TCRAP_Public/080207.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                    A S I A   P A C I F I C

          Thursday, February 7, 2008, Vol. 9, Issue 27

                          Headlines

A U S T R A L I A

CJ & M INVESTMENTS: Undergoes Liquidation Proceedings
CLARITY COSMETICS: Commences Liquidation Proceedings
COLLIERS INTERNATIONAL: Placed Under Voluntary Liquidation
CONCORD UNDERWRITING: Members Opt to Shut Down Firm
CONNECTIONS CONSULTING: Joint Meeting Slated for February 18

FOOD EVOLUTION: Members to Receive Wind-Up Report on Feb. 15
G.P. BURNS: To Declare First Dividend on February 13
MITSUBISHI MOTORS: To Close South Australian Plant Due to Losses
PROPAGANDA PRINT: Placed Under Voluntary Liquidation
SCOTT-OSMOND HOLDINGS: To Declare First Dividend on Feb. 13


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

3NITY HK: Members' Meeting Fixed for March 3
ASAHI CREATIVE: Commences Liquidation Proceedings
BEST GEAR: Members' Meeting Fixed for March 5
CHINA HERITAGE: Creditors' Proofs of Debt Due on Feb. 29
COSMOS BANK: Denies Bank Run

QUANTA COMPUTER: Snowstorms Halt Shipments
QISDA CORP: 2007 Sales Drop 6.08% to TWD122.41 Billion
HOSTFAR LIMITED: Members' Meeting Fixed for March 6
HUNG HING: Members' Meeting Fixed for March 1
HUNTER PENCIL: Creditors' Proofs of Debt Due on March 1

ICBC: Sets Aside 30% Reserve for Likely Subprime Asset Losses
KING WELLING: Creditors' Proofs of Debt Due on March 3
LI BAO CHANG: Commences Liquidation Proceedings
YETO ACCOUNTS: Appoints New Liquidator
ZOOM & SIZES: Members' Meeting Fixed for March 3


I N D I A

ICICI BANK: Won't Cut Interest Rates for Now, CEO Says
IFCI LTD: Allots Shares to 30 Holders of Zero-Coupon Debentures
RPG LIFE: Scheme Takes Effect; To Change Name to Brabourne
SAURASHTRA CEMENT: Profit Down 97% in Qtr. Ended Dec. 31, 2007
TATA MOTORS: Says No Fiat Talks on Jaguar-Land Rover Deal

TATA POWER: Brings In Two New Executive Directors

* INDIA: CRISIL to Set Up Credit Information Company


I N D O N E S I A

BERAU COAL: Fitch Affirms 'B+' Long-Term Issuer Default Ratings
KERETA API: To Issue IDR1 Trillion in Bonds
MEDIA NUSANTRA: Unit Commences Cash Tender Offer for Linktone


J A P A N

JAPAN AIRLINES: Hiking In'l Air Fare by 17% Beginning April 1
MEDCA JAPAN: JCR Affirms BB- Rating on Senior Credit
SAPPORO HOLDINGS: Likely to Reject Steel Partners TakeOver Bid


K O R E A

CLOROX CO: Reports US$92 Million Net Income in Second Quarter
HYNIX SEMI: Plans to Cut 2008 Costs by 25% After Q1 Loss
HYNIX SEMICON: To Invest in China Plant to Boost DRAM Output


M A L A Y S I A

MEGAN MEDIA: Rahman Quits as Director & Audit Committee Member
SOLUTIA INC: Formally Asks US$2 Bln Exit Funding from Citigroup
SOLUTIA INC: To Pay DTE US$773,364 to Cure Prepetition Default
PROTON HOLDINGS: Incorporates Subsidiary in Thailand


N E W  Z E A L A N D

ALPHA AVIATION: Commences Liquidation Proceedings
ASPIRO PROPERTIES: Subject to CIR's Wind-Up Petition
EXPRESS CONSTRUCTION: Subject to CIR's Wind-Up Petition
FRESH CUT: Fixes February 20 as Last Day to File Claims
GLENSHERA LTD: Appoints Chilcott & Chatfield as Liquidators

J.C.M. DEVELOPMENTS: Faces CIR's Wind-Up Petition
KALTAK HOLDINGS: Court to Hear Wind-Up Petition on February 14
MFS NEW ZEALAND: Stock Exchange Halts Trading
NET HOMES: Taps Fisk and Sanson As Liquidators
SLICE N DICE: Placed Under Voluntary Liquidation

WWW.THE GARAGE: Court Sets Wind-Up Petition Hearing for Feb. 11


P H I L I P P I N E S

ATLAS CONSOLIDATED: Won't Proceed with Canatuan Mine Venture


S I N G A P O R E

AAR CORP: Mulls Offering US$175 Mil. of Convertible Senior Notes
AAR CORP: S&P Puts BB Rating on US$175-Mln Convertible Sr. Notes
ALLCO REIT: Gives Response to Moody's Downgrade of CFR to Ba1
ALLCO REIT: Total Return Amounts to SGD118 Mil. in 4th Qtr. 2007
E.M.P VENTURES: Requires Creditors to File Claims by March 3

NORSCAN FOREST: Creditors' Proofs of Debt Due on March 3
VENTURE ENGINEERING: Pays First Dividend


T H A I L A N D

BANGKOK BANK: Sees 15% Growth in Loans to SMEs


                            - - - - -

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


CJ & M INVESTMENTS: Undergoes Liquidation Proceedings
-----------------------------------------------------
CJ & M Investments Pty Ltd's members agreed on January 3, 2008,
to voluntarily liquidate the company's business.  In line with
this goal, the company has appointed Andrew Leonard Dunner at
Andrew Dunner & Associates to facilitate the sale of its assets.

The liquidator can be reached at:

          Andrew Leonard Dunner
          Andrew Dunner & Associates
          23 Erin Street
          Richmond, Victoria 3121
          Australia
          Telephone:(03) 9428 1888

                        About CJ & M

CJ & M Investments Pty Ltd is a distributor of motor truck
trailers.  The company is located at Warragul, in Victoria,
Australia.


CLARITY COSMETICS: Commences Liquidation Proceedings
----------------------------------------------------
Clarity Cosmetics Pty Limited's members agreed on
December 21, 2007, to voluntarily liquidate the company's
business.  In line with this goal, the company has appointed
Ronald George Davies to facilitate the sale of its assets.

The liquidator can be reached at:

          Ronald George Davies
          Ikon House, 8th Floor
          65 York Street
          GPO Box 5085
          DX 77
          Sydney, New South Wales 2001
          Australia

                  About Clarity Cosmetics

Clarity Cosmetics Pty Limited is a distributor of drugs, drug
proprietaries, and druggists' sundries.  The company is located
at Epping, in New South Wales, Australia.


COLLIERS INTERNATIONAL: Placed Under Voluntary Liquidation
----------------------------------------------------------
Colliers International (Tasmania) Pty Limited's members agreed
on December 21, 2007, to voluntarily liquidate the company's
business.  In line with this goal, the company has appointed
S. J. Cathro and C. R. Campbell at Deloitte Touche Tohmatsu to
facilitate the sale of its assets.

The liquidators can be reached at:

          S. J. Cathro
          C. R. Campbell
          Deloitte Touche Tohmatsu
          Grosvenor Place
          225 George Street
          Sydney, New South Wales 2000
          Australia

                    About Colliers International

Colliers International (Tasmania) Pty Limited is involved with
real estate agents and managers.  The company is located in
Sydney, Australia.


CONCORD UNDERWRITING: Members Opt to Shut Down Firm
---------------------------------------------------
Concord Underwriting Agencies Pty Limited's members agreed on
December 20, 2007, to voluntarily liquidate the company's
business.  In line with this goal, the company has appointed
Timothy James Cuming and David Clement Pratt to facilitate the
sale of its assets.

The liquidators can be reached at:

          Timothy James Cuming
          David Clement Pratt
          Level 15, 201 Sussex St
          Sydney, New South Wales 1171
          Australia

                 About Concord Underwriting

Concord Underwriting Agencies Pty Limited provides services to
insurance agents and brokers.  The company is located at
Melbourne, in Victoria, Australia.


CONNECTIONS CONSULTING: Joint Meeting Slated for February 18
------------------------------------------------------------
The members and creditors of Connections Consulting Pty Ltd will
have their joint meeting on February 18, 2008, at 9:45 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Paul Vartelas
          B. K. Taylor & Co
          Certified Practicing Accountants
          8/608 St Kilda Road
          Melbourne, Victoria 3004
          Australia

                About Connections Consulting

Connections Consulting Pty Ltd provides computer related
services.  The company is located at Melbourne, in Victoria,
Australia.


FOOD EVOLUTION: Members to Receive Wind-Up Report on Feb. 15
------------------------------------------------------------
The members of Food Evolution Pty Ltd will meet on
Feb. 15, 2008, at 10:30 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Stephen R. Dixon
          BDO Kendalls
          Chartered Accountants
          Level 30, 525 Collins Street
          Melbourne, Victoria 3000
          Australia

                       About Food Evolution

Food Evolution Pty Ltd operates miscellaneous food stores.  The
company is located at Southbank, in Victoria, Australia.


G.P. BURNS: To Declare First Dividend on February 13
----------------------------------------------------
G.P. Burns Pty. Ltd. will declare its first dividend on
Feb. 13, 2008.

Creditors are required to file their proofs of debt by that day
to be included in the company's dividend distribution.

The company's liquidator is:

          Richard Judson
          Members Voluntarys Pty Ltd
          1st Floor, 10 Park Road
          Cheltenham, Victoria 3192
          Australia

                         About G.P. Burns

G.P. Burns Pty Ltd is an operative builder.  The company is
located at Paradise Waters, in Queensland, Australia.


MITSUBISHI MOTORS: To Close South Australian Plant Due to Losses
----------------------------------------------------------------
Mitsubishi Motors Corp., according to the Asahi Shimbun, will
shut down its factory in Adelaide due to losses.  The plant
manufactures the Mistsubishi 380 large sedan, which sells poorly
in the region.

Mitsubishi Motors' Australia President Rob McEniry told the
Associated Press that production of the 380 sedan would be
discontinued and the company would sell only imported vehicles
in the country.

Mr. McEniry told Reuters that Mitsubishi has lost AU$1.5 billion
in a decade on its Australian operations and large car sales had
declined by 37%.  At the same time, imported Mitsubishi sales
have risen 32.4% between 2006 and 2007, the report adds.

According to Reuters, the plant's closure will result to 930 job
cuts, which translates to a JPY22-billion loss for Mitsubishi
for the year ending March 2008 as payment for retirement
allowances and severance.  News. Com. Au adds that the company
pledged to pay out all their redundancy and leave entitlements.
Mitsubishi has also pledged to provide counseling for workers.

Overall, Mitsubishi still expects to make JPY80 billion in
consolidated operating profits despite the losses at its
Australian plant.

Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation
-- http://www.mitsubishi-motors.co.jp/-- is one of the few
automobile companies in the world that produces a full line of
automotive products ranging from 660-cc mini cars and passenger
cars to commercial vehicles and heavy-duty trucks and buses.

The company also operates consumer-financing services and
provides this to its customer base.  MMC adopted the Mitsubishi
Motors Revitalization Plan on Jan. 28, 2005, as its three- year
business plan covering fiscal 2005 through 2007, after investor
DaimlerChrysler backed out from the company.  The main
objectives of the plan are "Regaining Trust" and "Business
Revitalization."

The company has operations worldwide, covering the United
States, Germany, the United Kingdom, Italy, the Netherlands, the
Philippines, Indonesia, Malaysia, China and Australia.  Its
products are sold in over 170 countries.

                        *     *     *

The Troubled Company Reporter-Asia Pacific reported on
July 10, 2007, that Rating and Investment Information, Inc. has
lifted its issuer rating from 'B' to 'B+' with a stable outlook.
Also, R&I affirmed its 'B' rating for its domestic commercial
paper program.  The upgrade in rating, according to the report,
is due to the fact that Mitsubishi Motors has been working to
restructure its operations since it announced its Mitsubishi
Motors Revitalization Plan in January 2005 and despite difficult
domestic market conditions caused by factors like shrinking
vehicle demand, Mitsubishi Motors has managed to leverage new
model introductions to gradually restore its earnings base.


PROPAGANDA PRINT: Placed Under Voluntary Liquidation
----------------------------------------------------
Propaganda Print Pty Ltd's members agreed on December 20, 2007,
to voluntarily liquidate the company's business.  In line with
this goal, the company has appointed Timothy James Cuming and
David Clement Pratt to facilitate the sale of its assets.

The liquidators can be reached at:

          Timothy James Cuming
          David Clement Pratt
          Level 15, 201 Sussex St
          Sydney, New South Wales 1171
          Australia

                   About Propaganda Print

Propaganda Print Pty Ltd is involved with publishing and
printing business.  The company is located at Pyrmont, in New
South Wales, Australia.


SCOTT-OSMOND HOLDINGS: To Declare First Dividend on Feb. 13
-----------------------------------------------------------
Scott-Osmond Holdings Pty Ltd will declare its first dividend on
February 13, 2008.

Creditors are required to file their proofs of debt by that day
to be included in the company's dividend distribution.

The company's liquidator is:

          Richard Judson
          Members Voluntarys Pty Ltd
          1st Floor, 10 Park Road
          Cheltenham, Victoria 3192
          Australia

                     About Scott-Osmond

Scott-Osmond Holdings Pty Ltd operates offices of holding
companies.  The company is located at St Marys, in New South
Wales, Australia.




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


3NITY HK: Members' Meeting Fixed for March 3
--------------------------------------------
The members of 3nity HK Limited will have their final general
meeting on March 3, 2008, at Room 3508, Edinburgh Tower, The
Landmark, 15 Queen's Road Central, in Hong Kong to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator can be reached at:

          Hung Chun Ming
          Room 3508
          Edinburgh Tower
          The Landmark
          15 Queen's Road Central
          Hong Kong


ASAHI CREATIVE: Commences Liquidation Proceedings
-------------------------------------------------
Asahi Creative Technology Limited's members agreed Jan. 25, 2008
to voluntarily liquidate the company's business.  In line with
this goal, the company has appointed Stephen Wong Tan Man and
Kenneth Chen Yung Ngai to facilitate the sale of its assets.

The liquidator(s) can be reached at:

         Stephen Wong Tan Man
         Kenneth Chen Yung Ngai
         29th Floor, Caroline Centre
         Lee Gardens Two
         28 Yun Ping Road
         Hong Kong


BEST GEAR: Members' Meeting Fixed for March 5
---------------------------------------------
The members of Best Gear International Limited will have their
final general meeting on March 5, 2008, Rooms 1801-05, Hua Qin
International Building, 340 Queens Road Central, in Hong Kong to
hear the liquidator's report on the company's wind-up
proceedings and property disposal.

The liquidator(s) can be reached at:

          Yeung Ping Hung
          Room 1801-05, Hua Qin International Building
          340 Queen's Road, Hong Kong


CHINA HERITAGE: Creditors' Proofs of Debt Due on Feb. 29
---------------------------------------------------------
The creditors of China Heritage Arts Foundation Limited are
required to file their proofs of debt by February 29, 2008, to
be included in the company's dividend distribution.

The company commenced liquidation proceedings on
January 16, 2008.

The company's liquidator is:

         Angus Hamish Forsyth
         4th & 5th Floor
         Central Tower
         28 Queen's Road Central
         Hong Kong


COSMOS BANK: Denies Bank Run
----------------------------
Cosmos Bank Taiwan has clarified that its withdrawals are under
control, easing concerns about a bank run, Bloomberg News
reports.

The bank was said to be experiencing heavy withdrawals after
Taiwanese prosecutors searched the offices of former bank
chairman Hsu Sheng-fa in an investigation of suspected breach of
trust and embezzlement, Bloomberg relates, citing a Commercial
Times report.

Cosmos, however, clarifies that although the investigation
involving Mr. Hsu is true, it does not necessarily concern the
bank itself, Bloomberg says.  The bank also said that the
withdrawals are now "under control" after the clarification has
been made.

Headquartered in Taipei, Taiwan, Cosmos Bank, Taiwan --
http://www.cosmosbank.com.tw/-- provides financial services for
individuals and small and medium-sized enterprises in Taiwan.

The Troubled Company Reporter-Asia Pacific reported on
Sept. 4, 2007, that Cosmos Bank inked a memorandum of
understanding with SAC Private Capital Group LLC and General
Electric Co., wherein SAC Capital and GE will pay a combined
US$900 million for a majority stake in the bank.  The report
adds that  Susan Chang, spokesperson of the Financial
Supervisory Commission, said that Cosmos will sell the stake at
TWD2.00 (US$0.06) per share, representing a 63% discount from
its August 31-close trading price of TWD5.47.

As of December 5, 2007, about 93.8% of the lender's bondholders
had agreed to change their debt holdings into equities in Cosmos
as part of the recapitalization plan.


QUANTA COMPUTER: Snowstorms Halt Shipments
------------------------------------------
Snowstorms disrupted shipments from the China plants of
Taiwanese electronics makers such as Quanta Computer Inc.,
Compal Electronics Inc. and Asustek Computer Inc., Bloomberg
News reports, citing the Commercial Times.

According to the report, the snowstorms have stopped Quanta from
shipping notebook computers for two days from its plant in
China.

Bloomberg explains that the snowstorms, which has destroyed more
than 100,000 homes and is responsible for more than two dozen
deaths, have been going for more than two weeks.

Headquartered in Taoyuan, Taiwan, Quanta Computer Inc. --
http://www.quantatw.com/-- is principally engaged in the
manufacture, research, development and sale of laptop computers
and components.  The company offers laptops, cellular
telephones, liquid crystal display televisions, servers, LCD
monitors, computer peripherals, computer components, wireless
local area network (WLAN) bridges and communications products.
It serves overseas markets, predominantly the Americas, Asia and
Europe.

The Troubled Company Reporter-Asia Pacific reported on
Feb. 9, 2007, that Fitch Ratings assigned Quanta Computer a
long-term foreign currency issuer default rating of BB.


QISDA CORP: 2007 Sales Drop 6.08% to TWD122.41 Billion
------------------------------------------------------
Qisda Corp. reported a 6.08% drop in sales for the full year of
2007, to TWD122.41 billion from TWD130.33 billion a year before.

The company also posted a 9.41% year-on-year decrease in its
December sales to TWD8.50 billion from TWD9.38 billion.

Headquartered in Taiwan, Republic of China, Qisda Corp., fka
BenQ Corp., Inc. -- http://www.benq.com/-- is principally
engaged in manufacturing developing and selling of computer
peripherals and telecommunication products.  It is also a major
provider of 3G handset, camera phones, and other products.

BenQ Mobile GmbH & Co., the company's German-based wholly owned
subsidiary, filed for insolvency in Munich on Sept. 29, 2006,
after BenQ Corp.'s board decided to discontinue capital
injection into the mobile unit in order to stem unsustainable
losses.  The collapse follows a year after Siemens sold the
company to Taiwanese technology group BenQ.

                        *     *     *

The Troubled Company Reporter-Asia Pacific reported on
Jan. 3, 2008, that Taiwan Ratings Corp. affirmed its twBB+ long-
term corporate credit rating and twB short-term rating on Qisda
Corp.  At the same time, the rating agency also affirmed its
twBB+ ratings on the company's unsecured corporate bonds and
unsecured exchangeable bond.  Taiwan Ratings said the outlook on
the long-term rating is negative.


HOSTFAR LIMITED: Members' Meeting Fixed for March 6
---------------------------------------------------
The members of Hostfar Limited will have their final general
meeting on March 6, 2008, at 18 New Jin Qiao Road, Pudong,
Shanghai 201206, in China to hear the liquidator's report on the
company's wind-up proceedings and property disposal.

The liquidators can be reached at:

          Ricky P.O. Chong
          Cordelia Tang
          905 Silvercord, Tower 2, 30 Canton Road
          Tsimshatsui, Kowloon
          Hong Kong


HUNG HING: Members' Meeting Fixed for March 1
---------------------------------------------
The members of Hung Hing Trading Company Limited will have their
final general meeting on March 1, 2008, at Flat 1817-24, 18th
Floor, Beverly Commercial Centre, 87-105 Chatham Road,
Tsimshatsui, Kowloon, in Hong Kong to hear the liquidator's
report on the company's wind-up proceedings and property
disposal.

The liquidator can be reached at:

          Ko Tin Long
          Room 1002, 10th Floor
          Tai Yau Building
          181 Johnston Road
          Wanchai, Hong Kong


HUNTER PENCIL: Creditors' Proofs of Debt Due on March 1
--------------------------------------------------------
The creditors of Hunter Pencil Case Manufactory Limited are
required to file their proofs of debt by March 1, 2008, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Jan. 18, 2008.

The company's liquidator is:

         Cheng Faat Ting Gary
         8th Floor
         Richmong Commercial Building
         109 Argyle Street
         Mongkok, Kowloon
         Hong Kong


ICBC: Sets Aside 30% Reserve for Likely Subprime Asset Losses
-------------------------------------------------------------
The Industrial and Commercial Bank of China told the Xinhua news
agency that it has a 30% risk reserve to cover possible losses
on its subprime assets.

The bank's subprime portfolio as of 2007 has reached US$1.2
billion, the same report says, citing bank chairman Jiang
Jianqing.  He added that the subprime assets are performing
steadily but the firm has decided to increase its reserves to
shelter the company from the worsening of the U.S. subprime
market crisis.  ICBC is said to be one of the top two holders of
U.S. subprime mortages.

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.


KING WELLING: Creditors' Proofs of Debt Due on March 3
-------------------------------------------------------
The creditors of King Welling Limited are required to file their
proofs of debt by March 3, 2008, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Jan. 23, 2008.

The company's liquidator is:

         Lau Tak Yim
         Room D, 3rd Floor
         Green Valley Mansion
         51 Wong Nai Chung Road
         Hong Kong


LI BAO CHANG: Commences Liquidation Proceedings
-----------------------------------------------
Li Bao Chang Company Limited's members agreed January 22, 2008
to voluntarily liquidate the company's business.  In line with
this goal, the company has appointed Dong Jian-hua to facilitate
the sale of its assets.

The liquidator(s) can be reached at:

         Dong Jian-hua
         Room 201, No. 79
         Lane 289, Jinian Road
         Shanghai 200434
         China


YETO ACCOUNTS: Appoints New Liquidator
------------------------------------------
The members of Teto Accounts Taxation Limited appointed Lam Wing
Yi, Jerry as the company's liquidator.

The liquidator can be reached at:

         Lam Wing Yi, Jerry
         Unit 2605, Island Place Tower
         510 King's Road
         North Point
         Hong Kong


ZOOM & SIZES: Members' Meeting Fixed for March 3
------------------------------------------------
The members of Zoom & Sizes and Associates Limited will have
their final general meeting on March 3, 2008, Rooms 1901-2,
park-In Commercial Centre, 56 Dundas Street, in Kowloon to hear
the liquidator's report on the company's wind-up proceedings and
property disposal.

The liquidator can be reached at:

          Lee Kwok On, Alexander
          Rooms 1901-2, Park-In Commercial Centre
          56 Dundas Street, Kowloon




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


ICICI BANK: Won't Cut Interest Rates for Now, CEO Says
------------------------------------------------------
ICICI Bank Ltd. is in no hurry to cut interest rates in the
footsteps of some smaller rivals that have done so, Reuters
reports, citing Chief Executive K.V. Kamath.

Allahabad Bank had cut lending rates to individuals for buying
homes, cars and consumer goods by 50-100 basis points, while
Mortgage lender Housing Development Finance Corp lowered its
prime-lending rate by 25 basis points to 10.25%, the report
relates.

Narayanan Somasundaram, at Reuters, writes that last month,
India's central bank left all key rates steady in its quarterly
policy review but said commercial banks could lower their rates.

According to the report, Mr. Kamath said that this is the last
quarter when credit offtake will be better.  They will wait and
watch and it is not the right moment to talk about it, he added.

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.

                        *     *     *

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.


IFCI LTD: Allots Shares to 30 Holders of Zero-Coupon Debentures
---------------------------------------------------------------
IFCI Ltd. has alloted its equity shares to 30 public sector
banks and financial institutions who held Zero Coupon Optionally
Convertible Debentures, the company informed the Bombay Stock
Exchange in a regulatory filing.

According to the BSE fiing, IFCI issued a total of 12,37,37,735
equity shares at INR107 per share (including premium of INR97
per share) on the holders' conversion of ZCOCDs of
INR1,323.99 crore.

IFCI Limited -- http://www.ifciltd.com/-- is established to
cater the long-term finance needs of the industrial sector.  The
principal activities of IFCI include project finance, financial
services, non-project specific assistance and corporate advisory
services.  Project finance involves providing credit and other
facilities to green-field industrial projects (including
infrastructure projects), as well as to brown-field projects.
Financial services covers a range of activities wherein
assistance is provided to existing concerns through various
schemes for the acquisition of assets, as part of their
expansion, diversification and modernization programs.
Non-project specific assistance is provided in the form of
corporate/short-term loans, working capital, bills discounting,
etc to meet expenditure, which is not specifically related to
any particular project.  Its investment portfolio includes
equity shares, preference shares, security receipts and
government securities.

                        *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
April 3, 2007, India's Credit Analysis & Research Ltd. retained
a CARE D rating to IFCI's Long & Medium Term Debt aggregating
INR91.36 crore.  The amount represents the outstanding non-
restructured amount under the Bonds series, which have been
rated by CARE.

Fitch Ratings, on June 29, 2006, affirmed IFCI's support rating
at '4'.  Fitch said the outlook on the rating is stable.


RPG LIFE: Scheme Takes Effect; To Change Name to Brabourne
----------------------------------------------------------
RPG Life Sciences Ltd. received on Feb. 5, 2008, the certified
copy of the Order from the High Court of Judicature at Bombay
approving the Scheme of Arrangement that the company entered
into with RPG Pharmaceuticals Ltd., Instant Holdings Ltd. and
Instant Trading and Investment Company Ltd.  Accordingly, the
Scheme has become effective from that date.

As previously reported by the Troubled Company Reporter-Asia
Pacific, the Bombay Court sanctioned the Scheme in December last
year.

Pursuant to the Scheme:

   1. The company has sold its pharmaceuticals business along
      with all assets and liabilities on a going concern basis
      to RPG Pharmaceuticals (with effect from April 2, 2007) at
      consideration of INR46 crore.  In full discharge of this
      consideration, RPG Pharmaceuticals will issue equity
      shares of face value of INR8 in the ratio of 1:1 to the
      shareholders of the company at total premium of
      INR34,50,49,200.  RPG Pharmaceuticals would list the
      equity shares so issued on the Bombay Stock Exchange,
      National Stock Exchange and Calcutta Stock Exchange;

   2. The company has sold its investments to Instant Holdings
      (w.e.f. April 1, 2007) at consideration of INR53 crore.
      In full discharge of this consideration, Instant Holdings
      would issue 99,50,000 equity shares of face value of INR10
      to the company at aggregate premium of INR43.05 crore;

   3. Instant Trading, subsidiary of the company, stands
      dissolved without winding up; and

   4. The company would change its name to "Brabourne
      Enterprises Ltd" and "RPG Pharmaceuticals Ltd" would
      change its name to "RPG Life Sciences Ltd".

Headquartered in Mumbai, India, RPG Life Sciences Ltd --
http://www.rpglifesciences.com/-- is a full spectrum, world
class, customer focused, innovative pharmaceutical organization.
Formerly known as Searle (India) Ltd., the company develops,
manufactures and markets, for national and international
markets, a broad range of branded formulations, generics and
bulk drugs developed through fermentation and chemical synthesis
routes.

On April 17, 2003, Credit Analysis and Research Limited
downgraded the rating of the outstanding NCD program of
INR145.5 million of RPG Life Sciences rating from CARE BBB to
CARE D.  The downgrade is on account of a default in debt
servicing obligations towards institutional investors.


SAURASHTRA CEMENT: Profit Down 97% in Qtr. Ended Dec. 31, 2007
--------------------------------------------------------------
Saurashtra Cement Ltd. reported a net profit of INR4.58 million
in the quarter ended Dec. 31, 2007, down 97% from the INR138.54
million booked in the same quarter in 2006.  The bottom line for
the latest quarter review, however, is turnaround from the
INR36.26-million net loss incurred in the previous quarter --
July-Sept. 2007.

Total income rose from 2006's INR893.04 million to Oct.-Dec.
2007's INR1.13 billion.  With higher revenues came higher
operating expenses -- INR995.26 million compared to last year's
INR893.04 million.  Interest charges also increased to
INR68.56 million from INR44.94 million in the same quarter in
2006.

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?27cd


The flagship company of The Mehta Group, Saurashtra Cement Ltd.
-- http://www.mehtagroup.com/scement.htm-- manufactures and
exports cement including Ordinary Portland Cement, Pozzolana
Portland Cement, Sulphate Resistant Cement and Portland Slag
Cement.  SCL markets cement under the brand name "HATHI CEMENT".
The company also exports clinker.

On Dec. 9, 2006, Credit Rating Information Services of India Ltd
changed the outstanding rating of Saurashtra Cement's
INR477.6-million Non-Convertible Debenture Issue from 'D' to
'Not Meaningful.'  The revision followed the company's
registration in the Board of Industrial and Financial
Reconstruction as a Sick Industrial Company pursuant to the
SIC (SP) Act, 1985.

Saurashtra Cement is currently restructuring its debts.  Its
proposal for restructuring under the Corporate Debt
Restructuring Mechanism was approved through the letters issued
by CDR Cell on Dec. 26, 2005, and Feb. 17, 2006.


TATA MOTORS: Says No Fiat Talks on Jaguar-Land Rover Deal
---------------------------------------------------------
Tata Motors Ltd. made it clear in a statement that it has not
discussed Ford's Jaguar and Land Rover businesses with Fiat
Automobiles SpA.

Tata Motors further clarifies that it had no discussions with
Fiat on deployment of technologies developed by Jaguar and Land
Rover.  The company made the clarifications to probably address
reports talks that it may be in collaboration with Fiat on the
Ford deal.

According to Tata Motors, it is pleased by the progress in the
discussions with Ford to date and hopes that both the parties
can reach an agreement in the forthcoming weeks.

Tata Motors became the front-runner to buy Jaguar and Land Rover
when Ford announced on Jan. 3, that it has entered into "focused
negotiations at a more detailed level" with Tata.  Tata Motors
outbid Mahindra & Mahindra in collaboration with buyout firm
Apollo; and One Equity Partners LLC.

The Troubled Company Reporter-Asia Pacific, citing a report by
The Economics Time, said on Jan. 31 that Tata Motors is closing
in on a deal with Ford for the sale of the two brands.

According to the Financial Express, there were persistent news
reports of Fiat's interest in helping out Tata.

Alson on Feb. 4, a Fiat spokesperson released a statement
insisting that it would not participate in the bidding process
for the Ford brands and would not be an acquirer of those
assets.  Furthermore, the spokersperson made it clear that it
has not had discussions with Tata regarding the potential deal
or its participation in it, and it has not offered to purchase
any assets or technologies from Tata if the transaction is
completed.  Nonetheless, the spokesperson continued, Fiat
considers Tata as a strategic partner, and is considering other
collaboration alternatives that do not involve the Jaguar/Land
Rover assets.

In a report dated Oct. 12, 2007, TCR-AP related that Fiat Group
Automobiles and Tata Motors signed a deal for to put up an
industrial joint venture in Maharashtra for the manufacture of
passenger cars, engines and transmissions for the Indian and
overseas markets.

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 POWER: Brings In Two New Executive Directors
-------------------------------------------------
Tata Power Company Ltd. has informed the Bombay Stock Exchange
of two new appointees:

    1. S. Padmanabhan, as Director and Executive Director
       (Operations) of the company with effect from
       Feb. 6, 2008.

    2. Banmali Agrawala, as Director and Executive Director
       (Strategy & Business Development) of the company with
       effect from Feb. 15, 2008.

Prior to the new assignment, Mr. Padmanabhan was the Executive
Director & Head Global Human Resources of Tata Consultancy
Services Ltd.  Mr. Agrawala is currently the Managing Director
of Wartsila India Ltd.

Tata Power Company Ltd. -- http://www.tatapower.com/-- is a
licensee engaged in generation and supply power to bulk
consumers in the Mumbai metropolitan area.  The company operates
four thermal plants with a combined capacity of 1,350 MW, and
three hydroelectric plants aggregating 447 MW; all of these
supply power to the Mumbai licence area.  The company also has a
plant that supplies power to Tata Steel.  In addition, Tata
Power has an 81-MW independent power project at Belgaum that
sells power to Karnataka Power Transmission Corporation Limited.

                        *     *     *

Standard & Poor's Ratings Services, on Aug. 24, 2007, lowered
its corporate credit rating on India's Tata Power Co. Ltd. to
'BB-' from 'BB+'.  S&P said the outlook is stable.  At the same
time, the rating on Tata Power's US$300 million senior unsecured
bonds have been lowered to 'BB-' from 'BB+'.

Moody's Investors Service, on July 3, 2007, downgraded the
corporate family rating of Tata Power Company to Ba3 from Ba1.
At the same time, Moody's has downgraded its senior unsecured
bond rating to B1 from Ba2.  Moody's said the ratings outlook is
negative.


* INDIA: CRISIL to Set Up Credit Information Company
----------------------------------------------------
CRISIL Ltd. has reached a preliminary understanding with Equifax
Inc., USA, and Tata Capital Ltd., to set up a Credit Information
Company in India.  CRISIL has applied to the Reserve Bank of
India for permission to start and operate a CIC.  The
establishment and commencement of operations of the CIC will
depend on regulatory approval from RBI.

CRISIL is India's leading Ratings, Research, Risk and Policy
Advisory Company, with revenues of Rs 2.94 billion in 2006.
Equifax is a leader in global credit information solutions. Tata
Capital is a wholly owned subsidiary of Tata Sons Ltd, the apex
holding Company of the Tata Group. Tata Capital is registered
with the RBI as a Non Banking Financial Company undertaking fund
and fee based activities in the financial sector.

In serving the growing demands of credit information in India,
the proposed initiative will capitalise on CRISIL's
understanding of the Indian markets, Equifax's sophisticated
tools and analytics, and the Tata Group's credibility and
capability.

"The positioning of the CIC in the Indian market will be
unique", says Ms. Roopa Kudva, CRISIL's Managing Director and
Chief Executive Officer.  "With our capable and respected
partners, Equifax and Tata Capital, we look forward to providing
the Indian market with cutting-edge credit information services
and analytics."

CRISIL has rated instruments issued by more than 4600 large
entities, and has evaluated more than 1500 small and medium
enterprises.  As part of its structured finance rating process,
CRISIL has analysed the behaviour of more than a million retail
loans. CRISIL's credit risk assessment models have been
implemented for various categories of borrowers (including
retail), in more than 20 banks in India, and some outside.
"CRISIL has a 20-year tradition of helping India's credit
markets function better.  Strategically, our entry into the
credit information business will help us to expand our footprint
into the retail credit segment" adds Ms. Kudva.

"As a rapidly-growing segment, the retail credit space provides
an attractive opportunity for CRISIL to broaden and diversify
its range of services," elaborates Ms. Kudva.  The retail
finance market in India is expected to grow at about 20 per cent
annually over the next five years, buoyed by favourable
demographics, substantial increases in disposable income, and
changing lifestyles.  Lenders will require reliable, accurate
information to be able to lend with confidence.




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


BERAU COAL: Fitch Affirms 'B+' Long-Term Issuer Default Ratings
---------------------------------------------------------------
Fitch Ratings has affirmed PT Berau Coal's 'B+' Long-term
foreign and local currency Issuer Default Ratings, and 'A(idn)'
National Long-term rating. The Outlooks for all ratings remain
Stable.  At the same time, Fitch affirmed the 'B+' senior
unsecured rating of Berau's US$325 million senior notes due in
2011.

The affirmation of Berau's ratings reflects its competitive coal
mining costs, supported by long-term buyers with long-term
contracts in place and near-term debt reduction plans to take
advantage of the current high coal demand and price visibility.
The ratings also consider its natural hedge on US$ borrowings
arising out of around 80% revenues being denominated in US$.
Meanwhile, Fitch notes that growth prospects for Berau remain
robust, with increasing dependence on coal for power generation
globally, and the relatively high coal price.

At the same time, Berau's ratings are constrained by its
relatively high financial leverage with an estimated net debt to
annualised EBITDA ratio of 3.5x as at end September 2007.  The
ratings are also constrained by its exposure to commoditised
coal price, high concentration risk -- with top 10 customers
contributing nearly 90% of the first nine month of 2007 revenue,
and reliance on contractors -- particularly its heavy dependence
on one of its major contractors, PT Bukit Makmur Mandiri Utama,
a privately held mining contractor.

The Stable Outlook reflects Fitch's expectation that the de-
leveraging will proceed as planned, aided by medium term price
and order visibility.  If Berau's leverage as measured by net
debt/EBITDA ratio remains above 3.0x in 2008, a negative rating
action may be taken. Conversely, a sustained net debt/EBITDA
ratio below 2.5x may result in a positive rating action.

Berau is Indonesia's fifth largest coal producer and operates
under 30-years of Coal Contract of Work.  It reported revenues
and EBITDA of USD262m and USD56m respectively for the nine
months ended September 2007.  Rizal Risjad has a 70.4%
beneficial interest in the company.


KERETA API: To Issue IDR1 Trillion in Bonds
-------------------------------------------
PT Kereta Api Indonesia plans to issue local currency bonds for
IDR1 trillion this year to construct railway tracks in South
Sumatra in cooperation with coal mining firm PT Bukit Asam,
Antra News reports.

According to the report, PT KAI Finance Director Achmad Kuntjoro
Hadiwidjojo said the IDR500 bonds would be issued in the first
half of 2008 and the rest in the second semester.

Meanwhile, PT KAI President Director Ronny Wahyudi told the news
agency that both companies would set up a joint venture firm to
build the railway tracks to facilitate the transportation of
coal in the province.  Under the existing agreement, PT KAI will
hold a 70% stake and PTBA a 30% stake in the joint venture
company, the report notes.

The construction of the railway tracks is expected to cost
IDR4.2 trillion, Antara adds.

                      About Kereta Api

Headquartered in Bandung, West Java, Indonesia's state railway
PT Kereta Api -- http://www.kereta-api.com/-- operates a large
and busy network.  Its 6,000 kilometers of track extend
throughout Java and Sumatra and carry some 200 million
passengers per year.  Since 1999, KAA has operated as a limited
corporation and is currently implementing a strategy for change
designed to make it Indonesia's main choice of transport for all
sectors of Indonesian society.

                        *     *     *

Kereta Api owned up to having stated a IDR5-billion loss in
2005 as profit, although it was unintentional, said KA spokesman
Noor Hamidi.

KA commissioner Hekinus Manao informed the public that several
company liabilities were recorded as assets in its financial
report, which he had refused to sign and thus delayed a
scheduled shareholders' meeting earlier this month.

The TCR-AP previously reported that the Indonesian Government
plans to provide IDR100 billion to Kereta Api as bailout funds.


MEDIA NUSANTRA: Unit Commences Cash Tender Offer for Linktone
-------------------------------------------------------------
PT Media Nusantara Citra Tbk's unit MNC International Ltd., has
commenced its tender offer for up to 6,000,000 American
Depositary Shares ("ADSs," each ADS represents 10 ordinary
shares) of Linktone Ltd. at a price of US$3.80 per ADS in cash,
subject to any withholding taxes required by law.  MNC and
Linktone announced on Nov. 29, 2007, that they had reached a
definitive acquisition agreement for MNC to acquire not less
than 51% of Linktone's outstanding shares using a combination of
a tender offer for existing ADSs and a subscription for newly
issued ordinary shares of Linktone at an equivalent purchase
price.

The board of directors of Linktone unanimously:

   (i) determined that the transactions contemplated by the
       acquisition agreement, including the tender offer and the
       subscription, are fair to and in the best interests of
       Linktone and its shareholders

  (ii) approved and declared advisable the acquisition
       agreement and the transactions contemplated thereby,
       including the tender offer and the subscription, and

(iii) recommended that the holders of Linktone's ADSs accept
       the tender offer and tender their ADSs in the tender
       offer.  At a special shareholders' meeting on January 30,
       2008, Linktone's shareholders duly approved the adoption
       of the acquisition agreement, the issuance of shares in
       the subscription, and the election of 10 directors to
       Linktone's board of directors, subject to and effective
       following the consummation of the tender offer and the
       subscription.

There is no financing condition to the tender offer.  MNC will
finance the purchase of shares in the tender offer and the
subscription using its available cash and cash equivalents.

Unless the tender offer is extended, the tender offer and any
withdrawal rights to which holders of Linktone's ADSs may be
entitled will expire at 7:00 p.m., New York City time, on
March 12, 2008.  Following the acceptance for payment of any or
no shares in the tender offer and completion of the
subscription, MNC will own not less than 51% of the total
outstanding ordinary shares of Linktone calculated on a fully
diluted basis.

The complete terms and conditions of the tender offer are set
forth in the Offer to Purchase, Letter of Transmittal and other
related materials being filed by MNC with the SEC.  In addition,
Linktone will file with the SEC a Solicitation/Recommendation
Statement on Schedule 14D-9 relating to the tender offer.
Copies of the Offer to Purchase, Letter of Transmittal and other
related materials, including the Solicitation/Recommendation
Statement, are available from DF King & Co., Inc., the
information agent for the tender offer at (800) 829-6551 (toll
free).  Mellon Investor Services, LLC is acting as depositary
for the tender offer. T he dealer manager for the tender offer
is J.P. Morgan Securities Inc.

                       About Linktone.

Linktone Ltd. is one of the leading providers of wireless
interactive entertainment services to consumers and advertising
services to enterprises in China. Linktone provides a diverse
portfolio of services to wireless consumers and corporate
customers, with a particular focus on media, entertainment and
communications. These services are promoted through Linktone's
and its partners' cross-media platform which merges traditional
and new media marketing channels, and through the networks of
the mobile operators in China. Through in-house development and
alliances with international and local branded content partners,
Linktone develops, aggregates, and distributes innovative and
engaging products to maximize the breadth, quality and diversity
of its offerings.

                   About Media Nusantara

Headquartered in Jakarta, PT Media Nusantara Citra
-- http://www.mnc.co.id/-- is an integrated media company with
operations  in television broadcasting network, radio and print
media.  It is the leader in Indonesia's FTA TV broadcasting
market, owning 3 FTA TV networks out of a total of 11, and
captured the largest audience and ADEX shares in 2005.  MNC is
100% owned by PT Bimantara Citra Tbk, which is listed on Jakarta
Stock Exchange.

The Troubled Company Reporter - Asia Pacific reported on
Oct. 24, 2007, Standard & Poor's Ratings Services affirmed its
'B+' long-term local and foreign currency corporate credit
rating on Indonesia's integrated media company, PT Media
Nusantara Citra.  The outlook has been revised to positive from
stable.

On Sept. 19, 2006, that Moody's Investors Service has affirmed
its B1 rating for the senior unsecured bonds issued by PT Media
Nusantara Citra following the issuance's completion.  At the
same time, Moody's has affirmed its B1 corporate family rating
for MNC.  Both ratings have been removed from their provisional
status.  Moody's said the ratings outlook is stable.




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


JAPAN AIRLINES: Hiking In'l Air Fare by 17% Beginning April 1
-------------------------------------------------------------
Japan Airlines Corp. disclosed Tuesday its plan to raise regular
airfare for international flights by 17% effective Apri 1, Kyodo
News says.  The move is necessitated by higher fuel costs.

The hike plan has been approved by the International Air
Transport Association, of which JAL is a member.

Tokyo-based Japan Airlines International Company, Limited --
http://www.jal.com/en/-- was created as a result of the merger
of Japan Airlines and Japan Air Systems to boost domestic
coverage.  Japan Airlines flies to the United States, Brazil and
France.

                        *     *     *

As reported on Feb. 9, 2007, that Standard & Poor's Ratings
Services affirmed its 'B+' long-term corporate credit and issue
ratings on Japan Airlines Corp. (B+/Negative/--) following the
company's announcement of its new medium-term management plan.
S&P said the outlook on the long-term corporate credit rating is
negative.

As reported on Oct. 10, 2006, that Moody's Investors Service
affirmed its Ba3 long-term debt ratings and issuer ratings for
both Japan Airlines International Co., Ltd and Japan Airlines
Domestic Co., Ltd.  The rating affirmation is in response to the
planned restructuring of the Japan Airlines Corporation group on
Oct. 1, 2006 with the completion of the merger of JAL's two
operating subsidiaries, JAL International and Japan Airlines
Domestic.  JAL International will be the surviving company.
Moody's said the rating outlook is stable.

Fitch Ratings Tokyo analyst Satoru Aoyama said that the
company's debt obligations and expenses for new aircraft have
placed it in an unfavorable financial position.  Fitch assigned
a BB- rating on the company, which is three notches lower than
investment grade.


MEDCA JAPAN: JCR Affirms BB- Rating on Senior Credit
----------------------------------------------------
Japan Credit Rating Agency Affirms its BB- rating on Medca
Japan's senior debts, with stable outlook.

Medca Japan has reduced its financial risk through
implementation of reductions in loans and liability guarantees
to the grouped healthcare corporations and assignment of long-
term operating receivables in block since 2006.  However, given
that there remain assets requiring caution, JCR deems it
necessary to pay attention to the asset quality and improvement
in the financial structure.  Although the Company has been
reining in negative impact of the reduction in nursing-care fee
paid by the government to the service providers on its core
nursing care business, earnings of this business have been flat
due to the increased burden of cost of labor.  JCR will follow
the future developments on this business as well as recovery of
the clinical laboratory service business, for which turnaround
measure is under way with the expenses being cut.

Headquartered in Saitama, Japan, MEDCA JAPAN CO., LTD. --
http://www.medcajapan.co.jp/index_e.htm-- is mainly engaged in
the medical business.  The company operates in four business
segments.  The Nursing Care segment provides home care services,
as well as operates and maintains care centers and long-stay
centers.  The Clinical Examination segment is engaged in the
provision of clinical examinations, and the collection and
distribution of blood and urinal examination materials.  The
Produce Sales segment offers medical equipment and consumable
medical supplies to nursing care and medical institutions.  The
Others segment is engaged in the provision of medical waste
transportation from medical institutions; the operation and
management of condominiums for elderly people, and the operation
of hotels and hot springs.


SAPPORO HOLDINGS: Likely to Reject Steel Partners TakeOver Bid
--------------------------------------------------------------
Sapporo Holdings Ltd. is likely to turn down a takeover bid from
Steel Partners Japan Strategic Fund (Offshore), L.P., Hiroko
Nakata at The Japan Times reports.

The company's board of directors has refused to engage in talks
concerning the proposed sale, to the disappointment of Steel
Partners.  The board believes a buyout is not to the
shareholders best interest, according to its statement.

Steel Partners, which holds 17.52% of Sapporo Stake, has asked
Sapporo the conditions under which it would consider a takeover
bid, the Times relates.  Sapporo has until March 5 to decide on
Steel Partner's request.

Meanwhile, Sapporo's board may launch defensive measures to
fight a likely takeover attempt from Steel Partners, the Times
says, citing Shunko Muto, a lawyer consulted by Sapporo
regarding the proposal.  He added that Sapporo may sell real
estate for JPY600 billion to improve profits.

         About Steel Partners Japan Strategic Fund

Steel Partners Japan Strategic Fund (Offshore), L.P., is a
Cayman Islands-registered fund management subsidiary of Warren
Lichtenstein's Steel Partners and the biggest shareholder (18.6%
as of Feb. 2007) of Sapporo Holdings.  It submitted a proposal
to Sapporo seeking approval to raise its stake to 66.6%.

Steel Partners Japan Strategic Fund's address is:

       P.O. Box 2681 GT, Century Yard
       4th Floor, Cricket Square
       Hutchins Drive, George Town
       Grand Cayman, Cayman Islands
       British West Indies

                   About Sapporo Holdings

Sapporo Holdings Limited -- http://www.sapporoholdings.jp/--
formerly known as Sapporo Breweries, brews beer and operates
more than 200 beer halls and restaurants.  Sapporo is one of
Japan's oldest brewers, and is Japan's third largest brewing
company, with brews ranging from its flagship Black Label to the
pricier Yebisu.  Sapporo also makes the low-malt happoshu brew.
The company sells Guinness beer in Japan through its Sapporo
Guinness Company and owns a beverage company that makes canned
coffee, bottled water, and soft drinks.

                        *     *     *

As of May 16, 2007, the company carries Standard & Poor's Rating
Service's 'BB' Long-Term Foreign Issuer Credit and Long-Term
Local Issuer Credit Ratings that were issued on Feb. 6, 2006;
and Fitch Ratings' 'B' Short-term Foreign and Local Currency
Issuer Default Ratings that were issued on March 14, 2006.




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


CLOROX CO: Reports US$92 Million Net Income in Second Quarter
-------------------------------------------------------------
The Clorox Company reported second-quarter net earnings of
US$92 million, based on weighted average diluted shares
outstanding of 141 million.  This compares with US$96 million in
the year-ago quarter, based on weighted average diluted shares
outstanding of 154 million.  The year-ago quarter's results
included a tax benefit of US$5 million from discontinued
operations.  Contributing to earnings for the current quarter
were strong volume and sales growth, and the benefit of a
favorable tax rate due to the settlement of certain tax matters.
Current quarter earnings were reduced by US$5 million in
previously announced pretax charges, including restructuring-
related charges associated with the consolidation of the
company's manufacturing networks.  The Burt's Bees acquisition
also reduced pretax earnings by US$5 million, primarily due to
costs associated with the acquisition.

"I'm delighted with our second-quarter results," said Chairman
and Chief Executive Officer Don Knauss.  "Although the
commodities environment remains challenging, we delivered strong
top-line growth and our business is strong across the portfolio.
On Nov. 30, we completed the acquisition of Burt's Bees, which
is performing very well.  In December, we began shipping the
Green Works(TM) line of natural cleaners, our most exciting
launch in years.  There's a lot of enthusiasm across the
organization about these new businesses, the momentum in our
base business and our progress in delivering on our Centennial
Strategy."

Second-quarter sales grew 8 percent to US$1.19 billion, compared
with US$1.10 billion in the year-ago quarter.  The following
factors each contributed about 1.5 percentage points of sales
growth in the current quarter: December results from the Burt's
Bees acquisition, the bleach businesses acquired in fiscal year
2007 and favorable foreign exchange rates.  Volume increased 6
percent compared to the year-ago quarter, including about 1
percentage point of growth from Burt's Bees and about 1
percentage point of growth from the bleach business acquisition.
Volume growth of 4 percent on the base business was primarily
driven by strong shipments of home-care products, including
Clorox(R) disinfecting wipes, and all-time record shipments of
Fresh Step(R) scoopable cat litter.  Sales growth outpaced
volume growth primarily due to the impact of favorable foreign
exchange rates and price increases, partially offset by higher
trade promotion spending in response to competitive activity.

Gross margin in the second quarter decreased 160 basis points to
40.4 percent from 42.0 percent in the year-ago quarter.  The
decrease was primarily due to:

  -- the impact of unfavorable raw-material costs, primarily
     for resin and agricultural commodities;

  -- increased promotional spending; and

  -- higher manufacturing and logistics costs, which includes
     the cost of diesel fuel.

In addition, gross margin was negatively impacted by about 50
basis points, or US$5 million, from a purchase-accounting step-
up in inventory values associated with Burt's Bees.  These
factors were partially offset by the benefit of strong cost
savings and price increases.

Net cash provided by operations was US$148 million, compared to
US$122 million in the year-ago quarter.  The year-over-year
increase was primarily due to the collection of receivables,
partially offset by higher inventories.

Following is a summary of key second-quarter results by business
segment.  All comparisons are with the second quarter of fiscal
year 2007, unless otherwise stated.

                     Other Announcements

In addition to previously communicated price increases on Hidden
Valley(R) salad dressings, Kingsford(R) charcoal, and Armor
All(R) and STP(R) auto-care products, the company plans to
increase prices an average of 7 percent on Glad(R) trash bags
and GladWare(R) disposable containers in February 2008 to help
offset higher commodity costs.

As previously announced, in August 2007 Clorox entered into an
accelerated share repurchase agreement with two investment
banks.  Under the ASR agreement, the company repurchased US$750
million of its shares, with the banks delivering an initial
amount of 10.9 million shares to the company on Aug. 15, 2007.
Following completion of the ASR in January 2008, a final
purchase price adjustment resulted in the receipt of an
additional 1.1 million shares by the company in the third
quarter.  This adjustment did not require Clorox to make
additional cash or share payments.  The per-share amount paid
for all shares purchased under the ASR agreement was US$62.08.
The fiscal-year outlook, updated below, continues to include
about 5 cents diluted EPS benefit from the ASR agreement.

          Updated Fiscal Year 2008 Financial Outlook

For fiscal year 2008, Clorox now anticipated sales growth in the
range of 6-7 percent, including the anticipated benefit of the
bleach business and Burt's Bees acquisitions.

Previously, the company's fiscal year 2008 outlook, before the
impact of the Burt's Bees acquisition, was US$3.33 to US$3.50
diluted EPS.  The outlook is being updated to include
anticipated dilution related to the Burt's Bees acquisition,
additional restructuring-related charges associated with the
decision to exit the private label food bag business, and an
increase for the benefit of strong first-half operating results.

Previously, the company anticipated EPS dilution in the range of
10 cents to 15 cents from the Burt's Bees acquisition.  The
estimated Burt's Bees dilution includes pretax costs of about
US$4 million for amortization of intangible assets, US$19
million for the purchase-accounting step-up in inventory values,
and the impact of financing the transaction.

As announced previously, the fiscal year 2008 outlook also
includes anticipated charges related to the consolidation of
Clorox's manufacturing networks and other charges the company
decided to take in light of its Centennial Strategy.
Previously, the company anticipated US$49 million to US$58
million of pretax charges for the fiscal year.  These pretax
charges are now anticipated to be about US$58 million to US$60
million -- around the high end of the previous range -- due to
the company's decision to exit the remaining components of its
private label food bags business.  Of these charges,
approximately US$42 million to US$44 million are anticipated to
be noncash.

In addition, the updated outlook reflects part of the benefit of
strong first-half operating results, including strong top-line
growth across the portfolio and momentum on the company's base
business.

                     About Clorox Company

Headquartered in Oakland, California, The Clorox Company
(NYSE: CLX) -- http://www.thecloroxcompany.com/-- provides
household cleaning products and reaches beyond bleach.  Although
best known for bleach (leader worldwide), Clorox makes laundry
and cleaning items (Formula 409, Pine-Sol, Tilex), cat litter
(Fresh Step), car care products (Armor All, STP), the Brita
water-filtration system (in North America), and charcoal
briquettes (Kingsford).

The company has locations worldwide, including the Philippines,
South Korea, Hungary, Russia and the United Kingdom.

                        *     *     *

At Dec. 31, 2006, Clorox's balance sheet showed total assets of
US$3,624 million and total liabilities of US$3,657 million
resulting in a stockholders' deficit of US$33 million.  The
company reported a stockholders' deficit of US$156 million at
June 30, 2006.


HYNIX SEMI: Plans to Cut 2008 Costs by 25% After Q1 Loss
--------------------------------------------------------
Hynix Semiconductor Inc. will cut spending on equipment and
plants by 25% in 2008 after reporting a first quarterly loss in
four years, Bloomberg News reports.

According to the report, the company reduced this year's budget
to KRW3.6 trillion from KRW4.8 trillion in 2007.

Chipmakers including Samsung Electronics Co. and Hynix, the
report notes, reported lower earnings after they increased
production and overestimated demand from computer makers.

Kim Woo Sik, who counts Hynix shares among the US$320 million he
manages at SH Asset Management Co. in Seoul, was quoted by the
news agency as saying, "Many people think the investment cuts at
Hynix and Taiwan makers will help the industry bottom out in the
first quarter.  Still, it's hard to make a call on the demand
side."

Bloomberg relates that Hynix's stock has slipped 19% in the last
12 months.

According to a company press release, the company recorded the
consolidated (which is the consolidation of the company's
semiconductor operations) revenues of KRW1.85 trillion, for the
fourth quarter 2007, ended December 31, 2007.  The result shows
a 24% decrease from previous quarter's KRW2.44 trillion, and 29%
decrease from KRW2.61 trillion in the same period last year, the
company said.

Sequential deterioration in sales, the press release notes, was
mainly due to the sharp erosion in DRAM and NAND flash ASPs
which dropped by 35% and 34% quarter-on-quarter, respectively,
despite the partial offset by 7% of DRAM bit growth and 43% of
NAND flash bit growth.

Operating loss in the fourth quarter recorded KRW318 billion
with operating margin of negative 17%, the PR says.  It is a
significant decrease from KRW254 billion of operating profits in
the previous quarter and KRW858 billion in the same time last
year.  Such deterioration is attributable to severe price
decline in both businesses of DRAM and NAND flash and the
consequent loss from inventory write-down, the PR adds.

Kevin Cho of Bloomberg writes that James Kim, head of investor
relations at Hynix, said supply growth should ease in 2007,
while demand will continue to increase, leading to a balance in
2008.
                About Hynix Semiconductor

Headquartered in Echon, South Korea, Hynix Semiconductor Inc --
http://www.hynix.com/-- is a semiconductor manufacturer.
Through a merger with LG Semiconductor in 1999, Hynix
Semiconductor now has the world's largest dynamic random access
memory chip production capacity as well as the industry's best
technical development capacity by fully exploiting synergies
resulting from the historical integration of both companies.

The company has operations in Russia, and the United States.

                        *     *     *

The Troubled Company Reporter-Asia Pacific reported on
June 19, 2007, that Moody's Investors Service upgraded to Ba2
from Ba3 Hynix Semiconductor Inc's senior unsecured bond rating
and corporate family rating.

At the same time, Moody's assigned a Ba2 senior unsecured bond
rating for Hynix's proposed US$500 million issuance.  Moody's
said the outlook for the ratings is stable.


HYNIX SEMICON: To Invest in China Plant to Boost DRAM Output
------------------------------------------------------------
Hynix Semiconductor Inc. will invest KRW1.5 trillion to KRW2
trillion in its plant in China to boost DRAM production, Korean
Times reports.

Kim Jung-soo, head of the company's investor relations team,
told the news agency that through the investment, the company
will increase the portion of DRAM chips to between 55% and 60%
of the total from China as the monthly output capacity from the
line will rise to more than 120,000 from the current some
100,000.

According to the report, Hynix said it will invest KRW3.6
trillion this year to upgrade factory facilities and sharpen
production of more profitable NAND chips.  Other investments
will go in the M11 line in Cheongju, North Chungcheong Province,
with production set for the second half of this year to speed up
the ongoing shift to NAND from DRAM chips as DRAM prices have
plunged, the report notes.

The company, the report notes, is set to churn out a maximum of
30,000 DRAMs from the first quarter of this year in Taiwan after
it signed a deal with Taiwan-based ProMOS technology last year.

Hynix expects its shipments of DRAM chips to rise 55 to 60% this
year in line with the market's growth, while the company also
forecasts its global NAND chip shipments grow 120 to 130%, the
report adds.

                  About Hynix Semiconductor

Headquartered in Echon, South Korea, Hynix Semiconductor Inc.
-- http://www.hynix.com/-- is a semiconductor manufacturer.
Through a merger with LG Semiconductor in 1999, Hynix
Semiconductor now has the world's largest dynamic random access
memory chip production capacity as well as the industry's best
technical development capacity by fully exploiting synergies
resulting from the historical integration of both companies.

The company has operations in Russia, and the United States.

                        *     *     *

The Troubled Company Reporter-Asia Pacific reported on
June 19, 2007, that Moody's Investors Service upgraded to Ba2
from Ba3 Hynix Semiconductor Inc's senior unsecured bond rating
and corporate family rating.

At the same time, Moody's assigned a Ba2 senior unsecured bond
rating for Hynix's proposed US$500 million issuance.  Moody's
said the outlook for the ratings is stable.




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


MEGAN MEDIA: Rahman Quits as Director & Audit Committee Member
--------------------------------------------------------------
Redzuan Bin Abdul Rahman stepped down as Megan Media Holdings
Berhad's director and member of Audit Committee.

Mr. Rahman was an audito at KPMG before venturing into business.
He also holds directorships in several private limited
companies.

With the resignation of Mr. Rahman, the company's Board of
Directors and Audit Committee is now composed of:

Board of Directors

   * Dato' Dr. Hj. Mohd Adam Bin Che Harun;
   * Major General (R) Datuk Dr. Nordin Bin Yusof; and
   * Mohd Nur Ismal Bin Mohamed Kamal

Audit Committee

   * Mohd Nur Ismal Bin Mohamed Kamal; and
   * Major General (R) Datuk Dr. Nordin Bin Yusof

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.


SOLUTIA INC: Formally Asks US$2 Bln Exit Funding from Citigroup
---------------------------------------------------------------
Solutia Inc. has provided a formal demand of its
US$2,000,000,000 exit facility commitment letter to the lead
arrangers -- Citigroup Global Markets Inc., and certain of its
affiliates, Goldman Sachs Credit Partners LP, Deutsche Bank
Trust Company Americas and Deutsche Bank Securities Inc. -- to
close and fund their respective commitments by Feb. 6, 2008.

Solutia said in a statement last week that it could not emerge
from Chapter 11 on Jan. 25, 2008, as planned, because the
Commitment Parties were unable to syndicate new financing.

Rosemary L. Klein, Solutia Inc.'s senior vice president, general
counsel and secretary, relates in a regulatory filing with the
Securities and Exchange Commission that, in their January 30
response, the Commitment Parties reiterated their previously
stated position that there has been an adverse change since the
date of the commitment letter -- Oct. 25, 2007 -- in the loan
syndication, financial or capital markets that, in their
reasonable judgment materially impairs syndication of the loan
facilities that they committed to fund. Definitive documentation
for the senior bridge facility component of the commitment also
needs to be finalized prior to closing.

According to Ms. Klein, Solutia believes that the Commitment
Parties are required to fund their commitments on Feb. 6, 2008,
pursuant to Solutia's demand and that the Commitment Parties
have breached their obligations under the commitment letter in
refusing to do so.

The Commitment Letter expires Feb. 29, 2008.

"We're still hopeful that we will be able to work through
matters" with these banks, said Solutia spokesman Dan Jenkins,
according to STLtoday.com.  "At the same time, we're exploring
other alternatives."

                     About Solutia Inc.

Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- and its subsidiaries, engage in
the manufacture and sale of chemical-based materials, which are
used in consumer and industrial applications worldwide.  Solutia
has operations in Malaysia, China, Singapore, Belgium, and
Colombia.

The company and 15 debtor-affiliates filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).
When the Debtors filed for protection from their creditors, they
listed US$2,854,000,000 in assets and US$3,223,000,000 in debts.

Solutia is represented by Richard M. Cieri, Esq., Jonathan S.
Henes, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis
LLP, in New York, as lead bankruptcy counsel, and David A.
Warfield, Esq., and Laura Toledo, Esq., at Blackwell Sanders
LLP, in St. Louis Missouri, as special counsel.  Trumbull Group
LLC is the Debtor's claims and noticing agent.  Daniel H.
Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq.,
at Akin Gump Strauss Hauer & Feld LLP represent the Official
Committee of Unsecured Creditors, and Derron S. Slonecker at
Houlihan Lokey Howard & Zukin Capital provides the Creditors'
Committee with financial advice.  The Official Committee of
Retirees of Solutia, Inc., et al., is represented by Daniel D.
Doyle, Esq., Nicholas A. Franke, Esq., and David M. Brown, Esq.,
at Spencer Fane Britt & Browne, LLP, in St. Louis, Missouri, and
Frank M. Young, Esq., Thomas E. Reynolds, Esq., R. Scott
Williams, Esq., at Haskell Slaughter Young & Rediker, LLC, in
Birmingham, Alabama.

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007.  On
Oct. 22, 2007, the Debtor re-filed a Consensual Plan &
Disclosure Statement and on Nov. 29, 2007, the Court confirmed
the Debtors' Consensual Plan.  (Solutia Bankruptcy News, Issue
No. 116; Bankruptcy  Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).

                        *     *     *

As reported in the Troubled Company Reporter-Europe on
Dec. 11, 2007, Standard & Poor's Ratings Services assigned its
'B+' loan rating to Solutia Inc.'s (D/--/--) proposed US$1.2
billion senior secured term loan and a '3' recovery rating,
indicating the likelihood of a meaningful (50%-70%) recovery of
principal in the event of a payment default.  The ratings are
based on preliminary terms and conditions.  S&P also assigned
its 'B-' rating to the company's proposed US$400 million
unsecured notes.

Standard & Poor's expects to assign its 'B+' corporate credit
rating to Solutia if the company and its subsidiaries emerge
from Chapter 11 bankruptcy proceedings in early 2008 as planned.
S&P expect the outlook to be stable.


SOLUTIA INC: To Pay DTE US$773,364 to Cure Prepetition Default
------------------------------------------------------------
Solutia Inc., and Detroit Edison Company, doing business as DTE
Energy, are parties to:

    -- an energy purchase agreement for the sale and supply of
       electric power, as amended;

    -- a general service water agreement; and

    -- an amended and restated steam services agreement.

Solutia is seeking to assume the DTE Contracts with a proposed
cure amount of US$327,917.  DTE objected to Solutia's assumption
of the contracts and asserted that US$773,364 was the
prepetition amount due and owing by Solutia under the DTE
Contracts.

The parties have agreed that Solutia will pay US$773,364 to cure
any and all remaining prepetition defaults under the DTE
Contracts.  Upon approval from the U.S. Bankruptcy Court for the
Southern District of New York of the Stipulation, DTE's
Objection will be deemed withdrawn, with prejudice, without any
further action from the parties.

Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- and its subsidiaries, engage in
the manufacture and sale of chemical-based materials, which are
used in consumer and industrial applications worldwide.

The company and 15 debtor-affiliates filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).
When the Debtors filed for protection from their creditors, they
listed US$2,854,000,000 in assets and US$3,223,000,000 in debts.

Solutia is represented by Richard M. Cieri, Esq., Jonathan S.
Henes, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis
LLP, in New York, as lead bankruptcy counsel, and David A.
Warfield, Esq., and Laura Toledo, Esq., at Blackwell Sanders
LLP, in St. Louis Missouri, as special counsel.  Trumbull Group
LLC is the Debtor's claims and noticing agent.  Daniel H.
Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq.,
at Akin Gump Strauss Hauer & Feld LLP represent the Official
Committee of Unsecured Creditors, and Derron S. Slonecker at
Houlihan Lokey Howard & Zukin Capital provides the Creditors'
Committee with financial advice.  The Official Committee of
Retirees of Solutia, Inc., et al., is represented by Daniel D.
Doyle, Esq., Nicholas A. Franke, Esq., and David M. Brown, Esq.,
at Spencer Fane Britt & Browne, LLP, in St. Louis, Missouri, and
Frank M. Young, Esq., Thomas E. Reynolds, Esq., R. Scott
Williams, Esq., at Haskell Slaughter Young & Rediker, LLC, in
Birmingham, Alabama.

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007.  On
Oct. 22, 2007, the Debtor re-filed a Consensual Plan &
Disclosure Statement and on Nov. 29, 2007, the Court confirmed
the Debtors' Consensual Plan.  (Solutia Bankruptcy News, Issue
No. 116; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).

                        *     *     *

As reported in the Troubled Company Reporter on Dec. 10, 2007,
Standard & Poor's Ratings Services assigned its 'B+' loan rating
to Solutia Inc.'s (D/--/--) proposed US$1.2 billion senior
secured term loan and a '3' recovery rating, indicating the
likelihood of a meaningful (50%-70%) recovery of principal in
the event of a payment default.  The ratings are based on
preliminary terms and conditions.  S&P also assigned its 'B-'
rating to the company's proposed US$400 million unsecured notes.

Standard & Poor's expects to assign its 'B+' corporate credit
rating to Solutia if the company and its subsidiaries emerge
from Chapter 11 bankruptcy proceedings in early 2008 as planned.
S&P expect the outlook to be stable.


PROTON HOLDINGS: Incorporates Subsidiary in Thailand
----------------------------------------------------
Proton Holdings Berhad through its wholly owned subsidiary,
Proton Marketing Sdn Bhd, incorporated a wholly owned subsidiary
company in Thailand known as Proton Motors (Thailand) Co. Ltd.

Proton Motors has a paid up capital of THB100 million divided
into 20 million shares of THB5 each.  Its principal activity is
to distribute, supply, import, export and deal in motorcars and
other vehicles and vehicle related parts.

                    About Proton Holdings

Headquartered in Selangor Darul Ehsan, Malaysia, Perusahaan
Otomobil Nasional Berhad or Proton Holdings Berhad --
http://www.protonedar.com.my/-- is engaged in manufacturing,
assembling, trading and provision of engineering and other
services in respect of motor vehicles and related products.  Its
other activities include property development, trading of steel
and related products, engine and technologies research,
development of automotive related technologies, investment
holding, importation and distribution of motor vehicles,
related spare parts and accessories, holds intellectual
property, provides engineering consultancy, operates single make
race series and carries out specific engineering contracts.  The
Group's operations are carried out in Malaysia, England,
Australia, Socialist Republic of Vietnam and the United States
of America.

Proton was reported as among Malaysia's worst performing
companies in 2005, after competition from foreign carmakers and
a lack of new models lost the firm local market share and
subsequently led it into a loss.  It has since brought in a new
chief, sold its loss-making MV Agusta motorbike firm and pledged
to find a new technology partner.  The Company has been under
increasing pressure, with its share of domestic sales falling to
44% from 75% over the past decade.

The Troubled Company Reporter-Asia Pacific reported on
May 4, 2006, that Proton was expected to finalize a recovery
plan and seal an alliance with a strategic partner, in order to
boost sales and become more competitive.




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


ALPHA AVIATION: Commences Liquidation Proceedings
-------------------------------------------------
Alpha Aviation Manufacturing Ltd.'s shareholders agreed on
January 31, 2008, to voluntarily liquidate the company's
business.  In line with this goal, the company has appointed
Stephen Mark Lawrence and Anthony John McCullagh at Horwath
Corporate (Auckland) Limited to facilitate the sale of its
assets.

Creditors are required to file their proofs of debt by
Feb. 29, 2008, to be included in the company's dividend
distribution.

The liquidators can be reached at:

          Stephen Mark Lawrence
          Anthony John McCullagh
          Horwath Corporate (Auckland) Limited
          PO Box 3678, Auckland 1140
          New Zealand
          Telephone:(09) 306 7424
          Facsimile:(09) 302 0536


ASPIRO PROPERTIES: Subject to CIR's Wind-Up Petition
----------------------------------------------------
On October 4, 2007, the Commissioner of Inland Revenue filed a
petition to have Aspiro Properties Company Ltd.'s operations
wound up.

The petition will be heard before the High Court of Auckland on
February 14, 2008.

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


EXPRESS CONSTRUCTION: Subject to CIR's Wind-Up Petition
-------------------------------------------------------
On September 26, 2007, the Commissioner of Inland Revenue filed
a petition to have Express Construction 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:

          Catherine Ann Sweet
          c/o Inland Revenue Department
          Legal and Technical Services
          7-27 Waterloo Quay
          PO Box 1462, Wellington
          New Zealand
          Telephone:(04) 890 3281
          Facsimile:(04) 890 0009


FRESH CUT: Fixes February 20 as Last Day to File Claims
-------------------------------------------------------
The creditors of Fresh Cut Ltd. are required to file their
proofs of debt by February 20, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on
January 18, 2008.

The company's liquidator is:

          Murray G. Allott
          111 Bealey Avenue
          Christchurch 8013
          New Zealand
          Telephone:(03) 365 1028
          Facsimile:(03) 365 6400
          e-mail: murray@profitco.co.nz


GLENSHERA LTD: Appoints Chilcott & Chatfield as Liquidators
-----------------------------------------------------------
The shareholders of Glenshera Ltd. met on January 21, 2008, and
appointed George Chilcott and Peter Charles Chatfield as the
company's liquidators.

Messrs. Chilcott and Chatfield are accepting creditors' proofs
of debt until February 25, 2008.

The liquidators can be reached at:

          George Chilcott
          Peter Charles Chatfield
          c/o Smith Chilcott Bertelsen Harry
          Chartered Accountants
          Shortland Tower One, Level 11
          51-53 Shortland Street
          PO Box 5545, Auckland
          New Zealand
          Telephone:(09) 379 8035
          Facsimile:(09) 307 8892


J.C.M. DEVELOPMENTS: Faces CIR's Wind-Up Petition
-------------------------------------------------
On July 24, 2007, the Commissioner of Inland Revenue filed a
petition to have J.C.M. Developments Ltd.'s operations wound up.

The petition will be heard before the High Court of Auckland on
February 14, 2008, at 10:00 a.m.

The CIR's solicitor is:

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


KALTAK HOLDINGS: Court to Hear Wind-Up Petition on February 14
--------------------------------------------------------------
A petition to have Kaltak Holdings Ltd.'s operations wound up
will be heard before the High Court of Auckland on
Feb. 14, 2008, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition on
Aug. 14, 2007.

The CIR's solicitor is:

          Kathleena Hemotitaha Smith
          c/o Inland Revenue Department
          Legal and Technical Services
          5-7 Byron Avenue
          PO Box 33150, Takapuna
          Auckland
          New Zealand
          Telephone:(09) 984 1309
          Facsimile:(09) 984 3116


MFS NEW ZEALAND: Stock Exchange Halts Trading
---------------------------------------------
The New Zealand Stock Exchange, on Feb. 4, 2008, placed a
trading halt on the securities of MFS New Zealand Limited, a
disclosure with NZX states.   According to the regulatory
filing, the halt has been the second of its kind; the first was
on Jan. 31.  MFN sought the halt due to continuing uncertainty
concerning Australia-based MFS Ltd.

                          MFS Ltd.

A subsidiary of MFS Ltd owns 38.5% of the shares in MFN.  The
Australian firm provides operational and administrative support
functions to MFN and subsidiaries.  MFS Ltd also extends
operational support to MFN and subsidiaries primarily because
MFN manages a number of financial services businesses in New
Zealand in behalf of MFS Ltd.

MFS Limited is currently undertaking a strategic review of its
operations including the financial services operations in New
Zealand.  The trading of MFS Limited's shares is currently
suspended on the Australian Stock Exchange until the review has
been completed and subsequent strategic decisions are made.

                    MFS Pacific Finance

MFS Pacific Finance, a wholly owned subsidiary of MFN, has
failed to make payments due to its investors on Jan. 31, a
company press release reveals.  According to David Hargreaves of
The Dominion Post, MFS Pacific failed to pay what was due to
some of its NZ$300-million worth of debenture holders, of which
some NS$80 million is due for redemption in the first quarter
this year.

MFS Pacific's failure to pay investors came after MFS Ltd
announced that it cannot extend financial assistance to the MFN
subsidiary.  MFS Limited had previously agreed to provide MFS
Pacific with financial support including the provision of any
funding the unit requires to make payments to its investors as
they fall due.

Subsequent to MFS Limited's advice, the directors of MFS Pacific
have withdrawn the Prospectus from the market and entered into
discussions with the company's Trustee -- Perpetual Trust
Limited.  In addition, the directors of MFS Pacific have also
appointed corporate advisors to advise it in relation to the
most appropriate way forward in the current circumstances.  The
directors have arranged for their corporate advisors to provide
copies of its reports to Perpetual Trust.

MFN makes it clear that MFS Pacific has not been placed into
receivership.

                    Sale of Stella Group

On Feb. 4, MFS Ltd disclosed entry into binding agreements to
sell 65% of its travel and property unit, the Stella Group, to
CVC Asia Pacific.

The transaction will see MFS Limited receive cash proceeds of
just over AU$409 million while retaining a 35% shareholding and
economic interest in Stella, an NZX filing relates.

The deal means MFS Ltd will get AU$409 million in cash and
remove AU$905 million of debt from its balance sheet, The
Dominion Post states.

MFN sees the transaction as good news for investors in MFS
Pacific as it will significantly improve the financial position
of MFS Ltd and with it the potential of MFS Pacific to again
obtain financial support to meet its obligations.

About AU$150 million of the proceeds would be used to repay MFS
Ltd's short-term debt and the rest will be used for
recapitalization, The Post quoted MFS Pacific spokesman John
Hurst as saying.

MFN assures the investors of MFS Pacific that the unit's
directors are working closely with MFS Ltd, their advisors and
the Trustee to resolve its financial position as soon as
possible.

                   About MFZ New Zealand

Headquartered in Auckland, MFS New Zealand Ltd --
http://www.mfsnz.co.nz/-- offers access to a range of
diversified financial services and investment opportunities.
MFS Pacific Finance is a wholly owned debenture finance company
of MFS New Zealand.  A subsidiary of Australia-based MFS Ltd
owns 38.5% of the shares in MFS New Zealand.


NET HOMES: Taps Fisk and Sanson As Liquidators
----------------------------------------------
John Howard Ross Fisk and Craig Alexander Sanson were appointed
liquidators of Net Homes Ltd. on January 22, 2007.

Creditors are required to file their proofs of debt by March 24,
2008, to be included in the company's dividend distribution.

The Liquidators can be reached at:

          John Howard Ross Fisk
          Craig Alexander Sanson
          c/o PricewaterhouseCoopers
          113-119 The Terrace
          PO Box 243, Wellington
          New Zealand
          Telephone:(04) 462 7489
          Facsimile:(04) 462 7492


SLICE N DICE: Placed Under Voluntary Liquidation
------------------------------------------------
Slice n Dice Limited's shareholders agreed on January 18, 2008,
to voluntarily liquidate the company's business.  In line with
this goal, the company has appointed Murray G. Allott to
facilitate the sale of its assets.

The liquidator can be reached at:

          Murray G. Allott
          111 Bealey Avenue
          Christchurch 8013
          New Zealand
          Telephone:(03) 365 1028
          Facsimile:(03) 365 6400
          e-mail: murray@profitco.co.nz


WWW.THE GARAGE: Court Sets Wind-Up Petition Hearing for Feb. 11
---------------------------------------------------------------
The High Court of Wellington will hear on February 11, 2008, at
10:00 a.m., a petition to have www.the garage.co.nz Ltd.'s
operations wound up.

The Commissioner of Inland Revenue filed the petition on
November 7, 2007.

The CIR's solicitor is:

          Kerri Ann Doherty
          c/o Inland Revenue Department
          Legal and Technical Services
          7-27 Waterloo Quay
          PO Box 1462, Wellington
          New Zealand
          Telephone:(04) 890 1045
          Facsimile:(04) 890 0009




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


ATLAS CONSOLIDATED: Won't Proceed with Canatuan Mine Venture
------------------------------------------------------------
Atlas Consolidated Mining and Development Corp. has elected not
to exercise its option to participate in the joint venture with
TVI Resource Development (Phils.) Inc. regarding the Canatuan
Project, the company informed the Phil. Stock Exchange
yesterday.

As reported by the Troubled Company Reporter-Asia Pacific on
Dec. 28, 2007, Atlas has executed an agreement with TVI Resource
and TVI International Marketing Ltd. regarding the operation of
the Canatuan Copper/Zinc Suplhide Project.  The agreement
embodied terms of a PHP42-million advance to be extended by
Atlas to TVI Resources regarding the project's operation.  It
also covers the pledge by TVI International in favor of Atlas of
its shares in TVI Resources as security for the advance.

With Atlas' decision not to proceed with the joint venture, the
PhP42-million advance will now be treated as a secured six-month
loan.

Headquartered in Mandaluyong City, Philippines, Atlas
Consolidated Mining and Development Corporation was established
through the merger of assets and equities of three Soriano-
controlled pre-war mines, the Masbate Consolidated Mining
Company, IXL Mining Company and the Antamok Goldfields Mining
Company.  The company is engaged in mineral and metallic mining
and exploration that primarily produces copper concentrates and
gold with silver and pyrites as major by-products.  The
company's copper mining operations are centered in Toledo City,
Cebu, where two open pit mines, two underground mines and
milling complexes (concentrators) are located.  The Cebu copper
mine ceased operations in 1994.  Activities after the shutdown
were limited to safeguarding and maintaining the property, plant
and equipment at the minesite.  The closure has brought huge
losses to the mining firm.

In January 2004, Atlas decided to rehabilitate the company and
its assets since copper and nickel prices have recovered.

As of December 31, 2006, Atlas' total liabilities of
PHP3.81 billion exceeded total assets of PHP2.99 billion,
resulting in a capital deficiency of PHP820.5 million.  Total
current liabilities of PHP1.91 billion as of December 31, 2006,
also exceeded total current assets of PHP305.22 million.




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


AAR CORP: Mulls Offering US$175 Mil. of Convertible Senior Notes
----------------------------------------------------------------
AAR CORP. will offer US$175 million in aggregate principal
amount of convertible senior notes in a private offering to
qualified institutional buyers under Rule 144A of the Securities
Act of 1933, as amended, subject to market and other conditions,
in two equal tranches of US$87.5 million aggregate principal
amount of Notes due 2014, and US$87.5 million aggregate
principal amount of Notes due 2016.

Upon conversion, holders will receive cash up to the principal
amount, and any excess conversion value will be delivered, at
the election of the company, in cash, common stock or a
combination of cash and common stock.  The company may sell up
to an additional aggregate US$25 million of Notes upon exercise
of an over-allotment option that the company expects to grant to
the initial purchasers in connection with the offering.

In addition, the company expects to enter into separate
convertible note hedge and warrant transactions with an
affiliate of one of the initial purchasers of the Notes.  These
transactions are intended to reduce potential dilution to the
company's common stock upon potential future conversion of the
Notes and generally have the effect on the company of increasing
the conversion price of the Notes.

In connection with these transactions, the hedge counterparty
has advised the company that it or its affiliates may enter into
various derivative transactions with respect to the company's
common stock concurrently with or shortly following pricing
of the Notes.

These activities could have the effect of increasing or
preventing a decline in the price of the company's common stock
concurrently with or after the pricing of the Notes.  In
addition, the hedge counterparty or its affiliates may from time
to time, after the pricing of the Notes, enter into or unwind
various derivative transactions with respect to the company's
common stock and/or purchase or sell the company's common stock
in secondary market transactions.

These activities could have the effect of decreasing the price
of the company's common stock and could affect the price of the
Notes.

The company expects to use the net proceeds of the offering to
repay short-term indebtedness under its revolving credit
facility, to pay the net cost of the convertible note hedge and
warrant transactions and for general corporate purposes.

                       About AAR Corp.

Headquartered in Wood Dale, Illinois, AAR Corp. (NYSE: AIR) --
http://www.aarcorp.com/-- provides products and services to the
worldwide aerospace and defense industry.  With facilities and
sales locations around the world, AAR uses its business model to
serve aviation and defense customers through four operating
segments: aviation supply chain; maintenance, repair and
overhaul; structures and systems and aircraft sales and leasing.
In Asia Pacific, the company has offices in Singapore, China,
Japan and Australia.

                        *     *     *

AAR Corporation continues to carry Moody's Investors Service's
'Ba3' long term corporate family rating, which was assigned on
November 2006.


AAR CORP: S&P Puts BB Rating on US$175-Mln Convertible Sr. Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services has assigned its 'BB' rating
to AAR Corp.'s proposed US$175 million of convertible senior
unsecured notes to be issued in two equal tranches: US$87.5
million notes due 2014 and US$87.5 million notes due 2016.  At
the same time, S&P affirmed its ratings, including the 'BB'
corporate credit rating, on the company.  The outlook is stable.

The notes are offered under Rule 144A with registration rights.
Proceeds of the notes are expected to be used to repay about
US$125 million of borrowings under the company's revolving
credit facility and for other purposes.

"The ratings on AAR reflect the risks associated with its
primary market, the highly cyclical and competitive airline
industry, and increasing financing requirements to support
growth initiatives," said S&P's credit analyst Roman Szuper.
"These factors are offset in part by AAR's established business
position, currently generally favorable market conditions, and
an overall appropriate financial profile."

The commercial aviation market should remain fairly strong in
2008, although global flying hours are likely to increase at a
lower rate than in recent years because of a slower economy.
This, coupled with the expanding jetliner fleet in service and
outsourcing trends, should continue to benefit the company's
aftermarket parts and services operations, despite high oil
prices that constrained gains at many airlines.  In addition,
the company's extensive cost-reductions, strength in its
defense- related manufacturing and logistics business (about 30%
of revenues, mostly in the United States), a diversified
customer base, and an expansion of operations in Asia and Europe
have helped the company rebound from its weak financial
performance during the industry downturn in 2001-2003.  As a
result, operating margins and return on capital have increased,
but both remain relatively modest, at about 12%.  Although S&P
expects further revenue and earnings gains, the highly
competitive operating environment could limit profitability
improvement.  Moreover, cash generation has been limited by the
growth of the business in the past two years.

Generally favorable conditions in the airline and defense
industries and expected further gains in the company's
profitability should support the its growth initiatives and
allow it to maintain a financial profile consistent with the
rating.  If there is a material improvement in financial
performance, S&P could revise the outlook to positive.  An
outlook revision to negative is a less likely scenario, but S&P
would consider this action if renewed problems in the airline
industry cause the company's revenue and earnings growth to
stall.

Wood Dale, Illinois-based AAR Corp. (NYSE: AIR) --
http://www.aarcorp.com/-- is a major independent provider of
aviation support services, operating in four groups: the
aviation supply chain (45%-50% of revenues); maintenance,
repair, and overhaul (20%-25%); structures and systems (about
25%); and aircraft sales and leasing (about 5%).  North America
is the company's largest market, accounting for 70%-75% of
sales.  In Asia Pacific, the company has offices in Singapore,
China, Japan and Australia.  In Latin America, the company has a
sales office in Rio de Janeiro, Brazil.


ALLCO REIT: Gives Response to Moody's Downgrade of CFR to Ba1
-------------------------------------------------------------
Allco (Singapore) Limited and Allco Commercial Real Estate
Investment Trust has responded to the downgrade of its corporate
family rating from Baa3 to Ba1 by Moody's Investors Service,
Inc.

Moody's basis for downgrading:

   -- the refinance risk associated with the SGD550.0 million of
      debt due for refinance on July 31, 2008;

   -- a weakened credit profile evidenced by a Total Debt/EBITDA
      ratio rising above 12 times, EBITDA Interest Coverage
      falling below 2.5 times and limited financial flexibility
      as a result of its higher leverage;and

   -- its perception of Allco REIT's financial strategy as
       "aggressive".

The Trust said that Moody's media release suggests that Allco
REIT's credit profile has weakened as evidenced by Total
Debt/EBITDA rising above 12 times, EBITDA Interest Coverage
falling below 2.5 times, and limited financial flexibility as a
result of its higher leverage.  The ratio of Total Debt/EBITDA
was discussed on Feb. 4, 2008, by Moody's with the Allco REIT as
being a key criterion for assessing the Trust's credit profile.
It is not a ratio that is required to be met under Allco REIT's
existing debt facilities.  Allco REIT's existing debt facilities
utilise gearing and interest cover covenants.

As at December 31, 2007, Allco REIT had SGD2.04 billion of total
assets and gross borrowings of SGD888.4 million, resulting in a
gearing ratio of 43.6%.  This falls within Allco REIT's stated
long term average gearing range of between 40.0% and 45.0%.  The
current gearing is also well below the maximum permitted gearing
ratio of 60.0%2 as set out in the Property Funds Guidelines
issued by the Monetary Authority of Singapore as Appendix 2 to
the Code on Collective Investment Schemes.

Under its existing debt facilities, Allco REIT is required to
meet an interest cover ratio (which excludes non-cash items), of
2.5 times.  Allco REIT has comfortably met this covenant to date
(FY2007:4.7 times) and expects to do so on an ongoing basis.

The Trust further disclosed that it has quality assets located
in Singapore, Australia and Japan.  A key strength of its credit
profile is its cash flows which are underpinned by a weighted
average lease expiry of 4.95 years.

Financial Strategy

Allco REIT has always been committed to a disciplined financial
strategy in pursuing its growth.

The statement by Moody's that Allco REIT has an "aggressive
financial strategy which relied on bridging loans to support an
acquisition" is incorrect.  Of the nine property acquisitions
made by Allco REIT since IPO, only one property, KeyPoint, was
funded with a bridging loan.  This loan had a term of nine
months to allow it to be incorporated into the current
refinancing activities which are aimed at introducing a more
flexible long term financing platform.

The key focus for Allco REIT in 2008 is:

   * the execution on asset plans to drive asset values and
     organic growth; and
   * strategic portfolio management with a view to redeploying
     capital to higher growth assets.

Allco Commercial Real Estate Investment Trust is a real estate
investment trust.  The Trust invests in a diverse portfolio of
real estate and real estate-related assets.  Its Singapore
assets include a 100% interest in the China Square Central
Property and a 100% interest in 55 Market Street.


ALLCO REIT: Total Return Amounts to SGD118 Mil. in 4th Qtr. 2007
---------------------------------------------------------------
Allco Commercial Real Estate Investment Trust reported
SGD118.3 million total return in the fourth quarter ended
December 31, 2007, as compared to SGD105.6 million total return
in the same quarter of 2006.

Gross revenue for 4Q2007 was 125.8% higher to SGD26.63 million
from the reported SGD11.8 million of revenues in the fourth
quarter of 2006.

This was mainly due to:

   -- higher revenue achieved from Central Park of SGD8.9
      million (2006: SGD6.7 million) as a result of higher
      rentals achieved from rent renewals, higher outgoing
      recoverables and carpark income in 2007;

   -- full year revenue contribution from 55 Market Street of
      SGD1.8 million (55 Market Street was acquired in
      November 2006 with vacant possession.  Its contribution
      to revenue commenced in 2007);

   -- contributions from properties that were acquired in 2007,
      being Centrelink Headquarters (SGD2.9 million contribution
      to gross revenue), Cosmo Plaza (SGD1.9 million
      contribution to gross revenue), Azabu Aco, Galleria Otemae
      and Ebara Techno-Serve (SGD2.3 million collective
      contribution to gross revenue) and KeyPoint (SGD3.9 mil.
      contribution to gross revenue).

In line with the increased revenue from the addition of
properties in 2007, property operating expenses have also
increased in 4Q2007 when compared to 4Q2006.  This was mainly
due to higher property management fees of SGD0.8 million (2006:
SGD0.3 million) and the additional property operating expenses
of the properties acquired in 2007.  55 Market Street,
Centrelink Headquarters and KeyPoint incurred expenses of
SGD0.6 million, SGD0.5 million and SGD0.7 million respectively
while Cosmo Plaza, Galleria Otemae, Azabu Aco and Ebara Techno-
Serve incurred expenses of SGD0.7 million, SGD0.5 million,
SGD0.1 million and SGD0.1 million, respectively, for the
quarter.  In addition, the property operating expenses
for Central Park were also higher in 4Q2007 due to higher tenant
rechargeable expenses.  Trust expenses for 4Q2007 were
SGD4.3 million higher than that for 4Q2006 mainly due to
management fees paid to the Manager amounting to SGD2.9 million
(management fees were waived in the prior year) and a write-off
of expenses amounting to SGD1.0 million associated with the
proposed capital raising not proceeded in December 2007.

Finance costs were SGD5.0 million higher in 4Q2007 as compared
to 4Q2006 due mainly to additional bank borrowings utilised to
fund the acquisitions of Cosmo Plaza, Galleria Otemae, Azabu
Aco, Ebara Techno- Serve and KeyPoint.  Valuations of Central
Park, China Square Central and 55 Market Street were completed
as at December 28, 2007, resulting in an increase in the fair
values of the properties of SGD120.8 million.

Net change in fair value of other investment and derivative
financial instruments for 4Q2007 arose from unrealised losses of
SGD7.5 million from the derivative financial instruments entered
into by Allco REIT to manage interest and foreign exchange
risks, partially offset by a gain in the fair value of the
investment in AWPF of SGD5.3 million.  Allco REIT had entered
into interest rate swaps to fix the interest rates on its bank
loans when it acquired each of its properties.  As market
interest rates have declined during 2007, this resulted in
unrealised losses on the interest rate swap

Allco Commercial Real Estate Investment Trust is a real estate
investment trust.  The Trust invests in a diverse portfolio of
real estate and real estate-related assets.  Its Singapore
assets include a 100% interest in the China Square Central
Property and a 100% interest in 55 Market Street.

As reported by the Troubled Company Reporter-Asia Pacific on
February 4, 2008, Moody's Investors Service has downgraded Allco
Commercial's corporate family rating to Ba1 from Baa3 and has
continued to place the rating on review for possible downgrade.


First published in the Government Gazette, Electronic Edition,
on 1st February 2008 at 5.00 pm.


E.M.P VENTURES: Requires Creditors to File Claims by March 3
------------------------------------------------------------
E.M.P ventures pte ltd, which is in voluntary liquidation,
requires its creditors to file their proofs of debt by
March 3, 2008, to be included in the company's dividend
distribution.

The company's liquidators are:

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


NORSCAN FOREST: Creditors' Proofs of Debt Due on March 3
--------------------------------------------------------
The creditors of Norscan Forest Products Pte Ltd are required to
file their proofs of debt by March 3, 2008, to be included in
the company's dividend distribution.

The company's liquidator is:

          Lai Seng Kwoon
          c/o 16 Raffles Quay #22-00
          Hong Leong Building
          Singapore 048581


VENTURE ENGINEERING: Pays First Dividend
----------------------------------------
Venture Engineering Pte. Ltd. paid the first dividend to its
creditors on January 17, 2008.

The company paid 59.517% to all recived claims.

The company's official receiver is:

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




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


BANGKOK BANK: Sees 15% Growth in Loans to SMEs
----------------------------------------------
Piya Sosothikul, Bangkok Bank's executive vice president, said
that the firm expects a 15% growth in its small and medium-sized
loan portfolio despite stiff refinancing competition in the
market, the Bangkok Post reports.

"SME lending has risks.  But if you focus on growth industries,
the probability of failure decreases," Mr. Piya told the Post.
He added that even if small business lending maybe cheaper for
banks but the potential to lose in that sector is higher because
of the uncertainties in the market.

In line with its focus, the bank has launched training programs
for small business owners in auto parts, hotel, food logistics,
health care, and rubber, palm oil, and rice growers, the same
report says.

Headquartered in Bangkok Bangkok Bank PCL --
http://www.bangkokbank.com/-- is Thailand's largest bank, with
total assets of THBB1.498 trillion (US$39 billion) at end-June
2006.

Moody's Investors Service has upgraded on August 29, 2006,
Bangkok Bank's bank financial strength rating to D+ from D,
which was reaffirmed on September 20, 2006, following the
military coup in Thailand.

The bank also carries Fitch's C individual rating and a C
financial rating from Standard & Poor's.


                         *********


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

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

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


                         *********


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

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  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.

                 *** End of Transmission ***