TCRAP_Public/080205.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Tuesday, February 5, 2008, Vol. 11, No. 25

                            Headlines

A U S T R A L I A

CARIMOO PTY: Members' & Creditors' Meeting Slated for Feb. 18
CURTIS NATIONWIDE: Placed Under Voluntary Liquidation
JEM DEVELOPMENTS: Court Enters Wind-Up Order
QUEENSLAND GAS: Shares Up 21% Due to Fuel-Export Project With BG
RALLY TASMANIA: Creditors' Proofs of Debt Due on February 8

RPRA PROPERTIES: Members' Final Meeting Slated for February 19
SKYBLAZE HOLDINGS: Members' Final Meeting Set for February 12
SUNRAYSIA GROWERS: Commences Liquidation Proceedings
THE LENTIL COMPANY: Final Meeting Set for February 8
WINGSOAR PTY: Members' Final Meeting Set for February 12

ZENITH IDENTI-T: Liquidator to Present Wind-Up Report Today


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

AGRICULTURAL BANK: Negates Rumors of US$50-Billion Fresh Capital
AMERICAN ACOUSTIC: Appoints New Liquidators
BRIDGETECH: Sept. 30 Balance Sheet Upside-Down by US$6.9 Mil.
CHINGTUNG FUTURES: Members Meeting Fixed for Feb. 6
EQUIPMENT SOLUTION: Appoints New Liquidators

ELITE RISE: Members Meeting Fixed for Feb. 5
ICBC: Gets Regulatory Approval to Buy 20% Stake in Standard Bank
JOINT CAPITAL: Liquidators Quit Post
NEO-CHINA: Resignations Cue Moody's to Monitor Developments
NIN HING: Court to Hear Wind-Up Petition on Feb. 27

ORIENTAL PLAN: Schedules Members Meeting on Feb. 6
TECHNOSTORE LTD: Liquidator to Present Wind-Up Report on Feb. 19
TUNG TAT: Court to Hear Wind-Up Petition on Feb. 27
WITEX INDUSTRIAL: Court to Hear Wind-Up Petition on March 12


I N D I A

AGILENT TECH: Files Lawsuit to Protect Liquid Chormatography IP
AFFILIATED COMPUTER: Earns us$81.6M in 2nd Qtr. Ended Dec. 31
BHARTI AIRTEL: Allots 11,675 Shares to Employees
HERCULES OFFSHORE: Earns US$31.3 Million in Fourth Quarter 2007
ICICI BANK: Calls Off Plans for Proposed New Subsidiary

ICICI BANK: Arun Ramanathan to Replace Vinod Rai
STRATOS GLOBAL: Improved Credit Prompts Moody's Outlook Change
TATA MOTORS: January Passenger Car Sales Down 12%
TATA STEEL: Posts INR10.69-Bil. Net Profit in Qtr. Ended Dec. 31
WESTERN INDIA: Loss Narrows to INR36 Mil. in Qtr. Ended Dec. 31


I N D O N E S I A

ANEKA TAMBANG: Fourth Qtr. Revenue Up 63% to IDR3.6 Trillion
BANK NIAGA: Sees 20% Growth in Lending Portfolio
BANK NIAGA: Partners With Telkom Indonesia for Load Purchase
CA INC: Earns US$163 Million in Third Quarter Ended Dec. 31
FOSTER WHEELER: Selects Three New Directors on Board

MARSH & MCLENNAN: Increases Quarterly Dividend to US$.20/Share
MARSH & MCLENNAN: Appoints Brian Duperreault as Pres. & CEO
PERUSAHAAN: 10,000MW Project Threatened by High Steel Prices
* INDONESIA: Fitch Issues Stable Outlook for Coal Producers


J A P A N

NIS GROUP: R&I Says Loss Is Within Expectation
SHINSEI BANK: Reports Consolidated Financial Results for 3Q07
* JAPAN: Fitch Sees Modest Growth in Structured Finance Market


K O R E A

DAEWOO ELECTRONIC: Amends Date for Establishment of JV Company
DAEWOO ELECTRONIC: Completes Public Offering of Common Shares
KAFCO C&I: Enters Into KRW121-Mil. Supply Deal With SK C&C
SUN SAGE: Moody's Affirms Ba2 Rating of US$200-Mil. Sr. Notes


M A L A Y S I A

ARK RESOURCES: Updates Bursa on Default Status as of Jan. 31'08
EKRAN BERHAD: Owes MYR59 Million to Four Lenders
LITYAN HOLDINGS: Payment Default Totals MYR27 Mil. as of Jan. 31
MALAYSIAN AIRLINE: Served with Complaints from Abrams and Adlin
MEGAN MEDIA: Tan Chie Kiong to Quit as Deputy Chief Executive

SYARIKAT: Turns Around w/ MYR11MM Profit in Qtr. Ended Nov. 30


N E W  Z E A L A N D

BLACKHAND STUDIO'S: Wind-Up Petition Hearing Set for Feb. 21
BLACK ROCKS: Wind-Up Petition Hearing Slated for February 11
ELITE BUILDING: Court to Hear Wind-Up Petition on April 24
EXCEL PAINTERS: Subject to CIR's Wind-Up Petition
FORREST HILL: Faces CIR's Wind-Up Petition

H4 CONSTRUCTION: Subject to Midway Timber's Wind-Up Petition
HUA KANG: Wind-Up Petition Hearing Slated for February 18
STEALTH SOLUTIONS: Faces CIR's Wind-Up Petition
TAURANGA ABATTOIR: Placed Under Voluntary Liquidation


P H I L I P P I N E S

LAND BANK: Moody's Puts E+ BFSR on Review for Likely Upgrade
PHIL. LONG DISTANCE: NTC Denies Extension to Operate in Iloilo
* PHILLIPINES: S&P Affirms 'BB-' Rating on US$1-Bil. Global Bond


S I N G A P O R E

HOLA DEVELOPMENT: Creditors' Proofs of Debt Due on February 15
HUP HIN: Pays First and Final Dividend
HWA LEONG: Requires Creditors to File Claims by February 24
LAWSONS DELIVERY: Court to Hear Wind-Up Petition on February 15
STATS CHIPPAC: Earns US$41 Million in Fiscal Year 2007


V I E T N A M

* VIETNAM: Fitch Sees More Growth on Foreign Direct Investments

* Fitch Gives Outlook Stable for Asia-Pacific Oil & Gas Sector
* Fitch Holds Stable Outlook on Asia-Pacific Utilities in 2008
* BOND PRICING: For the Week 04 February to 08 February 2008

     - - - - - - - -

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

CARIMOO PTY: Members' & Creditors' Meeting Slated for Feb. 18
-------------------------------------------------------------
The members and creditors of Carimoo Pty Limited will meet on
February 18, 2008, at 10:00 a.m., to hear the liquidator's
report on the company's wind-up proceedings and property
disposal.

The company's liquidator is:

          D. M. Morgan
          c/o Clout & Associates
          144-148 West High Street, Level 1
          Coffs Harbour
          New South Wales 2450
          Australia

                         About Carimoo Pty

Carimoo Pty Limited, which is also trading as P J's Mower
Service, operates retail nurseries, lawn and garden supply
stores.  The company is located at Toormina, in New South Wales,
Australia.


CURTIS NATIONWIDE: Placed Under Voluntary Liquidation
-----------------------------------------------------
At an extraordinary general meeting held on December 21, 2007,
the members of Curtis Nationwide Pty Ltd resolved to voluntarily
liquidate the company's business.

Christopher Michael Williamson and Kimberley Andrew Strickland
were then tapped as liquidators.

The Liquidators can be reached at:

          Christopher Michael Williamson
          Kimberley Andrew Strickland
          SimsPartners
          Level 12, 40 St George's Terrace
          Perth, Western Australia 6000
          Australia

                      About Curtis Nationwide

Curtis Nationwide Pty Ltd, which is also trading as Curtis
Brothers, is involved in the business of local trucking with
storage.  The company is located at Maddington, in Western
Australia, Australia.


JEM DEVELOPMENTS: Court Enters Wind-Up Order
--------------------------------------------
On  December 21, 2007, the Federal Court of Australia entered an
order to have Jem Developments Pty Ltd's operations wound up.

Steven Nicols was then appointed as liquidator.

The Liquidator can be reached at:

          Steven Nicols
          c/o Nicols + Brien
          Level 2, 350 Kent Street
          Sydney, New South Wales 2000
          Australia
          Telephone:(02) 9299 2289
          Web site: http://www.bankrupt.com.au

                       About Jem Developments

Jem Developments Pty Ltd operates non-classifiable
establishments.  The company is located at Miranda, in New South
Wales, Australia.


QUEENSLAND GAS: Shares Up 21% Due to Fuel-Export Project With BG
----------------------------------------------------------------
Angela Macdonald-Smith at Bloomberg News relates that Queensland
Gas Co.'s shares gained yesterday as much as 21% to AU$4.14 on
the Australian Stock Exchange.

The same report adds that the shares are positively affected by
the company's latest AU$8 billion fuel-export project with BG
Group Plc.

Queensland Gas' venture with BG Group raises the company's
reserves at a time when demand for liquefied natural gas is
forecasted to rise annually to 400 million metric tons by 2015,
Bloomberg says.  

Under the plan, BG and Queensland will construct an LNG plant
near Gladstone, a coal seam gas fields, and a 380-km pipeline,
according to the same report.  The facility is expected to
process three to four million metric tons of gas a year
beginning 2013.

Meanwhile, BG Group has also bought a 9.9% stake in Queensland
Gas for AU$250 million, and a 20% stake in the company's coal
seam operations in the Surat Basin for AU$415 million.  BG Group
will also buy 10% of the LNG project for AU$207 million once it
got approval, Bloomberg states.

                          About BG Group

Headquartered in the United Kingdom, BG Group Plc operates in 25
countries over five continents.  The company operates on four
key business sectors: Exploration and Production; Liquefied
Natural Gas; Transmission and Distribution; and Power.

                      About Queensland Gas

Headquartered in Brisbane, Australia, Queensland Gas Company
Limited -- http://www.qgc.com.au/-- is a coal seam gas   
producer.  The company's principal activities consisted of the
ongoing development of the Berwyndale South producing area, the
development of the Berwyndale, Bellevue and Kenya-Argyle
producing area, and the ongoing exploration and appraisal for
coal seam gas in the Surat Basin in southern Queensland.

The company incurred net losses of AU$12.22 million,
AU$6.25 million, and AU$12.17 million for the years ended
June 30, 2007, 2006 and 2005.


RALLY TASMANIA: Creditors' Proofs of Debt Due on February 8
-----------------------------------------------------------
The creditors of Rally Tasmania Promotions Pty Ltd are required
to file their proofs of debt by February 8, 2008, to be included
in the company's dividend distribution.

The company commenced liquidation proceedings on December 14,
2007.

Rally Tasmania's liquidator is:

          Christopher Paul Mitchell
          WHK Pinnacle
          117 Wilson Street
          Burnie, Tasmania 7320
          Australia

                        About Rally Tasmania

Rally Tasmania Promotions Pty Ltd is involved with professional
sports clubs business.  The company is located at Natone, in
Tasmania, Australia.


RPRA PROPERTIES: Members' Final Meeting Slated for February 19
--------------------------------------------------------------
RPRA Properties Pty Limited will hold a final meeting for its
members on February 19, 2008, at 10:00 a.m.

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

The Liquidator can be reached at:

          Geoffrey Reidy
          Rodgers Reidy
          Level 8, 333 George Street
          Sydney, New South Wales 2000
          Australia

                       About RPRA Properties

RPRA Properties Pty Limited operates investment offices.  The
company is located at Lane Cove, in New South Wales, Australia.


SKYBLAZE HOLDINGS: Members' Final Meeting Set for February 12
-------------------------------------------------------------
A final meeting will be held for the members of Skyblaze
Holdings Pty Ltd on  February 12, 2008, at 9:20 a.m.

At the meeting, Anthony Stevens Smith, Skyblaze's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.

The Liquidator can be reached at:

          Anthony Stevens Smith
          Ernst & Young
          Level 21, 91 King William Street
          Adelaide, South Australia 5000
          Australia
          Telephone:(08) 8233 7143

                      About Skyblaze Holdings

Located at Perth, in Western Australia, Australia, Skyblaze
Holdings Pty Ltd is an investor relation company.


SUNRAYSIA GROWERS: Commences Liquidation Proceedings
----------------------------------------------------
After a Special Postal Ballot of Sunraysia Growers Co-operative
Ltd's members, it was resolved to voluntarily liquidate the
company's business.

Des Munro of SimsPartners was then appointed as liquidator.

The Liquidator can be reached at:

          Des Munro
          SimsPartners
          Level 4, 12 Pirie Street
          Adelaide, South Australia 5000
          Australia

                      About Sunraysia Growers

Sunraysia Growers Co-Operative Ltd is involved with business
associations.  The company is located at Mildura, in Victoria,
Australia.


THE LENTIL COMPANY: Final Meeting Set for February 8
----------------------------------------------------
The Lentil Company Pty Ltd will have its final meeting on
February 8, 2008, at 10:00 a.m.

At the meeting, George Divitkos, The Lentil's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.

The Liquidator can be reached at:

          George Divitkos
          BDO Kendalls (South Australia)
          248 Flinders Street
          Adelaide, South Australia 5000
          Australia

                     About The Lentil Company

The Lentil Company Pty Ltd, which is also trading as TLC
Exports, is a distributor of grains and field beans.  The
company is located at Horsham, in Victoria, Australia.


WINGSOAR PTY: Members' Final Meeting Set for February 12
--------------------------------------------------------
Wingsoar Pty Ltd will hold a final meeting for its members on
February 12, 2008, at 9:30 a.m.

At the meeting, Anthony Stevens Smith, Wingsoar's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.

The Liquidator can be reached at:

          Anthony Stevens Smith
          Ernst & Young
          Level 21, 91 King William Street
          Adelaide, South Australia 5000
          Australia
          Telephone:(08) 8233 7143

                        About Wingsoar Pty

Located at Osborne, in South Australia, Australia, Wingsoar Pty
Ltd is an investor relation company.


ZENITH IDENTI-T: Liquidator to Present Wind-Up Report Today
-----------------------------------------------------------
The members and creditors of Zenith Identi-T Pty Ltd will meet
today, February 5, 2008, at 11:00 a.m., to hear the liquidator's
report on the company's wind-up proceedings and property
disposal.

The company's liquidator is:

          Martin Jones
          Ferrier Hodgson
          BankWest Tower, Level 26
          108 St George's Terrace
          Perth, Western Australia
          Australia

                       About Zenith Identi-T

Zenith Identi-T Pty Ltd is a distributor of durable goods.  The
company is located at Brigadoon, in Western Australia,
Australia.


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

AGRICULTURAL BANK: Negates Rumors of US$50-Billion Fresh Capital
----------------------------------------------------------------
The Agricultural Bank of China has denied media reports saying
that it had a US$50 billion capital injection from Central
Huijin, a government-sponsored investment company, Xinhua News
Bureau reports.

Zhou Qingyu, the bank's spokesperson told Xinhua that the
rumored capital injection by April is untrue.  Mr. Qingyu
disclosed that the bank's listing plan and restructuring are
still being discussed.

Chen Xiwen, head of the Office of the Central Leading Group on
Rural Work, noted to Xinhua that the amount needed to
restructure the bank would be known after the plan gets
government approval.

As previously reported, China Knowledge said that the
Agricultural Bank would launch an IPO within three years to
become a public company.  

With regards to going public, the spokesperson clarified that it
will do so when the time is right, and once the company
restructuring is completed, Xinhua says.

The Agricultural Bank of China --
http://www.abchina.com/en/hq/index.jsp/index.html-- 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'.


AMERICAN ACOUSTIC: Appoints New Liquidators
-------------------------------------------
The members of American Acoustic Development Limited appointed
Yeo Boon Ann and Robert Armor Moris as the company's
liquidators.


BRIDGETECH: Sept. 30 Balance Sheet Upside-Down by US$6.9 Mil.
-------------------------------------------------------------
Bridgetech Holdings International Inc.'s consolidated balance
sheet at Sept. 30, 2007, showed US$1,498,967 in total assets,
and US$8,367,455 in total liabilities, resulting in a
US$6,868,488 total stockholders' deficit.

At Sept. 30, 2007, the company's consolidated balance sheet also
showed strained liquidity with US$733,918 in total current
assets available to pay US$8,347,130 in total current
liabilities.

The company reported a net loss of US$4,109,771 on revenues of
US$44,665 for the third quarter ended Sept. 30, 2007, compared
with a net loss of US$1,766,355 on revenues of US$127,487 in the
same period of 2006.

Cost of goods sold was US$117,448 for the three months ended
September 2007, up from cost of goods sold of US$68,953 in the
comparable three months of 2006.

Operating loss increased to US$3,078,588 for the three months
ended Sept. 30, 2007, versus an operating loss of US$1,642,299
in the comparable three months of 2006.

Full-text copies of the company's consolidated financial
statements for the quarter ended Sept. 30, 2007, are available
for free at http://researcharchives.com/t/s?27a2

                       Going Concern Doubt

Jewett, Schwartz, Wolfe & Associates, in Hollywood, Fla.,
expressed substantial doubt about Bridgetech Holdings
International Inc.'s ability to continue as a going concern
after auditing the company's consolidated financial statements
as of the years ended Dec. 31, 2006, and 2005.  The auditing
firm reported that the company has operating and liquidity
concerns, has incurred an accumulated deficit of approximately
US$17.2 million through the period ended Dec. 31, 2006, and
current liabilities exceeded current assets by approximately
US$2.3 million at Dec. 31, 2006.

                    About Bridgetech Holdings

Headquartered in San Diego, Bridgetech Holdings International
Inc. (Other OTC: BGTH.PK) -- http://www.bridgetechholdings.com/
--  engages in the transfer of medical drugs, devices, and
diagnostics from the United States to China, with a primary
focus on oncology. The company also offers medical technology
transfer, nurse recruitment and training, medical imaging, and
healthcare radio frequency identification solutions.  It
operates its own clinical research organization in Hong Kong.  
The company has offices in Hong Kong and Beijing.


CHINGTUNG FUTURES: Members Meeting Fixed for Feb. 6
---------------------------------------------------
The members of Chintung Future's Limited will have their final
general meeting on February 6, 2008, at 29th Floor, Caroline
Centre, lee gardens Two, 28 yun Ping Road, in Hong Kong to hear
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is Ian Robinson.


EQUIPMENT SOLUTION: Appoints New Liquidators
--------------------------------------------
The members of Equiptment Solution Limited appointed Lai Kar Yan
Derek and Darach E. Haughey as the company's liquidators.

The Liquidators can be reached at:

          Lai Kar Yan Derek
          Darach E. Haughey
          35th Floor, One Pacfic Place
          88 Queensway
          Hong Kong


ELITE RISE: Members Meeting Fixed for Feb. 5
--------------------------------------------
The members of Elite Rise Investment Limited will have their
final general meeting on February 5, 2008, at the Official
Receiver's Office, 10th Floor, Queensway Government Offices, 66
Queensway, in Hong Kong.  Among others, the members will hear
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is Lee Mei Yee May.


ICBC: Gets Regulatory Approval to Buy 20% Stake in Standard Bank
----------------------------------------------------------------
The Industrial and Commercial Bank of China has gotten approval
from the China Banking Regulatory Commission for the purchase of
a twenty percent stake in South Africa's Standard Bank, Xinhua
reports.

ICBC, the country's biggest lender, announced in October last
year its agreement to purchase a stake in South Africa's largest
commercial bank for US$5.46 billion.  The transaction has
already gotten approval from both the banks' shareholders, the
South African Registrar of Banks, and the Johannesburg
Securities Exchange, the same report says.

Once the purchase is completed, the Chinese bank will become the
top shareholder of Standard Bank, Xinhua says, citing ICBC's
Chairmain Jiang Jianqing.

"As many of our large clients seek investments in Africa, the
demand for cross-border financial services is accelerating.
Standard Bank, with its market leading position in South Africa
and a true-pan-African footprint, represents the best
organization with which ICBC can partner," Mr. Jiang was quoted
by Xinhua as saying.

Meanwhile, Standard Bank's Chief Executive Officer Jacko Maree
viewed the transaction as way for both parties to share
expertise and gain access to each other's market, Xinhua
relates.  

The Industrial and Commercial Bank of China --
http://www.icbc.com.cn/-- is the largest state-owned commercial   
bank, and is authorized by the State Council and the People's
Bank of China.  ICBC conducts operations across China as well as
in major international financial centers.

On Sept. 18, 2006, the Troubled Company Reporter-Asia Pacific
reported that Fitch Ratings affirmed ICBC's Individual D/E
rating.

Moody's Investors Service upgraded on December 6, 2006, to D-
from E+ the Bank Financial Strength Rating for Industrial and
Commercial Bank of China.  The D- BFSR has a stable outlook.  
The upgrade concludes a review of ICBC's BFSR started on Aug. 9,
2006.


JOINT CAPITAL: Liquidators Quit Post
------------------------------------
On January 2, 2008, Stephen Lui Yui Keung and Yeo Boon Ann
stepped down as liquidators for Joint Capital Limited.

The former liquidator can be reached at:

         Stephen Lui Yui Keung
         Yeo Boon Ann
         18th Floor
         Two International
         Finance Centre
         8 Finance Street
         Central, Hong Kong


NEO-CHINA: Resignations Cue Moody's to Monitor Developments
-----------------------------------------------------------
Moody's Investors Service says it is monitoring developments at
Neo-China Group (Holdings) Limited and the possible impact on
its ratings following the company's announcement of the
resignations of its Company Secretary and Qualified Accountant.

"The two resignations, in view of the prolonged suspension of
trading in its shares, have added to our concerns over any
potential negative developments within the company, and which
could eventually affect its operating and financial profiles,"
says Kaven Tsang, Moody's lead analyst for the company.

"However, given the current lack of news to justify an imminent
rating change, Moody's will for now continue to monitor
developments and respond to the company's announcements in due
course," says Tsang, adding, "The ratings could come under
pressure if any material adverse development is observed."

Neo-China Group (Holdings) Limited is a Chinese property
developer engaged in residential and mixed-use developments.  It
has 16 major projects under development in 12 cities in China
and a land bank of around 13.6 million sqm in GFA.  It also has
two primary land development projects in Tianjin and Chengdu
with a total area of 8.4 million sqm.

                         *     *      *

Moody's Investors Service affirmed on Oct. 9, 2007, its B1
corporate family and senior unsecured ratings for Neo-China
Group (Holdings) Limited.  The outlook is stable.


NIN HING: Court to Hear Wind-Up Petition on Feb. 27
---------------------------------------------------
On December 24, 2007, Lai Tat Lung filed a petition to have Nin
Hing Electronic Engineering Limited's operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
February 27, 2008, to hear the petition.

The petitioners' solicitor can be reached at:

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


ORIENTAL PLAN: Schedules Members Meeting on Feb. 6
--------------------------------------------------
The members of Oriental Plan Development Limited will have their
final general meeting on February 6, 2008, at 118th Floor, Bel
Trade Commercial Building, 1-3 Burrows Street, Wanchai, in Hong
Kong.  During the meeting, the members will hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is Kwok Tai Wai.


TECHNOSTORE LTD: Liquidator to Present Wind-Up Report on Feb. 19
----------------------------------------------------------------
The creditors and contributors of Technostore Limited will have
their final general meeting on February 19, 2008, at the
Official Receiver's Office, 10th Floor, Queensway Government
Offices, 66 Queensway, in Hong Kong.  At the meeting, the
liquidator will report on the company's wind-up proceedings and
property disposal.

The company's liquidator is Lee Mei Yee May.


TUNG TAT: Court to Hear Wind-Up Petition on Feb. 27
---------------------------------------------------
On December 27, 2007, Lai Tat Lung filed a petition to have Tung
Tat Development Limited's operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
February 27, 2008, to hear the petition.

The petitioners' solicitor can be reached at:

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


WITEX INDUSTRIAL: Court to Hear Wind-Up Petition on March 12
------------------------------------------------------------
On January 9, 2008, Lai Tat Lung filed a petition to have Witex
Industrial Company Limited's operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
March 12 2008, to hear the petition.

The petitioners' solicitor can be reached at:

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


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I N D I A
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AGILENT TECH: Files Lawsuit to Protect Liquid Chormatography IP
---------------------------------------------------------------
Agilent Technologies Inc. has filed litigation against Advanced
Materials Technology Inc. in the Delaware Court of Chancery to
protect confidential and proprietary information relating to its
high-performance liquid chromatography technology.

The complaint contends that three former Agilent employees, now
with AMT, breached the confidentiality of their employment
agreements, misappropriated Agilent trade secrets and breached
their fiduciary duties with respect to Agilent’s HPLC
intellectual property.  The litigation filing alleges that
Agilent trade secrets and confidential information were used by
AMT in developing its Halo HPLC columns.

"Agilent is built on a long-standing foundation of integrity and
high ethical standards by our employees in both their external
and internal interactions," said Mike McMullen, vice president
and general manager of Agilent’s Chemical Analysis Solutions
Unit.  "This is an unfortunate, but reasonable and necessary
action to vigorously protect our intellectual property."

Agilent is a leading global supplier of HPLC instruments,
consumables and support.  HPLC is a form of liquid
chromatography used frequently in biochemistry and analytical
chemistry.  Sometimes referred to as high-pressure liquid
chromatography, it is used to separate components of a mixture
by using a variety of chemical interactions between the
substance being analyzed and the chromatography column.

                     About Agilent Tech

Agilent Technologies Inc. (NYSE: A) -- http://www.agilent.com/
-- is the world's premier measurement company and a technology
leader in communications, electronics, life sciences and
chemical analysis.  The company's 19,000 employees serve
customers in more than 110 countries.

The company has operations in India, Argentina, Puerto Rico,
Bolivia, Paraguay, Venezuela, and Luxembourg, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 26, 2007, Moody's Investors Service has assigned a Ba1
rating to Agilent Technologies, Inc.'s proposed offering of
USUS$500 million senior notes due 2017 and affirmed its existing
ratings and stable outlook.


AFFILIATED COMPUTER: Earns us$81.6M in 2nd Qtr. Ended Dec. 31
-----------------------------------------------------------
Affiliated Computer Services Inc. reported net income of us$81.6
million for second quarter ended Dec. 31, 2007, compared to net
income of us$72.1 million for the same period in the previous
year.

"I am very pleased with our second quarter results," said
Lynn Blodgett, ACS president and chief executive officer.  "With
the uncertainty of ownership behind us we were able to focus on
selling more business, collecting our cash and growing earnings
per share.  Our financial goal is to deliver consistent, good
growth in revenue, signings and earnings."

"I feel we made very positive progress toward those goals this
quarter.  We need to continue improving our revenue growth rates
and I am confident that our improved signings this quarter and
in the future will be the main catalyst for accelerating our
growth.  We also demonstrated we can manage
our collections and capital expenditures.  I'm proud of the
results our great team delivered this quarter."

For six months ended Dec. 31, 2007, the company reported net
income of us$147.7 million, compared to net income of
us$133.5 million for the same period in the previous year.

Key highlights from ACS' fiscal year 2008 second quarter:

   -- Cash flow from operations during the second quarter was
      approximately us$323 million.  Free cash flow during the
      quarter was us$248 million.  This quarter's cash flow
      results benefited from improved collections on accounts
      receivable. Capital expenditures and additions to
      intangible assets were approximately us$74 million.

   -- During the quarter, the company's board of directors
      endorsed a us$1 billion share repurchase program and
      authorized a us$200 million share repurchase program.  The
      company used free cash flow to complete the us$200 million
      share repurchase program during the second quarter,
      purchasing approximately 4.5 million shares at an average
      price of us$44 per share.

Key year-to-date highlights for fiscal 2008:

   -- Cash flow from operations for year-to-date fiscal 2008
      was approximately us$331 million and free cash flow was
      us$181 million.  Capital expenditures and additions to
      intangibles were approximately us$150 million.

At Dec. 31, 2007, the company's balance sheets showed total
assets of us$6.03 billion, total liabilities of us$3.98 billion
and total stockholder's equity of us$2.05 billion.

            About Affiliated Computer Services Inc.

Headquartered in Dallas, Texas, Affiliated Computer Services
Inc. (NYSE:ACS) -- http://www.acs-inc.com/-- provides business  
process outsourcing and information technology services to
commercial and government clients.  The company has two segments
based on the clients it serves: commercial and government.  The
company provides services to a variety of clients including
healthcare providers and payers, manufacturers, retailers,
wholesale distributors, utilities, entertainment companies,
higher education institutions, financial institutions, insurance
and transportation companies.

                        *     *      *  

As reported in the Troubled Company Reporter on Jan. 30, 2008,
Moody's Investors Service confirmed Affiliated Computer
Services' Ba2 corporate family rating with a stable rating
outlook.  This rating confirmation concludes a review for
possible downgrade initiated on March 20, 2007.  The ratings of
ACS remained under review for possible downgrade.


BHARTI AIRTEL: Allots 11,675 Shares to Employees
------------------------------------------------
Bharti Airtel Ltd's board of directors, at a meeting yesterday,
alloted 11,675 equity shares to employees:

   -- 8,650 fully paid up shares of INR10 each at an exercise
      price of INR221;

   -- 775 fully paid up equity shares of INR10 each at an
      exercise price of INR313;

   -- 800 fully paid up shares of INR10 each at an exercise
      price of INR357;

   -- 1,150 fully paid up equity shares of INR10 each at an
      exercise price of Rs 390; and

   -- 300 equity shares of INR10 each fully paid up at an
      exercise price of INR412.

The board issued the shares upon the employee's exercise of
stock options pursuant to the company's ESOP Scheme 2005.

With the allotment, the equity base of the company increased
from present level of 1,897,883,246 shares to 1,897,894,921
shares of INR10 each.

Headquartered in New Delhi, India, --
http://www.bhartiairtel.in-- is a telecom services provider.        
The company has three business units: Mobile Services, Broadband
& Telephone Services (B&TS) and Enterprise Services.

                        *     *      *

Fitch Ratings, on Nov. 19, 2007, affirmed Bharti Airtel
Limited's Long-term foreign currency Issuer Default Rating at
'BB+'.  Fitch said the outlook on the rating is stable.


HERCULES OFFSHORE: Earns US$31.3 Million in Fourth Quarter 2007
---------------------------------------------------------------
Hercules Offshore Inc. has reported net income of
US$31.3 million on revenues of US$262.9 million for the fourth
quarter 2007, compared to net income of US$35.5 million on
revenues of US$114.7 million for the fourth quarter 2006.

Net income was US$136.5 million, or US$2.29 per diluted share,
on revenues of US$766.8 million for the twelve months ended Dec.
31, 2007, compared to net income of US$119.1 million or US$3.70
per diluted share, on revenues of US$344.3 million for the
twelve months ended Dec. 31, 2006.  The results from the twelve
month period ended Dec. 31, 2007 include US$3.1 million in
severance costs and other costs related to our July 2007
acquisition of TODCO, and a loss of US$1.5 million related to
the early retirement of debt, net of a US$0.7 million gain on
interest rate derivatives.  On an after-tax basis, these items
approximated US$3.0 million, or US$0.05 per diluted share.  
Excluding the effect of these items, net income for the year
ended Dec. 31, 2007, was US$139.5 million or US$2.34 per diluted
share.  A one-time gain of US$18.6 million, net of tax, related
to an insurance claim settled on the loss of Rig 25 in Hurricane
Katrina, was included in the 2006 results.  Excluding this gain,
net income was US$100.4 million or US$3.12 per diluted share for
the twelve month period ended Dec. 31, 2006.

Hercules Offshore Chief Executive Officer and President, Randy
Stilley stated, "2007 was a transformative year for Hercules
Offshore.  Our company grew dramatically, tripling the size of
our offshore drilling fleet as a result of our acquisition of
TODCO.  We quickly completed the integration of TODCO into our
operations, using the best of both companies to form a leader in
the industry.  The acquisition also enhanced our financial
flexibility and expanded our geographic footprint.  Furthermore,
in line with our strategy of focusing on shallow water offshore
services, we divested of the nine legacy TODCO land rigs late
last year."

"The past year also marked a period of transition for the US
Gulf of Mexico.  It was a year in which many of our customers
retrenched, focusing on strengthening their balance sheets or
digesting recent property acquisitions.  Importantly however,
supply also adjusted downward to reflect decreased demand. Going
forward, based on our customers' indications of higher activity,
and supported by the recent improvem ent in natural gas prices,
we are confident that activity levels will commence a gradual
upturn during 2008.  Additionally, we will remain focused on
managing our operating costs as we did so effectively during
2007, as well as seeking opportunities to further enhance our
international presence." Mr. Stilley added.

                      Offshore Highlights

During the fourth quarter 2007, revenues from Domestic Offshore
increased by 44% to US$70.7 million, from US$49.1 million in the
fourth quarter 2006.  The increase was driven by additional
operating days as a result of the TODCO acquisition, partially
offset by a decline in utilization to 55.6% compared to 99.5%
during the fourth quarter 2006 and a reduction in average daily
revenue per rig of US$26,563 to US$62,796 in the fourth quarter
2007 as a result of softer demand.  Average operating expense
per rig per day declined to US$23,408 in the fourth quarter 2007
from US$25,824 in the prior year period largely due to the warm
stacking of several idle rigs.  Operating income decreased to
US$6.5 million in the fourth quarter 2007 from US$30.4 million
in the fourth quarter of 2006.

International Offshore revenues increased 194% during the fourth
quarter of 2007 to US$53.8 million from US$18.3 million in the
prior year period due to increased operating days stemming from
the acquisition of TODCO.  The average daily revenue per rig
declined by US$16,945 to US$89,458 during the fourth quarter
2007 compared with the prior year period due to a mix shift in
the type of rigs in this segment.  The average operating expense
per day declined to US$32,622 in the fourth quarter 2007 from
US$41,999 in the fourth quarter of 2006. Operating income
increased by US$16.0 million to US$24.6 million in the fourth
quarter 2007 from US$8.6 million in the prior year period.

                       Inland Highlights

During the fourth quarter 2007, the company generated revenues
of US$53.5 million and operating income of US$14.1 million in
the company's inland segment.  Average daily revenue per rig in
this segment was US$47,312 on utilization of 72.3%.  Prior to
the third quarter of 2007, the company did not have inland barge
operations.

                      Liftboat Highlights

Domestic Liftboats generated revenues of US$32.2 million in the
fourth quarter 2007 versus US$38.1 million in the fourth quarter
2006. Operating income decreased to US$10.9 million in the
fourth quarter 2007 from US$17.2 million in the same period of
2006.  The results were impacted by a decline in the utilization
to 65.2% during the fourth quarter 2007 from 74.2% in the same
period in 2006, as well as a decline in the company's average
revenue per liftboat per day to US$11,656 from US$12,398 over
the same periods as the company have largely completed repair
work from the active 2005 hurricane season.  The average
operating expenses per liftboat per day also declined to
US$3,379 in the fourth quarter 2007 from US$3,777 in the fourth
quarter 2006.

The company's International Liftboats segment posted revenues of
US$17.3 million for the three-month period ended Dec. 31, 2007,
a significant increase from US$9.2 million in the fourth quarter
2006.  This increase is largely attributed to an increase in the
company's operating days to 1,280 compared with 818 in the
fourth quarter of 2006 as a result of its acquisition of eight
liftboats and the bareboat charter of an additional five
liftboats in late 2006.  Average revenue per liftboat per day
also increased to US$13,480 from US$11,277 for the same period
of 2006 as the company increased its dayrates due to robust
demand.  Operating income increased to US$5.2 million in the
fourth quarter 2007 from US$2.2 million in the fourth quarter
2006.

                       Other Highlights

Other segment includes the results of the company's wholly owned
subsidiary, Delta Towing, and its former fleet of nine onshore
drilling rigs, both of which were assumed as part of the TODCO
acquisition.  During the fourth quarter 2007, this segment
generated revenues of US$35.6 million and operating income of
US$6.5 million.  As previously announced, the company sold its
fleet of nine land drilling rigs and related assets in late
December 2007 for US$107.0 million.  These assets contributed
US$18.7 million in revenue and approximately US$600,000 in
operating income to the company's fourth quarter results.

                   Balance Sheet Highlights

At Dec. 31, 2007, the Company's balance sheet reflected total
assets of US$3.6 billion, including cash & equivalents and
marketable securities totaling US$251.7 million, total debt of
US$928.6 million and stockholders' equity of US$2.0 billion.

                   About Hercules Offshore

Headquartered in Houston, Texas, USA, Hercules Offshore, Inc.
(Nasdaq: HERO) provides shallow-water drilling and lift boat
services to the oil and natural gas exploration and production
industry in the United States Gulf of Mexico and
internationally.  It operates a fleet of nine jack-up rigs that
are capable of drilling in maximum water depths ranging from 85
to 250 feet and a fleet of 64 lift boats with leg lengths
ranging from 105 to 260 feet.   Its services are organized in
four segments, Domestic Contract Drilling Services,
International Contract Drilling Services, Domestic Marine
Services and International Marine Services.  The company's
Domestic Contract Drilling Services and Domestic Marine Services
are conducted in the United States Gulf of Mexico, its
International Contract Drilling Services are conducted offshore
Qatar and India, and its International Marine Services are
conducted in West Africa.  The company also has operations in
Venezuela, Trinidad and Mexico.

                        *     *     *

On June 2007, Standard and Poor's Ratings Services raised the
corporate credit rating on Hercules Offshore Inc. to 'BB-' from
'B'.  The outlook on the long-term issuer credit rating was
stable.  At the same time, the ratings on Hercules Offshore were
removed from CreditWatch with positive implications, where they
were placed on March 19, 2007.

Standard & Poor's also assigned its 'BB' rating and '2' recovery
rating to Hercules Offshore's proposed US$1.05 billion bank
facilities.


ICICI BANK: Calls Off Plans for Proposed New Subsidiary
-------------------------------------------------------
ICICI Bank Ltd has canceled plans to list shares of proposed
subsidiary after the bank did not get the Reserve Bank of
India's required approval, the Press Trust of India relates.

ICICI Bank proposed to transfer its equity shareholding in ICICI
Prudential Life Insurance Company Ltd, ICICI Prudential Asset
Management Company Ltd, and ICICI Prudential Trust Ltd, to a new
subsidiary, ICICI Financial Services, the bank relates in a
filing with the Bombay Stock Exchange.  According to the bank,
the arrangement was subject to the receipt of regulatory and
other approvals including that of the Reserve Bank of India, the
Insurance Regulatory and Development Authority and the Foreign
Investment Promotion Board, and was to terminate failing receipt
of those approvals within a mutually agreed date.

IRDA and FIPB have already given their nods on the proposal.  
The bank, however, has not received RBI's approval and the
agreed date has already elapsed.

The company had received definitive offers from investors for
subscription to shares of the proposed new subsidiary and for
entering into definitive agreements for this purpose.  With the
bank's failure to get RBI's nod, however, it has terminated its
offer.

Headquartered in Mumbai, India, ICICI Bank Limited --
http://www.icicibank.com/-- is a financial services group
providing a variety of banking and financial services, including
project and corporate finance, working capital finance, venture
capital finance, investment banking, treasury products and
services, retail banking, broking and insurance.  It also has
interests in the software development, software services and
business process outsourcing businesses.  The Company's
operations have been classified into three segments: Commercial
Banking, Investment Banking and Others.  It has subsidiaries in
the United Kingdom, Canada and Russia, branches in Singapore and
Bahrain, and representative offices in the United States, China,
United Arab Emirates, Bangladesh and South Africa.

                         *     *     *

Fitch Ratings gave ICICI a 'C' Individual Rating.

On Aug. 15, 2006, Standard & Poor's assigned its 'BB-' rating to
the hybrid Tier-1 securities to be issued by ICICI Bank Ltd.  On
Oct. 16, S&P assigned its 'BB+' issue rating to its senior
unsecured, five-year, fixed-rate U.S. dollar notes.


ICICI BANK: Arun Ramanathan to Replace Vinod Rai
-------------------------------------------------
The Government of India has nominated Arun Ramanathan to replace
Vinod Rai on ICICI Bank Ltd's board effective Jan. 18, 2008.  

Mr. Rai resigned from the board on Jan. 6.  He quit to enable to
take oath of office for the post of the comptroller and auditor
general of India.

Headquartered in Mumbai, India, ICICI Bank Limited --
http://www.icicibank.com/-- is a financial services group
providing a variety of banking and financial services, including
project and corporate finance, working capital finance, venture
capital finance, investment banking, treasury products and
services, retail banking, broking and insurance.  It also has
interests in the software development, software services and
business process outsourcing businesses.  The Company's
operations have been classified into three segments: Commercial
Banking, Investment Banking and Others.  It has subsidiaries in
the United Kingdom, Canada and Russia, branches in Singapore and
Bahrain, and representative offices in the United States, China,
United Arab Emirates, Bangladesh and South Africa.

                         *     *     *

Fitch Ratings gave ICICI a 'C' Individual Rating.

On Aug. 15, 2006, Standard & Poor's assigned its 'BB-' rating to
the hybrid Tier-1 securities to be issued by ICICI Bank Ltd.  On
Oct. 16, S&P assigned its 'BB+' issue rating to its senior
unsecured, five-year, fixed-rate U.S. dollar notes.


STRATOS GLOBAL: Improved Credit Prompts Moody's Outlook Change
--------------------------------------------------------------
Moody's Investors Service has revised the outlook for Stratos
Global Corporation to stable from negative and upgraded the SGL
rating to SGL-3 from SGL-4.  The outlook change and SGL upgrade
reflect better than anticipated performance, which has improved
the company's credit profile and mitigated concern over
compliance with financial reporting covenants.

Moody's also affirmed the B1 corporate family rating and all
other ratings.

  -- Speculative Grade Liquidity Rating, Upgraded to SGL-3 from
     SGL-4

  -- Outlook, Changed To Stable From Negative

  -- Affirmed B1 Corporate Family Rating

  -- Affirmed B1 Probability of Default Rating

  -- Affirmed Ba2 Senior Secured Bank Rating, LGD 2, 23%

  -- Affirmed B3 Unsecured Bonds Rating, LGD 5, 77%

The ratings reflect revenue concentration, some revenue
volatility related to the "on-demand" nature of most products,
price pressure, expectations for flat to declining EBITDA and
high leverage.  Diversification by end-user customers and
geographic markets and expectations for modestly positive free
cash in 2007 and 2008 support the ratings.  Furthermore, Moody's
expects that Inmarsat plc (Ba2 corporate family rating) will
exercise its call option to acquire Stratos Global in 2009,
which reduces the risk associated with renewal of its
distribution agreement and provides clarity on the company's
longer term prospects.

Stratos Global Corporation -- http://www.stratosglobal.com/--  
is a provider of a range of advanced mobile and fixed-site
remote telecommunications solutions for users operating beyond
the reach of traditional networks.  The company serves the voice
and high-speed data connectivity requirements of a diverse array
of markets, including government, military, energy, industrial,
maritime, aeronautical, enterprise, media and recreational users
throughout the world.  Stratos operates in two segments:  Mobile
Satellite Services, which provides mobile telecommunications
services, primarily over the Inmarsat plc satellite system, and
Broadband Services, which provides very small aperture terminal
services, sourced on a wholesale basis from a number of the
fixed satellite system operators.

The company has offices the following regions: Europe -- Italy,
Germany, Norway, Spain, United Kingdom Asia-Pacific -- India,
Hong Kong, Singapore, Australia and Japan Latin America --
Brazil.


TATA MOTORS: January Passenger Car Sales Down 12%
-------------------------------------------------
Tata Motors reported a total sale of 54,796 vehicles (including
exports) for the month of January 2008, nearly flat compared to
55,440 vehicles sold in January last year.  The monthly sales --
both domestic and total (including exports) -- crossed the
50,000 mark for the first time this fiscal.  Cumulative sales
for the company were flat at 4,61,725 units.

                       Commercial Vehicles

The company's sales of commercial vehicles in January 2008 in
the domestic market were 30,530 units, a growth of 6% compared
to 28,896 vehicles sold in January last year.  M&HCV sales stood
at 15,633 units, a decline of 8.6% over January 2007, while LCV
sales were 14,897 nos., a growth of 26% over January 2007.

Cumulative sales of commercial vehicles in the domestic market
for the fiscal were 2,46,060 units, a growth of 2% over last
year. Cumulative M&HCV sales stood at 1,28,504 units, a decline
of 7.8% over last year, while LCV sales for the fiscal were
1,17,556 units, an increase of 16% over last year.

                      Passenger Vehicles

The passenger vehicle business achieved total sales of 20,119
vehicles in the domestic market in January 2008, the highest
during the fiscal with a previous average of 17,000 vehicle
sales per month till December, but a decline of 11.8% over
22,801 units sold in January 2007.  The Indica reported sales of
12,360 units, a decline of 14.6% over January 2007. The Indigo
family registered sales of 2,901 units, a decline of 9.5% over
January 2007.  The new Indica Dicor and the Indigo CS (Compact
Sedan) launched in January have received an encouraging
reception, with production being in a ramp up mode.  The Sumo
and Safari accounted for sales of 4,858 units, a decline of 5%
over January 2007.  The Safari recorded a 23% growth over
January 2007, with its highest ever sales of 2,550 units in a
month.

Cumulative sales of passenger vehicles in the domestic market
for the fiscal were 1,71,255 units, a decline of 4.8% over the
same period last year.  Cumulative sales of the Indica at
1,12,471 units, reported a decline of 3.7%.  Cumulative sales of
the Indigo family were 22,959 units, a decline of 13%.
Cumulative sales of Sumo and Safari were 35,825 units, a decline
of 1.8%.  The Safari recorded a 24% growth with sales of 14,406
units

                             Exports

The company's sales from exports at 4,147 vehicles in January
2008 grew by 11% compared to 3,743 vehicles in January 2007.  
The cumulative sales from exports in the current period at
44,410 units have recorded a growth of 6% over the previous
year.

                        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.

                          *     *     *

On Jan. 7, 2008, Standard & Poor's Ratings Services placed its
'BB+' long-term corporate credit ratings on India-based
automaker Tata Motors Ltd. on CreditWatch with negative
implications.  At the same time, Standard & Poor's placed its
'BB+' foreign currency rating on all of Tata Motor's rated debt
issues on CreditWatch with negative implications.

As reported in the TCR-Asia-Pacific on Jan. 8, 2008, Moody's
Investors Service placed the Ba1 Corporate Family Rating of Tata
Motors Ltd on review for possible downgrade.


TATA STEEL: Posts INR10.69-Bil. Net Profit in Qtr. Ended Dec. 31
----------------------------------------------------------------
Tata Steel Ltd posted a net profit of INR10.69 billion for the
quarter ended Dec. 31, 2007, just about the same compared to the
INR10.64-billion profit earned in the corresponding quarter in
2006.

Total income increased from INR45.68 billion in Oct.-Dec. 2006,
to INR50.41 billion in the latest quarter under review.  With
operating expenses of INR28.94 billion, the company booked an
operating profit of INR21.47 billion.

Interest charges for the quarter totaled INR3.63 billion, while
depreciation was at INR2.09 billion and taxes at INR5.06
billion.

A copy of the company's financial results for the quarter ended
Dec. 31, 2007, is available for free at:

              http://ResearchArchives.com/t/s?27b9

Headquartered in Mumbai, India, Tata Steel Limited --
http://www.tatasteel.com/-- manufactures steel, and ferro
alloys and minerals.  Tata Steel's products are targeted at the
auto sector and construction industry.  With wire manufacturing
facilities in India, Sri Lanka and Thailand, the company plans
to emerge as a major global player in the wire business.

As reported in the Troubled Company Reporter-Asia Pacific,
Standard & Poor's Ratings Services, on July 10, 2007, lowered
its corporate credit rating on Tata Steel to 'BB' from 'BBB.'
The outlook is positive.  The rating is removed from
CreditWatch, where it was placed on Oct. 18, 2006, with negative
implications after its announcement on acquiring Corus
Group PLC (Corus, BB-/Stable/--).

Moody's Investors Service, on Sept. 18, 2007, affirmed the Ba1
corporate family rating of Tata Steel Ltd., and changed the
outlook to negative from stable.


WESTERN INDIA: Loss Narrows to INR36 Mil. in Qtr. Ended Dec. 31
---------------------------------------------------------------
Western India Shipyard Ltd narrows its net loss to INR36.09
million in the three months ended Dec. 31, 2007, from the
INR61.7-million loss incurred in the same period in 2006.

The bottom line improved even even with lower revenues and
higher expenses because of lower interest charges -- INR1.22
million in the Oct.-Dec. 2007, compared to 2006's INR41.49
million.

Total revenues decreased from INR104.59 million in
Oct.-Dec. 2006, to INR93.63 million in the latest quarter under
review.  With operating expenses rising to INR101.9 million  
(INR99.14 million in 2006), the company posted an operating loss
of INR8.27 million.

A copy of the company's financial results for the quarter ended
Dec. 31, 2007, is available for free at:

             http://ResearchArchives.com/t/s?27b8
       
Operating as a composite ship repair facility in India, Western
India Shipyard Ltd -- http://www.westinshp.com/-- offers ship    
routine maintenance and damage repairs; cargo hold/tank space
blasting and coating; main engine overhauls; rudder, propeller,
and tailshaft repairs; cargo gear overhaul and repairs; heating
coil hydro test and electric works; hatch cover modifications
and container cell guide conversions; and auxiliary machinery
overhauls.

The company has incurred at least two years of consecutive net
losses -- INR207.58 million in the year ended Mar. 31, 2007, and
INR233.68 million in the year ended Mar. 31, 2008.


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

ANEKA TAMBANG: Fourth Qtr. Revenue Up 63% to IDR3.6 Trillion
------------------------------------------------------------
PT Aneka Tambang Tbk's fourth quarter revenue climbed 63% to
IDR3.6 trillion, beating forecasts for the full year amid higher
nickel production, Reuters News reports.

Harry Suhartono of Reuters writes that the company's fourth
quarter sales and production increased 112% to IDR11.9 trillion
from 2006.  The result is better than a forecast by Reuters
Estimates of IDR10.2 trillion, the report relates.

An investor relations' official told the news agency that the
company produced 6,274 tonnes of nickel contained in ferronickel
for the three months ended December 2007, up from 4,551 tonnes
in the same period of 2006.

                      About Aneka Tambang

PT Aneka Tambang Tbk -- http://www.antam.com/-- mines,    
processes, develops, and explores natural deposits.  The company
operates six mines.  They are located in Riau (bauxite),
Sulawesi and Maluku (nickel), Central Java (iron sand), and
WestJava (gold).  The company also operates a precious metal
refinery and a geology unit in Jakarta.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on Jan 17,
2008, Moody's Investors Service has upgraded PT Aneka Tambang
(Persero) Tbk's corporate family rating to Ba3 from B1.  This
concludes the review for possible upgrade which commenced on
October 22, 2007.

On Dec. 4, 2006, that Standard & Poor's Ratings Services raised
its long-term corporate credit rating on Indonesian state-owned
miningcompany PT Antam Tbk. to 'B+' from 'B'.  The outlook is
stable.  At the same time, Standard & Poor's also raised to
'B+', from 'B', the rating on the senior unsecured notes issued
by Antam Finance Ltd. and guaranteed by Antam.


BANK NIAGA: Sees 20% Growth in Lending Portfolio
------------------------------------------------
Bank Niaga is expecting a 20% growth in its lending portfolio
this year due to higher demands for mortgages, The Jakarta Post
reports.

According to the report, Bank Niaga Vice President Director
Daniel James Rompas said that demands for mortgages would remain
promising, following a trend of declining interest rates set by
the central bank.

In 2007, the bank's growth in mortgages reached around 27% to  
to IDR11 trillion from IDR9 trillion, the report recounts.  
Mr. Rompas told the news agency that this year they are
expecting around IDR14 trillion in growth.

The bank's accumulated loans reached IDR36.55 trillion in the
third quarter last year, up from IDR31.13 trillion for the same
period in 2006, The Post notes.

The report points out that Bank Niaga is targeting to secure
25% of the market share in mortgage lending, up from just 10%
last year.

Mr. Rompas was quoted by the news agency as saying, "I'm
optimistic we can meet the target, due to our competitive
lending interest rates."  The bank's current rates for mortgages
were at 4.99%.
                        About Bank Niaga

Headquartered in Jakarta, Indonesia, PT Bank Niaga Tbk --
http://www.bankniaga.com/-- has a license to operate as a      
commercial bank, a foreign exchange bank and a bank engaged in
activities based on Syariah principles.  The bank's products and
services include: Funding, Consumer Financing, Business
Financing, Credit and Debit Cards, Private Banking, Preferred
Circle, e-Banking, Corporate Trust, Bancassurance and Treasury
Indicator.  The bank's subsidiaries consist of: PT Niaga Aset
Manajemen and PT Saseka Gelora Finance.  As of January 31, 2006,
the Bank operates 54 domestic branches, 145 domestic supporting
branches, 22 domestic payment points, seven Syariah units and
one overseas branch.

                          *     *     *

The bank also has the following existing global scale ratings
assigned by Moody's Investors Service:

   -- issuer/foreign currency subordinated debt of Ba3;

   -- global local currency deposit of Baa3;

   -- foreign currency long-term/short-term deposit of B2/Not
      Prime;

   -- and bank financial strength of D.

Fitch Ratings affirmed all the ratings of PT Bank Niaga Tbk as:
Long-term foreign Issuer Default ratings at 'BB-'; Individual at
'C/D'; and Support '4'.  The Outlook for the ratings was revised
to Positive from Stable.


BANK NIAGA: Partners With Telkom Indonesia for Load Purchase
------------------------------------------------------------
PT Bank Niaga Tbk and PT Telekomunikasi Indonesia Tbk
collaborated in Flexi Trendy mobile reload purchase through
electronic delivery channel facility.  Flexi Trendy is a Telkom
Flexi prepaid product.  The customers of Flexi Trendy who are
also Bank Niaga's can do the Flexi Trendy mobile reload through
Self Service Terminal Niaga, Niaga Access 14041 (phone banking),
Niaga Global@ccess (internet banking), and Niaga Ponsel Access
(mobile banking).

The agreement was signed by Paul S. Hasjim, IT & System Head of
Bank Niaga, and Tri Djatmiko, Vice President Sales Telkom.  It
was also witnessed by Ananda Barata, Operation & IT Director of
Bank Niaga and Ermady Dahlan, Consumer Director of TELKOM.

Previously, Bank Niaga has signed agreements with Telkom in
electronic channel payment facility usage and autodebt facility
through debt card and Bank Niaga's credit card to pay Telkom
(fixed line), Telkom FlexiClassy (postpaid product) and internet
Speedy service's bills.

In line with people's need and demand toward continuous change
in banking services, Bank Niaga and Telkom agreed to add
simplicity and access through other facilities in Bank Niaga.
Paul S. Hasjim from Bank Niaga said that as one of the foremost
bank in Indonesia, Bank Niaga always apply technology as the
important component in its strategy, such as comprehensive
electronic delivery channel facility.  "Niaga e-banking as a one
stop service facility can be used by customers of TELKOM Flexi
to purchase Flexi Trendy mobile reload", said Paul.

In addition, starting 15 January, it is also launched "Purchase
Flexi Credit, Get 100% + 50% Bonus Credit."  Through this
program, every Flexi Trendy's mobile reload through SST Niaga
will get 100% bonus credit, and get additional 50% bonus credit
of 4 (four) times of credit purchase for the same amount and
mobile's number.  This program is valid from 15 January to 29
February 2008 for Flexi's number in Jabodetabek, West Java and
Banten.

Furthermore, Vice President Public & Marketing Communication of
Telkom, Eddy Kurnia said this collaboration is to show Telkom's
care to its customers, particularly the customers of Flexi
Trendy.  "This agreement will give convenience because it gives
simplicity by purchasing Flexi Trendy's mobile reload," he said.

Eddy Kurnia appealed to Flexi's customers to use the simplicity
given by TELKOM and Bank Niaga.  He said that TELKOM and Bank
Niaga will continuously innovate to give a positive value to
Flexi and Bank Niaga's customers.

                         About Bank Niaga

Headquartered in Jakarta, Indonesia, PT Bank Niaga Tbk --
http://www.bankniaga.com/-- has a license to operate as a      
commercial bank, a foreign exchange bank and a bank engaged in
activities based on Syariah principles.  The bank's products and
services include: Funding, Consumer Financing, Business
Financing, Credit and Debit Cards, Private Banking, Preferred
Circle, e-Banking, Corporate Trust, Bancassurance and Treasury
Indicator.  The bank's subsidiaries consist of: PT Niaga Aset
Manajemen and PT Saseka Gelora Finance.  As of January 31, 2006,
the Bank operates 54 domestic branches, 145 domestic supporting
branches, 22 domestic payment points, seven Syariah units and
one overseas branch.

                          *     *     *

The bank also has the following existing global scale ratings
assigned by Moody's Investors Service:

   -- issuer/foreign currency subordinated debt of Ba3;

   -- global local currency deposit of Baa3;

   -- foreign currency long-term/short-term deposit of B2/Not
      Prime;

   -- and bank financial strength of D.

Fitch Ratings affirmed all the ratings of PT Bank Niaga Tbk as:
Long-term foreign Issuer Default ratings at 'BB-'; Individual at
'C/D'; and Support '4'.  The Outlook for the ratings was revised
to Positive from Stable.


CA INC: Earns US$163 Million in Third Quarter Ended Dec. 31
-----------------------------------------------------------
CA Inc. reported US$163 million of net income for the three
months ended Dec. 31, 2007, compared to US$50 million of net
income for the same period in 2006.

"CA has recorded another solid quarter – our fifth in a row,"
said John Swainson, CA's president and chief executive officer.  
"Most importantly, we remain on course to finish the year with
revenue and earnings per share exceeding the updated annual
outlook provided at our financial analyst day last December.

"I am very satisfied with our continued performance improvement,
and I am very proud of the people of CA for their efforts and
accomplishments," Mr. Swainson continued.  "Our EITM strategy
enables us to communicate CA's value proposition to customers in
a clear and compelling way, and we have made considerable
progress in our efforts to cross-sell and up-sell a broader
portfolio of CA products to new and existing customers.

"I am confident that CA's stable customer base and rich product
portfolio puts us in a strong position in today's competitive
environment.  Our results are clearly showing the benefits of
the transformation efforts we began three years ago.  We
continue to manage our business prudently: controlling costs,
increasing efficiency and improving margins at the same time as
we focus on delivering innovative products and driving revenue
growth," Mr. Swainson concluded.

                      Third Quarter Results

Total revenue for the third quarter was US$1.100 billion, an
increase of 10 percent, or 4 percent in constant currency,
compared to US$1.002 billion reported in the comparable prior
year period.  For the first three quarters of fiscal year
2008, total revenue was US$3.192 billion, up 9 percent, or 5
percent in constant currency, over the first three quarters of
fiscal year 2007.

Total North American revenue was up 5 percent in the third
quarter while revenue from international operations was up 17
percent, or 4 percent on a constant currency basis, compared to
the same period last year.

Total product and services bookings in the third quarter were
US$1.228 billion, compared to US$1.553 billion reported in the
comparable prior year period, and, as expected, declined 21
percent on a year-over-year basis. During the third quarter of
fiscal year 2008, the company renewed 16 license agreements
greater than US$10 million, totaling US$303 million, compared to
18 such deals, totaling US$700 million, in the prior year
period. The weighted average duration of new direct bookings in
the third quarter was 3.16 years, compared to 3.74 years in the
prior year's third quarter.  When annualized, the year-over-year
decrease from new direct bookings was 9 percent.

For the first three quarters of fiscal year 2008, total product
and services bookings were US$3.069 billion, up 9 percent from
the US$2.805 billion reported in the first three quarters of
fiscal year 2007.  In addition, annualized direct bookings for
the first three quarters of the fiscal year increased 17 percent
over the same period last year.  The company now expects total
product and services bookings for the full 2008 fiscal year to
grow at a percentage in the mid-teens over the prior year.

Total expenses, before interest and income taxes, for the third
quarter were US$851 million, a decrease of 6 percent, compared
to US$907 million in the prior year period.  The third quarter
was positively affected by a decrease in amortization of
capitalized software from the comparable quarter last year. In
the third quarter, GAAP operating income was US$249 million,
representing an operating margin of 23 percent, a 14 percentage
point improvement from the prior year period.

Total expenses, before interest and income taxes, for the first
three quarters were US$2.488 billion, a decrease of 8 percent,
compared to the US$2.712 billion reported in the first three
quarters of fiscal year 2007.  The decline in expenses was
driven primarily by a decrease in amortization of capitalized
software, lower restructuring costs and improved expense
management.

On a non-GAAP basis, which excludes purchased software and
intangibles, amortization, restructuring and other costs, the
company reported third quarter operating expenses of US$800
million, up one percent from the US$791 million reported in the
prior year period.  Excluding the negative impact of currency,
non-GAAP operating expenses were down 3 percent year-over-year.  
In the third quarter, non-GAAP operating income was US$300
million, up 42 percent from the prior year period and
representing a non-GAAP operating margin of 27 percent – a 6
percentage point improvement from the third quarter of fiscal
year 2007.

The company recorded GAAP income from continuing operations of
US$163 million for the third quarter compared to US$52 million
in the prior year period.  This improvement is a result of
higher revenue, expense control and the decrease in amortization
of purchased software and restructuring costs.  For the first
three quarters of fiscal year 2008, GAAP income from continuing
operations was US$429 million, up from the US$141 million
reported in the same period in fiscal year 2007.

The company recorded non-GAAP income from continuing operations
of US$192 million for the third quarter compared to US$133
million reported a year earlier.  For the first three quarters
of fiscal year 2008, non-GAAP income from continuing
operations was US$524 million, up 34 percent from the first
three quarters of fiscal year 2007, while non-GAAP earnings per
diluted common share were US$0.97 in the first three quarters of
fiscal year 2008, an increase of 43 percent, over the US$0.68
reported in the same period in fiscal year 2007.

For the third quarter of fiscal year 2008, CA reported cash flow
from operations of US$233 million, compared to US$587 million in
cash flow from operations in the third quarter of fiscal year
2007.  The year-over-year decline was due primarily to last
year's stronger than usual bookings in the third quarter, the
result of a catch-up from a weaker than normal first half of
fiscal year 2007.  Cash flow also was affected by an investment
in working capital in the third quarter, the majority of which
the Company expects to recover in the fourth quarter of 2008.  
Additionally, third quarter cash flow was affected by lower than
expected cash taxes due principally to a tax refund. For the
first three quarters of the fiscal year, the Company recorded
US$413 million in cash flow from operations compared to US$547
million reported in the prior year period.

                        Capital Structure

The balance of cash, cash equivalents and marketable securities
at Dec. 31, 2007, was US$2.078 billion.  With US$2.575 billion
in total debt outstanding, the company has a net debt position
of US$497 million.

The company anticipated approximately 514 million shares
outstanding at fiscal year-end and a weighted average diluted
share count of approximately 541 million shares for the fiscal
year.  The company also expected a full-year tax rate on
non-GAAP income of approximately 36 percent.

Headquartered in Islandia, New York, CA Inc. (NYSE:CA) --
http://www.ca.com/-- is an information technology management   
software company that unifies and simplifies the management
ofenterprise-wide IT.  Founded in 1976, CA serves customers in
more than 140 countries.  The company has operations in Brazil,
Indonesia, Luxembourg, Philippines and Thailand.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 19, 2007, Fitch Ratings affirmed these ratings of CA, Inc.:

  -- Issuer Default Rating at 'BB+';
  -- Senior unsecured revolving credit facility at 'BB+';
  -- Senior unsecured debt at 'BB+'.

Additionally, Fitch revised the Rating Outlook on CA Inc. to
Stable from Negative.  Fitch's actions affect approximately
US$2.8 billion of total debt, including the company's US$1.0
billion revolving credit facility.


FOSTER WHEELER: Selects Three New Directors on Board
----------------------------------------------------
Foster Wheeler Ltd. has elected three new directors, effective
with the Feb. 1 board meeting.

Edward G. Galante, 57, retired from ExxonMobil in 2006 as senior
vice president and member of the Management Committee after a
34-year career at that firm.  His responsibilities included
worldwide Refining and Supply, Fuels and Lubricants Marketing
and Research and Engineering.  His earlier experience at
ExxonMobil included progressively responsible assignments in
engineering, sales, product line coordination and terminal
operations.  He also held positions in Corporate Planning,
Supply, and served as manager of the company's Baton Rouge,
Louisiana, refinery and as managing director of Esso Thailand.  
Currently he serves on the board of Praxair, Inc. and of Junior
Achievement Worldwide.  He is a member of the 25-Year Club of
the Petroleum Industry.  He held a B.S. degree in civil
engineering from Northeastern University and serves on the Board
of Overseers for that institution. He also served as executive
in residence at the university's College of Business
Administration.

Jack A. Fusco, 45, is retired chairman and chief executive
officer of Texas Genco LLC, which owned and operated a diverse
portfolio of 69 power generating units before its acquisition by
NRG Energy in 2006.  Mr. Fusco has more than 20 years of
electric utility experience, including service as president,
chief executive officer and director of Orion Power Holdings,
Inc.  Prior to that, he had been vice president of the Fixed
Income Commodity and Currency Trading Division for Goldman Sachs
& Co, where he specialized in wholesale electric commodity
trading and marketing.  He held a B.S. in mechanical engineering
from California State University of Sacamento.

Steven J. Demetriou, 49, is chairman and chief executive officer
of Aleris International, Inc., a global producer of aluminum
rolled products that was formed in 2004 through the merger of
Commonwealth Industries, Inc. and IMCO Recycling Inc.  Prior to
the merger, he had served as president, chief executive
officer and board member at Commonwealth.  Before joining
Commonwealth, he had served as president and chief executive
officer of privately held Noveon, Inc., a specialty chemical
company.  His career spans more than 25 years and includes
management and senior leadership positions at ExxonMobil
Corporation, Cytec Industries, IMC Global.  He serves on the
board of OM Group, Inc and is chairman of the Aluminum
Association's Executive Committee.  He held a B.S. degree in
chemical engineering from Tufts University and is active in
numerous philanthropic organizations in the Cleveland, Ohio,
area.

"These appointments significantly strengthen our board of
directors," said Raymond J. Milchovich, chairman and chief
executive officer of Foster Wheeler Ltd.  "Throughout their long
and distinguished careers, Ed, Jack and Steve have all
demonstrated consistent achievement across a range of markets
and businesses that are very relevant to our business.  We look
forward to the innovative thinking, sound judgment and rich
experience they will provide and the many contributions they
will make to the future success of Foster Wheeler."

                       About Foster Wheeler

Foster Wheeler Ltd. (Nasdaq: FWLT) -- http://www.fwc.com/--
offers a broad range of engineering, procurement, construction,
manufacturing, project development and management, research and
plant operation services.  Foster Wheeler serves the refining,
upstream oil and gas, LNG and gas-to-liquids, petrochemical,
chemicals, power, pharmaceuticals, biotechnology and healthcare
industries.  The corporation is based in Hamilton, Bermuda, and
its operational headquarters are in Clinton, New Jersey.

The company has offices in China, India, Indonesia, Malaysia,
Singapore, Thailand, and Vietnam.

                        *     *     *

As reported in the Troubled Company Reporter on Dec. 18, 2006,
Standard & Poor's Ratings Services revised its outlook on Foster
Wheeler Ltd. to positive from stable.

At the same time, Standard & Poor's affirmed its 'B+' corporate
credit rating and other ratings on the company.  The company had
about US$217 million of total debt at Sept. 29, 2006.


MARSH & MCLENNAN: Increases Quarterly Dividend to US$.20/Share
--------------------------------------------------------------
The Board of Directors of Marsh & McLennan Companies, Inc. has
increased the company's dividend to US$.20 per share on
outstanding common stock, up from US$0.19 per share.  The
dividend is payable on February 15, 2008 to shareholders of
record on January 28, 2008.

                   About Marsh & McLennan

Marsh & McLennan Companies, Inc. -- http://www.mmc.com/-- is a   
global professional services firm with annual revenues of
approximately US$12 billion.  It is the parent company of Marsh,
the world's leading risk and insurance services firm; Guy
CaIDRenter, the world's leading risk and reinsurance specialist;
Kroll, the world's leading risk consulting company; Mercer, a
major global provider of human resource and specialty consulting
services; and Putnam Investments, one of the largest investment
management companies in the United States.  Approximately 55,000
employees provide analysis, advice, and transactional
capabilities to clients in over 100 countries, including
Indonesia, Australia, China, India, Japan, Korea and Singapore.

As reported in the Troubled Company Reporter on Aug. 25, 2006,
Standard & Poor's Ratings Services assigned its preliminary
'BBB' senior debt, 'BBB-' subordinated debt, and 'BB+' preferred
stock ratings to Marsh & McLennan's unlimited universal shelf.

Standard & Poor's also affirmed its 'BBB' counter party credit
rating on MMC.  The outlook in negative.

As reported in the Troubled Company Reporter - Asia Pacific on
Sept. 29, 2006, Moody's Investors Service assigned provisional
ratings to Marsh & McLennan's new universal shelf registration,
including a (P)Ba1 rating on the Company's provisional preferred
stock.  The rating outlook for MMC remains negative.


MARSH & MCLENNAN: Appoints Brian Duperreault as Pres. & CEO
-----------------------------------------------------------
Marsh & McLennan Companies, Inc. appointed Brian Duperreault,
60, as President and Chief Executive Officer of MMC, effective
immediately.

"Throughout his career, including 10 years as a CEO, Brian
Duperreault has proven his ability to produce results and create
shareholder value," said Stephen R. Hardis, Chairman of MMC's
Board of Directors.  "We are delighted to welcome him to MMC."

Mr. Duperreault said: "I am honored to become the CEO of MMC, a
company that comprises several of the world's greatest brands in
risk & insurance services and consulting.  I look forward to
working with the company's talented executives.  This is an
institution with unrivaled resources and capabilities.  My
mission is to capitalize on the strength of MMC's operating
companies to deliver value to clients, employees and
shareholders."

From 1994 to 2004, Mr. Duperreault served as CEO of ACE Limited,
the Bermuda-based insurer MMC helped found in 1985.  He then
served as Chairman of the Board from 2004 to 2007.  ACE's net
premiums are currently US$12 billion.  Under his leadership, ACE
grew from a boutique catastrophe insurance specialist into a
global multi-line commercial enterprise.  He presided over
significant organic growth as well as the acquisition of several
businesses, including the 1999 acquisition of Cigna's property
and casualty business.  During his tenure at ACE, the company's
market capitalization grew from US$1.1 billion to approximately
US$19 billion today.

Prior to ACE, Mr. Duperreault was with American International
Group for more than 20 years, holding numerous positions and
eventually rising to become Executive Vice President of AIG
Foreign General Insurance and Chairman and Chief Executive of
AIG's American International Underwriters (AIU), which comprises
all of AIG's non-U.S. commercial business.

                     About Marsh & McLennan

Marsh & McLennan Companies, Inc. -- http://www.mmc.com/-- is a   
global professional services firm with annual revenues of
approximately US$12 billion.  It is the parent company of Marsh,
the world's leading risk and insurance services firm; Guy
CaIDRenter, the world's leading risk and reinsurance specialist;
Kroll, the world's leading risk consulting company; Mercer, a
major global provider of human resource and specialty consulting
services; and Putnam Investments, one of the largest investment
management companies in the United States.  Approximately 55,000
employees provide analysis, advice, and transactional
capabilities to clients in over 100 countries, including
Indonesia, Australia, China, India, Japan, Korea and Singapore.

As reported in the Troubled Company Reporter on Aug. 25, 2006,
Standard & Poor's Ratings Services assigned its preliminary
'BBB' senior debt, 'BBB-' subordinated debt, and 'BB+' preferred
stock ratings to Marsh & McLennan's unlimited universal shelf.

Standard & Poor's also affirmed its 'BBB' counter party credit
rating on MMC.  The outlook in negative.

As reported in the Troubled Company Reporter - Asia Pacific on
Sept. 29, 2006, Moody's Investors Service assigned provisional
ratings to Marsh & McLennan's new universal shelf registration,
including a (P)Ba1 rating on the Company's provisional preferred
stock.  The rating outlook for MMC remains negative.


PERUSAHAAN: 10,000MW Project Threatened by High Steel Prices
------------------------------------------------------------
PT Perusahaan Listrik Negara may face another threat to its
10,000 megawatt coal-fired power plant project as steel prices
have soared by about 34%, The Jakarta Post reports citing the
Indonesian Tower Fabrication Association.

According to the report, Chairman Ahmad Fahmi urged the company
to revise its budget for power transmission networks under
existing contracts with 42 developers, considering materials
like angle steel had jumped to IDR9,700 per kilogram as of this
week.  The increase in material prices will affect the budget as
the material accounts for 70% of the cost, he added.

Mr. Fahmi, the report notes, said 50% of raw materials for angle
steel were imported and tower makers couldn't do anything about
volatility of global markets.  Therefore, Mr. Fahmi told the
news agency, average costs of transmission towers would be 24%
higher than the IDR123 million price term in contracts between
PLN and builders.  Towers could cost as much as IDR152.52
million, the report adds.

Mr. Fahmi was quoted by the news agency as saying, "We suggest
that transmission power grid contractors and PLN reevaluate
existing budgets as the price estimates on the contracts are no
longer adequate."   Otherwise, he said, developers might try to
draw out contract performance waiting for prices to drop again,
which would hurt the already-troubled power project, The Post
notes.

PLN Director for Transmission Herman Darnel Ibrahim, commenting
on the negotiation contract, said it was "possible" depending on
existing regulations and the consent of the central government.

The news recounts that the government has already pushed back
the project completion date from year-end 2009 to mid-2010 due
to financing problems.

                   About Perusahaan Listrik

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

The Troubled Company Reporter-Asia Pacific reported on June 18,
2007, that Standard & Poor's Ratings Services affirmed its
'BB-' foreign currency rating and 'BB' local currency rating on
Indonesia's PT Perusahaan Listrik Negara (Persero).  The outlook
is stable.  At the same time, Standard & Poor's assigned its
'BB-' issue rating to the proposed senior unsecured notes to be
issued by PLN's wholly owned subsidiary, Majapahit Holding B.V.


* INDONESIA: Fitch Issues Stable Outlook for Coal Producers
-----------------------------------------------------------
Fitch Ratings has said, in its "Indonesian Coal Producers -
Outlook for 2008" report, that it expects the outlook for the
Indonesian coal producers to remain stable to positive in 2008
on the back of strong global coal demand, Indonesia's ability to
increase its export volume, and the relatively high but stable
price.

"The continued hike in oil and gas prices has prompted an
increasing number of companies throughout the Asia-Pacific
region to rely more on coal as a source of power supply.  In
addition to the regional demand, the Indonesian government plans
to build additional coal-fired power plants with a total
capacity of 10 gigawatts by 2010 to cope with the current power
shortage, as there has not been any major capacity expansion
post the financial crisis," says Jessie Wahab, associate
director with Fitch's corporate ratings team in Jakarta.  
Boosted by the low interest environment, cement and steel
manufacturers, which are traditionally high coal consumers, are
also thriving on the booming property sector.

Meanwhile, supply is inadequate to keep up with the robust coal
demand, as major coal exporters such as Australia and South
Africa, have not been able to grow exports due to infrastructure
bottlenecks.  In addition, China, the largest coal producer in
the world, has reduced coal exports to meet own domestic needs;
it is notable that China was a net importer during certain
periods in H107.  Following the widening deficit, consumers have
turned to Indonesia, the world's largest coal exporter, to
reduce the supply gaps given its abundant coal reserves, low
costs and geographical proximity to the large North Asian
markets.

Coupled with the tight coal supply, the rising crude oil price
pushed the benchmark Newcastle FOB coal price to a peak of
USD93.70 per ton in January 2008 from US$51.75 per ton recorded
at the end of 2006.  "Fitch does not foresee coal price rising
as sharply in 2008 as it did in 2007, but expects it to remain
high as suppliers will continue to struggle to meet the high
demand from the Asia-Pacific region," adds Ms Wahab.

Owing to high coal prices, the major Indonesian coal producers
are continuing to capitalise on their strong operating cash flow
to invest further in mining and related infrastructure in order
to increase capacity.  However, these efforts are being hampered
by higher operating costs (particularly fuel), a shortage in
mining equipment and inclement weather.  Fitch also expects more
foreign interest in acquiring stakes in existing operators or
investing in new mines to secure their coal supplies in the long
run.  Nonetheless, high valuation and uncertainty in the
domestic regulatory environment are likely to be the key
deterrents of possible transactions.


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

NIS GROUP: R&I Says Loss Is Within Expectation
----------------------------------------------
The loss reported by NIS Group Co., Ltd. is within R&I's
expectation.

On Jan. 31, NIS Group Co., Ltd. (Sec. Code: 8571, Issuer Rating:
BB) announced revisions to its business results for the year
ending in March 2008.

The downward revision was mainly due to  the following factors

(1) a conservative estimation on reserves for interest refund-
    related costs,

(2) booking of impairment write-offs and losses on investment     
    securities,

(3) introduction of voluntary retirement in NIS Group and its
    subsidiary, Aprek Co., Ltd., and

(4) booking full amount of special losses following the reversal
    of deferred tax assets.

Consequently, NIS Group's final result is expected to decline by
JPY35 billion yen to JPY30 billion net loss as of the end of
March 2008.  The consolidated capital adequacy ratio will remain
around 23% since there will be some capital increase from TPG,
the decline in loans as well as asset reduction effects by
spinning off Nissin Leasing (China), its leasing subsidiary in
China from its consolidated status.

NIS Group considers the series of measures have wiped off most
of its expected business risks.  The losses which NIS Group
announced was already taken account in the rating evaluation as
potential risks inherent to the company, therefore, the revision
itself will have no influence on NIS Group's rating.  The Rating
Outlook will also remain Stable.  Although much of its risks on
business results have been removed, the crucial problem is
whether the company can restore confidence of financial
institutions and recover its base for fund
procurement.  R&I will follow efforts NIS Group will make.


SHINSEI BANK: Reports Consolidated Financial Results for 3Q07
------------------------------------------------------------
Shinsei Bank, Limited, a leading diversified financial group,
has announced net income of JPY33.5 billion on a consolidated
basis for the first nine months of the fiscal year 2007, ended
December 31, 2007, compared to net income of JPY47.1 billion
reported in the first nine months of the fiscal year ended
December 31, 2006.  Consolidated cash basis net income for the
first nine months of the fiscal year 2007 was JPY42.0 billion,
compared to JPY60.1 billion in the first nine months of the
previous fiscal year.

"While Shinsei Bank's core business remained steady in the first
nine months of fiscal year 2007, revenues were down slightly due
mainly to mark-downs of our U.S. residential mortgages and an
increase in net credit costs related to the same portfolio,"
said Thierry Porte, President and CEO of Shinsei Bank.  "While
the market outlook remains uncertain, we view these events as
largely non-recurring and believe we have made the right choices
to leverage opportunities going forward."

Balance Sheet

Continued growth while maintaining capital strength Shinsei
Bank's total assets increased from JPY10,837.6 billion at March
31, 2007, to JPY11,848.1 billion at December 31, 2007.  The
higher balance was due to an increase in call loans, loans and
bills discounted and securities. Call loans increased from
JPY43.1 billion at March 31, 2007, to JPY544.7 billion at
December 31, 2007.  Loans and bills discounted increased from
JPY5,146.3 billion on March 31, 2007, to JPY5,503.6 billion as
of December 31, 2007, due in part to growth in housing loans.  
The balance of securities as of December 31, 2007 amounted to
JPY2,047.8 billion as compared to JPY1,854.6 billion as of March
31, 2007.  The increase, in part, relates to investment in
foreign bonds to diversify the portfolio.

Total deposits and negotiable certificates of deposit increased
JPY777.4 billion or 14.3% to JPY6,198.3 billion, compared to
March 31, 2007. Shinsei Bank has been diversifying its funding
sources through deposits from retail and institutional
customers.  The retail and institutional deposit balances stood
at JPY3,826.6 billion and JPY2,371.7 billion, respectively, at
December 31, 2007.

Shinsei Bank's capital ratios remained strong with a Tier I
ratio of 7.45% and a total capital adequacy ratio of 12.10% at
December 31, 2007, on a Basel II basis.

Income Statement

Total revenue for the first nine months of fiscal year 2007 was
JPY208.9 billion or down 3.2% compared to the same period of the
previous fiscal year due mainly to the mark-downs related to the
U.S. residential mortgage portfolio.

General and administrative expenses for the first nine months of
fiscal 2007 increased 4.5% year on year to JPY117.6 billion as
expenses required in the institutional business to support
business growth and inclusion of Shinki's expenses from the
third quarter were partly offset by continued expense
rationalization and restructuring activities at APLUS.  The
expense-to-revenue ratio in the first nine months of this fiscal
year was 56.3%, compared to a ratio of 52.1% in the first nine
months of the previous fiscal year.

The JPY21.1 billion increase in net credit costs to JPY40.7
billion for the first nine months of fiscal year 2007 was due in
part to additional reserves relating to the U.S. residential
mortgage portfolio.

Amortization of goodwill and intangible assets associated with
the acquisition of consumer and commercial finance companies was
JPY9.4 billion for the nine months ended December 31, 2007,
compared with JPY15.4 billion in the same period of the previous
fiscal year.  The decline largely relates to the significant
write-down of goodwill and intangible assets at March 31, 2007.

During the first nine-months of this fiscal year, gains form the
sale of Life Housing Loan Co., Ltd. of JPY20.3 billion were
recorded and impacted other gains and income taxes,
respectively.

Minority interests in net income of subsidiaries for the first
nine months of this fiscal year amounted to JPY15.6 billion.

As a result, consolidated net income for the first nine months
of fiscal year 2007 was JPY33.5 billion, compared JPYto 47.1
billion in the same period of the previous fiscal year.

Business Line Results

              Institutional Banking: Steady loan demand
               and deposit growth supporting business

The institutional banking business continued to see steady
demand for loans and strong growth in institutional deposits.

Total revenue was JPY81.2 billion for the first nine months of
fiscal year 2007, compared to JPY94.2 billion in the same period
in fiscal year 2006.  The lower revenue was due to the absence
of gains from investments that were recorded in the same period
of the previous fiscal year and recognition of mark-downs
related to our exposure in the U.S. residential mortgage market.

Ordinary business profit for the first nine months of fiscal
year 2007 was JPY42.7 billion, compared to JPY61.1 billion in
the same period of the previous fiscal year due to the above
reasons and higher costs as Shinsei added employees to expand
the scale of its operations.  Ordinary business profit after net
credit costs (recoveries) declined from JPY75.3 billion in the
first nine months of the previous fiscal year to JPY40.0 billion
in the same period of this fiscal year due mainly to an increase
in reserves associated with the U.S. residential mortgages
market.

Consumer and Commercial Finance: Focusing on better quality
customers Loans in the Consumer and Commercial Finance business
were almost flat, increasing from JPY424.9 billion on March 31,
2007, to JPY425.6 billion at December 31, 2007, despite the sale
of LHL in the first quarter of this fiscal year as loans from
Shinki were included from the third quarter of this year after
it became a subsidiary.

Total revenue increased to JPY93.4 billion in the nine months
ended December 31, 2007, compared to JPY91.6 billion in the same
period of fiscal year 2006, due mainly to the inclusion of
revenues form Shinki in the third quarter of this fiscal year.  
Ordinary business profit in the first nine months of fiscal year
2007 was JPY45.0 billion, compared to JPY40.3 billion in the
same period of the previous fiscal year due mainly to lower
expenses at APLUS.  Ordinary business profit after net credit
costs was unchanged at JPY8.8 billion in the first nine months
of this fiscal year, compared to JPY8.8 billion in the same
period of the previous fiscal year.

Retail Banking

Continued growth in customer base and diversification of revenue
sourcesRetail loans outstanding, which mainly include housing
loans, in the retail banking business, increased by 28.4% from
JPY639.5 billion at March 31, 2007 to JPY821.2 billion at
December 31, 2007, mainly as a result of the increase in housing
loan customers that now exceeds 33,000.
Assets under management increased on March 31, 2007, due to the
steady balance of retail deposits and increases in mutual funds
and variable annuities.  Shinsei Bank now has over 2.1 million
account holders.

Total revenue was JPY25.8 billion in the first nine months of
this fiscal year compared to JPY27.3 billion in the same period
of the previous fiscal year.  Net interest income increased year
on year, but non-interest income was lower due mainly to a
decline in deposit-related option income related to structured
deposits.  The business recorded an ordinary business loss of
JPY4.4 billion in the first nine months of fiscal year 2007,
compared to an ordinary business loss of JPY1.1 billion during
the same period of the previous fiscal year due to the lower
revenues and higher expenses that resulted mainly from the
expansion of distribution channels and growth in customer-driven
transactions.

Forecast for Fiscal Year 2007

On January 30, 2008, Shinsei Bank revised its forecast on a
consolidated basis for net income from JPY62.0 billion to
JPY50.0 billion for the fiscal year ending March 31, 2008.  The
company revised the forecast primarily as a result of the
material impact on its earnings of mark-downs related to our
exposure to the U.S. residential mortgage market recorded in the
third quarter of the fiscal year ending March 31, 2008.  
However, the forecast for net income on a non-consolidated basis
remains unchanged.

                        About Shinsei Bank

Headquartered in Tokyo, Shinsei Bank Limited
-- http://www.shinseibank.com/english/-- was built in 2000 from    
the remains of the collapsed Long-Term Credit Bank of Japan by a
group of foreign investors.  It is traditionally focused on
financing Japan's large industrial firms, but it has been
cultivating its retail and small business banking operations.  
The Bank offers standard services such as deposits, mortgages,
and investments.  Institutional activities include asset
management, bond sales and underwriting, and trust services, as
well as real estate finance and public sector finance, which
each debuted in 2005.  Shinsei Bank has about 30 branches.

                        *     *     *

As reported on May 14, 2007, Moody's Investors Service upgraded
Shinsei Bank, Limited's bank financial strength rating to C-
from D+.


* JAPAN: Fitch Sees Modest Growth in Structured Finance Market
--------------------------------------------------------------
Fitch Ratings has said in a special report that it expects
modest growth in the Japanese structured finance market as a
whole in 2008.  This is on the back of issuances in the domestic
structured finance market in 2007 totaling approximately JPY9
trillion (aggregating ABS, CDOs, CMBS and RMBS, but excluding
whole business securitisations (WBS) and unfunded CDO
transactions), which represents an annual growth of around minus
7%, the first negative growth since 2003.

The negative growth in 2007 is primarily attributable to the
substantial decrease in RMBS issuance volumes, minus
approximately 37% yoy growth.  Such a decrease could not be
fully offset by ABS and CMBS, which grew by approximately 40%
and 60%, respectively, recording the largest issue volume in
each sector.

In 2008, the agency expects the growth rate will significantly
vary by sector.  As was the case in recent years, the growth of
RMBS will continue to play a dominant role.

In 2007, the pool performance of the underlying assets varied by
sector; however, primarily due to the structural protections,
the rating performance remained stable as a whole.

The "Japanese Structured Finance: 2007 Review and 2008 Outlook"
report provides a market review and perspective in each
structured finance sector, i.e. asset-backed securities,
collateralised debt obligations, commercial and residential
mortgage-backed securities and servicers.

The report is available on the agency's global website at
http://www.fitchratings.com/ A report entitled "2008 Global  
Structured Finance Outlook: Economic and Sector-by-Sector
Analysis" dated December 19, 2007, is also available from the
agency's global website.


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

DAEWOO ELECTRONIC: Amends Date for Establishment of JV Company
--------------------------------------------------------------
Daewoo Electronic Components Co. Ltd. has amended the settlement
date for establishment of a joint venture company with Saudi
Arabia-based Abdul Majeed s. s. Zahran E st., Reuters Investing
Keys reports.

According to the report, the date was changed from January 31,
2008, to February 29, 2008.

The initial announcement of the issue was made on December 13,
2007, the report recounts.

Headquartered in Chung-Gu, Seoul, Daewoo Electronics Corporation
-- http://www.dwe.co.kr/-- is the third largest Korean consumer           
electronics company.  It manufactures and sells a variety of
products including televisions, DVD players, refrigerators, air
conditioners, washing machines, microwaves, vacuum cleaners and
car audio systems in over 105 countries.

According to the Troubled Company Reporter-Asia Pacific, Daewoo
Electronics has been under a debt workout program since January
2000, months after its parent group -- the Daewoo Group --
collapsed under debts of nearly US$80 billion in 1999.

Daewoo Electronics Corp. posted a KRW94-billion loss in 2005
after sales declined 6.4%.  The net loss compares with the
KRW30-billion profit the company posted in 2004.  Sales fell to
KRW2.2 trillion from KRW2.3 trillion in 2004.

The TCR-AP reported on Nov. 14, 2005, that creditors of Daewoo
Electronics placed the firm for sale for US$1 billion.  ABN
Amro, PricewaterhouseCoopers and Woori Bank were appointed to
find a buyer for the business.  In September 2006, the
consortium led by Videocon Industries submitted a bid for a
controlling stake in Daewoo.


DAEWOO ELECTRONIC: Completes Public Offering of Common Shares
-------------------------------------------------------------
Daewoo Electronic Components Co. Ltd. has completed its public
offering of 6,000,000 common shares, which was announced on
September 14, 2007, Reuters Investing Keys reports.

According to the report, the number of shares remaining
unclaimed is 3,758,096 (62.65%) of the total allocated shares.

The unclaimed shares will not be issued, the report adds.

Headquartered in Chung-Gu, Seoul, Daewoo Electronics Corporation
-- http://www.dwe.co.kr/-- is the third largest Korean consumer           
electronics company.  It manufactures and sells a variety of
products including televisions, DVD players, refrigerators, air
conditioners, washing machines, microwaves, vacuum cleaners and
car audio systems in over 105 countries.

According to the Troubled Company Reporter-Asia Pacific, Daewoo
Electronics has been under a debt workout program since January
2000, months after its parent group -- the Daewoo Group --
collapsed under debts of nearly US$80 billion in 1999.

Daewoo Electronics Corp. posted a KRW94-billion loss in 2005
after sales declined 6.4%.  The net loss compares with the
KRW30-billion profit the company posted in 2004.  Sales fell to
KRW2.2 trillion from KRW2.3 trillion in 2004.

The TCR-AP reported on Nov. 14, 2005, that creditors of Daewoo
Electronics placed the firm for sale for US$1 billion.  ABN
Amro, PricewaterhouseCoopers and Woori Bank were appointed to
find a buyer for the business.  In September 2006, the
consortium led by Videocon Industries submitted a bid for a
controlling stake in Daewoo.


KAFCO C&I: Enters Into KRW121-Mil. Supply Deal With SK C&C
----------------------------------------------------------
Kafco C&I Co., Ltd. has signed a contract with SK C&C to supply
messenger software, Reuters Investing Keys reports.

The contract amount is worth KRW121 million, the report adds.

Headquartered in Gyeonggi Province, Korea, Kafco C&I Co., Ltd.
is an equipment manufacturer of lithium batteries.  The company
provides its products under two categories: formation and power
supply equipment.  Its formation equipment includes formation
and grading equipment, disposable battery dischargers and
research and development (R&D) equipment used by manufacturers
of lithium batteries, mobile phones, condensers and others. Its
power supply equipment is used in electric power stations,
plating factories and others.

Korea Ratings gives the company's KRW1.20-billion bond a CCC
rating with negative outlook, as of April 18, 2006.


SUN SAGE: Moody's Affirms Ba2 Rating of US$200-Mil. Sr. Notes
-------------------------------------------------------------
Moody's Investors Service has affirmed the Ba2 rating on the
US$200 million senior secured notes due 2009 issued by Sun Sage
B.V.  This affirmation follows the announcement on January 22,
2008, that Sun Sage is selling its entire stake in Mando
Corporation to Halla Engineering and Construction Corporation
(Halla, not rated by Moody's), a major Korean construction
company, for 651.5 billion won (US$686.9 million).

Sun Sage currently owns 72.4% of Mando's shares.  The agreement
to sell its stake in Mando is scheduled to close sometime in
March, after regulatory approvals.  The sale will trigger a
Mandatory Redemption of the Sun Sage notes as required in the
indenture.  Sun Sage will redeem the notes after the deal has
closed.  Cash proceeds from sales of Mando will be used to repay
the US$200 million in notes.

Hyundai Motor, Korea's top automaker, and its affiliate, Kia
Motors, account for nearly 70% of Mando's auto parts sales.
Moody's views that Mando will continue to concentrate its
resources on the auto parts businesses.

Sun Sage B.V. is a holding company whose only business is the
ownership of its shares of Mando.

Mando Corporation is a major automotive parts supplier in Korea.
It supplies brake, steering, and suspension systems to
automotive manufacturers in Korea and abroad. Ownership breaks
down as 72.4% owned by Sun Sage, 8.9% by Halla, 8.9% by
M.W.Chung, who is also chairman of Halla, and 9.7% by
management.

Halla Engineering and Construction Corporation belongs to one of
Korea's chaebol, the Halla Group, and is involved in engineering
and construction activities.  The company is engaged in civil
works, building works, housing and apartment complexes,
industrial plant works and environmental control.


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

ARK RESOURCES: Updates Bursa on Default Status as of Jan. 31'08
---------------------------------------------------------------
Pursuant to Practice Note 1/2001 of Bursa Malaysia Securities
Berhad's Listing Requirements, Ark Resources Berhad disclosed
its status on default payments to several financial institutions
as of January 31, 2008:

  Lender                   Borrower              Amount Claimed
  ------                   --------              --------------
  CIMB Bank Bhd            Lankhorst Pancabumi    MYR25,321,245
                           Contractors S/B        MYR39,278,848
                                                     
  Prokhas Sdn Bhd          Lankhorst Pancabumi       MYR526,156
                           Contractors S/B

  Maybank                  Lankhorst Pancabumi    MYR15,632,230
                           Contractors S/B

  Affin-ACF Finance Bhd    ARK M&E Sdn Bhd           MYR136,114

A Restraining Order has been granted by the High Court of Malaya
for a period of 97 days, which commenced on December 26, 2007,
to March 31, 2008, in favor of these companies:

   (a)ARK;
   (b)ARK Hartanah Sdn. Bhd.;
   (c)ARK M&E Sdn. Bhd.; and
   (d)ARK Development Sdn. Bhd.  

ARK Resources Berhad, formerly known as Lankhorst Berhad --
http://www.lankhorst.com.my/-- is an investment holding company
with headquarters in Shah Alam, Malaysia.  Through its
subsidiaries, the Company provides civil and geotechnical
engineering

On April 24, 2006, Lankhorst was classified as an affected
listed issuer under the Bourse's Practice Note 17/2005.  It was,
therefore, required to submit and implement a plan to regularize
its financial condition category.


EKRAN BERHAD: Owes MYR59 Million to Four Lenders
------------------------------------------------
Ekran Berhad, in a regulatory filing with the Bursa Malaysia
Securities Bhd, unveiled its payment default status to four
lenders as of January 2008:


      Lenders                         Claimed Amount
      -------                         --------------
      Pengurasan Danaharta          MYR28,426,953.08
      National Sdn Bhd

      Danaharta Managers                1,217,535.25
      Sdn Bhd

      Danaharta Urus                   29,535,045.28
      Sdn Bhd

Ekran Berhad is a Malaysian company engaged in investment
holding and the provision of management services to its
subsidiary companies.  Through its subsidiaries, the company is
engaged in property development; the provision of property
management services; timber logging and saw milling; the sale of
timber products, and the operation of oil palm plantations.  The
company's operations are mainly concentrated in Malaysia, China
and the Philippines.

Ekran has been classified as an affected listed issuer under
Amended Practice Note 17, when the auditors have expressed a
disclaimer opinion on the company's audited financial report for
the financial year ended June 30, 2005, and for defaulting on
various credit facilities.


LITYAN HOLDINGS: Payment Default Totals MYR27 Mil. as of Jan. 31
----------------------------------------------------------------
In a regulatory disclosure with the Bursa Malaysia Securities
Bhd, Lityan Holdings Berhad gave an update on the status of its
default to credit facilities as of January 31, 2008.

As of end-January 2008, Lityan Holdings owes its creditors
MYR27.04 million in aggregate:

                                             Total Principal and
Lender                Type of Facility       Interest in Default
------                ----------------       -------------------
RHB Bank Berhad       Overdraft Facility           MYR319,304.98
                      of MYR225,000/-

RHB Bank Berhad       Overdraft Facility              640,195.28
                      of MYR450,000/-

Bank Islam Malaysia   Letter of Credit             15,451,294.39
Berhad Labuan         Facility/ Murabah
Offshore Branch       Working Capital
(Formerly known as    Financing/ Revolving
Bank Islam (L) Ltd)   Al-Bai-Bithaman-Ajil
                      Facility of US$10-Mil.
                      (Secured)

Bank Islam Malaysia   Revolving Al-Bai-             9,222,917.73
Berhad Labuan         Bithaman-Ajil Facility
Offshore Branch       of US$5 million
                      (secured)

Ambank Berhad         Overdraft Facility            1,408,837.81
                      of MYR1 million           ----------------
                                                MYR27,042,550.19

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.


MALAYSIAN AIRLINE: Served with Complaints from Abrams and Adlin
---------------------------------------------------------------
On January 28, 2008, Malaysian Airline System Berhad was served
with a complaint filed in the United States District Court for
the Northern District of California (San Francisco), which were
filed by Micah Abrams and Meor Adlin against MAS and nine other
airlines.

The case involves allegations of price fixing on transpacific
passenger fares and related surcharges.

At this juncture, no infringement has been established.  The
complaints do not make any mention of the quantum of damages
sought against the company.  MAS is currently taking legal
advice in relation to this.

Headquartered in Selangor, Malaysia, Malaysia Airlines --
http://www.malaysiaairlines.com/-- services domestic and
international flights.  Its global network comprised 32 domestic
and 86 international destinations.  Of the 86 international
destinations, 17 were operated in collaboration with airlines
partners.

The carrier posted a loss after tax of MYR1.3 billion for fiscal
year 2005, due to high fuel and operating costs, and
unprofitable routes.  In late February 2006, it unveiled a
radical rescue plan to raise MYR4 billion to stay afloat and
return to profitability by 2007.  Under the restructuring plan,
the airline pledged to cut its budget by 20% across the board,
terminate many unprofitable routes, freeze recruitment except
for front-line staff, crack down on corruption by encouraging
whistle-blowing and stop corporate sponsorship.


MEGAN MEDIA: Tan Chie Kiong to Quit as Deputy Chief Executive
--------------------------------------------------------------
Christopher Tan Chie Kiong has tendered his resignation as  
Megan Media Holdings Berhad's Deputy Chief Executive Officer.  
His resignation will take effect on February 28, 2008.  The
Board has accepted Mr. Kiong's resignation.

Megan Media Holdings Berhad' s principal activities are
manufacturing and trading data storage media products like
Computer diskettes, video cassette tapes, compact disc
recordable (CD-R's) and digital versatile disc recordable (DVD-
R's).  The Group operates in Malaysia, Singapore and other
countries.

The Troubled Company Reporter-Asia Pacific reported on June 11,
2007, that the Rating Agency Malaysia downgraded the long-
term rating of Memory Tech Sdn Bhd's MYR320 million Bai Bithaman
Ajil Islamic Debt Securities (2005/2012) ("BaIDS"), from C3
(with a negative outlook) to D.  The BaIDS carries a corporate
guarantee from MTSB's holding company, Megan Media Holdings
Berhad.  

Concurrently, RAM has lifted the Rating Watch (with a negative
outlook) that had been placed on MTSB on May 9, 2007, following
the failure of MTSB and MJC (Singapore) Pte Ltd, another wholly
owned subsidiary of Megan Media, to repay their trade facilities
amounting to MYR47.36 million.

On June 19, 2007, the company was classified as a PN17 company,
and was given eight months to submit a substantive plan to
regularize its financial condition.


SYARIKAT: Turns Around w/ MYR11MM Profit in Qtr. Ended Nov. 30
--------------------------------------------------------------
Syarikat Kayu Wangi Berhad turned around in the fourth quarter
ended November 30, 2007, by posting a net profit of
MYR11.3 million on MYR5.74 million of revenues as compared with
a net loss of MYR1.27 million on MYR4.89 million of revenues in
the same quarter of 2006.

As of November 30, 2007, the consolidated balance sheet showed
the company is illiquid with current assets of MYR18.4 million
available to pay MYR44.43 million of liabilities coming due
within the next twelve months.

The company's unaudited balance sheet as of November 30, 2007,
also showed total assets of MYR88.25 million and total
liabilities of MYR74.52 million, resulting in a shareholders'
equity of MYR13.72 million.

Headquartered in Johor, Malaysia, Syarikat Kayu Wangi Berhad is
principally involved in the development of residential and
commercial projects.  Its other activities include housing
construction, production of sawn timber, manufacture of
prefabricated timber rooftrusses and timber trading.  The
Company first made a loss in 1999 when it defaulted on its first
bond payment.  The Company has failed to turn its finances
around and has been suffering continuous losses since then.

The company was classified as an affected listed issuer of the
Amended PN17/2005 on May 8, 2006, since its latest audited
financial statements for the year ended Nov. 30, 2005, showed
that the company's shareholders' equity is MYR7,189,000, which
is less than 25% of the company's issued and paid up capital.

Syarikat Kayu is currently in the process of preparing its
Regularization Plan.  Once completed, the Requisite Announcement
outlining the Regularization Plan will be made to the Bursa
Securities.


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

BLACKHAND STUDIO'S: Wind-Up Petition Hearing Set for Feb. 21
------------------------------------------------------------
The High Court at Auckland will hear on February 21, 2008, at  
10:45 a.m., a petition to have Blackhand Studio's Ltd.'s
operations wound up.

The Commissioner of Inland Revenue filed the petition on
September 12, 2007.

The CIR's solicitor is:

          Sandra Joy North
          c/o Inland Revenue Department
          Legal and Technical Services
          17 Putney Way
          PO Box 76198, Manukau
          Auckland 2241
          New Zealand
          Telephone:(09) 985 7274
          Facsimile:(09) 985 9473


BLACK ROCKS: Wind-Up Petition Hearing Slated for February 11
------------------------------------------------------------
The High Court of Wellington will hear on February 11, 2008, at
10:00 a.m., a petition to have Black Rocks Cafe and Bar Ltd.'s
operations wound up.

The Commissioner of Inland Revenue filed the petition against
the company on September 11, 2007.

The CIR's solicitor is:

          Ellen-Marie Carpenter
          c/o Legal and Technical Support Group
          Napier Office
          Library Building, Level 4
          22 Station Street
          PO Box 1144, Napier
          New Zealand
          Telephone:(06) 974 6315
          Facsimile:(06) 974 6212


ELITE BUILDING: Court to Hear Wind-Up Petition on April 24
----------------------------------------------------------
A petition to have Elite Building Services Ltd.'s operations
wound up will be heard before the High Court of Auckland on
April 24, 2008, at 10:00 a.m.

Temperzone Limited filed the petition against the company on
November 16, 2007.

Temperzone's solicitor is:

          P. Moodley
          38 Tidal Road, Mangere
          Auckland
          New Zealand


EXCEL PAINTERS: Subject to CIR's Wind-Up Petition
-------------------------------------------------
On November 9, 2007, the Commissioner of Inland Revenue filed a
petition to have Excel Painters Ltd.'s operations wound up.

The petition will be heard before the High Court of Auckland on
April 11, 2008, at 10:00 a.m.

The CIR's solicitor is:

          Kay S. Morgan
          c/o Inland Revenue Department
          Legal and Technical Services
          1 Bryce Street
          PO Box 432, Hamilton
          New Zealand
          Telephone:(07) 959 0373
          Facsimile:(07) 959 7614


FORREST HILL: Faces CIR's Wind-Up Petition
------------------------------------------
On October 30, 2007, the Commissioner of Inland Revenue filed a
petition to have Forrest Hill Motors Auto Centre Ltd.'s
operations wound up.

The petition will be heard before the High Court of Auckland on
February 14, 2008, at 10:45 a.m.

The CIR's solicitor is:

          Simon John Eisdell Moore
          c/o Meredith Connell
          Forsyth Barr Tower, Level 17
          55-65 Shortland Street
          PO Box 2213, Auckland
          New Zealand


H4 CONSTRUCTION: Subject to Midway Timber's Wind-Up Petition
------------------------------------------------------------
On December 21, 2007, Midway Timber (2006) Limited filed a
petition to have H4 Construction Ltd.'s operations wound up.

The petition will be heard before the High Court of Wellington
on February 4, 2008, at 10:00 a.m.

Midway Timber's solicitor is:

          M. M. Edwards
          Fortune Manning
          gen-i Tower, Level 12
          66 Wyndham Street
          PO Box 4139, Auckland
          New Zealand


HUA KANG: Wind-Up Petition Hearing Slated for February 18
---------------------------------------------------------
A petition to have Hua Kang Co. Ltd.'s operations wound up will
be heard before the High Court of Christchurch on February 18,
2008, at 10:00 a.m.

The Best Little Lawhouse Limited filed the petition on Dec. 12,
2007.

The Best Little Lawhouse's solicitor is:

          John Anthony Farrow
          c/o Webb Farry
          79 Lower Stuart Street
          Dunedin
          New Zealand
          Telephone:(03) 477 1078


STEALTH SOLUTIONS: Faces CIR's Wind-Up Petition
-----------------------------------------------
The Commissioner of Inland Revenue, on December 6, 2007,  filed
a petition to have Stealth Solutions Ltd.'s operations wound up.

The petition wil be heard before the High Court of New Plymouth
on February 5, 2008, at 10:00 a.m.

The CIR's solicitor is:

          Kay S. Morgan
          c/o Inland Revenue Department
          Legal and Technical Services
          1 Bryce Street
          PO Box 432, Hamilton
          New Zealand
          Telephone:(07) 959 0373
          Facsimile:(07) 959 7614


TAURANGA ABATTOIR: Placed Under Voluntary Liquidation
-----------------------------------------------------
On December 12, 2007, it was resolved to voluntarily wind up  
Tauranga Abattoir By-Products Co Ltd.'s operations.

Daryl Bonney was then appointed as liquidator.

The Liquidator can be reached at:

          Daryl Bonney
          353 Devonport Road
          Tauranga
          New Zealand
          Telephone:(07) 578 0489
          Facsimile:(07) 578 0490


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


LAND BANK: Moody's Puts E+ BFSR on Review for Likely Upgrade
------------------------------------------------------------
Moody's Investors Service has placed on review for possible
upgrade the Land Bank of the Philippines' bank financial
strength rating of E+.

This change does not affect LBP's local currency deposit ratings
of A3/P-2 nor its foreign currency Not-Prime short-term deposit
rating, both of which have a stable outlook.  Neither does it
affect the positive outlook on the bank's foreign currency long-
term deposit rating.

"This rating action is in recognition of the bank's
strengthening profitability and on-going progress in
restructuring its non-performing assets," says Richard Lung, a
Moody's VP/Senior Analyst, adding, "These trends have lessened
the likelihood that the bank would need to rely on external
support to meet its obligations."

Moreover, this action takes into account the LBP's better
operating environment.  The increase in public investment in
upgrading rural infrastructure, including irrigation systems,
transportation, and post-harvest facilities, mitigates to some
degree the bank's inherent high credit risks.

The review will focus on the bank's ability to sustain its
profitability and asset quality in light of current global and
domestic economic conditions, especially in the agricultural
sector.  It will additionally consider the sources and strengths
of the bank's capital and its ability to develop a sufficient
cushion against potential shocks.

Moody's will additionally assess the impact on LBP's market risk
appetite and earnings resulting from the government's policies
directing the bank to provide more support to overseas Filipino
workers.  At the government's behest, LBP has recently launched
a number of products and services to lower the cost and foreign
exchange risk exposure of the remittances sent back to the
Philippines by overseas Filipino workers.

The Land Bank of the Philippines is the fourth largest
commercial bank in the country and had assets of P371 billion as
of end-September 2007.


PHIL. LONG DISTANCE: NTC Denies Extension to Operate in Iloilo
--------------------------------------------------------------
The National Telecommunications Commission has denied Philippine
Long Distance Telephone Co.'s request to o provide telephone
service in three municipalities in Iloilo, PLDT states in a
filing with the Philippine Stock Exchange.

NTC, in an order dated Jan. 21, 2008, denied PLDT's request to
extend the term of its Certificate of Public Convenience and
Utitlity to provide telephone service in Guimbal, Miag-ao and
Igbaras, in Iloilo.  

According to PLDT, its CPCN for those areas expired since
November 2003, but it sought extension of the term since
February of that year.   The three areas are just among the many
areas in Luzon, Visayas and Mindanao, that are included in
PLDT's nationwide CPCN application now pending before the NTC.

Based in Makati City, Philippines, Philippine Long Distance
Telephone Co. -- http://www.pldt.com.ph/-- is the leading
national telecommunications service provider in the Philippines.
Through three principal business groups -- wireless, fixed line,
and information and communications technology -- the company
offers a wide range of telecommunications services to over 22
million subscribers in the Philippines across the nation's most
extensive fiber optic backbone and fixed line, cellular and
satellite networks.

                        *     *     *

As of November 7, 2007, Philippine Long Distance Telephone
Company carried Fitch Ratings' long-term foreign currency issuer
default and senior notes ratings of 'BB+'.

The company also carries Standard & Poor's 'BB+' foreign
currency rating, as well as Moody's Investors Service's foreign
currency bond rating of Ba2.  In January 2008, Moody's changed
the rating's outlook to positive from stable.



* PHILLIPINES: S&P Affirms 'BB-' Rating on US$1-Bil. Global Bond
----------------------------------------------------------------
Standard & Poor's Ratings Services said today it affirmed its
'BB-' senior unsecured debt rating on the Republic of
Philippines' (foreign currency BB-/Stable/B; local currency
BB+/Stable/B) outstanding US$1.0 billion global bond maturing in
2032.  This issue will be raised to US$1.5 billion with the
proposed reopening for an additional US$500 million.

"A faster pace of economic growth, combined with the ongoing
strengthening of external liquidity on the back of robust
remittance, foreign direct investment (FDI), and portfolio
inflows support the sovereign rating against still significant
public sector and external leverage," said Standard & Poor's
credit analyst Agost Benard.

A favorable constellation of relative political stability,
improving government fiscal position, and low interest rates is
eliciting a pick up in growth to an estimated 7% in 2007 that is
well above the 5.2% average seen in the previous five years.  In
parallel, strong remittance inflows and rising net FDI yielded a
record US$8.6 billion overall balance of payments surplus in
2007, helping to boost foreign reserves by year-end to an all
time high of US$33.7 billion, or nearly six months of imports.

The rating also derives support from the rapid progress in the
power sector asset privatization witnessed in the past year,
which saw the disposal of about US$2.5 billion worth of power
generating assets.  With further sales planned for this year,
the process will significantly reduce the debt burden of the
state owned electricity producer, National Power Corp.  (foreign
currency BB-/Stable/--; local currency BB+/Stable/--), and the
potential future contingent liabilities to the government.

The state asset sales, together with continued expenditure
restraint, have also helped sustain the government's improving
fiscal trajectory, with an overall surplus recorded for the
first 11 months of 2007.  With decreasing overall public sector
borrowing requirements and less reliance on external
funding, public external debt declined to an estimated 25.2% of
GDP at the end of September 2007, from a peak of nearly 50% in
2003, and should continue to moderate.

"Notwithstanding these positive developments, questions remain
on the long-term sustainability of a sound fiscal position that
could also accommodate the country's pressing infrastructure and
social spending needs," said Mr. Benard

In the 2007 budget outturn, inflows from onetime asset sales
will have substantially compensated for the continuing
underlying weakness in revenue collection capacity, which has
been a long-standing, key weakness in Philippine public
finances.  Following the revenue boost from the implementation
of the expanded VAT in 2006, collection rates in 2007 have eased
back to low levels, such that growth in the tax take of the
Bureau of Internal Revenue, the main revenue agency, are likely
to have been below nominal GDP growth for the year.  Therefore,
in the absence of improved revenue administration and collection
efficiency, and/or additional revenue generating measures, the
country's fiscal position could begin to deteriorate again in
2009 with the expected conclusion of major asset sales.


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

HOLA DEVELOPMENT: Creditors' Proofs of Debt Due on February 15
--------------------------------------------------------------
The creditors of Hola Development Pte Ltd are required to file
their proofs of debt by February 15, 2008, to be included in the
company's dividend distribution.

The company's liquidator is:

          Goh Boon Kok
          c/o Goh Boon Kok & Co.
          1 Claymore Drive #08-11
          Orchard Towers Rear Block
          Singapore 229594


HUP HIN: Pays First and Final Dividend
--------------------------------------
Hup Hin Realty Pte Ltd, which is in compulsory liquidation, paid
its first and final dividend to its creditors on January 30,
2008.

The company paid 2.9407% to all admitted unsecured claims.

The company's liquidator is:

          Timothy James Reid
          Ferrier Hodgson
          8 Robinson Road
          #12-00 ASO Building
          Singapore 048544


HWA LEONG: Requires Creditors to File Claims by February 24
-----------------------------------------------------------
Hwa Leong Private Limited, which is in voluntary liquidation,
requires its creditors to file their proofs of debt by Feb. 24,
2008, to be included in the company's dividend distribution.

The company's liquidators are:

          Lim Boon Cheng
          Abuthahir Abdul Gafoor
          c/o 1 Raffles Place
          #20-02 OUB Centre
          Singapore 048616


LAWSONS DELIVERY: Court to Hear Wind-Up Petition on February 15
---------------------------------------------------------------
A petition to have Lawsons Delivery Services (S) Pte Ltd will be
heard before the High Court of Singapore on February 15, 2008,
at 10:00 a.m.

David Chang filed the petition against the company on January 3,
2008.

David Chang's solicitor is:

          Messrs Ng Chong & Hue LLC
          96 Robinson Road
          #15-01/02 SIF Building
          Singapore 068899


STATS CHIPPAC: Earns US$41 Million in Fiscal Year 2007
-----------------------------------------------------
STATS ChipPAC Ltd. disclosed its results for the fourth quarter
and full year 2007.

Tan Lay Koon, President and Chief Executive Officer of STATS
ChipPAC, said, "We delivered a strong fourth quarter with record
quarterly net income of US$41.3 million bringing the 2007 full
year net income to a record high of US$93.7 million.  Our
revenue for the fourth quarter 2007 grew 15.1% sequentially to
US$476.7 million with strong demand across the computing,
communications and consumer end markets, and revenue
contribution from our recently acquired factory in Pathumthani,
Thailand.  Overall, we made good progress in 2007 growing our 3D
solutions offering, such as stacked flip chip package for mobile
platforms and Fan-in Package on Package, to meet our customers'
continuing demand for increased functional integration, improved
yield and lower cost solutions.  We are also expanding our flip
chip offering to provide our customers with full turnkey
solution in China.  We invested more in technology, including
the establishment of a new research and development facility
focused on advanced wafer integration."

Revenue for the fourth quarter of 2007 increased to US$476.7
million, this represents 14.6% increase over the fourth quarter
of 2006 and 15.1% sequential increase compared to the third
quarter of 2007.  Net income for the fourth quarter of 2007
improved 46.2% to US$41.3 million or US$0.19 per diluted ADS,
compared to net income of US$28.3 million or US$0.13 per diluted
ADS in the fourth quarter of 2006.

John Lau, Chief Financial Officer of STATS ChipPAC, said, "We
significantly improved our capital efficiency in 2007.  In the
three months and twelve months ended December 30, 2007, we spent
approximately US$67.8 million and US$268.8 million in capital
expenditures, which were 14.2% and 16.3% of revenue,
respectively, compared to 13.0% and 21.6% of revenue in the
three and twelve months ended December 31, 2006, respectively.
Our operating margin was 11.4% and 9.7% of revenue in the three
and twelve months ended December 30, 2007, respectively,
compared to 11.3% and 9.6% in the three and twelve months ended
December 31, 2006, respectively.  This included US$10.9 million
expenses incurred in connection with the tender offer by
Singapore Technologies Semiconductors Pte Ltd, a wholly owned
subsidiary of Temasek Holdings (Private) Limited, in 2007.  We
will continue to emphasize cost controls, improve efficiencies
across our operations and maintain discipline in capital
spending on strategic customer programs."

As of December 30, 2007, the company's balance sheet showed
US$2.6 million of total assets and US$1.15 million of total
liabilities resulting in a shareholders' equity of
US$1.38 million.

STATS ChipPAC Ltd is a back-end semiconductor assembly and test
company.  It provides full-turnkey solutions to semiconductor
businesses, including foundries, integrated device manufacturers
and fabless companies in the U.S., Europe and Asia.  It ranked
fourth in the global outsourcing semiconductor assembly and test
industry as of end-2006.  In fiscal year 2006, packaging revenue
accounted for 74% of sales, and test and other revenues the
balance.  The communications segment accounted for 57% of sales.
The company's offices outside the United States are located in
Singapore, South Korea, China, Malaysia, Taiwan, Japan, the
Netherlands, and United Kingdom.

As reported by the Troubled Company Reporter-Asia Pacific on
Jan. 18, 2008, Moody's Investors Service has affirmed the Ba1
corporate family rating and Ba1 senior unsecured debt rating of
STATS ChipPAC Limited.  The outlook for the ratings remains
stable.

The TCR-AP also noted on January 16, 2007, that Standard &
Poor's Ratings Services placed its 'BB+' corporate credit
ratings on STATS ChipPAC Ltd. on CreditWatch with negative
implications.  At the same time, Standard & Poor's also placed
its 'BB+' rating on all STATS ChipPAC's senior unsecured rated
debts on CreditWatch with negative implications.


=============
V I E T N A M
=============

* VIETNAM: Fitch Sees More Growth on Foreign Direct Investments
---------------------------------------------------------------
Fitch Ratings said that Vietnam's inward foreign direct
investment (FDI) flows are forecast to remain high by historical
standards, at US$4 billion in 2008, despite an expected global
economic slowdown.  Accession to the World Trade Organization
and a favourable domestic investment environment resulted in an
estimated 60% increase in inward FDI flows in 2007, to US$3.9
billion (5.5% of GDP).  Vietnam's inward FDI stock will continue
to accumulate, reaching more than 50% of GDP in 2008.

In contrast with trade deficits run by domestic enterprises, the
trade balances of foreign-invested enterprises have long been in
surplus.  Inward FDI has supported the accumulation of foreign
exchange reserves despite current account deficits or small
current account surpluses. As a result, Vietnam's international
liquidity ratio reached a historical high of 1,301% in 2007, far
better than the 'BB' median (Vietnam's foreign currency Issuer
Default Rating is 'BB-' (stable).  In addition, the country has
been a net external creditor since 2006 and a net public
external creditor since 2007.  Fitch believes Vietnam's strong
external financial position will remain a fundamental rating
strength.  FIEs have also become an important source of
government tax revenue, which is supportive of sovereign
creditworthiness, as public finances are a relative rating
weakness.

Vietnam's inward FDI stock is the highest in GDP terms among
emerging sovereigns in the region, and its inward FDI flows in
GDP terms are one of the highest.  Vietnam benefits from a
higher degree of social and political stability than some of its
regional competitors, which is crucial for attracting FDI.  A
sizeable and growing local market and quality labour force are
also among Vietnam's strengths in attracting foreign investors.  
In addition, a shift in the government's approach toward
investment to being more proactive has helped support large
inflows.  The government has become more experienced in
responding to the needs of foreign investors and has built
industrial parks and economic zones to compensate for the state
of the country's infrastructure.

Bilateral trade and investment agreements have been supporting
FDI growth in Vietnam since the early 2000s.  After over a
decade of negotiation, Vietnam finally became a WTO member in
early 2007, which helps local producers gain access to overseas
markets, supporting the country's large export-oriented
manufacturing sector.  As a WTO member, Vietnam is required to
liberalise its legal and regulatory framework, allowing foreign
companies to gain equal access to the burgeoning domestic
market.

Although the legal environment has improved with the revision
and enactment of new laws (such as the United Enterprise Law and
Anti-Monopoly Law) and many regulations have been brought up to
international standards, a number of government agencies still
lack the institutional capacity to effectively enforce rules.  
In addition, issues of corruption remain a major weakness in
attracting foreign investment.

A special report entitled "Vietnam: The Importance of Foreign
Direct Investment" is available at http://www.fitchratings.com/



* Fitch Gives Outlook Stable for Asia-Pacific Oil & Gas Sector
--------------------------------------------------------------
Fitch Ratings said that the credit outlook remains stable for
the Asia-Pacific oil and gas sector despite significantly
increased pressure on input costs.  While cash flow is expected
to remain strong across the region for the upstream operators,
the downstream business also faces increasing political pressure
as some governments try to restrict the sensitive retail fuel
price hikes.  However, any deterioration of credit metrics so
far has been mitigated by increasing implicit and explicit
support by the government owners.

"Reserve replacement by new asset acquisitions has become
increasingly difficult, as uncertainty over future crude oil
prices continues.  On the other hand, both China and India, with
limited domestic resources, feel the need to secure energy
access despite high costs.  There is an increased risk that
acquisitions will take place at the peak of the cycle,
coinciding with the new high capex needs in the downstream,"
said Mr. Pekka Laitinen, regional co-head of Fitch's Energy &
Utilities team.

Fitch expects commodity prices to come down from historical
highs during 2008, as pointed out in a 2008 regional outlook
report on the sector.  Meanwhile, volatility is expected to
continue due to geopolitical uncertainty, weather, and the
financial markets' appetite for commodity exposure.

A copy of the report entitled 'Asia-Pacific Oil and Gas Credit
Outlook 2008' is available on the agency's website
http://www.fitchratings.com/


* Fitch Holds Stable Outlook on Asia-Pacific Utilities in 2008
--------------------------------------------------------------
Fitch Ratings said in a special report that the overall regional
outlook for Asia-Pacific utilities remains stable, reflecting
robust electricity demand and strong operational cashflows.  The
regulatory environment in the region is generally stable,
although the timely pass-through of costs in some countries has
become difficult.  Governments' implicit and explicit support on
national utilities continues to be a strong supporting credit
factor, mitigating some deterioration in credit profiles.

"Event risks in the sector are now less probable as merger
activity remains subdued due to turmoil in the financial
markets.  In particular, Australian utilities have generally
stabilized after three years of significant M&A activities and
balance sheet gearing up," says Mr. Steve Durose, regional co-
head of Fitch's Energy & Utilities team.  "However, utilities
companies in the medium term, especially those in Hong Kong and
Singapore, are likely to consider opportunities outside their
borders," Mr. Durose adds.

Despite the utility sector mostly being "safe haven" for 2008,
challenges abound. The  capex build-up continues vigorously in
countries like India, Indonesia and Thailand as their
infrastructure has lagged behind in this respect and needs
urgent improvements.  Meanwhile, cost pressures and supply-
demand imbalances remain significant credit factors in China.


* BOND PRICING: For the Week 04 February to 08 February 2008
------------------------------------------------------------


Issuer                         Coupon  Maturity  Currency  Price
------                         ------  --------  --------  -----

AUSTRALIA &
NEW ZEALAND
-----------
Ainsworth Game Technology Ltd  8.000%  12/31/09     AUD     0.72
A&R Whitcoulls Group           9.500%  12/15/10     NZD    10.80
Allco Hit Ltd                  9.000%  08/17/09     AUD    40.00
Allco Hit Ltd                  9.000%  12/31/10     AUD    27.00   
Antares Energy Limited        10.000%  10/31/13     AUD     1.00
Arrow Energy NL               10.000%  03/31/08     AUD     1.50
Babcock & Brown Pty Ltd        8.500%  11/17/09     NZD    14.00
Babcock & Brown Pty Ltd        9.010%  09/15/16     NZD    11.00
Becton Property Group          9.500%  06/30/10     AUD     0.72
Bounty Industries Limited     10.000%  06/30/10     AUD     0.16
Capital Properties NZ Ltd      8.500%  04/15/09     NZD    11.25
Capital Properties NZ Ltd      8.000%  04/15/10     NZD    10.50
China Century Capital Ltd     12.000%  09/30/10     AUD     1.00
Djerriwarrh Investments Ltd    6.500%  09/30/09     AUD     4.50
FGL Finance                    6.250%  03/17/10     AUD     8.32
Fletcher Building Ltd          8.600%  03/15/08     NZD    10.50
Fletcher Building Ltd          7.800%  03/15/09     NZD     9.75   
Fletcher Building Ltd          7.550%  03/15/11     NZD     9.75
Heemskirk Consolidated
  Limited                      8.000%  09/30/11     AUD     2.85
Hy-Fi Securities Ltd           7.000%  08/15/08     NZD    10.00
Hy-Fi Securities Ltd           8.750%  08/15/08     NZD    11.60
LongReach Group Limited       10.000%  10/31/08     AUD     0.29
Metal Storm Ltd               10.000%  09/01/09     AUD     0.12
MFS Ltd                        8.250%  12/30/11     AUD    70.00
Minerals Corp                  9.000%  03/31/08     AUD     1.20
Minerals Corp                 10.500%  09/30/08     AUD     1.00
Nylex Limited                 10.000%  12/08/09     AUD     1.93
PPCS Limited                  11.500%  12/15/10     NZD    74.69
Salomon SB Aust                4.250%  02/01/19     USD     7.63
South Canterbury              10.430%  12/15/12     NZD     1.00
Speirs Group Ltd.             13.160%  06/30/49     NZD    60.00
TrustPower Ltd                 8.300%  12/15/08     NZD    11.00
TrustPower Ltd                 8.500%  09/15/12     NZD    10.25
TrustPower Ltd                 8.500%  03/15/14     NZD     8.90

CHINA
-----
CITIC Guoan Information
  Indust. Co., Ltd             1.200%  09/14/13    CNY     73.45

Saic Motor                     0.800%  12/19/13    CNY     72.63

JAPAN
-----
JPN Fin Muni Ent               1.700%  10/30/08     JPY     1.23
Nara Prefecture                1.520%  10/31/14     JPY     9.38
NIS Group Co., Ltd.            2.290%  03/23/09     JPY    69.99
NIS Group Co., Ltd.            2.730%  02/26/10     JPY    70.53

KOREA
-----
Korea Dev. Bank                7.350%  10/27/21     KRW    49.32
Korea Dev. Bank                7.450%  10/31/21     KRW    49.28
Korea Dev. Bank                7.400%  11/02/21     KRW    49.27
Korea Dev. Bank                7.310%  11/08/21     KRW    49.22
Korea Dev. Bank                8.450%  12/15/26     KRW    72.92

MALAYSIA
--------
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     1.18
Berjaya Land Bhd               5.000%  12/30/09     MYR     5.65
Bumiputra-Commerce
   Holdings Bhd                2.500%  07/16/08     MYR     1.20
Eastern & Oriental Hotel       8.000%  07/25/11     MYR     2.06
EG Industries Berhad           5.000%  06/16/10     MYR     0.48
Equine Capital                 3.000%  08/26/08     MYR     1.63
Greatpac Holdings              2.000%  12/11/08     MYR     0.13
Gula Perak Bhd                 6.000%  04/23/08     MYR     0.52
Huat Lai Resources Bhd         5.000%  03/28/10     MYR     0.48
Insas Berhad                   8.000%  04/19/09     MYR     0.67
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.35
Kretam Holdings Bhd            1.000%  08/10/10     MYR     1.35
LBS Bina Group Bhd             4.000%  12/31/08     MYR     0.46
LBS Bina Group Bhd             4.000%  12/31/09     MYR     0.44
Media Prima Bhd                2.000%  07/18/08     MYR     1.60
Mithril Bhd                    8.000%  04/05/09     MYR     0.24
Mithril Bhd                    3.000%  04/05/12     MYR     0.60
Nam Fatt Corporation Bhd       2.000%  06/24/11     MYR     0.43
Pilecon Engineering Bhd        5.000%  12/19/11     MYR     0.22
Pelikan International          3.000%  04/08/10     MYR     1.94
Puncak Niaga Holdings Bhd      2.500%  11/18/16     MYR     0.80
Rhythm Consolidated Berhad     5.000%  12/17/08     MYR     0.11
Rubberex Corporation Berhad    4.000%  08/14/12     MYR     0.61
Silver Bird Group Bhd          1.000%  02/15/09     MYR     0.56
Southern Steel                 5.500%  07/31/08     MYR     2.35
Tenaga Nasional Bhd            3.050%  05/10/09     MYR     1.15
Tradewinds Corp.               2.000%  02/08/12     MYR     1.10
Tradewinds Plantation Berhad   3.000%  02/28/16     MYR     1.66
TRC Synergy Berhad             5.000%  01/20/12     MYR     1.80
Wah Seong Corp.                3.000%  05/21/12     MYR     5.75
WCT Land Bhd                   3.000%  08/02/09     MYR     4.66
Wijaya Baru Global Berhad      7.000%  09/17/12     MYR     0.76
YTL Cement Bhd                 4.000%  11/10/15     MYR     2.05

SRI LANKA
---------
Sri Lanka Govt                6.850%  04/15/12     LKR     74.70
Sri Lanka Govt                6.850%  10/15/12     LKR     71.96
Sri Lanka Govt                8.500%  01/15/13     LKR     70.43
Sri Lanka Govt                7.500%  08/01/13     LKR     72.49
Sri Lanka Govt                7.500%  11/01/13     LKR     74.33
Sri Lanka Govt                8.500%  02/01/18     LKR     67.09
Sri Lanka Govt                8.500%  07/15/18     LKR     66.16
Sri Lanka Govt                7.500%  08/15/18     LKR     71.13
Sri Lanka Govt                7.000%  10/01/23     LKR     70.58


                             *********

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.


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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.  Azela Jane Taladua, Rousel Elaine Tumanda,
Valerie Udtuhan, Tara Eliza Tecarro, Marjorie C. Sabijon,
Frauline Abangan, and Peter A. Chapman, Editors.

Copyright 2008.  All rights reserved.  ISSN: 1520-9482.
   
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
   
TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.
   
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