TCRAP_Public/090630.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 30, 2009, Vol. 12, No. 127

                            Headlines

A U S T R A L I A

BABCOCK & BROWN: Mitsubishi Wins Injunction in Turbine Dispute
CITY PACIFIC: Mulls Legal Action to Overturn Fund Votes
INDOPHIL RESOURCES: Gets Numerous Bid for 34.23% Stake in Tampakan
TIMBERCORP LTD: Creditors Vote to Liquidate 40 Companies


C H I N A

AGILE PROPERTY: S&P Changes Outlook to Stable; Affirms 'BB' Rating
FONIX CORP: Posts US$781,000 Net Loss for March 31, 2009 Quarter
HAINAN AIRLINES: Parent Faces Pressure to Terminate IPO Plan


H O N G  K O N G

CHINA TIAN: Creditors' Proofs of Debt Due on July 17
ELTON LIMITED: Members' Final Meeting Set for July 28
GEA INDUSTRIES: Creditors' Proofs of Debt Due on July 27
HANNSPREE HONG KONG: Appoints Cheung Sui Tai as Liquidator
HOI PO: Creditors' Proofs of Debt Due on July 17

MAY SUN: Appoints Wong Kwok Hong as Liquidator
NAL LOGISTICS: Appoints Chan Kam Shing as Liquidator
P. & M. PROPERTIES: Brough and Cowley Step Down as Liquidators
W.R. GRACE: Kenny Steps Down as Liquidator
YING ON: Creditors' Proofs of Debt Due on July 31


I N D I A

ARTHANARI LOOM: Low Net Worth Prompts CRISIL 'BB+' Ratings
BHARAT CONSTRUCTION: CRISIL Rates INR100 Mln Cash Credit at 'B-'
ELAM PHARMA: ICRA Rates INR10.6 Million Term Loans at 'LB'
GOYAL TEXTILES: RBI Cancels Certificate of Registration
HALLMARK STEEL: CRISIL Assigns 'B+' Rating on INR44.0MM Term Loan

J.D.C. ESTATE: RBI Cancels Certificate of Registration
KASUKURTHI SUJATHA: CRISIL Rates INR80 Mln Cash Credit at 'BB+'
MADURAI URBAN: High Court Orders Liquidator to Submit Details
MITTAL CORP: CARE Assigns 'BB' Rating on Long-term Bank Facilities
MOTIVATIONAL SECURITIES: RBI Cancels Certificate of Registration

MYSORE MERCANTILE: ICRA Cuts Ratings on Various Loans to 'LBB'
PALRIWAL HYDROCARBONS: Low Net Worth Cues CRISIL 'BB' Ratings
PERMALI WALLACE: CRISIL Places 'BB' Rating on INR56.0MM Term Loan
SK EXPORTS: CRISIL Assigns 'P4' Rating on INR70MM Packing Credit
SHREE KRISHNA: ICRA Assigns 'LBB+' Rating on INR36MM Term Loan

TATA MOTORS: Incurs INR25 Billion Net Loss in FY2008
TATA MOTORS: Warns of Further Job Cuts at Jaguar Land Rover
TRANSTECH GREEN: Fitch Assigns 'B' Rating on Bank Facilities


I N D O N E S I A

PERUSAHAAN LISTRIK: Inks IDR37.5BB Carbon Credit Deal w/ Agrinergy
PT CILIANDRA: Fitch Affirms Issuer Default Rating at 'BB-'


J A P A N

AZORA BANK: Shinsei Bank Merger May Help Bank, Fitch Says
CITIGROUP INC: In Final Talks With Sumitomo Trust Over Nikko Asset
ES-CON JAPAN: JCR Downgrades Ratings on Senior Debts to 'D'
SAPPORO HOLDINGS: Moody's Withdraws 'Ba1' Senior Unsecured Rating
SHINSEI BANK: Aozora Bank Merger May Help Bank, Fitch Says


K O R E A

KIA MOTORS: Chinese Unit Secures US$150-Mln Loan for Expansion
SSANGYONG MOTOR: Workers Scrap Final Offer to End Strike


M A L A Y S I A

LITYAN HOLDINGS: Settles Legal Suit Against Magnet Ventures


N E W  Z E A L A N D

AIR NEW ZEALAND: May Sue Qantas to Recoup Losses Due to Strike


P H I L I P P I N E S

LEAR CORP: Working on Prepackaged Bankruptcy in U.S.
TRIUMPH INT'L: To Shut Down Operations; 1,660 Jobs at Risk


S I N G A P O R E

ARMADA (SINGAPORE): Creditors' Proofs of Debt Due on July 20
SEED VENTURES: Creditors' Proofs of Debt Due on July 27
SINGAUTO PTE: Creditors' Proofs of Debt Due on July 27
TBC LINE: Court to Hear Wind-Up Petition on July 10
WIIG GLOBAL: Creditors' Proofs of Debt Due on July 27


S R I  L A N K A

PEOPLE'S BANK: Fitch Upgrades Individual Rating to 'D/E'
SAMPATH BANK: Fitch Affirms Individual Ratings at 'D/E'


T H A I L A N D

* THAILAND: Exports May Shrink to Record Low in 18 Years


X X X X X X X X

* BOND PRICING: For the Week June 22 to June 26, 2009


                         - - - - -


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


BABCOCK & BROWN: Mitsubishi Wins Injunction in Turbine Dispute
--------------------------------------------------------------
Phil Milford at Bloomberg News reports that Mitsubishi Power
Systems Americas Inc., a unit of Japan's Mitsubishi Heavy
Industries Ltd., won a U.S. court injunction limiting asset
transfers by a unit of Babcock & Brown Ltd. in a US$1 billion
dispute over wind-turbine contracts.

Bloomberg News relates that at a hearing in Delaware Chancery
Court on June 26, Judge Stephen P. Lamb ordered Babcock & Brown
Infrastructure Group U.S. LLC not to transfer money to affiliates
and to have US$275 million placed into an escrow account, paving
the way for trial.

Judge Lamb said without the injunction, it's likely "all of the
money will be sent eventually to Australia," where Sydney-based
Babcock & Brown Ltd. is in administration, the equivalent of U.S.
Bankruptcy.

Bloomberg News, citing court papers, recounts that Tokyo-based
Mitsubishi sued Babcock in April alleging it transferred assets to
avoid payments on agreements in 2007 and 2008 to build 456 wind-
turbines for more than US$1.4 billion.

The report says that according to court papers, Babcock in May
filed counterclaims alleging the Mitsubishi turbines wouldn't have
met performance requirements, and may have infringed patents held
by General Electric Co.

Mitsubishi lawyer Filiberto Agusti told Judge Lamb at the
hearing that Babcock's distribution of money constituted
"fraudulent transfers" under Delaware law and that a $900
million cancellation clause applies to the failed projects.

Babcock lawyer George A. Riley told the judge the injunction may
cause bank lenders to demand payments and push the U.S. company
into bankruptcy, Bloomberg relates.  Judge Lamb said that
assertion wasn't supported by any evidence.

Judge Lamb told the lawyers "at this point, there's a very
substantial showing that there's a breach of contract" by Babcock
that could be resolved at a trial within six months.

Headquartered in Sydney, Australia, Babcock & Brown Limited
(ASX:BNB) -- http://www.babcockbrown.com/-- is a global
alternative asset manager specializing in the origination and
management of asset in sectors, where the company has a franchise
and proven track record, and where there are opportunities to add
scale, infrastructure, air operating leasing and selected real
estate.  Babcock & Brown operates from 31 offices across
Australia, North America, Europe, Asia and the United Arab
Emirates.  The company has established a specialized funds and
asset management platform across the operating divisions that have
resulted in the establishment of a number of listed and unlisted
focused investment vehicles in areas, including real estate,
renewable energy and infrastructure.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 13, 2009, Babcock & Brown appointed voluntary administrators
after investors in the company's subordinated notes listed in New
Zealand voted on March 13 against a special resolution to
restructure the terms of the notes.  Under the special resolution,
the company's equity and subordinated note holders won't receive
any return.  Babcock & Brown appointed David Lombe and Simon
Cathro of Deloitte Touche Tohmatsu as Voluntary Administrators.

Babcock & Brown International Pty Ltd. is the holding company of
Babcock & Brown Limited.


CITY PACIFIC: Mulls Legal Action to Overturn Fund Votes
-------------------------------------------------------
Maurice Dunlevy at The Australian reports that City Pacific Ltd is
planning a legal challenge to overturn its sacking as manager of
the First Mortgage Fund.

The Australian relates that grounds of the legal action are
thought to involve the resolution used to sack City Pacific.  City
Pacific is also believed to object to the use of Computershare to
co-ordinate proxies, the report says.

The Australian says that although City Pacific has not announced
the action, new fund manager Balmain Trilogy has been warned of
the likelihood of a Federal Court hearing early last week.

Balmain Trilogy has been installed as the new responsible entity
of the City Pacific First Mortgage Fund after its resolution to
sack City Pacific secured 55 per cent of total units on issue at a
unitholder meeting in Brisbane on June 25, according to The
Australian.

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.

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.


INDOPHIL RESOURCES: Gets Numerous Bid for 34.23% Stake in Tampakan
------------------------------------------------------------------
Indophil Resources NL said that it has received a number of
parties interested to purchase its 34.23 per cent stake in the
copper-gold Tampakan project in The Philippines, Dow Jones
Newswires reports.

According to the report, Indophil gave the sale update after
Tampakan's joint-venture partners announced they had given the go-
ahead for a final feasibility study of the project.

Partners in the Tampakan project include Xstrata Copper (62.5%),
Indophil Resources NL (34.23%) and Alsons Corporation (3.27%).

Headquartered in Melbourne, Australia, Indophil Resources NL
-- http://www.indophil.com/-- conducts exploration and
development of gold and copper-gold opportunities in South East
Asia.  The Company is a joint venture partner in the Tampakan
Copper-Gold Project in the Southern Philippines.  The two segments
of the Company are Australia and the Philippines.  The Company has
other exploration interests in the Philippines apart from the
Tampakan project.

                        *     *     *

Indophil Resources NL reported two consecutive net losses of
$14.84 million and $985,107 for the years ended Dec. 31, 2008 and
Dec. 31, 2007, respectively.


TIMBERCORP LTD: Creditors Vote to Liquidate 40 Companies
--------------------------------------------------------
The Sydney Morning Herald reported that the creditors of
Timbercorp Ltd voted to wound up 40 companies within the group at
a meeting held yesterday in Melbourne.

The Herald said that administrator Mark Korda had recommended that
the 40 companies, excluding the managing entity Timbercorp
Securities Ltd, be placed in liquidation because they had no money
and could not trade.

The future of Timbercorp Securities, which is also insolvent, will
be considered at another creditors' meeting later on Monday, the
report noted.

Mr. Korda, according to the Herald, told the meeting that
Timbercorp had debts of at least AU$980 million.  That include
AU$661 million owed to secured creditors, AU$14 million to
unsecured creditors, AU$5 million to employees and AU$300 million
in other loans and debt notes.

Mr. Korda said liquidation was the best option, given that no
other parties were interested in running the Timbercorp companies,
the report related.

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

The administrators would implement this three-point plan:

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

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

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

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

                        About Timbercorp

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


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C H I N A
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AGILE PROPERTY: S&P Changes Outlook to Stable; Affirms 'BB' Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlook on China-based property developer Agile Property Holdings
Ltd. to stable from negative.  S&P also affirmed the 'BB' long-
term corporate credit rating on Agile and the 'BB' issue rating on
the company's outstanding US$400 million senior unsecured notes
due 2013.

"We revised the outlook and affirmed the ratings to reflect S&P's
view that Agile's credit ratios are progressively improving as a
result of higher property sales and management's focus on
generating cash and controlling leverage," said Standard & Poor's
credit analyst Bei Fu.

Agile has a track record of prudent financial management, with
good information transparency, and this has underpinned the
improvement in its financial performance.

"We expect the company to maintain its disciplined approach to
expansion and land acquisitions, which should preserve its
recently improved liquidity buffer at a time of an uncertain
outlook for the property market.  In S&P's opinion, the company's
substantially improved cash position should be sufficient for
refinancing needs and contingencies, even if it settles a claim
concerning a project in Huizhou," said Ms. Fu.

The rating on Agile is constrained by the company's concentrated
revenue source in Guangdong, pressure from the weak macroeconomic
environment, and lingering risks associated with the ongoing
dispute over the Huizhou project.

The stable outlook reflects S&P's expectation that Agile's
financial risk profile is improving.  This is due to a recovery in
property sales, and the company's prudent financial management and
controlled appetite for expansion and land acquisitions.


FONIX CORP: Posts US$781,000 Net Loss for March 31, 2009 Quarter
----------------------------------------------------------------
Fonix Corporation reports that for the quarters ended March 31,
2009 and 2008, the company generated revenues of US$141,000 and
US$286,000, respectively, and incurred net losses of US$781,000
and US$1,046,000, respectively; and had negative cash flows from
operating activities of US$51,000 and US$82,000, respectively.

As of March 31, 2009, the Company had US$4,157,000 in total
assets, US$49,971,000 in total liabilities, all current; resulting
in US$45,814,000 in stockholders' deficit.  As of March 31, 2009,
the Company also had an accumulated deficit of US$287,895,000;
negative working capital of US$46,549,000; derivative liabilities
of US$38,310,000 related to the issuance of Series P Preferred
Stock, Series L Preferred Stock, Series M Preferred stock, Series
N Preferred Stock, Series O Preferred Stock, Series E Convertible
Debentures and Series B Preferred Stock of a subsidiary; accrued
liabilities of US$7,316,000; accounts payable of US$2,204,000;
deferred revenues of US$445,000.

The Company expects to continue to incur significant losses and
negative cash flows from operating activities at least through
December 31, 2009, primarily due to expenditure requirements
associated with continued marketing and development of its speech-
enabling technologies.

The Company said cash resources, limited to collections from
customers, sales of equity and debt securities and loans, have not
been sufficient to cover operating expenses.  As a result, some
payments to vendors have been delayed.  On March 15, 2007, the New
York State trial court entered judgment against the Company and in
favor of the Breckenridge Fund in the amount of US$1,602,000.  In
February 2008, the Company entered into an amended settlement
agreement with Breckenridge under which the Company agreed to pay
Breckenridge US$540,000.  The Company has paid Breckenridge the
full amount.  No further obligations are required by the Company
to Breckenridge.

These factors, according to the Company, raise substantial doubt
about its ability to continue as a going concern.

The Company said management plans to fund further operations from
cash flows from future license and royalty arrangements and with
proceeds from additional issuance of debt and equity securities.
There can be no assurance that management's plans will be
successful.

Based in Lindon, Utah, Fonix Corporation's operations are managed
through its two wholly owned subsidiaries, Fonix Speech, Inc., and
Fonix GS Acquisition Co., Inc.

Fonix Speech provides value-added speech-enabling technologies,
speech interface development tools, and speech solutions and
applications, including automated speech recognition and text-to-
speech that empower consumers to interact conversationally with
information systems and devices.

Fonix GS was formed on June 27, 2008, to facilitate the
acquisition of Shanghai Gaozhi Software Systems Limited, a Chinese
software developer and solutions provider in second-generation and
third-generation telecommunication operation support systems in
China and throughout the Asian Pacific region.  Gaozhisoft is a
qualified competitor for telecommunication operation supports
systems.  GaozhiSoft's products are designed to increase data
transferring speed, reduce telecommunications data loss and
provide network management, billing accuracy and improved
implementation techniques to telecom carriers.


HAINAN AIRLINES: Parent Faces Pressure to Terminate IPO Plan
------------------------------------------------------------
Grand China Air faces pressure to end an initial public offering
in Hong Kong after two of the listing sponsors dropped plans to
help the parent of carrier Hainan Airlines sell shares, Bloomberg
News reports citing South China Morning Post.

The English-language Hong Kong newspaper said that UBS AG and
Guotai Junan have walked away from the proposed share sale,
Bloomberg News relates.  A third sponsor, Goldman Sachs Group
Inc., will likely leave the syndicate shortly, the Morning Post
said.

According to Bloomberg News, the paper said the carrier originally
mandated investment banks to handle an IPO in 2006 and hoped to
sell shares the next year.

Based in Haikou, Hainan Province, the People's Republic of China,
Hainan Airlines Co., Ltd. -- http://www.hnair.com/-- founded in
1993, is the fourth-largest carrier in China and the largest non-
government-owned airline in China.  Hainan Airlines is known for
its award-winning customer service, impeccable safety record and
on-time performance.  Hainan Airlines carries more than 14 million
passengers annually.  Hainan Airlines currently flies to more than
60 domestic and international cities, including the capitals of
every Chinese province.  Hainan Airlines' international flights
include Budapest, Brussels, Osaka and St. Petersburg.

                         *      *      *

Hainan Air continues to carry Xinhua Far East China Rating's "CC"
issuer credit rating placed on October 31, 2005 with a negative
outlook.


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


CHINA TIAN: Creditors' Proofs of Debt Due on July 17
----------------------------------------------------
The creditors of China Tian Yun Development Limited are required
to file their proofs of debt by July 17, 2009, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on June 17, 2009.

The company's liquidator is:

          Wong Ming Lai
          Dah Sing Life Building
          Unit 306, 3rd Floor
          99-105 Des Voeux Road
          Central, HK


ELTON LIMITED: Members' Final Meeting Set for July 28
-----------------------------------------------------
The members of Elton Limited will hold their final general meeting
on July 28, 2009, at 10:00 a.m., at 13A of Tak Lee Commercial
Building, 113-117 Wanchai Road, in Wanchai, Hong Kong.

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


GEA INDUSTRIES: Creditors' Proofs of Debt Due on July 27
--------------------------------------------------------
The creditors of Gea Industries Limited are required to file their
proofs of debt by July 27, 2009, to be included in the company's
dividend distribution.

The company's liquidator is:

          Hui Hing Fat
          The Metropolis Tower, Unit 1617
          10 Metropolis Drive, Hunghom
          Kowloon, Hong Kong


HANNSPREE HONG KONG: Appoints Cheung Sui Tai as Liquidator
----------------------------------------------------------
At an extraordinary general meeting held on June 12, 2009, the
members of Hannspree Hong Kong Limited appointed Cheung Sui Tai as
the company's liquidator.


HOI PO: Creditors' Proofs of Debt Due on July 17
------------------------------------------------
The creditors of Hoi Po Metal Manufactory Company Limited are
required to file their proofs of debt by July 17, 2009, to be
included in the company's dividend distribution.

The company's liquidators are:

          Lai Kar Yan (Derek)
          Yeung Lui Ming (Edmund)
          One Pacific Place, 35th Floor
          88 Queensway, Hong Kong


MAY SUN: Appoints Wong Kwok Hong as Liquidator
----------------------------------------------
At an extraordinary general meeting held on June 15, 2009, the
members of May Sun Chan Company Limited appointed Wong Kwok Hong
as the company's liquidator.

The Liquidator can be reached at:

          Wong Kwok Hong
          Sun Hung Kai Centre
          Room 301, 3rd Floor
          30 Harbour Road
          Wanchai, Hong Kong


NAL LOGISTICS: Appoints Chan Kam Shing as Liquidator
----------------------------------------------------
At an extraordinary general meeting held on June 15, 2009, the
members of Nal Logistics Limited appointed Chan Kam Shing as the
company's liquidator.

The Liquidator can be reached at:

          Chan Kam Shing
          2604, C.C. Wu Building, 26th Floor
          302-308 Hennessy Road
          Wanchai, Hong Kong


P. & M. PROPERTIES: Brough and Cowley Step Down as Liquidators
--------------------------------------------------------------
On June 12, 2009, Paul Jeremy Brough and Patrick Cowley stepped
down as liquidators of P. & M. Properties Limited.


W.R. GRACE: Kenny Steps Down as Liquidator
------------------------------------------
On June 11, 2009, Kenny Brian Edward stepped down as liquidator of
W.R. Grace Southeast Asia Holdings Limited.


YING ON: Creditors' Proofs of Debt Due on July 31
-------------------------------------------------
The creditors of Ying On Company Limited are required to file
their proofs of debt by July 31, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on June 17, 2009.

The company's liquidator is:

          Lau Shiu Wah
          Yu To Sang Building, Room 609
          37 Queen's Road Central
          Hong Kong


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ARTHANARI LOOM: Low Net Worth Prompts CRISIL 'BB+' Ratings
----------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4' to the bank
facilities of Arthanari Loom Centre (Textile) Pvt Ltd (ALC).

   INR210.50 Million Long Term Loan*      BB+/Stable (Assigned)
   INR130.00 Million Cash Credit Limits   BB+/Stable (Assigned)
   INR26.50 Million Letter of Credit      P4 (Assigned)
   INR15.00 Million Bank Guarantee        P4 (Assigned)

   *Includes Corporate Loan of INR33 Million.

The ratings reflect ALC's below-average financial risk profile
marked by high gearing, low net worth and moderate debt-protection
measures.  The ratings also factor in ALC's large working capital
requirements and exposure to risks relating to supplier
concentration.  These weaknesses are, however, partially offset by
ALC's established presence in the dyed-yarn fabric business with
good operating efficiencies.

Outlook: Stable

CRISIL believes that ALC will maintain a comfortable business risk
profile on the back of established position in the dyed-yarn
fabric business.  The outlook may be revised to 'Positive' if
increasing accruals strengthen the company's financial risk
profile.  Conversely, the outlook may be revised to 'Negative' if
there is significant deterioration in the company's capital
structure owing to large debt funded capital expenditure.

                      About Arthanari Loom

Set up in 1991 by Mr. A Alagarasan as a private limited company,
ALC manufactures dyed yarn shirting fabric at its facilities at
Salem (Tamil Nadu).  Its integrated facility has 108 looms with
capacity to manufacture 9 lakhs metres of fabric per month and
also has dyeing and processing equipment.

ALC's provisional profit after tax (PAT) of INR15.46 million on
net sales of INR746.33 million for 2008-09 (refers to financial
year, April 1 to March 31), as against a PAT of INR18.29 million
on net sales of INR604.41 million for 2007-08.


BHARAT CONSTRUCTION: CRISIL Rates INR100 Mln Cash Credit at 'B-'
----------------------------------------------------------------
CRISIL has assigned its ratings of 'B-/Stable/P4' to the bank
facilities of Bharat Construction (BC).

   INR100 Million Cash Credit      B-/Stable (Assigned)
   INR100 Million Bank Guarantee   P4 (Assigned)

The ratings reflect BC's weak financial flexibility and small
scale of operations.  The ratings also factor in the intensely
competitive and fragmented nature of the construction industry.
The impact of these rating weaknesses is mitigated by BC's
presence in the high-margin hydroelectric power (HEP) projects
segment.

Outlook: Stable

CRISIL expects BC's weak financial risk profile and stretched
liquidity position to continue over the medium term.  The rating
outlook may be revised to 'Positive' in case of significant and
sustainable improvement in the firm's financial risk profile,
especially its gearing levels.  Conversely, the outlook may be
revised to 'Negative' in case of higher-than-expected debt-funded
capital expenditure, or time or cost overruns in BC's ongoing and
future projects.

                     About Bharat Construction

BC is a partnership firm involved in the construction of roads and
HEP projects in Uttarakhand and Himachal Pradesh.  The partners
are Mr. Rajeev Garg (45 per cent holding), Mr. Ranbeer Singh
Panwar (45 per cent), and Mr. Bhim Singh Rawat (10 per cent).
Currently, the firm is working on nine projects (order book
position of INR 1.91 billion); including an order for road works
of INR920 million from the public works department of Uttarakhand,
and a INR310-million sub-contract from Gammon India for the Rampur
HEP project.

For 2007-08 (refers to financial year, April 1 to March 31), BC
reported a profit after tax of INR41.3 million on net sales of
INR660.9 million, against INR16.5 million and INR280.1 million,
respectively, in the previous year.


ELAM PHARMA: ICRA Rates INR10.6 Million Term Loans at 'LB'
----------------------------------------------------------
ICRA has assigned LB (pronounced L B plus) rating to the INR10.6
million term loans and INR32.5 million cash credit facilities of
Elam Pharma Private Limited (Elam Pharma) indicating risk-prone-
credit-quality.  ICRA has also assigned an A4 (pronounced A Four)
rating to the INR12.5 million short term non-fund based facilities
of Elam Pharma, indicating risk-prone-credit-quality.

The rating is constrained by the recent delays by the company in
meeting some of its debt servicing obligations.  The rating also
factors in Elam Pharma"s small scale of operations, very high
product concentration and moderately stretched financial profile.
The rating however factors in the low competitive intensity for
the products being manufactured and the lower working capital
intensity of the company"s operations.

Elam Pharma operates on a small scale with a small product basket,
which limits its ability to diversify across products/ clients.
This also limits economies of scale, which is a critical element
in API/ Advance Intermediates business.  In addition, it faces
very high product concentration, with -84% of its FY 2009 revenue
(provisional) being contributed by the sale of a single product
(Mebendazole).  The financial profile of the company is also
stretched with gearing at 1.31 times (as on March 31, 2009
provisional financials), though with moderate debt servicing
indicators.

                        About Elam Pharma

Incorporated in 1992, Elam Pharma Private Limited (Elam Pharma) is
involved in the manufacturing of active pharmaceutical ingredients
(APIs) and certain advanced intermediates.  It is present in
anthelmintic and anti-bacterial therapeutic areas.  Initially
started with the manufacturing of Diclofenac Sodium, a pain killer
and then, moving to the manufacturing of Frusemide, a diuretic
product, Elam Pharma currently manufactures Mebendazole, an
anthelmintic API and Nalidixic acid, an anti-bacterial API, along
with 3.4. Diaminobenzophenone (D.A.B.P.) and Thiourea Complex HCL,
which are advanced intermediates. Recent Results For the twelve
months ending March 31, 2009 (provisional), Elam Pharma reported a
profit after tax of INR 5.3 million on revenues of INR 182.8
million.


GOYAL TEXTILES: RBI Cancels Certificate of Registration
-------------------------------------------------------
The Reserve Bank of India has canceled the certificate of
registration granted to M/s Goyal Textiles Industries Private
Limited for carrying on the business of a non-banking financial
institution.

Following cancellation of the registration certificate the company
cannot transact the business of a non-banking financial
institution.

Under powers conferred by Section 45-IA (6) of the Reserve Bank of
India Act, 1934, the Reserve Bank can cancel the registration
certificate of a non-banking financial company.  The business of a
non-banking financial institution is defined in clause (a) of
Section 45-I of the Reserve Bank of India Act, 1934.

M/s Goyal Textiles Industries Private Limited's registered office
is at 598 Main Bazar, Paharganj, in New Delhi.


HALLMARK STEEL: CRISIL Assigns 'B+' Rating on INR44.0MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable/P4' to the various
bank facilities of Hallmark Steel Pvt Ltd (Hallmark).

   INR57.0 Million Cash Credit Limit   B+/Stable (Assigned)
   INR44.0 Million Term Loan           B+/Stable (Assigned)
   INR10.0 Million Letter of Credit    P4 (Assigned)

The ratings reflect Hallmark's large working capital requirements,
and exposure to risks relating to client concentration, small
scale of operations, and limited track record.  These weaknesses
are, however, partially offset by Hallmark's established
relationships with customers and suppliers.

Outlook: Stable

CRISIL expects Hallmark to maintain a stable business risk profile
on the back of its established relationships with suppliers and
increasing sales.  The outlook may be revised to 'Positive' if
Hallmark stabilises its operations successfully and increases its
sales and profitability beyond expectations.  Conversely, the
outlook may be revised to 'Negative' if the company undertakes
large, debt-funded capital expenditure, leading to decline in
gearing and debt protection measures, or reports less-than-
expected growth in topline.

                       About Hallmark Steel

Hallmark, incorporated in 1999, manufactures steel valves used in
automotive components, especially engines. Its facility at Bhiwadi
has capacity to manufacture around 2400 tonnes per annum (tpa) of
steel valves. Hallmark has an exclusive, five-year tie-up with
Crucible Valve Steel, the world's largest manufacturer of
specialty alloy steel, for supply of raw material. Hallmark is
also approved supplier to TRW Automobiles, one of the largest OEM
vendors.

For 2007-08 (refers to financial year, April 1 to March 31),
Hallmark reported a profit after tax (PAT) of INR2.4 million on
net sales of INR 25.8 million, as against a loss of INR0.8 million
on net sales of INR 7.9 million for 2006-07.


J.D.C. ESTATE: RBI Cancels Certificate of Registration
------------------------------------------------------
The Reserve Bank of India has canceled the certificate of
registration granted to J.D.C. Estate Developers Limited for
carrying on the business of a non-banking financial institution.

Following cancellation of the registration certificate the company
cannot transact the business of a non-banking financial
institution.

Under powers conferred by Section 45-IA (6) of the Reserve Bank of
India Act, 1934, the Reserve Bank can cancel the registration
certificate of a non-banking financial company.  The business of a
non-banking financial institution is defined in clause (a) of
Section 45-I of the Reserve Bank of India Act, 1934.

J.D.C. Estate Developers Limited's registered office is at 59/2
Third Floor, Flat No. 302, New Rohtak Road, Karol Bagh, in
New Delhi.


KASUKURTHI SUJATHA: CRISIL Rates INR80 Mln Cash Credit at 'BB+'
---------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4' to the bank
facilities of Kasukurthi Sujatha Constructions Pvt. Ltd (KSCL).

   INR80 Million Cash Credit       BB+/Stable (Assigned)
   INR50 Million Bank Guarantee    P4 (Assigned)

The ratings reflect KSCL's large working capital requirements, and
limited presence in the construction industry.  These weaknesses
are, however, partially offset by KSCL's healthy operating
efficiencies, and above-average financial risk profile marked by
low gearing and strong debt protection measures.

Outlook: Stable

CRISIL believes that KSCL will benefit from the healthy growth
prospects for the telecom, and oil and gas industries.  The
outlook may be revised to 'Positive' if KSCL strengthens its
market position while maintaining a healthy capital structure.
Conversely, the outlook may be revised to 'Negative' if the
company undertakes large, debt-funded capital expenditure.

                    About Kasukurthi Sujatha

KSCL, set up in 1999, undertakes construction of gas pipelines,
telecommunication towers and laying of optical fibre protection
tubing (OFPT) cables, high-density polyethylene (HDPE) cables, and
other related works.

KSCL reported a profit after tax (PAT) of INR79 million on net
sales of INR788 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR24 million on net
sales of INR537 million for 2007-08.


MADURAI URBAN: High Court Orders Liquidator to Submit Details
-------------------------------------------------------------
The Madurai Bench of the Madras High court in India has ordered
the official liquidator of the Madurai Urban Cooperative bank to
submit details of the steps taken to safeguard the interests of
the depositors after the bank's license was canceled on charges of
embezzlement of funds, The Hindu Business Line reports.

The report says that a Division Bench, comprising Justice V
Ramasubramanian and Justice D Hariparanthanam, asked the
liquidator of the Madurai Urban Cooperative bank to submit his
statement by July 10.

The statement, the report relates, should include names of
depositors, their addresses, amount due to each of them, list of
bank properties that could be brought to sale and proceedings
pending in any court relating to the sale of properties.

According to the report, the orders were passed on June 26 on a
public interest litigation petition filed by 10 depositors who had
invested INR45,78,991 in the bank.

Madurai Urban Cooperative Bank's license was canceled by the
Reserve Bank of India in January 2005.


MITTAL CORP: CARE Assigns 'BB' Rating on Long-term Bank Facilities
------------------------------------------------------------------
CARE assigned 'CARE BB' (Double B) rating to long-term bank
facilities of Mittal Corp Limited (MCL).  Facilities with this
rating are considered to offer inadequate safety for timely
servicing of debt obligations.  Such facilities carry high credits
risk.  This rating is applicable to facilities having tenure of
more than one year.

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

                                              Amount
   Facilities                               (INR crore)  Rating
   ----------                               ---------   ------
   Outstanding term loan as on March 31,2009  22.16     CARE BB
   Fund based working capital limits          40.00     CARE BB
   Non- fund based working capital limits     48.00     PR4


Rating Rationale

The ratings are constrained by instances of L/C devolvement
coupled with moderate delay in servicing of debt obligations
during past one year, stressed working capital scenario as
reflected by instances of overdrawing & moderate liquidity ratios,
volatile raw material prices plus shorter track record of
operations.

The ratings also take into account growth in total income as well
as profitability during last three years, increase in scale of
operations, favourable demand outlook for stainless steel (SS) and
established marketing network.

Improvement in liquidity position, debt servicing track record and
deterioration in capital structure due to execution of any large
size project are key rating sensitivities.

                         About Mittal Corp

Promoted by Shri Karan Mittal, Indore-based MCL is a closely held
public limited company engaged in manufacturing of long products
of utensil grade of stainless steel viz. 200 series.  MCL has
installed melting capacity of 90,000 t.p.a (20T induction
furnace), rolling capacity of 1,00,000 t.pa. and oxygen & nitrogen
gas plant with 400 CCM/Hr. Sales of SS products increased to
approx.93% during FY09 as compared to 74% during FY08.

As per provisional results for FY09, MCL reported a profit after
tax (PAT) of INR7.35 crore on total income of INR281.69 crore as
against a PAT of INR5.45 crore on total income of INR122.32 crore
for FY08.


MOTIVATIONAL SECURITIES: RBI Cancels Certificate of Registration
----------------------------------------------------------------
The Reserve Bank of India has canceled the certificate of
registration granted to Motivational Securities Private Limited
for carrying on the business of a non-banking financial
institution.

Following cancellation of the registration certificate the company
cannot transact the business of a non-banking financial
institution.

Under powers conferred by Section 45-IA (6) of the Reserve Bank of
India Act, 1934, the Reserve Bank can cancel the registration
certificate of a non-banking financial company.  The business of a
non-banking financial institution is defined in clause (a) of
Section 45-I of the Reserve Bank of India Act, 1934.

Motivational Securities Private Limited's registered office is at
BA-1, Mongol Puri Industrial Area II, in New Delhi.


MYSORE MERCANTILE: ICRA Cuts Ratings on Various Loans to 'LBB'
--------------------------------------------------------------
ICRA has downgraded the rating assigned to the INR129.28 million
fund-based limits and term loans of Mysore Mercantile Company
Limited (MMCL) from LBB+ (pronounced L double B plus) to LBB
(pronounced L Double B).  LBB is the low-credit-quality assigned
by ICRA to long-term debt instruments.  ICRA has also downgraded
the A4+ (pronounced A Four Plus) rating assigned to the INR100
million fund-based facilities of MMCL to A4 (pronounced A Four).
A4 is the below-average credit quality rating assigned by ICRA to
short-term debt instruments.

The revision in ratings reflects the decline in MMCL"s
profitability during FY09 and a weak outlook for the same in the
short term, as the company"s key cash generating activity, the
agricultural commodity export business, has virtually ceased
during October 2008 to September 2009 because of inadequate
sugarcane production in India.  Moreover, in the long run, this
business segment remains exposed to fluctuations in crop
production and government policies, resulting in volatile profits
from year to year.  The ratings also factor in MMCL's weak
profitability in its core edible oil marketing business, and high
gearing levels stemming from the large capex incurred on renewable
energy operations.  Although short term debt has reduced
considerably due to cessation of molasses export activity, the
gearing levels of MMCL are expected to rise again in FY10 because
of continuing capex of about INR150 million on the 3MW hydropower
project.

The rating is, however, supported by MMCL's established position
in the branded edible oil marketing business in Karnataka, and the
prospect of significant improvement in profitability after a
period of 4-5 years, if the hydropower project is commissioned
successfully in FY10 and the associated debt paid off.  Further,
MMCL can generate significant cash from the profitable activity of
molasses exports during years of bumper sugarcane production.

                     About Mysore Mercantile

Incorporated in 2000, Mysore Mercantile Company Limited (MMCL) is
promoted by Mr H S Shetty and family.  In its earlier days, MMCL
was primarily engaged in the marketing of edible vegetable oils
and trading of other agricultural commodities.  The activity of
the company is restricted only to the extent of buying refined oil
from oil refiners, packaging it and selling under its brand name.

MMCL has ventured into various unrelated businesses in recent
years to capitalize on the available opportunities.  The company
commenced its renewable energy business in 2005 by setting up a
9.6MW windmill project in Chitradurga.  The company plans to
further add capacity of around 3MW through mini-hydro power
projects in FY10.  Although currently the edible oil marketing is
the core business, greater contribution is expected from
businesses like power generation in the medium term.


PALRIWAL HYDROCARBONS: Low Net Worth Cues CRISIL 'BB' Ratings
-------------------------------------------------------------
CRISIL has assigned its rating of 'BB/Stable' to the bank
facilities of Palriwal Hydrocarbons & Chemicals Pvt Ltd
(Palriwal).

   INR110 Million Cash Credit     BB/Stable (Assigned)
   INR50 Million Proposed Long    BB/Stable (Assigned)
       Term Bank Loan Facility

The rating reflects Palriwal's weak financial risk profile marked
by low net worth and high gearing, and exposure to risks relating
to cyclicalities in end-user and supplier industries.  These
weaknesses are, however, partially offset by Palriwal's average
business profile, backed by established relationships with
suppliers and customers.

Outlook: Stable

CRISIL expects Palriwal to maintain an average business profile
over the medium term on the back of established relations with
suppliers and customers; Palriwal's financial risk profile may,
however, remain constrained by the working-capital-intensive
nature of its operations.  The outlook may be revised to
'Positive' if Palriwal's gearing and debt protection measures
improve significantly.  Conversely, the outlook may be revised to
'Negative' if Palriwal's profitability declines on account of
pricing pressures from end-user industries, or if the company
undertakes large, debt-funded capital expenditure.

                   About Palriwal Hydrocarbons

Palriwal, promoted by Mr. Bijay Kumar Agarwal and Mr. Kamal Kumar
Palriwal, has its registered office in Kolkata.  Set up in 2000,
the company manufactures coal tar pitch, and trades in its by-
products such as creosote oil, naphthalene, and dehydrated coal
tar. The company's manufacturing facilities in Ranchi (Jharkhand)
have a coal tar distillation capacity of 27,000 tonnes per annum.

Palriwal reported a profit after tax (PAT) of INR3 million on net
sales of INR628 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR2 million on net
sales of INR435 million for 2007-08.


PERMALI WALLACE: CRISIL Places 'BB' Rating on INR56.0MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the bank
facilities of Permali Wallace Pvt Ltd (PWPL).

   INR70.0 Million Cash Credit       BB/Stable (Assigned)
   INR74.2 Million Proposed Long     BB/Stable (Assigned)
         Term Bank Loan Facility
   INR56.0 Million Term Loan         BB/Stable (Assigned)
   INR4.6 Million Bank Guarantee     P4 (Assigned)
   INR65.5 Million Letter of Credit  P4 (Assigned)

The ratings reflect PWPL's small scale of operations, and weak
financial risk profile marked by high gearing and low net worth.
These weaknesses are, however, partially offset by PWPL's
established presence in the laminates industry.

Outlook: Stable

CRISIL believes that PWPL will maintain a stable business risk
profile on the back of established customer relationships and
strong order book.  However, the company's financial risk profile
may remain constrained by large working capital requirements. The
outlook may be revised to 'Positive', if the company enhances its
capacities and profitability, and manages its working capital
requirements effectively.  Conversely, the outlook may be revised
to 'Negative' if the company undertakes large debt-funded capital
expenditure.

                      About Permali Wallace

PWPL, incorporated in 1961, is a technical and financial
collaboration between Permali Ltd, UK, Chase Lowe & Co, UK, and
the Vithaldas and Visanji families.  Initially Permali Ltd had
30 per cent stake in Permali. With the acquisition and
subsequently, disintegration of Permali Ltd, the Vithaldas and
Visanji family acquired Permali Ltd's stake in Permali.  PWPL
began operations as a manufacturer of wood-based impregnated
laminates, and diversified into manufacturing glass-reinforced
composites, sheet- and dough-moulding compounds.  Its facility is
located at Bhopal, Madhya Pradesh.

PWPL reported a profit after tax (PAT) of INR10.4 million on net
sales of INR255.2 million for 2007-08 (refers to financial year,
April 1 to March 31), as against a PAT of INR11.0 million on net
sales of INR203.7 million for 2006-07.


SK EXPORTS: CRISIL Assigns 'P4' Rating on INR70MM Packing Credit
----------------------------------------------------------------
CRISIL has assigned its rating of 'P4' to the packing credit
facility of SK Exports.

   INR70.0 Million Packing Credit   P4 (Assigned)

The rating reflects SK Exports' small scale of operations, and
exposure to risks relating to customer concentration in its
revenue profile.  However, these weaknesses are partially offset
by the firm's above-average financial risk profile, marked by low
gearing and comfortable debt protection indicators.

                        About SK Exports

Set up in 1979 by Mr. Sanjay Khanna, SK Exports manufactures and
exports leather goods such as belts, handbags, and footwear.  The
firm's manufacturing facilities are in Mumbai.  SK Exports
reported a profit after tax (PAT) of INR 5.3 million on net sales
of INR 146.6 million for 2007-08 (refers to financial year,
April 1 to March 31), as against a PAT of INR 17.2 million on net
sales of INR 266.4 million for 2006-07.


SHREE KRISHNA: ICRA Assigns 'LBB+' Rating on INR36MM Term Loan
--------------------------------------------------------------
ICRA has assigned an LBB+ (pronounced L double B plus) rating
indicating inadequate-credit-quality, to the INR36 million term
loans and the INR 80 million cash credit facility of Shree Krishna
Vanaspati Industries Private Limited (SKVIPL).  ICRA has also
assigned a short term rating of A4+ (pronounced A four plus)
indicating risk-prone-credit-quality, to the INR 400 million non-
fund based bank limits of SKVPIL.

The ratings reflect the inherently low profit margins and the high
competitive intensity in the edible oils industry; the
vulnerability of profitability to fluctuations in prices of the
main raw material, Crude Palm Oil (CPO) and the duty differential
between crude and refined oil; the relatively short track record
of the company, tightness in liquidity and weak financial
performance in FY 09.  The ratings also factor in the likelihood
of small to medium scale capex being undertaken by the company in
the near to medium term, which may further strain its financial
profile.  However, ICRA notes that the promoters of SKVPIL have a
moderately long experience in the edible oils business (through
their other ventures) and that the company has exhibited a healthy
ramp-up of operations since commencement in September 2005.

                       About Shree Krishna

Incorporated in 2004, SKVPIL is engaged in the manufacture of
vanaspati and refined palm oil, at its 45,000 tonnes per annum
facility located in Uttaranchal.  It commenced commercial
operations in September 2005.  The company has been promoted by
the Agrawal family, who are entrepreneurs based out of Nepal and
have varied business interests there, including a vanaspati unit.
The operations of SKVPIL are headed by Mr. Manoj Agrawal, who
belongs to the promoter family.  In FY 09, the company has
reported a PAT of INR 7 million on an Operating Income of
INR1036 million (provisional financials) compared to a PAT of
INR30 million on an Operating Income of INR 1035 million in FY 08.


TATA MOTORS: Incurs INR25 Billion Net Loss in FY2008
----------------------------------------------------
Vipin V. Nair at Bloomberg News reports that Tata Motors Ltd.
posted its first annual loss in at least seven years after sales
at the luxury units plunged amid the global recession.

Bloomberg News relates that the company posted a net loss of
INR25 billion (US$520 million) in the year ended March 31,
compared with a net income of INR22 billion a year ago.  Year-ago
numbers don’t include Jaguar and Land Rover, which Tata bought
from Ford Motor Co. in June last year, the report notes.

According to the report, the Jaguar Land Rover unit had a pretax
loss of INR18 billion as unemployment and the global financial
meltdown damped sales in the U.S. and Europe.

The company, as cited by Bloomberg News, said on May 29 that full-
year standalone profit fell 51 percent to INR10.01 billion from a
year ago.

Meanwhile, Bloomberg News reports that Tata Motors, which bought
the Jaguar and Land Rover from Ford in June last year for US$2.4
billion, will launch the luxury vehicles in India on June 28.

                        About Tata Motors

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

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

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

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

On June 4, 2009, Moody's Investors Service affirmed the B3
corporate family rating of Tata Motors Ltd.  The outlook on the
rating is changed to stable from negative.


TATA MOTORS: Warns of Further Job Cuts at Jaguar Land Rover
-----------------------------------------------------------
BBC News reports that India's Tata Motors Ltd has warned more job
cuts may be made at Jaguar Land Rover.

BBC News relates Tata also said that further shutdowns were likely
at Jaguar Land Rover's factories in Castle Bromwich, Coventry,
Solihull and Halewood, Merseyside.  Jaguar Land Rover, which was
acquired by Tata for GBP1.7 billion in June 2008 from Ford,
currently employs 14,500 people, having made 450 redundancies at
the start of the year, BBC News notes.


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

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

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

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

On June 4, 2009, Moody's Investors Service affirmed the B3
corporate family rating of Tata Motors Ltd.  The outlook on the
rating is changed to stable from negative.


TRANSTECH GREEN: Fitch Assigns 'B' Rating on Bank Facilities
------------------------------------------------------------
Fitch Ratings has assigned an expected 'B(ind)' rating to
Transtech Green Power Pvt Ltd's proposed long-term bank facilities
aggregating INR406 million.  The Outlook is Stable.

TGPL is planning to set up a 12MW biomass power plant in Rajasthan
to capitalize on the state's favorable policies aimed at promoting
green power.  Teltech Finsec Pvt Ltd, with business interests in
telecommunications (since 1975) and fertilizers, will hold 90% of
TGPL's planned equity of INR174 million; half of the equity has
already been infused.  Fitch notes that the project is in a very
preliminary stage.  To date, the land required for the project is
reportedly in the company's possession, the orders for turbine and
boiler packages have been placed and two banks have issued
sanction letters agreeing to fund the debt required for the
project.  However, the loan agreements are not signed yet.  Fitch
will review the project documents including the loan agreement
before assigning final ratings.

At this early stage of construction, the agency is concerned about
the sponsor's lack of prior experience in commissioning and
operating power plants and the considerable completion risk over
an extended 18 month construction phase.  In addition, the absence
of a contingency provision in the project cost estimates leaves
the project vulnerable to capital cost escalations.

The project proposes to use Julie Flora shrub as primary fuel and
other agro wastes, for which the state has accorded TGPL
harvesting rights over 6,000ha of forest land.  The company also
has plans to procure fuel through various sources including the
channel partner approach.  The ability to ensure uninterrupted
supplies of requisite quantities of fuel at a price that conforms
to estimates when commercial operations begin, will be a key
project success factor.

The company has signed a 20-year power purchase agreement with the
distribution companies of Rajasthan, which should mitigate the
offtake risk.  There are no stipulations regarding supply of
minimum quantities.  At the same time, some of the security
features covering payment risk that are incorporated in large PPAs
are also absent.


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


PERUSAHAAN LISTRIK: Inks IDR37.5BB Carbon Credit Deal w/ Agrinergy
------------------------------------------------------------------
PT Perusahaan Listrik Negara has signed an agreement with Britain-
based green developer Agrinergy on its clean development mechanism
project, Jakarta Globe reports.

According to the report, PLN said it expected to secure
IDR37.5 billion in carbon credits facilitated by Agrinergy for the
utility’s assurance that it would reduce emissions in its gas
power plant in Bontang, East Kalimantan, over the next 10 years.

The Globe discloses that it was the ninth carbon credit agreement
PLN has signed for its power plants, including a geothermal plant
in Kamojang, West Java, and another geothermal operation in
Lahendong, North Sulawesi.

Assistia Semiawan, PLN’s vice president for environmental and
electrical safety, said the 14-megawatt Bontang plant was expected
to start operation in August, the Globe relates.

Ms. Assistia, as cited by the Globe, also said the company would
propose carbon-credit trade for all of the renewable energy power
plants in the second phase of its "fast-track" energy program.

"We will try to cut gas emissions, not only from the [Bontang]
power plant but also for the transmission," the report quoted Ms.
Assistia as saying.

PLN was also planning to add clean coal technology to its 36 coal-
fired plants in the first phase of the fast-track program to
benefit from the carbon market, the report notes.

Indonesian state utility firm PT Perusahaan Listrik Negara --
http://www.pln.co.id/-- transmits and distributes electricity
to around 30 million customers, roughly 60% of Indonesia's
population.  The Indonesian Government decided to end PLN's
power supply monopoly to attract independents to build more
capacity for sale directly to consumers, as many areas of the
country are experiencing power shortages.

                          *     *     *

PT Perusahaan Listrik Negara continues to carry a Moody's
Investors Service "Ba3" long term corporate family rating.


PT CILIANDRA: Fitch Affirms Issuer Default Rating at 'BB-'
----------------------------------------------------------
Fitch Ratings has affirmed Indonesia-based palm oil plantation
company P.T. Ciliandra Perkasa's Long-term foreign and local
currency Issuer Default Ratings of 'BB-' and its National Long-
term rating of 'A+(idn)'.  The Outlook on the ratings remains
Stable.  Fitch has also affirmed the 'BB-' senior unsecured rating
of Ciliandra Perkasa Finance Company Pte Limited's
US$140.2 million notes due in 2011, which is guaranteed by
Ciliandra and its subsidiaries.

Ciliandra's ratings reflect its strong and improving plantation
maturity profile, low crude palm oil production cost which allows
it to generate strong operating cash flows through commodity
cycles, and its strong financial profile.

At March 2009, 67% of its over 86,000ha planted area was in mature
fresh fruit bunch production age and 53% in prime production age.
Based on its plantation maturity profile, Ciliandra's mature
plantation area will continue to increase by around 6,000ha per
year annually, thereby further increasing its FFB production.
Owing to this, Ciliandra enjoys very favourable FFB yields (among
the highest in Indonesia with 23 tonnes of FFB per mature ha in
2008) and low CPO production costs.  The company's cash cost of
producing a metric tonne of CPO was also under US$220 in Q109,
which is much below the current and expected CPO prices.

Ciliandra's capex peaked in 2007 and 2008 (US$57 million and
US$78 million, respectively) due to the expansion of its milling
capacity and the construction of a bio-diesel refinery.  Given
that Ciliandra's capex will be largely limited to plantation
development expenditure from 2009, Fitch expects capex to reduce
to around US$25m per year, thereby helping its pre-dividend free
cash flow generation.

Ciliandra's ratings also consider the consolidation risk with its
parent, Singapore-based First Resources Limited.  Currently, FRL's
debt-free status and its limited operating activities outside of
Ciliandra do not constrain Ciliandra's ratings.  That said, in
2008, FRL acquired some 90,000ha of land in West Kalimantan for
planting oil palm.  It intends to develop this land bank using a
mixture of cash -- which largely comes from Ciliandra in the form
of dividends -- and debt.  In addition, following its public
listing in December 2007, FRL's flexibility with regard to
dividend distributions is somewhat weaker.  In this regard, Fitch
notes that the covenants of the US$ notes will restrict
Ciliandra's dividend distribution to 50% of its net income.

Ciliandra's ratings can be negatively affected should its leverage
(as measured by net adjusted debt to EBITDAR) increase beyond 2.5x
on a sustained basis.  Given the strong parent-subsidiary linkage
between FRL and Ciliandra, the latter's rating would be capped by
the financial profile of FRL.  Hence, a rise in FRL's consolidated
leverage beyond 2.5x and/ or a substantial weakening of FRL's
overall plantation maturity profile can exert pressure on
Ciliandra's ratings.  Nonetheless, based on CPO prices remaining
above US$500 per tonne and relatively low capex over the short- to
medium-term, Fitch expects both Ciliandra and FRL to maintain
their leverage well-below 2.5x, leading to the Stable Outlook on
the ratings.

Ciliandra's near-term liquidity is strong, with no short-term debt
maturities and around US$67 million of cash reserves at March
2009.  Its debt comprises of the US$ notes and IDR500bn bonds due
in 2012.  Fitch sees the need for some refinancing in 2011/2012
but does not consider the refinancing risk to be high, given its
expectation that Ciliandra will continue to maintain a strong
financial profile.


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


AZORA BANK: Shinsei Bank Merger May Help Bank, Fitch Says
----------------------------------------------------------
Fitch Ratings says that a potential consolidation of Shinsei Bank,
Limited. (Shinsei, rated 'BBB'/'F2'/Negative) and Aozora Bank, Ltd
(Aozora, rated 'BBB'/'F2'/Stable) could help the two major banks
raise their currently moderate systemic importance in Japan's
banking sector.  Fitch says that this in turn could also lead to
an agency review of both bank's Support ratings.  However, as
pressure on the profitability and capital of the two banks - as
well as significant concentration risks - will likely persist or
even increase this year, the probability of an upward rating
action would be limited.

Shinsei and Aozora announced that they have held discussions
regarding their future.  Fitch believes the two banks need
stronger domestic business franchises and more convincing business
models to weather the competitive and difficult operating
environment. Despite a potential increase in asset size, Fitch
believes that a possible merger may not address these issues.
Fitch notes that Shinsei and Aozora have pursued different
business strategies: Shinsei focuses largely on retail banking and
consumer financing, whereas Aozora focuses on corporate financing
and real estate non-recourse loans.  Thus, the agency believes
that a merger of the two banks would be somewhat complementary,
but would not immediately help them bolster the positions of their
respective business segments.  They would also be unlikely to gain
an immediate increase in earnings power by realizing economies of
scale.  The agency further notes persistent challenges within the
lending environment in Japan.  The two banks' aggregated total
assets and loan assets, as of 31 March 2009, were around JPY18trn
and about JPY9trn, respectively, surpassing Chuo Mitsui Trust
Holding, Japan's sixth-largest bank group.

Shinsei and Aozora have overhauled their business models in the
wake of the global financial crisis, redirecting resources from
riskier non-core businesses to their respective strengths, such as
retail and consumer finance in the case of Shinsei, and corporate
financing with respect to Aozora.  The two banks booked
significant net losses in FYE09 following asset impairment
charges.  These losses have weakened the capitalization of each
bank, particularly in the case of Shinsei.  While Aozora has
maintained a solid capitalization, its underlying profitability
has weakened. Both banks still have significant concentration
risks on their balance sheets.

The present ratings of the two banks and Shinsei Trust & Banking
Co., Ltd, a subsidiary of Shinsei, are:

Shinsei:

  -- Long-term foreign and local currency Issuer Default Ratings:
     'BBB'; Outlook Negative

  -- Short-term foreign and local currency IDRs: 'F2'

  -- Individual Rating: 'C/D'

  -- Support Rating: '3'

  -- Support Rating Floor: 'BB+'

Shinsei Trust & Banking:

  -- Long-term foreign and local currency IDRs: 'BBB'; Outlook
     Negative

  -- Short-term foreign and local currency IDRs: 'F2'

  -- Individual Rating: 'C/D'

  -- Support Rating: '2'

Aozora:

  -- Long-term foreign and local currency IDRs: 'BBB'; Outlook
     Stable

  -- Short-term foreign and local currency IDR: 'F2'

  -- Individual Rating: 'C/D'

  -- Support Rating: '3'

  -- Support Rating Floor: 'BB+'


CITIGROUP INC: In Final Talks With Sumitomo Trust Over Nikko Asset
------------------------------------------------------------------
Citigroup is in final talks with Sumitomo Trust & Banking Co. to
sell its Nikko Asset Management unit for around JPY100 billion,
Dow Jones Newswires report citing people familiar with the
situation.

The report relates that speaking on condition of anonymity, those
people said an agreement could be reached as early as next week.

Based in New York, Citigroup Inc. (NYSE: C) --
http://www.citigroup.com/-- is organized into four major segments
-- Consumer Banking, Global Cards, Institutional Clients Group,
and Global Wealth Management.  Citigroup had $2.0 trillion in
total assets on $1.9 trillion in total liabilities as of
September 30, 2008.

As reported in the Troubled Company Reporter on November 25, 2008,
the U.S. government entered into an agreement with Citigroup to
provide a package of guarantees, liquidity access, and capital.
As part of the agreement, the U.S. Treasury and the Federal
Deposit Insurance Corporation will provide protection against the
possibility of unusually large losses on an asset pool of
approximately $306 billion of loans and securities backed by
residential and commercial real estate and other such assets,
which will remain on Citigroup's balance sheet.  As a fee for this
arrangement, Citigroup issued preferred shares to the Treasury and
FDIC.  The Federal Reserve agreed to backstop residual risk in the
asset pool through a non-recourse loan.

Citigroup is one of the banks that, according to results of the
government's stress test, need more capital.


ES-CON JAPAN: JCR Downgrades Ratings on Senior Debts to 'D'
-----------------------------------------------------------
Japan Credit Rating Agency Ltd. (JCR) has downgraded the ratings
on senior debts and each series of the outstanding bonds of  ES-
CON Japan Ltd. from C to D.  JCR has also downgraded the rating on
the domestic CP program of the issuer from NJ to D, similarly.

Senior Debts: D

Issues     Amount(bn) Issue Date Due Date  Coupon    Rating
------     ---------  ---------  --------  ------    ------
bonds no.1  JPY3      05/10/07   05/10/10  3.36%       D
bonds no.2  JPY5      06/26/07   06/26/09  3.02%       D

CP: D
Maximum: JPY5 billion
Backup Line: 0%

Rationale

ES-CON Japan has announced that it cannot redeem its bonds no. 2,
which mature on June 29, and obligation acceleration with regard
to each series of the outstanding bonds.  Upon this announcement,
JCR downgraded the rating for the Company to "D."


SAPPORO HOLDINGS: Moody's Withdraws 'Ba1' Senior Unsecured Rating
-----------------------------------------------------------------
Moody's Investors Service has withdrawn Ba1 senior unsecured long-
term debt rating on Sapporo Holdings Limited.

Moody's has withdrawn the rating for business reasons.  This
action does not reflect a change in Sapporo's creditworthiness.

Moody's last rating action with respect to Sapporo was taken on
June 23, 2005, when its Ba1 senior unsecured long-term debt rating
was upgraded from Ba3.

Sapporo Holdings Limited, headquartered in Tokyo, is a holding
company that owns Japan's third-largest brewing company in terms
of market share.


SHINSEI BANK: Aozora Bank Merger May Help Bank, Fitch Says
----------------------------------------------------------
Fitch Ratings says that a potential consolidation of Shinsei Bank,
Limited. (Shinsei, rated 'BBB'/'F2'/Negative) and Aozora Bank, Ltd
(Aozora, rated 'BBB'/'F2'/Stable) could help the two major banks
raise their currently moderate systemic importance in Japan's
banking sector.  Fitch says that this in turn could also lead to
an agency review of both bank's Support ratings.  However, as
pressure on the profitability and capital of the two banks - as
well as significant concentration risks - will likely persist or
even increase this year, the probability of an upward rating
action would be limited.

Shinsei and Aozora announced that they have held discussions
regarding their future.  Fitch believes the two banks need
stronger domestic business franchises and more convincing business
models to weather the competitive and difficult operating
environment. Despite a potential increase in asset size, Fitch
believes that a possible merger may not address these issues.
Fitch notes that Shinsei and Aozora have pursued different
business strategies: Shinsei focuses largely on retail banking and
consumer financing, whereas Aozora focuses on corporate financing
and real estate non-recourse loans.  Thus, the agency believes
that a merger of the two banks would be somewhat complementary,
but would not immediately help them bolster the positions of their
respective business segments.  They would also be unlikely to gain
an immediate increase in earnings power by realizing economies of
scale.  The agency further notes persistent challenges within the
lending environment in Japan.  The two banks' aggregated total
assets and loan assets, as of March 31, 2009, were around
JPY18 trillion and about JPY9 trillion, respectively, surpassing
Chuo Mitsui Trust Holding, Japan's sixth-largest bank group.

Shinsei and Aozora have overhauled their business models in the
wake of the global financial crisis, redirecting resources from
riskier non-core businesses to their respective strengths, such as
retail and consumer finance in the case of Shinsei, and corporate
financing with respect to Aozora.  The two banks booked
significant net losses in FYE09 following asset impairment
charges.  These losses have weakened the capitalization of each
bank, particularly in the case of Shinsei.  While Aozora has
maintained a solid capitalization, its underlying profitability
has weakened. Both banks still have significant concentration
risks on their balance sheets.

The present ratings of the two banks and Shinsei Trust & Banking
Co., Ltd, a subsidiary of Shinsei, are:

Shinsei:

  -- Long-term foreign and local currency Issuer Default Ratings:
     'BBB'; Outlook Negative

  -- Short-term foreign and local currency IDRs: 'F2'

  -- Individual Rating: 'C/D'

  -- Support Rating: '3'

  -- Support Rating Floor: 'BB+'

Shinsei Trust & Banking:

  -- Long-term foreign and local currency IDRs: 'BBB'; Outlook
     Negative

  -- Short-term foreign and local currency IDRs: 'F2'

  -- Individual Rating: 'C/D'

  -- Support Rating: '2'

Aozora:

  -- Long-term foreign and local currency IDRs: 'BBB'; Outlook
     Stable

  -- Short-term foreign and local currency IDR: 'F2'

  -- Individual Rating: 'C/D'

  -- Support Rating: '3'

  -- Support Rating Floor: 'BB+'


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


KIA MOTORS: Chinese Unit Secures US$150-Mln Loan for Expansion
--------------------------------------------------------------
Seonjin Cha and Sangim Han at Bloomberg News report that Kia
Motors Corp.'s Chinese unit, Dongfeng Yueda Kia Motors Co.,
secured US$150 million loan from eight banks led by Bank of China
Ltd. to help expand production.

Citing Kia Treasury Director Kim Deuk Ju in a phone interview,
Bloomberg News says Dongfeng Yueda’s five-year loans pay an
average interest rate of 4.63 percent.

Kia Motors Corporation (SEO:000270) -- http://www.kia.com/-- is a
Korea-based automobile manufacturer.  The Company provides its
products under three categories: sport utility vehicles (SUVs) and
multipurpose vehicles (MPVs), passenger vehicles and commercial
vehicles. Its SUVs and MPVs include leisure vehicles under the
brand name Carens, Carnival, Sportage, Mohave and Sorento. Its
passenger vehicles include passenger cars under the brand name
Soul, Picanto, Rio, Cerato, Magentis, Optima, Opirus and Amanti.
Its commercial vehicles include trucks and buses.  The Company
also offers concept vehicles and automobile parts.  The Company's
products are distributed in both domestic and overseas markets.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on April 23,
2009, that Moody's Investors Service downgraded Kia Motors Corp's
issuer rating to Ba1 from Baa3 and withdrawn the rating.  At the
same time, Moody's has assigned a Ba1 Corporate Family Rating to
KMC.  The rating outlook is negative.  This concludes Moody's
review for downgrade initiated on January 21, 2009.


SSANGYONG MOTOR: Workers Scrap Final Offer to End Strike
--------------------------------------------------------
Antara News reports that striking workers at Ssangyong Motor on
Friday rejected the company's final proposal to end a month-long
strike.

The report relates that earlier in the day, two court-appointed
managers supervising Ssangyong's bankruptcy proceedings said the
company will offer voluntary severance to 450 out of some 1,000
workers to be laid off.  The managers also promised to rehire them
once the company turns itself around, according to the news
agency.

The striking workers said, however, they would continue the strike
"without surrender until the management scraps the workforce
restructuring plan," the report notes.

As reported in the Troubled Company Reporter-Asia Pacific on
May 22, 2009, Yonhap News Agency said that unionized workers at
Ssangyong Motor launched a full strike against the company's
massive job-cut plan.

The Troubled Company Reporter-Asia Pacific, citing a report from
The Chosun Ilbo, said Ssangyong Motor is planning to cut some
2,800 employees or 40 percent of its entire workforce in a bid to
revive the company.

Citing a restructuring plan devised by the commissioned Samjong
KPMG, Chosun Ilbo said that even if the company produces
200,000 cars a year, it would be better off dissolving the company
rather than saving it.  In order for it to stay alive, a massive
lay-off plan is inevitable, Chosun Ilbo added.

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

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

The TCR-AP, citing The Auto Channel, reported on May 25, 2009,
that a South Korean court approved Ssangyong Motor Co's
restructuring plan.  The Auto Channel said the court confirmed a
recent Samil PricewaterhouseCoopers assessment that the
manufacturer had a greater value as a going concern than its
liquidated value, and ordered Ssangyong to submit its full
restructuring plan by mid-September.

                     About Ssangyong Motor

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


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


LITYAN HOLDINGS: Settles Legal Suit Against Magnet Ventures
-----------------------------------------------------------
Lityan Holdings Berhad disclosed that its wholly owned subsidiary,
Konsortium Jaya Sdn. Bhd., has entered into a settlement agreement
with Magnet Ventures Sdn. Bhd. for the settlement of Kuala Lumpur
High Court Suit No. S5-22-532-2005.

Pursuant to the settlement agreement, MVSB shall undertake to
transfer 22,500 ordinary shares of MYR1.00 each held  in Digital
Transmission Systems Sdn. Bhd. ("DTSSB") to KJSB's nominee,
Lityan, free from all claims, charges, liens, security interests,
encumbrances, claims and equities whatsoever, together with all
rights attached as full and final settlement of the Judgement.

Upon the completion of the transfer of DTSSB shares from MVSB to
Lityan, the number of ordinary shares held by Lityan in DTSSB
would be increased from 65,000 ordinary shares of MYR1.00 each to
87,500 ordinary shares of MYR1.00 each thus, making DTSSB a 87.5%
subsidiary of Lityan.

                        Details of the Suit

On May 9, 2005, KJSB initiated legal action against MVSB for the
recovery of MYR1,000,000.00 together with interest and cost.  The
claim was in relation to the refund of MYR1,000,000.00 for failure
of consideration.  The default judgement has been filed against
MVSB on September 5, 2005 (the Judgement).

Headquartered in Selangor Darul Ehsan, Malaysia, Lityan Holdings
Berhad -- http://www.lityan.com.my/-- sells and provides
maintenance services and rental of computer equipment,
peripherals, telecommunication equipment and related services.
The Company's other activities include provision of building
maintenance and management services, developing and marketing of
new client-server programming tools and application software,
operation of public mobile data network, property investment and
investment holding.  The Group carries out its operations in
Malaysia and the Philippines.

On May 10, 2005, the company was classified as an affected
listed issuer pursuant to Bursa Malaysia Securities Berhad's
Practice Note 17 category.  On January 16, 2006, the Company
entered into a conditional Restructuring Agreement to undertake
the Proposed Restructuring Scheme with the intention of
restoring itself onto stronger financial footing via an
injection of new viable businesses.


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


AIR NEW ZEALAND: May Sue Qantas to Recoup Losses Due to Strike
--------------------------------------------------------------
The Sydney Morning Herald reported that Air New Zealand is
threatening to sue Qantas to recover millions of dollars of costs
incurred last year when the Australian carrier's engineers went on
strikes.

The 10-week-long stand-off between Qantas and its licensed
aircraft engineers ended last July but its impact was felt for
months afterwards because of the backlog of work it created, the
Herald related.

According to the Herald, Air New Zealand's Australian general
manager, John Harrison, said the airline would make a final
decision on whether to take legal action against Qantas within the
next week.  "We are considering what to do with Qantas [in the
recovery of costs] and that includes the option of legal action."

Air New Zealand was also affected by Qantas baggage handlers
strike in March to protest at the loss of at least 120 jobs
through outsourcing, the Herald said.

Mr. Harrison, according to the Herald, declined to reveal the cost
of the dispute but said it was "fairly substantial".

Meanwhile, Dow Jones Newswires reported that Air New Zealand will
replace Qantas for engineering work in Sydney and Melbourne
following disruptive wildcat strikes last year.

Mr. Harrison told Dow Jones Newswires the New Zealand carrier was
"transitioning" its line maintenance contract in Sydney from
Qantas to Cathay Pacific.

In Melbourne, Air NZ will contract John Holland Group, a unit of
Leighton Holdings, Dow Jones Newswires added.

                      About Air New Zealand

Based in Auckland, New Zealand, Air New Zealand Ltd --
http://www.airnewzealand.com/--is the country's flag air carrier,
with domestic and international passenger and freight operations,
and an aviation engineering business.  Air New Zealand flies to
the United States, United Kingdom, Canada, Europe and other Asian
cities.

                          *     *     *

As of June 29, 2009, Air New Zealand Ltd continues to carry
Moody's Investors Service "Ba1" Senior Unsecured Issuer rating
with stable outlook.


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


LEAR CORP: Working on Prepackaged Bankruptcy in U.S.
----------------------------------------------------
Lear Corp. is working on a prepackaged bankruptcy, sources told
Dow Jones Newswires.

Lear is facing a US$38 million interest payment on two bonds
Tuesday.  Lear may file for a traditional-style bankruptcy if a
prepackaged bankruptcy deal isn't reached, Dow Jones said.

Craig Trudell and Lauren Coleman at Bloomberg News report, citing
a person familiar with the matter, said Lear may file for
bankruptcy protection as early as June 29 and no later than
July 1.

Current lenders JPMorgan Chase & Co. reportedly will provide
debtor-in-possession financing.

The Troubled Company Reporter on June 26, 2009, said Stroock &
Stroock & Lavan LLP will represent the bondholders; and Simpson
Tchacher & Bartlett LLP will represent creditors.  Investment bank
Miller Buckfire & Co. is giving Lear Corp. advice.

As reported by the TCR on June 3, 2009, Lear did not make the
US$38 million semi-annual interest payments due on June 1, 2009,
with respect to its 8.50% senior notes due 2013, and 8.75% senior
notes due 2016.  The Company utilized the 30-day grace period
applicable to the interest payments, while it continues
discussions of a possible capital restructuring with its lenders
and certain other parties, according to Matthew J. Simoncini,
senior vice president and chief financial officer of the company.
Under the applicable indentures relating to the senior notes, the
use of the 30-day grace period does not constitute a default that
permits acceleration of the senior notes or any other
indebtedness, Mr. Simoncini said.

On May 13, 2009, the Company entered into an amendment and waiver
under its primary credit facility, wherein the waiver of covenant
defaults under the primary credit facility would terminate if the
Company were to make any payments with respect to the senior
notes.  A full-text copy of the second amendment and waiver is
available for free at http://ResearchArchives.com/t/s?3a6e

                      About Lear Corporation

Based in Southfield, Michigan, Lear Corporation --
http://www.lear.com/-- is one of the world's leading suppliers of
automotive seating systems, electrical distribution systems and
electronic products.  The Company's products are designed,
engineered and manufactured by a diverse team of 80,000 employees
at 210 facilities in 36 countries.  Lear is traded on the New York
Stock Exchange under the symbol [LEA].

                            *     *     *

Lear had approximately US$1.2 billion in cash and cash equivalents
as of April 4, 2009, as compared to approximately US$1.6 billion
as of December 31, 2008.  The decline reflects negative free cash
flow in the first quarter, as well as the termination of an
accounts receivable factoring facility in Europe.  Lear had total
assets of US$6.4 billion, current liabilities of US$4.4 billion
and long-term liabilities of US$2.0 billion, resulting in US$41.4
million in stockholders' deficit at April 4, 2009.


TRIUMPH INT'L: To Shut Down Operations; 1,660 Jobs at Risk
----------------------------------------------------------
Hundreds of workers at Triumph International's Philippine unit are
set to lose their jobs as the company announced Saturday it was
closing down next month "due to the global recession and general
downturn in consumer demand," a report posted at philstar.com
says.

Triumph International confirmed it would cease manufacturing and
close its distribution center operations in the Philippines as
part of a global restructuring program, philstar.com cited Triumph
in a statement sent to The STAR.

"As part of this program, Triumph's factories Triumph
International (Philippines) Inc. and Star Performance Inc.
factories in Taguig City will close; 1,605 employees at the two
factories and 57 employees at the company’s head office in Makati
City will lose their jobs as a result of this change effective
28th of August," the report cited Triumph as saying in a
statement.

The report relates Triumph said its sales and marketing in the
Philippines would continue normally and would employ 128 people in
these operations.

The company however assured retrenched employees that it would
fulfill all obligations, including giving a full wage payment for
the period leading up to Aug. 28 and severance pay, according  to
philstar.com.

Triumph International AG is a Germany-based manufacturer of
lingerie, homewear and leisurewear for women and men.  Its
products are marketed under such brands as Triumph, Triumph
Classics, triaction, Sloggi, BeeDees, HOM and Valisere.  In the
lingerie segment, the Company offers corsages, briefs, accessories
and bras within the product lines Fashion, Shape and Everyday,
among others.  The homewear segment offers primarily sleepwear
with the product lines Fashion, Natural Graphics, Nostalgic Summer
and Soft Summer. Swimwear is offered within several product lines,
including Fashion, Modern and Mix to Match. Triumph International
AG operates approximately 49 subsidiaries and sales its products
in 120 countries worldwide.


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


ARMADA (SINGAPORE): Creditors' Proofs of Debt Due on July 20
------------------------------------------------------------
Armada (Singapore) Pte Ltd, which is under judicial management,
requires its creditors to file their proofs of debt by July 20,
2009, to be included in the company's dividend distribution.

Messrs. Tam Chee Chong, Jamil Raza Syed and Tay Boon Suan are the
company's judicial managers.


SEED VENTURES: Creditors' Proofs of Debt Due on July 27
-------------------------------------------------------
Seed Ventures III Pte Ltd, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by July 27, 2009, to be included in the company's dividend
distribution.

The company's liquidator is:

          Loo Hock Voon
          1 Kim Seng Promenade
          #14-07 Great World City West Tower
          Singapore 237994


SINGAUTO PTE: Creditors' Proofs of Debt Due on July 27
------------------------------------------------------
Singauto Pte Ltd, which is in members' voluntary liquidation,
requires its creditors to file their proofs of debt by July 27,
2009, to be included in the company's dividend distribution.

The company's liquidators are:

         Catherine Lim Siok Ching
         Low Mei Mei Maureen
         c/o 8 Wilkie Road
         #03-01 Wilkie Edge
         Singapore 228095


TBC LINE: Court to Hear Wind-Up Petition on July 10
---------------------------------------------------
A petition to have TBC Line Pte Ltd's operations wound up will be
heard before the High Court of Singapore on July 10, 2009, at
10:00 a.m.

Aqua-Terra Logistics Pte Ltd filed the petition against the
company on June 16, 2009.

The Petitioner's solicitors are:

          Messrs. Haridass Ho & Partners
          24 Raffles Place
          #18-00 Clifford Centre
          Singapore 048621


WIIG GLOBAL: Creditors' Proofs of Debt Due on July 27
-----------------------------------------------------
Wiig Global Ventures Pte Ltd, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by July 27, 2009, to be included in the company's dividend
distribution.

The company's liquidator is:

          Loo Hock Voon
          1 Kim Seng Promenade
          #14-07 Great World City West Tower
          Singapore 237994


================
S R I  L A N K A
================


PEOPLE'S BANK: Fitch Upgrades Individual Rating to 'D/E'
--------------------------------------------------------
Fitch Ratings Lanka has upgraded People's Bank (Sri Lanka)'s
National Long-term rating to 'A(lka)' from 'A-(lka)' and
Individual rating to 'D/E' from 'E'.  The Support rating has been
affirmed at '4'.  The Outlook on the rating has been revised to
Stable from Positive.

PB's National Long-term rating has been upgraded to reflect the
achievement of minimum capital adequacy ratios and Fitch's view of
their sustainability.  The Individual rating has been upgraded on
the back of an improvement in PB's capital position and the
achievement of minimum CARs.  PB's ratings reflect its systemic
importance as the second-largest bank in Sri Lanka, and state
ownership.

PB met minimum CARs at December 2008, reporting core and total CAR
ratios of 6.48% and 10.46%, respectively, at the bank level and
7.92% and 11.87%, respectively, at the group level under the Basel
II framework.  The achievement of CARS followed an LKR1.5 billion
infusion from the Ministry of Finance and Planning as per the
independent capital injection plan, profit retention and a private
issuance of subordinated debt of LKR2.5 billion (maturing in
2016), nullifying the need for the 'Letter of Comfort' issued by
the Government of Sri Lanka undertaking to support PB to the
extent required meet minimum capital requirements.  Fitch believes
that the CARs should continue to remain above the regulatory
minimum based on expected capital generation and retention,
although CARs (in particular, total CAR at the bank level), could
come under pressure if aggressive growth is pursued.  Fitch also
notes PB's potential liability under WTI crude oil derivative
contracts estimated at about US$26 million (based on oil prices at
US$65 per barrel), although the Central Bank of Sri Lanka has
instructed banks not to proceed or give effect to these
transactions.  PB's management has indicated its intention to
Fitch to manage the capital position so as to ensure that CARs are
maintained above the regulatory minimum.

PB maintained relatively high NIMs (5.9% in FY08), benefiting from
a high proportion of current and savings deposits, (55% of
deposits and 43% of funding at FYE08) and exposure to relatively
high yield products such as pawning i.e. gold-backed short-term
advances (30% of the loan book at FYE08).  However, profitability
as indicated by ROA (0.8% in FY08) remains constrained by high
operating costs (3.8% of average assets at FYE08).

Increased delinquencies as observed across the sector caused PB's
asset quality to come under pressure in FY08, with the gross NPL
ratio in the non-state sector portfolio increasing to 7.5% at
FYE08 (6.9% at FYE07), although Fitch notes that of the increase
in NPLs, 24% originated from stronger regulatory classification
rules.  Provisioning remained relatively high (66% at FYE08),
although net NPL/equity increased to 28% at FYE08 due to the
decline in asset quality.  Fitch estimates that FYE08 net
NPL/equity could increase to about 32%, factoring in the potential
liability arising from derivatives.

PB is one of the main bankers to the GOSL and state owned
enterprises.  Consequently, credit exposure to the state sector
(GOSL and SOEs) constituted 8% of assets (12.0% of loans) at
FYE08.  Total balance sheet exposure to the state sector
(including government securities and restructuring bonds)
accounted for 28% of assets at FYE08.

PB is the second largest bank in Sri Lanka, accounting for 14.6%
of banking system assets at December 2008.  The bank is 92.27%
owned by GOSL and 7.73% owned by co-operative societies.

PB has a 1.78% shareholding in Fitch Ratings Lanka but is not
involved in either the day-to-day operations or credit rating
reviews undertaken by Fitch Ratings Lanka.


SAMPATH BANK: Fitch Affirms Individual Ratings at 'D/E'
-------------------------------------------------------
Fitch Ratings has affirmed the 'AA-(lka)' National Long-term
rating of Sampath Bank PLC, as well as its Individual and Support
ratings at 'D/E' and '5', respectively, and the 'A+(lka)' National
Long-term rating on the bank's outstanding rated subordinated
debentures of LKR1.75 billion.  The Outlook remains Stable.  At
the same time, the agency also assigned an 'A+(lka)' National
Long-term rating to the bank's proposed subordinated debenture
issue of up to LKR3 billion.

The affirmations reflect SB's sound liquidity and capital
adequacy, and good franchise among local commercial banks.  Fitch
expects the bank to broadly manage the current sector-wide
deterioration in asset quality over the short- to medium-term,
given the bank's redoubled efforts in this respect coupled with
expectations of easing inflation and interest rates, while
maintaining healthy profitability.  Conversely, the bank's
inability to reverse the decline in asset quality, or the lack of
a visible improvement in macro-economic conditions, could result
in negative rating pressure.

SB's profitability improved in FY08 largely due to widening net
interest margins, as higher yields on incremental loans
compensated for both lower business volumes (as loan growth
slowed) and higher borrowing costs.  Group ROA stood at 1.09% at
FYE08 (FYE07: 0.95%) and compared favorably with the peer median
of 1.00%.  The current sector-wide reduction in deposit rates
(following strong signs of easing market interest rates) is likely
to benefit SB's NIM and keep its ROA healthy over the short- to
medium-term, despite possibly higher credit costs and operating
expenses.  Fitch's expectations of healthy ROA, combined with the
bank's conservative dividend payout and slow asset growth, is
likely to keep SB's capital structure in line with its rating.

Asset quality continued to decline over the five months to end-May
2009 in line with the current sector trend, driven by the
preceding highly inflationary and high interest rate environment.
However, Fitch notes that the bank has taken steps to arrest the
decline.  For instance, SB's loan book contracted in Q408 (a
quarter earlier than peers) as the bank shifted its focus to
recoveries.  Furthermore, the bank's credit decisions became more
centralized since early-2009, and its recoveries were strengthened
by reallocating experienced credit personnel.  SB expects such
efforts, coupled with expectations of a sustained lower interest
rate environment, to generate positive results.

SB's group asset base stood at LKR142.3 billion at FYE08 and
accounted for 6.25% of total licensed commercial banking sector
assets, which it controls via 124 branches.  The bank is
considered as one of six systemically important LCBs by the
Central Bank of Sri Lanka.

SB owns 1.78% of the shares in Fitch Ratings Lanka Limited.  No
shareholder, other than Fitch Ratings Limited of the UK, is
involved in the day-to-day operations of, or credit rating reviews
undertaken by Fitch Ratings Lanka Limited.


===============
T H A I L A N D
===============


* THAILAND: Exports May Shrink to Record Low in 18 Years
--------------------------------------------------------
Thailand's exports are expected to shrink this year to their
lowest level in 18 years as a result of the global economic slump
and rising oil prices, Antara News reports citing an academic.

The report, citing Aat Pisanwanich, director of the University of
the Thai Chamber of Commerce (UTCC) Center for International Trade
Studies, says Thailand's export revenues in 2009 are expected to
peak at US$146.33 billion, a contraction of 17.7-22.7 per cent
since 1992.

Mr. Aat said Thailand's national economy is projected to start
recovering in the fourth quarter of 2009, but will continue
contracting by 3.5 per cent -- even with recovery, on the
condition that the world economy recovers, Antara News relates.

"This year's imports are expected to be valued at about US$132.70
billion, down sharply by 25.7 per cent from last years
performance," the report quoted Mr. Aat as saying.  Nonetheless,
Thailand is expected to enjoy a trade surplus of US$13.63 billion
in 2009, Antara News notes.


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


* BOND PRICING: For the Week June 22 to June 26, 2009
----------------------------------------------------

   AUSTRALIA
   ---------
A&R Whitcoulls                9.500%   12/15/10   NZS      70.00
Ainsworth Game                8.000%   12/31/09   AUD       0.62
AMP Group Financ              9.803%   04/01/19   NZD       0.90
AMP Group Financ              6.875%   08/23/22   GBP      66.27
Antares Energy               10.000%   10/31/13   AUD       1.70
Babcock & Brown Pty           8.500%   11/17/09   NZD      46.39
Becton Property Group         9.500%   06/30/10   AUD       0.43
Bemax Resources               9.375%   07/15/14   USD      61.12
Bemax Resources               9.375%   07/15/14   USD      61.12
Bounty Industries Ltd        10.000%   06/30/10   AUD       0.03
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       0.32
Com BK Australia              4.875%   12/19/23   GBP      72.88
Djerriwarrh Inv               6.500%   09/30/09   AUD       3.94
First Australian             15.000%   01/31/12   AUD       0.55
Griffin Coal Min              9.500%   12/01/16   USD      50.00
Griffin Coal Min              9.500%   12/01/16   USD      50.00
Hanson Australia              5.250%   03/15/13   USD      72.50
Heemskirk Consol              8.000%   04/29/11   AUD       2.21
Insurance Austra              5.625%   12/21/26   GBP      70.46
Jpm Au Enf Nom 1              3.500%   06/30/10   USD       1.62
Macquarie Bank                5.500%   09/09/16   GBP      74.05
Macquarie Bank                6.500%   05/31/17   GBP      43.89
Minerals Corp                10.500%   09/30/09   AUD       0.48
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       0.67
Sun Resources NL             12.000%   06/30/11   AUD       0.50
Suncorp-Metway                6.500%   06/22/16   AUD      68.62
Suncorp-Metway                6.625%   10/23/17   GBP      72.50
Suncorp Insuran               6.250%   06/13/27   GBP      62.92
Timbercorp Ltd                8.900%   12/01/10   AUD      26.10


   CHINA
   -----
China Govt Bond                 4.860%  08/10/14     CNY     0.00
Chinatrust Comm                 5.625%  03/29/49     CNY    65.99
Jiangxi Copper                  1.000%  09/22/16     CNY    72.61


   HONG KONG
   ---------
Bank East Asia                 6.125%  03/29/49     GBP    74.19
Wing Hang Bk Ltd               6.000%  04/29/49     USD    69.87


   INDIA
   -----
Aftek Infosys                  1.000%  06/25/10     USD    73.00
AKSH Optifibre                 1.000%  01/29/10     USD    57.50
Gemini Commnica                6.000%  07/18/12     EUR    61.50
GHCL Ltd                       1.000%  03/21/11     USD    49.50
Hindustan Cons                10.000%  10/25/09     INR    20.00
ICICI Bank Ltd                 7.250%  08/29/49     USD    72.17
ICICI Bank Ltd                 7.250%  08/29/49     USD    72.65
JCT Ltd                        2.500%  04/08/11     USD    31.75
Kei Industries                 1.000%  11/30/11     USD    63.50
Radico Khaitan L               3.500%  07/27/11     USD    67.00
Subex Azure                    2.000%  03/09/12     USD    24.59
Wanbury Ltd                    1.000%  04/23/12     EUR    67.50


   INDONESIA
   ---------
Bank Pan Indo                  9.750%  06/19/10     IDR    65.11
Ciliandra                     11.500%  11/27/12     IDR    73.10


   JAPAN
   -----
Aiful Corp                     4.450%  02/16/10     JPY    72.50
Aiful Corp                     4.450%  02/16/10     JPY    72.50
Aiful Corp                     5.000%  08/10/10     USD    60.75
Aiful Corp                     5.000%  08/10/10     USD    60.75
Aiful Corp                     6.000%  12/12/11     USD    45.87
Aiful Corp                     6.000%  12/12/11     USD    45.87
Aiful Corp                     1.990%  10/19/15     JPY    49.98
Belluna Co Ltd                 1.100%  03/21/12     JPY    69.66
CSK Corporation                0.250%  09/30/13     JPY    29.80
Daikyo Inc.                    1.880%  03/12/12     JPY    73.53
Japan Airlines                 3.100%  01/22/18     JPY    74.15
JPN Exp Hld/Debt               0.500%  09/17/38     JPY    57.37
Nis Group                      8.060%  06/20/12     USD    71.75
Orix Corp                      2.190%  04/18/17     JPY    72.64
Pacific Golf Gro               1.000%  05/01/12     JPY    74.16
Resona Bank                    5.986%  08/29/49     GBP    71.75
Resona Bank                    4.125%  09/29/49     GBP    71.78
Resona Bank                    4.125%  09/29/49     USD    69.75
Resona Bank                    5.850%  09/29/49     USD    70.00
Shinsei Bank                   1.960%  03/25/15     JPY    72.01
Shinsei Bank                   2.010%  10/30/15     JPY    69.77
Shinsei Bank                   3.750%  02/23/16     EUR    70.00
Shinsei Bank                   5.625%  12/29/49     GBP    51.76
Sumitomo Mitsui                4.375%  07/29/49     EUR    74.00
Takefuji Corp                  9.200%  04/15/11     JPY    69.00
Takefuji Corp                  9.200%  04/15/11     JPY    69.00
Takefuji Corp                  8.000%  11/01/17     USD    33.62


   MALAYSIA
   --------
Advance Synergy Berhad         2.000%  01/26/18     MYR     0.07
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     0.95
AMBB Capital                   6.770%  01/29/49     USD    63.62
Berjaya Land Bhd               5.000%  12/30/09     MYR     3.60
Crescendo Corp B               3.750%  01/11/16     MYR     0.50
Dutaland Bhd                   4.000%  04/11/13     MYR     0.41
Dutaland Bhd                   4.000%  04/11/13     MYR     0.75
Eastern & Orient               8.000%  07/25/11     MYR     0.91
Huat Lai Resources             5.000%  03/28/10     MYR     0.30
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.17
Kretam Holdings                1.000%  08/10/10     MYR     1.01
Kumpulan Jetson                5.000%  11/27/12     MYR     0.40
LBS Bina Group                 4.000%  12/31/09     MYR     0.40
Lion Diversified               4.000%  12/17/13     MYR     0.93
Mithril Bhd                    3.000%  04/05/12     MYR     0.76
Nam Fatt Corp                  2.000%  06/24/11     MYR     0.26
Olympia Industri               2.800%  04/11/13     MYR     0.23
Olympia Industri               4.000%  04/11/13     MYR     0.25
Plus SPV Bhd                   2.000%  06/27/18     MYR    74.55
Plus SPV Bhd                   2.000%  03/11/19     MYR    72.36
Puncak Niaga Hld               2.500%  11/18/16     MYR     0.71
Rubberex Corp                  4.000%  08/14/12     MYR     0.92
Tradewinds Corp                2.000%  02/08/12     MYR     0.75
TRC Synergy                    5.000%  01/20/12     MYR     1.10
Tradewinds Plant               3.000%  02/28/16     MYR     1.10
Wah Seong Corp                 3.000%  05/21/12     MYR     2.00
Wijaya Baru Glob               7.000%  09/17/12     MYR     0.36
YTL Cement Bhd                 4.000%  11/10/15     MYR     1.82


   NEW ZEALAND
   -----------
Allied Farmers                 9.600%  11/15/11     NZD    49.87
Allied Nationwid              11.520%  12/29/49     NZD    41.00
BBI Ntwrks NZ Ltd              8.000%  11/30/12     NZD     0.38
Blue Star Print                9.100%  09/15/12     NZD    26.42
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    65.01
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    68.51
Infrastr & Util                8.500%  09/15/13     NZD    10.50
Infratil Ltd                   8.500%  11/15/15     NZD    10.60
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    73.00
South Canterbury              10.500%  06/15/11     NZD     0.92
South Canterbury              10.430%  12/15/12     NZD     0.87
St Laurence Prop               9.250%  07/15/10     NZD    65.59
Tower Capital                  8.500%  04/15/14     NZD     0.92
Trustpower Ltd                 8.500%  09/15/12     NZD     7.70
Trustpower Ltd                 8.500%  03/15/14     NZD     8.25
Vector Ltd                     8.000%  10/15/14     NZD     0.99
Vector Ltd                     8.000%  12/29/49     NZD     8.25


   SINGAPORE
   ---------
Capitaland Ltd.                2.950%  06/20/22     SGD    73.00
Giti Tire                     12.250%  01/26/12     USD    54.87
Sengkang Mall                  4.880%  11/20/12     SGD     0.50
Sengkang Mall                  8.000%  11/20/12     SGD     0.50
United ENG Ltd                 1.000%  03/03/14     SGD     0.95
WBL Corporation                2.500%  06/10/14     SGD     1.68


SOUTH KOREA
-----------
Hynix Semi Inc                 7.875%  06/27/17     USD    69.13
Korea Elec Pwr                 6.000%  12/01/26     USD    71.18
Shinhan Bank                   6.819%  09/20/36     USD    69.00


SRI LANKA
---------
Sri Lanka Govt                 7.500%  08/15/18     LKR    72.64
Sri Lanka Govt                 7.000%  10/01/23     LKR    64.53
Sri Lanka Govt                 7.000%  10/01/23     LKR    64.53


  THAILAND
  --------
G Steel                       10.500%  10/04/10     USD    22.98
Italian-Thai Dev               4.500%  06/10/13     USD    70.33


                         *********

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
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TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
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thereof are US$25 each.  For subscription information, contact
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                 *** End of Transmission ***