%  06/25/10     USD    73.00
AKSH Optifibre                 1.000%  01/29/10     USD    57.50
Flex Industries                4.000%  03/09/12     USD    51.25
Gemini Commnica                6.000%  07/18/12     EUR    64.00
GHCL Ltd                       1.000%  03/21/11     USD    49.25
Hindustan Cons                10.000%  10/25/09     INR    20.00
JCT Ltd                        2.500%  04/08/11     USD    31.75
Kei Industries                 1.000%  11/30/11     USD    65.00
Subex Azure                    2.000%  03/09/12     USD    25.37
Wanbury Ltd                    1.000%  04/23/12     EUR    67.50


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


   JAPAN
   -----
Aiful Corp                     1.580%  05/26/11     JPY    70.21
Aiful Corp                     1.990%  03/23/12     JPY    63.06
Aiful Corp                     1.220%  04/20/12     JPY    61.18
Aiful Corp                     1.630%  11/22/12     JPY    58.08
Aiful Corp                     1.990%  10/19/15     JPY    49.55
Aozora Bank                    0.400%  05/27/14     JPY    74.93
Aozora Bank                    0.400%  06/12/14     JPY    74.66
Belluna Co Ltd                 1.100%  03/21/12     JPY    60.51
CSK Corporation                0.250%  09/30/13     JPY    31.50
Daikyo Inc.                    1.880%  03/12/12     JPY    72.68
Fukoku Mutual                  4.500%  09/28/25     EUR    54.00
Japan Airlines                 3.100%  01/22/18     JPY    73.90
JPN Exp Hld/Debt               0.500%  09/17/38     JPY    56.55
Kenedix Inc.                   2.090%  11/09/10     JPY    44.80
Orix Corp                      2.190%  04/18/17     JPY    71.59
Pacific Golf Gro               1.000%  05/01/12     JPY    73.08
Resona Bank                    5.986%  08/29/49     GBP    71.00
Resona Bank                    4.125%  09/29/49     GBP    71.50
Resona Bank                    5.850%  09/29/49     USD    68.25
Shinsei Bank                   1.960%  03/25/15     JPY    72.50
Shinsei Bank                   2.010%  10/30/15     JPY    70.23
Shinsei Bank                   3.750%  02/23/16     EUR    70.50
Shinsei Bank                   5.625%  12/29/49     GBP    44.87
Sumitomo Mitsui                4.375%  07/29/49     EUR    74.50
Takefuji Corp                  4.500%  10/22/32     JPY    64.36


   MALAYSIA
   --------
Advance Synergy Berhad         2.000%  01/26/18     MYR     0.08
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     0.95
AMBB Capital                   6.770%  01/29/49     USD    64.12
Berjaya Land Bhd               5.000%  12/30/09     MYR     3.70
Crescendo Corp B               3.750%  01/11/16     MYR     0.60
Dutaland Bhd                   4.000%  04/11/13     MYR     0.51
Dutaland Bhd                   4.000%  04/11/13     MYR     0.90
EG Industries                  5.000%  06/16/10     MYR     0.55
Eastern & Orient               8.000%  04/25/11     MYR     1.05
Huat Lai Resources             5.000%  03/28/10     MYR     0.30
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.22
Kretam Holdings                1.000%  08/10/10     MYR     1.04
Kumpulan Jetson                5.000%  11/27/12     MYR     0.45
LBS Bina Group                 4.000%  12/31/09     MYR     0.44
Lion Diversified               4.000%  12/17/13     MYR     0.93
Mithril Bhd                    3.000%  04/05/12     MYR     0.66
Nam Fatt Corp                  2.000%  06/24/11     MYR     0.38
Olympia Industri               2.800%  04/11/13     MYR     0.25
Olympia Industri               4.000%  04/11/13     MYR     0.28
Plus SPV Bhd                   2.000%  03/11/19     MYR    72.36
Puncak Niaga Hld               2.500%  11/18/16     MYR     0.72
Rubberex Corp                  4.000%  08/14/12     MYR     0.94
Tradewinds Corp                2.000%  02/08/12     MYR     0.80
TRC Synergy                    5.000%  01/20/12     MYR     1.13
Tradewinds Plant               3.000%  02/28/16     MYR     1.10
Wah Seong Corp                 3.000%  05/21/12     MYR     2.61
Wijaya Baru Glob               7.000%  09/17/12     MYR     0.37
YTL Cement Bhd                 4.000%  11/10/15     MYR     1.89


   NEW ZEALAND
   -----------
Allied Farmers                 9.600%  11/15/11     NZD    49.41
Allied Nationwid              11.520%  12/29/49     NZD    41.00
BBI Ntwrks NZ Ltd              8.000%  11/30/12     NZD     0.35
Blue Star Print                9.100%  09/15/12     NZD    28.97
Capital Prop NZ                8.000%  04/15/10     NZD    12.00
Contact Energy                 8.000%  05/15/14     NZD     1.00
Fidelity Capital               9.250%  07/15/13     NZD    63.83
Fletcher Buildin               7.550%  03/15/11     NZD     8.75
Fletcher Buildin               8.500%  03/15/15     NZD     9.75
Generator Bonds                8.200%  09/07/11     NZD    65.49
Hellaby Holdings               8.500%  06/15/11     NZD    68.54
Infrastr & Util                8.500%  09/15/13     NZD    10.75
Infratil Ltd                   8.500%  11/15/15     NZD    11.00
Infratil Ltd                   8.500%  02/15/20     NZD    74.22
Infratil Ltd                  10.180%  12/29/49     NZD    55.00
Marac Finance                 10.500%  07/15/13     NZD     0.93
Sky Network TV                 9.370%  10/16/16     NZD    72.50
South Canterbury              10.500%  06/15/11     NZD     0.95
South Canterbury              10.430%  12/15/12     NZD     0.87
St Laurence Prop               9.250%  07/15/10     NZD    29.81
Tower Capital                  8.500%  04/15/14     NZD     0.92
Trustpower Ltd                 8.500%  09/15/12     NZD     8.00
Trustpower Ltd                 8.500%  03/15/14     NZD    12.50
Vector Ltd                     8.000%  12/29/49     NZD     0.99
Vector Ltd                     8.000%  12/29/49     NZD     8.25


   SINGAPORE
   ---------
Capitaland Ltd.                2.950%  06/20/22     SGD    74.18
Sengkang Mall                  8.000%  11/20/12     SGD     1.49
United ENG Ltd                 1.000%  03/03/14     SGD     1.31
WBL Corporation                2.500%  06/10/14     SGD     1.80


SOUTH KOREA
-----------
Korea Elec Pwr                 6.000%  12/01/26     USD    64.45
Seoul Metro Rail               2.500%  01/31/16     KRW    45.22
Shinhan Bank                   6.819%  09/20/36     USD    71.25
Woori Bank                     6.208%  05/02/37     USD    72.00


SRI LANKA
---------
Sri Lanka Govt                 8.500%  02/01/18     LKR    74.71
Sri Lanka Govt                 8.500%  07/15/18     LKR    74.09
Sri Lanka Govt                 7.500%  08/15/18     LKR    68.90
Sri Lanka Govt                 8.500%  05/01/19     LKR    73.65
Sri Lanka Govt                 7.000%  10/01/23     LKR    60.26


  THAILAND
  --------
Italian-Thai Dev               4.500%  06/10/13     USD    52.00
Krung Thai Bank                7.378%  10/29/49     USD    74.85
PTT PCL                        5.875%  08/03/35     USD    73.48
True Move                     10.375%  08/01/14     USD    74.52


                         *********

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

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

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


                            *********


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

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

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

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

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





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