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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Tuesday, May 26, 2009, Vol. 12, No. 102

                            Headlines

A U S T R A L I A

ALLCO FINANCE: Creditors Opt to Liquidate Company
CITY PACIFIC: Investors to Vote on Trilogy Bid on June 25
GREAT SOUTHERN: Bendigo Bank Unveils AU$615 Million Exposure
KLEENMAID: Creditors Vote to Wind Up Company
OCEANAGOLD CORP: Searching for New CEO, Steve Orr to Step Down

OZ MINERALS: To Speed Up Expansion Plans for Prominent Hill Site
RIVIERA: Receivers Axe 157 Staff; Restructures Business


H O N G  K O N G

BEST INNOVATIONS: Seng and Lo Step Down as Liquidators
CAPITAL LEADER: Placed Under Voluntary Wind-Up
CORAL HOLDINGS: Members' Final Meeting Set for June 23
CORDIALITY LABEL: Members' Final Meeting Set for June 26
FOREST BOARD: Members' and Creditors' Meeting Set for June 2

KELLETT ESTATES: Members' Final Meeting Set for June 26
KENLAP CHEMICAL: Creditors' Meeting Set for June 19
NAL LOGISTICS: Creditors' Meeting Set for June 15
OTTO CONTAINER: Members' Final Meeting Set for June 23
PACIFIC WINES: Members' and Creditors' Meeting Set for June 19

PWC CONSULTING: Chiu Steps Down as Liquidator
SABENA LIMITED: Ng Kay Lam Steps Down as Liquidator
STAR BILLION: Creditors' Proofs of Debt Due on June 23
WELLY TRAVEL: Creditors' Proofs of Debt Due on June 23


I N D I A

GASHA STEELS: CRISIL Rates INR30.0 Mln Cash Credit Limit at 'BB'
JET AIRWAYS: Laid-Off Cabin Crews Maybe Hired by Air India
KAIRALI STEELS: CRISIL Assigns 'BB' Rating on INR85MM Cash Credit
OM SAI MOTORS: Low Net Worth Prompts CRISIL 'B+' Rating
PANORAMA EXPORTS: CRISIL Places 'P4' Ratings on Various Bank Loans

RANBAXY LABORATORIES: Singh Quits Chairman, CEO and MD Posts
SATYAM COMPUTER: May Slash Up to 8,000 Non-Billable Jobs
SHREE GANESH: CRISIL Rates INR10 Million Cash Credit Limit at 'B+'
VRUNDAVAN CERAMIC: CRISIL Places 'B' Rating on INR34.1 Mln LT Loan


J A P A N

CUBIC ONE: S&P Affirms 'BB' Rating on JPY2 Bil. Class D Notes
HOWA BANK: JCR Affirms 'BB+' Rating on Subordinated Bonds
TOSHIBA CORP: May Reduce Fixed Costs by 10% More


N E W  Z E A L A N D

* NEW ZEALAND: Mortgagee Sales Figure Hit Record High in March
* NEW ZEALAND: Value of Merchandise Exports and Imports Falls


S I N G A P O R E

CITIRAYA BUILDING: Creditors' Proofs of Debt Due on June 5
INDEX HOLDINGS: Court Enters Wind-Up Order
KHAMNEE ENGINEERING: Creditors' Proofs of Debt Due on June 5


T A I W A N

CHINA AIRLINES: To Sell Up to NT$3 Bil. Bonds, 600 Mil. New Shares


X X X X X X X X

* S&P Downgrades Ratings on 24 Asia-Pacific Synthetic CDO Deals
* BOND PRICING: For the Week May 18 to May 22, 2009


                         - - - - -


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

ALLCO FINANCE: Creditors Opt to Liquidate Company
-------------------------------------------------
Allco Financial Group will be placed in liquidation after
creditors voted to wound up the finance company at a meeting in
Sydney today, The Australian reports.

The report says two Allco related entities, however, have been
been placed under a deed of company arrangement for 21 days.  The
two entities, which are related to the aviation leasing business
of Allco, are Allco Asset Finance and Allco Management.

The deed of arrangement, the report relates, will allow Allco
receivers Steve Sharman and Peter Gothard of Ferrier Hodgson time
to make a more detailed proposal.

According to the report, Mr. Gothard said the deed of arrangement
will also give the entities time to try and sell assets for the
best possible price.

Allco's banks are looking to recover about AU$640 million in
secured loans, which receivers Mr. Sharman and Mr. Gothard hope
to recoup through asset sales, the report notes.

Allco Finance Group Ltd. (ASX: AFG) -- http://www.allco.com.au/
-- is an integrated global financial services business,
specializing in asset origination, funds creation and funds
management.  The company is a fund manager of alternative assets
in its core asset classes, which include aviation, rail,
shipping, infrastructure, property, private equity and financial
assets.  Its primary focus is on commercial property,
predominately completed office buildings and select development
opportunities.  It also purchases new and existing commercial
passenger and cargo aircraft for lease to commercial airlines.
In March 2007, Allco HIT Limited acquired Momentum Investment
Finance Pty Limited, Allco Financial Services and International
Mezzanine Funds Management (Australia) Limited.  The company is
a vendor of Momentum Investment Finance Pty Limited and Allco
Financial Services.  In July 2007, it acquired Allco Equity
Partners Ltd.  In December 2007, it completed the acquisition of
the remaining 79.6% stake of Rubicon Holdings(Aust) Limited.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
November 6, 2008, Allco Finance Group appointed Tony McGrath
and Joseph Hayes of McGrathNicol as the voluntary administrators
of the company and certain of its subsidiaries.  Subsequent to the
appointment of administrators to Allco, the company's banking
syndicate appointed Steve Sherman and Peter Gothard of Ferrier
Hodgson as receivers.  Allco has more than AU$1 billion
in total debt.


CITY PACIFIC: Investors to Vote on Trilogy Bid on June 25
---------------------------------------------------------
Brisbane Times reports that investors in the frozen City Pacific
First Mortgage Fund will vote on June 25 whether to hand control
of the fund to Trilogy Funds Management.

According to the report, Rodger Bacon, executive chairman of
Trilogy, said nearly 10 per cent of units had given already their
approval to call a meeting.  Only five percent of units are needed
to call a meeting, the report says.

As reported in the Troubled Company Reporter-Asia Pacific on
March 2, 2009, The Australian said that Trilogy Capital Group will
launch a hostile takeover bid for City Pacific Limited's AU$1
billion City Pacific First Mortgage Fund.

According to the Australian, Trilogy chairman Mr. Bacon said the
fund manager had contacted "close to 1,000" City Pacific fund
investors and was close to launching an official takeover, seeking
more than 50 percent control.

The Australian stated that the fund has about 11,000 investors and
for Trilogy to gain control it requires support from voters
controlling more than 50 percent of the fund's 887 million issued
shares.

Mr. Bacon, the Australian related, said Trilogy would seek to
replace City Pacific Limited as the responsible entity controlling
the fund.

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

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

                          *     *     *

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


GREAT SOUTHERN: Bendigo Bank Unveils AU$615 Million Exposure
------------------------------------------------------------
The Syndey Morning Herald reports that Bendigo and Adelaide Bank
said it has indirect exposure to Great Southern Ltd through 8,200
customers with loans totalling around AU$615 million.

According to the report, the bank said it will work with its
customers to work out courses of action to best protect the
interests of both parties.

"These loans are full-recourse to each individual borrower, with
an average exposure of AU$75,000 and are spread across every state
and territory of Australia," the report cited Bendigo and Adelaide
Bank as saying in a statement.  "The obligations of the borrower
remain unchanged by the announcement by (Great Southern)" that it
was entering administration.

The bank, as cited by the Herald, said that in the meantime,
borrowers' obligations stand.

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

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

The group, which manages about 43,000 investors through 45 managed
investment schemes, is believed to have collapsed with bank debt
of about AU$600 million, The Australian relates.  The financiers
are Commonwealth Bank, ANZ and BankWest (owned by CBA).

Great Southern owns and leases approximately 240,000 hectares of
land.  It also owns more than 150,000 cattle across approximately
1.5 million hectares of owned and leased land.

                       About Great Southern

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


KLEENMAID: Creditors Vote to Wind Up Company
--------------------------------------------
ABC News reports that the creditors of Kleenmaid Group voted to
wind up the company at a meeting in Brisbane on May 25.

The Troubled Company Reporter-Asia Pacific, citing News.com.au,
reported on May 18, 2009, that Deloitte partner John Greig said
the administrators recommended Kleenmaid be put into liquidation,
saying the company may have been insolvent as early as June 2007.

The administrators also said the amount owing to creditors is now
AU$102 million, which included AU$3 million owed to Kleenmaid
employees.

According to News.com.au, Mr. Greig said if it was proved the
company was trading while insolvent, Kleenmaid directors Andrew
and Brad Young could be held personally liable for the company's
unpaid debts.

Brisbane Times relates that the vote on winding up the company
came after high drama at Kleenmaid's Sunshine Coast headquarters
on Friday when administrators called for police assistance when
the Young brothers attempted to remove company records from the
Maroochydore head office without their permission.

Brisbane Times, citing Deloitte in a statement, says staff members
sought help when they became concerned for their safety.  Police
remained at the site until the directors left the premises,
Brisbane Times relates.

                      About Kleenmaid Group

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

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


OCEANAGOLD CORP: Searching for New CEO, Steve Orr to Step Down
--------------------------------------------------------------
OceanaGold Corporation said it is looking for a new Chief
Executive Officer after current CEO Steve Orr disclosed that he
will leave the company on June 30, 2009.

In a statement, OceanaGold said the search is well advanced and a
short list of candidates is under final review.  It expected to
make the announcement of a new CEO before Mr. Orr departs.

Chairman, Jim Askew, will assume an Executive Chairman role, up to
the time the new CEO assumes the post.

Based in Melbourne, Australia, OceanaGold Corporation (ASX:OGC)
-- http://www.oceanagold.com.au/-- is engaged in exploration
and the development and operation of gold and other mineral
mining activities.  OceanaGold is a gold producer and is
operating two open cut mines at Macraes and Reefton in New
Zealand and nearing the completion of the development of the new
Frasers underground mine.  The company's projects are Macraes
Gold Project, Reefton Gold Project and Didipio Gold Copper
Project.  The Macraes Project is located 100 kilometers by road,
north of Dunedin in the Otago region of the South Island of New
Zealand.  The Reefton Project is located approximately 7
kilometers southeast of the township of Reefton, within the West
Coast region of New Zealand's South Island.  The Didipio Gold
Copper Project is located approximately 270 kilometers north of
Manila in the Philippines. On June 25, 2007, the company
acquired Oceana Gold Ltd (Oceana).

                          *     *     *

OceanaGold Corporation reported three consecutive annual net
losses of US$23.43 million, US$69.04 million, and US$54.74 million
for the financial years ended 2006, 2007 and 2008, respectively.


OZ MINERALS: To Speed Up Expansion Plans for Prominent Hill Site
----------------------------------------------------------------
Jesse Riseborough at Bloomberg News reports that OZ Minerals Ltd
is boosting exploration work to speed expansion plans at its only
remaining mine.

"We will recommence our exploration that we have had to defer and
we will complete our studies into future underground and expanded
pit production," the report quoted Chairman Barry Cusack as saying
at the official opening of OZ Minerals’ AU$1.2 billion (US$939
million) Prominent Hill mine in South Australia state.

The Prominent Hill mine will become OZ Minerals' only mine site
after its sale agreement with China Minmetals Group is completed.
The report recalls Chief Executive Officer Andrew Michelmore last
month agreed to sell almost all of OZ Minerals' assets to
Minmetals to repay AU$1.1 billion in debt after a rout in
commodity prices.  OZ Minerals is seeking to complete the sale by
June 18, leaving Prominent Hill as its main asset, the report
says.  The company expects a cash balance of about AU$700 million
after the Minmetals sale.  According to the report, output from
Prominent Hill started in February and the company has forecast
production of as much as 100,000 metric tons of copper and 70,000
ounces of gold this year.

                     About OZ Minerals

OZ Minerals Limited, formerly Oxiana Limited, --
http://www.ozminerals.com/-- is an Australia-based mining
company.  The company is a producer of zinc, copper, lead, gold
and silver.  OZ Minerals was formed through a merger of Australia-
based international mining companies Oxiana Limited and Zinifex
Limited.  The company has five mining operations located in
Australia and Asia, three new mining projects in development and a
portfolio of advanced and early-stage exploration projects
throughout Australia, Asia and North America.  Its projects
include the Century mine in Queensland, Sepon copper operation in
Laos, the gold operation at Sepon, the Golden Grove underground
base and precious metals mine in Western Australia, the Rosebery
mine in Tasmania, the Avebury nickel mine in Tasmania, the
Prominent Hill copper-gold project in South Australia, the Martabe
gold project in Indonesia, the Dugald River deposit in Queensland,
and the Izok Lake and High Lake copper and zinc deposits in the
Nunavut territories of Canada.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
December 12, 2008, Fitch Ratings downgraded OZ Minerals Limited's
Long-term foreign currency Issuer Default Rating to 'CC' from
'BBB-' (BBB minus), and has simultaneously withdrawn it.  The
rating remained on Rating Watch Negative at the time of
withdrawal.


RIVIERA: Receivers Axe 157 Staff; Restructures Business
-------------------------------------------------------
One hundred fifty seven or approximately one third of Riviera's
permanent full-time staff were made redundant as a result of the
company's restructuring, Brisbane Times reports.

The report, citing receiver and manager Chris Campbell of
Deloitte, says the sacked employees will get what they are owed in
wages but won't receive entitlements since there was not enough
money to pay it.

Deloitte partners Chris Campbell, Vaughan Strawbridge and Richard
Hughes on Monday restructured the Coomera production facility on
the Gold Coast, the report says.

Mr. Campbell said Riviera customers would be unaffected by the
restructure, which will not cause delays in boat production for
clients.

"Riviera will now be in better shape to weather the current
economic conditions and to meet the ongoing demand for quality
Riveria products," the report quoted Mr. Campbell as saying.
"Under the new structure, production and ongoing trade with
suppliers will continue."

As reported in the Troubled Company Reporter-Asia Pacific on
May 12, 2009, Brisbane Times said Riviera has been placed in
voluntary receivership.  Deloitte partners Chris Campbell,
Vaughan Strawbridge and Richard Hughes have been appointed
receivers and managers of Riviera.  According to the Brisbane
Times, Mr. Campbell said the company's sales over the past 12
months had been "significantly impacted" by the global financial
crisis.  It was proposed to sell Riviera as a going concern after
a restructuring of the company, he said.  The Brisbane Times said
Riviera shed 117 of its Gold Coast staff in January and cut more
than 300 staff from its Coomera headquarters in 2008.  The company
also closed its production line for three weeks, from April 10 to
May 5, in a bid to clear stock held by international dealers, the
Brisbane Times added.

Riviera --http://www.riviera.com.au/--is a luxury boat builder
based in Australia.



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

BEST INNOVATIONS: Seng and Lo Step Down as Liquidators
------------------------------------------------------
On May 1, 2009, Natalia K M Seng and Susan Y H Lo stepped down as
liquidators of Best Innovations Enterprises Limited.


CAPITAL LEADER: Placed Under Voluntary Wind-Up
----------------------------------------------
At an extraordinary general meeting held on May 18, 2009, the
members of Capital Leader Development Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Lee King Yue
         Two International Finance Centre, 72-76th Floor
         8 Finance Street, Central
         Hong Kong


CORAL HOLDINGS: Members' Final Meeting Set for June 23
------------------------------------------------------
The members of Coral Holdings Limited will hold their meeting on
June 23, 2009, at 10:00 a.m., at 1904 Hong Kong Club Building, 3A
Chater Road, in Central, Hong Kong.

At the meeting, J R Lees, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.


CORDIALITY LABEL: Members' Final Meeting Set for June 26
--------------------------------------------------------
The members of Cordiality Label Electronics (Hong Kong) Co.,
Limited will hold their meeting on June 26, 2009, at 10:00 a.m.,
at the 1st Floor of 104 Jervois St., in Sheung Wan, H.K.

At the meeting, Fung Wing Yuen, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


FOREST BOARD: Members' and Creditors' Meeting Set for June 2
------------------------------------------------------------
The members and creditors of Forest Board & Paper Limited will
hold their meeting on June 2, 2009, at 3:00 p.m., at the offices
of Ferrier Hodgson Limited, 14th Floor of The Hong Kong Club
Building, 3A Chater Road, in Central, Hong Kong.

At the meeting, Fok Hei Yu, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.


KELLETT ESTATES: Members' Final Meeting Set for June 26
-------------------------------------------------------
The members of Kellett Estates Limited will hold their final
meeting on June 26, 2009, at 11:00 a.m., at 1902 MassMutual Tower,
38 Gloucester Road, in Wanchai, Hong Kong.

At the meeting, Chow Chan Lum Charles, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


KENLAP CHEMICAL: Creditors' Meeting Set for June 19
---------------------------------------------------
The creditors of Kenlap Chemical Limited will hold their meeting
on June 19, 2009, at 2:00 p.m., for the purposes mentioned in
sections 241, 242, 243, 244 and 255A of the Companies Ordinance.

The meeting will be held at the 32nd Floor of One Pacific Place,
in 88 Queensway, Hong Kong.


NAL LOGISTICS: Creditors' Meeting Set for June 15
-------------------------------------------------
The creditors of Nal Logistics Limited will hold their meeting on
June 15, 2009, at 3:00 p.m., for the purposes mentioned in
sections 241, 242, 243, 244 and 255A of the Companies Ordinance.

The meeting will be held at Room 2604, 26th Floor of C.C. Wu
Building, 302-308 Hennessy Road, in Wanchai, Hong Kong.


OTTO CONTAINER: Members' Final Meeting Set for June 23
------------------------------------------------------
The members of Otto Container Line Limited will hold their meeting
on June 23, 2009, at 1:30 p.m., at Level 28 of Three Pacific
Place, 1 Queen's Road East, Hong Kong.

At the meeting, Natalia K M Seng, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


PACIFIC WINES: Members' and Creditors' Meeting Set for June 19
--------------------------------------------------------------
The members and creditors of Pacific Wines and Spirits Limited
will hold their annual meetings on June 19, 2009, at 11:00 a.m.
and 11:30 a.m., respectively, at Room 803 of Hang Seng Wanchai
Bldg., 200 Hennessy Rd., in Wanchai, Hong Kong.

At the meeting, Lo Shing Chi, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


PWC CONSULTING: Chiu Steps Down as Liquidator
---------------------------------------------
On May 18, 2009, Ying Hing Chiu stepped down as liquidator of PWC
Consulting Hong Kong Limited.


SABENA LIMITED: Ng Kay Lam Steps Down as Liquidator
---------------------------------------------------
On May 18, 2009, Ng Kay Lam stepped down as liquidator of Sabena
Limited.


STAR BILLION: Creditors' Proofs of Debt Due on June 23
------------------------------------------------------
The creditors of Star Billion International Development Limited
are required to file their proofs of debt by June 23, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on May 22, 2009.

The company's liquidator is:

         Chow Wai Wah
         Fee Tat Commercial Centre, 21st Floor
         No. 613 Nathan Road
         Kowloon, Hong Kong


WELLY TRAVEL: Creditors' Proofs of Debt Due on June 23
------------------------------------------------------
The creditors of Welly Travel Management Limited are required to
file their proofs of debt by June 23, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 22, 2009.

The company's liquidator is:

         Kwok Ka Woo
         Fee Tat Commercial Centre, 21st Floor
         No. 613 Nathan Road
         Kowloon, Hong Kong



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

GASHA STEELS: CRISIL Rates INR30.0 Mln Cash Credit Limit at 'BB'
----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the bank
facilities of Gasha Steels Pvt Ltd (GSPL), a part of the Kalliyath
group.

   INR30.0 Million Cash Credit Limit     BB/Stable (Assigned)
   INR100.0 Million Letter of Credit     P4 (Assigned)
            & Bank Guarantee Limit *

   * Fully Interchangeable between Letter of Credit & Bank
     Guarantee.

The ratings reflect the Kalliyath group's below-average financial
risk profile, revenue concentration, and exposure to intense
competition and to volatility in steel prices. These weaknesses
are mitigated by the group's established presence in the steel
industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of GSPL, Kairali Steels & Alloys Pvt Ltd
(Kairali), Kalliyath Steels Pvt Ltd, Humayoon Associates,
Kalliyath Steels, Kerala Steel Associates, Kalliyath Steel
Enterprises, Kalliyath Steel Traders, and Kalliyath Steel
Associates, collectively referred to as the Kalliyath group.  This
is because all the entities are in the same line of business under
a common management, and have intra-group operational and
financial linkages.

Outlook: Stable

CRISIL expects the Kalliyath group to maintain its credit risk
profile over the medium term on the back of its established
presence in the steel industry.  The outlook may be revised to
'Positive' if the group scales up its operations, leading to a
significant improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the group
undertakes significant debt-funded capital expenditure or if its
revenues and margins deteriorate steeply.

                       About Gasha Steels

Formed in 1927 by Mr. Kalliyath Abdul Khadar, the Kalliyath group
is based in Kerala. The group is primarily managed by Mr. Khadar's
grandsons, Mr. K Abdul Gafoor and Mr. K M Noorisha.  The group
derives 90 per cent of its revenues from the sale of thermo-
mechanically treated (TMT) bars, and the remainder from the sale
of other steel items used in the construction industry.  GSPL and
Kairali are the only two manufacturing companies in the group,
contributing to around 40 per cent of its revenues; the remaining
60 per cent of the group's revenues comes from trading operations
of the other group entities.

The Kalliyath group reported a profit after tax (PAT) of INR28
million on net sales of INR5.6 billion for 2007-08 (refers to
financial year, April 1 to March 31), against a PAT of INR14
million on net sales of INR4.2 billion for 2006-07.


JET AIRWAYS: Laid-Off Cabin Crews Maybe Hired by Air India
----------------------------------------------------------
The Times of India reported that Air India is planning to hire
laid-off Jet Airways cabin-crew personnel to save time and costs
on training.

"AI has plans to hire cabin-crew.  However, instead of recruiting
freshers and then spending time and money on training them, we are
mulling recruiting some of those laid-off by Jet," the report
quoted a source as saying.  The AI management believes this move
will help in considerable savings in both time and costs, besides
fast-forwarding the recruitment process, the report's source
added.

The source however, declined to reveal the number of personnel the
national air-carrier plans to take on board, the Times says.

The Troubled Company Reporter-Asia Pacific, citing The Financial
Express, reported on May 5, 2009, that Jet Airways laid off 110
employees on the eve of May Day.  The affected employees include
50 contract employees who have 'superannuated,' and 60
probationary cabin-crew.

Jet Airways has also laid off 120 foreign airhostesses as it
closes its overseas crew bases in Malaysia, Singapore and
Thailand, the TCR-AP reported on May 15 citing The Times of India.

The move is the latest in a series of steps taken to keep the
airline afloat in tough times, the Times noted.

                   Third Fiscal Quarter Loss

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 20, 2009, Jet Airways incurred a net loss of INR2141.80
million for the quarter ended Dec. 31, 2008, compared with a net
loss of INR911.20 million for the quarter ended Dec. 31, 2007.
Total income increased from INR25171.80 million for the quarter
ended Dec. 31, 2007 to INR30630.70 million for the quarter ended
Dec. 31, 2008.

For the nine months ended December 31, 2008, Jet Airways reported
a net loss of INR4553.30 million, compared with a net loss of
INR318.8 million in the same period in 2007.  Total income
increased from INR60512.00 million for the nine months ended
Dec. 31, 2007 to INR90113.30 million in the same period last year.

"The company, during the quarter and nine months ended Dec. 31,
2008, suffered losses mainly on account of high fuel and other
operating costs and lower lead factors resulting into lower
revenues than expected," Jet Airways said in a filing with the
Bombay Stock Exchange.

                        About Jet Airways

Jet Airways (India) Ltd (BOM:532617) -- http://www.jetairways.com/
-- currently operates a fleet of 85 aircraft, which includes 10
Boeing 777-300 ER aircraft, 10 Airbus A330-200 aircraft, 54
classic and next generation Boeing 737-400/700/800/900 aircraft
and 11 modern ATR 72-500 turboprop aircraft.  Flights to 63
destinations span the length and breadth of India and beyond,
including New York (both JFK and Newark), San Francisco, Toronto,
Brussels, London (Heathrow), Hong Kong, Singapore, Shanghai, Kuala
Lumpur, Colombo, Bangkok, Kathmandu, Dhaka, Kuwait, Bahrain,
Muscat, Doha, Abu Dhabi and Dubai.

The Company’s subsidiaries include Jet Lite (India) Limited,
Jetair Private Limited, Jet Airways LLC, Trans Continental e
Services Private Limited, Jet Enterprises Private Limited, Jet
Airways of India Inc., India Jetairways Pty Limited and Jet
Airways Europe Services N.V.  On April 20, 2007, the Company
acquired Sahara Airlines Limited.


KAIRALI STEELS: CRISIL Assigns 'BB' Rating on INR85MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the bank
facilities of Kairali Steels & Alloys Pvt Ltd (Kairali), a part of
the Kalliyath group.

   INR85.0 Million Cash Credit Limit    BB/Stable (Assigned)
   INR200.0 Million Letter of Credit    P4 (Assigned)
            & Bank Guarantee Limit *

   * Fully Interchangeable between Letter of Credit & Bank
     Guarantee.

The ratings reflect the Kalliyath group's below-average financial
risk profile, revenue concentration, and exposure to intense
competition and to volatility in steel prices.  These weaknesses
are mitigated by the group's established presence in the steel
industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Kairali, Gasha Steels Pvt Ltd (GSPL),
Kalliyath Steels Pvt Ltd, Humayoon Associates, Kalliyath Steels,
Kerala Steel Associates, Kalliyath Steel Enterprises, Kalliyath
Steel Traders, and Kalliyath Steel Associates, collectively
referred to as the Kalliyath group.  This is because all the
entities are in the same line of business under a common
management, and have intra-group operational and financial
linkages.

Outlook: Stable

CRISIL expects the Kalliyath group to maintain its credit risk
profile over the medium term on the back of its established
presence in the steel industry.  The outlook may be revised to
'Positive' if the group scales up its operations, leading to a
significant improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the group
undertakes significant debt-funded capital expenditure or if its
revenues and margins deteriorate steeply.

                       About the Group

Formed in 1927 by Mr. Kalliyath Abdul Khadar, the Kalliyath group
is based in Kerala.  The group is primarily managed by Mr.
Khadar's grandsons, Mr. K Abdul Gafoor and Mr. K M Noorisha.  The
group derives 90 per cent of its revenues from the sale of thermo-
mechanically treated (TMT) bars, and the remainder from the sale
of other steel items used in the construction industry.  GSPL and
Kairali are the only two manufacturing companies in the group,
contributing to around 40 per cent of its revenues; the remaining
60 per cent of the group's revenues comes from trading operations
of the other group entities.

The Kalliyath group reported a profit after tax (PAT) of INR28
million on net sales of INR5.6 billion for 2007-08 (refers to
financial year, April 1 to March 31), against a PAT of INR14
million on net sales of INR4.2 billion for 2006-07.


OM SAI MOTORS: Low Net Worth Prompts CRISIL 'B+' Rating
-------------------------------------------------------
CRISIL has assigned its rating of 'B+/Stable' to the cash credit
facility of Om Sai Motors Pvt Ltd (Om Sai).

   INR210.0 Million Cash Credit    B+/Stable (Assigned)

The rating reflects Om Sai's moderate financial risk profile
marked by low net worth and high gearing, and exposure to risks
relating to intense competition in the automotive dealership
market.  These weaknesses are partially offset by Om Sai's long
and established presence in the Mumbai and sub-urban market as a
dealer for Tata Motors Ltd's (TML, rated A/Stable/P1 by CRISIL)
passenger vehicles.

Outlook: Stable

CRISIL believes that Om Sai's financial risk profile will remain
moderate over the medium term, owing to increased working capital
requirements and expected decline in profitability because of the
introduction of the Tata Nano.  The outlook may be revised to
'Positive' if the company's financial risk profile improves on
account of infusion of equity or sustained improvement in
operating margins.  Conversely, the outlook may be revised to
'Negative' if the company's financial risk profile deteriorates
owing to large debt-funded investments for new showrooms and
workshops.

                       About Om Sai Motors

Established in 1994, as a proprietor ship firm by Mr. Gangadhar
Shetty, a first-generation entrepreneur, Om Sai Motors Pvt. Ltd.
('Om Sai') was incorporated in 2000.  The company initially ran a
workshop for Tata automobiles, and in 2001 was appointed as an
authorised dealer of TML.  Om Sai's presence is primarily centred
in Mumbai and operates 8 showrooms with integrated workshops in
Kandivali, Borivali, Mahim, Charkop and Malad, and vehicle
inventory is stored in two warehouses located in Vasai and
Borivali.  The company sells around 200 automobiles a month and
around 7,000 vehicles a month are serviced in its workshops.

Om Sai reported a profit after tax (PAT) of INR4.2 million on net
sales of INR1189 million for 2007-08 (refers to financial year,
April 1 to March 31), as against a PAT of INR3.5 million on net
sales of INR1125 million for 2006-07.


PANORAMA EXPORTS: CRISIL Places 'P4' Ratings on Various Bank Loans
------------------------------------------------------------------
CRISIL has assigned its rating of 'P4' to the various bank
facilities of Panorama Exports Pvt Ltd (PEPL).

   INR60.0 Million Export Packing Credit  P4 (Assigned)
   INR40.0 Million Bills Discounting      P4 (Assigned)
   INR42.5 Million Letter of Credit       P4 (Assigned)
   INR1.0 Million Bank Guarantee          P4 (Assigned)

The rating reflects PEPL's weak financial risk profile on account
of its low net worth and moderate debt protection measures, and
its exposure to risks relating to its small scale of operations
and the current slowdown in the economy.  These weaknesses are,
however, partially offset by PEPL's strong track record in the
garment exports industry, and its healthy clientele.

                    About Panorama Exports

Incorporated in 1974, PEPL manufactures and exports garments for
women and kids. Women's wear contributes around 70 per cent to the
company's revenues, and kids' wear contributes the balance.  The
company exports its entire product range to customers in Europe.
The company's plant, located at Faridabad, Haryana, has capacity
to manufacture around 300,000 pieces of basic garments per month.
PEPL reported a profit after tax (PAT) of INR6 million on net
sales of INR251 million for 2007-08 (refers to financial year,
April 1 to March 31), as against a PAT of INR6 million on net
sales of INR259 million for 2006-07.


RANBAXY LABORATORIES: Singh Quits Chairman, CEO and MD Posts
------------------------------------------------------------
Ranbaxy Laboratories Limited said that Mr. Malvinder Mohan Singh
has stepped down as the company's Chairman, CEO and Managing
Director.

Mr. Atul Sobti, currently Ranbaxy's Chief Operating Officer, has
been appointed as CEO and Managing Director.  Dr. Tsutomu Une,
Non-executive Director of Ranbaxy, has been elected as Chairman of
the Board.

Mr. Takashi Shoda, a director of Ranbaxy and the CEO of Daiichi
Sankyo, which owns 63.92% of Ranbaxy's outstanding shares, said
"We very much appreciate the efforts of the Singh family, which
grew Ranbaxy from a small, local Indian company to the large
multi-national company it has become today.  We especially
acknowledge the contributions of Mr. Singh.  His strategic vision
and passion for the pharmaceutical industry will be missed in
Ranbaxy's operations.  We wish him continued success as he pursues
his many other business interests.  Mr. Shoda also said "I am
pleased that Mr. Sobti has been appointed as CEO and Managing
Director, providing continuity at the senior management level."

"It was a difficult decision to separate from Ranbaxy," said Mr.
Singh, "but it was the right time for me to do so.  I leave with
complete confidence that the initial transition phase that
followed Daiichi Sankyo's acquisition of majority shareholding
interest in Ranbaxy has been completed successfully; and that the
Company's excellent team of management colleagues are well-
positioned to take full advantage of the Company's growth
opportunities."

Mr. Sobti has held the role of Chief Operating Officer at Ranbaxy
since January 2007 and has been a senior executive at the Company
from October 2005.

Dr. Une is currently a Non-Executive Director of Ranbaxy, a post
he has held since December 2008, and is Senior Executive Officer
and Member of the Board of Daiichi Sankyo.

As reported in the Troubled Company Reporter-Asia Pacific on
May 18, 2009, The Economic Times said Ranbaxy's annual loss of
INR951 crore and writedown on value of assets due to drop in its
stock price, dragged its parent Daiichi Sankyo to post first
annual loss.  According to the Times, Daiichi Sankyo posted
annual loss of JPY335.8 billion, hurt by JPY351 billion writedown
of its investments in Ranbaxy.  Last fiscal, the Japanese company
reported a net profit of JPY97.7 billion, the Times disclosed.

                       U.S. Investigations

As reported in the Troubled Company Reporter-Asia Pacific on
March 3, 2009, the U.S. Food and Drug Administration said that a
facility owned by Ranbaxy Laboratories falsified data and test
results in approved and pending drug applications.  The facility,
which is located in Paonta Sahib, India, has been under an FDA
Import Alert since September 2008.  In a press statement, the FDA
disclosed it is continuing to investigate the matter to ensure the
safety and efficacy of marketed drugs associated with Ranbaxy's
Paonta Sahib site.  To date, the FDA has no evidence that these
drugs do not meet their quality specifications and has not
identified any health risks associated with currently marketed
Ranbaxy products.

In July 2008, the TCR-AP reported that the U.S. Department of
Justice conducted a probe on Ranbaxy for allegedly bringing
adulterated and misbranded medications into the U.S.  Accordingly,
the DOJ sought court permission to access privilege records of
Ranbaxy's internal audits and operations.

Ranbaxy, which derived 24% of its 2007's revenue in the U.S.,
denied the allegations.

In September 2008, sale of more than 30 Ranbaxy generic medicines
manufactured in its Dewas and Paonta Sahib plants in India were
blocked by the U.S. Food and Drug Administration due to
deficiencies in manufacturing processes, a TCR-AP report said.

Separately, a Sept. 26, 2008 TCR-AP report said the United States
President's Emergency Plan for AIDS Relief suspended funding for
three generic AIDS drugs made by Ranbaxy until deficiencies at its
plants are cleared.  The three Ranbaxy drugs are zidovudine,
lamivudine and nevirapine.  The program, which provided
US$8.9 million for Ranbaxy's AIDS drugs last fiscal year, said it
won't use funds to support new orders, according to Bloomberg
News.

On Oct. 10, 2008, the TCR-AP reported that the DOJ dropped its
legal action against Ranbaxy after the Indian drug maker handed
over documents relating to the regulators' concerns over its
manufacturing.

                   About Ranbaxy Laboratories

Ranbaxy Laboratories Limited -- http://www.ranbaxy.com/-- along
with its subsidiaries and associates, operates as an integrated
international pharmaceutical organization with businesses
encompassing the entire value chain in the production, marketing
and distribution of dosage forms and active pharmaceutical
ingredients.  It has manufacturing facilities in 11 countries,
namely Brazil, China, India, Ireland, Japan, Malaysia, Nigeria,
Romania, South Africa, the United States and Vietnam.  Its major
markets include the United States, India, Europe, Russia / CIS,
Brazil and South Africa.  The major products include, inter alia,
Simvastatin, CoAmoxyclav, Amoxycillin, Ciprofloxacin, Isotretinon
and Cephalexin.  Its research and development activities are
principally carried out at its facilities in Gurgaon, near New
Delhi, India.  The company's segments include Pharmaceuticals and
Other businesses.  In November 2008, Daiichi Sankyo Co., Ltd.
completed the takeover of RLL by buying a 63.9% stake.


SATYAM COMPUTER: May Slash Up to 8,000 Non-Billable Jobs
--------------------------------------------------------
The Times of India reports that Satyam Computer Limited is likely
to sack most of its non-billable staff of up to 8,000 working in
marketing, HR and administration wings, after Tech Mahindra takes
charge of the company from June 1.

The Times relates that a Satyam official said there is no doubt
that there will be large-scale sacking mostly of the support and
non-billable staff (other than hardcore software engineers) once
Tech Mahindra directors come on board from June 1.

The Economic Times meanwhile relates that the CEO of Satyam's new
owner, Tech Mahindra, said Satyam Computer has about 10,000
surplus staff.

According to ET, Tech Mahindra MD and CEO Vineet Nayyar said the
company was looking for "the least painful way" to deal with the
situation including across-the-board salary cuts, virtual benching
of employees, and sending some of them on a sabbatical or to work
with NGOs.

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

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

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

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

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

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

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

Mr. Raju was later found to have invented more than one quarter of
Satyam's workforce and used fictitious names to siphon
Rs200 million (US$4.1 million) a month out of the company, The
Financial Times said in a report.

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

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

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

                          About Satyam

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


SHREE GANESH: CRISIL Rates INR10 Million Cash Credit Limit at 'B+'
------------------------------------------------------------------
CRISIL has assigned its rating of 'B+/Stable' to the bank
facilities of Shree Ganesh Threads Ltd (SGTL).

   INR10 Million Cash Credit Limit    B+/Stable (Assigned)
   INR70 Million Term Loan            B+/Stable (Assigned)

The rating reflects SGTL's weak financial risk profile marked by
moderate gearing and low net worth, limited presence in the cotton
industry, and its exposure to risks relating to fluctuations in
raw material prices.  These weaknesses are partially offset by the
benefits that SGTL derives from the experience of its promoters.

Outlook: Stable

CRISIL believes that SGTL's financial risk profile will remain
stretched over the medium term on account of its low net worth and
small scale of operations.  The outlook may be revised to
'Positive' if the company scales up its operations and maintains
its operating margins at the current levels.  Conversely, the
outlook may be revised to 'Negative' if SGTL's margins decline
significantly, leading to stretched cash accruals as against its
debt repayment obligations.

                     About Shree Ganesh

SGTL was promoted by seven people in June 2007, and commenced
operations in August 2008.  The company manufactures coarse cotton
yarn of counts ranging from 4 to 20, which is used in producing
low-quality cotton clothes, towels, bed-sheets, and carpets, among
other products.  The company largely manufactures cotton yarn of
count 10, which is used mainly for high-speed power looms and
other industrial purposes.  The company has a manufacturing
facility at Patran (Punjab) with installed capacity of 960
routers.


VRUNDAVAN CERAMIC: CRISIL Places 'B' Rating on INR34.1 Mln LT Loan
------------------------------------------------------------------
CRISIL has assigned its ratings of 'B/Negative/P4' to the various
bank facilities of Vrundavan Ceramic Pvt Ltd (VCPL).

   INR34.1 Million Long Term loan    B/Negative (Assigned)
   INR160.0 Million Cash Credit      B/Negative (Assigned)
   INR10.0 Million Line of Credit    B/Negative (Assigned)
   INR15.9 Million Proposed Long     B/Negative (Assigned)
         Term Bank Loan Facility
   INR10.0 Million Letter of Credit  P4 (Assigned)
   INR20.0 Million Bank Guarantee    P4 (Assigned)

The ratings reflect VCPL's weak financial risk profile marked by
high gearing and moderate debt protection measures, and small
scale of operations.  These weaknesses are, however, partially
offset by VCPL's established presence in the floor and wall tiles
industry.

For arriving at the ratings, CRISIL has combined the financials of
VCPL and VCPL's group companies, Ganga Glazed Tiles Pvt Ltd
(Ganga), Gangotri Glazed Tiles Pvt Ltd (Gangotri), Gokul Ceramics
Pvt Ltd (Gokul), Vraj Ceramics Pvt Ltd (Vraj).  This is because
these entities are in the same line of business, have a common
management, fungible capacity utilization and synergies between
their operations.

Outlook: Negative

CRISIL expects VCPL's financial risk profile to remain weak in the
medium term on account of company's high debt levels.  The rating
may be revised downward if any large debt funded capex or
oversupply situation in the market affects the company's debt
protection measures materially.  The outlook may be revised to
'Stable' if the company's financial risk profile improves on
account of fresh equity infusions, or sustained improvement in
operating margins.

                     About Vrundavan Ceramic

VCPL, set up at Morbi (Gujarat) in 2000 by Mr. O T Patel,
manufactures floor and wall tiles under the Vrundavan brand.  The
company has capacity to manufacture 13,000 square metres of tiles
per day.  VCPL reported a profit after tax (PAT) of INR14 million
on net sales of INR337 million for 2007-08 (refers to financial
year, April 1 to March 31), as against a PAT of INR12 million on
net sales of INR298 million for 2006-07.



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

CUBIC ONE: S&P Affirms 'BB' Rating on JPY2 Bil. Class D Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'AA-' from 'AA' its
rating on the class B limited recourse secured floating rate
credit-linked securities issued under CuBic One Ltd.'s global
corporate synthetic CLO notes series 2007-1 transaction and kept
the rating on CreditWatch with negative implications.  At the same
time, Standard & Poor's kept the rating on the class C notes on
CreditWatch with negative implications. In addition, Standard &
Poor's affirmed its ratings on the class A and D notes and removed
the ratings from CreditWatch with negative implcations, where they
had been placed on April 21, 2009.  CuBic One is a special-purpose
company incorporated in the Cayman Islands.

On April 21, 2009, Standard & Poor's placed on CreditWatch with
negative implications its ratings on the class A to D notes.  The
CreditWatch placements were based on S&P's view that the ratings
on the class A to D notes might not be maintained due to
deterioration in the creditworthiness of the entities in the
reference pool.  Following the CreditWatch placements, S&P carried
out an evaluation of the change in credit quality of the reference
pool, and through an interview with the originator, S&P gathered
information on the reference entities that are not rated by
Standard & Poor's and on those that the originator has assessed as
entities of low creditworthiness.

As a result of S&P's overall evaluation, S&P confirmed its view
that there is sufficient credit support to maintain the ratings on
the class A and D notes, and S&P's affirmations on the
aforementioned notes reflect that view.  For class B, S&P lowered
the rating by one notch and kept the rating on CreditWatch with
negative implications.  S&P also kept the rating on class C on
CreditWatch with negative implications.  S&P intends to examine
and analyze the change in the reference portfolio's credit
quality, including the fact that some of the reference entities'
loans are due to mature within 90 days, and may resolve the
CreditWatch placements accordingly.

S&P assigned its ratings to CuBic One's corporate synthetic CLO
notes based on S&P's current criteria for rating corporate
synthetic CLOs.  As recently announced, however, the criteria are
under review.

S&P continues to evaluate the feedback S&P received during the
period of S&P's request for comment, and S&P will establish final
criteria revisions when the evaluation is complete.  As a result
of this review, it is possible that S&P's future CLO criteria may
impact the ratings on CuBic One's CLO notes.

           Rating Lowered, Kept On Creditwatch Negative

                          CuBic One Ltd.
       Global corporate synthetic CLO notes series 2007-1:
     JPY25.3 billion limited recourse secured floating-rate
                   credit-linked securities
                          due Nov. 2011

       Class    To              From           Issue Amount
       -----    --              ----           ------------
       B        AA-/Watch Neg   AA/Watch Neg   JPY5.5 bil.

               Rating Kept On Creditwatch Negative

               Class   Rating          Issue Amount
               -----   ------          ------------
               C       BBB/Watch Neg   JPY3.7 bil.

        Ratings Affirmed, Removed From Creditwatch Negative

            Class   To    From            Issue Amount
            -----   --    ----            ------------
            A       AAA   AAA/Watch Neg   JPY14.1 bil.
            D       BB    BB/Watch Neg    JPY2.0 bil.


HOWA BANK: JCR Affirms 'BB+' Rating on Subordinated Bonds
---------------------------------------------------------
Japan Credit Rating Agency, Ltd. (JCR) has removed the rating on
senior debts and subordinated bonds of The Howa Bank, Ltd., from
Credit Monitor with Negative direction (#BBB-/Negative and
#BB+/Negative) and affirmed the BBB- and the BB+ rating on each of
them, respectively.  The rating outlook is Negative.

   Senior debts: BBB-/Negative

   Issue         Amount(bn)  Issue Date  Due Date   Coupon Rating
   -----         ----------  ----------  --------   ------------
   subordinated    JPY7      09/29/2005  09/29/2015 *   BB+
   callable
   bonds no.1

   *2.84% per annum till Sept. 29, 2010.  It will switch to 6M
    Euroyen LIBOR + 3.60% after that date.

JCR placed the ratings on The Howa Bank Ltd. on Credit monitor in
April 2006, after the Bank announced its decision to lower
earnings projections for FY 2005 ended March 31, 2006 and to
increase its capital and Financial Services Agency' order calling
for the prompt corrective action.  JCR decided to keep the ratings
on Credit monitor in April 2007 after its announcement of its
fundamental implementation of disposal of non- performing loans
and downward revisions with respect to its financial results for
FY 2006 ended March 31, 2007, and has watched the progress in the
disposal of non- performing loans and its measures in accordance
with its management strengthening plan.

JCR affirmed the ratings and removed them from Credit monitor, as
the Bank recorded a slight net profit even under tougher economic
conditions and its consolidated capital adequacy ratio (domestic
standard) recovered to 8.24 percent and thus such necessity
(Credit Monitor placement) appeared less urgent.  On the other
hand, the Negative outlook reflects that the Bank's recovery of
profitability is slightly uncertain against a background of the
weak economy in the area where the Bank's head office is located
and the qualitative improvement in its equity capital is expected
to take some time.

The Bank's net operating profit on core banking operations fell,
in comparison to a year earlier and was below its goal, as its net
interest income and fees and commissions decreased in FY 2008
ended March 31, 2009, although it continued to trim expenses.  The
Bank recorded its net profit of one trillion yen, as gain on sale
of government bonds partially offset increased credit costs and
impairment loss on shares it holds.  Although the Bank projects
its net profit of two trillion yen in FY 2009 ending March 31,
2010, JCR will watch its progress, as JCR considers that it will
be difficult for the Bank to increase loans, with a regional
economy deteriorating, and its credit costs could remain high.

The Bank's improved consolidated capital adequacy ratio is a
result of the regulator's less restrictive policy and JCR
considers that the ratio has worsened on the previous basis in
which its net unrealized losses on other securities are deducted
from Tier 1 capital.  Further, JCR considers that as its
substantial equity capital excluding public funds is inferior to
the industrial average, it will take some time for it to rebuild
its equity capital, in consideration of its profitability.
The Bank formulates its new management strengthening plan which
starts from FY 2009 ending March 31, 2010.

JCR will watch the Bank's strategy for the recovery of its
profitability and a strengthening of its capital base, a
deterioration in the regional economy which may affect its
financial results, and credit costs.


TOSHIBA CORP: May Reduce Fixed Costs by 10% More
------------------------------------------------
Toshiba Corp. plans to reduce fixed costs 10 percent more than
previously announced, The China Post says citing a news report.

The Post, citing Nikkei business newspaper, relates that Toshiba
will cut costs by JPY330 billion (US$3.5 billion), which should
allow it to secure an operating profit of JPY100 billion in the
year ending March 2010.

Toshiba Corp. posted JPY343.6 billion net loss in the fiscal year
ended March 31, 2009, the Troubled Company Reporter-Asia Pacific
reported on May 12, 2009, citing the Wall Street Journal.  For the
fiscal year ending March 31, 2010, the company forecasts a net
loss of JPY50 billion.

Toshiba Corporation (TYO:6502) --- http://www.toshiba.co.jp/---
is a Japan-based manufacturer involved in five business segments.
The Digital Products segment offers cellular phones, hard disc
devices, optical disc devices, liquid crystal televisions, camera
systems, digital versatile disc (DVD) players and recorders,
personal computers (PCs) and business phones, among others.  The
Electronic Device segment provides general logic integrated
circuits (ICs), optical semiconductors, power devices, large-scale
integrated (LSI) circuits for image information systems and liquid
crystal displays (LCDs), among others.  The Social Infrastructure
segment offers various generators, power distribution systems,
water and sewer systems, transportation systems and station
automation systems, among others.  The Home Appliance segment
offers refrigerators, drying machines, washing machines, cooking
utensils, cleaners and lighting equipment.  The Others segment
leases and sells real estate.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
May 20, 2009, Moody's Investors Service assigned a rating of Ba1
to JPY180 billion The 1st Series Unsecured Interest Deferrable and
Early Redeemable Subordinated Bonds solely for qualified
institutional investors (Tekikaku Kikan Toshika Gentei) issued by
Toshiba Corporation.  The rating outlook is negative.



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

* NEW ZEALAND: Mortgagee Sales Figure Hit Record High in March
--------------------------------------------------------------
Mortgagee property sales in New Zealand have hit an all-time high
in March, The New Zealand Business Review reports citing property
and land information company Terralink International.

The Business Review says Terralink figures showed that there were
201 properties being put for mortgagee sale in March this year, a
378 percent increase on the 42 forced sales recorded in March
2008.

According to the report, Terralink managing director Mike Donald
said "In the 15 years figures have been recorded, the previous
highest was 191 in December 2008."

"The latest figures are a stark reminder of just how much the
economic situation has worsened over the past 12 months for many
New Zealanders," Mr. Donald said as cited in the report.

The report relates Mr. Donald said over half of the nationwide
mortgagee sales (113) were held by private owners and 60 percent
of those owned more than one property.

Terralink derives its mortgagee sales data from legal
registrations of actual mortgagee sales, the Business Review
notes.


* NEW ZEALAND: Value of Merchandise Exports and Imports Falls
-------------------------------------------------------------
The value of merchandise exports and imports both fell in April
2009 compared with April 2008, down 4.6 percent and 18.1 percent
respectively, Statistics New Zealand said today.

The decrease in exports was led by crude oil, but was partly
offset by increases in fruit, and meat and edible offal exports.
The imports decrease is the largest since the series began (in
dollar terms), but was primarily due to large, one-off capital
items that were imported in April 2008.  If these items were
excluded, this month's decrease would have been 7.3 percent.

The trend for total exports has flattened recently, rising at an
average of less than 0.1 percent per month since October 2008.
The trend for total merchandise imports has been decreasing since
September 2008, down a total of 11.0 percent since then.

The trade balance for April 2009 was a surplus of NZ$276 million
or 7.5 percent of the value of exports – the largest surplus for
an April month since 2001.  The trend for the trade balance has
risen significantly over the past eight months.  While still in
deficit, the trade balance trend is at its highest level since
April 2002.



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

CITIRAYA BUILDING: Creditors' Proofs of Debt Due on June 5
----------------------------------------------------------
The creditors of Citiraya Building Materials Pte Ltd. are required
to file their proofs of debt bt June 5, 2009, to be included in
the company's dividend distribution.

The company's liquidator is:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


INDEX HOLDINGS: Court Enters Wind-Up Order
------------------------------------------
On May 15, 2009, the High Court of Singapore entered an order to
have Index Holdings Pte Ltd's operations wound up.

United Overseas Bank Limited filed the petition against the
company.

The company's liquidator is:

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


KHAMNEE ENGINEERING: Creditors' Proofs of Debt Due on June 5
------------------------------------------------------------
The creditors of Khamnee Engineering and Construction Pte Ltd. are
required to file their proofs of debt bt June 5, 2009, to be
included in the company's dividend distribution.

The company's liquidator is:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118



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

CHINA AIRLINES: To Sell Up to NT$3 Bil. Bonds, 600 Mil. New Shares
------------------------------------------------------------------
China Airlines ("CAL") plans to sell as much as NT$3 billion
(US$92 million) of bonds and 600 million new shares to repay debt
and boost working capital, the Taipei Times reports citing
Bloomberg News.

The bonds will be sold in a private placement while the shares
will be offered to the public, the report relates citing CAL in
statements to the Taiwan Stock Exchange.  The board also approved
the sale of three-year bonds with an annual interest rate of 3.4
percent and five-year bonds with a 3.6 percent interest rate, the
statements said.

According to the report, the Taipei-based airline plans to raise
funds after posting losses for six consecutive quarters because of
wrong-way bets on fuel prices and slowing cargo and passenger
demand.

China Airlines also won shareholder approval on May 18 to sell as
many as 1 billion new shares in a private placement, the report
adds.

China Airlines Ltd. -- http://www.china-airlines.com/-- is
principally engaged in the provision of airline services.  The
company offers two major categories of air transport services:
passenger transport services, which accounted for 55% of its total
sales during the year ended December 31, 2008, and cargo transport
services, which accounted for 41% of its total sales.  The company
is also involved in the provision of passenger services, aircraft
maintenance services and the sale of free articles onboard.  As of
December 31, 2008, the company had a total of 67 aircrafts,
including 47 passenger jets and 20 freighters.  The company's
passenger transport services also include scheduled and
nonscheduled charter flights, while its cargo transport services
also include the transportations for expresses, mails and
packages.  The company operates its airlines business in Trans-
Pacific, Europe, Southeast Asia, Taiwan, Hong Kong, Northeast
Asia, Australia and Mainland China.



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

* S&P Downgrades Ratings on 24 Asia-Pacific Synthetic CDO Deals
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered the ratings on 24 Asia-
Pacific (excluding Japan) synthetic collateralized debt
obligations, nine of which remain on CreditWatch with negative
implications.  In addition, the ratings on 10 other CDOs were
raised and on one other CDO affirmed.

The downgrades listed in Table 1 below reflect the increased
credit risk of underlying portfolios in the respective
transactions.  The synthetic rated overcollateralization levels
for tranches that have been downgraded fell below 100% at their
current rating levels during the SROC analysis for the month of
May.  This indicates that the available credit enhancement for
each of the tranches is lower than the level required to maintain
its current rating.  Where the SROC is less than 100%, scenarios
that project the current portfolio 90 days into the future are
run, assuming no asset rating migration.  Where this projection
indicates that the SROC would return to a level above 100%, the
rating is maintained, but placed on CreditWatch negative.  If the
projection indicates that the SROC would remain below 100%, the
rating is immediately lowered.  If the rating on the tranche is
lowered to 'CCC-' and the SROC at 'CCC-' continues to be less than
100%, the rating is not placed on CreditWatch negative if S&P's
assessment of aggregate loss is lower than the available
subordination in the respective portfolios.  The SROC being lower
than 100% reflects the implicit negative bias within the 'CCC-'
rating.

                              Table 1

  Deal Name                  Rating To          Rating From        SROC
  ---------                  ---------          -----------        ----
Aphex Pacific Capital Ltd.
Series 5 DESIGN 2006      CCC+               B-/Watch Neg       100.003%
ARLO Ltd. Series 2006
(SKL CDO Series 11)       BBpNRi             BB+pNRi/Watch Neg  100.209%
Beryl Finance Ltd.
Series 2008-4             BB+pNRi/Watch Neg  BBB-pNRi/Watch Neg  99.978%
Beryl Finance Ltd.
Series 2008-6             CCCpNRi/Watch Neg  CCC+pNRi/Watch Neg 100.211%
Castle Finance I Ltd.
Series 1                  BB-/Watch Neg      BBB-/Watch Neg      99.792%
Castle Finance I Ltd.
Series 2                  BB/Watch Neg       BB+/Watch Neg       99.988%
Chess II Ltd.
Series 2004-8             BBB-/Watch Neg     BBB+/Watch Neg      99.958%
Echo Funding Pty Ltd.
Series 18                 CCC+/Watch Neg     B-/Watch Neg        99.942%
Echo Funding Pty Ltd.
Series 20                 CCC                CCC+/Watch Neg     100.183%
Eirles Two Ltd.
Series 148                A+                 AA-/Watch Neg      100.221%
Eirles Two Ltd.
Series 241                CCC                CCC+/Watch Neg     100.283%
Hickory Trust              CCC-               CCC/Watch Neg       99.969%
Morgan Stanley ACES SPC
Series 2006-31            B-                 B/Watch Neg        100.181%
Morgan Stanley Managed ACES SPC Series 2006-7
Class IA                  CCC                CCC+/Watch Neg     100.007%
Morgan Stanley ACES SPC 2007-38
Class I                   BB+                BBB-/Watch Neg     100.107%
Obelisk Trust 2005-1       BB+                BBB-/Watch Neg     100.096%
Obelisk Trust 2006-1 Eden  CCC-               CCC/Watch Neg       99.592%
Obelisk Trust 2006-2 Eden  CCC-               CCC+/Watch Neg     100.254%
Obelisk Trust 2006-3 Eden  CCC/Watch Neg      CCC+/Watch Neg      99.961%
United Investment Grade ABS CDO Fund
2005-1A                   BBB+/Watch Neg     A-/Watch Neg        98.844%
Xelo PLC Series 2006
(Spinnaker III Asia Mezz)
Tranche A                 B/Watch Neg        BB/Watch Neg        99.944%
Xelo PLC Series 2006
(Spinnaker III Asia Mezz)
Tranche B                 CCC                CCC+/Watch Neg     100.321%
Xelo PLC Series 2007 (Spinnaker III
Asia Mezzanine 3)
                           CCC                CCC+/Watch Neg     100.369%
Zenesis SPC Series 2006-1  BBB-               BBB+/Watch Neg     100.038%

The CDOs listed in Table 2 below were upgraded as their SROC
levels exceed 100% at a higher rating level.  In addition, the
rating on Athenee CDO PLC Series 2007-10 was taken off CreditWatch
negative and affirmed.  The actions in Table 2 follow the
execution of substitutions in the underlying portfolios to improve
their credit quality.

                             Table 2

   Deal Name                         Rating To   Rating From      SROC
   ---------                         ---------   -----------      ----
Athenee CDO PLC Series 2007-2     BBB         BB+/Watch Pos    100.140%
Athenee CDO PLC Series 2007-3     BBB         BBB-/Watch Pos   100.398%
Athenee CDO PLC Series 2007-4     BBB-        BB+/Watch Pos    100.224%
Athenee CDO PLC Series 2007-6     BBB-        BB+/Watch Pos    100.224%
Athenee CDO PLC Series 2007-7     BBB-        BB+/Watch Pos    100.224%
Athenee CDO PLC Series 2007-8     BBB         BBB-/Watch Pos   100.398%
Athenee CDO PLC Series 2007-9     BBB         BB+/Watch Pos    100.140%
Athenee CDO PLC Series 2007-10    AA          AA/Watch Neg     100.756%
Athenee CDO PLC Series 2007-11    BBB         BB+/Watch Pos    100.053%
Athenee CDO PLC Series 2007-14    BBB-        BB+/Watch Pos    100.224%
Athenee CDO PLC Series 2007-15    BBB         BB+/Watch Pos    100.289%


* BOND PRICING: For the Week May 18 to May 22, 2009
---------------------------------------------------

   AUSTRALIA
   ---------
A&R Whitcoulls                9.500%   12/15/10   NZS      64.98
Ainsworth Game                8.000%   12/31/09   AUD       0.70
AMP Group Financ              9.803%   04/01/19   NZD       9.50
AMP Group Financ              6.875%   08/23/22   GBP      66.52
Antares Energy               10.000%   10/31/13   AUD       1.25
Aust & NZ Bank                6.540%   06/29/49   GBP      56.27
Babcock & Brown Pty           8.500%   11/17/09   NZD      24.82
Becton Property Group         9.500%   06/30/10   AUD       0.40
Bemax Resources               9.375%   07/15/14   USD      36.37
Bemax Resources               9.375%   07/15/14   USD      36.37
Bounty Industries Ltd        10.000%   06/30/10   AUD       0.02
Capral Aluminum              10.000%   03/29/12   AUD       1.05
China Century                12.000%   09/30/10   AUD       0.90
Com BK Australia              4.875%   12/19/23   GBP      68.01
Djerriwarrh Inv               6.500%   09/30/09   AUD       3.88
First Australian             15.000%   01/31/12   AUD       0.30
GE Cap Australia              6.000%   03/15/19   AUD      56.18
Goodman Aust Fin              9.750%   07/16/18   GBP      66.79
GPT Management                6.500%   08/22/13   AUD      66.72
Griffin Coal Min              9.500%   12/01/16   USD      37.25
Griffin Coal Min              9.500%   12/01/16   USD      37.25
Hanson Australia              5.250%   03/15/13   USD      58.00
Heemskirk Consol              8.000%   04/29/11   AUD       2.15
Insurance Austra              5.625%   12/21/26   GBP      62.50
Jpm Au Enf Nom 1              3.500%   06/30/10   USD       1.62
Macquarie Bank                5.500%   09/19/16   GBP      72.22
Macquarie Bank                6.500%   05/31/17   GBP      35.61
Minerals Corp                10.500%   09/30/09   AUD       0.55
Metal Storm                  10.000%   09/01/09   AUD       0.09
Natl Australiabk              6.750%   06/26/23   EUR      72.48
Nylex Ltd                    10.000%   12/08/19   AUD       0.84
Orchard Invest                9.000%   12/15/10   AUD      29.50
Resolute Mining              12.000%   12/31/12   AUD       0.70
Sun Resources NL             12.000%   06/30/11   AUD       0.10
Suncorp-Metway                6.500%   06/22/16   AUD      70.36
Suncorp-Metway                6.625%   10/23/17   GBP      62.56
Suncorp Insuran               6.250%   06/13/27   GBP      55.00
Timbercorp Ltd                8.900%   12/01/10   AUD      26.10
Westfield Fin                 5.500%   06/27/17   GBP      64.02


   CHINA
   -----
China Govt Bond                 4.860%  08/10/14     CNY    00.00
Chinatrust Comm                 5.625%  03/29/49     CNY    59.41
Jiangxi Copper                  1.000%  09/22/16     CNY    73.01


   HONG KONG
   ---------
City Telecom HK                8.750%  02/01/15     USD    74.73


   INDIA
   -----
Aftek Infosys                  1.000%  06/25/10     USD    70.00
AKSH Optifibre                 1.000%  01/29/10     USD    57.50
Gemini Commnica                6.000%  07/18/12     EUR    54.50
Hindustan Cons                10.000%  10/25/09     INR    20.00
ICICI Bank Ltd                 7.250%  08/29/49     USD    58.00
Jindal Saw Ltd                 0.750%  07/01/11     JPY    66.50
Kei Industries                 1.000%  11/30/11     USD    45.50
State BK India                 6.439%  02/28/49     USD    70.00
Strides Arcolab                0.500%  04/19/10     USD    72.00
Wanbury Ltd                    1.000%  04/23/12     EUR    62.50


   INDONESIA
   ---------
Indonesia (Rep)                6.625%  02/17/37     USD    73.03


   JAPAN
   -----
Aozora Bank                    0.400%  04/27/12     JPY    74.78
Aozora Bank                    0.660%  10/27/12     JPY    74.53
Aozora Bank                    0.660%  11/12/132    JPY    74.22
Aozora Bank                    0.660%  11/27/12     JPY    73.94
Aozora Bank                    0.660%  12/12/12     JPY    73.66
Aozora Bank                    0.660%  12/27/12     JPY    73.39
Aozora Bank                    0.660%  01/12/13     JPY    73.12
Aozora Bank                    1.250%  01/25/13     JPY    73.86
Aozora Bank                    0.660%  01/27/13     JPY    72.87
Aozora Bank                    0.560%  02/12/13     JPY    72.23
Aozora Bank                    0.560%  02/27/13     JPY    71.95
Aozora Bank                    1.300%  02/27/13     JPY    73.44
Aozora Bank                    0.560%  03/12/13     JPY    71.72
Aozora Bank                    0.560%  03/27/13     JPY    71.45
Aozora Bank                    1.250%  03/27/13     JPY    72.80
Aozora Bank                    0.560%  04/12/13     JPY    71.16
Aozora Bank                    1.300%  04/26/13     JPY    72.44
Aozora Bank                    0.560%  04/27/13     JPY    70.91
Aozora Bank                    0.560%  05/12/13     JPY    70.66
Aozora Bank                    0.560%  05/27/13     JPY    70.35
Aozora Bank                    1.600%  05/27/13     JPY    72.89
Aozora Bank                    0.560%  06/12/13     JPY    70.05
Aozora Bank                    0.560%  06/27/13     JPY    69.78
Aozora Bank                    1.650%  06/27/13     JPY    72.54
Aozora Bank                    0.560%  07/12/13     JPY    69.51
Aozora Bank                    1.700%  07/26/13     JPY    72.23
Aozora Bank                    0.560%  07/27/13     JPY    69.26
Aozora Bank                    0.560%  08/12/13     JPY    68.95
Aozora Bank                    0.560%  08/27/13     JPY    68.68
Aozora Bank                    1.600%  08/27/13     JPY    71.68
Aozora Bank                    0.560%  09/12/13     JPY    68.39
Aozora Bank                    0.560%  09/27/13     JPY    68.12
Aozora Bank                    1.800%  09/27/13     JPY    71.87
Aozora Bank                    0.560%  10/12/13     JPY    67.87
Aozora Bank                    0.560%  10/25/13     JPY    67.62
Aozora Bank                    0.560%  11/12/13     JPY    67.31
Aozora Bank                    0.560%  11/27/13     JPY    67.04
Aozora Bank                    0.400%  12/12/13     JPY    66.19
Aozora Bank                    0.400%  12/27/13     JPY    65.92
Aozora Bank                    0.400%  01/12/14     JPY    65.67
Aozora Bank                    0.100%  01/27/11     JPY    65.36
Aozora Bank                    0.400%  02/12/14     JPY    65.08
Aozora Bank                    0.400%  02/27/14     JPY    64.81
Aozora Bank                    0.400%  03/12/14     JPY    64.58
Aozora Bank                    0.400%  03/27/14     JPY    65.32
Aozora Bank                    0.400%  04/12/14     JPY    64.05
Aozora Bank                    0.400%  04/27/14     JPY    63.81
Aozora Bank                    0.400%  05/12/14     JPY    63.51
Belluna Co Ltd                 1.100%  03/21/12     JPY    57.25
CSK Corporation                0.250%  09/30/13     JPY    36.00
Daikyo Inc.                    1.880%  03/12/12     JPY    71.75
Ebara Corp                     1.300%  09/30/13     JPY    60.23
Elpida Memory In               2.100%  11/29/12     JPY    72.44
Elpida Memory                  2.290%  12/07/12     JPY    72.35
ES-Con Japan Ltd               3.360%  05/10/10     JPY    42.28
Hitachi Zosen                  1.500%  09/30/12     JPY    72.68
JACCS Co Ltd                   1.820%  09/28/15     JPY    71.62
JPN Exp Hld/Debt               0.500%  09/17/38     JPY    57.76
Kenedix Realty I               2.370%  03/15/17     JPY    74.70
Kirayaka Holding               2.590%  03/22/16     JPY    66.12
NIS Group                      8.060%  06/20/12     USD    65.37
Orix Corp                      2.110%  03/18/16     JPY    73.43
Orix Corp                      2.190%  04/18/17     JPY    70.03
Pacific Golf Gro               1.000%  05/01/12     JPY    65.27
Resona Bank                    5.986%  08/29/49     GBP    45.31
Resona Bank                    4.125%  09/29/49     GBP    48.62
Shinsei Bank                   6.819%  09/20/36     USD    62.52
Shinsei Bank                   1.600%  08/27/13     JPY    74.48
Shinsei Bank                   1.700%  09/27/13     JPY    74.38
Shinsei Bank                   1.960%  03/25/13     JPY    66.24
Shinsei Bank                   2.010%  10/30/15     JPY    63.76
Shinsei Bank                   3.750%  02/23/16     EUR    49.00
Shinsei Bank                   5.625%  12/26/49     GBP    37.33
Softbank Corp                  7.750%  10/15/13     EUR    59.00
Sumitomo Mitsui                4.375%  07/29/49     EUR    57.00


   MALAYSIA
   --------
Advance Synergy Berhad         2.000%  01/26/18     MYR     0.06
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     0.95
Berjaya Land Bhd               5.000%  12/30/09     MYR     3.14
Cagamas Berhad                 3.640%  05/05/09     MYR     2.60
Crescendo Corp B               3.750%  01/11/16     MYR     0.70
Dutaland Bhd                   4.000%  04/11/13     MYR     0.31
Dutaland Bhd                   4.000%  04/11/13     MYR     0.73
Eastern & Orient               8.000%  04/25/11     MYR     0.64
Huat Lai Resources             5.000%  03/28/10     MYR     0.20
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.20
Kretam Holdings                1.000%  08/10/10     MYR     1.06
Kumpulan Jetson                5.000%  11/27/12     MYR     0.46
Lion Diversified               4.000%  12/17/13     MYR     0.60
Mithril Bhd                    3.000%  04/05/12     MYR     0.66
Nam Fatt Corp                  2.000%  06/24/11     MYR     0.19
Olympia Industri               2.800%  04/11/13     MYR     0.30
Plus SPV Bhd                   2.000%  03/11/19     MYR    72.36
Public Bank Berh               6.840%  08/22/36     MYR    69.32
Puncak Niaga Hld               2.500%  11/18/16     MYR     0.71
Rubberex Corp                  4.000%  08/14/12     MYR     0.75
Senai-Desaru Exp               3.500%  12/09/19     MYR    65.87
Tenaga Nasional                3.050%  05/10/09     MYR     0.96
Tradewinds Corp                2.000%  02/08/12     MYR     0.57
Tradewinds Plant               3.000%  02/28/16     MYR     1.10
Wah Seong Corp                 3.000%  05/21/12     MYR     2.00
Wijaya Baru Glob               7.000%  09/17/12     MYR     0.40
YTL Cement Bhd                 4.000%  11/10/15     MYR     1.26


   MARSHALL ISLANDS
   ----------------

Navios Maritime                9.500%  12/15/14     USD    65.87


   NEW ZEALAND
   -----------
Allied Farmers                 9.600%  11/15/11     NZD    48.08
Allied Nationwid              11.520%  12/29/49     NZD    40.00
BBI Ntwrks NZ Ltd              8.000%  11/30/12     NZD    17.36
Blue Star Print                9.100%  09/15/12     NZD    22.05
Cadmus Devt Ltd                9.900%  01/15/10     NZD    51.22
Capital Prop NZ                8.000%  04/15/10     NZD    15.70
Contact Energy                 8.000%  05/15/14     NZD     0.99
Fidelity Capital               9.250%  07/15/13     NZD    64.94
Fletcher Buildin               7.550%  03/15/11     NZD     9.25
Fletcher Buildin               8.500%  03/15/15     NZD    12.50
Fonterra                       8.740%  11/29/49     NZD    70.00
Generator Bonds                8.200%  09/07/11     NZD    44.13
Hellaby Holdings               8.500%  06/15/11     NZD    61.54
Infrastr & Util                8.500%  09/15/13     NZD    15.00
Infratil Ltd                   8.500%  02/15/20     NZD    59.14
Infratil Ltd                  10.180%  12/29/49     NZD    53.50
Marac Finance                 10.500%  07/15/13     NZD     0.89
Rabobank Ned NZ                7.449%  01/29/49     NZD    75.00
Sky Network TV                 9.370%  10/16/16     NZD    71.00
South Canterbury              10.430%  12/15/12     NZD     0.96
South Canterbury              10.430%  12/15/12     NZD     0.90
St Laurence Prop               9.250%  07/15/10     NZD    64.90
Shinsei Bank                   9.250%  05/15/11     NZD    54.06
Trustpower Ltd                 8.500%  09/15/12     NZD     8.00
Trustpower Ltd                 8.500%  03/15/14     NZD    12.50
Vector Ltd                     8.000%  12/29/49     NZD     8.35


   PHILIPPINES
   -----------
First Gen Corp                 2.500%  02/11/13     USD    69.81


   SINGAPORE
   ---------
Capitaland Ltd.                2.950%  06/20/22     SGD    66.82
Chartered Semico               6.250%  04/04/13     USD    67.45
Chartered Semico               6.375%  08/03/15     USD    64.33
United ENG Ltd                 1.000%  03/03/14     SGD     1.00


SOUTH KOREA
-----------
Hynix Semi Inc.                7.875%  06/27/17     KRW    64.63
Hynix Semi Inc.                7.857%  06/27/17     USD    65.52
Korea Elec Pwr                 6.000%  12/01/26     USD    66.41
Korea Elec Pwr                 7.000%  02/01/27     USD    74.65
Korea Elec Pwr                 6.750%  08/01/27     USD    72.21
Rep of Korea                   4.250%  12/07/21     EUR    72.29
Shinhan Bank                   5.663%  03/02/25     USD    56.64


SRI LANKA
---------
Sri Lanka Govt                 8.500%  02/01/18     LKR    72.20
Sri Lanka Govt                 8.500%  07/15/18     LKR    71.72
Sri Lanka Govt                 7.500%  08/15/18     LKR    66.59
Sri Lanka Govt                 7.000%  10/01/23     LKR    60.23


  THAILAND
  --------
Advance Agro Pub              11.000%  12/19/12     USD    61.18
Krung Thai Bank                7.378%  10/29/49     USD    59.87
True Move                     10.375%  08/01/14     USD    59.54



                         *********

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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