/raid1/www/Hosts/bankrupt/TCRAP_Public/090313.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Friday, March 13, 2009, Vol. 12, No. 51

                            Headlines

A U S T R A L I A

AUSTRALIAN MOTOR: Parent Company May Regain Control of Business
BABCOCK & BROWN: Calls in Voluntary Administrators
CITY PACIFIC: Trilogy Mulls Changes if Takeover Bid Pushes Through
GENERAL MOTORS: GM Holden to Cut Executive Pay
GRIFFIN COAL: Moody's Downgrades Corporate Family Rating to 'B2'

OPES PRIME: Beconwood Case Put On Hold Pending Creditors' Vote


C H I N A

* CHINA: Exports Drop Sharply in February


H O N G  K O N G

DARTUNG TRADING: Court to Hear Wind-Up Petition on April 29
FORWARD HOLDINGS: Contributories & Creditors to Hold Meetings
FORWARD HOLDINGS: Court Enters Wind-Up Order
FORWARD INTERNATIONAL: Contributories & Creditors to Hold Meetings
FORWARD INTERNATIONAL: Court Enters Wind-Up Order

HONG KONG LINK ET AL: Placed Under Voluntary Wind-Up
JOINTEX INDUSTRIES: Court Enters Wind-Up Order
MASS HING: Court Enters Wind-Up Order
MASS HING: Contributories & Creditors to Meet on March 16
OMEGA CAPITAL: S&P Downgrades Ratings on 10 Classes to 'D'

ONE PRICE: Court Enters Wind-Up Order
PEACE MARK: Court Enters Wind-Up Order
SHARP VIEW: Court Enters Wind-Up Order
SILK & SATIN: Court Enters Wind-Up Order


I N D I A

BACKBONE PROJECTS: Weak Liquidity Prompts CRISIL's "D" Ratings
B.S.SPONGE: CRISIL Rates Rs.100 Mln Cash Credit at 'BB-'
DEENDAYAL NAGRIK: Insolvency Prompts RBI to Cancel License
GOA SPONGE: CRISIL Puts 'B' Ratings on Various Bank Facilities
KINGFISHER AIRLINES: Defers Dubai Launching Until June-July

* INDIA: RBI Convened Task Force to Help Distressed Diamond Sector


J A P A N

ASTRA ALPHA: S&P Puts Junk Ratings on JPY15.0BB Notes on WatchPos.
CORSAIR (JERSEY): S&P Takes Junk Ratings on Notes Out of WatchNeg.
ELM B.V.: S&P Takes Junk Ratings on $20.0MM Notes Out of WatchNeg.
HELIUM CAPITAL: S&P's Junk Rtngs. on $10.0MM Notes Out of WatchPos
MOMENTUM CDO: S&P's Junk Ratings on 2 OPALE Notes Out of WatchNeg.

OMEGA CAPITAL: S&P Takes Low-B Rating on 3 Notes Out of WatchNeg.
PACIFIC HOLDINGS: RIII Warns Credit Rating Downgrade
RESONA BANK: Fitch Affirms Individual and Support Ratings at 'D'
SIGNUM VANGUARD: S&P Puts Junk Ratings on Notes on Negative Watch


K E N Y A

CFC STANBIC: Fitch Assigns Issuer Default Rating at 'BB-'
SWAN INDUSTRIES: Placed in Receivership; Over 100 Jobs Affected


K O R E A

SAMSUN LOGIX: Files Chap. 15 Petition in U.S. Court, Reuters Says


N E W  Z E A L A N D

BRIDGECORP: No Payout Estimates Yet for Investors


S I N G A P O R E

CHARTERED SEMICONDUCTOR: Moody's Continues Review on 'Ba2' Rating
GENLINK UNITED: Creditors' Proofs of Debt Due on April 10
GILLETTE GROUP: Creditors' Proofs of Debt Due on April 11
GILLETTE MANAGEMENT: Creditors' Proofs of Debt Due on April 11
HO SHING: Contributories and Creditors to Meet on March 25


T H A I L A N D

G STEEL: S&P Junks Long-Term Corporate Credit Rating from 'B-'


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                         - - - - -


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

AUSTRALIAN MOTOR: Parent Company May Regain Control of Business
---------------------------------------------------------------
Australian Motor Finance Group Ltd may regain control of the
business of its subsidiary, Australian Motor Finance (AMF), after
it went into receivership, News.com.au reports.

The parent group said that the receivers had re-established the
loan book and collection processes and was operating the business
as a going concern, but only to manage and collect loan
repayments, the report noted.

The options included selling the loan portfolio to another party,
allowing Australian Motor Finance Group Ltd to refinance or
purchase the loan book, managing the loan book into a refinance or
taking the loan book under bank management and allowing Australian
Motor Finance Group Ltd to take back the staff and remaining
company assets, the report said.

Australian Motor Finance is a specialist motor vehicle financier,
which provides finance to consumers and small business for the
purchase or motor vehicles.


BABCOCK & BROWN: Calls in Voluntary Administrators
--------------------------------------------------
Babcock & Brown Limited has appointed voluntary administrators
after investors in the company's subordinated notes listed in
New Zealand voted on Friday, March 13, against the special
resolution to restructure the terms of the notes.

"As a result of this vote and as foreshadowed in the Explanatory
Memorandum booklet released to the market on February 19, 2009,
the Board has appointed David Lombe and Simon Cathro of Deloitte
Touche Tohmatsu as Voluntary Administrators of Babcock & Brown
Limited," Babcock & Brown said in a statement.

Trading in shares in Babcock & Brown (ASX: BNB) and the Australian
subordinated notes (ASX:BNBG) have been already suspended.

Babcock & Brown said trading in the New Zealand listed notes is
also likely to be suspended, and that all these securities will be
removed from the relevant Exchanges.

The appointment of administrators to Babcock & Brown Limited is
not expected to have any material impact Babcock & Brown
International Pty Ltd (BBIPL) the main operating and asset owning
entity of the Babcock & Brown Group, the company said.

BBIPL will continue to operate and will proceed with the orderly
realisation of assets over an approximate 2-3 three years time
horizon to reduce debt.

Babcock and Brown said the company's equity and subordinated note
holders are not expected to receive any return.

                      About Babcock & Brown

Headquartered in Sydney, Australia, Babcock & Brown Limited
(ASX:BNB) -- http://www.babcockbrown.com/-- creates, syndicates
and manages investment products for itself, as a principal, and
its investor clients; management of specialised listed and
unlisted funds, and advising and arranging leasing, project
financing and structured finance transactions.  It has five
segments: real estate, which engages in principal investment and
investment management activities in the real estate sector;
infrastructure, which engages in financial advisory, principal
finance and funds management activities in the infrastructure and
project finance sector; corporate and structured finance, which is
engaged in the origination, structuring and participation in and
management of equity and debt investments, and operating leasing,
which is engaged in asset acquisition and syndication, and ongoing
management of portfolios of aircraft, railcars and semi-conductor
equipment.  In October 2007, it acquired Bluewater.
In November 2007, it acquired Coinmach Service Corp.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
November 25, 2008, Standard & Poor's Ratings Services lowered its
long-term issuer credit rating on Australia-based Babcock & Brown
International Pty Ltd. to 'CC' from 'CCC+', following disclosure
of a dispute relating to the release of a deposit with a bank.
The short-term rating remains on 'C', and the long-term and the
short-term ratings remain on CreditWatch with negative
implications, where they were initially placed on Nov. 10, 2008.

The CreditWatch negative reflects that the rating on BBIPL is
expected to be lowered to 'D' if the worsening liquidity problems
lead to a default.  The rating is also likely to be lowered to 'D'
if BBIPL fails to meet its AU$3.1 billion corporate facilities'
financial covenants and the banks accelerate payments under the
facilities, or if a facility is restructured in such a way that is
deemed by Standard & Poor's as a distressed exchange.  For
example, a restructure could result in lenders not receiving
appropriate compensation.  S&P notes that Babcock & Brown intends
to negotiate with its lenders for amendments in the corporate bank
facilities.

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


CITY PACIFIC: Trilogy Mulls Changes if Takeover Bid Pushes Through
------------------------------------------------------------------
Trilogy Capital Group will implement a series of changes once it
will be successful in its takeover bid of City Pacific First
Mortgage Fund, The Australian News reports, citing Trilogy
Executive Chairman Rodger Bacon.

The report, citing Mr. Bacon, said that if Trilogy will get more
than 50% support of City Pacific's 11,000 unitholders, Trilogy
will:

   -- charge an annual management fee of "a maximum of 1.5%" of
      total assets of the fund;

   -- commission an "independent review" of the fund's mortgage
      portfolio; and

   -- not seek to list the fund on the Australian Securities
      Exchange, which would have a "devastating" effect for the
      fund's unitholders.

"One of the big problems in this whole thing is that City Pacific
conducted all of these related party transactions," Mr. Bacon was
quoted by The Sydney Morning Herald as saying.

"We would expect that some selected people from the City Pacific
staff would come on board", Mr. Bacon adds.

According to the Morning Herald, Trilogy already appears to have
the support of enough unit holders to put forward its resolution.

The City Pacific First Mortgage Fund Unit Holders Action Group,
which claims to have 600 members, supported Trilogy being
installed as manager, the report relates.

"RE's [responsible entities] are supposed to act for their unit
holders' best interests but it has become clear to many of us that
City Pacific in their capacity as RE has very much failed to do
this," The Morning Herald quoted Nicole Vanroon, a member of the
group's steering grouping as saying in an email.

However, the rival group of unit holders, FMF Unit Holders United,
is yet to indicate whether it will support Trilogy being
appointed, the report notes.

On the other hand, City Pacific Managing Director John Ellis said
that he had not received a final written proposal from Trilogy on
the takeover bid and would not yet be drawn on specifics of the
takeover play, The Australian News says.

"At this stage, Trilogy has chosen to engage in a media campaign
on its desire to replace City Pacific as the responsible entity of
the First Mortgage Fund," Mr. Ellis was quoted by The Australian
News as saying.

The Troubled Company Reporter-Asia Pacific reported on Feb. 23,
2009, that City Pacific Limited disclosed that it has negotiated a
12 month extension to the repayment date for City Pacific's
corporate facilities of AU$95.5 million and City Pacific First
Mortgage Fund's ("the Fund") finance facility of AU$108 million.
Both facilities have been extended from February 26, 2009 to
February 26, 2010.

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 previous year's operating profit of
AU$133.42 million.


GENERAL MOTORS: GM Holden to Cut Executive Pay
----------------------------------------------
GM Holden Ltd, General Motors's Australian unit, said it is
cutting the pay of its senior executives as it grapples with the
economic slowdown, ABC News reports.

ABC News relates that top tier executives will have their salaries
cut by 10 per cent while the next level of senior executives face
a 7 per cent salary reduction effective May.

According to the report, Holden spokesman Scott Whiffin said
lower-level white collar staff will have their pay frozen.
Production line workers, however, are not affected at this stage,
the report adds.

GM Holden Ltd -- http://www.holden.com.au--  is a subsidary of
General Motors.  GM Holden makes and distributes cars, trucks, and
auto parts throughout the Australian continent.  The company sells
a variety of automobiles produced in-country in addition to a
number of imported GM models. GM Holden also exports it products
(both engines and cars) worldwide, the Middle East is the
company's largest export market. GM Holden was formed in 1931 when
General Motors Australia merged with Holden Motor Body Builders.
Holden Motor Body Builders had already established its
relationship with GM by building car bodies for such GM brands as
Buick, Cadillac, and Chevrolet.

                       About General Motors

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

General Motors Latin America, Africa and Middle East, with
headquarters in Miramar, Florida, is one of GM's four regional
business units.  GM LAAM employs approximately 37,000 people in
18 countries and has manufacturing facilities in Argentina,
Brazil, Colombia, Ecuador, Egypt, Kenya, South Africa and
Venezuela.  GM LAAM markets vehicles under the Buick, Cadillac,
Chevrolet, GMC, Hummer, Isuzu, Opel, Saab and Suzuki brands.

GM's common stock was considered the stock market's bellwether for
many years, hence the saying "What's good for GM is good for
America."

                          *     *     *

As reported in the Troubled Company Reporter on Nov. 11, 2008,
Standard & Poor's Ratings Services lowered its ratings, including
the corporate credit rating, on General Motors Corp. to 'CCC+'
from 'B-' and removed them from CreditWatch, where they had been
placed with negative implications on Oct. 9, 2008.  S&P said that
the outlook is negative.

Fitch Ratings, as reported in the Troubled Company Reporter on
Nov. 11, 2008, placed the Issuer Default Rating of General Motors
on Rating Watch Negative as a result of the Company's rapidly
diminishing liquidity position.  Given the current liquidity level
of US$16.2 billion and the pace of negative cash flows, Fitch
expects that GM will require direct federal assistance over the
next quarter and the forbearance of trade creditors in order to
avoid default.  With virtually no further access to external
capital and little potential for material asset sales, cash
holdings are expected to shortly reach minimum required operating
levels.  Fitch placed these on Rating Watch Negative:

  -- Senior secured at 'B/RR1';
  -- Senior unsecured at 'CCC-/RR5'.

As reported in the Troubled Company Reporter on June 24, 2008,
DBRS has placed the ratings of General Motors Corp. and General
Motors of Canada Limited Under Review with Negative Implications.
The rating action reflects the structural deterioration of the
company's operations in North America brought on by high oil
prices and a slowing U.S. Economy.


GRIFFIN COAL: Moody's Downgrades Corporate Family Rating to 'B2'
----------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family and
senior unsecured ratings of The Griffin Coal Mining Company Pty
Ltd from B2 to B3.  The ratings outlook is negative.

"The ratings downgrade reflects rising concerns with respect to
the debt coverage metrics of the company amid a stagnating outlook
for thermal coal, the company's key output, a weak liquidity
position and increased financial leverage", says Ian Lewis a
Moody's Vice President / Senior Analyst.  "Griffin's liquidity in
particular is a significant immediate challenge for its ratings,
affording the company with very limited capacity to meet
unexpected production weakness, project delays or any further
adverse operating and/or financial trends", Lewis adds.

"Griffin continues to carry significant execution risk related to
its major projects including uncertainty around the timing and
funding for the completion of its stalled coal carbonization
project", says Lewis who is also lead analyst for the company,
adding, "Combined, these factors indicate sustained negative
pressure on the ratings over the next 12 months"

The negative outlook considers the limited visibility associated
with the company's present operating position, as well as the weak
operating environment in Griffin's markets.  The negative outlook
also captures the execution risk faced by Griffin as it moves
through the construction programs for its major power projects.
These concerns heighten the risk of further rating downgrades in
the near term.

Griffin's debt service coverage metrics are expected to remain
weak due to the delays in production ramp up including the
company's major char project.  EBITDA interest coverage for the
Restricted Group was around 1.0x at FYE June 2008, and is unlikely
to materially improve for FYE June 2009.

The ratings could be downgraded should Griffin lose a key
customer, or experience significant delays in the construction of
either power station or experience other material operating
difficulties.  The rating would also be pressured if Griffin's
liquidity remains weak, as it moves through its construction
programs and funds are depleted.

The Griffin Coal Mining Company, headquartered in Perth, Australia
is involved in coal extraction.  It is a wholly owned subsidiary
of Devereaux Holdings Pty Ltd, a private company owned in turn by
the StoMoody's family.

The last rating action was on January 29, 2009 when the ratings of
Griffin Coal were downgraded with negative outlook.


OPES PRIME: Beconwood Case Put On Hold Pending Creditors' Vote
--------------------------------------------------------------
A legal case against Opes Prime Group, will be put on hold while
the terms of a scheme of arrangement are negotiated, ABC News
reports.

According to the Australian, Opes's collapse in March last year
triggered an avalanche of legal claims, including one from Paul
Choiselat's Beconwood Securities.

The Beconwood case, the Australian relates, involved a AU$1.35
million margin loan extended by Opes in return for AU$7 million of
pledged shares.  When Opes went under, ANZ sold the stock,
triggering Beconwood's claim.

ABC News says the Federal Court in Melbourne heard the parties had
on Tuesday, March 10, reached agreement, and proposed to file
scheme of arrangement documents to resolve the claims of
creditors.  The proposed scheme of arrangement, if approved, would
bind all the creditors, including Mr. Choiselat, the Australian
notes.

The Australian says judge Ray Finkelstein therefore agreed to
suspend the Beconwood case, pending the vote by Opes creditors,
scheduled to take place in the week beginning May 11.

As reported in the Troubled Company Reporter-Asia Pacific on
Mar. 9, 2009, the Australian Securities and Investments Commission
(ASIC) unveiled proposed settlement for Opes Prime investors.

In a statement released March 6, ASIC said that it would provide
the necessary releases to allow a settlement offer to be put to
Opes Prime investors, which is expected to deliver a sum of
AU$253 million and a return of around 40 cents in the dollar to
creditors of Opes Prime, which includes investors.

The return is based on the value of potential creditors claims as
at March 27, 2008, when Opes Prime went into administration, ASIC
said in a statement.

The settlement offer is subject to both the approval by Opes Prime
creditors and court approval of a creditors scheme of arrangement
giving effect to the offer.

The proposed settlement follows mediation between ASIC, the ANZ
Banking Group Ltd, Merrill Lynch (International) Australia Pty Ltd
and the liquidator of Opes Prime Stockbroking Limited.

ASIC said major objective in encouraging the mediation was to
recover compensation for investors without the need for costly
litigation and multiple actions.

Under the terms of the mediated settlement, ASIC has agreed, if
the offer is approved by Opes Prime creditors and the Court, not
to pursue these actions against ANZ and Merrill Lynch, who are
parties to the settlement offer.

                         About Opes Prime

Opes Prime Group Ltd is an Australian unlisted public company
providing a range of financial services and products for high
net worth individuals, stockbrokers and financial advisors,
asset managers, banks and other firms, both for themselves and
their clients.  The Group conducts business via a number of
operating subsidiaries based in Melbourne, Sydney and Singapore:

   1) Opes Prime Stockbroking Limited is a full Market
      Participant of the Australian Stock Exchange Ltd, and
      holds an Australian Financial Services Licence (#247408)
      which enables it to deal and advise in financial
      services and products to retail and wholesale clients. The
      company was first registered on 10 March 1999, and started
      business with its current shareholders in 2005.  Opes
      Prime Stockbroking is a specialist provider of
      securities lending and equity financing services.  In
      Singapore, the firm operates through Opes Prime Group's
      wholly owned subsidiary, Opes Prime International Pte Ltd.
      In Australia, Opes Prime Stockbroking has granted
      Authorized Representative status to Trader Dealer Pty Ltd,
      an on-line non-advisory trading execution service for the
      semi-professional and professional trader.

   2) Opes Prime Structured Products Pty Ltd develops, manages
      and markets specialized leveraged products for the high
      net worth market, providing outstanding risk protection
      and return potential.

   3) Opes Prime Paradigm Pty Ltd, is a corporate finance and
      advisory firm specializing in small and mid cap stocks.

   4) In Singapore, Opes Prime Asset Management Pte Ltd provides
      specialist hedge fund incubation, advisory and trade
      management services, and Five Pillars Associates Pte Ltd
      provides Islamic finance consultancy.

                        *     *     *

The Troubled Company Reporter-Asia Pacific reported on April 1,
2008, that Opes Prime was placed under receivership after
directors became aware of a number of cash and stock movement
irregularities in relation to a small number of accounts.
Ferrier Hodgson Partners John Lindholm, Peter McCluskey and
Adrian Brown have been appointed Administrators by the directors
of Opes Prime Group Limited and a number of its subsidiaries and
related entities including, Opes Prime Stockbroking Limited.
Initial investigations indicate that the solvency of the
business was under pressure due to a number of major clients not
meeting significant margin calls.  The Administrators are
currently examining the Group's affairs to quantify the likely
liability to OPSL's clients.

At the same time, Sal Algeri and Chris Campbell from the
Deloitte Corporate Reorganisation Group were appointed by a
secured creditor, ANZ Banking Group Ltd., as Receivers and
Managers of Opes Prime Group Ltd, Opes Prime Stockbroking Ltd,
Leveraged Capital Pty Ltd and Hawkswood Investments Pty Ltd.

The TCR-AP reported on October 17, 2008, that Opes Prime's
creditors voted on October 15, to liquidate the company.

According to the Australian Associated Press, the decision of the
creditors will allow the liquidator to pursue claims against Opes
Prime's secured creditors -- ANZ Bank and Merrill Lynch -- that
were not available to the administrator.

The AAP related that about 1,200 Opes clients lost shares they had
placed with Opes in return for margin loans, when the major
secured creditors of Opes -- ANZ, Merrill Lynch, Dresdner
Kleinwort -- began selling a pool of nearly AU$1.6 billion in
shares soon after the Opes collapse, in a bid to recover money
owed to them by Opes.

Opes Prime owed clients about AU$585 million at the time of the
collapse, but due to fluctuations in the share market that figure
had fallen to about AU$400 million on September 22, the AAP noted
citing Ferrier Hodgson.



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

* CHINA: Exports Drop Sharply in February
-----------------------------------------
China has recorded a sharp fall in exports in February, the
largest fall in more than a decade and the fourth monthly decline
in a row, China Daily reports.

According to the report, figures released by the General
Administration of Customs showed exports dropped 25.7 percent
year-on-year to $64.9 billion, while imports fell 24.1 percent to
$60.05 billion.

Despite falling exports and imports, China has a trade surplus of
$4.8 billion, compared with $39.1 billion in January, the report
says.

Latest figures, the report relates, also showed that grain and
fertilizer exports plunged 46.7 percent and 55 percent, after the
government curbed exports of the products to ensure supply after
major wheat-growing areas experienced the worst drought in half a
century.  Garment and accessory exports, meanwhile, fell 11
percent.  Exports of toys also sank 17.1 percent.

The report says the trade surplus is expected to narrow further
because of declines in exports and possible increases in the
import of materials and machinery needed for infrastructure and
the export-oriented manufacturing sector.



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

DARTUNG TRADING: Court to Hear Wind-Up Petition on April 29
-----------------------------------------------------------
A petition to have Dartung Trading Company Limited's operations
wound up will be heard before the High Court of Hong Kong on
April 29, 2009, at 9:30 a.m.

Turkiye Ihracat Kredi Bankasi A.S. filed the petition against the
company on February 19, 2009.

The Petitioner's solicitors are:

          Clyde & Co
          CITIC Tower, 18th Floor
          1 Tim Mei Avenue, Central
          Hong Kong


FORWARD HOLDINGS: Contributories & Creditors to Hold Meetings
-------------------------------------------------------------
The creditors and contributories of Forward Holdings Limited will
hold their meetings on March 16, 2009, at 12:00 noon and
2:00 p.m., respectively, at the 8th Floor of Prince's Building, 10
Chater Road, in Central, Hong Kong.


FORWARD HOLDINGS: Court Enters Wind-Up Order
--------------------------------------------
On February 25, 2009, the High Court of Hong Kong entered an order
to have Forward Holdings Limited's operations wound up.


FORWARD INTERNATIONAL: Contributories & Creditors to Hold Meetings
------------------------------------------------------------------
The creditors and contributories of Forward International
Electronics Limiited will hold their meetings on March 16, 2009,
at 11:30 a.m. and 2:40 p.m., respectively, at the 8th Floor of
Prince's Building, 10 Chater Road, in Central, Hong Kong.


FORWARD INTERNATIONAL: Court Enters Wind-Up Order
-------------------------------------------------
On February 25, 2009, the High Court of Hong Kong entered an order
to have Forward International Electronics Limited's operations
wound up.


HONG KONG LINK ET AL: Placed Under Voluntary Wind-Up
----------------------------------------------------
The High Court of Hong Kong entered an order to wind up the
operations of:

   -- Hong Kong Link Tours Limited on August 13, 2008;
   -- Ever Linkage Logistics Limited on December 11, 2008;
   -- Nin Hing Electronic Engineering Limited on Feb. 6, 2009; and
   -- United Champion Trading Limited on February 23, 2009.

Mat Ng is the companies' liquidator.


JOINTEX INDUSTRIES: Court Enters Wind-Up Order
----------------------------------------------
On February 25, 2009, the High Court of Hong Kong entered an order
to have Jointex Industries Limited's operations wound up.


MASS HING: Court Enters Wind-Up Order
-------------------------------------
On February 25, 2009, the High Court of Hong Kong entered an order
to have Mass Hing Enterprises Limited's operations wound up.


MASS HING: Contributories & Creditors to Meet on March 16
---------------------------------------------------------
The creditors and contributories of Mass Hing Enterprises Limited
will hold their meetings on March 16, 2009, at 11:00 a.m. and
2:20 p.m., respectively, at the 8th Floor of Prince's Building, 10
Chater Road, in Central, Hong Kong.


OMEGA CAPITAL: S&P Downgrades Ratings on 10 Classes to 'D'
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings to 'D' from
'CCC-/Watch Neg' on 10 classes of Series 49 multi-currency
collateralized debt obligations secured notes issued by Omega
Capital Investments PLC.  The outstanding ratings on all 10
classes of notes together with the rating on the class B-10 notes
were subsequently withdrawn at the request of the issuer following
a cancellation of the notes.

The downgrades on the 10 classes of notes reflect the principal
losses experienced by the noteholders of the respective classes.
The portfolio supporting these classes suffered several credit
events, which resulted in an aggregate loss that exceeded the
available subordination for these classes and reduced the funds
available to cover the principal amount of the notes.  However,
there was no loss incurred by the class B-10 notes as the
available subordination for this class in the portfolio exceeded
the aggregate loss incurred due to credit events.  The rating on
the class B-10 notes was CCC-/Watch Neg immediately prior to the
rating withdrawal.

The rating actions taken on the affected transactions are:

                         Ratings Lowered

            Omega Capital Investments PLC Series 49

                           Rating To     Rating From
                           ---------     -----------
        Class A-5          D             CCC-pNRi/Watch Neg
        Class BJ-5         D             CCC-/Watch Neg
        Class C-5          D             CCC-/Watch Neg
        Class CJ-5         D             CCC-/Watch Neg
        Class D-5          D             CCC-/Watch Neg
        Class BJ-7         D             CCC-/Watch Neg
        Class C-7          D             CCC-/Watch Neg
        Class D-7          D             CCC-/Watch Neg
        Class E-7          D             CCC-/Watch Neg
        Class D-10         D             CCC-/Watch Neg

                        Ratings Withdrawn
             Omega Capital Investments PLC Series 49

                           Rating To     Rating From
                           ---------     -----------
        Class A-5          NR            D
        Class BJ-5         NR            D
        Class C-5          NR            D
        Class CJ-5         NR            D
        Class D-5          NR            D
        Class BJ-7         NR            D
        Class C-7          NR            D
        Class D-7          NR            D
        Class E-7          NR            D
        Class B-10         NR            CCC-/Watch Neg
        Class D-10         NR            D


ONE PRICE: Court Enters Wind-Up Order
-------------------------------------
On February 25, 2009, the High Court of Hong Kong entered an order
to have One Price Handbags Manufacturing Limited's operations
wound up.


PEACE MARK: Court Enters Wind-Up Order
--------------------------------------
On February 23, 2009, the High Court of Hong Kong entered an order
to have Peace Mark Limited's operations wound up.


SHARP VIEW: Court Enters Wind-Up Order
--------------------------------------
On February 25, 2009, the High Court of Hong Kong entered an order
to have Sharp View (Hong Kong) Limited's operations wound up.


SILK & SATIN: Court Enters Wind-Up Order
----------------------------------------
On February 25, 2009, the High Court of Hong Kong entered an order
to have Silk & Satin Limited's operations wound up.



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

BACKBONE PROJECTS: Weak Liquidity Prompts CRISIL's "D" Ratings
--------------------------------------------------------------
CRISIL has assigned its rating of 'D/P5' to the various bank
facilities of Backbone Projects Limited (Backbone Projects).

   Rs.70.00 Million Cash Credit Limit     D(Assigned)
   Rs.36.00 Million Term Loan             D(Assigned)
   Rs.9.00 Million Proposed Long Term     D(Assigned)
                   Facility

   Rs.900.00 Million Bank Guarantee *     P5(Assigned)

   * Includes Letter of Credit sub-limit of Rs 101.00 Million

The rating reflects the delay in Backbone Projects' repayment on
term loan obligations, owing to weak liquidity.

                     About Backbone Projects

Backbone Projects was set up as a partnership firm, Backbone
Construction Company, in 1987 by Ms. Jayanti M Jakasania.  It
converted to a closely-held public limited company in 1995.  The
company undertakes projects in construction of roads, canals,
dams, bridges and buildings.  For 2007-08 (refers to financial
year, April 1 to March 31), Backbone Projects reported a profit
after tax (PAT) of Rs.40.4 million, as against a PAT of Rs.6.6
million for 2006-07.


B.S.SPONGE: CRISIL Rates Rs.100 Mln Cash Credit at 'BB-'
--------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4' to the various
bank facilities of B.S.Sponge Pvt Ltd (BSS).

   Rs.100 Million Cash Credit Limits     BB-/Stable (Assigned)
   Rs.25 Million Letter of Credit &      P4 (Assigned)
                         Bank Guarantee

The ratings reflect BSS's small market share in the steel
industry, and exposure to risks relating to cyclicality in the
steel industry, and to the non-integrated nature of its
operations.  These weaknesses are, however, partially offset by
BSS's average business risk profile.

Outlook: Stable

CRISIL believes that BSS will maintain a stable business risk
profile.  The outlook may be revised to 'Positive' if the company
reports substantial increase in revenues and profitability, or
greater integration of operations.  Conversely, the outlook may be
revised to 'Negative' if lower-than-expected capacity utilisation
levels lead to deterioration in operating margins, or if BSS
undertakes large, debt-funded capital expenditure.

                         About B.S.Sponge

BSS, incorporated in 2000, started commercial production of sponge
iron in 2004. The company, promoted by Mr. P Agarwal and his son,
Mr. Ashish Agarwal, has two sponge iron kilns with capacities of
100 tonnes per day (tpd) each. For 2007-08 (refers to financial
year, April 1 to March 31), BSS reported a profit after tax (PAT)
of Rs.19 million on net sales of Rs.585 million, as against a PAT
of Rs.6 million on net sales of Rs.354 million for 2006-07.


DEENDAYAL NAGRIK: Insolvency Prompts RBI to Cancel License
-------------------------------------------------------
The Reserve Bank of India, on March 4, 2009, ordered the
cancellation of Deendayal Nagrik Sahakari Bank Maryadit, Khandwa,
(M.P)'s license after examining all options for the bank's
revival.

Subsequent to the cancellation of license, RBI ordered the
Registrar of Co-operative Societies, Madhya Pradesh State to wind
up Deendayal Nagrik and appoint a liquidator.

RBI's decision came after determining that Deendayal Nagrik has
ceased to be solvent and has already caused inconvenience to
its depositors.

According to RBI, the Bank's financial statements as of
March 31, 2008, revealed serious deficiencies/irregularities and
deterioration in its financial condition.

RBI had issued a show cause notice to the bank on Sept. 10, 2008
asking it to show cause as to why the license granted to it to
conduct banking business should not be cancelled.  As the Bank did
not have a viable plan of action for its revival and the chances
of its revival were remote, RBI cancelled the Bank's license in
the interest of its depositors.

With the cancellation of its licence and commencement of
liquidation proceedings, the process of paying the depositors of
Deendayal Nagrik Sahakari Bank Maryadit, Khandwa, (M.P) will be
set in motion subject to the terms and conditions of the Deposit
Insurance Scheme.


GOA SPONGE: CRISIL Puts 'B' Ratings on Various Bank Facilities
--------------------------------------------------------------
CRISIL has assigned its ratings of 'B/Stable/P4' to the various
bank facilities of Goa Sponge and Power Ltd (GSPL).

   Rs. 513.5 Million Long Term Loan    B/Stable (Assigned)
   Rs.250.0 Million Cash Credit        B/Stable (Assigned)
   Rs.335.0 Million Letter of Credit   P4 (Assigned)
   Rs.100.0 Million Usance Bills       P4 (Assigned)
                    Discounting
   Rs.20.0 Million Bank Guarantee      P4 (Assigned)

The ratings reflect GSPL's moderate financial risk profile, and
exposure to risks relating to significant dependence on a single
customer, Goa Ispat Ltd (Goa Ispat), and to fluctuations in the
prices of raw materials.  These weaknesses are, however, partially
offset by the benefits that GSPL derives from its captive sponge
iron and power plant.

CRISIL has combined the financial and business profiles of GSPL
and Goa Ispat as part of this rating exercise; this is in view of
the considerable inter-company transactions, and fungibility of
cash flows between the two companies, the common management, and
the indirect support that GSPL extends to Goa Ispat by way of
favourable credit terms, when necessary.

Outlook: Stable

CRISIL believes that GSPL will maintain a stable business risk
profile on the back of integrated operations, and captive power
arrangement, which enhance its control on critical input costs.
The outlook may be revised to 'Positive' if GSPL's operating
margins and debt protection metrics improve considerably.
Conversely, the outlook may be revised to 'Negative' if GSPL
increases its exposure to Goa Ispat, undertakes large, debt-funded
capital expenditure, or faces a sharp decline in margins.

                         About Goa Sponge

GSPL is promoted by Bhimsen Kansal, Vinod Singhal, Kamal Goel, and
Pankaj Goel.  The company started the production in March 2004.
The company manufactures sponge iron and billets, and has a 12
mega watt (MW) captive power plant.  Its facilities are in Goa,
and have capacity to manufacture 100,000 tonnes per annum (tpa) of
sponge iron and 57,600 tpa of billets.

For 2007-08 (refers to financial year, April 1 to March 31), GSPL
on a standalone basis reported a profit after tax (PAT) of
Rs.62.4 million on net sales of Rs.1304.7 million in 2007-08, as
against a PAT of Rs.55.9 million on net sales of Rs.816.3 million
for 2006-07.


KINGFISHER AIRLINES: Defers Dubai Launching Until June-July
-----------------------------------------------------------
The Times of India reported that Kingfisher Airlines Limited has
put off its plans to launch Dubai services until June-July.

According to the report, the airline was all set to connect
Bangalore to Dubai beginning March 7, but has now deferred its
plans due to the economic slowdown that has gripped the Middle
East and plummeting airfares.

"Kingfisher had looked at a provisional date of launch for its
Dubai services in April this year, which also got cancelled.  Now
the launch date will be somewhere in June or July," the Times
cited sources in the travel industry as saying.

The report says aviation analysts point out that the current low
pricing levels of west Asian carriers like Emirates and Etihad
Airways as well as excess capacity on this route could have also
been a factor in Kingfisher's decision.

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

                          *     *     *

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

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


* INDIA: RBI Convened Task Force to Help Distressed Diamond Sector
------------------------------------------------------------------
A task force convened by the Reserve Bank of India to look into
the distressed diamond industry in Gujarat, has recommended
measures for expeditious restructuring which include, fresh
financing of existing borrowal accounts as per the Reserve Bank's
guidelines, financing diamond sector units not financed earlier,
re-training/re-skilling/ rehabilitation of displaced diamond
workers and providing financial relief to diamond workers.

These measures were recommended by the task force based on
discussions with various stakeholders and deliberations in the
meetings, the RBI said in a statement.

According to the RBI, the task force was convened pursuant to the
deliberations at a meeting held by the RBI Governor with the
Minister of Finance, the Minister of State for Finance,
Government of Gujarat, and senior officials of government and
banks on February 11, 2009, to look into the problems being faced
by the diamond industry in Gujarat.

The task force comprised officials of the Gujarat state
government, banks, the Small Industries Development Bank of India
(SIDBI) and the State Level Bankers' Committee (SLBC) convenor.



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

ASTRA ALPHA: S&P Puts Junk Ratings on JPY15.0BB Notes on WatchPos.
------------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on 15
tranches relating to 12 Japanese synthetic CDO transactions on
CreditWatch with negative implications, and placed its rating on
one Japanese synthetic CDO tranche on CreditWatch with positive
implications.  At the same time, Standard & Poor's affirmed
its ratings on eight tranches relating to seven Japanese synthetic
CDO transactions and removed them from CreditWatch with negative
implications.  Standard & Poor's also affirmed its rating on one
other Japanese synthetic CDO tranche and removed it from
CreditWatch with positive implications.

The 15 tranches placed on CreditWatch with negative implications
had SROC (synthetic rated overcollateralization) levels that fell
below 100% during S&P's monthly run on Feb. 28, 2009.  The SROC
levels of the eight tranches whose ratings were affirmed and
removed from CreditWatch with negative implications, meanwhile,
recovered to 100% or above during S&P's monthly run on Feb. 28,
2009.

The tranches listed below that have been placed on CreditWatch,
along with any other tranches with ratings that are currently on
CreditWatch with negative or positive implications, are intended
to be reviewed by the end of this month.

                          Ratings List

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

      To                     From              Issue Amount
      --                     ----              ------------
      CCC-/Watch Pos         CCC-              JPY15.0 bil.

                   Corsair (Jersey) No. 2 Ltd.
     Fixed rate secured portfolio credit-linked loan series 53

      To                     From              Issue Amount
      --                     ----              ------------
      BBB+/Watch Neg         BBB+      JPY3.0 bil.

             Fixed rate credit-linked loan series 58

      To                     From              Issue Amount
      --                     ----              ------------
      A/Watch Neg            A                 JPY3.0 bil.

            Fixed rate credit-linked notes series 64

      To                     From              Issue Amount
      --                     ----              ------------
      B/Watch Neg            B                 $50.0 mil.

   Floating-rate secured portfolio credit-linked notes series 78

      To                     From              Issue Amount
      --                     ----              ------------
      CCC                    CCC/Watch Neg     JPY3.0 bil.

                          Eirles Two Ltd.
  Series 197 floating rate portfolio credit linked secured notes

      To                     From              Issue Amount
      --                     ----              ------------
      AA/Watch Neg           AA                JPY4.0 bil.

                             ELM B.V.
       Elysium class B secured credit linked notes series 97

      To                     From              Issue Amount
      --                     ----              ------------
      CCC-                   CCC-/Watch Neg    $20.0 mil.

                        Helium Capital Ltd.
      Series 49 limited recourse secured synthetic CDO notes

      To                     From              Issue Amount
      --                     ----              ------------
      BBB/Watch Neg          BBB               $40.0 mil.

    Limited recourse secured floating rate credit-linked notes
                            series 57

      To                     From              Issue Amount
      --                     ----              ------------
      CCC+                   CCC+/Watch Pos    $10.0 mil.

                    Momentum CDO (Europe) Ltd.
      Secured credit-linked notes (Louvre CDO) series 2005-1

           Class      To    From            Issue Amount
           -----      --    ----            ------------
           BF         B     B/Watch Neg     JPY1.0 bil.
           BX         B     B/Watch Neg     JPY200.0 mil.

                    SONATA notes series 2006-7

     Class      To               From            Issue Amount
     -----      --               ----            ------------
     BF         B-/Watch Neg      B-             JPY100.0 mil.
     X          B-/Watch Neg      B-             JPY700.0 mil.

             SONATA fixed-rate notes series 2006-10

        Class     To               From     Issue Amount
        -----     --               ----     ------------
        AX        B-/Watch Neg     B-       EUR20.0 mil.

OPALE floating and fixed-rate credit linked notes series 2006-12

           Class      To    From            Issue Amount
           -----      --    ----            ------------
           AF         CCC-  CCC-/Watch Neg  JPY1.0 bil.
           AX         CCC-  CCC-/Watch Neg  JPY600.0 mil.

                  Omega Capital Investments PLC
               Series 10 secured floating rate notes

          Class      To              From    Issue Amount
          -----      --              ----    ------------
          A          BB+/Watch Neg   BB+      JPY2.0 bil.
          B          BB+/Watch Neg   BB+      JPY3.1 bil.

                     Series 48 secured notes

          Class      To               From    Issue Amount
          -----      --               ----    ------------
          7Y-B1      B-/Watch Neg     B-      JPY300.0 mil.

                       Signum Vanguard Ltd.
        Secured floating rate credit-linked notes 2006-01

       To                     From              Issue Amount
       --                     ----              ------------
       BB+                    BB+/Watch Neg     JPY2.0 bil.

      Secured floating rate credit-linked notes series 2006-03

       To                     From              Issue Amount
       --                     ----              ------------
       B+                     B+/Watch Neg      $10.0 mil.

       Series 2006-07 secured fixed rate credit-linked notes

       To                     From              Issue Amount
       --                     ----              ------------
       CCC/Watch Neg          CCC               JPY500.0 mil.

     Series secured floating rate credit-linked 2006-09 notes

       To                     From              Issue Amount
       --                     ----              ------------
       B-/Watch Neg           B-                JPY2.0 bil.

                        Silk Road Plus PLC
    Limited recourse secured floating rate credit-linked notes
                       series 7 class A1-U

       To                     From              Issue Amount
       --                     ----              ------------
       BBB+/Watch Neg         BBB+              $0.1 mil.

    Limited recourse secured floating-rate credit-linked notes
                       series 10 class A1-E

       To                     From              Issue Amount
       --                     ----              ------------
       BBB+/Watch Neg         BBB+              EUR10.0 mil.


CORSAIR (JERSEY): S&P Takes Junk Ratings on Notes Out of WatchNeg.
------------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on 15
tranches relating to 12 Japanese synthetic CDO transactions on
CreditWatch with negative implications, and placed its rating on
one Japanese synthetic CDO tranche on CreditWatch with positive
implications.  At the same time, Standard & Poor's affirmed
its ratings on eight tranches relating to seven Japanese synthetic
CDO transactions and removed them from CreditWatch with negative
implications.  Standard & Poor's also affirmed its rating on one
other Japanese synthetic CDO tranche and removed it from
CreditWatch with positive implications.

The 15 tranches placed on CreditWatch with negative implications
had SROC (synthetic rated overcollateralization) levels that fell
below 100% during S&P's monthly run on Feb. 28, 2009.  The SROC
levels of the eight tranches whose ratings were affirmed and
removed from CreditWatch with negative implications, meanwhile,
recovered to 100% or above during S&P's monthly run on Feb. 28,
2009.

The tranches listed below that have been placed on CreditWatch,
along with any other tranches with ratings that are currently on
CreditWatch with negative or positive implications, are intended
to be reviewed by the end of this month.

                          Ratings List

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

      To                     From              Issue Amount
      --                     ----              ------------
      CCC-/Watch Pos         CCC-              JPY15.0 bil.

                   Corsair (Jersey) No. 2 Ltd.
     Fixed rate secured portfolio credit-linked loan series 53

      To                     From              Issue Amount
      --                     ----              ------------
      BBB+/Watch Neg         BBB+              JPY3.0 bil.

             Fixed rate credit-linked loan series 58

      To                     From              Issue Amount
      --                     ----              ------------
      A/Watch Neg            A                 JPY3.0 bil.

            Fixed rate credit-linked notes series 64

      To                     From              Issue Amount
      --                     ----              ------------
      B/Watch Neg            B                 $50.0 mil.

   Floating-rate secured portfolio credit-linked notes series 78

      To                     From              Issue Amount
      --                     ----              ------------
      CCC                    CCC/Watch Neg     JPY3.0 bil.

                          Eirles Two Ltd.
  Series 197 floating rate portfolio credit linked secured notes

      To                     From              Issue Amount
      --                     ----              ------------
      AA/Watch Neg           AA                JPY4.0 bil.

                             ELM B.V.
       Elysium class B secured credit linked notes series 97

      To                     From              Issue Amount
      --                     ----              ------------
      CCC-                   CCC-/Watch Neg    $20.0 mil.

                        Helium Capital Ltd.
      Series 49 limited recourse secured synthetic CDO notes

      To                     From              Issue Amount
      --                     ----              ------------
      BBB/Watch Neg          BBB               $40.0 mil.

    Limited recourse secured floating rate credit-linked notes
                            series 57

      To                     From              Issue Amount
      --                     ----              ------------
      CCC+                   CCC+/Watch Pos    $10.0 mil.

                    Momentum CDO (Europe) Ltd.
      Secured credit-linked notes (Louvre CDO) series 2005-1

           Class      To    From            Issue Amount
           -----      --    ----            ------------
           BF         B     B/Watch Neg     JPY1.0 bil.
           BX         B     B/Watch Neg     JPY200.0 mil.

                    SONATA notes series 2006-7

     Class      To               From            Issue Amount
     -----      --               ----            ------------
     BF         B-/Watch Neg      B-             JPY100.0 mil.
     X          B-/Watch Neg      B-             JPY700.0 mil.

             SONATA fixed-rate notes series 2006-10

        Class     To               From     Issue Amount
        -----     --               ----     ------------
        AX        B-/Watch Neg     B-       EUR20.0 mil.

OPALE floating and fixed-rate credit linked notes series 2006-12

           Class      To    From            Issue Amount
           -----      --    ----            ------------
           AF         CCC-  CCC-/Watch Neg  JPY1.0 bil.
           AX         CCC-  CCC-/Watch Neg  JPY600.0 mil.

                  Omega Capital Investments PLC
               Series 10 secured floating rate notes

          Class      To              From    Issue Amount
          -----      --              ----    ------------
          A          BB+/Watch Neg   BB+      JPY2.0 bil.
          B          BB+/Watch Neg   BB+      JPY3.1 bil.

                     Series 48 secured notes

          Class      To               From    Issue Amount
          -----      --               ----    ------------
          7Y-B1      B-/Watch Neg     B-      JPY300.0 mil.

                       Signum Vanguard Ltd.
        Secured floating rate credit-linked notes 2006-01

       To                     From              Issue Amount
       --                     ----              ------------
       BB+                    BB+/Watch Neg     JPY2.0 bil.

      Secured floating rate credit-linked notes series 2006-03

       To                     From              Issue Amount
       --                     ----              ------------
       B+                     B+/Watch Neg      $10.0 mil.

       Series 2006-07 secured fixed rate credit-linked notes

       To                     From              Issue Amount
       --                     ----              ------------
       CCC/Watch Neg          CCC               JPY500.0 mil.

     Series secured floating rate credit-linked 2006-09 notes

       To                     From              Issue Amount
       --                     ----              ------------
       B-/Watch Neg           B-                JPY2.0 bil.

                        Silk Road Plus PLC
    Limited recourse secured floating rate credit-linked notes
                       series 7 class A1-U

       To                     From              Issue Amount
       --                     ----              ------------
       BBB+/Watch Neg         BBB+              $0.1 mil.

    Limited recourse secured floating-rate credit-linked notes
                       series 10 class A1-E

       To                     From              Issue Amount
       --                     ----              ------------
       BBB+/Watch Neg         BBB+              EUR10.0 mil.


ELM B.V.: S&P Takes Junk Ratings on $20.0MM Notes Out of WatchNeg.
------------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on 15
tranches relating to 12 Japanese synthetic CDO transactions on
CreditWatch with negative implications, and placed its rating on
one Japanese synthetic CDO tranche on CreditWatch with positive
implications.  At the same time, Standard & Poor's affirmed
its ratings on eight tranches relating to seven Japanese synthetic
CDO transactions and removed them from CreditWatch with negative
implications.  Standard & Poor's also affirmed its rating on one
other Japanese synthetic CDO tranche and removed it from
CreditWatch with positive implications.

The 15 tranches placed on CreditWatch with negative implications
had SROC (synthetic rated overcollateralization) levels that fell
below 100% during S&P's monthly run on Feb. 28, 2009.  The SROC
levels of the eight tranches whose ratings were affirmed and
removed from CreditWatch with negative implications, meanwhile,
recovered to 100% or above during S&P's monthly run on Feb. 28,
2009.

The tranches listed below that have been placed on CreditWatch,
along with any other tranches with ratings that are currently on
CreditWatch with negative or positive implications, are intended
to be reviewed by the end of this month.

                          Ratings List

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

      To                     From              Issue Amount
      --                     ----              ------------
      CCC-/Watch Pos         CCC-              JPY15.0 bil.

                   Corsair (Jersey) No. 2 Ltd.
     Fixed rate secured portfolio credit-linked loan series 53

      To                     From              Issue Amount
      --                     ----              ------------
      BBB+/Watch Neg         BBB+              JPY3.0 bil.

             Fixed rate credit-linked loan series 58

      To                     From              Issue Amount
      --                     ----              ------------
      A/Watch Neg            A                 JPY3.0 bil.

            Fixed rate credit-linked notes series 64

      To                     From              Issue Amount
      --                     ----              ------------
      B/Watch Neg            B                 $50.0 mil.

   Floating-rate secured portfolio credit-linked notes series 78

      To                     From              Issue Amount
      --                     ----              ------------
      CCC                    CCC/Watch Neg     JPY3.0 bil.

                          Eirles Two Ltd.
  Series 197 floating rate portfolio credit linked secured notes

      To                     From              Issue Amount
      --                     ----              ------------
      AA/Watch Neg           AA                JPY4.0 bil.

                             ELM B.V.
       Elysium class B secured credit linked notes series 97

      To                     From              Issue Amount
      --                     ----              ------------
      CCC-                   CCC-/Watch Neg    $20.0 mil.

                        Helium Capital Ltd.
      Series 49 limited recourse secured synthetic CDO notes

      To                     From              Issue Amount
      --                     ----              ------------
      BBB/Watch Neg          BBB               $40.0 mil.

    Limited recourse secured floating rate credit-linked notes
                            series 57

      To                     From              Issue Amount
      --                     ----              ------------
      CCC+                   CCC+/Watch Pos    $10.0 mil.

                    Momentum CDO (Europe) Ltd.
      Secured credit-linked notes (Louvre CDO) series 2005-1

           Class      To    From            Issue Amount
           -----      --    ----            ------------
           BF         B     B/Watch Neg     JPY1.0 bil.
           BX         B     B/Watch Neg     JPY200.0 mil.

                    SONATA notes series 2006-7

     Class      To               From            Issue Amount
     -----      --               ----            ------------
     BF         B-/Watch Neg      B-             JPY100.0 mil.
     X          B-/Watch Neg      B-             JPY700.0 mil.

             SONATA fixed-rate notes series 2006-10

        Class     To               From     Issue Amount
        -----     --               ----     ------------
        AX        B-/Watch Neg     B-       EUR20.0 mil.

OPALE floating and fixed-rate credit linked notes series 2006-12

           Class      To    From            Issue Amount
           -----      --    ----            ------------
           AF         CCC-  CCC-/Watch Neg  JPY1.0 bil.
           AX         CCC-  CCC-/Watch Neg  JPY600.0 mil.

                  Omega Capital Investments PLC
               Series 10 secured floating rate notes

          Class      To              From    Issue Amount
          -----      --              ----    ------------
          A          BB+/Watch Neg   BB+      JPY2.0 bil.
          B          BB+/Watch Neg   BB+      JPY3.1 bil.

                     Series 48 secured notes

          Class      To               From    Issue Amount
          -----      --               ----    ------------
          7Y-B1      B-/Watch Neg     B-      JPY300.0 mil.

                       Signum Vanguard Ltd.
        Secured floating rate credit-linked notes 2006-01

       To                     From              Issue Amount
       --                     ----              ------------
       BB+                    BB+/Watch Neg     JPY2.0 bil.

      Secured floating rate credit-linked notes series 2006-03

       To                     From              Issue Amount
       --                     ----              ------------
       B+                     B+/Watch Neg      $10.0 mil.

       Series 2006-07 secured fixed rate credit-linked notes

       To                     From              Issue Amount
       --                     ----              ------------
       CCC/Watch Neg          CCC               JPY500.0 mil.

     Series secured floating rate credit-linked 2006-09 notes

       To                     From              Issue Amount
       --                     ----              ------------
       B-/Watch Neg           B-                JPY2.0 bil.

                        Silk Road Plus PLC
    Limited recourse secured floating rate credit-linked notes
                       series 7 class A1-U

       To                     From              Issue Amount
       --                     ----              ------------
       BBB+/Watch Neg         BBB+              $0.1 mil.

    Limited recourse secured floating-rate credit-linked notes
                       series 10 class A1-E

       To                     From              Issue Amount
       --                     ----              ------------
       BBB+/Watch Neg         BBB+              EUR10.0 mil.


HELIUM CAPITAL: S&P's Junk Rtngs. on $10.0MM Notes Out of WatchPos
------------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on 15
tranches relating to 12 Japanese synthetic CDO transactions on
CreditWatch with negative implications, and placed its rating on
one Japanese synthetic CDO tranche on CreditWatch with positive
implications.  At the same time, Standard & Poor's affirmed
its ratings on eight tranches relating to seven Japanese synthetic
CDO transactions and removed them from CreditWatch with negative
implications.  Standard & Poor's also affirmed its rating on one
other Japanese synthetic CDO tranche and removed it from
CreditWatch with positive implications.

The 15 tranches placed on CreditWatch with negative implications
had SROC (synthetic rated overcollateralization) levels that fell
below 100% during S&P's monthly run on Feb. 28, 2009.  The SROC
levels of the eight tranches whose ratings were affirmed and
removed from CreditWatch with negative implications, meanwhile,
recovered to 100% or above during S&P's monthly run on Feb. 28,
2009.

The tranches listed below that have been placed on CreditWatch,
along with any other tranches with ratings that are currently on
CreditWatch with negative or positive implications, are intended
to be reviewed by the end of this month.

                          Ratings List

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

      To                     From              Issue Amount
      --                     ----              ------------
      CCC-/Watch Pos         CCC-              JPY15.0 bil.

                   Corsair (Jersey) No. 2 Ltd.
     Fixed rate secured portfolio credit-linked loan series 53

      To                     From              Issue Amount
      --                     ----              ------------
      BBB+/Watch Neg         BBB+              JPY3.0 bil.

             Fixed rate credit-linked loan series 58

      To                     From              Issue Amount
      --                     ----              ------------
      A/Watch Neg            A                 JPY3.0 bil.

            Fixed rate credit-linked notes series 64

      To                     From              Issue Amount
      --                     ----              ------------
      B/Watch Neg            B                 $50.0 mil.

   Floating-rate secured portfolio credit-linked notes series 78

      To                     From              Issue Amount
      --                     ----              ------------
      CCC                    CCC/Watch Neg     JPY3.0 bil.

                          Eirles Two Ltd.
  Series 197 floating rate portfolio credit linked secured notes

      To                     From              Issue Amount
      --                     ----              ------------
      AA/Watch Neg           AA                JPY4.0 bil.

                             ELM B.V.
       Elysium class B secured credit linked notes series 97

      To                     From              Issue Amount
      --                     ----              ------------
      CCC-                   CCC-/Watch Neg    $20.0 mil.

                        Helium Capital Ltd.
      Series 49 limited recourse secured synthetic CDO notes

      To                     From              Issue Amount
      --                     ----              ------------
      BBB/Watch Neg          BBB               $40.0 mil.

    Limited recourse secured floating rate credit-linked notes
                            series 57

      To                     From              Issue Amount
      --                     ----              ------------
      CCC+                   CCC+/Watch Pos    $10.0 mil.

                    Momentum CDO (Europe) Ltd.
      Secured credit-linked notes (Louvre CDO) series 2005-1

           Class      To    From            Issue Amount
           -----      --    ----            ------------
           BF         B     B/Watch Neg     JPY1.0 bil.
           BX         B     B/Watch Neg     JPY200.0 mil.

                    SONATA notes series 2006-7

     Class      To               From            Issue Amount
     -----      --               ----            ------------
     BF         B-/Watch Neg      B-             JPY100.0 mil.
     X          B-/Watch Neg      B-             JPY700.0 mil.

             SONATA fixed-rate notes series 2006-10

        Class     To               From     Issue Amount
        -----     --               ----     ------------
        AX        B-/Watch Neg     B-       EUR20.0 mil.

OPALE floating and fixed-rate credit linked notes series 2006-12

           Class      To    From            Issue Amount
           -----      --    ----            ------------
           AF         CCC-  CCC-/Watch Neg  JPY1.0 bil.
           AX         CCC-  CCC-/Watch Neg  JPY600.0 mil.

                  Omega Capital Investments PLC
               Series 10 secured floating rate notes

          Class      To              From    Issue Amount
          -----      --              ----    ------------
          A          BB+/Watch Neg   BB+      JPY2.0 bil.
          B          BB+/Watch Neg   BB+      JPY3.1 bil.

                     Series 48 secured notes

          Class      To               From    Issue Amount
          -----      --               ----    ------------
          7Y-B1      B-/Watch Neg     B-      JPY300.0 mil.

                       Signum Vanguard Ltd.
        Secured floating rate credit-linked notes 2006-01

       To                     From              Issue Amount
       --                     ----              ------------
       BB+                    BB+/Watch Neg     JPY2.0 bil.

      Secured floating rate credit-linked notes series 2006-03

       To                     From              Issue Amount
       --                     ----              ------------
       B+                     B+/Watch Neg      $10.0 mil.

       Series 2006-07 secured fixed rate credit-linked notes

       To                     From              Issue Amount
       --                     ----              ------------
       CCC/Watch Neg          CCC               JPY500.0 mil.

     Series secured floating rate credit-linked 2006-09 notes

       To                     From              Issue Amount
       --                     ----              ------------
       B-/Watch Neg           B-                JPY2.0 bil.

                        Silk Road Plus PLC
    Limited recourse secured floating rate credit-linked notes
                       series 7 class A1-U

       To                     From              Issue Amount
       --                     ----              ------------
       BBB+/Watch Neg         BBB+              $0.1 mil.

    Limited recourse secured floating-rate credit-linked notes
                       series 10 class A1-E

       To                     From              Issue Amount
       --                     ----              ------------
       BBB+/Watch Neg         BBB+              EUR10.0 mil.


MOMENTUM CDO: S&P's Junk Ratings on 2 OPALE Notes Out of WatchNeg.
------------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on 15
tranches relating to 12 Japanese synthetic CDO transactions on
CreditWatch with negative implications, and placed its rating on
one Japanese synthetic CDO tranche on CreditWatch with positive
implications.  At the same time, Standard & Poor's affirmed
its ratings on eight tranches relating to seven Japanese synthetic
CDO transactions and removed them from CreditWatch with negative
implications.  Standard & Poor's also affirmed its rating on one
other Japanese synthetic CDO tranche and removed it from
CreditWatch with positive implications.

The 15 tranches placed on CreditWatch with negative implications
had SROC (synthetic rated overcollateralization) levels that fell
below 100% during S&P's monthly run on Feb. 28, 2009.  The SROC
levels of the eight tranches whose ratings were affirmed and
removed from CreditWatch with negative implications, meanwhile,
recovered to 100% or above during S&P's monthly run on Feb. 28,
2009.

The tranches listed below that have been placed on CreditWatch,
along with any other tranches with ratings that are currently on
CreditWatch with negative or positive implications, are intended
to be reviewed by the end of this month.

                          Ratings List

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

      To                     From              Issue Amount
      --                     ----              ------------
      CCC-/Watch Pos         CCC-              JPY15.0 bil.

                   Corsair (Jersey) No. 2 Ltd.
     Fixed rate secured portfolio credit-linked loan series 53

      To                     From              Issue Amount
      --                     ----              ------------
      BBB+/Watch Neg         BBB+              JPY3.0 bil.

             Fixed rate credit-linked loan series 58

      To                     From              Issue Amount
      --                     ----              ------------
      A/Watch Neg            A                 JPY3.0 bil.

            Fixed rate credit-linked notes series 64

      To                     From              Issue Amount
      --                     ----              ------------
      B/Watch Neg            B                 $50.0 mil.

   Floating-rate secured portfolio credit-linked notes series 78

      To                     From              Issue Amount
      --                     ----              ------------
      CCC                    CCC/Watch Neg     JPY3.0 bil.

                          Eirles Two Ltd.
  Series 197 floating rate portfolio credit linked secured notes

      To                     From              Issue Amount
      --                     ----              ------------
      AA/Watch Neg           AA                JPY4.0 bil.

                             ELM B.V.
       Elysium class B secured credit linked notes series 97

      To                     From              Issue Amount
      --                     ----              ------------
      CCC-                   CCC-/Watch Neg    $20.0 mil.

                        Helium Capital Ltd.
      Series 49 limited recourse secured synthetic CDO notes

      To                     From              Issue Amount
      --                     ----              ------------
      BBB/Watch Neg          BBB               $40.0 mil.

    Limited recourse secured floating rate credit-linked notes
                            series 57

      To                     From              Issue Amount
      --                     ----              ------------
      CCC+                   CCC+/Watch Pos    $10.0 mil.

                    Momentum CDO (Europe) Ltd.
      Secured credit-linked notes (Louvre CDO) series 2005-1

           Class      To    From            Issue Amount
           -----      --    ----            ------------
           BF         B     B/Watch Neg     JPY1.0 bil.
           BX         B     B/Watch Neg     JPY200.0 mil.

                    SONATA notes series 2006-7

     Class      To               From            Issue Amount
     -----      --               ----            ------------
     BF         B-/Watch Neg      B-             JPY100.0 mil.
     X          B-/Watch Neg      B-             JPY700.0 mil.

             SONATA fixed-rate notes series 2006-10

        Class     To               From     Issue Amount
        -----     --               ----     ------------
        AX        B-/Watch Neg     B-       EUR20.0 mil.

OPALE floating and fixed-rate credit linked notes series 2006-12

           Class      To    From            Issue Amount
           -----      --    ----            ------------
           AF         CCC-  CCC-/Watch Neg  JPY1.0 bil.
           AX         CCC-  CCC-/Watch Neg  JPY600.0 mil.

                  Omega Capital Investments PLC
               Series 10 secured floating rate notes

          Class      To              From    Issue Amount
          -----      --              ----    ------------
          A          BB+/Watch Neg   BB+      JPY2.0 bil.
          B          BB+/Watch Neg   BB+      JPY3.1 bil.

                     Series 48 secured notes

          Class      To               From    Issue Amount
          -----      --               ----    ------------
          7Y-B1      B-/Watch Neg     B-      JPY300.0 mil.

                       Signum Vanguard Ltd.
        Secured floating rate credit-linked notes 2006-01

       To                     From              Issue Amount
       --                     ----              ------------
       BB+                    BB+/Watch Neg     JPY2.0 bil.

      Secured floating rate credit-linked notes series 2006-03

       To                     From              Issue Amount
       --                     ----              ------------
       B+                     B+/Watch Neg      $10.0 mil.

       Series 2006-07 secured fixed rate credit-linked notes

       To                     From              Issue Amount
       --                     ----              ------------
       CCC/Watch Neg          CCC               JPY500.0 mil.

     Series secured floating rate credit-linked 2006-09 notes

       To                     From              Issue Amount
       --                     ----              ------------
       B-/Watch Neg           B-                JPY2.0 bil.

                        Silk Road Plus PLC
    Limited recourse secured floating rate credit-linked notes
                       series 7 class A1-U

       To                     From              Issue Amount
       --                     ----              ------------
       BBB+/Watch Neg         BBB+              $0.1 mil.

    Limited recourse secured floating-rate credit-linked notes
                       series 10 class A1-E

       To                     From              Issue Amount
       --                     ----              ------------
       BBB+/Watch Neg         BBB+              EUR10.0 mil.


OMEGA CAPITAL: S&P Takes Low-B Rating on 3 Notes Out of WatchNeg.
-----------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on 15
tranches relating to 12 Japanese synthetic CDO transactions on
CreditWatch with negative implications, and placed its rating on
one Japanese synthetic CDO tranche on CreditWatch with positive
implications.  At the same time, Standard & Poor's affirmed
its ratings on eight tranches relating to seven Japanese synthetic
CDO transactions and removed them from CreditWatch with negative
implications.  Standard & Poor's also affirmed its rating on one
other Japanese synthetic CDO tranche and removed it from
CreditWatch with positive implications.

The 15 tranches placed on CreditWatch with negative implications
had SROC (synthetic rated overcollateralization) levels that fell
below 100% during S&P's monthly run on Feb. 28, 2009.  The SROC
levels of the eight tranches whose ratings were affirmed and
removed from CreditWatch with negative implications, meanwhile,
recovered to 100% or above during S&P's monthly run on Feb. 28,
2009.

The tranches listed below that have been placed on CreditWatch,
along with any other tranches with ratings that are currently on
CreditWatch with negative or positive implications, are intended
to be reviewed by the end of this month.

                          Ratings List

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

      To                     From              Issue Amount
      --                     ----              ------------
      CCC-/Watch Pos         CCC-              JPY15.0 bil.

                   Corsair (Jersey) No. 2 Ltd.
     Fixed rate secured portfolio credit-linked loan series 53

      To                     From              Issue Amount
      --                     ----              ------------
      BBB+/Watch Neg         BBB+              JPY3.0 bil.

             Fixed rate credit-linked loan series 58

      To                     From              Issue Amount
      --                     ----              ------------
      A/Watch Neg            A                 JPY3.0 bil.

            Fixed rate credit-linked notes series 64

      To                     From              Issue Amount
      --                     ----              ------------
      B/Watch Neg            B                 $50.0 mil.

   Floating-rate secured portfolio credit-linked notes series 78

      To                     From              Issue Amount
      --                     ----              ------------
      CCC                    CCC/Watch Neg     JPY3.0 bil.

                          Eirles Two Ltd.
  Series 197 floating rate portfolio credit linked secured notes

      To                     From              Issue Amount
      --                     ----              ------------
      AA/Watch Neg           AA                JPY4.0 bil.

                             ELM B.V.
       Elysium class B secured credit linked notes series 97

      To                     From              Issue Amount
      --                     ----              ------------
      CCC-                   CCC-/Watch Neg    $20.0 mil.

                        Helium Capital Ltd.
      Series 49 limited recourse secured synthetic CDO notes

      To                     From              Issue Amount
      --                     ----              ------------
      BBB/Watch Neg          BBB               $40.0 mil.

    Limited recourse secured floating rate credit-linked notes
                            series 57

      To                     From              Issue Amount
      --                     ----              ------------
      CCC+                   CCC+/Watch Pos    $10.0 mil.

                    Momentum CDO (Europe) Ltd.
      Secured credit-linked notes (Louvre CDO) series 2005-1

           Class      To    From            Issue Amount
           -----      --    ----            ------------
           BF         B     B/Watch Neg     JPY1.0 bil.
           BX         B     B/Watch Neg     JPY200.0 mil.

                    SONATA notes series 2006-7

     Class      To               From            Issue Amount
     -----      --               ----            ------------
     BF         B-/Watch Neg      B-             JPY100.0 mil.
     X          B-/Watch Neg      B-             JPY700.0 mil.

             SONATA fixed-rate notes series 2006-10

        Class     To               From     Issue Amount
        -----     --               ----     ------------
        AX        B-/Watch Neg     B-       EUR20.0 mil.

OPALE floating and fixed-rate credit linked notes series 2006-12

           Class      To    From            Issue Amount
           -----      --    ----            ------------
           AF         CCC-  CCC-/Watch Neg  JPY1.0 bil.
           AX         CCC-  CCC-/Watch Neg  JPY600.0 mil.

                  Omega Capital Investments PLC
               Series 10 secured floating rate notes

          Class      To              From    Issue Amount
          -----      --              ----    ------------
          A          BB+/Watch Neg   BB+      JPY2.0 bil.
          B          BB+/Watch Neg   BB+      JPY3.1 bil.

                     Series 48 secured notes

          Class      To               From    Issue Amount
          -----      --               ----    ------------
          7Y-B1      B-/Watch Neg     B-      JPY300.0 mil.

                       Signum Vanguard Ltd.
        Secured floating rate credit-linked notes 2006-01

       To                     From              Issue Amount
       --                     ----              ------------
       BB+                    BB+/Watch Neg     JPY2.0 bil.

      Secured floating rate credit-linked notes series 2006-03

       To                     From              Issue Amount
       --                     ----              ------------
       B+                     B+/Watch Neg      $10.0 mil.

       Series 2006-07 secured fixed rate credit-linked notes

       To                     From              Issue Amount
       --                     ----              ------------
       CCC/Watch Neg          CCC               JPY500.0 mil.

     Series secured floating rate credit-linked 2006-09 notes

       To                     From              Issue Amount
       --                     ----              ------------
       B-/Watch Neg           B-                JPY2.0 bil.

                        Silk Road Plus PLC
    Limited recourse secured floating rate credit-linked notes
                       series 7 class A1-U

       To                     From              Issue Amount
       --                     ----              ------------
       BBB+/Watch Neg         BBB+              $0.1 mil.

    Limited recourse secured floating-rate credit-linked notes
                       series 10 class A1-E

       To                     From              Issue Amount
       --                     ----              ------------
       BBB+/Watch Neg         BBB+              EUR10.0 mil.


PACIFIC HOLDINGS: RIII Warns Credit Rating Downgrade
----------------------------------------------------
An article posted on tradingmarkets.com on March 12 reported
Rating & Investment Information Inc said it will lower its ratings
on two real estate investment trusts overseen by Pacific Holdings
Inc., which filed for bankruptcy protection Tuesday.

The report relates citing the impact that the collapse of the
parent may have on their ability to raise funds, the credit rating
agency said that it will downgrade Nippon Commercial Investment
Corp. from BBB- to BB, and Nippon Residential Investment Corp.
from BB+ to BB.  The agency also said it will consider cutting the
ratings further, the report notes.

As reported in the Troubled Company Reporter on Mar. 11, 2009,
Reuters said Pacific Holdings has filed for bankruptcy protection
with JPY163.6 billion (US$1.65 billion) in debt.

A TCR-Asia Pacific report on Jan. 29, 2009, said Japan Credit
Rating Agency Ltd. downgraded Pacific Holdings's "B" and "B-"
long-term ratings to CCC, continuing
placing them under Credit Monitor and changing the direction to
the Credit Monitor from Developing to Negative (#CCC/Negative).

According to the rating agency, Pacific Holdings has announced a
series of releases along with the operating results for the fiscal
year ended November 30, 2008.  The operating performance resulted
in a net loss of JPY73 billion and a liability in excess of assets
amounting JPY5.4 billion.  In addition to a serious concern about
the going concern, disclaimer of opinion was issued by the
auditor, the rating agency noted.

                      About Pacific Holdings

Pacific Holdings Inc. (TYO:8902) --- http://www.ph-i.co.jp/---
formerly Pacific Management Corporation, is a Japan-based holding
company mainly engaged in in the real estate investment fund
business.  The Company has three business segments.  The Real
Estate Investment Fund segment is involved in the fund investment
business, as well as the fund business, including the arrangement
and the management of real estate investment fund.  The Real
Estate Consulting Service segment is engaged in the due diligence
business, including research and advice services for investors,
real estate collateral assessment service for lenders, as well as
salable assets assessment and exit strategy proposal services for
corporations.  This segment is also engaged in the assessment
business for real estate fund and properties.  The Real Estate
Investment segment is engaged in the selection of real estate
properties, and the provision of information on investment grade
ratings, among others.


RESONA BANK: Fitch Affirms Individual and Support Ratings at 'D'
----------------------------------------------------------------
Fitch Ratings has affirmed Resona Bank's Individual and Support
ratings at 'D' and '2', respectively.

The rating actions follow the announcement from its parent Resona
Holdings on March 10, 2009, that it will buy back and immediately
cancel JPY175.2 billion (at issued price) of Resona HD's
government-owned preferred stocks on March 13, 2009.

The public funds being repaid were initially injected into Asahi
Bank and Daiwa Bank (Resona's predecessor banks), and face the
mandatory conversion into common stocks in 2009.  Following this
repayment, Fitch estimates that Resona HD's regulatory Tier 1 and
total capital ratios will decline to just above 10% and slightly
lower than 14%, respectively, from 11.11% and 14.74%,
respectively, at end-December 2008.  However, the forecast net
income of JPY195bn for fiscal year to end-March 2009 is expected
to help rebuild the entity's capital positions.  Meanwhile,
Resona's capital adequacy ratios are not directly affected by this
repayment of public funds.

After this repayment, the remaining balance of public funds at
Resona HD will decline to about JPY2.1 trillion with
JPY1.8 trillion in preferred stocks and JPY262 billion in common
stocks.


SIGNUM VANGUARD: S&P Puts Junk Ratings on Notes on Negative Watch
-----------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on 15
tranches relating to 12 Japanese synthetic CDO transactions on
CreditWatch with negative implications, and placed its rating on
one Japanese synthetic CDO tranche on CreditWatch with positive
implications.  At the same time, Standard & Poor's affirmed
its ratings on eight tranches relating to seven Japanese synthetic
CDO transactions and removed them from CreditWatch with negative
implications.  Standard & Poor's also affirmed its rating on one
other Japanese synthetic CDO tranche and removed it from
CreditWatch with positive implications.

The 15 tranches placed on CreditWatch with negative implications
had SROC (synthetic rated overcollateralization) levels that fell
below 100% during S&P's monthly run on Feb. 28, 2009.  The SROC
levels of the eight tranches whose ratings were affirmed and
removed from CreditWatch with negative implications, meanwhile,
recovered to 100% or above during S&P's monthly run on Feb. 28,
2009.

The tranches listed below that have been placed on CreditWatch,
along with any other tranches with ratings that are currently on
CreditWatch with negative or positive implications, are intended
to be reviewed by the end of this month.

                          Ratings List

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

      To                     From              Issue Amount
      --                     ----              ------------
      CCC-/Watch Pos         CCC-              JPY15.0 bil.

                   Corsair (Jersey) No. 2 Ltd.
     Fixed rate secured portfolio credit-linked loan series 53

      To                     From              Issue Amount
      --                     ----              ------------
      BBB+/Watch Neg         BBB+              JPY3.0 bil.

             Fixed rate credit-linked loan series 58

      To                     From              Issue Amount
      --                     ----              ------------
      A/Watch Neg            A                 JPY3.0 bil.

            Fixed rate credit-linked notes series 64

      To                     From              Issue Amount
      --                     ----              ------------
      B/Watch Neg            B                 $50.0 mil.

   Floating-rate secured portfolio credit-linked notes series 78

      To                     From              Issue Amount
      --                     ----              ------------
      CCC                    CCC/Watch Neg     JPY3.0 bil.

                          Eirles Two Ltd.
  Series 197 floating rate portfolio credit linked secured notes

      To                     From              Issue Amount
      --                     ----              ------------
      AA/Watch Neg           AA                JPY4.0 bil.

                             ELM B.V.
       Elysium class B secured credit linked notes series 97

      To                     From              Issue Amount
      --                     ----              ------------
      CCC-                   CCC-/Watch Neg    $20.0 mil.

                        Helium Capital Ltd.
      Series 49 limited recourse secured synthetic CDO notes

      To                     From              Issue Amount
      --                     ----              ------------
      BBB/Watch Neg          BBB               $40.0 mil.

    Limited recourse secured floating rate credit-linked notes
                            series 57

      To                     From              Issue Amount
      --                     ----              ------------
      CCC+                   CCC+/Watch Pos    $10.0 mil.

                    Momentum CDO (Europe) Ltd.
      Secured credit-linked notes (Louvre CDO) series 2005-1

           Class      To    From            Issue Amount
           -----      --    ----            ------------
           BF         B     B/Watch Neg     JPY1.0 bil.
           BX         B     B/Watch Neg     JPY200.0 mil.

                    SONATA notes series 2006-7

     Class      To               From            Issue Amount
     -----      --               ----            ------------
     BF         B-/Watch Neg      B-             JPY100.0 mil.
     X          B-/Watch Neg      B-             JPY700.0 mil.

             SONATA fixed-rate notes series 2006-10

        Class     To               From     Issue Amount
        -----     --               ----     ------------
        AX        B-/Watch Neg     B-       EUR20.0 mil.

OPALE floating and fixed-rate credit linked notes series 2006-12

           Class      To    From            Issue Amount
           -----      --    ----            ------------
           AF         CCC-  CCC-/Watch Neg  JPY1.0 bil.
           AX         CCC-  CCC-/Watch Neg  JPY600.0 mil.

                  Omega Capital Investments PLC
               Series 10 secured floating rate notes

          Class      To              From    Issue Amount
          -----      --              ----    ------------
          A          BB+/Watch Neg   BB+      JPY2.0 bil.
          B          BB+/Watch Neg   BB+      JPY3.1 bil.

                     Series 48 secured notes

          Class      To               From    Issue Amount
          -----      --               ----    ------------
          7Y-B1      B-/Watch Neg     B-      JPY300.0 mil.

                       Signum Vanguard Ltd.
        Secured floating rate credit-linked notes 2006-01

       To                     From              Issue Amount
       --                     ----              ------------
       BB+                    BB+/Watch Neg     JPY2.0 bil.

      Secured floating rate credit-linked notes series 2006-03

       To                     From              Issue Amount
       --                     ----              ------------
       B+                     B+/Watch Neg      $10.0 mil.

       Series 2006-07 secured fixed rate credit-linked notes

       To                     From              Issue Amount
       --                     ----              ------------
       CCC/Watch Neg          CCC               JPY500.0 mil.

     Series secured floating rate credit-linked 2006-09 notes

       To                     From              Issue Amount
       --                     ----              ------------
       B-/Watch Neg           B-                JPY2.0 bil.

                        Silk Road Plus PLC
    Limited recourse secured floating rate credit-linked notes
                       series 7 class A1-U

       To                     From              Issue Amount
       --                     ----              ------------
       BBB+/Watch Neg         BBB+              $0.1 mil.

    Limited recourse secured floating-rate credit-linked notes
                       series 10 class A1-E

       To                     From              Issue Amount
       --                     ----              ------------
       BBB+/Watch Neg         BBB+              EUR10.0 mil.



=========
K E N Y A
=========

CFC STANBIC: Fitch Assigns Issuer Default Rating at 'BB-'
---------------------------------------------------------
Fitch Ratings has assigned CfC Stanbic Bank Limited a Long-term
foreign currency Issuer Default Rating of 'BB-' (BB minus) with a
Stable Outlook, a Short-term foreign currency IDR of 'B', an
Individual Rating of 'D' and a Support Rating of '3'.  The
Individual rating has been placed on Rating Watch Negative,
reflecting Fitch's concerns regarding the bank's Tier 1 capital
adequacy.

At the same time, the agency has affirmed CfC Stanbic Holdings
Limited's Long-term foreign currency IDR at 'BB-' (BB minus) with
a Stable Outlook, Short-term foreign currency IDR at 'B',
Individual Rating at 'D' and Support Rating at '3'.  Fitch has
simultaneously withdrawn CfC Stanbic Holdings Limited's ratings.

CfC Stanbic's Long-term foreign currency IDR is capped at Kenya's
Country Ceiling of 'BB-' (BB minus) given the level of support it
derives from its ultimate parent, South Africa-based Standard Bank
Group Limited.  SBG's main operating subsidiary, The Standard Bank
of South Africa Limited, is rated 'A-' (A minus)/Negative/ 'F2').
The RWN on CfC Stanbic's Individual Rating reflects Fitch's
concern that the bank's Tier 1 capital adequacy is low and does
not provide sufficient protection against any adverse changes in
economic conditions.

Despite an annualized 18.4% increase in net earnings in January-
September 2008 (9M08), CfC Stanbic reported weaker financial
performance indicators following the transfer of CfC Bank
Limited's banking assets and liabilities into Stanbic Bank Kenya
Limited.  CfC Stanbic's 9M08 results reflect weaker efficiencies
due to integration challenges and the weaker historical
performance of CfC relative to Stanbic.  Asset quality
deteriorated sharply as a result of the combination of the two
banks, resulting in an NPL ratio of 7.1% at end-9M08 (Stanbic:
1.4% at end-2007; CfC: 9.7%).  Coverage ratios also weakened
substantially to 35.3% at 9M08 (Stanbic: 74.3% at FYE07) as a
result of reclassifications of CfC's loans in line with Stanbic's
more conservative criteria.  Fitch notes that the current coverage
is low relative to the bank's peers.  The agency views CfC
Stanbic's Tier 1 ratio of 10.4% at end-9M08 as low.  This is
mitigated to some extent by more acceptable capital levels in the
holding company, CfC Stanbic Holdings Limited, and potential
support from SBG.

CfC Stanbic is owned by SBG, through its wholly-owned subsidiary
Stanbic Africa Holdings Limited which owns 60% of CfC Stanbic
Holdings Limited's shares.  In turn CfC Stanbic is a wholly owned
subsidiary of CfC Stanbic Holdings Limited.  Following SBG's
majority ownership and its written commitment to support its
banking subsidiaries, Fitch considers that SBG's willingness to
support CfC Stanbic is high although its ability to do so is
moderate given the transfer and convertibility risks associated
with a country ceiling of 'BB-' (BB minus).


SWAN INDUSTRIES: Placed in Receivership; Over 100 Jobs Affected
---------------------------------------------------------------
Swan Industries Limited has been placed under receivership by
Investment and Mortgage Bank (I&M Bank) over an undisclosed amount
it owes to the bank, Business Daily reports.  The move threatens
to render more than 100 people jobless, the report says.

The bank, the Daily relates, appointed Mr. Vipul Shah and
Mr. Dipesh Shah of Nairobi-based VSC Consultants as joint receiver
managers and they took over the firm on February 20.

According to the report, the Kisumu-based company has been unable
to pay a loan due to reduced sales in western Kenya and cut throat
competition from low-cost producers based in Nairobi.

The Daily discloses Swan Industries' troubles emerge at a time
when the lake side town is gripped by high unemployment levels
following the closure of a number of industries in recent years
including KICOMI and East Africa Breweries.

Last year, the Daily recalls, the town bore the brunt of the post
election violence that led to collapse of a number of SMEs sized
firms even as the few that were left standing continue to
struggle.

Based in Kisumu, Kenya, Swan Industries Limited manufactures
sweets and confectionaries.



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

SAMSUN LOGIX: Files Chap. 15 Petition in U.S. Court, Reuters Says
-----------------------------------------------------------------
A March 11 Reuters report posted on iii.co.uk said based on a
court filing, South Korea's Samsun Logix Corp has filed for
Chapter 15 bankruptcy protection in the U.S. Bankruptcy Court for
the Southern District of New York in Manhattan listing
more than US$100 million in both assets and debts.

Samsun Logix last week was placed under court receivership after
facing a credit crunch, Yonhap News said in a March 11 report
posted on joongangdaily's Web site.

According to Yonhap News, the shipper last year incurred a net
loss of KRW36 billion due to heavy financial costs and recorded
KRW136 billion (US$90 million) in operating income on sales of
KRW2.4 trillion.

Last month, a Forbes report posted on steelguru.co said Samsun
Logix got slammed by the cancellation of a number of contracts by
companies, to which it had sub chartered vessels, causing it to
run short of cash.



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

BRIDGECORP: No Payout Estimates Yet for Investors
-------------------------------------------------
The National Business Review reports that Bridgecorp Ltd's
receivers are still unable to predict how much investors may
recover from the company.

Receiver PricewaterhouseCoopers, the report recalls, had
previously estimated that investors might recoup 13-44% of their
capital.  However, the report relates, PWC said last December this
forecast was being hammered by deteriorating economic conditions
and it was too difficult to predict the outcome.

The Business Review relates the receivers have been unable to make
any predictions either in their latest report.

PWC, the report notes, hopes to provide another update before the
end of March on the matter.

Receivers had on hand just $9.4 million at the start of this year
after accounting for the cost of the receivership, the report
discloses.

                        About Bridgecorp

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



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

CHARTERED SEMICONDUCTOR: Moody's Continues Review on 'Ba2' Rating
-----------------------------------------------------------------
Moody's Investors Service has said that it is continuing its
review for possible downgrade of the Ba2 corporate family and
senior unsecured bond ratings of Chartered Semiconductor
Manufacturing Limited.

This follows Chartered's announcement that it plans to raise
US$300 million in net proceeds through a 27-for-10 rights
offering.

"The equity raising will improve Chartered's headroom for meeting
its debt-to-equity financial covenants and will allow it to better
manage its maturing debt, including the two major bullet debt
repayments due in August 2010," says Wonnie Chu, a Moody's
Analyst.

"Compliance with its financial covenants will in turn allow it to
utilize available committed facilities of US$750 million to
support its capex," adds Chu.

Moreover, Chartered's major shareholders, Singapore Technologies
Semiconductors, a wholly owned subsidiary of Temasek Holdings
(Aaa/Stable), has undertaken to subscribe to its pro-rata
entitlement of about 59.4% of the offering, and has also committed
to act as a standby purchaser and purchase up to 90% of the
offering.

The commitment of Temasek -- through STS' commitment to purchase
up to 90% of the offering -- also demonstrates Temasek's
willingness to provide financial support to Chartered, when
required.

Because of these enhancements, Moody's expects to confirm
Chartered's rating at Ba2 with a negative outlook upon completion
of the capital raising.  Chartered's Ba2 rating continues to
benefit from a 3-notch rating uplift from Temasek.

The negative rating outlook would reflect Chartered's sizeable
refinancing needs in the next 18 months with US$284 million in
preferred shares and US$375 million in senior notes maturing in
August 2010.  It would also reflect Moody's expectation that
Chartered's financial covenant cushion could weaken in 2010,
driven by the company's continuing large capex spends against the
backdrop of challenging macro-economic conditions.

If the capital raisings do not proceed as anticipated, negative
rating actions could emerge.

The last rating action with respect to Chartered was taken on
March 3, 2009, when its corporate family and senior unsecured bond
ratings were downgraded to Ba2 from Ba1, and the ratings remained
on review for possible downgrade.

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

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

Singapore-based Chartered Semiconductor Manufacturing Limited
(Chartered) provides wafer fabrication services and technologies
to semiconductor suppliers and system companies.  The company
ranked third globally as measured by total sales in the global
semiconductor foundry sector.

The Singapore government owns approximately 60% of the company
through Temasek Holdings (Private) Limited.


GENLINK UNITED: Creditors' Proofs of Debt Due on April 10
---------------------------------------------------------
The creditors of Genlink United Pte Ltd are required to file their
proofs of debt by April 10, 2009, to be included in the company's
dividend distribution.

The company's liquidator is:

          Lim Siew Ming
          c/o 19 Keppel Road
          #03-10 Jit Poh Building
          Singapore 089058


GILLETTE GROUP: Creditors' Proofs of Debt Due on April 11
---------------------------------------------------------
The creditors of Gillette Group (S.E.A) Pte Ltd are required to
file their proofs of debt by April 11, 2009, to be included in the
company's dividend distribution.

The company's liquidator is:

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


GILLETTE MANAGEMENT: Creditors' Proofs of Debt Due on April 11
--------------------------------------------------------------
The creditors of Gillette Management (S.E.A) Pte Ltd are required
to file their proofs of debt by April 11, 2009, to be included in
the company's dividend distribution.

The company's liquidator is:

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


HO SHING: Contributories and Creditors to Meet on March 25
----------------------------------------------------------
The contributories and creditors of Ho Shing Construction Co.
(Pte) Ltd will hold their meeting on March 25, 2009, at 2:30 p.m.
and 3:00 p.m., respectively, to consider and if thought fit to
appoint a committee of inspection and discuss other business.

The company's liquidators are:

          Chee Yoh Chuang
          Lim Lee Meng
          c/o 8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095



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

G STEEL: S&P Junks Long-Term Corporate Credit Rating from 'B-'
--------------------------------------------------------------
Standard & Poor's Rating Services said that it had lowered its
long-term corporate credit rating on G Steel Public Co. Ltd. to
'CC' from 'B-'.  The outlook is negative. At the same time,
Standard & Poor's lowered the issue rating on G Steel's
US$170 million senior unsecured notes due 2010 to 'C' from 'B-'.

"The rating actions reflect our opinion that G Steel's ability to
service its upcoming loan obligations in 2009 is now highly
uncertain following its auditor's heavy qualifications on the
financial accounts for the year ended Dec. 31, 2008," said
Standard & Poor's credit analyst Wee Khim Loy.  "In addition, S&P
believes that the company's financial metrics have already
weakened to a level that is no longer supportive of a 'B-' rating,
based on its operating performance in fiscal 2008.  As well as
heightened near-term liquidity risk, which has yet to be eased by
committed facilities, S&P believes G Steel continues to face an
uphill task in managing the sharp deterioration in its operating
environment."

Auditor Ernst & Young's key qualifications relate to the adequacy
of provisions for the impairment of assets, anticipated losses
from the company's earlier commitments to buy inventory at
significantly higher prices than current prevailing prices; and
uncertainty over the collection of trade receivables totaling Thai
baht 3,582 million.  The latter further aggravates G Steel's
already weak liquidity position.

"We expect G Steel's liquidity to worsen and the company's
performance to weaken in 2009," said Ms. Loy.

Although G Steel reported a 65% year-on-year increase in sales to
THB36,486 million in fiscal 2008, it made a net loss of
THB4,378 million compared with a net profit of THB1,736 million a
year earlier.  The sharp deterioration was largely attributable to
the dramatic decline in demand, selling prices, and profit margins
for hot-rolled coil in the last quarter of 2008, in tandem with
the global economic downturn.  In addition, G Steel's financing
costs have escalated by almost 50%, due partly to its increased
reliance on short-term loans and the lengthening of suppliers'
credit terms at a cost.



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

* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

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


AUSTRALIA

ADVANCE HEAL-NEW           AHGN      16933460.19     -8226075.95
ADVANCE HEALTHCA            AHG      16933460.19     -8226075.95
ALLSTATE EXPLORA            ALX      16169603.20    -50619940.96
ALLSTATE EXPL-PP          ALXCC      16169603.20    -50619940.96
ANTARES ENERGY L            AZZ      14174189.76     -6756494.56
ARC EXPLORATION             ARX      62773963.21    -15883874.97
AUSTAR UNITED               AUN     448602007.58   -261905005.38
BABCOCK & BROWN             BCM    7921901248.89   -381294562.59
BIRON APPAREL LT            BIC      19706738.17     -2220069.83
BISALLOY STEEL G            BIS     197903755.89    -11548524.69
CHEMEQ LIMITED              CMQ      25194855.59    -24254413.72
ELLECT HOLDINGS             EHG      18245003.37    -15487781.92
ERG LIMITED                 ERG     180731676.67    -11205963.43
ETW CORP LTD                ETW      83708786.34    -58673955.65
FORTESCUE METALS            FMG    4293524492.00   -378456209.91
FULCRUM EQUITY L            FUL      19209266.15     -3664831.35
JAMES HARDIE NV           JHXCC    2357299968.00   -237600000.00
JAMES HARDIE-CDI            JHX    2357299968.00   -237600000.00
LAFAYETTE MIN               LAF     105239389.93   -190859526.77
MAC COMM INFR-CD            MCGCD  8104415200.76   -103343256.49
MACQUARIE COMMUN            MCG    8104415200.76   -103343256.49
METAL STORM LTD             MST      14309243.10     -5126410.11
TOOTH & CO LTD              TTH     143720715.19    -94300033.83
VERTICON GROUP              VGP      21729291.58    -11591492.96
VIDELLI LTD                 VID     180731676.67    -11205963.43

CHINA

ALONG TIBET CO-A         600773      10333935.67      -913954.99
AMOI ELECTRONICS         600057     414934259.50    -30399649.61
ANHUI KOYO GROUP         000979      60298626.62    -47685854.30
CHANG LING GROUP         000561      49675731.32   -115810769.64
CHENGDU UNION-A          000693      59526570.13      -188881.87
CHINA KEJIAN-A           000035      65124488.98   -167311537.11
CHINESE.COM LOGI         000805      13883647.68     -8947568.12
CHONGWING INTL-A         000736      24753183.26    -13379849.30
DANDONG CHEM F-A         000498     115942688.34    -91597754.91
FUJIAN CFC IND-A         000592      24196604.92    -19615146.80
FUJIAN SANNONG-A         000732      64417775.39    -90239301.91
FUJIAN START-A           600734     105659572.63    -14337777.19
GUANGDONG HUAL-A         600242      22465173.76     -2740933.18
GUANGDONG KEL-A          000921     710500493.66    -81769686.15
GUANGMING GRP FU         000587      62369338.74    -12083332.13
GUANGXIA YINCH-A         000557      53463085.53    -61325483.02
HEBEI BAOSHUO CO         600155     313380313.25   -212285683.69
HEBEI JINNIU C-A         600722     223470984.32   -222746304.24
HISENSE ELEC-H              921     710500493.66    -81769686.15
HUATONG TIANXI-A         600225      73838152.81    -41138558.42
HUDA TECHNOLOG-A         600892      18459084.32     -1904039.85
HUNAN ANPLAS CO          000156      83999120.28    -81350940.74
HUNAN AVA HOLDIN         000918     176943487.87    -11256248.54
JIAOZUO XIN'AN-A         000719      50815905.85    -25450082.53
LAN BAO TECH INF         000631      29435531.87    -22701113.38
MIANYANG GAO-A           600139      30657523.00    -12436839.12
QINGHAI SALT L-A         000578     105635944.61     -4914371.18
QINGHAI SUNSHI-A         600381      52481259.62    -33816335.98
REAL GOLD MINING         000246      34172339.37      -299845.13
SHANG WORLDBES-A         600094     327982181.09   -175167931.11
SHANG WORLDBES-B         900940     327982181.09   -175167931.11
SHENZ CHINA BI-A         200017      29379003.11   -244527119.11
SHENZ CHINA BI-B         200017      29379003.11   -244527119.11
SHENZ SEG DASH-A         000007     101024087.57     -1144993.15
SHENZHEN DAWNC-A         000863      36847332.84   -142582249.37
SHENZHEN KONDA-A         000048     155014461.99    -24446764.56
SHENZHEN SHENXIN         000034      44989232.03   -113368102.97
SICHUAN DIRECT-A         000757     128549383.42   -102619767.95
STELLAR MEGAUNIO         000892      64925448.82   -162463426.22
SUCCESS INFORMAT         000517      30118378.44    -14826121.30
SUNTEK TECHNOLOG         600728      44691434.84    -22949595.64
SUNTIME INTERN-A         600084     355378023.17   -100009910.49
TAIYUAN TIANLON          600234      12693007.72    -51581680.70
TIANJIN MARINE           600751      75440814.59    -26602770.52
TIANJIN MARINE-B         900938      75440814.59    -26602770.52
TIBET SUMMIT I-A         600338      63612758.53    -10426824.98
TOPSUN SCIENCE-A         600771     232677660.69   -131983172.54
WINOWNER GROUP C         600681      21498115.00    -81284231.50
XIAMEN OVERSEAS          600870     433188523.84    -13781679.05
YUEYANG HENGLI-A         000622      40266532.05    -14337174.21
ZHANGJIAJIE TO-A         000430      51011060.62     -8247159.63


HONG KONG

APTUS HLDGS LTD            8212      54183295.49     -5233351.51
ASIA TELEMEDIA L            376      16618871.08     -5369335.42
CHIA TAI ENTERPR            121     313740803.76    -49562387.78
CHINA GRAND PHAR            512      23135825.94     -7596740.75
CHINA HEALTHCARE            673      29513119.73     -7815705.47
CORE HEALTHCARE            8250      27890609.26    -11660364.96
EGANAGOLDPFEIL              48      557892423.39   -132858951.98
EMPEROR ENTERTAI          8078       35493733.40     -2976735.60
NEW CITY CHINA             456      113178595.41     -9932226.54
PALADIN LTD                495      186461196.61     -9780904.71
PALADIN LTD -PRE           642      186461196.61     -9780904.71
SANYUAN GROUP LT           140       17768260.98     -2131329.68


INDIA

ALCOBEX METALS             AML       27036820.49    -16751727.41
APPLE FINANCE              APL       70832103.73    -29253849.19
ARTSON ENGR                 ART      10310745.75      -705781.13
ASHIMA LTD                 ASHM      96567160.75    -42591314.74
BALAJI DISTILLER            BLD      59974008.41    -50890026.26
BELLARY STEELS             BSAL     512415670.40   -101442229.54
BHAGHEERATHA ENG           BGEL      22646453.72    -28195273.09
CFL CAPITAL FIN           CEATF      20637497.85    -48884440.84
CORE HEALTHCARE            CPAR     185364966.99   -241912027.81
DIGJAM LTD                 DGJM      98769193.78    -14623833.58
DISH TV IND-PP             DITVPP   229160606.28     -8850096.00
DISH TV INDIA              DITV     229160606.28     -8850096.00
DUNCANS INDUS               DAI      164653351.9    -220922929.9
GANESH BENZOPLST            GBP      77840261.61    -41865917.86
GUJARAT SIDHEE             GSCL      59440728.18      -660003.43
GUJARAT STATE FI            GSF      30159595.18   -234918081.46
HIMACHAL FUTURIS           HMFC     633329926.05   -104792044.71
HINDUSTAN PHOTO            HPHT      93725753.93  -1229352757.43
HMT LTD                     HMT     206932743.85   -263572925.12
ICDS                       ICDS      13300348.69     -6171079.46
IFB INDS LTD               IFBI      50668510.63    -65490798.77
JCT ELECTRONICS            JCTE     122542558.60    -49996834.55
JENSON & NIC LTD             JN      15734678.26    -92089109.12
JK SYNTHETICS               JKS      20208078.76     -2171303.89
JOG ENGINEERING             VMJ      50080964.36    -10076436.07
KALYANPUR CEMENT           KCEM      37538318.01    -41771703.35
LLOYDS METALS              LYDM      76625324.31      -409399.15
LLOYDS STEEL IND           LYDS     392561769.16   -102160401.76
MILLENNIUM BEER             MLB      39726352.09      -732186.48
NATH PULP & PAP            NPPM      11602126.35    -34768739.20
ORIENT PRESS LTD             OP      15616522.24    -10040802.92
OSWAL SPINNING             OWSW      18536688.83     -4258142.35
PANCHMAHAL STEEL            PMS      51024827.03      -325116.26
PANYAM CEMENTS              PYC      30241162.87     -9403739.61
PARASRAMPUR SYN             PPS     111971290.89   -317111727.95
PAREKH PLATINUM            PKPL      61081050.43    -88849040.15
PSI DATA SYSTEMS            PSI      11676002.06     -2481336.90
PTL ENTERPRIESES           PTLE      54293986.93      -397481.92
RATHI ISPAT LTD            RTIS      44555929.56     -3933592.50
REMI METALS GUJA            RMM      82273746.28     -1650461.11
ROLLATAINERS LTD            RLT      22965755.05    -22244556.92
ROYAL CUSHION              RCVP      29192373.45    -73115309.68
RPG CABLES LTD              RPG      51431409.37    -20192930.18
SEN PET INDIA LT           SPEN     13283611.52     -25431862.10
SHREE RAMA MULTI           SRMT      81405835.45    -64134056.23
SIL BUSINESS ENT           SILB      12461159.02    -19961202.41
SPICE COMMUNICAT           SPCM     263692459.52    -19679192.67
STI INDIA LTD              STIB      44107456.00      -300149.59
TATA TELESERVICE           TTLS     857960649.86    -50009972.82
TRANS FREIGHT               TFC      14196928.74     -9623049.18
TRIVENI GLASS              TRSG      34542881.89     -6209872.78
UNIWORTH LTD                 WW     178225972.59   -131624807.91
USHA INDIA LTD             USHA      12064900.61    -54512967.31
WIRE AND WIRELES            WNW     106984536.93    -23622538.56


INDONESIA

BUKAKA TEKNIK UT           BUKK      64091324.54    -99365767.69
DAYA SAKTI UNGGU           DSUC      29016063.42     -8041060.32
ERATEX DJAJA               ERTX      22390016.89     -5709537.72
JAKARTA KYOEI ST           JKSW      37212505.22    -39286774.25
KARWELL INDONESI           KARW      22659332.94     -1923983.20
MULIA INDUSTRIND           MLIA     390764740.82   -411484148.40
PANCA WIRATAMA             PWSI      30758367.68    -30598686.04
POLYSINDO EKA PE           POLY     547415431.67   -779982804.73
PRIMARINDO ASIA            BIMA      12520821.69    -19874326.35
STEADY SAFE TBK            SAFE      15620539.46     -3202860.09
SURABAYA AGUNG             SAIP     266838941.8     -80136284.80
TEIJIN INDONESIA           TFCO     265725344.00    -23100500.00
UNITEX TBK                 UNTX      16404917.89    -11637278.20


JAPAN

APRECIO CO LTD             2460      15981315.82     -2395526.71
L CREATE CO LTD            3247      42344509.56     -9146496.90
LIFE STAGE CO LT           8991     140521332.90     -4256881.43
LINK CONSULTING            4798      20858257.56    -22890695.36
LINK ONE                   2403      12290544.83     -5772835.00
MOC CORP                   2363      56468378.86    -18149241.94
OPEN INTERFACE I           4302      32715547.40     -5699491.16
PACIFIC HD CO              8902    2822421445.26    -55823540.44
PION CO LTD                2799      50289757.53     -4685410.43
PLACO CO LTD               6347      26260220.44      -997325.51
SOWA JISHO CO LT           3239      54007939.02    -15643863.67
TERRANETZ CO LTD           2140      11633353.37     -4293462.63

KOREA

COSMOS PLC               053170      19306498.60     -4948161.34
DAHUI CO LTD             055250     186003859.24     -1504246.54
DAISHIN INFO             020180     740500919.30   -158453978.78
FATOMENT                 025460      28429133.98    -13916561.10
FIRST FIRE & MAR         000610    2044031310.36     -1780221.91
HECENAT CO LTD           036270      18221252.73    -32166924.53
MEDIACORP INC            053890      53306304.99    -32219360.77
ORICOM INC               010470      82645454.13    -40039161.33
SEJI CO LTD              053330      37246628.39      -311069.32
SINJISOFT CORP           078700      12760558.03    -21014927.26
STARMAX CO LTD           017050      73128066.52     -5536410.53
TONG YANG MAGIC          023020     355147750.92    -25767007.75


MALAYSIA

ENERGREEN CORP             ECB       25339141.27    -43055041.82
LITYAN HLDGS BHD            LIT      20867100.91    -27979954.44
NIKKO ELECTRONIC          NIKKO      12072911.27     -7832098.21
PANGLOBAL BHD               PGL     154526312.03   -196600884.35
PECD BHD                   PECD     377122467.92   -295360985.56
WONDERFUL WIRE               WW      22721443.48     -1936371.54
WWE HOLDINGS BHD            WWE      67986614.2      -3400656.26

NEW ZEALAND

DOMINION FINANCE           DFH      258902749.12    -55312405.88


PHILIPPINES

APEX MINING-A               APX      55266898.93     -1972871.63
APEX MINING 'B'            APXB      55266898.93     -1972871.63
BENGUET CORP-A               BC      77132198.94    -30611028.96
BENGUET CORP 'B'            BCB      77132198.94    -30611028.96
CENTRAL AZUC TAR            CAT      35737315.17     -1803678.01
CYBER BAY CORP             CYBR      14850182.71    -74298813.45
EAST ASIA POWER             PWR      72744279.35   -136684406.25
FIL ESTATE CORP              FC      43031377.81    -10925320.95
FILSYN CORP A               FYN      24839570.79    -11373621.32
FILSYN CORP. B             FYNB      24839570.79    -11373621.32
GOTESCO LAND-A               GO      18684576.24    -10863822.41
GOTESCO LAND-B              GOB      18684576.24    -10863822.41
MRC ALLIED                  MRC      14947958.51      -747373.28
PICOP RESOURCES             PCP      105659068.50   -23332404.14
UNIVERSAL RIGHTF             UP       45118524.67   -13478675.99
UNIWIDE HOLDINGS             UW       65657779.51   -57306280.77
VICTORIAS MILL              VMC      178060236.02   -36659989.09


SINGAPORE

ADV SYSTEMS AUTO            ASA       18177825.52    -7877731.57
CHUAN SOON HUAT             CSH       39144678.93    -7539646.47
FALMAC LTD                  FAL       10907421.75    -5669361.14
HL GLOBAL ENTERP           HLGE      105185881.93    -8816485.24
INFORMATICS EDU            INFO       24731271.45    -5096073.27
LINDETEVES-JACOB             LJ      192873034.63   -73862882.72
SUNMOON FOOD COM           SMOON      50854971.18    -1574709.82


TAIWAN

CHIEF CONST-ENT           2522R      215175465.17   -21152197.10
CHIEF CONST-ENTL          2522S      215175465.17   -21152197.10
CHIEF CONST-ENTL          2522T      215175465.17   -21152197.10
CHIEN TAI CEMENT           1107      213252699.79    -8622456.43
DAHIN-ENTL CERT           1320V      276478727.91  -230266155.05
HELIX TECHNOL-EC          2479S       29014861.50   -18177223.18
HELIX TECH-EC             2479T       29014861.50   -18177223.18
HELIX TECH-EC IS          2479U       29014861.50   -18177223.18
PROTOP TECHNOLOG           2410       36409983.56   -22412206.18
UNICAP ELECT-EC           5307R      133883064.40   -19055700.01
UNICAP ELECT-EC           5307S      133883064.40   -19055700.01
UNICAP ELECT-ENT          5307T      133883064.40   -19055700.01
YEU TYAN MACHINE           8702       39574168.04  -271070409.72


THAILAND

ABICO HOLDINGS            ABICO       16687406.79    -9849452.81
ABICO HOLD-NVDR         ABICO-R       16687406.79    -9849452.81
ABICO HLDGS-F           ABICO/F       16687406.79    -9849452.81
BANGKOK RUBBER              BRC       79432385.61   -69382388.28
BANGKOK RUB-NVDR          BRC-R       79432385.61   -69382388.28
BANGKOK RUBBER-F          BRC/F       79432385.61   -69382388.28
CENTRAL PAPER IN          CPICO       13252670.48  -241782725.56
CENTRAL PAPER-NV        CPICO-R       13252670.48  -241782725.56
CENTRAL PAPER-F         CPICO/F       13252670.48  -241782725.56
CIRCUIT ELEC PCL         CIRKIT       61295807.28   -25886476.66
CIRCUIT ELE-NVDR     CIRKIT-RTB       61295807.28   -25886476.66
CIRCUIT ELEC-FRN       CIRKIT/F       61295807.28   -25886476.66
DATAMAT PCL                 DTM       12690638.93    -6132014.29
DATAMAT PCL-NVDR          DTM-R       12690638.93    -6132014.29
DATAMAT PLC-F             DTM/F       12690638.93    -6132014.29
ITV PCL                     ITV       32184803.45   -75222598.62
ITV PCL-NVDR              ITV-R       32184803.45   -75222598.62
ITV PCL-FOREIGN           ITV/F       32184803.45   -75222598.62
K-TECH CONSTRUCT          KTECH       83204235.85    -5693045.29
K-TECH CONTRU-R         KTECH-R       83204235.85    -5693045.29
K-TECH CONSTRUCT        KTECH/F       83204235.85    -5693045.29
KUANG PEI SAN            POMPUI       18782550.85   -14068562.52
KUANG PEI-NVDR       POMPUI-RTB       18782550.85   -14068562.52
KUANG PEI SAN-F        POMPUI/F       18782550.85   -14068562.52
MALEE SAMPRAN             MALEE       62534877.53    -6947140.27
MALEE SAMPR-NVDR        MALEE-R       62534877.53    -6947140.27
MALEE SAMPRAN-F         MALEE/F       62534877.53    -6947140.27
NEW PLUS KNITT              NPK       10075187.17    -2034472.09
NEW PLUS KN-NVDR          NPK-R       10075187.17    -2034472.09
NEW PLUS KNITT-F          NPK/F       10075187.17    -2034472.09
PREMIER MARKET               PM       41958329.18    -2352192.28
PREMIER MAR-NVDR           PM-R       41958329.18    -2352192.28
PREMIER MARK-FOR           PM/F       41958329.18    -2352192.28
SAFARI WORLD PUB         SAFARI      105846131.92   -13361065.40
SAFARI WORL-NVDR     SAFARI-RTB      105846131.92   -13361065.40
SAFARI WORLD-FOR       SAFARI/F      105846131.92   -13361065.40
SAHAMITR PRESSUR           SMPC       27259301.93   -34589170.90
SAHAMITR PR-NVDR         SMPC-R       27259301.93   -34589170.90
SAHAMITR PRESS-F         SMPC/F       27259301.93   -34589170.90
SUNWOOD INDS PCL            SUN       29427364.98    -6703524.31
SUNWOOD INDS-NVD          SUN-R       29427364.98    -6703524.31
SUNWOOD INDS-F            SUN/F       29427364.98    -6703524.31
THAI-DENMARK PCL          DMARK       15715462.27   -10102519.69
THAI-DENMARK-F           DMARK/F      15715462.27   -10102519.69
THAI-DENMARK-NVD         DMARK-R      15715462.27   -10102519.69
UNIVERSAL STARCH            USC       86972750.14   -49004706.42
UNIVERSAL S-NVDR          USC-R       86972750.14   -49004706.42
UNIVERSAL STAR-F          USC/F       86972750.14   -49004706.42


                         *********

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

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

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


                            *********


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

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

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

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

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





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