TCRAP_Public/071227.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Thursday, December 27, 2007, Vol. 10, No. 255

                            Headlines

A U S T R A L I A

A & J MENNIE PTY: Members' & Creditors' Meeting Set for Jan. 11
AGL POWER GENERATION: Members' Final Meeting Set for Jan. 21
APIS CONSULTING: Final Dividend Will Be Declared on Feb. 15
C.A.K. LOGISTICS: Final Dividend Will Be Declared on Jan. 30
CENTRO PROPERTIES: Unable to Secure AU$3.9 Billion Debt Funding

CENTRO PROPERTIES: Appoints Three Firms as Advisers
EMPEROR MINES: Firms Express Interest in Tolukuma Mine
LEETON FRUIT & VEGETABLE: To Declare Final Dividend on Jan. 18
MATSON FX: Members & Creditors Appoint Liquidator
OPTISTOR (AUSTRALIA): Commences Liquidation Proceedings

PHOSPHAGENICS LIMITED: Six-month Net Loss Totals AU$3.47 Million
PHOSPHAGENICS LIMITED: Orbis Global Ups Stake to 15.02%
THE MULTILLON (AUSTRALIA) HOLDINGS: Court Enters Wind-Up Order


C H I N A ,   H O N G  K O N G   &   T A I W A N

AGRICULTURAL BANK: To Launch Restructuring Plan Next Year
BEST FAMOUS: Court to Hear Wind-Up Proceedings on Jan. 16
C.T. ASIA PACIFIC: Liquidator to Present Report on Jan. 18
C.T. ENTERPRISES FOODS: Members' Final Meeting on Jan. 18
C.T. ENTERPRISES TRADING: Members to Receive Report on Jan. 18

CHAMPION LAND: Court to Hear Wind-Up Proceedings on January 23
CHINA TRIUMP: Court to Hear Wind-Up Proceedings on January 16
CHINALINK INT'L: Court to Hear Wind-Up Proceedings on Jan. 16
DYNAMIC GLOBAL: ABN AMRO Holds 6.73% of Issued Share Capital
DYNAMIC HARVESTER: Members to Receive Wind-Up Report on Jan. 18

FERMAY INVESTMENT: Liquidator to Present Wind-Up Report
FORICH MANUFACTURING: Liquidator to Present Wind-Up Report
GAI NIN TRADING: Members' Final Meeting Set for Jan. 18
HI-TECH: Creditors' & Contributors' Meetings Set for Jan. 15
ICBC ASIA: Fitch Affirms Individual Rating at C

KARSON ENGINEERING: Court to Hear Wind-Up Proceedings on Jan. 16
LINK PROFIT: Court to Hear Wind-Up Proceedings on Feb. 6
LUEN HOP: Court to Hear Wind-Up Proceedings on Jan. 23
MABUCHI PRECISION: Members' General Meeting Set for Jan. 21
NEW HAPPY METAL: Court to Hear Wind-Up Proceedings on Jan. 16

PLUS HOLDINGS: Signing of Restructuring Pact Moved to Jan. 31
PROLONG: Court to Hear Wind-Up Proceedings on January 16
SALES PROFIT: Court to Hear Wind-Up Proceedings on Jan. 16
SINO BEST: Court to Hear Wind-Up Proceedings on January 23
WINDEX HOLDINGS: Court to Hear Wind-Up Proceedings on Jan. 16


I N D I A

SPICEJET LTD: Will Book Operating Profit This Quarter, CEO Says
SPICEJET: Looks at Non-Ticketing Revenue Options
TATA MOTORS: Ford India Pres. Says Tata Bid “Very Interesting”
TATA MOTORS: Launches New Medium & Heavy Commercial Vehicles
TATA MOTORS: To Participate in 9th Auto Expo Beginning Jan. 9


J A P A N

GOODWILL GROUP: JCR Cuts Rating on Senior Debts to BB
SANYO ELECTRIC: Amends Non-Consolidated Results from FY2000-2005
SANYO ELECTRIC: Admits Paying JPY28-Bil. Dividends Illegally
SANYO ELECTRIC: May Be Face Fines and Delisting
* Moody's Report Says Major Retailers' Outlook Generally Stable


M A L A Y S I A

LITYAN HOLDINGS: Submits Appeal to Defer Delisting of Securities
SANMINA-SCI: Weak Performance Cues Moody's to Cut Rating to B1
TALAM CORP: Completes Disposal of 50% Interest in Larut Leisure


N E W  Z E A L A N D

AUCKLAND RESIDENTIAL: Creditors Must File Claims by Dec. 30
BRUSAN DESIGNS: Liquidators Fix Jan. 31 as Claims Bar Date
CARBON CAPITAL: Claims Filing Deadline Set for Jan. 21
EURO BUILDERS LTD.: Court to Hear Petition on April 1
FIRST PACIFIC CORP: High Court to Hear Wind-Up Petition

GRAND SLAM PROJECTS: Liquidators Set March 6 as Claims Bar Date
GRIFFIN & CO LTD: Shareholders Appoint Liquidators
HEALTH 2006 LTD: Shareholders Appoint Liquidators
HITCHCOCK GROUP: Shareholders Appoint Liquidators
HSS LIMITED: Commences Liquidation Proceedings

KPT HOLDINGS: Appoints Joint & Several Liquidators
LAMPRINT PACKAGING: Proofs of Claim Must Be Filed by Jan. 31
LANDSCAPE BY DESIGN: High Court Appoints Liquidators
LEISUREWORLD LTD: High Court Appoints Liquidators
MAFALDA INDUSTRIES: Creditors Must File Claims by Jan. 25

MANN'S NEW GENERATION: Shareholders Appoint Liquidator
NATHANS FINANCE: PwC Updates Investors on Receivership Progress
NORTHFERT LTD: Appoints D. Parsons & K. Kenealy as Liquidators
NORTHRIDGE ARCHITECTURE: High Court to Hear Wind-Up Petition
SEALEGS CORP: Brings In Chris Dickson and James Hill to Board

SHIV SHAKTI MANDIR TRUST: High Court Appoints Liquidators
SOLWIND LTD: High Court to Hear Wind-Up Petition on Feb. 18
SPEIRS GROUP: Books NZ$305,000 Loss in Six Mos. Ended Sept. 30
TWINAPLATE NZ: Shareholders Appoint Liquidators


P H I L I P P I N E S

IONICS EMS: Posts US$5.4 Million Net Loss for 2006
MANILA ELECTRIC: FPHC Seeks to Acquire Government's 29% Holdings


S I N G A P O R E

ASSOCIATED DEVELOPMENT: Court Enters Wind-Up Order
BAYER ENVIRONMENTAL: Fixes Jan. 15 as Last Day to File Claims
CHOW CHO: Commences Liquidation Proceedings
HARRAH'S ASIA: Creditors' Proofs of Debt Due on January 14
INSURE SHOP: Court Enters Liquidation Order

LEE TUNG: Court Enters Wind-Up Order
P K SUMMIT: Creditors' Proofs of Debt Due on December 28
PCA TRADING: Creditors' Proofs of Debt Due on January 15
QUEST INTERNATIONAL: Creditors' Proofs of Debt Due on Jan. 14
SCHERING (SINGAPORE): Fixes Jan. 15 as Last Day to File Claims

SINGA SECURED: Creditors' Proofs of Debt Due on January 14


T H A I L A N D

NATURAL PARK: Repays THB775.22-Million Debt to Siam City Bank

     - - - - - - - -

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


A & J MENNIE PTY: Members' & Creditors' Meeting Set for Jan. 11
---------------------------------------------------------------
A final meeting of the members and creditors of A & J Mennie Pty
Limited will be held on January 11, 2008, at 10:30 a.m., at the
offices of:

          Liquidation Direct
          30 Clarence Street, Level 5
          Sydney NSW 2000
          Australia

At the meeting, the liquidator will provide:

   -- a final update on the liquidation;

   -- a final summary of the receipts and payments of the
      liquidation; and

   -- formal notice of the end of the liquidation.

The company's liquidator is:

          STEVEN KUGEL
          Liquidation Direct
          30 Clarence Street, Level 5
          Sydney NSW 2000
          Australia


AGL POWER GENERATION: Members' Final Meeting Set for Jan. 21
------------------------------------------------------------
A final meeting of members of AGL POWER GENERATION (SA) PTY
LIMITED will be held on January 21, 2008.  

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

The company's liquidator is:

          KEIRAN HUTCHISON
          Ernst & Young
          680 George Street, Level 37
          Sydney NSW 2000
          Australia
          Telephone: (02) 9248 4991


APIS CONSULTING: Final Dividend Will Be Declared on Feb. 15
-----------------------------------------------------------
A first and final dividend will be declared in favor of APIS
CONSULTING GROUP PTY LTD's unsecured creditors on February 15,
2008.

Creditors are required formally to prove their debt or claim on
or before January 31, 2008.  If they do not, they will be
excluded from the dividend distribution.

The company's deed administrator is:

          HENRY KAZAR
          Sims Partners Chartered Accountants
          PO Box 138
          Canberra City ACT 2601
          Australia


C.A.K. LOGISTICS: Final Dividend Will Be Declared on Jan. 30
------------------------------------------------------------
A first and final dividend will be declared on January 30, 2008,
for C.A.K. LOGISTICS PTY LTD.

Creditors whose debts or claims have not already been admitted
are required on or before January 16, 2008, to formally prove
their debts or claims.  If they do not, they will be excluded
from the benefit of the dividend.

The company's deed administrator is:

          A. H. J. WILY
          Armstrong Wily Chartered Accountants
          75 Castlereagh Street, Level 5
          Sydney NSW 2000
          Australia


CENTRO PROPERTIES: Unable to Secure AU$3.9 Billion Debt Funding
---------------------------------------------------------------
Centro Properties Group, owner of 700 U.S shopping malls, is
struggling to refinance debt because of the collapse in the
subprime mortgage market, various reports say.

Anthony Klan of The Australian reports that Centro Properties
and Centro Retail Trust said they had been unable to secure debt
funding of AU$3.9 billion due to the sub-prime-related
tightening in U.S. credit markets.

The debt, The Australian states, comprises AU$1.2 billion for
Centro Retail Trust and AU$2.7 billion for Centro Properties
Group.  The AU$2.7 billion is made up of AU$1.3 billion for
Centro Properties Group directly, and AU$1.4 billion for joint
ventures.

Laura Cochrane of Bloomberg News reports that Centro needs to
renegotiate the AU$3.9 billion debt it manages by February 15.

Centro Chairman Brian Healey wrote to securityholders that
Centro has obtained an interim extension of A$1.3 billion in
maturing facilities and interests in U.S. joint venture
facilities of A$1.4 billion until February 15 2008.  The
extension will allow Centro’s Board and management to undertake
a strategic review of the options available to secure the long
term capital structure of Centro and its managed funds to reduce
current gearing levels.  "In other words, we need to agree a
'roadmap' for the future of Centro," Mr. Healey said.

Centro disclosed that increased costs associated with the
extension of debt facilities and expected costs of the
refinancing will have an adverse effect on its earnings and
forecast distributions.

The effects are:  

   * Centro’s operating distributable profit per security has
     been revised downward from 47.0 cents per security to 40.6
     cents per security, representing a slight increase of 2.1%
     on FY07 DPS of 39.8 cents per security.  

   * Centro will not pay a distribution for the half year ending
     December 31, 2007.  This is done for reasons of prudence
     and in order to ensure the broadest possible range of long
     term refinancing options.

The Australian relates that the company's losses rose because it
had overspent acquiring U.S. shopping center assets, outlaying
US$8.72 billion since April 2005 in deals that have made the
group the fifth-largest owner of U.S. shopping malls.

Bloomberg, in a separate article, reports that the U.S. malls
helped Centro increase operating profit by 14% to a record
AU$335.3 million in the 12 months ended June 30.

The value of those assets has been falling as U.S. property
slides and, concurrently, the cost of U.S. bank debt has soared
on the back of the fallout from the sub-prime lending crisis,
says The Australian.

Centro Chief Executive Officer Andrew Scott is quoted by reports
as saying, "We never expected nor could we reasonably anticipate
that the source of funding that had been historically available
to us and many similar companies would shut for business."

An analyst told The Australian, "It's clear Centro has massively
over-exerted itself and it's no surprise it's down so much."

Sydney-based analyst Callum Bramah at Macquarie Group Ltd.
shared to Bloomberg, "Centro are no longer in charge of their
own destiny.  We believe Centro will be required to sell assets
at a loss simply to use the cash proceeds to pay down debt."

In a statement filed with the Australian Stock Exchange, Centro
says it is not under any obligation to sell assets and would
only do so selectively if necessary.

Further, it stated that if asset sales are decided upon, whether
in Australia or the U.S., Centro will look at selectively
divesting assets that will allow it to repay short term debt
while at the same time preserving securityholder value.

Regardign trading in its securities and some theories expressed
by research analysts, Centro commented that:

   * There is no clause in any of Centro's or Centro Retail
     Trust's financing documentation or loan covenants that
     would trigger a default if either entity's market
     capitalization falls below a certain level.  Neither Centro
     nor any of its managed funds are in breach of any lending
     covenants;

   * Centro management and external financial advisers, as well
     as the advisers of our financier, closely examined the cash  
     flows of the business.  On the basis of that review, Centro
     is comfortable about the ongoing viability of the business
     and would not allow its securities to trade if this were
     not the case;

   * In refinancing the short term maturing facilities and
     ultimately reducing the gearing of the group, Centro has a
     number of options available to it including sale of
     interests in managed funds, joint venture of assets, asset
     sales and/or equity issuance; and

   * Centro is not obliged to take any specific course of action
     over the next eight weeks.  What is required is the
     development of a strategic plan or road map to successfully
     operate the group on an ongoing basis.

Centro's lenders, according to Mr. Scott are Commonwealth Bank
of Australia, Australia & New Zealand Banking Group Ltd.,
National Australia Bank Ltd., JPMorgan Chase & Co., Royal Bank
of Scotland Group Plc and BNP Paribas, notes Bloomberg.

                  About Centro Properties

Centro Properties Group -- http://www.centro.com.au/ -- is an  
Australia-based company that comprises the operations of Centro
Property Trust (the Trust) and its entities, which are engaged
in property investment, property management, property
development and funds management.  The Company operates in two
business segments: property ownership business and services
business.  The Company derives income from retail property
rentals of shopping center space to retailers across Australasia
and the United States.  It also derives income from its retail
property investments in listed and unlisted entities.  Its
services business activities include incorporating funds
management, property management and development and leasing.  
During the fiscal year ended June 30, 2007, the Company acquired
New Plan Excel Realty Trust (New Plan), Heritage Property
Investment Trust (Heritage) and Galileo Funds Management, as
well as assumed full ownership of its United States management
operations.

The Troubled Company Reporter-Asia Pacific reported on Dec. 18,
2007, that Standard & Poor's Ratings Services lowered its issuer
credit, senior-unsecured debt and preferred stock ratings to
'BB+' with negative implications.


CENTRO PROPERTIES: Appoints Three Firms as Advisers
---------------------------------------------------
The Board of Centro Properties Group has appointed three key
firms to serve as advisers to Centro's Board and management to
assist with the Group's strategic review.  

The review will consider options available to secure the long-
term capital structure of Centro and its managed funds to reduce
current gearing levels.

The advisers are:

   * Lazard Carnegie Wylie;

   * KPMG; and
   
   * Freehills.

In seeking to refinance its short-term maturing facilities and
ultimately reducing the gearing of the group, Centro has a
number of options available to it including sale of interests in
managed funds, joint venture of assets, asset sales and/or
equity issuance.  Centro is required by February 15, 2008, to
develop a strategic plan or "roadmap" to successfully operate
the group on an ongoing basis.

                  About Centro Properties

Centro Properties Group -- http://www.centro.com.au/ -- is an  
Australia-based company that comprises the operations of Centro
Property Trust (the Trust) and its entities, which are engaged
in property investment, property management, property
development and funds management.  The Company operates in two
business segments: property ownership business and services
business.  The Company derives income from retail property
rentals of shopping center space to retailers across Australasia
and the United States.  It also derives income from its retail
property investments in listed and unlisted entities.  Its
services business activities include incorporating funds
management, property management and development and leasing.  
During the fiscal year ended June 30, 2007, the Company acquired
New Plan Excel Realty Trust (New Plan), Heritage Property
Investment Trust (Heritage) and Galileo Funds Management, as
well as assumed full ownership of its United States management
operations.

The Troubled Company Reporter-Asia Pacific reported on Dec. 18,
2007, that Standard & Poor's Ratings Services lowered its issuer
credit, senior-unsecured debt and preferred stock ratings to
'BB+' with negative implications.


EMPEROR MINES: Firms Express Interest in Tolukuma Mine
------------------------------------------------------
Emperor Mines Limited reports that the divestment process for
the Tolukuma Mine in Papua New Guinea is on course, with a
number of parties having expressed an interest in acquiring the
asset.

The interested parties are currently conducting due diligence
investigations, including site visits, with a view to
preliminary enquiries being completed by the new year.

Pursuant to the terms of the Merger Implementation Deed entered
into between Emperor and Intrepid Mines, should an agreement for
the sale of Tolukuma be entered into prior to the second Court
hearing scheduled to approve the scheme of arrangement between
Emperor and its shareholders to facilitate the merger of the two
companies and provided that:

   a) as at the effective date of the Scheme the sale is
      unconditional (except for any PNG-based third party
      regulatory approvals); and

   b) the sale completes prior to 31 March 2008,

the net proceeds of the sale will be distributed to Emperor
shareholders.  

It is anticipated that the second Court hearing will occur in
early to mid-March 2008.

If an agreement is not entered into and completed timely, the
proceeds of any sale will be retained by the merged entity,
should the merger between Intrepid and Emperor push through.

                    About Emperor Mines

Based in Sydney, Australia, Emperor Mines Limited --  
http://www.emperor.com.au/-- is engaged in the exploration,  
development and exploitation of gold deposits.

The Troubled Company Reporter-Asia Pacific, on November 30,
2007, included in its "Large Companies With Insolvent Balance
Sheets" Column Emperor Mines Ltd., with US$50.63 million in
stockholders' equity deficit.


LEETON FRUIT & VEGETABLE: To Declare Final Dividend on Jan. 18
--------------------------------------------------------------
Leeton Fruit & Vegetable Market Pty Limited will declare its
first and final dividend on January 18, 2008.

Creditors are required formally to prove their debt or claim on
or before January 11, 2008.  If creditors do not, they will be
excluded from the benefit of the dividend.

The company's deed administrator is:

          HENRY KAZAR
          SimsPartners Chartered Accountants
          GPO Box 138
          Canberra ACT 2601
          Australia
          Telephone: (02) 6285 1310


MATSON FX: Members & Creditors Appoint Liquidator
-------------------------------------------------
At Meetings held on November 29, 2007, Members and Creditors of
MATSON FX PTY LTD resolve that as the company is unable to pay
its debts as and when they fall due, the company will be wound
up voluntarily.

Geoffrey McDonald was appointed as Liquidator.  He can be
reached at:

          GEOFFREY MCDONALD
          Hall Chadwick
          31 Market Street, Level 29  
          Sydney NSW 2000
          Australia


OPTISTOR (AUSTRALIA): Commences Liquidation Proceedings
-------------------------------------------------------
At a General Meeting held on December 4, 2007, members of
Optistor (Australia) PTY Limited resolved to voluntarily wind up
the company.

S. J. Hundy and E. M. Senatore were appointed Joint and Several
Liquidators.

The liquidators can be reached at:

          SBR Insolvency + Reconstruction
          28 University Avenue, Level 7
          Canberra ACT 2601
          Australia


PHOSPHAGENICS LIMITED: Six-month Net Loss Totals AU$3.47 Million
----------------------------------------------------------------
Phosphagenics Limited reported a net loss of AU$3.47 million for
the six months ended June 30, 2007, a slight increase from the
AU$3.12-million net loss the company reported for the six months
ended June 30, 2006.

The company had total revenues of AU$1.29 million for the half-
year ended June 30, 2007, while cost of sales amounted to
AU$3,000, giving the company a gross profit of AU$1.28 million.  
The company had research expenses of AU$2.82 million, compounded
by other expenses.

According to the company, during the period, the company
continued and accelerated its commercial development program
and:

   * started a multi-phase morphine and insulin study,
     continuing from Phase 1 study completed in 2006;

   * concluded a collaboration agreement with Nestle for  
     development of Phospa E for food and beverage markets;

   * established an OTC/QX listing in the United States; and

   * extended the company's drug delivery technologies to other
     routes of administration e.g. oral, intravenous.

The company also said that to ensure that it has the ability to
fund the commercial development program it raised equity
capital, and that as of June 30, 2007, funds in hand totaled
AU$16.30 million.

As of June 30, 2007, the company had accumulated losses of
AU$50.67 million.

Headquartered in Melbourne, Australia, Phosphagenics Limited --
http://www.phosphagenics.com/main/home.htm-- is engaged in the  
production, sale and licensing of products for the nutraceutical
and pharmaceutical industries.  The Company operates in two
divisions: Nutraceutical and Pharmaceutical.  The Nutraceutical
division is engaged in the licensing of dietary supplements, and
production and sale of products for the personal care industry.  
The Pharmaceutical division is engaged in the licensing of
pharmaceuticals and transdermal technologies.  

The company had annual net losses of AU$6.12 million and AU$7.32
million for the years ended Dec. 31, 2006, and 2005.


PHOSPHAGENICS LIMITED: Orbis Global Ups Stake to 15.02%
-------------------------------------------------------
Orbis Global Equity Fund Limited has increased its stake in
Phosphagenics Limited to 90,646,143 ordinary shares,
Phosphagenics disclosed to the Australian Securities Exchange.

Orbis Global, which now has a 15.02% voting power, paid
AU$2,073,156.30 for the additional 8,412,772 shares, the
disclosure says.

Headquartered in Melbourne, Australia, Phosphagenics Limited --
http://www.phosphagenics.com/main/home.htm-- is engaged in the  
production, sale and licensing of products for the nutraceutical
and pharmaceutical industries.  The Company operates in two
divisions: Nutraceutical and Pharmaceutical.  The Nutraceutical
division is engaged in the licensing of dietary supplements, and
production and sale of products for the personal care industry.  
The Pharmaceutical division is engaged in the licensing of
pharmaceuticals and transdermal technologies.

The company had annual net losses of AU$6.12 million and AU$7.32
million for the years ended Dec. 31, 2006, and 2005.


THE MULTILLON (AUSTRALIA) HOLDINGS: Court Enters Wind-Up Order
--------------------------------------------------------------
On December 4, 2007, the Supreme Court of New South Wales issued
an order to wind-up THE MULTILLON (AUSTRALIA) HOLDINGS PTY LTD
and appointed G. J. PARKER as the Official Liquidator.

The liquidator can be reached at:

          G. J. PARKER
          Parker Insolvency
          49 Market Street, Level 5
          Sydney NSW 2000
          Australia


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C H I N A ,   H O N G  K O N G   &   T A I W A N
================================================

AGRICULTURAL BANK: To Launch Restructuring Plan Next Year
---------------------------------------------------------
Zhang Fengming of Shanghai Daily reported that the Agricultural
Bank of China will launch its long-expected restructuring plan
next year.  The report quoted Zhou Xiaochuan, the governor of
the People's Bank of China, who made the statement at the 2007
China Financial Forum in Beijing on Tuesday.  

The central bank governor said the restructuring plan will be
decided soon to elevate the bank into a strong and
internationally competitive bank, Shanghai Daily relates.

The report added that Lou Jiwei, chairman of China Investment
Corp., disclosed at the forum that Central Huijin Investment
Co., which recently merged with CIC, will be involved in the
restructuring of China Development Bank and ABC.  

China Knowledge reported that CIC Chairman Lou said that CIC
will soon inject capital into ABC and CDB through Central
Huijin.  After the reform, Mr. Lou said the CIC will not take
part in the daily management of ABC, but will express its stance
through its board member on major decisions, China Knowledge
related.

The Troubled Company Reporter-Asia Pacific reported in July that
Xiang Junbo, China's former central bank deputy governor, was
named president of Agricultural Bank of China to hasten the
bank's restructuring program.

The Agricultural Bank of China -- http://www.abchina.com/-- is  
the mainland's fourth largest bank.  It has lagged behind other
major Chinese commercial banks, which have received government
injections of new capital and been allowed to link up with
foreign partners in preparation for raising money on foreign
stock exchanges.

Despite posting operating profits of over CNY42.4 billion in
2005, the Bank is still carrying billions of dollars in unpaid
loans to state companies, which it says accounted for 26% of its
lending at the end of 2006.

According to XFN-Asia, at the end of September 2007,
Agricultural Bank had outstanding loans of CNY3.44 trillion, of
which 22.11% were bad loans.

The Troubled Company Reporter-Asia Pacific reported on June 27,
2006, that the National Audit Office found accounting
irregularities involving CNY51.6 billion, CNY14.27 billion of
which come from deposit business, CNY27.62 billion from loan
grants, and CNY9.72 billion from fraudulent bill issuance.

Fitch Ratings gave the Bank an Individual rating 'E'.


BEST FAMOUS: Court to Hear Wind-Up Proceedings on Jan. 16
---------------------------------------------------------
On November 12, 2007, Chan Ting Yu filed a petition to have Best
Famous Limited's operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
January 16, 2008, to hear the petition.

The petitioners' solicitor can be reached at:

          Chung & Kwan
          ING Tower, 16th Floor, Room 1601-1606
          308-320 Des Voeux Road
          Central, Hong Kong


C.T. ASIA PACIFIC: Liquidator to Present Report on Jan. 18
----------------------------------------------------------
Members of C.T. Asia Pacific Limited will have their final
general meeting on January 18, 2008, at 10:40 a. m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The meeting will be held at:

          China Merchants Building, Room 804
          152-155 Connaught Road
          Central, Hong Kong


C.T. ENTERPRISES FOODS: Members' Final Meeting on Jan. 18
---------------------------------------------------------
Members of C.T. Enterprises Foods Limited will have their final
general meeting on January 18, 2008, at 11:40 a. m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The meeting will be held at:

          China Merchants Building, Room 804
          152-155 Connaught Road
          Central Hong Kong


C.T. ENTERPRISES TRADING: Members to Receive Report on Jan. 18
--------------------------------------------------------------
Members of C.T. Enterprises Trading Limited will have their
final general meeting on January 18, 2008, at 12:00 p. m., to
hear the liquidator's report on the company's wind-up
proceedings and property disposal.

The meeting will be held at:

          China Merchants Building, Room 804
          152-155 Connaught Road
          Central Hong Kong


CHAMPION LAND: Court to Hear Wind-Up Proceedings on January 23
--------------------------------------------------------------
On November 19, 2007,Yip Tak Kim filed a petition to have
Champion Land Development Limited's operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
January 23, 2008, to hear the petition.

The petitioners' solicitor can be reached at:

          Chong Yan-tung Chris
          Hopewell Centre, 34th Floor
          183 Queen's Road East
          Wanchai, Hong Kong


CHINA TRIUMP: Court to Hear Wind-Up Proceedings on January 16
-------------------------------------------------------------
On November 12, 2007, Tam Chi Sum filed a petition to have China
Triump Limited's operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
January 16, 2008, to hear the petition.

The petitioners' solicitor can be reached at:

          Chong Yan-tung Chris
          Hopewell Centre,  34th Floor
          183 Queen's Road East
          Wanchai, Hong Kong


CHINALINK INT'L: Court to Hear Wind-Up Proceedings on Jan. 16
-------------------------------------------------------------
On November 12, 2007, Poon Wai Yip filed a petition to have
Chinalink International Holdings Limited's operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
January 16, 2008, to hear the petition.

The petitioners' solicitor can be reached at:

          Chong Yan-tung Chris
          Hopewell Centre, 34th Floor
          183 Queen's Road East
          Wanchai, Hong Kong


DYNAMIC GLOBAL: ABN AMRO Holds 6.73% of Issued Share Capital
------------------------------------------------------------
Infocast News reports that on December 18, ABN AMRO Holding N.V.
reported to the Hong Kong Stock Exchange that it had 43.222
million shares of long position in Dynamic Energy Holdings,
which represent 6.73% of Dynamic Global's issued share capital.

On Oct. 11, 2007, the Troubled Company Reporter-Asia Pacific
reported that Dynamic Global Holdings Limited's executive
director and chief financial officer, Dai Xu, resigned effective
Oct. 8, 2007.  The report noted that according to the company,
Mr. Dai resigned due to other business engagements which require
more of his dedication.  The company's board and Mr. Dai
confirmed that there is no disagreement with each other and
there is no any other matter relating to Mr. Dai's resignation
that needs to be brought to the attention of the shareholders of
the company.

Hong Kong-based Dynamic Global Holdings Limited is an investment
holding company.  The company operates in four business
segments: the property development segment engages in the
development and sale of properties in Mainland China; the
investment holding segment invests in technology projects in
Mainland China; the resort operation segment engages in the
operation of a resort hotel in Mainland China, and the
agricultural segment engages in the sale of agricultural
products in Mainland China.

The Troubled Company Reporter-Asia Pacific, on May 3, 2007,
reported that Dynamic Global Holdings Ltd posted a HK$76.95
million net loss for the financial year ended Dec. 31, 2006,
compared with a HK$97.79 million net loss in 2005.  Dynamic
Global's balance sheet as at Dec. 31 also showed total
assets of HK$347.28 million and total liabilities of HK$422.71
million, resulting in a capital deficiency of HK$75.43 million.


DYNAMIC HARVESTER: Members to Receive Wind-Up Report on Jan. 18
---------------------------------------------------------------
Members of Dynamic Harvester Limited will have their final
general meeting on January 18, 2008, at 16:00 p.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The meeting will be held at:

          China Merchants Building, Room 804
          152-155 Connaught Road
          Central Hong Kong


FERMAY INVESTMENT: Liquidator to Present Wind-Up Report
-------------------------------------------------------
Members of Fermay Investment Limited will have their final
general meeting on January 18, 2008, at 16:20 p.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The meeting will be held at:

          China Merchants Building, Room 804
          152-155 Connaught Road
          Central Hong Kong


FORICH MANUFACTURING: Liquidator to Present Wind-Up Report
----------------------------------------------------------
Members of Forich Manufacturing Limited will have their final
general meeting on January 18, 2008, at 15:00 p.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The meeting will be held at:

          China Merchants Building, Room 804
          152-155 Connaught Road
          Central Hong Kong


GAI NIN TRADING: Members' Final Meeting Set for Jan. 18
-------------------------------------------------------
Members of Gai Nin Trading Limited will have their final general
meeting on January 18, 2008, at 16:40 p.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The meeting will be held at:

          China Merchants Building, Room 804
          152-155 Connaught Road
          Central Hong Kong


HI-TECH: Creditors' & Contributors' Meetings Set for Jan. 15
------------------------------------------------------------
Creditors and contributors of Hi-Tech Wealth Group Limited will
hold their final general meeting on January 15, 2008, at 11:00
a.m. and 11:30 respectively, to hear the liquidator's report on
the company's wind-up proceedings and property disposal.

The meeting will be held at:

          One Hysan Avenue, 16th Floor, Room 1601-02
          Cause way Bay
          Hong Kong


ICBC ASIA: Fitch Affirms Individual Rating at C
-----------------------------------------------
Fitch Ratings has affirmed Hong Kong-based Industrial and
Commercial Bank of China (Asia) Limited's (ICBC Asia) Individual
rating at 'C' and Support rating at '2'.

ICBC Asia's total assets and loans increased by 26% and 8%
respectively in 2006.  In H107, they increased further by 54%
and 40%, respectively, when the bank acted as a receiving bank
for a large number of stock initial public offerings (IPOs), and
extended a substantial amount of short-term IPO subscription
loans.  Without this, loan growth in H107 would have only been
around 15%, which was, however, still strong in Fitch's view,
driven by loans for large corporates both in and outside HK;
ICBC Asia is a market leader in loan syndication and corporate
lending.  Hong Kong accounted for about 80% of ICBC Asia's total
loans versus 10% in China, 5% in Macau, and 5% elsewhere. Within
Hong Kong, loans for property investment/development grew 41%
between end-2005 and end-H107 to account for 32% of loans, while
loans for use outside Hong Kong grew 229% between end-2005 to
end-H107.  ICBC Asia also benefits from client referrals from
its parent, the Industrial Bank of China (ICBC), which is
China's largest bank with USD1.1 trillion in assets
('A'/Stable).

ICBC Asia improved its profitability in H107 and 2006 compared
with 2005, thanks to wider net interest margins, higher
securities brokerage fee, and improved operating efficiency. Its
operating ROAA improved to 1.22% in 2006 from 1.12% in 2005,
while its operating ROAA in H107 was inline with its 2006
figures when adjusted for the increase in IPO loans.
Nevertheless, ICBC Asia's profitability still lags behind its
peers as ample liquidity and intense competition kept margins on
corporate/syndicated loans at historically low levels.  The bank
intends to increase retail lending and expand its product
offerings for high net-worth individuals to improve its
profitability.

ICBC Asia maintained good asset quality with impaired loan
ratios at 0.7% at end-H107.  Although ICBC Asia's total CAR
declined to 13.0% at end-H107 from 16.0% at end-2006 due to the
increase in IPO subscription loans and Basel II adoption, its
capital adequacy remains good as all of its subordinated notes
were held by its parent.  In early December 2007, ICBC exercised
warrants to subscribe to new shares of ICBC Asia worth HKD1.5
billion, or over 10% of ICBC Asia's equity, thereby improving
its capital adequacy.

Established in 1964, ICBC Asia is the principal Hong Kong unit
of ICBC.  It has 41 branches, seven wealth management centres,
and five commercial business centres in Hong Kong. Listed in
Hong Kong, it is 63%-owned by ICBC with Fortis NV ('AA-'/Stable)
holding another 8%.


KARSON ENGINEERING: Court to Hear Wind-Up Proceedings on Jan. 16
----------------------------------------------------------------
On August 24, 2007, Shum Yui Tung, Ho Wai Chau, Lai Chi Wai, and
Leung Yim Leun filed a petition to have Karson Engineers Company
Limited's operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
January 16, 2008, to hear the petition.

The petitioners' solicitor can be reached at:

          Chung & Kwan
          ING Tower, 16th Floor, Room 1601-1606
          308-320 Des Voeux Road
          Central, Hong Kong
          

LINK PROFIT: Court to Hear Wind-Up Proceedings on Feb. 6
--------------------------------------------------------
On December 4, 2007, Bank of China (Hong Kong) filed a petition
to have Link Profit International Limited's operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
February 6, 2008, to hear the petition.

The petitioners' solicitor can be reached at:

          Tsang, Chan & Wong
          Wing On House, 16th Floor
          No. 71 Des Voeux Road
          Central, Hong Kong


LUEN HOP: Court to Hear Wind-Up Proceedings on Jan. 23
------------------------------------------------------
On November 19, 2007, Yip Kay filed a petition to have Luen Hop
Air Conditioning Trading & Engineering Limited's operations
wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
January 23, 2008, to hear the petition.

The petitioners' solicitor can be reached at:

          Chong Yan-tung Chris
          Hopewell Centre,  34th Floor
          183 Queen's Road East
          Wanchai, Hong Kong


MABUCHI PRECISION: Members' General Meeting Set for Jan. 21
-----------------------------------------------------------
Members of Mabuchi Precision Industries Hong Kong Limited will
meet on January 21, 2008, at 10:30 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The meeting will be held at:

          One Pacific Place, 35th Floor
          88 Queensway
          Hong Kong


NEW HAPPY METAL: Court to Hear Wind-Up Proceedings on Jan. 16
--------------------------------------------------------------
On November 7, 2007, Luk Pak Kit filed a petition to have New
Happy Metal Works Limited's operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
January 16, 2008, to hear the petition.

The petitioners' solicitor can be reached at:

          Ching Yan-tung, Chris
          Hopewell Centre, 34th Floor
          183 Queen's Road East
          Wanchai, Hong Kong


PLUS HOLDINGS: Signing of Restructuring Pact Moved to Jan. 31
-------------------------------------------------------------
Infocast News reports that parties to the restructuring
agreement of Plus Holdings Limited agree that more time is
needed to finalize the terms and conditions of the plan.

Thus, the parties agreed to postpone the deadline for the
signing of the restructuring agreement from December 23, 2007,
to on or before January 31, 2008, Infocast News relates.

Trading in the shares of the company will remain suspended until
further announcement, the report added.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 19, 2007, the proposed restructuring will include, inter
alia:

   1) Capital Reorganization;

   2) Debt Restructuring involving schemes of arrangement with
      creditors;

   3) Subscription of New Shares, Convertible Preference Shares,
      Options; and

   4) Whitewash Waiver.

The investor, Wai Chun Ventures Limited and represented by Lam
Ching Kui, will:

   (i) subscribe for 4,000,000,000 New Shares at the
       subscription price of HK$0.01 each;

  (ii) subscribe for the 11,000,000,000 Convertible Preference
       Shares at the subscription price of HK$0.01 each; and

(iii) subscribe HK$20 million for the subscription of the
       Options at HK$0.001 each.

                        About Plus Holdings

Headquartered in Hong Kong, Plus Holdings Limited is an
investment holding company.  The company is organized into three
operating divisions: sales and integration services, services
income and contract income.  Sales and integration includes
income from sales and services, provision of integration
services of computer and communication systems.  Services income
includes income from design, consultation, production of
information system software and management training services.
Contract income includes income in connection with the sale of
communication systems equipment for intelligent buildings and
provision of installation services.  The company's subsidiaries
include Beijing HollyBridge System Integration Company Limited,
Chun Tai (BVI) Limited, Full Hope Enterprises Limited, Holy
(Hong Kong) Universal Limited, Plus Financial Distribution
Holdings Limited and Telecom Plus Investment Limited.

                       Going Concern Doubt

Morison Heng, the company's independent auditor was not able to
assess the validity of the board of directors' assumptions that
the group is a going concern.  The auditors said that for the
year ended March 31, 2006, the group reported a loss
attributable to shareholders of HK$1,210,000.  As at March 31,
2006, the group had a capital deficiency of HK$25,956,000 and
net current liabilities of HK$29,101,000.  During the year, the
group had overdue borrowings totaling HK$16,886,000.  In
addition, there are various actions involving litigation against
the group from various parties, including suppliers, leasing
company and others.

Subsequent to the balance sheet date, a finance company has
petitioned to the Court in Hong Kong for the winding up of the
company.  

On May 17, 2007, Stephen Liu Yiu Keung and Robert Armor Morris
were appointed as liquidators of Plus Holdings Limited.  The
provisional Liquidators can be reached at:

         Stephen Liu Yiu Keung
         Robert Armor Morris
         Two International Finance Centre, 18th Floor
         Central, Hong Kong

As at May 17, 2007, the total indebtedness owed by the Company
to its creditors was approximately HK$77 million.


PROLONG: Court to Hear Wind-Up Proceedings on January 16
--------------------------------------------------------
On November 1, 2007, the Government of Hong Kong Special
Administrative Region filed a petition to have Prolong
Consultants Limited's operations wound up.

Prolong Consultants is also known as Prolong Commerce Risk
Management.

The High Court of Hong Kong will convene at 9:30 a.m. on
January 16, 2008, to hear the petition.

The petitioners' counsel can be reached at:

          Jess Chan
          Government Counsel
          Department Justice
          High Block, 2nd Floor
          Queensway Government Offices
          66 Queensway
          Hong Kong


SALES PROFIT: Court to Hear Wind-Up Proceedings on Jan. 16
----------------------------------------------------------
On November 5, 2007, Wong Chun Wah Edward filed a petition to
have Sales Profit Limited's operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
January 16, 2008, to hear the petition.

The petitioners' solicitor can be reached at:

          Chung & Kwan
          ING Tower, 16th Floor, Room 1601-1606
          308-320 Des Voeux Road
          Central, Hong Kong


SINO BEST: Court to Hear Wind-Up Proceedings on January 23
----------------------------------------------------------
On November 14, 2007, Siu Kit Ching filed a petition to have
Sino Best Limited's operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
January 23, 2008, to hear the petition.

The petitioners' solicitor can be reached at:

          Chong Yan-tung Chris
          Hopewell Centre, 34th Floor
          183 Queen's Road East
          Wanchai, Hong Kong


WINDEX HOLDINGS: Court to Hear Wind-Up Proceedings on Jan. 16
-------------------------------------------------------------
On November 12, 2007, Lau Lai Man filed a petition to have
Windex Holdings Limited's operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
January 16, 2008, to hear the petition.

The petitioners' solicitor can be reached at:

          Ching Yan-tung, Chris
          Hopewell Centre, 34th Floor
          183 Queen's Road East
          Wanchai, Hong Kong


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

GENERAL MOTORS: Inks Pact With Navistar on Medium Duty Truck Biz
----------------------------------------------------------------
General Motors Corp. and International Truck and Engine
Corporation, the principal operating subsidiary of Navistar
International Corporation, have entered into a non-binding
memorandum of understanding under which Navistar would purchase
certain assets, intellectual property and distribution rights
for GM's medium-duty truck business.

As proposed, Navistar would acquire GM's medium-duty truck
business, which includes assets and intellectual property rights
to manufacture GMC and Chevrolet brand vehicles in the class 4-8
gross vehicle weight range.  It also includes purchase of the
related service parts business.  Navistar would sell a
competitive line of Chevrolet and GMC vehicles and service parts
through GM's proprietary dealer network in the United States and
Canada.

The agreement is another step in GM's plan to focus on
designing, manufacturing and selling cars and light trucks
globally.  The deal would leverage Navistar's strengths in
commercial trucks and engines, and advance its strategy to build
scale and reduce costs.

"Navistar's expertise in building International(R) brand
commercial trucks and its track record in the medium-duty
segment makes them an excellent choice to acquire and continue
growing the business. We intend to work closely with Navistar to
make this transition seamless to our dealers and customers,"
Troy Clarke, president of GM North America, said.

"This is another example of how we're strategically growing our
business for trucks, engines and parts, building scale and
reducing costs," Daniel C. Ustian, chairman, president and CEO,
Navistar International Corporation, said.  "We are proud to
incorporate the GM truck brands into our portfolio, and will
utilize the scale to build on the success of both the
International and GM product lines and their respective
distribution networks."

Navistar would add the GMC(R) TopKick and Chevrole(R) Kodiak
truck brands to its growing portfolio of brands, which currently
includes International(R) brand trucks and tractors, IC(R) brand
buses, Workhorse(R) brand chassis for motor homes and step vans,
and MaxxForce(R) brand engines.

When a deal is definitively concluded, production of the
vehicles would move from GM's plant in Flint, Michigan, to a
Navistar facility to be named.  GM would retain ownership of its
Flint plant and continue to build other products at the
facility.

GM will continue its medium-duty truck relationship with Isuzu
to market W-Series trucks through GM's medium-duty dealer
network.

The deal is expected to close in 2008 subject to completion of
satisfactory due diligence, the negotiation of a definitive
purchase agreement, customary regulatory clearance and board
approval.  Upon closing, transition of the business could take
several months to conclude.

              About International Truck and Engine

International Truck and Engine Corporation, a wholly owned
subsidiary of Navistar International Corporation, produces
medium trucks, heavy trucks, severe service vehicles, MaxxForce
brand diesel engines, parts and service.  International and its
affiliates sell their products, parts and services through a
network of nearly 1,000 dealer outlets in the United States,
Canada, Brazil and Mexico and from more than 60 dealers in 90
countries throughout the world.

                    About Navistar International

Headquartered in Warrenville, Illinois, Navistar International
Corporation (Other OTC: NAVZ) -- http://www.navistar.com/-- is  
a holding company whose wholly owned subsidiaries produce
International(R) brand commercial trucks, MaxxForce brand diesel
engines, IC brand school and commercial buses, and Workhorse
brand chassis for motor homes and step vans.  It also is a
private-label designer and manufacturer of diesel engines for
the pickup truck, van and SUV markets.  The company also
provides truck and diesel engine parts and service.  Another
wholly owned subsidiary offers financing services.

                             About GM

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 280,000 people around the world and manufactures cars and
trucks in 33 countries, including the United Kingdom, Germany,
France, Russia, Brazil and India.  In 2006, nearly 9.1 million
GM cars and trucks were sold globally under the following
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden,
HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security
and information services.

                          *     *     *

As reported in the Troubled Company Reporter on Nov. 9, 2007,
Moody's Investors Service affirmed its rating for General Motors
Corporation (B3 Corporate Family Rating, Ba3 senior secured,
Caa1 senior unsecured and SGL-1 Speculative Grade Liquidity
rating) but changed the outlook to Stable from Positive.  In an
environment of weakening prospects for U.S. auto sales GM has
announced that it will take a non-cash charge of US$39 billion
for the third quarter of 2007 related to establishing a
valuation allowance against its deferred tax assets (DTAs) in
the US, Canada and Germany.

As reported in the Troubled Company Reporter on Oct. 23, 2007,
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating and other ratings on General Motors Corp. and
removed them from CreditWatch with positive implications, where
they were placed Sept. 26, 2007, following agreement on the new
labor contract.  The outlook is stable.


SPICEJET LTD: Will Book Operating Profit This Quarter, CEO Says
---------------------------------------------------------------
SpiceJet Ltd will declare some operating profit this quarter
with the carrier's improving yields and higher ticket prices,
SpiceJet Managing Director & CEO Siddhanta Sharma told CNBC-TV18
in an interview.

As previously reported by the Troubled Company Reporter-Asia
Pacific, the airline incurred an operating loss of INR337.3
million from revenues of INR2.7 billion in the three months
ended Sept. 30, 2007.  Net loss for that quarter was INR377.71
million.

According to Mr. Sharma, prices and yields have firmed in the
current quarter with the season's high demand.  “[Y]ields have
gone up.  We are looking at an improvement of almost [INR]300-
350, as compared to the previous quarter.  So, we currently
stand at about [INR]3,100,” he told the TV station.

Mr. Sharma believes that for the year, SpiceJet will be close to
breakeven with “maybe USD$5-10 million loss here or there,”
CNBC-TV18 report related.

Gurgoan, India-based SpiceJet Limited --
http://www.spicejet.com/-- is an airline carrier.  In fiscal
2006, SpiceJet carried over 1.6 million passengers.  As of
May 31, 2006, the company operated over 60 daily flights
covering 13 destinations, including eight Boeing 737-800
aircraft. SpiceJet has integrated with various travel related
Websites, such as indiatimes, makemytrip, travelguru and
cleartrip.  The company has launched a co-branded credit card
with State Bank of India in association with MasterCard.  In
fiscal 2006, SpiceJet entered into a sale and lease back
agreement with Babcock & Brown Aircraft Management along with
its partner Nomura Babcock & Brown Co. Ltd. covering 16 Boeing
737-800/-900ER aircraft.

Spicejet incurred net losses for at least two consecutive years
-- INR414.2 million in the year ended May 31, 2006, and
INR287.05 million in the year ended May 31, 2005.  The company
changed its financial year from June-May to April-March.  For
the ten months ended March 31, 2007, the airline carrier booked
a net loss of INR707.43 million.


SPICEJET: Looks at Non-Ticketing Revenue Options
------------------------------------------------
SpiceJet Ltd has tied up with Up Close and Personal for
generating ancillary revenue through in-flight contests and
space selling on its boarding passes, baggage tags and seat
covers.  All SpiceJetters participating in the contests get a
chance to win prizes worth INR2,50,000 every month.

Speaking on this, Kamal Hingorani, VP Marketing & Planning said,
“ In-flight contests is a unique value proposition for all.
SpiceJetters get a chance to enjoy exciting prizes through
simple lucky draw; data is generated for the advertiser and
substantial non-ticket revenue for us.  For advertisers keen on
only visibility, the captive audience traveling on board ensures
minimum wastage of the communication effort.

Going forward, this revenue stream help us remain healthy and
offer competitive prices for the travelers, ” he further added.
Raj Bhatia, MD, UCP, further elaborates, “It is a win-win
situation for everyone.  Today’s marketers are looking for
qualified leads and this promotion can generate assured data for
direct marketing.”

Gurgoan, India-based SpiceJet Limited --
http://www.spicejet.com/-- is an airline carrier.  In fiscal
2006, SpiceJet carried over 1.6 million passengers.  As of
May 31, 2006, the company operated over 60 daily flights
covering 13 destinations, including eight Boeing 737-800
aircraft. SpiceJet has integrated with various travel related
Websites, such as indiatimes, makemytrip, travelguru and
cleartrip.  The company has launched a co-branded credit card
with State Bank of India in association with MasterCard.  In
fiscal 2006, SpiceJet entered into a sale and lease back
agreement with Babcock & Brown Aircraft Management along with
its partner Nomura Babcock & Brown Co. Ltd. covering 16 Boeing
737-800/-900ER aircraft.

Spicejet incurred net losses for at least two consecutive years
-- INR414.2 million in the year ended May 31, 2006, and
INR287.05 million in the year ended May 31, 2005.  The company
changed its financial year from June-May to April-March.  For
the ten months ended March 31, 2007, the airline carrier booked
a net loss of INR707.43 million.


TATA MOTORS: Ford India Pres. Says Tata Bid “Very Interesting”
--------------------------------------------------------------
Tata Motors Ltd's bid for two Ford Motor Co. brands is “very
interesting,” the Press Trust of India cites Ford India
President Arvind Mathew as saying at the launch of MRF Formula-
1600 cars in Chennai on Sunday.

Mr. Matthew, however, did not confirm a report that Ford is set
to pick Tata Motors as preferred bidder for the Jaguar and Land
Rover brands.

As previously reported in the Troubled Company Reporter-Asia
Pacific, Tata Motors is in the race to buy the Ford brands.  
Tata Motors made it to the list of final bidders along with
Mahindra & Mahindra in collaboration with buyout firm Apollo;
and One Equity Partners LLC.

On Dec. 17, the TCR-AP, citing a report written by Dominic
O'Connell of United Kingdom's The Sunday Times, related that
sources close to the negotiations will be naming Tata as the
preffered bidder.  The Sunday Times is expecting Tata to dole
out an estimated GBP1 billion for the acquisition.

Mathieu Robbins and Devidutta Tripathy of Reuters, citing a  
person familiar with the matter, wrote that Tata, who was the
backing of the unions of the two brands, still looks favorite to
seal a deal, which deal may not come until new year.

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the Company.  The Company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

Standard & Poor's Ratings Services, on July 13, 2007, assigned
its 'BB+' issue rating to the proposed US$490 million zero-
coupon convertible bonds of India's Tata Motors Ltd.
(BB+/Stable/--).  The bonds represent a direct, unsecured and
unsubordinated obligation of the company.  Proceeds from the
bonds will be used for capital expenditure, overseas
investments, acquisitions, and other general corporate purposes.

Moody's Investors Service, on July 26, 2005, gave Tata Motors
'Ba1' long-term corporate family and senior unsecured debt
ratings.


TATA MOTORS: Launches New Medium & Heavy Commercial Vehicles
------------------------------------------------------------
Tata Motors Ltd last week unveiled its new and exciting range of
Medium and Heavy Commercial vehicles in Pune.

This year, Tata Motors will redefine motoring solutions in the
country with its all-new range in Medium and Heavy Commercial
Vehicles.  These trucks and value-added applications clearly
signal Tata Motors commitment to bringing customised solutions
with the latest technologies.  It will be the first time that
these many new models are being launched in a single year.

Commenting on the launches, the Executive Director of Tata
Motors Commercial Vehicle Business Unit, P.M. Telang said, "It
gives me immense pleasure to showcase our new range of medium
and heavy commercial vehicles.  With the introduction of this
new range, Tata Motors reiterates its leadership position in
providing the best commercial vehicle solutions for its
customers and business partners.  The new product range further
enhances the company’s image as a value-added M&HCV
manufacturer".

The Medium and Heavy Commercial Vehicles range on display
includes:

1. The Tata LPS 4930 Novus-6x4 BSII Tractor is a 49 ton 6X4
   Novus tractor.  The vehicle has a contemporary and a
   luxurious AC cabin, which is customised for optimum
   performance in Indian conditions. It is fitted with ATOS 80
   frame to withstand toughest operating condition. It has 11 R
   20 radial tyres along with ABS technology to provide maximum
   safety.  The maximum power capacity of the vehicle is 295.8HP    
   at 2200 rpm and torque of 1127 Nm@1400 rpm and 25%
   gradeability.  It is also factory fitted with GPS/ Data
   logger solution.  It has been fitted with a maximum gear
   speed of 82 kmph.  Ideal vehicle for container, steel, cement
   and petroleum.

2. TheTata LPS 4923 TC 6x4 BS II Tractor is a 49ton GCW
   Tractor-Trailer.  The vehicle has been fitted with a proven    
   world class Cummins engine with matching Eaton gearbox. It
   offers 25% gradeability for use in tough terrains.  The
   vehicle has inverted bogie suspension, which has long life
   and good axle alignment retention property, used for the
   first time by Tata Motors in this class of vehicle.  It is a
   durable and world-class vehicle, with easy maintenance, less
   down time and offers enhanced safety and comfort features.
   The engine delivers a superior power of 230HP.  Its torque is
   814 Nm resulting in less fatigue and more mileage.  The
   vehicle has been fitted with an Anti Lock Brake System.  The
   Tata LPS 4923 offers some more additional product features
   such as inter-axle differential lock, serrated coupling,
   small silencer size, propeller shaft, water-cooled
   compressor, air-assisted clutch booster. It has 3 variants -
   cowl, cabin chassis and fully built with 3-axle trailer.
   Ideal vehicle for steel coil, cement, containers and ODC
   (over dimensional cargo).

3. The Tata LPT 3118 TC 8x2 BS II Truck is India's first 8 X
   2 Multi Axle truck with 'Lift Axle'.  It is fitted with
   Automatic Load Sensing Value for optimum Lift Axle function.
   The Gross Vehicle Weight (GVW) is 31,000 kgs, thus offering
   more payload, minimum operating cost and in turn more
   earnings for the customer. It delivers a maximum power of
   177HP at 2500 rpm and torque of 650 Nm@1500 rpm and
   gradeability of 21%.  It has a max gear speed of 79.1kmph, an
   overall length of 9290 mm (for cab) and a ground clearance of
   248 mm.  It has three variants -- cowl, cab chassis and cab
   load body.  Ideal vehicle for cement, containers, tankers,
   petrochemicals, fertilizers, food grain, timber and general
   cargo.

4. The Tata LPT 2516 Super Turbo Multi Axle Truck provides the    
   best fuel efficiency in its class coupled with superior
   power pick-up and speed.  It is powered by 160 PS, 697
   turbocharged intercooled diesel engine. This is the first
   time that radial tyres have been offered as a standard
   fitment.  The new engine comes with a Waste Gate Turbo
   Charger, Special Cylinder Head and Combustion Chamber,
   Pistons and High Pressure Injectors. The vehicle has booster
   assisted clutch, making clutch operation as smooth as a car.
   The vehicle provides the owner superior fuel efficiency,
   faster turnaround time, improved tyre life and better
   drivability.  Ideal vehicle for the use of cement, tankers,
   fertilisers, foodgrains and general cargo.

5. The Tata LPK 2518 TC 6x4 BS II Tipper has high power and
   torque with a higher gradeability of 24%. It has contemporary
   ribless body design with a meritor MT 28 1495 heavy duty
   axle, G750 6-speed gearbox.  The Cummins engine delivers a
   maximum power 176HP at 2250rpm.  The torque is 654 Nm at 1500
   rpm and has a FC tipping to provide more stability during
   tipping at uneven surfaces. Its wheelbase is 3880 mm and has
   a maximum gear speed of 70 kmph.  It overall length is 6830
   mm (for 38 W.B for chassis with N.S cab).  It has an option
   of 20 cubic metres body on 48WV. Ideal vehicle for light
   mining, construction and road work.

6. The Tata LPK 1618 BS II Tipper is India's first 4 X 2
   front end tipper with 176HP Cummins engine, which delivers a
   maximum power of 176.9HP at 2500 rpm and a high torque of 650
   Nm at 1500 rpm.  Further it comes with a clutch booster for
   driving comfort.  The Tipper has the highest gradebality in
   its class of vehicle range of 35%, and offers contemporary
   ribless body design.  This offers the best driving comfort to
   the customers.  The LPK 1618 TC is available in three
   variants -- 10 cum box, 8 cum box and 7 cum scoop load
   bodies.  It has a 3600mm wheelbase and is also available in
   3200mm wheelbase.  Ideal vehicle for mining (iron ore, O&B
   removal), tough construction sites like dam, irrigation, etc.

                     Multiple Applications

Applications such Trailer Transit Mixers, Tip Trailers, Side
Walled-Trailers, Garbage Compactors, Reefer Trucks, Dumper
Placers, Hi-Decks and Half Decks have been introduced on these
and other M&HCV’s, making the range robust.

                       About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the Company.  The Company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

Standard & Poor's Ratings Services, on July 13, 2007, assigned
its 'BB+' issue rating to the proposed US$490 million zero-
coupon convertible bonds of India's Tata Motors Ltd.
(BB+/Stable/--).  The bonds represent a direct, unsecured and
unsubordinated obligation of the company.  Proceeds from the
bonds will be used for capital expenditure, overseas
investments, acquisitions, and other general corporate purposes.

Moody's Investors Service, on July 26, 2005, gave Tata Motors
'Ba1' long-term corporate family and senior unsecured debt
ratings.


TATA MOTORS: To Participate in 9th Auto Expo Beginning Jan. 9
-------------------------------------------------------------
Tata Motors and Fiat India Automobile Private Limited are
participating jointly in the 9th Auto Expo in New Delhi,
beginning on Jan. 9, 2008, with a pavilion spread over 5,200
square metres.

Tata Motors will display a range of new passenger vehicles,
while Fiat will display passenger cars from its international
range.  From its commercial vehicles business, Tata Motors'
displays will include buses from the joint venture with
Marcopolo of Brazil, newly developed multi-axle heavy trucks,
pickup vehicles, applications of panel vans, and new mini-
trucks.

In keeping with the company's tradition of unveiling its new
cars at the Auto Expo, the company will present its People's
Car, which will be unveiled at a special ceremony on Jan. 10.
Although the People's Car will be unveiled at the Expo, the
commercial launch will take place later in 2008.

The New Delhi Auto Expo, which is a biennial event, has been the
glittering showcase of the Indian automobile and auto-component
industry for the last 18 years.  A complete automotive show, it
is a platform for the world to display state-of-the-art and
latest developments in the automotive industry.

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the Company.  The Company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

Standard & Poor's Ratings Services, on July 13, 2007, assigned
its 'BB+' issue rating to the proposed US$490 million zero-
coupon convertible bonds of India's Tata Motors Ltd.
(BB+/Stable/--).  The bonds represent a direct, unsecured and
unsubordinated obligation of the company.  Proceeds from the
bonds will be used for capital expenditure, overseas
investments, acquisitions, and other general corporate purposes.

Moody's Investors Service, on July 26, 2005, gave Tata Motors
'Ba1' long-term corporate family and senior unsecured debt
ratings.


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

GOODWILL GROUP: JCR Cuts Rating on Senior Debts to BB
-----------------------------------------------------
Japan Credit Rating Agency Ltd. has downgraded its rating on
senior debts of The Goodwill Group, Inc. from BB+ to BB, placing
it under Credit Monitor with Negative direction.

Goodwill is a pure holding company of Goodwill Group.  Its
subsidiary Goodwill Inc. announced on December 22, 2007 that it
was notified by the Health, Labor and Welfare Ministry's Tokyo
bureau that it would have a chance for explanations on a
suspension order and a business improvement order with respect
to the worker dispatch business.  The bureau will issue an order
in January 2008 to suspend the worker dispatch business for all
of the business establishments of Goodwill (totaling 737) for
two months and for four months for 89 establishments, which were
recognized to have violated the Worker Dispatch Law (suspensions
of concluding new dispatch contracts and renewal of contracts).  
Although other companies of the group are not subject to the
sanction, issue of business suspension order to Goodwill Inc.
will have impact on other temporary staffing businesses to a
degree.  Thus, JCR deems it necessary to examine carefully
direct and indirect impact of the suspension on the operating
performance of the entire group.  Goodwill Group, Inc.'s
confidence in society has lowered further than before as
significant defects in compliance for the core temporary
staffing and subcontracting of labor business following those
for nursing care business came to light now.  The Company has
set out a plan to strengthen compliance.  However, it will be
difficult for the Company to ensure effectiveness of the
enhancement in the short run.  For the above reasons, JCR
downgraded its rating on the Company and placed it under Credit
Monitor with Negative direction to it.

                      About Goodwill Group

Japan-based The Goodwill Group, Inc. --
http://www.goodwill.com/gwg/english/index.html-- is a involved  
in five business segments.  The Staffing segment offers
recruitment services for technicians, senior workers and others.  
The Human Resources-related segment provides employee-hiring
support services to corporate clients, counseling services to
workers and outplacement services to retired and retiring
workers.  The Nursing-care and Medical Support segment is
engaged in the provision of home-care services, care services in
facilities and dental examination services at home, as well as
the sale of nursing-care goods and equipment, among others.  The
Senior Residence and Restaurant segment operates nursing home
under the name THE BARRINGTON HOUSE, and also operates
restaurant in both domestic and overseas markets.  The Others
segment is engaged in the planning, designing and management of
pet care facilities, the operation of pet care shops, the
operation and management of nurseries, the provision of baby-
sitting services and others.

The Troubled Company Reporter-Asia Pacific reported on June 14,
2007, that The Goodwill Group is thinking of selling its home
nursing-care services division after the Japanese government
banned it from renewing its licenses due to its involvement in a
fraud scandal.  The article conveyed that the firm allegedly
obtained some of the licenses for nursing-care service operators
certified under a public insurance program through fraudulent
applications, including those with an inflated number of
employees.


SANYO ELECTRIC: Amends Non-Consolidated Results from FY2000-2005
----------------------------------------------------------------
Sanyo Electric Co., Ltd., has finished its internal
investigation and review of company financial statements for
previous fiscal years.  Having reached a decision, Sanyo
disclosed a written report on its investigation and intention to
amend results of marketable securities.

Sanyo, regarding the six fiscal terms from fiscal year 2000
(ending March 2001) to FY2005 (ending March 2006), has amended
its previous fiscal year non-consolidated financial statements
in conformance to practical business guidelines related to
accounting standards and financial commodities accounting.  The
amendments were based on and include:

   1. Judging the importance of the selection regarding which
      subsidiaries and affiliates would be the subject of
      investigation for impairment losses; and

   2. In addition to conducting a comprehensive review, ensuring
      compliance to accounting standards and practical  
      guidelines in order to decide which subsidiaries and
      affiliates will be subject for review for impairment
      losses and which companies have the potential of
      recoverable performance, particularly in the semiconductor
      business which has been subject to market fluctuations.

Sanyo also received an accounting audit for the periods starting
from FY2000 from Grant Thornton Taiyo ASG.  The audit also
included the recalculation of impairment losses for
subsidiaries/affiliates and deferred tax assets for each fiscal
year.

The amendments apply to the account processing for the six terms
for losses in investments in subsidiaries and affiliates, and
the total amount amended for the six terms are:

   Amendment of losses in investments in subsidiaries and
   affiliates:
      
      Before amendment JPY372.6 billion
      After amendment JPY378.6 billion (Change: -6 billion yen)

   Amendment of deferred tax assets:
      Before amendment JPY100.2 billion
      After amendment JPY100.2 billion (No change)

The amendments are restricted to the non-consolidated results
for previous fiscal years up to FY2005, which ended on March 31,
2006.  The amendments do not significantly affect the
consolidated results for the mentioned period.

           Measures Taken to Prevent Future Problems

Sanyo established an internal "Investigation Committee for
Previous Financial Results" in May of this year, which included
third party members, such as lawyers and accountants from
outside the company.  Following its establishment, the Committee
was entrusted to conduct an investigation to determine the cause
of and how to prevent such problems from recurring and Sanyo
received the report and proposed preventative measures from the
investigation Committee.

The primary causes of the problem:

   1. Inadequacy and vulnerability in financial division   
      accounting system;

   2. Lack of independence for the auditors and insufficient
      auditing organization;

   3. Inadequate governance system and incomplete management
      supervisory function and inspection; and

   4. Corporate culture and the effects of the company system.

Additionally, as for Sanyo's handling of impairment losses for
subsidiaries and affiliates, while the Committee found the
company's accounting to not be in accordance with accounting
standards and practical guidelines relating to financial
commodities, the Committee reported that these actions were not
done with ill-intent by those in authority during the applicable
terms, and that there was no intentional foul play involved for
the financial results of the applicable terms.

Sanyo has realized the seriousness of the situation requiring
amendments to the previous fiscal years' financial results, and
along with sincerely reflecting the situation, Sanyo will
strengthen its internal control through implementing various
measures thoroughly to prevent further similar instances, based
on the recommendations and report from the third-party
Committee.  Sanyo will further focus efforts on strengthening
the company-system by adding to the drastic reforms for
governance that started in March 2006.  These efforts include:

   1. Have management personnel recognize the important of   
      suitable financial statements, and develop risk-minded
      financial affairs

      * Implement training for executive personnel and managers;

      * Hold regular meetings between management and auditors;   
        and

      * Share ethics of financial reporting company-wide.

   2. Strengthen governance system
   
     * Reform deliberation process used by the board of
       directors for measures (implemented);

     * Decentralized authority (implemented);

     * Strengthen internal control systems (implemented).

       - Establish personnel/nominating committee, compensation
         committee, and governance committee
       - Strengthen and establish accounting employee system
       - Create a 'compliance hotline'

   3. Strengthen financial affairs and accounting systems/Remove   
      the barriers of the company-system

      * Adopt system for accepting management personnel   
        (implemented);

      * Strengthen management of affiliated companies;

      * Adopt standards for management of affiliated companies
       (implemented);

      * Increase financial affairs personnel from the current
        number of 12 (as of April 2007) to 24, or approximately
        double the current amount, increasing both quality and
        quantity;

      * Separate managerial accounting and system accounting;

      * Introduce complete structure for thorough compliance to
        accounting standards; and

      * Establish business planning inspection system.

   4. Enable close cooperation and sharing of information    
      between auditors, standing corporate auditors and
      financial affairs headquarters personnel through regularly
      held meetings

           Management Responsibility and Punishment

The responsibility for the amendments made to the six applicable
terms will be shared by management.  Sanyo recognizes the
importance of educating management to be in compliance with
guidelines, and, as such, will not award JPY1.2 billion in
bonuses or retirement to both former and current management, and
pay to seven persons, including the Executive Director &
President, as well as standing corporate auditors.

The Executive Director & President of Sanyo Electric Co., Ltd.,
Seiichiro Sano commented, "SANYO deeply and sincerely regrets
having to go back and amend previous fiscal year financial
results for the past six terms.  Hereafter, in order to never
again cause this type of problem, drastic preventative measures
such as maintaining internal structures, reinforcing account
management and checking functions, will be implemented and
thoroughly executed."

He added, "The amendments will be limited to the non-
consolidated financial results of previous terms, and will not
have any significant or noteworthy impact on consolidated
results for the same periods.  Also, new measures have already
been applied to previous and current results regarding standards
for losses, and along with receiving approval from the new
auditing firm, there will be absolutely no effects on the
situation of current financial affairs.  Sanyo will hereafter
work to regain trust and reputation with its new three-year
'Mid-term Management Plan' set to be put in effect from FY2008
through FY2010, and will guide SANYO to fulfilling its
revitalization."

                    About Sanyo Electric

Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. --
http://www.sanyo.com/-- is one of the world's leading  
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

                          *     *     *

In March 2, 2007, Fitch Ratings placed SANYO Electric Co. Ltd.'s
BB+ long-term foreign and local currency issuer default and
senior unsecured ratings on rating watch negative.


SANYO ELECTRIC: Admits Paying JPY28-Bil. Dividends Illegally
------------------------------------------------------------
Sanyo Electric Co., Ltd., acknowledged that it made illegal
dividend payments worth about JPY28 billion in five six-month
terms in the past amid a lack of resources, Jiji Press reports.

It was learned by Jiji Press that Sanyo paid JPY3 per share for
the April-September period of fiscal 2002, 2003, and 2004 and
the October-March period of fiscal 2002 and 2003.

Jiji Press relates that according to its sources, Sanyo should
have seen profits in those terms decline sharply and should have
been unable to pay the dividends if it did not defer necessary
accounting steps like the booking of losses on subsidiaries.

In a separate report, Jiji Press said Sanyo will forgo
retirement payments totaling about JPY1.2 billion to executives
and auditors who served during the years in question.  "It has
planned to make the payments to 60 such officials including
former Chairman Satoshi Iue after its business recovery," the
report added.

Sanyo President Seiichiro Sano and six other executives will
take additional pay cuts of 10% for six months, the report cited
the company as saying.

                    About Sanyo Electric

Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. --
http://www.sanyo.com/-- is one of the world's leading  
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

                          *     *     *

In March 2, 2007, Fitch Ratings placed SANYO Electric Co. Ltd.'s
BB+ long-term foreign and local currency issuer default and
senior unsecured ratings on rating watch negative.


SANYO ELECTRIC: May Be Face Fines and Delisting
-----------------------------------------------
Sanyo Electric Co., Ltd., after it adjusted its earnings reports
for the FY2000-FY2005, may face fines from regulators for its
accounting irregularities, The Associated Press reports.

Japan's Securities and Exchange Surveillance Commission accused
Sanyo of faking the earnings report for the fiscal half that
ended in September 2005, urging the Financial Services Agency to
fine the company, the AP relates.

The AP states that the SESC demanded that FSA fine Sanyo JPY8.3
billion for the irregularity.

The Tokyo Stock Exchange has given Sanyo shares a special
monitoring status while the bourse reviews the company's
earnings to see if it violated listing rules, says the AP.

Masaki Kondo and Hiroshi Suzuki of Bloomberg News report that
the Tokyo bourse said that Sanyo's shares may be delisted over
the misstated results from April 2000 to March 2006, leading to
erroneous dividend payments.

Hideyuki Ookoshi, who oversees US$35 million at Chiba-Gin Asset
Management Co. expressed to Bloomberg, "Investors who held the
stock on expectations of a business recovery don't like this
news.  Still, being placed on the watch list doesn't necessarily
mean the stock is going to be delisted right away."

Bloomberg relates that Sanyo, through a statement filed with the
Tokyo bourse, apologized to shareholders and business partners
and said it will strengthen management.

                    About Sanyo Electric

Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. --
http://www.sanyo.com/-- is one of the world's leading  
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

                          *     *     *

In March 2, 2007, Fitch Ratings placed SANYO Electric Co. Ltd.'s
BB+ long-term foreign and local currency issuer default and
senior unsecured ratings on rating watch negative.


* Moody's Report Says Major Retailers' Outlook Generally Stable
---------------------------------------------------------------
The rating outlook for Moody's Investors Services' rated
Japanese retail companies that have strengthened market
positions in the matured market is stable or positive.  On the
other hand, the companies that fail to strengthen their market
positions will find it challenging to maintain revenue and
earnings growth.  The ratings of such companies will be under
downward pressure.

According to Mina Sawamura, Moody's analyst and author of the
report, "Competition is intense throughout all formats --
department stores, convenience chains (CVS), general merchandise
stores (GMS), specialty retailers, etc.  And consumer spending,
which has shown signs of recovery (albeit with some disparity
between urban and suburban areas), will not grow easily, because
household budgets have not increased."

The report, entitled "Japan's Retail Industry," explains that,
until recently, the major Japanese retailers had promoted
structural reform to survive intensifying competition, a weak
domestic economy, and sluggish consumer spending.  The domestic
retail market has been shrinking and is suffering from over-
saturation.  In light of market saturation, a number of
retailers have merged or consolidated.  Business integration may
drive structural reform across the industry.

In addition, "if the rated companies are to sustain revenue and
earnings in such a mature market, merchandising and marketing
will be paramount," comments Sawamura.

Enhanced market positions and greater diversification (stemming
from consolidation) would have positive ratings implications for
those newly integrated companies that have developed strong
growth strategies for the medium term.  Nevertheless, there are
challenges to successful integration.  So far, there have been
no downgrades due to recent consolidation, as the rated
companies' ability to pay down debt has not changed
significantly under the their new organization structures, based
on the information currently available.

Consolidation efforts to enhance operating franchises and
improve diversification could also have a positive ratings
impact in the medium term if the additional financial burden
that ensues is manageable.  Nevertheless, Moody's recognizes
that there will be challenges to successful integration.

Finally, Moody's does not expect significant balance sheet
improvement while companies execute their growth strategies.  
The rated retailers intend to expand their market positions;
some have implemented rather aggressive business strategies,
others are carefully managing their balance sheets, yet others
are making changes to their financial policies. Balancing
business and financial strategies will remain paramount
important for rating stability, in Moody's view.


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

LITYAN HOLDINGS: Submits Appeal to Defer Delisting of Securities
----------------------------------------------------------------
Lityan Holdings Berhad has appealed to Bursa Malaysia Securities
Berhad to defer the delisting of the company's securities.   

In addition, the company asked for a three-month extension of
time to submit the New Restructuring Scheme from Dec. 6, 2007,
to March 5, 2008.

As reported by the Troubled Company Reporter - Asia Pacific on
Dec. 11, 2007, Lityan Holdings disclosed plans to undertake
several proposals to regularize its financial condition.

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

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


SANMINA-SCI: Weak Performance Cues Moody's to Cut Rating to B1
--------------------------------------------------------------
Moody's Investors Service downgraded Sanmina SCI Corporation's
corporate family rating and senior notes ratings to B1 from Ba3
and the senior subordinated notes to B3 from B2.

This rating action concludes Moody's review for possible
downgrade initiated on Aug. 20, 2007, which was triggered by the
company's continued poor operating results, reflecting weak
demand from original equipment manufacturers for its products
and operational inefficiencies in the components business.  The
ratings outlook is stable.

The downgrade to B1 reflects:

   (i) company's continued weak fundamentals, including
       declining revenues and low operating margins hampered by
       the components business and the personal computing
       segment, which the company had expected to sell by the
       end of 2007;

  (ii) sub-par asset utilization and ongoing business
       restructurings, which have totaled roughly US$264 million
       since the beginning of fiscal year 2005 with another
       US$75 to 85 million expected over the next couple of
       quarters;

(iii) heightened competition arising from industry
       consolidation and the growth of Asian outsourcers; and

  (iv) high leverage of 6.1x as a result of low EBIT levels over
       the past year.

Supporting Sanmina's B1 rating are solid working capital
management and free cash flow generation (US$407 million on a
Moody's adjusted basis during fiscal year 2007), the company's
tier one status in the EMS industry with a focus on non-
consumer, high mix products and services, growing diversity in
Sanmina's end markets served, and the company's strength in some
of the newer industries such as medical and defense.

The stable outlook reflects our expectation of continuing free
cash flow generation and debt reduction in 2008 and improvements
in the business and financial profile arising from the planned
exit of the low margin PC segment and restructuring of the
components business.  With significant restructuring actions
completed during the latter half of 2007 including management
changes and facility closures, we expect gross margins in the
components business to improve with the enclosures group
reaching profitability in 2008.

Sanmina has about US$930 million in cash and equivalents as of
Sept. 30, 2007, with full access to a revolving credit facility
of US$500 million.  The company's total debt is currently
US$1.48 billion, including redemption of US$120.0 million in
aggregate principal amount of its Senior Floating Rate Notes due
2010 which was announced on Dec. 18, 2007.

These ratings were downgraded:

   -- Corporate family rating to B1 from Ba3;

   -- Probability of default rating to B1 from Ba3;

   -- US$180 million senior floating rate notes due 2010 to B1
      from Ba3 (LGD3, 47%);

   -- US$300 million senior floating rate notes due 2014 to B1
      from Ba3 (LGD3, 47%);

   -- US$400 million senior subordinated notes due 2013 to B3
      from B2 (LGD5, 85%); and

   -- US$600 million senior subordinated notes due 2016 to B3
      from B2 (LGD5, 85%).

This rating was confirmed:

   -- Speculative grade liquidity rating of SGL-2

Headquartered in San Jose, California, Sanmina-SCI Corporation
(NasdaqGS: SANM) -- http://www.sanmina-sci.com/-- is an
Electronics Manufacturing Services (EMS) provider focused on
delivering complete end-to-end manufacturing solutions to
technology companies around the world.  Service offerings
include product design and engineering, test solutions,
manufacturing, logistics and post-manufacturing repair/warranty
services.

The company has locations in Brazil, China, Ireland, Finland,
Malaysia, Mexico and Singapore, among others.


TALAM CORP: Completes Disposal of 50% Interest in Larut Leisure
---------------------------------------------------------------
Talam Corp Bhd has completed the disposal of the company's
equity interest in Larut Leisure Enterprise (Hong Kong) Limited,
the company informed the Bursa Malaysia Securities Berhad.  

In June 2007, Talam Corp's subsidiary, Larut Overseas Venture
Sdn Bhd, entered into a share sale agreement with IJM Properties
Sdn Bhd to dispose of 1,515,000 ordinary shares of HK$1 each
representing a 50% equity interest in Larut Leisure.  IJM
Properties will also assume a loan of RM25.63 million from the
Talam Group to Larut Leisure.   

"All the conditions precedent in the Share Sale Agreement were
agreed upon," the company said in the filing with the bourse.

As a result of the completion, Larut Leisure will cease to be a
subsidiary of Talam and become a 50% owned associate company on
the transfer of shares being effected.

Larut Leisure Enterprise owns a 60% equity interest in Jilin
Dingtai Enterprise Development Co. Ltd, which owns a partially
completed "Yin Hai Complex" in Changchun, Jilin Province,
Peoples Republic of China.  The gross sales value of the
proposed 35-storey commercial and residential complex is
estimated at CNY745 million (approximately RM340 million).

IJM Properties is a wholly owned subsidiary of IJM Corporation
Berhad.   Larut Leisure Enterprise is a wholly owned subsidiary
of Larut Overseas Venture Sdn Bhd, which is a subsidiary of the
Company.

None of the Directors nor substantial shareholders of the
Company, or persons connected with them, has any interest,
direct or indirect, in the Disposal, and no approval of
shareholders was required.  The Disposal is not expected to have
any significant effect on the earnings or net assets per share
of the Company for the financial year ending January 31, 2008.

Headquartered in Kuala Lumpur, Malaysia, Talam Corporation
Berhad -- http://www.talam.com.my/-- is principally engaged in       
property development.  Its other activities include trading
building materials, manufacturing of ready mixed concrete,
provision for higher educational programs, development and
management of hotel, golf and country club horticulturists,
agriculturists and landscaping designers and contractors and
investment holding.  Operations of the group are carried out in
Malaysia and China.

The Troubled Company Reporter-Asia Pacific reported on Sept. 11,
2006, that based on the Audited Financial Statements of Talam
Corporation for the financial year ended January 31, 2006, the
Auditors Ernst & Young were unable to express their opinion on
the Company's Audited Accounts.  As such, the Company is an
affected listed issuer of the Amended Practice Note 17 category.  
In accordance with PN 17, the company is required to submit and
implement a plan to regularize its financial condition.


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

AUCKLAND RESIDENTIAL: Creditors Must File Claims by Dec. 30
-----------------------------------------------------------
Auckland Residential Limited was placed into liquidation on
November 29, 2007, with the appointment of Grant Bruce Reynolds
as liquidator for the company.

Creditors have until December 30, 2007, to prove their debts or
claims.

The liquidator can be reached at:

          GRANT BRUCE REYNOLDS
          Reynolds & Associates Limited
          P.O. Box 259059
          Greenmount, East Tamaki
          Auckland
          Telephone: (09) 522 5662
          Facsimile: (09) 522 5788


BRUSAN DESIGNS: Liquidators Fix Jan. 31 as Claims Bar Date
----------------------------------------------------------
Shareholders of Brusan Designs Limited appointed Iain McLennan
and Boris van Delden, insolvency practitioners of Auckland,
jointly and severally as liquidators.

The liquidators fixed January 31, 2008, as the last day for
creditors to prove their debts or claims.

The liquidator can be reached at:

          IAIN MCLENNAN, Liquidator
          McDonald Vague
          P.O. Box 6092
          Wellesley Street Post Office
          Auckland
          Telephone: (09) 303 0506
          Facsimile: (09) 303 0508
          Web site: http://www.mvp.co.nz/


CARBON CAPITAL: Claims Filing Deadline Set for Jan. 21
------------------------------------------------------
Shareholders of Carbon Capital Limited appointed Paul Graham
Sargison and Gerald Stanley Rea, chartered accountants of
Auckland, as liquidators.

Creditors have until January 21, 2008, to prove their debts or
claims.

Inquiries may be directed to:

          Gerry Rea Partners
          P.O. Box 3015
          Auckland
          Telephone: (09) 377 3099
          Facsimile: (09) 377 3098


EURO BUILDERS LTD.: Court to Hear Petition on April 1
-----------------------------------------------------
On November 15, 2007, an application for putting Euro Builders
Limited into liquidation was filed in the High Court at
Auckland.

The application is to be heard before the High Court at Auckland
on April 1, 2008, at 10:00 a.m.

Robert Hughes filed the application.  Mr. Hughes' solicitor is:

          M. M. EDWARDS
          Fortune Manning
          Gen-I Tower, Level 12
          66 Wyndham Street
          PO Box 4139, Auckland


FIRST PACIFIC CORP: High Court to Hear Wind-Up Petition
-------------------------------------------------------
On September 11, 2007, Aureole Holdings Limited filed an
application before the High Court at Auckland to put First
Pacific Corporation Limited into liquidation.

The High Court will hear the application on February 8, 2008, at
10:00 a.m.

The plaintiff's solicitor is:

          W. HEYS, Solicitor for the Plaintiff
          Glaister Ennor, Solicitors
          Norfolk House, 1st Floor
          18 High Street
          P.O. Box 63 or DX CX 10236
          Auckland.


GRAND SLAM PROJECTS: Liquidators Set March 6 as Claims Bar Date
---------------------------------------------------------------
The High Court appointed Vivian Judith Fatupaito, insolvency
practitioner, and Richard Dale Agnew, chartered accountant,
jointly and severally as liquidators of Grand Slam Projects
Limited.

The liquidators fixed March 6, 2008, as the day on or before
which the creditors of the company are to make their claims and
to establish any priority their claims may have.  Otherwise they
will be excluded from the benefit of any distribution.

Claims are to be forwarded and creditors and shareholders may
direct inquiries to:

          Grand Slam Projects Limited
          c/o PricewaterhouseCoopers
          PricewaterhouseCoopers Tower, Level 8
          188 Quay Street (Private Bag 92162)
          Auckland
          Telephone: (09) 355 8000
          Facsimile: (09) 355 8013
          Attention: Janet Sprosen


GRIFFIN & CO LTD: Shareholders Appoint Liquidators
--------------------------------------------------
Shareholders of Griffin & Co Limited, trading as Video Ezy
Bayfield, appointed Iain Bruce Shephard and Christine Margaret
Dunphy jointly and severally as liquidators of the company.

The liquidators can be reached at:

          Shephard Dunphy Limited
          Zephyr House, Level 2
          82 Willis Street
          Wellington
          Telephone: (04) 473 6747
          Facsimile: (04) 473 6748
          For Enquiries Contact: Jayme Dixon


HEALTH 2006 LTD: Shareholders Appoint Liquidators
-------------------------------------------------
Shareholders of Health 2006 Limited appointed Paul Graham
Sargison and Gerald Stanley Rea, chartered accountants of
Auckland, as liquidators.

Creditors have until January 21, 2008, to prove their debts or
claims.

Inquiries may be directed to:

          Gerry Rea Partners
          P.O. Box 3015
          Auckland
          Telephone: (09) 377 3099
          Facsimile: (09) 377 3098


HITCHCOCK GROUP: Shareholders Appoint Liquidators
-------------------------------------------------
Shareholders of Hitchcock Group Limited, formerly trading as
Hitchy’s Burgers, resolved to appoint Iain Bruce Shephard and
Christine Margaret Dunphy as joint liquidators of the company.

The liquidators can be reached at:

          Shephard Dunphy Limited
          Zephyr House, Level 2
          82 Willis Street
          Wellington, New Zealand
          Telephone: (04) 473 6747
          Facsimile: (04) 473 6748


HSS LIMITED: Commences Liquidation Proceedings
----------------------------------------------
On December 4, 2007, it was resolved that HSS Limited, formerly
Hastings Self Storage Limited, be liquidated and that Daryl P.
Bonney, chartered accountant of Tauranga, be appointed
liquidator.

Creditors and shareholders may reach the liquidator at:

          DARYL P. BONNEY, Liquidator
          The Invisible Office Company Limited
          P.O. Box 15069
          Tauranga
          Telephone: (07) 578 0489
          Facsimile: (07) 578 0490


KPT HOLDINGS: Appoints Joint & Several Liquidators
--------------------------------------------------
Dennis Clifford Parsons and Katherine Louise Kenealy were
appointed joint and several liquidators of KPT Holdings Limited
on December 10, 2007.

The liquidators can be reached at:

          Indepth Forensic Limited
          P.O. Box 278
          Hamilton
          Telephone: (07) 957 8674
          Web site: http://www.indepth.co.nz/


LAMPRINT PACKAGING: Proofs of Claim Must Be Filed by Jan. 31
------------------------------------------------------------
On December 1, 2007, shareholders resolved to put Lamprint
Packaging Limited in liquidation and appointed David Bernard
Robinson as liquidator.

The liquidator has fixed January 31, 2008, as the last day for
creditors to make a claim.  Creditors who have not made a claim
by that time will be excluded from any distribution of the
company’s assets.

The liquidator can be reached at:

          DAVID BERNARD ROBINSON, Liquidator
          Gibson Sheat Lawyers
          Private Bag 31905
          Lower Hutt.
          Telephone: (04) 569 4873
          Facsimile: (04) 569 1571


LANDSCAPE BY DESIGN: High Court Appoints Liquidators
----------------------------------------------------
Vivian Judith Fatupaito, an insolvency practitioner, and Richard
Dale Agnew, a chartered accountant, were appointed jointly and
severally as liquidators of Landscape By Design Limited by the
High Court on December 6, 2007.

The liquidators fixed March 6, 2008, as the last day for
creditors to file claims and to establish any priority their
claims may have.  Failure to do so will result in exclusion from
the benefit of any distribution made before the debts are
claimed or, as the case may be, from objecting to the
distribution.

Claims must be submitted to:

          James Peterson
          c/o PricewaterhouseCoopers
          PricewaterhouseCoopers Tower, Level 8
          188 Quay Street, Auckland
          Australia
          Telephone: (09) 355 8000
          Facsimile: (09) 355 8013


LEISUREWORLD LTD: High Court Appoints Liquidators
-------------------------------------------------
The High Court appointed Vivian Judith Fatupaito, insolvency
practitioner, and Colin Thomas McCloy, chartered accountant, as
joint and several liquidators of Leisureworld Limited on
Nov. 15, 2007.

Creditors have until February 15, 2008, to make their claims and
to establish any priority their claims may have.

Claims are to be forwarded and creditors and shareholders may
direct inquiries to:

          Leisureworld Limited
          c/o PricewaterhouseCoopers
          PricewaterhouseCoopers Tower, Level 8
          188 Quay Street (Private Bag 92162)
          Auckland
          Telephone: (09) 355 8000
          Facsimile: (09) 355 8013
          Attention: Janet Sprosen


MAFALDA INDUSTRIES: Creditors Must File Claims by Jan. 25
---------------------------------------------------------
Shareholders of Mafalda Industries Limited appointed Andrew
Tuckey, chartered accountant of Auckland, as liquidator of the
company.  The liquidation commenced on December 7, 2007.

Creditors have until January 25, 2008, to prove their debts or
claims.

The liquidator can be reached at:

          A. P. TUCKEY, Liquidator
          Prince & Partners
          P.O. Box 3685
          Auckland 1001
          Telephone: (09) 379 5324
          Facsimile: (09) 307 0778
          Email: office@prince.co.nz


MANN'S NEW GENERATION: Shareholders Appoint Liquidator
------------------------------------------------------
Shareholders of Mann’s New Generation Limited appointed John
Francis Managh as liquidator.

The liquidator can be reached at:

          JOHN MANAGH, Liquidator
          50 Tennyson Street
          P.O. Box 1022
          Napier
          Telefax: (06) 835 6280


NATHANS FINANCE: PwC Updates Investors on Receivership Progress
---------------------------------------------------------------
Nathans Finance NZ Ltd's receivers, Colin McCloy and John Waller
of PriceWaterHouseCoopers, updated the finance company's
investors on the status of the company's receivership.

According to the receivers, Nathans Finance continue to provide
limited funding to the its parent, VTL Group Limited, to enable
it to trade pending the sale and restructuring of certain of its
business units by way of a managed process to realize value over
time.  Proceeds generated from this process will be used by VTL
and other entities to reduce debt owing to Nathans, and
ultimately generate returns to Nathans secured debenture
investors.

               Initial Dividend of 10 to 15 Cents

The receivers maintain that investors could recover an initial
dividend of 10 to 15 cents in the dollar during the first
quarter of 2008, and anticipate further dividends to investors
in the medium to long term from future recoveries on Nathans'
loans to VTL and other entities.  All dividends paid to
investors will constitute a return of capital.

VTL was established in 1997 as a vending machine operator and
technology development company, with its technology and brands
now having an international presence.  VTL operates vending
franchising businesses under the 24seven brand in the United
States, Australia and New Zealand, and operates an automated
convenience store business under the Shop24 brand in Europe and
the United States.

PricewaterhouseCoopers continues to assist VTL with the process
of realising value from the 24seven and Shop24 businesses
globally.

                       24seven Up For Sale

24seven Australasia is currently being offered for sale by way
of a formal process managed by PwC Auckland.  A number of
indicative offers are currently being considered and preferred
bidders will be invited to undertake due diligence early in the
New Year, with a sale expected to complete shortly thereafter.

VTL executives and PwC are also working to strategically
position the 24seven US business for realization.

Discussions continue with potential strategic investors
interested in VTL's Shop24 business.  The Shop24 business is in
a development phase and requires further equity and a strategic
partner in order to realize maximum value for Nathan's secured
debenture investors.

The nature and timing of future returns to Nathans secured
debenture investors will become clearer once we have more
certainty on the proceeds that will be received from the
realization of VTL's businesses and the amount of debt these
proceeds will enable VTL to repay to Nathans.

          Service America Sale Not Enough to Pay Debt

Early this month, VTL Group disclosed that Service America
Group, Inc. (formerly known as All Seasons Holdings, Inc) and
certain of its subsidiaries have disposed of substantially all
of their assets.  The proceeds from the sales have been
insufficient to permit Service America to repay all of its
secured borrowings.

With the consent of its financier, Service America has
transferred US$950,000 in cash and all remaining unencumbered
assets into a trust to meet the claims of unsecured creditors.
VTL has been advised that Service America and its subsidiaries
owe no less than US$5.5 million to its unsecured creditors.

VTL is owed approximately US$7.2 million by Service America and
its subsidiaries.  This does not include Service America's
obligation under the US$6.6 million convertible note due for
repayment on Jan. 24, 2010.  Bacon Whitney Corporation agreed to
assume the obligation of Service America in respect of that
convertible note when it purchased all of that company's
franchise related business.

                  About Nathans Finance and VTL

Nathans Finance Ltd went into receivership when the finance
company's trustee, Perpetual Trust Limited, appointed
receivers on Aug. 20, 2007.  Nathans is a subsidiary of VTL
Group Limited, which has declared itself insolvent.  Trading in
VTL Group Limited shares is currently suspended.  VTL Group
Limited owns a number of vending machine related businesses
which operate in New Zealand, Australia, North America and
Europe.


NORTHFERT LTD: Appoints D. Parsons & K. Kenealy as Liquidators
--------------------------------------------------------------
Dennis Clifford Parsons and Katherine Louise Kenealy were
appointed joint and several liquidators of Northfert Limited,
formerly Agricultural Supplies Limited, on December 10, 2007.

The liquidators can be reached at:

          Indepth Forensic Limited
          P.O. Box 278
          Hamilton
          Telephone: (07) 957 8674
          Web site: http://www.indepth.co.nz/


NORTHRIDGE ARCHITECTURE: High Court to Hear Wind-Up Petition
------------------------------------------------------------
National Aluminium Limited filed an application in the High
Court at Auckland on November 23, 2007, to put Northridge
Architecture Limited into liquidation.

The High Court will hear the application April 1, 2008, at 10.00
a.m.

The plaintiff's solicitor is Hesketh Henry.


SEALEGS CORP: Brings In Chris Dickson and James Hill to Board
-------------------------------------------------------------
Sealegs Corporation has appointed Kiwi yachting ace Chris
Dickson and businessman James Hill to its board of directors.

Sealegs Chairman John Robertson says gaining people with the
extensive global boating and commercial experience "that Chris
and James bring is a tremendous asset.  Moving into 2008,
Sealegs has a board of very successful and experienced members
to assist in its strategic planning and international growth".

Mr. Dickson, three-times World Match Racing Champion this year
celebrated 20 years of America's Cup involvement.  He was the
skipper of KZ 7, New Zealand's first challenger at Fremantle
back in 1987 and was skipper and CEO of BMW Oracle Racing at the
2007 America's Cup in Valencia.  A North Shore resident and
enthusiastic recreational boat owner, Mr. Dickson is looking
forward to using his extensive overseas experience "to help take
this exciting and innovative New Zealand marine product to
international markets."

A former managing partner of KPMG in Auckland, Mr. Hill is an
experienced director with public and private company experience.
He is currently the Chairman of Manukau Water Limited and serves
on the board of Transit NZ, Seafood Processors Limited and other
private companies.

At the same time Sealegs also confirmed that Simon Vodanovich is
retiring from the board effective January 1, 2008.  Mr Robertson
said "We thank Simon for his assistance and input in helping to
grow Sealegs from an early stage startup into a multi-million
dollar business.

Sealegs recently announced that its worldwide recreational sales
continue to grow with orders for 90 amphibious boats taken in
the last six months with a value of NZ$8.1million.

Headquartered in Albany, New Zealand, Sealegs Corporation
Limited -- http://www.sealegs.com/-- is engaged in the
manufacture of amphibious marine craft.  The company's wholly
owned subsidiaries are Sealegs International Limited, Sealegs
Middle East Limited, and Sealegs Australia Pty Limited.  Sealegs
International Limited manufactures amphibious marine craft.

Sealegs Middle East Limited and Sealegs Australia Pty Limited
are dormant.  Sealegs are motorized, retractable and steerable
boat wheels, which are fitted to a customized 5.6-meter rigid
inflatable boat.  Sealegs amphibious boats are used by customers
in New Zealand, Australia, the United States, the United Arab
Emirates, France and the United Kingdom.

The group and parent posted consecutive net deficits after
taxation for the years ended March 31, 2006, and 2005, with the
group suffering net losses of NZ$1,211,061 and NZ$1,063,354 for
2006 and 2005 (company: NZ$209,582 and NZ$3,575,464),
respectively.  In FY2007, the company booked a net loss of
NZ$1.05 million.


SHIV SHAKTI MANDIR TRUST: High Court Appoints Liquidators
---------------------------------------------------------
The High Court appointed Vivian Judith Fatupaito, insolvency
practitioner, and Colin Thomas McCloy, chartered accountant,
jointly and severally as liquidators of Shiv Shakti Mandir Trust
Inc.

The liquidators fixed March 6, 2008, as the last day for
creditors of the charitable trust to make their claims and to
establish any priority their claims may have.  Otherwise, they
will be excluded from the benefit of any distribution made.

Claims are to be forwarded and creditors and shareholders may
direct inquiries to:

          Shiv Shakti Mandir Trust Inc.
          c/o PricewaterhouseCoopers
          PricewaterhouseCoopers Tower, Level 8
          188 Quay Street Private Bag 92162
          Auckland
          Telephone: (09) 355 8000
          Facsimile: (09) 355 8013
          Attention: Janet Sprosen


SOLWIND LTD: High Court to Hear Wind-Up Petition on Feb. 18
-----------------------------------------------------------
RPNZ Properties Limited filed an application before the High
Court at Whangarei on November 26, 2007, to put Solwind Limited
into liquidation.

The High Court will hear the application on February 18, 2008,
at 10.00 a.m.

The plaintiff's solicitor is:

          Tony Savage
          Urlich McNab Kilpatrick
          1 James Street
          P.O. Box 633
          Whangarei
          Telephone: (09) 438 7938
          Facsimile: (09) 438 8467


SPEIRS GROUP: Books NZ$305,000 Loss in Six Mos. Ended Sept. 30
--------------------------------------------------------------
Speirs Group Ltd reported a net loss of NZ$305,000 in the six
months ended Sept. 30, 2007, on revenues of NZ$24,183,000, which
earnings is a 1.68% increase from the same period in 2006.

The company produced an improved underlying profit from trading
in conditions that have not been favorable to the finance
industry in New Zealand, Speirs noted in a regulatory filing
with the New Zealand Stock Exchange.  During the six-month
period, important groundwork was undertaken with a view to
generate more profitable trading and growth in the medium term,
the company added.

According to the company, its Finance Division has achieved a
significant performance improvement in the first half.  The
Foods Division, however, suffered an unexpected setback from
underlying cost increases while start-up costs associated with
the Speirs Nutritionals omega-3 venture have had the expected
and inevitable adverse impact on the Group's profit performance.
The latter is partially absorbed by the minority interest
shareholding in Speirs Nutritionals Limited.

                        Finance Division

The six months ended Sept. 30, 2007, saw unparalleled pressure
placed upon the finance industry in New Zealand.  Sectors of the
industry that have been particularly vulnerable have been those
whose prime business has been to fund property or property
development, those providing funds to the lower end of the
consumer vehicle market and those applying significant funds to
companies or others to whom they are 'related'. Most of these
companies have been completely reliant on the public sector to
provide their funding lines in the form of secured stock or
similar funding instruments.

While Speirs has avoided all these pitfalls, it is nevertheless
considered by most commentators as being, first and foremost, a
finance company.  As a result, the company has not escaped the
impact of the cautious approach being adopted by the media and
the public when dealing with the non-bank finance industry
generally.

The particular impact for us has been with regard to unplanned
costs in maintaining satisfactory public secured stock funding,
coupled with the use of wholesale backup funding facilities that
the company had previously and prudently put in place.

The company's securitisation programme, established some ten
years ago, now provides in excess of 50% of its funding needs.
During August 2007, at the height of the disarray within the
finance industry both in NZ and overseas, the company was
strongly supported by the Bank of New Zealand who substantially
increased its day to day credit facilities and the facilities
associated with the securitisation programme.

Almost all Speirs lending is to the commercial sector within New
Zealand.  Its lending is to a wide range of industries and is
geographically spread throughout the country.  The company
highlighted that overdue accounts have reduced markedly, it is
not involved whatsoever in funding property developers, and it
receives strong inwards cash flows every business day from a
broadly dispersed commercial clientele, each of whom make
monthly repayments to the company under asset financing
agreements.

In spite of the many difficulties facing the industry, the
company believes its finance division acquitted itself well
during the six month period.  Last full year's result was
distorted by the collapse of an otherwise sound client due to an
internal fraud.  This year's first half result, according to the
company, has been achieved under:

   -- continued stringent lending criteria;

   -- continued intensive and rigorous asset valuation and
      disposal practices; and

   -- conservative individual provisioning for impaired and
      doubtful debts.

It also reflects the benefits being generated by new value
adding service offerings, including end-to-end asset
procurement, management and disposal services, fuel card
services, vehicle maintenance services, tailored insurance
arrangements, and performance benchmarking.

"The division is in good heart," the company said.  "If [it is]
permitted reasonable finance trading conditions, [its] Directors
expect a worthwhile second half performance."

                          Foods Division

Speirs Foods manufactures and distributes fresh foods to
supermarkets across New Zealand.  The very nature of the product
implies a heavy weighting towards the summer months in terms of
volume.  The first six months -- the winter months -- of its
financial year traditionally produce low volumes and modest
profit at best.  During this six-month period the division faced
cost increases in all three major cost centres -- materials,
labour, and freight.  Price adjustments have been made,
effective in the second half year.  The company expects a
significantly improved performance in the second half.

                  Speirs Nutritionals Limited

This start-up operation -- 60% owned by Speirs and 40% owned by
Massey University interests -- is being developed to produce
omega-3 emulsion for global markets.  This is a significant
undertaking, and will take time to establish and bring to
profit.

Speirs Nutritionals Limited is now not expected to move into
profit until the close of the 2009 financial year.

In the meantime, on-going costs must be absorbed.  Establishment
costs are in line with our expectations.

                Dividends and Interest Payments

Given the disappointing half year results, the directors have
decided that no interim dividend will be payable to
Shareholders.  Interest payable on Speirs Bonds, Subordinated
Notes and Secured Stock will be paid in the usual manner.

                             Outlook

The negative climate currently prevailing within the finance
industry in New Zealand is well known.  Speirs is taking the
measures necessary to 'weather the storm'.

Notwithstanding the conditions prevailing, the Finance Division
performed adequately in the first half.  While external factors
may well impact on volumes, we nevertheless expect a
satisfactory second half.  The Food Division had a difficult
first half.  The second half will see an improved performance.

The Nutritionals venture promises to become a most profitable
and satisfactory business.  The start-up costs, while
regrettable, simply have to be accepted.

                       About Speirs Group

Speirs Group Limited -- http://www.speirs.co.nz/-- is a New
Zealand-based investment company.  The company operates two
commercial divisions: Speirs Finance and Speirs Foods. Speirs
Finance is engaged in asset backed financing.  Speirs Foods is
engaged in production and distribution of fresh food, such as
salad and fresh cut vegetable to retailers and caterers.

                          *     *     *

The Troubled Company Reporter - Asia Pacific, on Dec. 18, 2007,
listed Speirs Group's 13.16% bond with a June 30, 2049 maturity
date as distressed at NZ$60.


TWINAPLATE NZ: Shareholders Appoint Liquidators
-----------------------------------------------
Shareholders of Twinaplate NZ Limited appointed Iain McLennan
and Boris van Delden, insolvency practitioners of Auckland,
jointly and severally as liquidators.

Creditors have until January 31, 2008, to prove their debts or
claims.

The liquidators can be reached at:

          McDonald Vague
          P.O. Box 6092
          Wellesley Street Post Office
          Auckland
          Telephone: (09) 303 0506
          Facsimile: (09) 303 0508
          Web site: http://www.mvp.co.nz/


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

IONICS EMS: Posts US$5.4 Million Net Loss for 2006
--------------------------------------------------
Ionics EMS Inc. has posted a consolidated net loss of US$5.455
million for the year ended December 31, 2006, an increase of
28.2% from the US$4.255-million loss reported for the year 2005.

The group posted a gross loss of US$607,000 for year 2006,
comprising of US$127.338 million in sales minus US$127.945
million of cost of goods sold.

Other figures in the company's annual income statement include:

   * General and administrative expenses    - US$2.869 million
   * Selling expenses                       - US$1.134 million
   * Gain on sale of property and equipment - US$21,000
   * Interest income                        - US$68,000
   * Interest expenses                      - US$676,000
   * Forex loss                             - US$91,000
   * Miscellaneous expenses                 - US$117,000

As of December 31, 2006, the group had US$62.254 million in
assets and US$41.504 million in liabilities, resulting in an
equity of US$20.75 million.

The company's 2006 annual financial statements can be downloaded
for free at http://researcharchives.com/t/s?269b

Ionics EMS, Inc. is a provider of electronic manufacturing
services engaged in a range of printed circuit board (PCB)
assembly specializing in surface mounting technology, flip chip
on rigid boards, flex and glass assemblies, electronic sub-
assemblies and full module assembly.  It offers original
equipment manufacturer and original design manufacturer services
with product design and design support, new product
introduction, industrial engineering and manufacturing system
and integrated supply chain management. It has a central
warehouse for third-party logistics and vendor-managed inventory
control. Its clients include companies engaged in the global
electronics scene and those engaged in personal computer (PC)
and computer peripherals, telecommunications, consumer
electronics, industrial and medical equipment.

Ionics EMS' main locations are in the Philippines and China.


MANILA ELECTRIC: FPHC Seeks to Acquire Government's 29% Holdings
----------------------------------------------------------------
First Philippine Holdings Corp. plans to enter into a
partnership with a foreign entity to bid for the government's
stake in Manila Electric Co., the Philippine Star reports.

The report relates that according to FPHC president Elpidio
Ibanez, several foreign entities are interested in forging a
partnership with them with the intention of bidding for the 29%
shareholdings of the government in Meralco.  

FPHC, the listed holding firm for the Lopez family’s power
generation and infrastructure businesses, had earlier entered
into two deals to raise its holdings in Meralco, the Star
stated.  The newspaper reported that FPHC acquired Spanish firm
Union Fenosa's 9% holdings in the power distributor, and another
6.6% from the Meralco Pension Fund, which was worth about PHP8.3
billion.

FPHC is currently preparing for its preferred share offering
within the first six months of 2008, the article reported.  It
expects to raise PHP5 billion, which will be used for increasing
its ownership in its core businesses including Meralco, the Star
added.

Headquartered in Ortigas, Pasig City, the Manila Electric
Company -- http://www.meralco.com.ph/-- is the largest utility      
in the Philippines, providing power to 4.1 million customers in
Metropolitan Manila and more than 100 surrounding communities.  
As deregulation takes effect, Meralco is reducing its dependence
on state-owned National Power Corp. by increasing the amount of
power it purchases from independent power producers.  Meralco is
also preparing for competition by moving into non-regulated
activities, including energy consulting, independent power
production, engineering, fiber optics, e-commerce, and real
estate.

The Troubled Company Reporter-Asia Pacific reported on Dec. 14,
2007, that Standard & Poor's Ratings Services revised the
outlook on its ratings on Manila Electric Co. (Meralco) to
stable from negative. The 'B-' long-term issuer credit rating on
Meralco was affirmed.


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

ASSOCIATED DEVELOPMENT: Court Enters Wind-Up Order
--------------------------------------------------
The High Court of Singapore, on November 22, 2007, entered an
order to have Associated Development Private Limited's
operations wound up.

Chow Kwok Chi filed the wind-up petition against the company.

Associated Development's liquidator is:

          Tam Chee Chong
          Deloitte & Touche
          #32-00 DBS Building Tower 2
          Singapore 068809


BAYER ENVIRONMENTAL: Fixes Jan. 15 as Last Day to File Claims
-------------------------------------------------------------
Bayer Environmental Health Singapore Private Limited requires
its creditors to file their proofs of debt by January 15, 2007,
to be included in the company's dividend distribution.

The company's liquidators are:

          Chia Soo Hien
          Leow Quek Shiong
          c/o BDO Raffles
          5 Shenton Way
          #07-01 UIC Building
          Singapore 068808


CHOW CHO: Commences Liquidation Proceedings
-------------------------------------------
The High Court of Singapore, on November 22, 2007, entered an
order to have Chow Cho Poon (Private) Limited's operations wound
up.

Chow Kwok Chi filed the petition against the company.

Chow Cho's liquidator is:

          Tam Chee Chong
          Deloitte & Touche
          #32-00 DBS Building Tower 2
          Singapore 068809


HARRAH'S ASIA: Creditors' Proofs of Debt Due on January 14
----------------------------------------------------------
Creditors of Harrah's Asia Pte. Ltd. are required to file their
proofs of debt by January 14, 2007, to be included in the
company's dividend distribution.

The company's liquidators are:

          Chee Yoh Chuang
          Lim Lee Meng
          18 Cross Street
          #08-01 Marsh & McLennan Centre
          Singapore 048423


INSURE SHOP: Court Enters Liquidation Order
-------------------------------------------
The High Court of Singapore, on November 19, 2007, entered an
order to have Insure Shop Insurance Agency Pte Ltd's operations
wound up.

Texas Hong Weilun filed the petition against the company.

Insure Shop's liquidators are:

          Abuthahir Abdul Gafoor
          LTC & Associates
          1 Raffles Place
          #20-02 OUB Centre
          Singapore 048616


LEE TUNG: Court Enters Wind-Up Order
------------------------------------
On November 22, 2007, the High Court of Singapore entered an
order to have Lee Tung Company (Private) Limited's operations
wound up.

Chow Kwok Chi filed the wind-up petition against the company.

Lee Tung's liquidator is:

          Tam Chee Chong
          Deloitte & Touche
          #32-00 DBS Building Tower 2
          Singapore 068809


P K SUMMIT: Creditors' Proofs of Debt Due on December 28
--------------------------------------------------------
Creditors of P K Summit Pte Ltd are required to file their
proofs of debt by December 28, 2007, to be included in the
company's dividend distribution.

The company's liquidators are:

          Kon Yin Tong
          Wong Kian Kok
          c/o Foo Kon Tan Grant Thornton
          47 Hill Street #05-01
          Singapore Chinese Chamber of
          Commerce & Industry Building
          Singapore 179365


PCA TRADING: Creditors' Proofs of Debt Due on January 15
--------------------------------------------------------
Creditors of PCA Trading Pte Ltd are required to file their
proofs of debt by January 15, 2007, to be included in the
company's dividend distribution.

The company's liquidators are:

          Chia Soo Hien
          Leow Quek Shiong
          c/o BDO Raffles
          5 Shenton Way
          #07-01 UIC Building
          Singapore 068808


QUEST INTERNATIONAL: Creditors' Proofs of Debt Due on Jan. 14
-------------------------------------------------------------
Creditors of Quest International Singapore (Fragrances,
Flavours, Food Ingredients) Pte Ltd are required to file their
proofs of debt by January 14, 2007, to be included in the
company's dividend distribution.

The company's liquidator is:

          Aaron Loh Cheng Lee
          c/o One Raffles Quay
          North Tower, Level 18
          Singapore 048583


SCHERING (SINGAPORE): Fixes Jan. 15 as Last Day to File Claims
--------------------------------------------------------------
Schering (Singapore) Private Limited, which is in voluntary
liquidation, requires its creditors to file their proofs of debt  
by January 15, 2007, to be included in the company's dividend
distribution.

The company's liquidators are:

          Chia Soo Hien
          Leow Quek Shiong
          c/o BDO Raffles
          5 Shenton Way
          #07-01 UIC Building
          Singapore 068808


SINGA SECURED: Creditors' Proofs of Debt Due on January 14
----------------------------------------------------------
Singa Secured Assets Limited requires its creditors to file
their proofs of debt by January 14, 2007, to be included in the
company's dividend distribution.

The company's liquidators are:

          Chee Yoh Chuang
          Lim Lee Meng
          18 Cross Street
          #08-01 Marsh & McLennan Centre
          Singapore 048423


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

NATURAL PARK: Repays THB775.22-Million Debt to Siam City Bank
-------------------------------------------------------------
Natural Park PCL has paid in full its remaining THB775.22-
million debt to Siam City Bank PCL, a disclosure with the Stock
Exchange of Thailand says.

The company used its THB993.6-million proceeds from its sale on
December 21, 2007, of 208,739,547 ordinary shares in Pacific
Assets PCL to ADM Galleus Fund Ltd. and GMW Holding Co. Ltd.

The company also used THB150.98 million to partly pay its loan
to Krung Thai Bank PCL.  The company now has THB860 million
remaining in debt to KTB, with which the company is negotiating
for an extension of repayment.

Based in Bangkok, Thailand, Natural Park Public Company Limited
engages in developing, renting, leasing, selling and managing of
residential and commercial properties. Its business groups
include the operations of a luxury apartment complex, The
Natural Park Apartment, in Bangkok, the management of Novotel
Beach Resort Phanwa Phuket and the operations of french
restaurants, LENOTRE and LENOTRE BOUTIQUE. In addition, the
Company is involved in the catering services.

Natural Park has suffered consecutive annual losses for the
years ended December 31, 2006, and December 31, 2005.  The
company's consolidated income statements reported net losses of
THB1.05 billion for 2006 and PHP669.83 million for 2005.


                         *********

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.  Mark Andre Yapching, Azela Jane Taladua, Rousel
Elaine Tumanda, Valerie Udtuhan, Tara Eliza Tecarro, Freya
Natasha Fernandez-Dy, Frauline Abangan, and Peter A. Chapman,
Editors.

Copyright 2007.  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.
   
                 *** End of Transmission ***