TCRAP_Public/080218.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

             Monday, February 18, 2008, Vol. 9, Issue 34

                          Headlines

A U S T R A L I A

718932 PTY: Commences Liquidation Proceedings
BOB & WALLY: Members & Creditors to Meet on February 29
CENTRO PROPERTIES: Expected To Announce Debt Refinancing Plan
COMPLETE TREE: Members' & Creditors' Meeting Set for Feb. 29
DAVMAR B PTY: Liquidators to Give Wind-Up Report on February 29

DEMAKS SHEETMETAL: Final Meeting Slated for February 29
FORD CREDIT (AUSTRALIA): Fitch Affirms B Issuer Default Rating
HEYWOOD CONTRACTING: Members & Creditors Set to Meet on Feb. 29
JOHN VORRATH: Undergoes Liquidation Proceedings
PORTA-FLUSH SYSTEMS: Members & Creditors to Meet on Feb. 29

REVLECT PTY: Placed Under Voluntary Liquidation
SEYRIC TRADING: Liquidators to Present Wind-Up Report on Feb. 29
SYMBION HEALTH: Primary Mulls Divestment of Some Units
SYMBION HEALTH: Reports AU$52.2 Million First Half Net Profit
TECHNOVA PTY: Final Meeting Slated for February 29

UNIQUE INDUSTRIES: Members & Creditors to Meet on February 29


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

ALITALIA SPA: AirOne Woos Lombardy Investors to Join Bid
ALITALIA SPA: Trims Pretax Losses to EUR362.92 Million in 2007
PERKINS COIE: Liquidators Quit Post
SHEN GANG: Liquidators Quit Post
WAH TAT: Creditors' Proofs of Debt Due on March 6

TRENDY FASHION: Court to Hear Wind-Up Petition on February 27
MERMAID FASHION: Court to Hear Wind-Up Petition on February 27

* CHINA: CBS Consultants Comments on WTO Ruling Against Country


I N D I A

CANARA BANK: To Launch Online Trading Facility for Depositors
BHARTI AIRTEL: Gets Best Billing/Customer Care Solution Award
KINETIC ENGINEERING: Discloses Results of Feb. 14 Board Meeting
KINETIC ENGINEERING: Plans to Amend Articles of Association
SISTEMA JSFC: Opens New Office in India

STATE BANK OF INDIA: Gov't to Issue Special Securities
TATA MOTORS: Launches Light Specialist Vehicle


I N D O N E S I A

TELEKOMUNIKASI: Fitch Lifts Long-Term Foreign Curr. Rating to BB
TELEKOMUNIKASI SELULAR: Fitch Ups Foreign Currency Rating to BB+


J A P A N

FURUKAWA ELECTRIC: S&P Raises Long-Term Credit Rating to BB+
IHI CORP: S&P Revises Outlook to Negative; Affirms 'BB+' Rating
INTELSAT LTD: Fitch Pares Issuer Default Rating to CCC from B
MIZUHO FINANCIAL: To Form Investment Vehicle with Tata Capital
NEC ELECTRONICS: Beefs Up Early Retirement Incentive Offer

SAPPORO HOLDINGS: Steel Partners Says Bid Won't Harm Investors
UBE INDUSTRIES: Moody's Ups Sr. Unsecured Debt Rating to Baa3

* JAPAN: Moody's Says J-REITs' Credit Quality Remains Stable


K O R E A

DAEWOO: Adjusts Conversion Price of Convertible Bonds
SSAMZIE CO: Converts 10th Convertible Bonds into Shares


M A L A Y S I A

LITYAN HOLDINGS: Bourse Extends Plan Filing Period to April 5
OCI BERHAD: Court Grants Petition for Restraining Order
SELOGA HOLDINGS: Bourse Grants Until April 14 to Submit Plan


N E W  Z E A L A N D

ADVANCED LININGS: Names Shephard & Dunphy as Liquidators
ASSET MANAGEMENT: Subject to CIR's Wind-Up Petition
CONCRETE BUILDING: Court to Hear Wind-Up Petition on March 12
GLASS EARTH: Closes Second & Final Tranche of Private Placement
J C P CONTRACTING: Taps Shephard & Dunphy as Liquidators

JANE DAWSON: Taps Parsons & Kenealy as Liquidators
JK HORTICULTURE: Court Taps Madsen-Ries & Vance as Liquidators
RODNEY ELECTRICAL: Names Parsons & Kenealy as Liquidators
RUAHINE TRADING: Appoints Shephard & Dunphy as Liquidators
STONEY BRIDGE: Wind-Up Petition Hearing Set for Feb. 21

TAKAKA TOWERS: Appoints Parsons & Kenealy as Liquidators
TOLOLI KITCHENER: Court to Hear Wiind-Up Petition on February 21


P H I L I P P I N E S

CHINA BANKING: CI Upgrades Financial Strength Rating to BBB-
VICTORIAS MILLING: Discloses Result of Stockholders' Meeting

* PHILIPPINES: Banks Face Better Prospects, Moody's Says


S I N G A P O R E

ENZER ELECTRONICS: Creditors' Meeting Set for February 22
HAI CHEONG: Creditors' Proofs of Debt Due on February 29
MINAMI ENGINEERING: Creditors to Hear Wind-Up Report on Feb. 29
T2 NETWORKS: Court to Hear Wind-Up Petition on March 7
WHISTLEJACKET CAPITAL: Moody's Cuts Rating on Senior Debt to Ba2

WHISTLEJACKET CAPITAL: S&P Junks Notes on NAV Test Failure


T H A I L A N D

* Fitch To Hold Monday 2008 Telecon for China & India Utilities
* S&P Gives Sovereign Ratings & Country T&C Assessments


                            - - - - -

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


718932 PTY: Commences Liquidation Proceedings
---------------------------------------------
718932 Pty. Ltd.'s members agreed on January 9, 2008, to
voluntarily liquidate the company's business.  In line with this
goal, the company has appointed Robyn Beverley Mckern at
McGrathNicol to facilitate the sale of its assets.

The liquidator can be reached at:

          Robyn Beverley Mckern
          c/o McGrathNicol
          IBM Centre, Level 8
          60 City Road
          Southbank, Victoria 3006
          Australia
          Telephone:(03) 9038 3100
          Web site: http://www.mcgrathnicol.com

                        About 718932 Pty

718932 Pty. Ltd. is a book publisher.  The company is located at
Brunswick, in Victoria, Australia.


BOB & WALLY: Members & Creditors to Meet on February 29
-------------------------------------------------------
Bob & Wally Pty. Ltd. will hold a final meeting for its members
and creditors at 10:30 a.m. on February 29, 2008.  During the
meeting, the company's liquidators, V. R. Dye and N. Giasoumi
at Dye & Co. Pty Ltd, will provide the attendees with property
disposal and winding-up reports.

The liquidators can be reached at:

          V. R. Dye
          N. Giasoumi
          Dye & Co. Pty Ltd Chartered Accountants
          165 Camberwell Road
          Hawthorn East, Victoria 3123
          Australia

                      About Bob & Wally

Located at Sunbury, in Victoria, Australia, Bob & Wally Pty.
Ltd. is an investor relation company.


CENTRO PROPERTIES: Expected To Announce Debt Refinancing Plan
-------------------------------------------------------------
Centro Properties Group is expected to announce its refinancing
plan today for its AU$3.9 billion debt, Bloomberg News reports.

The Associated Press reported that the plan will take into
account refinancing of debts accumulated in a two-year, AU$10
billion spending spree that made Centro the second-largest
shopping mall owner in Australia, and fifth largest in the
United States.

The shopping malls owner halted trading of shares Friday, which
was the deadline set by lenders to present a refinancing scheme,
the same report says.  It didn't explain to the Australian Stock
Exchange why it halted trading.

The company has been engaged in talks with its lenders for at
least two months.  Centro Properties said last week that it's
confident of securing a two-month reprieve from its creditors.
Bloomberg related that Centro Properties' shares plunged 89% as
a result of the global credit crunch, prompting it to announce
in December 2007 that it will have difficulty meeting debt
payments.  The company's net worth is now AU$515 million, down
from its peak of AU$8.5 billion in May last year.

The Financial Times said that Centro Properties is the worst hit
among Australian companies as a result of the global credit
crisis.  It defaulted on AU$1.3 billion of loans in December
2007.  The company has about AU$17.9 billion of total debts.  It
put assets on the auction block in January and is currenty
looking for buyers to its two unlisted funds: Centro
Australia Wholesale Fund with AU$2.6 billion of funds under
management; and Centro America Fund, with AU$1.1 billion.

"The real issue is the continued uncertainty because you don't
know what will be left of Centro when what they have to do gets
done," Winston Sammut, who oversees the equivalent of about
US$45 million at Maxim Asset Management Ltd. in Sydney, told
Bloomberg.  "Centro's hands are still very much tied. There will
be a sale of something in the next couple of months."

The Sydney Morning Herald reported last week that Centro
Properties has been given a two-month reprieve by its lenders,
without saying where it got the information.

Centro's major creditors are: Commonwealth Bank of Australia,
Australia & New Zealand Banking Group Ltd., National Australia
Bank Ltd., JPMorgan Chase & Co., Royal Bank of Scotland Group
Plc, and BNP Paribas.

                  About Centro Properties

Centro Properties Group -- http://www.centro.com.au/-- is a
Melbourne, Australia-based company that comprises the operations
of Centro Property Trust and its entities, which are engaged in
property investment, property management, property development
and funds management.

The company operates in two business segments: property
ownership business and services business. The Company derives
income from retail property rentals of shopping center space to
retailers across Australasia and the United States.  It also
derives income from its retail property investments in listed
and unlisted entities.  Its services business activities include
incorporating funds management, property management and
development and leasing.  During the fiscal year ended
June 30, 2007, the Company acquired New Plan Excel Realty Trust,
Heritage Property Investment Trust and Galileo Funds Management,
as well as assumed full ownership of its United States
management operations.

The Troubled Company Reporter-Asia Pacific reported on
Jan. 4, 2008, that Standard & Poor's Ratings Services lowered
its issuer credit, senior-unsecured debt and preferred stock
ratings to 'CCC+' with negative implications reflecting the
potential of the group's assets to be sold in softening market
conditions, particularly in the U.S.


COMPLETE TREE: Members' & Creditors' Meeting Set for Feb. 29
------------------------------------------------------------
The Complete Tree & Garden Company Pty. Ltd. will hold a final
meeting for its members and creditors at 3:30 p.m. on
February 29, 2008.  During the meeting, the company's
liquidators, V. R. Dye and N. Giasoumi at Dye & Co. Pty Ltd,
will provide the attendees with property disposal and winding-up
reports.

The liquidators can be reached at:

          V. R. Dye
          N. Giasoumi
          Dye & Co. Pty Ltd Chartered Accountants
          165 Camberwell Road
          Hawthorn East, Victoria 3123
          Australia

                  About The Complete Tree

The Complete Tree & Garden Company Pty. Ltd. is a distributor of
durable goods.  The company is located at Camberwell East, in
Victoria, Australia.


DAVMAR B PTY: Liquidators to Give Wind-Up Report on February 29
---------------------------------------------------------------
Davmar B Pty. Ltd. will hold a final meeting for its members
and creditors at 11:10 a.m. on February 29, 2008.  During the
meeting, the company's liquidators, V. R. Dye and N. Giasoumi
at Dye & Co. Pty. Ltd., will provide the attendees with property
disposal and winding-up reports.

The liquidators can be reached at:

          V. R. Dye
          N. Giasoumi
          Dye & Co. Pty. Ltd. Chartered Accountants
          165 Camberwell Road
          Hawthorn East, Victoria 3123
          Australia

                      About Davmar B

Davmar B Pty. Ltd. is a patent owner and lessor.  The company is
located at Dandenong, in Victoria, Australia.


DEMAKS SHEETMETAL: Final Meeting Slated for February 29
-------------------------------------------------------
Demaks Sheetmetal Pty. Ltd. will hold a final meeting for its
members and creditors at 11:20 a.m. on February 29, 2008.
During the meeting, the company's liquidators, V. R. Dye and N.
Giasoumi at Dye & Co. Pty Ltd, will provide the attendees with
property disposal and winding-up reports.

The liquidators can be reached at:

          V. R. Dye
          N. Giasoumi
          Dye & Co. Pty. Ltd. Chartered Accountants
          165 Camberwell Road
          Hawthorn East, Victoria 3123
          Australia

                   About Demaks Sheetmetal

Demaks Sheetmetal Pty. Ltd. is involved in the sheet metal work
business.  The company is located at Campbellfield, in Victoria,
Australia.


FORD CREDIT (AUSTRALIA): Fitch Affirms B Issuer Default Rating
--------------------------------------------------------------
Fitch Ratings has affirmed the Issuer Default Ratings of Ford
Motor Company and Ford Motor Credit Company at 'B', and
maintained the Rating Outlook at Negative.  Ford continues to
make steady progress on its restructuring actions, but continued
weakness in the North American auto market, combined with
industry cost, pricing and supplier pressures continue to limit
the impact of structural cost improvements on the bottom line.
International operations have shown steady improvement,
benefiting the company's consolidated credit profile. Liquidity
remains healthy, and sufficient to weather a significant
downturn in 2008 U.S. industry sales, but will decline through
at least 2008.  Cash outflows in 2008 will be material as a
result of operating losses in North America, restructuring
costs, and higher net interest expense.  The funding of the UAW
VEBA will also impact liquidity in 2008, although the benefits
from healthcare savings will not be realized until 2010.  The
Negative Rating Outlook is expected to remain in place until a
firmer path to positive free cash flow is established.

Fitch has affirmed these ratings with a negative rating outlook:

    Ford Motor Co.

    -- Long-term IDR at 'B';
    -- Senior secured credit facility at 'BB/RR1';
    -- Senior secured term loan at 'BB/RR1';
    -- Senior unsecured at 'B-/RR5'.

    Ford Motor Credit Co.

    -- Long-term IDR at 'B';
    -- Short-term IDR at 'B';
    -- Senior unsecured at 'BB-/RR2';
    -- Commercial paper at 'B'.

A full list of all affected ratings is included at the end of
this release.

In North America, revenues will remain under pressure,
particularly in the first half, due to economic conditions, the
impact of the housing market on pickup sales, projected lower
fleet sales and the trend to lower-priced, fuel-efficient
vehicles.  The new UAW contract has provided the OEMs with
greater flexibility to cut production and manage inventories in
response to weaker market demand -- a factor that will also
result in increased production cyclicality going forward.

Ford has made material improvement in its cost structure,
although higher product and commodity costs have limited the
impact on the bottom line.  Ford's earlier buyout program
extended through the third quarter of 2007, indicating that the
full realization of these cost savings will continue to flow
through reported results over the next several quarters.
Together with Ford's new buyout program (for all North American
UAW workers) that is weighted to the first quarter of 2008 and
the gradual growth in Tier-2 wage employees, Ford is positioned
to show demonstrable fixed cost savings through 2008.  Although
commodity costs are not expected to wane, the rate of growth
should slow substantially, allowing structural cost savings to
become more evident. Continued improvement in material,
engineering and other product costs should augment margin
improvement projected from labor savings.  North American hourly
workers could be reduced by more than 40% over the period from
yearend 2005-2009, with incremental wage and benefit savings
realized from the implementation of Tier-2 wages.  The reduction
in personnel at the former Visteon assets, the outsourcing of
certain non-production functions and the conversion of several
plants to 100% Tier 2 wage levels will also benefit Ford's cost
structure.  Tier 2 wage levels incorporate meaningful reductions
in long-term benefit accruals through the lack of retiree health
care and enrollment in defined contribution pension plans.

Ford also faces the expiration of the Canadian Auto Workers
contract in September 2008.  Given the terms of the recent UAW
agreement, the Detroit Three will certainly be targeting
additional wage, benefit and other cost-saving opportunities in
Canada.  The Detroit Three may be seeking different goals under
a new contract, and talks may not be as smooth as the recent UAW
talks Ford showed healthy revenue growth in the third and fourth
quarters of 2007, aided by easy comparisons with 2006 and
support from a number of vehicle models (Fusion, Edge and
Escape).  Ford's focus on managing production and inventory
levels has benefited results through progress on pricing and
residual values.  Overall results were severely impacted by a
13% reduction in high-margin pickup sales.

Although Ford has shown decent balance across segments, the
company's product portfolio remains misaligned with market
trends that favor smaller, more fuel-efficient vehicles.  The
transition to a more market-weighted product portfolio, along
with the efficiencies of fewer platforms and higher number of
products per platform, will not be achieved through 2010.
Although Ford's cost reduction programs are in line with
expectations, achievement of viable long-term operating margins
will require market share stability and eventual growth in
revenues.  Achievement of these margin levels is not expected
through 2010.  Ford has also made clear strides in quality,
which should benefit the company's market acceptance and pricing
if the trend is maintained.  The company's Sync dashboard
technology (developed with Microsoft), has also benefited the
company in terms of progressive technology.

Ford's international operations continue to show healthy
improvement.  European operations have shown modest share gains,
improved pricing and growing profitability, resulting from
structural cost improvements and well-received product
introductions.  Latin America has shown very strong
profitability, which is expected to continue although perhaps
not at the heights achieved in 2007.  Further growth is also
expected in developing markets including China and Russia.  In
total, Ford's international operations have transitioned from a
key risk factor several years ago into a moderate positive for
the company's credit position.

While FMCC has been profitable, Fitch believes that operating
performance will remain under pressure due to lower contract
volume and asset quality deterioration, which is affecting all
auto lenders.  Slower portfolio growth will tend to inflate
credit metrics further. Fitch also believes that FMCC access to
liquidity via the securitization markets will come at a higher
cost as the continual credit market dislocation widens.

A downgrade could result if Ford experiences:

    -- A material problem with the launch of the new F-150.

    -- A decline in U.S. industry sales below 14.5 million units
       (light vehicle sales) combined with lack of projected
       fixed cost reductions that result in a material deferral
       of the anticipated timeline to positive free cash flow.

    -- Ford Credit experiences restricted access to the
       securitization market.

    -- A significant decline in the U.S. market combined with a
       reversal of operating profits across Ford's international
       operations.

A return to a stable rating outlook would be anticipated in the
event that a clear path to positive free cash flow is
established.  This scenario would include continued stability in
the company's retail market share, a solid F-150 launch,
realization of expected fixed cost reductions in North America,
stability or continued growth in the company's international
operations and maintenance of healthy liquidity.  A projected
return to positive cash flow will likely require stabilization
of the housing market, due to the impact of pickup sales on
Ford's operating results.

Ford will continue to face increased cost and potential supply
disruptions from its stressed supply chains.  Although most
Tier-1 suppliers have ample liquidity during 2008 due to timely
accessing of the leveraged loan market, lower-tier suppliers are
more exposed to projected production declines at the Detroit
Three, pricing and commodity cost pressures, and lack of access
to capital.  The higher risk of production disruptions or
supplier liquidations will cause the OEM's and Tier-1 suppliers
to incur additional costs in order to address particular
situations.

Ford's liquidity has been boosted by substantial debt issuance
over the past eighteen months.  Total automotive debt, including
US$6.3 billion of new debt associated with the UAW VEBA
agreement, is approximately US$33 billion (following a US$2.6
billion reduction in debt through two equity-for-debt
transactions).  Total debt is now roughly US$20 billion more
than at year-end 2002.  Net interest expense, augmented by the
expected decline in cash holdings and the associated decline in
interest income, will continue to represent a more material
claim on consolidated cash flows than in the past. Fitch expects
that even in a relatively harsh downturn in 2008, liquidity
would remain well above the level needed to finance Ford's
operations and its restructuring requirements.

Ford has a light maturity schedule over the next three years,
and is unlikely to require external capital, although Ford may
seek opportunities to further boost liquidity if the markets
become receptive.  The company may also continue to seek
opportunities to exchange equity for debt.  The company retains
access to US$11.5 billion in credit lines, which contain no
financial tests.  Access is subject to a borrowing base, which
would be expected to reduce availability in the event of further
deterioration in operating results.  Recovery ratings remain in
the same range, as a decrease in healthcare liabilities has been
offset by an increase in debt.  Fixed cost reductions that were
anticipated to be realized in a bankruptcy scenario have been
partially achieved through the new UAW contract.  Recoveries
from international operations have also increased.

Fitch has affirmed thse ratings with a negative rating outlook:

    Ford Motor Co.

    -- Long-term IDR at 'B';
    -- Senior secured credit facility at 'BB/RR1';
    -- Senior secured term loan at 'BB/RR1';
    -- Senior unsecured at 'B-/RR5'.

    Ford Motor Co. Capital Trust II

    -- Trust preferred stock at 'CCC+/RR6'.

    Ford Holdings, Inc.

    -- Long-term IDR at 'B';
    -- Senior unsecured at 'B-/RR5'.

    Ford Motor Co. of Australia

    -- Long-term IDR at 'B';
    -- Senior unsecured at 'B-/RR5'.

    Ford Motor Credit Co.

    -- Long-term IDR at 'B';
    -- Short-term IDR at 'B';
    -- Senior unsecured at 'BB-/RR2';
    -- Commercial paper at 'B'.

    FCE Bank Plc

    -- Long-term IDR at 'B';
    -- Senior unsecured at 'BB-/RR2';
    -- Short-term IDR at 'B';
    -- Commercial paper at 'B';
    -- Short-term deposits at 'B'.

    Ford Capital B.V.

    -- Long-term IDR at 'B';
    -- Senior unsecured at 'BB-/RR2'.

    Ford Credit Canada Ltd.

    -- Long-term IDR at 'B'.
    -- Short-term IDR at 'B';
    -- Commercial paper at 'B';
    -- Senior unsecured at 'BB-/RR2'.

    Ford Credit Australia Ltd.

    -- Long-term IDR at 'B';
    -- Short-term IDR at 'B';
    -- Commercial paper at 'B'.

    PRIMUS Financial Services (Japan)

    -- Long-term IDR at 'B';
    -- Short-term IDR at 'B'.

    Ford Credit de Mexico, S.A. de C.V.

    -- Long-term IDR at 'B';
    -- Senior unsecured at 'BBB+'.

    Ford Credit Co S.A. de CV

    -- Long-term IDR at 'B'.
    -- Senior unsecured at 'BB-/RR2'.

    Ford Motor Credit Co. of New Zealand

    -- Long-term IDR at 'B';
    -- Senior unsecured at 'BB-/RR2';
    -- Short-term IDR at 'B';
    -- Commercial paper at 'B'.

    Ford Motor Credit Co. of Puerto Rico, Inc.

    -- Short-term IDR at 'B'.


HEYWOOD CONTRACTING: Members & Creditors Set to Meet on Feb. 29
---------------------------------------------------------------
Heywood Contracting Pty. Ltd. will hold a final meeting for its
members and creditors at 12:30 p.m. on February 29, 2008.
During the meeting, the company's liquidators, V. R. Dye and N.
Giasoumi at Dye & Co. Pty. Ltd., will provide the attendees with
property disposal and winding-up reports.

The liquidators can be reached at:

          V. R. Dye
          N. Giasoumi
          Dye & Co. Pty. Ltd. Chartered Accountants
          165 Camberwell Road
          Hawthorn East, Victoria 3123
          Australia

                 About Heywood Contracting

Located at Upwey, in Victoria, Australia, Heywood Contracting
Pty. Ltd. is an investor relation company.


JOHN VORRATH: Undergoes Liquidation Proceedings
-----------------------------------------------
John Vorrath Pty. Ltd.'s members agreed on January 10, 2008, to
voluntarily liquidate the company's business.  In line with this
goal, the company has appointed Rod Sutherland at Jenkins Peake
to facilitate the sale of its assets.

The liquidator can be reached at:

          Rod Sutherland
          Jenkins Peake Chartered Accountants
          PO Box 1570
          Geelong, Victoria 3220
          Australia
          Telephone:(03) 5223 1000
          Facsimile: (03) 5221 4938

                     About John Vorrath

John Vorrath Pty Ltd provides health and allied services.  The
company is located at Geelong, in Victoria, Australia.


PORTA-FLUSH SYSTEMS: Members & Creditors to Meet on Feb. 29
-----------------------------------------------------------
Porta-Flush Systems Pty. Ltd. will hold a final meeting for its
members and creditors at 2:40 p.m. on February 29, 2008.  During
the meeting, the company's liquidators, V. R. Dye and N.
Giasoumi at Dye & Co. Pty Ltd, will provide the attendees with
property disposal and winding-up reports.

The liquidators can be reached at:

          V. R. Dye
          N. Giasoumi
          Dye & Co. Pty Ltd Chartered Accountants
          165 Camberwell Road
          Hawthorn East, Victoria 3123
          Australia

                  About Porta-Flush Systems

Porta-Flush Systems Pty Ltd provides business services.  The
company is located at Altona North, in Victoria, Australia.


REVLECT PTY: Placed Under Voluntary Liquidation
-----------------------------------------------
Revlect Pty. Ltd.'s members agreed on January 9, 2008, to
voluntarily liquidate the company's business.  In line with this
goal, the company has appointed Robyn Beverley Mckern at
McGrathNicol to facilitate the sale of its assets.

The liquidator can be reached at:

          Robyn Beverley Mckern
          c/o McGrathNicol
          IBM Centre, Level 8
          60 City Road
          Southbank, Victoria 3006
          Australia
          Telephone:(03) 9038 3100
          Web site: http://www.mcgrathnicol.com

                      About Revlect Pty.

Revlect Pty. Ltd. operates offices of holding companies.  The
company is located at Melbourne, in Victoria, Australia.


SEYRIC TRADING: Liquidators to Present Wind-Up Report on Feb. 29
----------------------------------------------------------------
Seyric Trading International Pty. Ltd. will hold a final meeting
for its members and creditors at 3:00 p.m. on February 29, 2008.
During the meeting, the company's liquidators, V. R. Dye and N.
Giasoumi at Dye & Co. Pty Ltd, will provide the attendees with
property disposal and winding-up reports.

The liquidators can be reached at:

          V. R. Dye
          N. Giasoumi
          Dye & Co. Pty Ltd Chartered Accountants
          165 Camberwell Road
          Hawthorn East, Victoria 3123
          Australia

                    About Seyric Trading

Seyric Trading International Pty. Ltd. operates manufacturing
industries.  The company is located at Bayswater, in Victoria,
Australia.


SYMBION HEALTH: Primary Mulls Divestment of Some Units
------------------------------------------------------
Primary Health Care has disclosed last week that its future plan
for Symbion Health Ltd. may include divesting some of its
assets, The Australian reports.  Primary's next move will
depend on how much final stake will it obtain.  Its purchase
offer will expire Feb. 21.

Primary Health successfully obtained last week majority control
of Symbion after it obtained 53.81% acceptances to its
AU$2.65-billion unconditional bid.

To support the sale, Primary Health disclosed that it seeks to
raise AU$1.23 billion to fund the acquisition.  It also launched
an eight-for-five accelerated renounceable pro-rata entitlement
offer at AU$5.40 per share to raise the money.  Bloomberg
reported that Primary has borrowed AU$534.3 million to fund its
bid for Symbion.

According to the Australian, analysts suggest that Primary will
likely split Symbion's diagnostics assets with hospitals
operator Healthscope, which owns 12% of the company.  The
analysts believe that Symbion's consumer and pharmacy businesses
will be sold.

                   About Primary Health

Primary Health Care Limited --
http://www.primaryhealthcare.com.au/IRM/Content/default.htm--
is a service provider to a wide range of health care
professionals who provide comprehensive care to patients.
Additionally, Primary operates licensed and accredited day
surgery facilities, specialist eye clinics and an automated
pathology laboratory - SDS Pathology.

                    About Symbion Health

Headquartered in Melbourne, Australia, Symbion Health Limited --
http://www.symbionhealth.com/-- is a diversified Australian
domestic health care business.  Most of its earnings are derived
from the provision of pathology and diagnostic imaging services.
The company also manufactures and markets vitamin and mineral
supplements (consumer nutriceuticals).  In addition, it operates
a wholesale medical products distribution network, focusing on
the distribution of prescription drugs to pharmacies and
hospitals.

                        *     *     *

On Jan. 30, 2007, Moody's Investors Service placed the Ba1
issuer rating of Symbion Health Limited on review for possible
downgrade after the company's announcement that it has received
an ownership proposal from Primary Health Care Limited
(unrated).


SYMBION HEALTH: Reports AU$52.2 Million First Half Net Profit
-------------------------------------------------------------
Symbion Health Limited announced a 13% increase in continuing
business EBIT (before significant items) for the six months
ended December 31, 2007.  Directors also declared a fully
franked interim dividend of 5.0 cents per share.

Managing Director and Chief Executive Officer Robert Cooke
summarised, "It is very pleasing that Symbion Health has
continued to perform strongly despite the ownership uncertainty
surrounding the company for the past twelve months."

                         Highlights

  -- A 14.1% increase in sales revenue to AU$2,140.7 million;

  -- A 13.1% increase in EBIT (before significant items) to
     AU$106.3 million;

  -- An 11.3% increase in net profit after tax (NPAT) before
     significant items to AU$52.2 million;

  -- A 43.7% increase in cash generated from operations, with
     EBITDA to cashflow conversion of 98%.

In commenting on the first half performance, Mr. Cooke said "The
Pathology, Pharmacy Services and Consumer divisions delivered
strong results in 1H08, successfully leveraging organic revenue
growth into stronger earnings growth.  the Imaging division,
which only represents around 10% of Symbion Health's earnings,
faced a challenging period due to industry pressures.

"It has been a key priority to keep the divisions focussed on
maintaining the momentum that has been created since the
demerger, despite the ongoing ownership uncertainty at the
corporate level. I think the results announced today demonstrate
that this has been successfully achieved," said Mr. Cooke.

In summarizing the divisional performance Mr. Cooke said
"Symbion Pathology, the company's largest division, achieved
revenue growth in line with market, and incremental margin
improvement.  Pharmacy Services produced another outstanding
result with above market revenue growth and strong margin
uplift.  Revenue growth in the Consumer division benefited from
the Carlson acquisition and combined with a tight focus on costs
resulted in this division recording strong margin
growth."

In terms of the performance of the Imaging division, Mr. Cooke
said, "Imaging was the only division to underperform in the
first half, with minimal revenue growth and margin
deterioration, reflective of the current challenging industry
conditions, in particular the impact of rising radiologist
salaries."

In commenting on the outlook for the second half, Mr. Cooke
said, "As of today, Symbion Health is on track to deliver on the
guidance previously provided to the market of FY08 EBIT growth
of at least 10% (pre-significant items)."

In commenting on progress since the demerger, Symbion Health's
chairman, Paul McClintock, said, "As this may be Symbion's last
result, I would like to reflect on the excellent progress that
has been made since the demerger.  Underlying business
performance has improved significantly, with the Company
successfully leveraging organic revenue growth into stronger
earnings growth.

"Symbion Health's reputation amongst the medical community has
improved, and relationships with our customers are at an all
time high.  It is this combination of factors that has
positioned Symbion to be a key participant in industry
consolidation.  I would like to congratulate the management team
and staff on all that has been achieved over the last two and
half years."

In relation to Primary's takeover offer, Paul McClintock said,
"Following Primary obtaining a relevant interest in Symbion
Health of greater than 50.1% and Primary declaring its offer
unconditional, the Symbion Health Board now recommends that
Symbion Health shareholders accept Primary's offer.

"In reaching this recommendation, the Symbion Health Board
considered a number of factors that have changed since the
Board's original recommendation.  These include, amongst other
things, the continued volatility of equity markets and its
impact on relative value, effective control of Symbion Health
passing to Primary, and that it is now considered unlikely that
a superior offer will emerge for Symbion Health in the
foreseeable future."

                Sales Revenue and Earnings

Symbion Health reported a 14.1% increase in continuing business
sales revenue to AU$2,140.7 million in 1H08.  EBIT (before
significant items) increased 13.1% to AU$106.3 million over the
prior corresponding period, driven by an increase in earnings
from the Pathology, Pharmacy Services and Consumer divisions.

Symbion Health recorded NPAT (before significant items) of
AU$52.2 million in 1H07, an 11.3% increase on 1H07.  The
increase in earnings from operations was partially offset
by a higher net interest expense and an increase in the
securitisation charge.  The combined net interest and
securitisation costs increased by $3.8 million in 1H08, due to
rate increases and higher average debt levels across the period.

Earnings per share (before significant items) increased 11.4% in
1H08 to 7.8 cents.  The Symbion Health Board has declared a 2008
fully franked interim dividend of 5.0 cents per share,
representing growth of 17.6% over the 2007 interim dividend.
The dividend growth reflects strong confidence in the businesses
going forward.  The record date for the dividend is
March 7, 2008.  All shareholders will receive this dividend,
irrespective of whether or when they accept Primary's takeover
offer.  The consideration received under Primary's takeover
offer will be reduced by the amount of the dividend, in line
with the terms of the offer.

                     Significant items

The only significant item recorded in 1H08 was the write back of
costs associated with the Healthscope transactions that did not
proceed (AU$6.2 million pre-tax, AU$6.1 million post-tax).

The costs expected to be incurred in relation to the Healthscope
scheme were fully accrued for June 30, 2007, on the assumption
that the proposed merger with Healthscope was likely to proceed.

At June 30, 2007, it was indicated that if the merger with
Healthscope did not proceed, approximately AU$16.8 million (pre-
tax) of the costs accrued would be reversed.  The actual amount
of costs reversed in 1H08 of AU$6.2 million was less than
AU$16.8 million due to the additional costs incurred with the
revised transactions with Healthscope and the IAC Consortium
(which also did not proceed).

Additional costs incurred in relation to the Primary takeover
offer since December 31, 2007, are estimated to be less than
AU$0.5 million.

                   Cashflow and gearing

Cashflow from operations increased 43.7% in 1H08 to AU$129.3
million, driven by improved working capital management compared
to the prior corresponding period.  After adjusting for net cash
outflows of $1.8 million in relation to prior period significant
items, cash generated from operations amounted to AU$131.1,
representing 98% EBITDA to cashflow conversion.

Net debt as at December 31, 2007 was AU$413.2 million, compared
to AU$423.4 million as at December 31, 2006.  Gearing (net debt/
net debtplus equity) stood at 31.6% as of December 31, 2007,
compared to 33.1% as of December 31, 2006.

Average net debt across 1H08 was AU$574.3 million, compared to
average net debt in 1H07 of AU$532.0 million.  Average
securitisation was AU$261.8 million in 1H08, compared to
AU$245.8 million in 1H07.  The increase in average net debt and
average securitisation in 1H08 reflects increased net investment
in Pharmacy Services working capital due to the significant
growth across this division.

                     Symbion Pathology

Symbion Pathology (including Medical Centres) recorded revenue
growth of 9.2% to AU$346.0 million in 1H08, and EBIT growth of
9.4% to AU$49.0 million.  The EBIT margin improved to 14.2%
compared to 14.1% in the prior corresponding period.

In commenting on the performance of the Pathology division in
1H08, Mr. Cooke said, "The Pathology division recorded revenue
growth broadly in line with market growth in 1H08.  New South
Wales and Victoria were the stand-out performers, with service
enhancements delivering business benefits.

"Excluding medical centres, the pathology division recorded
margin improvement of 20 basis points in 1H08.  This is the
fifth consecutive period of margin growth in the Pathology
division since the demerger.  The margin improvement was driven
by revenue growth, the benefits of scale, combined with improved
work flow and front end automation efficiencies.

"As well as focussing on improving the bottom line, Symbion
Pathology is committed to the development and training of
pathologists.  In the last six months there has been greater
involvement of pathologists in the strategic, clinical and
operational decision-making of the business.  In addition,
Symbion Pathology remains committed to ensuring workforce
supply, and is the largest private provider of registrar
training positions in Australia, with 22 full time positions.

In relation to the medical centres business, Mr. Cooke said,
"The medical centres business delivered solid revenue growth in
1H08, however, margins were impacted by a number of contract
renewals resulting in increased fee splits."

                      Symbion Imaging

Symbion Imaging recorded revenue growth of 0.7% to AU$154.5
million in 1H08, and a 21.3% reduction in EBIT to AU$11.5
million.  The 1H08 EBIT margin decreased by 210 basis points to
7.4%.

In reflecting on the disappointing performance of the Imaging
division in 1H08, Mr. Cooke said, "The performance of the
Imaging division was impacted by rising radiologist costs in a
flat revenue environment.  Revenue was impacted by the continued
loss of market share in the lower modalities of general X-ray
and ultrasound, the closure of a further five underperforming
sites, offset by a further increase in the average fee per
examination.

"A number of radiologist contracts were due for renewal in 1H08.
Whilst almost all radiologists were re-contracted, market rates
resulted in significant increases in radiologist salaries,
leading to margin erosion in 1H08.  Importantly, other costs
(other than radiologist salaries) were well controlled during
the period.

"As with pathology, Symbion Imaging places a strong emphasis on
training key technical staff and radiologists through
conferences and offshore training on the latest imaging
technologies.  These initiatives are important in retaining and
developing key staff, as well as ensuring that Symbion Imaging
remains at the forefront of evolving imaging techniques.

                Symbion Pharmacy Services

Symbion Pharmacy Services recorded revenue growth of 17.0% to
AU$1,525.0 million in 1H08, and EBIT growth of 36.7% to AU$31.5
million.  The EBIT margin improved to 2.07% compared to 1.77% in
the prior corresponding period.

In commenting on the strong performance of Pharmacy Services
division Mr. Cooke said, "The double-digit revenue growth across
the Pharmacy Services division reflects an upturn in industry
conditions, combined with continued strong momentum across both
the core pharmacy and hospital channels.  Core pharmacy sales
recorded growth of 15.3%, due to increased brand compliance and
new account wins, supported by robust headline PBS growth of
8.2%. Sales across the hospitals channel grew by 24.1%, which
was also well above market growth.

"The Pharmacy Services division recorded its third consecutive
period of margin improvement in 1H08, with an increase of 30
basis points.  The EBIT margin improved due largely to the tight
control of operating costs against a backdrop of strong sales
growth.

"Despite the significant growth recorded during the period,
supplier relationships remain very strong and service levels
continue to be maintained.  Furthermore, Symbion Pharmacy
Services' two key pharmacy brands, Terry White Chemists and
Chemmart, performed very strongly during the period, with a
number of new store openings.

                      Symbion Consumer

Symbion Consumer recorded revenue growth of 12.6% to AU$115.1
million in 1H08, and EBIT growth of 15.8% to AU$21.0 million.
The EBIT margin improved to 18.3% compared to 17.8% in the prior
corresponding period.

In relation to Consumer's first half performance, Mr. Cooke said
"Symbion Consumer's revenue growth was supported by the Carlson
acquisition in 1H08.  Organic revenue growth was impacted by
increased competition across the key product of glucosamine, and
a slowing of market growth.

"Margin performance was very strong due to tight control of
operating costs and the continued benefits of increased volume
spread over a large fixed cost base.  The two key projects
implemented in the prior year, the enterprise resource planning
system and centralised distribution facility, are
delivering the targeted savings.

"The Carlson acquisition has been a success, with synergies
realised faster than expected.  With the addition of Microgenics
to the portfolio (a health food store only brand), Symbion
Consumer now has a leading presence across all major channels.

                     Outlook for FY08

Symbion Health said it is on track to deliver on previously
provided guidance of FY08 EBIT growth of at least 10%
(pre-significant items).  The broad trends from 1H08 are
expected to continue in 2H08, with the exception of:

    -- Imaging is expected to record a slightly stronger second
       half than the first half; and

    -- Pharmacy revenue and margin growth is not expected to be
       quite as strong in the second half as the first half.

                    About Symbion Health

Headquartered in Melbourne, Australia, Symbion Health Limited --
http://www.symbionhealth.com/-- is a diversified Australian
domestic health care business.  Most of its earnings are derived
from the provision of pathology and diagnostic imaging services.
The company also manufactures and markets vitamin and mineral
supplements (consumer nutriceuticals).  In addition, it operates
a wholesale medical products distribution network, focusing on
the distribution of prescription drugs to pharmacies and
hospitals.

                        *     *     *

On Jan. 30, 2007, Moody's Investors Service placed the Ba1
issuer rating of Symbion Health Limited on review for possible
downgrade after the company's announcement that it has received
an ownership proposal from Primary Health Care Limited
(unrated).


TECHNOVA PTY: Final Meeting Slated for February 29
--------------------------------------------------
Technova Pty. Ltd. will hold a final meeting for its members and
creditors at 3:10 p.m. on February 29, 2008.  During the
meeting, the company's liquidators, V. R. Dye and N. Giasoumi at
Dye & Co. Pty Ltd, will provide the attendees with property
disposal and winding-up reports.

The liquidators can be reached at:

          V. R. Dye
          N. Giasoumi
          Dye & Co. Pty Ltd Chartered Accountants
          165 Camberwell Road
          Hawthorn East, Victoria 3123
          Australia

                     About Technova Pty.

Technova Pty. Ltd. is a manufacturer of metal doors, sash,
frames, molding, and trim.  The company is located at Clayton,
in Victoria, Australia.


UNIQUE INDUSTRIES: Members & Creditors to Meet on February 29
-------------------------------------------------------------
Unique Industries Pty. Ltd. will hold a final meeting for its
members and creditors at 3:50 p.m. on Feb. 29, 2008.  During the
meeting, the company's liquidators, V. R. Dye and N. Giasoumi at
Dye & Co. Pty Ltd, will provide the attendees with property
disposal and winding-up reports.

The liquidators can be reached at:

          V. R. Dye
          N. Giasoumi
          Dye & Co. Pty Ltd Chartered Accountants
          165 Camberwell Road
          Hawthorn East, Victoria 3123
          Australia

                  About Unique Industries

Unique Industries Pty. Ltd. operates manufacturing industries.
The company is located at Narre Warren North, in Victoria,
Australia.




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


ALITALIA SPA: AirOne Woos Lombardy Investors to Join Bid
--------------------------------------------------------
AirOne S.p.A. chairman Carlo Toto is inviting businessmen from
the Lombardy region to join the airline's bid to acquire the
Italian government's 49.9% stake in Alitalia S.p.A., Reuters
reports.

According to the report, Mr. Toto held a meeting with Gaetano
Micciche, head of Intesa Sanpaolo S.p.A.'s corporate division,
and other business leaders in the region, where Milan Malpensa
airport is located.

Around 20 businessmen expressed interest in joining the bid,
Reuters relates, citing local reports.

As reported in the TCR-Europe on Feb. 7, 2008, AirOne said its
offer will be financially backed by Intesa Sanpaolo S.p.A.,
Goldman Sachs Group Inc., Morgan Stanley and Nomura Holdings
Plc.

TPG Inc. and Pirelli & S.p.A. chairman Marco Tronchetti Provera
may join AirOne in its Alitalia bid.  Reuters said MyChef may
also participate in the offer.

Politicians and businessmen in the region have expressed concern
on the impact of the possible sale of the stake to Air France-
KLM SA, which business plan for Alitalia entails downscaling
operations at Malpensa.  An official at Italian slot coordinator
Assoclearance has said that Alitalia will release around 180 of
its 357 slots at Malpensa as part of its downscale strategy.
Alitalia said the slots are unused ones during the summer
season, which starts March 30, 2008, and ends Oct. 25, 2008.

AirOne said it would present a binding offer once it wins an
appeal at the Italian Regional Administration Court of Lazio.
As reported in the TCR-Europe on Feb. 5, 2008, AP Holding
S.p.A., investment arm of AirOne, has filed an appeal with the
court  to declare null and void a Dec. 28, 2007, decision of
Italy's Ministry of Economy and Finance to commence exclusive
talks to sell the Italy's stake to Air France.

AirOne winning the suit would allow it to present its binding
offer for the state-owned carrier.

As reported in the TCR-Europe on Jan. 17, 2008, Alitalia and
Italy have commenced exclusive sale talks with Air France-KLM.
The carriers have until mid-March to reach an agreement, which
would be approved by the government.

In its non-binding offer, Air France plans to:

   -- acquire 100% of the shares of Alitalia through an
      exchange offer;

   -- acquire 100% of Alitalia convertible bonds; and

   -- immediately inject at least EUR750 million into
      Alitalia through a capital increase, that will be open to
      all shareholders and be fully underwritten by Air France.

                       About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- provides air travel services for
passengers and air transport of cargo on national, international
and inter-continental routes.  The Italian government owns 49.9%
of Alitalia.  Alitalia flies to about 80 destinations in more
than 60 countries, including Argentina, China, and Japan, from
hubs in Rome and Milan and operates a fleet of about 185
aircraft.

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively.  Alitalia posted EUR93 million in
net profits in 2002 after a EUR1.4 billion capital injection.
The carrier booked annual net losses of EUR520 million in 2003,
EUR813 million in 2004, EUR168 million in 2005, and
EUR625.6 million in 2006.

Italian Transport Minister Alessandro Bianchi has warned that
Alitalia may file for bankruptcy if the current attempt to sell
the government's 49.9% stake fails.


ALITALIA SPA: Trims Pretax Losses to EUR362.92 Million in 2007
--------------------------------------------------------------
The Board of Directors of Alitalia S.p.A. has approved its
consolidated report for full year and fourth quarter ended
Dec. 31, 2007.

Alitalia posted EUR362.92 million in pretax losses on
EUR4.86 billion in net revenues for full year 2007, compared
with EUR605.19 million in pretax losses on EUR4.72 billion in
net revenues for full year 2006.

The company posted EUR108.95 million in pretax losses on
EUR1.28 billion in net revenues for fourth quarter 2007,
compared with EUR330.39 million in pretax losses on EUR1.23
billion in net revenues for the same period in 2006.

According to Alitalia, its performance in 2007 was marked by a
number of critical factors mainly due to:

    * sharp rise in fuel costs;

    * the effects of trade union actions, causing revenue losses
      estimated at about EUR150 million, together with damage to
      Alitalia's image); and

    * strong growth in competitive pressure from low-cost
      carriers on the domestic and international markets.

The company's average workforce in 2007 was 10,243 people, up by
133 (+1.3%) compared to 2006, mainly due to the absence of
solidarity contracts for flight staff and the Cassa Integrazione
Guadagni Straordinaria for ground staff, as well as changes in
the Group's structure (consolidation of Volare).  Alitalia's
workforce as of Dec. 31, 2007, was 11,172 people.

Alitalia's operating fleet as of Dec. 31, 2007, was made up of
186 aircraft of which:

    * 157 for short/medium-haul flights; and
    * 29 for long-haul flights.

Regarding the evolution of traffic and the network in the 2007
passenger sector, in overall terms, without considering the
activities of the subsidiary Volar), the capacity offered was
practically in line with 2006 (5.171 billion ton kilometers
compared to 5.166 million in 2006), with traffic up by 1.1%
(3.846 billion ton kilometers carried, compared to 3.804 billion
in 2006).  In overall terms, the load factor reached 74.4%, up
by 0.7 percentage points compared to 2006.

During 2007, the level of unit revenue (yield) was down by 3.4%
compared to 2006, due to increasing pressure from low-cost
carriers and unfavorable exchange rates for the intercontinental
sector.

Regarding the verification of the correct accounting value of
tangible and intangible assets, in particular for the fleet, it
should be noted that Alitalia has called in an experienced and
fully qualified independent expert to gather all the elements
required in order to make an estimate of the recovery value
(fair value less sales costs) of the Company's aircraft,
updating the estimates already carried out, referring to
Dec. 31, 2006, and June 30, 2007.

                           Outlook

Regarding the forecast evolution of business performance, the
Board of Directors approved the 2008 Budget on Jan. 30, 2008.

The 2008 Budget, developed on an industrial stand-alone basis,
reconfirms strategic actions marked by strong discontinuity for
the implementation of the Plan for survival/transition.

To account for the lower positive returns pointed out when the
2008 Budget was approved, the Budget considers an additional
reduction in activity and further network rationalization
compared to the Plan for survival/transition in 2008.

Therefore the expected industrial operating 2008 margin,
although slightly improved compared to expected 2007, shows a
material worsening compared to the 2008 Plan.

Expected EBITDAR is about three percentage points of revenues.
From the financial point of view, it was already pointed out
when the 2008 Budget was approved, and bearing in mind pre-
existing and subsequent critical factors, that maintaining
liquidity at levels of operative sustainability is increasingly
linked to the recapitalizing operation envisaged in the budget
for mid-2008, of the order of EUR750 million as things stand, as
well as effective realization of the disposal of assets set
out in the 2008-2010 Business Plan and in the 2008 budget.

It should be noted that budget assumptions and objectives,
assuming they are fully achieved, make it possible to envisage
-- for the year in question -- that liquidity can be maintained
at a positive level, though considerably reduced, even without
considering the indispensable capital increase.

However, the situation is difficult to sustain from the
operational point of view, bearing in mind that the above
extraordinary operations, while waiting for the full start-up of
the Summer season, will only partly offset the structural time
lag between receipts and payments.

Against this background, any delay in the definition of projects
about to be implemented could imply considerable issues, which
could lead to conditions where increasing the capital of the
Company has to be speed up.

                       About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- provides air travel services for
passengers and air transport of cargo on national, international
and inter-continental routes.  The Italian government owns 49.9%
of Alitalia.  Alitalia flies to about 80 destinations in more
than 60 countries, including Argentina, China, and Japan, from
hubs in Rome and Milan and operates a fleet of about 185
aircraft.

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively.  Alitalia posted EUR93 million in
net profits in 2002 after a EUR1.4 billion capital injection.
The carrier booked annual net losses of EUR520 million in 2003,
EUR813 million in 2004, EUR168 million in 2005, and
EUR625.6 million in 2006.

Italian Transport Minister Alessandro Bianchi has warned that
Alitalia may file for bankruptcy if the current attempt to sell
the government's 49.9% stake fails.


PERKINS COIE: Liquidators Quit Post
-----------------------------------
On February 6, 2008, Yeung Betty Yuen and Chung Miu Yin Diana
stepped down as liquidators for Perkins Coie (Hong Kong)
Limited.

The former liquidators can be reached at:

         Yeung Betty Yuen
         Chung Miu Yin Diana
         Level 28
         Three Pacific Place
         1 Queen's Road East
         Hong Kong


SHEN GANG: Liquidators Quit Post
--------------------------------
On February 6, 2008, Lai Kar Yan (Derek) and Darach E. Haughey
stepped down as liquidators for Shen Gang Finance Company
Limited.

The former liquidators can be reached at:

         Lai Kar Yan (Derek)
         Darach E. Haughey
         35th Floor
         One Pacific Place
         88 Queensway
         Hong Kong


WAH TAT: Creditors' Proofs of Debt Due on March 6
-------------------------------------------------
The creditors of Wah Tat Pu Industrial (Hong Kong) Limited are
required to file their proofs of debt by March 6, 2008, to be
included in the company's dividend distribution.

The company's liquidator is:

         Chan Kam Man
         Unit 803, 8th Floor
         Shanghai Industrial Investment Bldg.
         Wanchai, Hong Kong


TRENDY FASHION: Court to Hear Wind-Up Petition on February 27
-------------------------------------------------------------
On December 27, 2007, Ho Yim Wan, filed a petition to have
Trendy Fashion Manufacturing Company Limited's operations wound
up.

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

The petitioners' solicitor can be reached at:

          Michael Li & Co
          14th Floor, Printing House
          6 Duddell Street
          Central, Hong Kong


MERMAID FASHION: Court to Hear Wind-Up Petition on February 27
--------------------------------------------------------------
On December 27, 2007, Ho Yim Wan, filed a petition to have
Mermaid Fashion Manufacturing Company Limited's operations wound
up.

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

The petitioners' solicitor can be reached at:

          Michael Li & Co
          14th Floor, Printing House
          6 Duddell Street
          Central, Hong Kong


* CHINA: CBS Consultants Comments on WTO Ruling Against Country
---------------------------------------------------------------
In its first official condemnation of Chinese commercial
practices, the World Trade Organization sided with the United
States, Canada and the European Union in ruling that China has
been unfairly taxing imported car parts at the same rate at
which it taxes whole automobiles.

The basis of the compliant is that China's higher taxes on
imported car parts give its domestic auto makers incentive to
use domestic-made parts, which in turn motivates foreign parts
manufacturers to establish operations in China.  The United
States, Canada and the EU claim these incentives cause lost jobs
in their respective countries and say that China promised not to
tax car parts as is does whole cars when it joined the WTO in
2001.

Steven Ganster, managing director of Technomic Asia, a
consulting firm that helps Western companies develop China
business strategies, agrees that China should come into line
with its WTO commitments but said cost concerns are not the only
reason companies look to China for business opportunities.

"Lower costs are perhaps the first thing many people think of
when they think about setting up shop in China," said Ganster,
who leads Technomic Asia's U.S. office in Chicago. "Depending on
the business, motivations include gaining direct access to local
markets, better control of the supply chain and more effective
distribution."

Technomic Asia's clients include many Fortune 500 companies and
dozens of small and midsize businesses, including many
automotive manufacturers and parts suppliers.  Ganster and his
colleague Kent Kedl, who runs Technomic Asia's Shanghai
headquarters, are the co-authors of "The China Ready Company," a
book that guides executives through the considerations to be
made in developing a strategy for doing business in or with
China.

"The WTO and foreign governments need to continue to pressure
China to uphold the agreements it made when it joined the
organization, but foreign manufacturers shouldn't sit and wait
for WTO sanctions to force China to change its tariffs or other
practices," Mr. Kedl said. "No one knows how long that could
take, but it won't be quick.  Rather than wait, foreign
companies should become more active in China to assess their
opportunities and to build an effective supply chain in-
country."

                    About Technomic Asia

Technomic Asia, -- http://(www.technomicasia.com/-- a division
of Tompkins International, is a strategic consultancy with more
than 20 years of experience helping clients plan and execute
Asian growth strategies.  Technomic Asia helps companies enter
the Asian market or expand their business by providing critical
market insight, an understanding of business potential and
assistance in designing the optimum strategy for success.
Technomic Asia's Steven Ganster and Kent Kedl are co-authors of
"The China Ready Company," -- http://www.chinareadycompany.com/
-- a book that details the formation of a successful China
strategy.




=========
I N D I A
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CANARA BANK: To Launch Online Trading Facility for Depositors
-------------------------------------------------------------
Canara Bank, along with its wholly owned broking subsidiary M/s.
Gilt Securities Trading Corporation Ltd., Mumbai, will be
extending online trading facility to their Depository clients.

The date of commercial launch of the trading facility is fixed
for Feb. 18, 2008.

Headquartered in Bangalore, India, Canara Bank --
http://www.canbankindia.com-- provides services to a diverse
clientele group with a range of subsidiaries and sponsored
institutions. The bank services include networked automated
teller machines, anywhere banking, telebanking, remote access
terminals Internet, and mobile banking and debit card. The
bank's Merchant Banking Division handles assignments as
arrangers/lead manager/co-manager/manager to the
offer/advisor/share valuator. Bancassurance arm of the Bank has
tie up arrangements in both life and non-life insurance
segments. Corporate Cash Management Services network of the Bank
provides services related to local and upcountry cheque
collection, bulk cheques collection and zero balance account
facility. Executor, Trustee and Taxation Services of the bank
provides services, such as debenture trusteeship, will and
executorship, trusteeship, personal tax assistance and power of
attorney services. Its Agricultural Consultancy Services handled
60 projects during the fiscal year ended March 31, 2006.

Standard & Poor's Ratings Services, on July 4, 2007, assigned
its 'BB' issue rating to Canara Bank's US$250 million Upper Tier
II subordinated notes due in 2021.


BHARTI AIRTEL: Gets Best Billing/Customer Care Solution Award
--------------------------------------------------------------
Bharti Airtel Limited was awarded with top honors in the GSMA
Mobile World Congress Conference in Barcelona for its mChek
solution in the category "Best Billing / Customer Care
Solution".  This prestigious award is testimony to Airtel's
continuing endeavor to set industry benchmarks and drive
innovation and service excellence across various mobile
technology platforms.

The Mobile World Congress in Barcelona is an annual event that
brings together all leading mobile companies in the world and
recognizes the very best product and service innovations across
categories.   Given the increasingly diverse and changing
communication landscape, the Best Billing/Customer Care Solution
award recognizes solutions that help increase profitability,
reduce costs and help engender a high standard of customer
service.  Airtels mChek solution was adjudged the best in its
category for its simplicity of use, in-built security features
and the convenience that this brings for customers.

Sanjay Kapoor, President, Mobile Services, Airtel said, "It is
an honor to be recognized as-the best amongst our global peers
for our mChek platform.  The award truly recognizes Airtel as an
industry leader in innovation and service excellence.  To have
won amongst an elite list of entries only strengthens our
resolve to set higher benchmarks and deliver innovative
solutions to enhance customer convenience.  In future, we will
enhance this platform further as we extend our foray into mobile
commerce."

The Jury for the Awards included eminent personalities like
independent editors, analysts, experts and academicians.
Conferring the honor to Airtel for pioneering yet another
category defining initiative, the Jury had this to say "For all
those who thought mobile commerce was a pipe dream, mChek on
Airtel, has just shown the way to do it.  The cashless society
is here and it s gone mobile."

mChek -- the application that makes possible Anytime-Anywhere
Bill Payment allows customers to sign-up for the service through
their mobile phone in a matter of seconds and make payment
transactions for mobile bill/insurance premiums/transfer funds
from bank accounts to name a few. mChek as a service was
introduced with an aim to enhance customer delight and provide
them yet another simple, secure option for payments through
mobile.

The other nominations in the Best Billing/Customer Care Solution
category apart from Bharti Airtel in the final short-list were
CTI Group, IDEA Cellular and True Move Com.

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

                        *     *      *

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


KINETIC ENGINEERING: Discloses Results of Feb. 14 Board Meeting
---------------------------------------------------------------
Kinetic Engineering Ltd's board of directors, at its meeting on
Feb. 14, 2008, inter alia, has decided to allot of 16,44,231
Compulsorily Convertible Cumulative Preference Shares of INR156
each on preferential basis to:

    i. AIG Asian Opportunity Fund II, L.P., 1,264,793 CCCPS;

   ii. American International Assurance Company (Bermuda) Ltd,
       145,938 CCCPS; and

  iii. American International Assurance Company Ltd, 233,500
       CCCPS.

The board also alloted Foreign Currency Convertible Bonds of
US$18 million.

During the meeting, the board also made these appointments:

   1. Santosh Senapati and Ashish Kumar as additional directors
      on the board;

   2. Ada KH Tse as alternate director to Santosh Senapati; and

   3. Sridhar Narayan as alternate director to Ashish Kumar.

India-based Kinetic Engineering Ltd. --
http://www.kineticindia.com/-- is an automobile manufacturer,
which specializes in two wheelers.  The company has sold over 6
million vehicles in India.  Kinetic has brought to India
technologies, such as four valve engines, electric start on
scooters and motorcycles, v-twin engines and upside down (USD)
forks.  The company offers top-end bikes, such as Comet and
Aquila.  It has a nationwide network of nearly 450 dealers and
over 1,000 service centers.  Kinetic exports vehicles to the
United States, Canada, Latin America, Europe, Africa, Middle
East and South Asia.

For the 15 months ended Dec. 30, 2006, the company booked a net
loss of INR432.9 million.  For the period Apr. 1, 2004, to
Sept. 30, 2005, the company incurred a net loss of
INR549.6 million.


KINETIC ENGINEERING: Plans to Amend Articles of Association
------------------------------------------------------------
Kinetic Engineering Ltd. is considering altering its Articles of
Association, a regulatory filing with the Bombay Stock Exchange
says.  The filing, however, did not say specify what it plans to
amend.

To, among others, consider the move, the company will hold an
Extraordinary General Meeting of its members on March 21, 2008.

India-based Kinetic Engineering Ltd. --
http://www.kineticindia.com/-- is an automobile manufacturer,
which specializes in two wheelers.  The company has sold over 6
million vehicles in India.  Kinetic has brought to India
technologies, such as four valve engines, electric start on
scooters and motorcycles, v-twin engines and upside down (USD)
forks.  The company offers top-end bikes, such as Comet and
Aquila.  It has a nationwide network of nearly 450 dealers and
over 1,000 service centers.  Kinetic exports vehicles to the
United States, Canada, Latin America, Europe, Africa, Middle
East and South Asia.

For the 15 months ended Dec. 30, 2006, the company booked a net
loss of INR432.9 million.  For the period Apr. 1, 2004, to
Sept. 30, 2005, the company incurred a net loss of
INR549.6 million.


SISTEMA JSFC: Opens New Office in India
---------------------------------------
Sistema JSFC opened its Indian office in New Delhi on
Feb. 12, 2008.

Sistema is the first private Russian business to operate in
India since the break up of the Soviet Union.  The office is a
contact point representing the whole range of Sistema's diverse
portfolio of businesses.

"India is one of the fastest growing economies in the world and
has a population of over one billion people.  It is a key market
for us and offers immense business opportunities.  We intend to
develop a number of our businesses into India, in line with our
strategy to expand our operations internationally," Vladimir
Evtushenkov, Sistema's Chairman of the Board, commented.

"India is one of the most attractive markets in the world, with
accelerating productivity and consumption levels, as well as
rapidly developing infrastructure.  We are a strategic investor,
and will initially focus on building out an integrated national
telecommunications network and providing our Indian customers
with enhanced telecommunications services, depending on the
spectrum allocation provided by the Department of
Telecommunications.  We also see considerable potential to build
businesses in other sectors, and to bring our extensive
experience in areas such as research and development,
technology, infrastructural projects, healthcare and tourism,"
Alexander Goncharuk, Sistema president and CEO added.

In September 2007, Sistema acquired a 10% stake in Shyam
Telelink Ltd., the telecommunications company which provides
fixed-line and mobile telecommunication services in Rajasthan.
This was followed by the signing of a share purchase agreement
in October 2007 for the acquisition of an additional 41% stake.
The deal was closed in January 2008, resulting in Sistema
raising its stake to 51% in Shyam Telelink.

In January 2008, Shyam Telelink was awarded unified
telecommunication licenses for provision of fixed-line and
cellular services in 21 Indian circles.  The company now holds
licenses, including those already held in Rajasthan, to provide
pan-India services.  The signing of license agreements and
obtaining relevant frequencies from the Indian Department of
Telecommunications will be finalized in accordance with Indian
regulations.  The timing of frequency allocation has not been
determined and it is not defined when the frequencies will be
assigned.

                       About Sistema

Sistema JSFC (LSE: SSA) -- http://www.sistema.com/-- is the
largest private sector consumer services company in Russia and
the CIS, with over 65 million customers.  Sistema develops and
manages market-leading businesses in selected service-based
industries, including telecommunications, technology, insurance,
banking, real estate, retail and media.  Founded in 1993,
Sistema's shares are listed under the symbol 'SSA' on the London
Stock Exchange, under the symbol 'AFKS' on the Russian Trading
System (RTS), and under the symbol 'SIST' on the Moscow Stock
Exchange (MSE).

                        *     *     *

As reported in the TCR-Europe on Oct. 26, 2007, Moody's
Investors Service upgraded the corporate family ratings of JSFC
Sistema to Ba3 from B1.  Moody's said the outlook on the ratings
is positive.

Simultaneously, Moody's upgraded the existing Sistema Capital
S.A. Notes and MTN program ratings to Ba3 from B3.

The company carries Standard & Poor's BB- long-term and local
issuer credit ratings with positive outlook and Fitch Ratings'
BB- issuer default rating with stable outlook.


STATE BANK OF INDIA: Gov't to Issue Special Securities
------------------------------------------------------
With reference to the Rights Issue of the State Bank of India,
which is scheduled to open for subscription from Feb. 18, 2008,
the company has informed the Bombay Stock Exchange that the
Government of India, via letter dated Dec. 3, 2007, communicated
that the subscription would be against the issue of SLR
Marketable Government Securities.  The disclosures were made
accordingly in the Letter of Offer filed with Stock Exchange.

However, the Government vide letter dated Feb. 14, 2008, has
informed the bank that the matter was revisited by the
Government in the light of suggestions received by it from the
Reserve Bank of India and it was decided that the subscription
by the Government to the Rights Issue would be through issuance
of Special Marketable Government Securities.

In this connection the bank will issue a corrigendum to the
letter of offer for the attention of its equity shareholders.
The bank has intimated SEBI in this regard and have also filed
copies of the aforementioned Government letter dated
Feb. 14, 2008, and the proposed corrigendum with SEBI.

The Corrigendum proposed to be issued is as follows:

"Issue of 105,259,776 equity shares of face value of INR10 each
at a premium of INR1,580 per equity share aggregating to an
amount equivalent to INR167,363.04 million to the equity
shareholdeINRon rights basis in the ratio of one equity share
for every five equity shares held on the record date i.e.
February 04, 2008 (the "issue").  The issue price for equity
shares is 159 times of the face value of the equity share.

The Letter of Offer dated February 1, 2008, filed with the
National Stock Exchange of India Ltd and the Bombay Stock
Exchange Ltd indicates that the Government of India would
subscribe to the Rights Issue of Equity Shares of the Bank
through the issue of SLR marketable government securities.
However, based on a clarification given by Government, vide
letter dated February 14, 2008, the disclosures in the Letter of
Offer relating to the subscription by the Government will stand
amended in the manner set forth below."

All references to "SLR marketable government securities" / "SLR
marketable securities" / "SLR Securities" / "SLR marketable
Government bonds", as far as it relates to the subscription by
the Government of India in the Rights Issue shall stand amended
to and substituted by the phrase special marketable government
securities."

Such amendment and substitution will occur on pages 45, 279,
291, 292 and 295 of the Letter of Offer and pages 4,5,6,27 & 103
of the Abridged Letter of Offer and item no.20 under General
Instructions in the Composite Application Form."

Headquartered in Mumbai, State Bank of India --
http://www.sbi.co.in/-- is a financial services group operating
primarily in the banking industry.  Its core operations include
Treasury Operations, Corporate Banking Group, National Banking
Group and International Banking Group.

                        *     *     *

Standard & Poor's Ratings Services, on June 18, 2007, assigned
its 'BB' issue rating to the State Bank of India's proposed
USNZ$225 million Hybrid Tier I perpetual notes under its USNZ$5
billion MTN program.  The Hybrid Tier I notes will be perpetual
notes with a call option 10 years from the date of issue.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 2, 2007, Fitch Ratings affirmed the bank's 'C' individual
rating.

Moody's Investors Service placed a Ba2/Not Primerating on State
Bank of India's foreign currency bank deposits, Ba2/Not Prime on
Financial Strength Rating in June 2006.


TATA MOTORS: Launches Light Specialist Vehicle
----------------------------------------------
Tata Motors Ltd., on Saturday, displayed its new range of
tactical and armoured vehicles at the Defence Expo 2008.  This
range showcases the company's expertise in providing a wide
range of military mobility solutions.  The company launched its
Tata Light Specialist Vehicle at the Defence Expo.

Tata Motors has been providing defence solutions for over five
decades.  The company's range of products on display at the
Defence Expo showcases the company's expertise in developing
vehicles that meet the entire spectrum of needs of the military
and para military forces.  Tata Motors' products have been
designed and customised as per evolving needs of the modern
military forces.  The Tata LSV is one such platform, which is
adaptable to multiple roles, depending on the mission.

Tata Light Specialist Vehicle: The Tata LSV, with a 1.2 tonne
payload, built to latest military standards, is a single
platform to undertake diverse missions such as reconnaissance,
counter insurgency operations for special forces and even as an
ambulance.  The Tata LSV's versatility enables it to perform on
the major parameters of Mobility, Survivability, Stealth,
Lethality, Transportability and Maintainability as per the
demands of a modern military force.

The Tata LSV has an adaptive automatic transmission, 60%
gradeability, 300 mm vertical obstacle climbing ability, 45%
approach angle, 45% departure angle, 255 mm ground clearance.
The vehicle can operate in a temperature range of -20 degree to
+55 degree Celsius.  The maximum speed of the vehicle is 105
km/hr.

The Tata LSV can be adapted depending on the requirement, to
offer any or all of the following:

    * Light Multipurpose Reconnaissance Vehicle (LAM)

    * Armed Reconnaissance Vehicle

    * LSV with Protection for Counter Insurgency Operations

    * Observation Post (OP) Party Vehicle

    * Field Artillery Tractor (FAT) for Para Field Artillery
      Regiments

    * Recce Vehicle for Gun Position Officer (GPO) for Artillery
      Regiments

    * Recce, Surveillance & Ghatak Platoon Vehicle for Infantry

    * Engineering Reconnaissance Vehicle

    * Common Utility Communication Vehicle

    * Ambulance Vehicle

    * Field Repair Team Vehicle

    * Para (SF) and BC/OC Parties of Para Field Regiment

    * Low Level Lightweight Radar for Air Defence Artillery

    * IGLA Carrier for Air Defence Artillery

    * Coverer Vehicle for Air Defence Artillery

    * LSV-based Light Radio Vehicle/Communication Rover for
      Signals

    * LSV for Tactical Satellite Terminals for Signals

    * Shelter for Unit Entity Vehicle for Signals

    * Cable Utility Vehicle for Corps of Signals

    * Shelter for Unit Field Wireless System for Corps of
      Signals

Other vehicles on display include:

Light Armoured Troop Carrier with RCWS (Remote Controlled Weapon
Station): The LATC is designed for movement of troops of section
strength for counter insurgency operation.  The vehicle protects
the troops against small arm fire and is fitted with bulletproof
glasses.  The vehicle floor is protected against hand grenade
blasts.  The vehicle has a split air conditioning unit for crew
comfort.  The LATC is fitted with suspended seats and has seat
belts for additional safety.  The fuel tank is filled with
explosive suppression material.

Armoured Safari: This NIJ Level III protection vehicle for VVIPs
is equipped with features like hand grenade protection for under
belly, extra wide footsteps for escorts and RYG (Red Yellow
Green) indicator for escort vehicles.  It comes with comfortable
interiors, plush seating, fine-tuned suspension, HVAC. The
armoured Safari has run flat tyres, five exit doors, and
explosive suppressant material in the fuel tank.

Tata 8x8 platform, a versatile battlefield mobility solution:
The Tata 8x8 is a unique and versatile platform, capable of
being configured to a host of military applications for Missile/
Weapon Stations, Surveillance Equipment, Communications and
Electronics Warfare Platforms, Bridge Laying, Tank Transporters,
Recovery Vehicles, Mobile Specialist Workshops, Hook Loader
Applications and Load Carriers.

On offer is a wide range of specifications to suit individual
applications.  A powerful 380-420 HP Engine and a versatile 9-16
speed gearbox power the Tata 8x8, with heavy-duty transfer cases
driving the hub reduction tandem axles to address requirement of
high speeds and severe gradients.  An option of automatic
transmission is also available in this range.

The compensating bogey suspension, capable of operating under
severe terrain conditions with full air brakes having optional
ABS, takes on a heavy-duty frame.  The vehicle is fitted with a
tiltable military cabin with good all around visibility, and is
compatible to up-armouring.

Tata Motors has been closely associated with Indian Armed Forces
since 1958.  Over 1, 00,000 vehicles have been supplied to
Indian military and paramilitary forces so far.  Tata Motors
defence solutions cover the complete range of logistics and
tactical vehicles.  The company has the rare distinction of
providing the defence forces with customised solutions for
specific defence applications.

                     About Tata Motors

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

Tata Motors has operations in Russia and the United Kingdom.

                        *     *     *

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

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




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


TELEKOMUNIKASI: Fitch Lifts Long-Term Foreign Curr. Rating to BB
----------------------------------------------------------------
Fitch Ratings has upgraded P.T. Telekomunikasi Indonesia Tbk's
long-term foreign and local currency issuer default ratings to
'BB' from 'BB-'.  The outlook is stable.

The upgrades follow a similar rating action made by Fitch to the
Indonesian sovereign's long-term foreign and local currency
IDRs, both rated 'BB' with a stable outlook.  As the Indonesian
government holds a 51.19% majority stake in the company, and
also exerts significant influence on Telkom's major business and
financial decisions, the company's ratings remain closely
correlated with those of the sovereign.


TELEKOMUNIKASI SELULAR: Fitch Ups Foreign Currency Rating to BB+
----------------------------------------------------------------
Fitch Ratings has upgraded PT Telekomunikasi Selular's long-term
foreign currency issuer default rating to 'BB+' from 'BB'.  The
outlook is stable.  At the same time, Fitch has affirmed
Telkomsel's Long-term local currency IDR at 'BBB-' with a stable
outlook.

The upgrade follows a similar rating action by Fitch to the
Indonesian sovereign's Country Ceiling, rated 'BB+'.
Telkomsel's foreign currency IDR rating remains constrained by
the sovereign Country Ceiling.  On the other hand, Telkomsel's
Long-term local currency IDR is not constrained, with the IDR
exceeding the Republic of Indonesia's local currency IDR of 'BB'
with a stable outlook.




=========
J A P A N
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FURUKAWA ELECTRIC: S&P Raises Long-Term Credit Rating to BB+
------------------------------------------------------------
Standard & Poor's Ratings Services  upgraded to 'BB+' from 'BB'
its long-term corporate credit rating on Furukawa Electric Co.
Ltd., and raised to 'BBB-' from 'BB+' its long-term senior
unsecured debt rating on the company.  The upgrades are based on
expectations that Furukawa will be able to maintain earnings at
an improved level, backed by its resilience to any deterioration
in the external business environment.  It has enhanced this
resilience over the past few years through cost reduction,
streamlining and business diversification, and diminished
concerns over downside risks.  The outlook on the long-term
corporate credit rating is stable.

Although Furukawa is expected to post a year-on-year decrease in
its earnings for fiscal 2007 (ending March 31, 2008), operating
income for the year is likely to exceed that of fiscal 2005.
Standard & Poor's sees only a minor concern over a material
decrease in the company's earnings over the next two to three
years.  In recent quarters, the company has seen stagnant sales
in its Light Metals segment due to a falloff in demand for its
lucrative thick plate products, which are used in LCD and
semiconductor manufacturing equipment.  It also faces increased
pressure on earnings from a surge in fuel and raw material
prices, and stagnant demand in the Japanese optical fiber
cable market.  All of these factors have contributed to the
company's forecast of decreased earnings in fiscal 2007.

Conversely, the company's overall earnings are supported by its
favorable performance in the overseas optical fiber cable
business and steady performance in the Metals, Energy and
Industrial Products, and Electronics and Automotive Systems
segments. The company's earnings remain sensitive to
fluctuations in the price of bare metals, such as copper and
aluminum.

However, the company's resilience to changes in the market
environment has steadily improved through company efforts to
diversify its businesses, keep reducing costs, and focus on
high-value-added products.

In line with its enhanced resilience, Furukawa's financial
profile has improved and is unlikely to deteriorate materially
over the next two to three years.  The ratio of funds from
operation (FFO) to net debt and the ratio of net debt to capital
improved to about 19% and 54%, respectively, as of
March 31, 2007 from 11% and 57% as of March 31, 2006.  Free cash
flow may turn negative in fiscal 2007, but this would be partly
offset by a downward revision in capital expenditures, and as a
result, total debt is unlikely to increase materially.  Although
the ratios are expected to deteriorate slightly, they are likely
to remain steady.

The rating on the long-term senior unsecured bonds issued by
Furukawa Electric is one notch higher than the long-term
corporate credit rating on the company.  This reflects Standard
& Poor's assumption that bondholders would incur no default
losses, as any default by the company would take the form of
a loan waiver, rather than bankruptcy.  As a result, the default
probability on the long-term senior unsecured bonds is lower
than that on bank borrowings. The bond rating reflects the
company's relatively high exposure to bank borrowings and close
relationship with its main creditor banks.

Ratings List        Upgraded; CreditWatch/Outlook Action

                                  To                 From
Furukawa Electric
(Unsolicited Ratings)
Corporate Credit Rating      BB+/Stable/--      BB/Positive/--

Senior Unsecured
Local Currency                   BBB-               BB+


IHI CORP: S&P Revises Outlook to Negative; Affirms 'BB+' Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on the
long-term corporate credit rating on IHI Corp. to negative from
stable, reflecting growing expectations that the company's
steady earnings recovery would be delayed, following the Tokyo
Stock Exchange's announcement that it will place the company's
stock on "alert status."  The outlook change also reflects
concerns that the company's financial flexibility will be
constrained to some extent by this action.  At the same time,
Standard & Poor's affirmed its 'BB+' long-term corporate credit
and 'BBB-' long-term senior unsecured issue ratings on the
company.

Since revising the outlook on the rating to stable from positive
on Oct. 1, 2007, Standard & Poor's has continued to monitor
closely IHI's financial control system and its earnings
expectations.  On Feb. 9, 2008, the TSE announced that it would
remove IHI's stock from the "supervision post" and place it on
alert status.  The TSE's action could impact IHI's business
performance negatively by affecting both its competitive
position and order intake levels over the next two to three
years.  This, in turn, may lead to a delay in the company's
stable earnings recovery.  The action of the TSE could also have
an effect on IHI's financial flexibility to a certain extent.

The placement of IHI's stock on alert status came after the TSE
concluded that the company needed to improve its internal
financial control systems in the absence of both a reliable
internal control system and a mechanism to adequately address
the issues facing its Energy and Plant Operations segment.
Under the alert status, IHI is required to submit a report on
improvements to its internal financial control systems within a
year.  If the TSE determines that the company's internal control
system has improved, IHI's stock would be removed from alert
status and be relisted on the first section of the TSE.

The TSE's conclusion that IHI is no longer subject to delisting
is a positive rating factor.  However, Standard & Poor's
believes that the placement of IHI's stock on alert status could
work against the company's business.  This is particularly true
in regards to the company's overseas business, which IHI has
positioned as an operational area of growth.  The TSE's decision
may weaken the company's competitiveness and reduce its chances
of winning additional large-scale projects.  In addition, the
decision could constrain IHI's financial flexibility to some
extent, given that current severe conditions in financial
markets are making the job of securing funding increasingly
difficult.  The TSE's action is also likely, in some instances,
to cause a shift in the lending stance of financial institutions
toward the company.  In spite of the fact that IHI has no urgent
need for such funding, these factors will increase the
likelihood of a delay in a stable recovery of its earnings.

Key challenges for IHI will be to accelerate improvements to its
internal financial control systems, including risk management
systems, and to convince the TSE in advance of the 12-month
deadline that its financial controls are sound enough to be
removed from alert status.  The ratings on IHI may come under
downward pressure if the likelihood of a stable earnings
recovery further decreases due to delays in the improvement of
business performance in its less profitable segments and
increased concerns over a deteriorating financial profile.

The rating on IHI's long-term senior unsecured debt is one notch
higher than the long-term corporate credit rating. This reflects
the lower default risk of the company's debt than its bank loans
based on the expectation for debt forgiveness by creditor banks
in case of default.


INTELSAT LTD: Fitch Pares Issuer Default Rating to CCC from B
-------------------------------------------------------------
Fitch Ratings has downgraded the issuer default rating of
Intelsat, Ltd. to 'CCC' from 'B'.  In addition, Fitch has
removed Intelsat from rating watch negative, where the ratings
were placed on June 20, 2007.  Fitch is also withdrawing all
existing ratings of Intelsat and its subsidiaries.

These ratings are downgraded and withdrawn:

    Intelsat, Ltd.

        -- Issuer Default Rating (IDR) to 'CCC' from 'B';
        -- Senior unsecured notes to 'CC/RR6' from 'CCC/RR6'.

    Intelsat (Bermuda), Ltd. (debt transferred to Intelsat
     Jackson Holdings)

        -- IDR to 'CCC' from 'B';
        -- Senior unsecured guaranteed notes to 'B-/RR2' from
           'BB-/RR2';
        -- Guaranteed Term Loan to 'B-/RR2' from 'BB-/RR2';
        -- Senior unsecured non-guaranteed notes to 'CCC-/RR5'
           from 'CCC+/RR6'.

    Intelsat Intermediate Holding Company, Ltd.

        -- IDR to 'CCC' from 'B';
        -- Senior unsecured discount notes to 'CCC-/RR5' from
           'B-/'RR5'.

    Intelsat Subsidiary Holding Company, Ltd.

        -- IDR to 'CCC' from 'B';
        -- Senior secured credit facilities to 'B/RR1' from
           'BB/RR1';
        -- Senior unsecured notes to 'B-/RR2' from 'BB-/RR2'.

    Intelsat Corporation (f/k/a PanAmSat Corporation)

        -- IDR to 'CCC' from 'B';
        -- Senior secured credit facilities to 'B/RR1' from
           'BB/RR1';
        -- Senior secured notes to 'B/RR1' from 'BB/RR1';
        -- Senior unsecured notes to 'CCC+/RR3' from 'B/RR4'.

Fitch did not rate the US$4.96 billion acquisition debt,
represented by the senior bridge loan and PIK election bridge
loan, assigned to and assumed by Intelsat (Bermuda).

Fitch's action follows the acquisition by funds controlled by
private equity firm BC Partners and certain other investors in a
highly leveraged transaction.  The transaction increased debt by
approximately US$3.7 billion, resulting in pro forma debt-to-
EBITDA of approximately 9.4 times based on the last 12 months
EBITDA as of Sept. 30, 2007.

Intelsat has sales offices in Australia, China, Japan, and
Singapore.


MIZUHO FINANCIAL: To Form Investment Vehicle with Tata Capital
--------------------------------------------------------------
Mizuho Financial Group Inc. and Tata Capital Plan will form a
venture in investment banking, private equity and wealth
managenet, Bloomberg News reports.

Bloomberg, citing Tata's e-mailed statement, relates that the
two companies have signed a preliminary agreement to cooperate
on buyout investments and cross-border mergers and acquisitions.

Mizuho's decision to tie-up with Tata is spurred by declining
lending in the country.  Many Japanese financial institutions
have sought partnerships with companies in expanding Asian
economies to counter the local decline, the same report says.

               About Mizuho Financial Group

Headquartered in Tokyo, Japan, Mizuho Financial Group, Inc.
-- http://www.mizuho-fg.co.jp/english/-- is a financial
institution.  The company primarily is engaged in the banking,
trust, securities, asset management and credit card businesses,
as well as the investment advisory business.

Through its subsidiaries, Mizuho Financial Group also is engaged
in the consulting, system management, credit guarantee,
temporary staffing and office work businesses, among others.
Its main subsidiaries and associated companies include Mizuho
Bank, Ltd., Mizuho Trust & Banking Co. (USA), Mizuho Trust
& Banking (Luxembourg) SA, Mizuho Corporate Bank, Ltd., Mizuho
Trust & Banking Co., Ltd., Mizuho Private Wealth Management Co.,
Ltd., Mizuho Financial Strategy Co., Ltd., Mizuho Capital
Markets Corporation, Mizuho Securities Co., Ltd., Mizuho Bank
Switzerland Ltd., Mizuho International plc., Mizuho Securities
USA, Inc. and Mizuho Investors Securities Co., Ltd.  The company
has 130 consolidated subsidiaries and 19 associated companies.

The Troubled Company Reporter - Asia Pacific reported on
November 28, 2005, that Moody's Investors Service upgraded to D+
from D- the bank financial strength ratings of the banks in the
Mizuho Financial Group -- Mizuho Bank, Ltd.; Mizuho Corporate
Bank, Ltd.; and Mizuho Trust & Banking Co., Ltd.

Additionally, on February 8, 2006, Fitch Ratings assigned a C
individual rating to Mizuho Financial.

The company expects up to JPY250 billion in losses stemming from
the United States subprime mortgage crisis for the fiscal year
ending in March 2008 instead of the JPY170 billion forecast at
the end of September 2007.


NEC ELECTRONICS: Beefs Up Early Retirement Incentive Offer
----------------------------------------------------------
NEC Electronics Corp. has offered higher financial offer for
those employees who'll opt for an early retirement, Bloomberg
News reports.  Terms of the offer were not disclosed.

There are about 500 applicants who are expected to take up the
offer, resulting to about JPY5 billion in costs for NEC.

Headquartered in Kanagawa, Japan, NEC Electronics Corporation
-- http://www.necel.com/-- specializes in semiconductor
products encompassing advanced technology solutions for the
high-end computing and broadband networking markets, system
solutions for mobile handsets, PC peripherals, automotive and
digital consumer markets, and multiple market solutions for a
wide range of customer applications.  NEC Electronics
Corporation has 26 subsidiaries worldwide, including NEC
Electronics America, Incorporated and NEC Electronics (Europe)
GmbH.

The company has posted quarter losses of JPY5.75 billion,
JPY28.35 billion, JPY1.32 billion, and JPY1.70 billion, for the
third quarter of 2007, fourth quarter of 2007, first quarter of
2008, second quarter of 2008, respectively.


SAPPORO HOLDINGS: Steel Partners Says Bid Won't Harm Investors
--------------------------------------------------------------
Steel Partners Japan said that its takeover proposal for Sapporo
Breweries Ltd. won't harm shareholders; interests, as opposed to
claims made by a Sapporo Holdings Ltd. panel studying the bid,
The Japan Times reports.

Sapporo's panel refused takeover talks with Steel Partners Japan
Strategic Fund (Offshore), L.P., the local unit of the U.S.
hedge fund on grounds that the deal is detrimental to
stakeholders' interests.  The panel added that Sapporo failed to
properly outline its turnaround plans for the brewery.  The
refusal prompted the U.S. hedge fund to issue a response saying
that the panel's fears are "not supported by facts."

"We believe that the biggest risk of damage to the company's
corporate value and harm to the common interests of its
shareholders and stakeholders stems not from SPJSF or the
proposed acquisition, but from the continued path the committee
and board is currently following, as opposed to allowing
shareholders to decide for themselves whether to accept or
reject SPJSF's offer," Warren Lichtenstein, managing partner of
Steel Partners Japan, wrote in the letter, the Times relates.

According to the same paper, Steel Partners holds 17.52 stake in
the brewery, making it its largest shareholder.

Sapporo's board of directors, taking into account the panel's
recommendations, will decide on the takeover offer by March 5.
After which, a shareholder's meeting will ultimately decide the
outcome of the offer.

           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%.

                   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.


UBE INDUSTRIES: Moody's Ups Sr. Unsecured Debt Rating to Baa3
-------------------------------------------------------------
Moody's Investors Service has upgraded the senior unsecured debt
rating of Ube Industries, Ltd. (Ube) to Baa3 from Ba1.  The
rating outlook is stable.  The action concludes the review
initiated on November 22, 2007.

The rating action reflects Moody's view that the company's
overall credit profile is improving, supported by successful
reinforcement of its business portfolio and management's strong
commitment to further improve its financial fundamentals.  The
rating also reflects that the company will be able to maintain
stable earnings and cash flow at a level higher than ever
through the cycle over the medium term.

Ube has steadily reinforced its profitability by restructuring
its diversified business portfolio, covering chemicals,
specialty products, pharmaceutical products, fine chemicals,
construction materials, machinery, and aluminum wheels, all of
which have different product cycles facing different competitive
market environments.  Each business in which the company has a
strong market position -- globally and in Asia -- such as
caprolactam, nylon resins, polyimide for electronic material
uses, synthetic rubber, and battery materials, is helping
improve earnings, despite difficult external factors such as
hikes in the cost of fuel and raw materials. Ongoing new product
development in fine chemicals and pharmaceuticals areas also
supports overall earnings growth.

In addition, despite the maturity of the domestic construction
market, Ube's cement and construction materials business remains
a stable cash flow contributor through the economic cycle,
sustained by an improving cost structure especially in cement
business, resulting from the expanded use of various types of
industrial wastes for fuel and raw materials in addition to
lower capital expenditure needs originally.  As a result, the
company expects to attain operating profit of JPY51 billion and
an operating profit margin of 7.3% for FYE3/2008, historically
high numbers.

Ube is still struggling to fully restore its aluminum wheels
business in North America.  However, the negative impact on its
overall earnings and cash flow should be limited and manageable,
as the company has already taken major necessary restructuring
actions, accompanied by heavy losses, over the last few years.
Overall, the aluminum wheels business should improve gradually
over the medium to long term, backed by the company's ongoing
restructuring, in Moody's view.

At the same time, Ube's financial fundamentals have improved,
due to management's strong commitment. Under its current medium-
term business plan, the company plans to contain its capital
expenditure within depreciation costs and to use surplus cash to
reduce debt -- a high priority.  Moody's believes that Ube will
maintain its current financial policy and that its balance sheet
will continue to improve over the medium term.

Ube Industries, Ltd., headquartered in Yamaguchi, is a leading
manufacturer of caprolactam and derivatives, including nylon
resin.  Its businesses are diversified into chemicals, specialty
products, pharmaceutical products, fine chemicals, construction
materials, machinery, aluminum wheels, and others.  Consolidated
sales for fiscal year ending March 2007 were JPY655.6 billion.

                        *     *     *

This concludes the Troubled Company Reporter-Asia Pacific's
coverage of Ube Industries until facts and circumstances, if
any, emerge that demonstrate financial or operational strain or
difficulty at a level sufficient to warrant renewed coverage.


* JAPAN: Moody's Says J-REITs' Credit Quality Remains Stable
------------------------------------------------------------
Although the REIT equity market has entered an unprecedented
correction phase, the credit quality of our 22 rated Japanese
REITs (J-REITs) has not so far been threatened by weakening
share prices, comments a new report by Moody's Investors
Service, "Japan Real Estate Investment Trusts: How Ongoing
Volatility in the REIT Equity Market Can Affect the
Creditworthiness of REIT Debt."

"J-REITs are not experiencing difficulties in borrowing or in
maintaining management flexibility," says Takuji Masuko, Moody's
VP-Senior Credit Officer and author of the report. "Thus,
ongoing share price volatility is having a limited impact on the
ratings, as long as REITs maintain conservative financial
management."

"The growth phase -- during which the share prices of REITs rose
across the board -- has come to an end, with most REITs
suffering severe price declines towards the end of 2007; the
ongoing correction, which has affected the entire Japanese REIT
market, is the first-ever."

The report also notes that REIT share prices are affected not
only by a REIT's fundamentals, but also by the short-term supply
and demand balance. Therefore, ratings that measure medium- and
long-term credit do not move in tandem with short-term share
price trends.

Still, Moody's anticipates that many REITs will seek and launch
measures to address the ongoing decline in share prices, so as
to strengthen their funding abilities in the equity market,
given the adverse effect on their portfolio growth strategies.

"Because Japanese tax law allows REITs very limited internal
reserves, financing through both the equity and debt markets is
something of a balancing act; stable management and sustainable
growth are achievable only when both types of financing are
working in tandem. For the sake of credit ratings, such measures
require close observation of the effects on credit from medium-
and long-term standpoints."




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


DAEWOO: Adjusts Conversion Price of Convertible Bonds
-----------------------------------------------------
Daewoo Electronic Components Co. Ltd. has adjusted the
conversion price of its 37th, 38th and 39th convertible bonds,
Reuters Investing Keys reports.

According to the report, the bonds price are changed from
KRW7,180, KRW8,440 and KRW6,720 per share to KRW7,120, KRW8,360
and KRW6,660 per share, respectively.

The changing of the bonds' prices to effect on Feb. 11, 2008,
the report adds.

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

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

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

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


SSAMZIE CO: Converts 10th Convertible Bonds into Shares
-------------------------------------------------------
Ssamzie Co. Ltd.'s 10th convertible bonds have been converted
for 3,112 shares of the company at the conversion price of
KRW1,285 per share, Reuters Investing Keys reports.

According to the report, this brings the total number of the
company's outstanding common shares to 20,933,551.

The listing date of the new shares was on January 31, 2008, the
report adds.

SSAMZIE Co., Ltd. specializes in the manufacturing, designs and
sale of leather goods, cloths, hats and accessories.  The
company provides bags, wallets, shoes, hats, clothes and
accessories under house brands such as SSAMIE, ISSAC, nom, GILI,
SSAMZIE SPORT, SSAM, DALKI and acupuncture.  Its target
customers include teenagers and people in their mid-twenties.
The company sells its products through stores, department stores
and Internet shopping mall.  It has stores in the United States,
the United Kingdom and China.

The company currently carries Korea Investors Service's BB
issuer rating.




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


LITYAN HOLDINGS: Bourse Extends Plan Filing Period to April 5
-------------------------------------------------------------
The Appeals Committee of Bursa Securities has granted Lityan
Holdings Berhad an extension of time until April 5, 2008, to
submit its regularization plans to the Securities Commission and
other relevant authorities for approvals.  The decision of the
Bourse was due to these developments:

   * Lityan had on December 6, 2007, announced a new
     restructuring scheme;

   * the company had secured and/or tendered for several
     projects/contracts to turn around and improve its financial
     performance; and

   * Lembaga Tabung Haji, a major shareholder of the company had
     provided an undertaking to subscribe in full the proposed
     special issue of the company's shares which forms part of
     the company's new restructuring scheme.

The Appeals Committee had also decided that:

   (a) in the event Lityan submits its regularization plans to
       the Approving Authorities by the Extended Time Frame,
       Bursa Securities will await the outcome of Lityan's
       submission;

   (b) in the event Lityan fails to obtain the Approving
       Authorities' approval and appeals against the decision of
       the Approving Authorities, Bursa Securities will await
       the outcome of Lityan's appeal to the Approving
       Authorities; and

   (c) Lityan must proceed to implement its regularization plans
       expeditiously within the timeframe or extended timeframes
       stipulated by the Approving Authorities in the event it
       obtains all authorities' approval necessary for the
       implementation of its regularization plans or if it
       succeeds in its appeal to the Approving Authorities.

Bursa Securities will commence to de-list the securities of
Lityan in the event:

   * Lityan fails to submit its regularization plans to the
     Approving Authorities for approval by the Extended Time
     Frame;

   * the company fails to obtain the approval from any of the
     Approving Authorities necessary for the implementation of
     its regularization plans and does not appeal to the
     Approving Authorities within the timeframe prescribed to
     lodge an appeal;

   * Lityan does not succeed in its appeal against the decision
     of the Approving Authorities; and

   * Lityan fails to implement its regularization plans within
     the timeframe stipulated by the Approving Authorities.

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

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


OCI BERHAD: Court Grants Petition for Restraining Order
-------------------------------------------------------
On February 6, 2008, the High Court of Malaya at Kuala Lumpur
approved OCI Berhad's application for restraining order via
Petition No D6-24-16-2008, under Section 176 of the Companies
Act 1965.

The restraining order provides for all proceedings against OCI,
which included acceptance, summarization, implementation and
proceedings deliberate to be postponed for 90 days from the date
of the order was given except with the permission of the High
Court.

OCI Berhad manufactures adhesives used in the production of
shoes for the footwear, toy making, building/construction,
automotive, furniture and packaging industries. OCI manufactures
and markets a range of sealants and adhesives for various
consumer and industrial purposes in 70 countries around the
world.  On January 24, 2006, the Company disposed off its entire
51% equity interest in Tongyong Resin Chemical Industry Co. Ltd.

The company is an affected listed issuer as Ernst & Young
expressed substantial doubt regarding the company's ability to
continue as a going concern after having audited the company's
financial statements for the year ended June 30, 2007.  The
auditor points to the company's losses and, together with its
subsidiaries, the default on the repayment of various financial
obligations.


SELOGA HOLDINGS: Bourse Grants Until April 14 to Submit Plan
------------------------------------------------------------
In a report by the Troubled Company Reporter-Asia Pacific on
Dec. 14, 2007, Seloga Holdings Berhad submitted an appeal to
Bursa Malaysia Securities Berhad, on its decision to delist the
company's securities from its Listing Requirement.  In an
update, Bursa Securities has granted the company's appeal
against its de-listing.  At the same time, Seloga was given
until April 14, 2008, to submit its regularization plans to the
Securities Commission and other relevant authorities.

Bursa Securities further decided that in the event:

   i) Seloga submits the regularization plans to the Approving
      Authorities by the Extended Time Frame, Bursa Securities
      will await the outcome of Seloga's submission; and

  ii) Seloga fails to obtain the Approving Authorities' approval
      and appeals against decision of the Approving Authorities,
      Bursa Securities will await the outcome of Seloga's appeal
      to the Approving Authorities.

It was also indicated in the letter of Bursa Securities that
Seloga must proceed to implement its regularization plans
expeditiously within the timeframe or extended timeframes
stipulated by the Approving Authorities.

Bursa Securities will commence to de-list the securities of the
company in the event:

   * Seloga fails to submit its regularization plans to the
     Approving Authorities for approval by the Extended Time
     Frame;

   * the company fails to obtain the approval from any of the
     Approving Authorities necessary for the implementation of
     its regularization plans and does not appeal to the
     Approving Authorities within the timeframe prescribed to
     lodge an appeal;

   * Seloga does not succeed in its appeal against the decision
     of the Approving Authorities; and

   * Seloga fails to implement its regularization plans within
     the timeframe stipulated by the Approving Authorities.

                   About Seloga Holdings

Headquartered in Selangor Darul Ehsan, Malaysia, Seloga Holdings
Berhad's -- http://www.seloga.com.my/-- principal activities
are the provision of civil engineering contracting services,
property development, provision of insurance agency services and
investment holding. Other activities include mechanical and
electrical engineering contracting services and manufacture of
timber moldings. The Group operates predominantly in Malaysia.

The company is currently classified under the PN-17 list of
Companies under the Bursa Malaysia Securities Bhd.




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


ADVANCED LININGS: Names Shephard & Dunphy as Liquidators
--------------------------------------------------------
On January 25, 2008, the shareholders of Advanced Linings
Limited appointed Iain Bruce Shephard and Christine Margaret
Dunphy as the company's liquidators.

The liquidators can be reached at:

          Iain Bruce Shephard
          Christine Margaret Dunphy
          c/o Shephard Dunphy Limited
          Zephyr House, Level 2
          82 Willis Street, Wellington
          New Zealand
          Telephone:(04) 473 6747
          Facsimile:(04) 473 6748


ASSET MANAGEMENT: Subject to CIR's Wind-Up Petition
-----------------------------------------------------
On October 17, 2007, the Commissioner of Inland Revenue filed a
petition to have Asset Management & Logistics Ltd.'s operations
wound up.

The petition will be heard before the High Court of Wellington
at 10 a.m. today.

The CIR's solicitor is:

          Amy Jean York
          c/o Inland Revenue Department
          Legal and Technical Services
          7-27 Waterloo Quay
          PO Box 1462, Wellington
          New Zealand
          Telephone:(04) 890 3203
          Facsimile:(04) 890 0009


CONCRETE BUILDING: Court to Hear Wind-Up Petition on March 12
-------------------------------------------------------------
A petition to have Concrete Building & Earthmoving Contractors
Ltd.'s operations wound up will be heard before the High Court
of Auckland on March 12, 2008, at 10:00 a.m.

Magrill Investments Limited filed the petition on Dec. 11, 2007.

Magrill Investments' solicitor is:

          Graeme Skeates
          Graeme Skeates Law
          5 Maidstone Street
          Ponsonby, Auckland
          New Zealand


GLASS EARTH: Closes Second & Final Tranche of Private Placement
---------------------------------------------------------------
Glass Earth Gold Limited has closed the second and final tranche
of a non-brokered private placement originally announced on
November 1, 2007.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 5, 2007, Glass Earth undertook a private placement
financing for gross proceeds of CND5 million.  The proceeds from
the financing will principally be used to set drilling of
targets within Glass Earth's Exploration Permits in the Central
Volcanic Region in the North Island.

According to the company, a total of 2,860,000 units at a price
of CND0.20 per unit have been issued for gross proceeds of
CND572,000.  Each unit consists of one common share priced at
CND0.20 and one-half of one share purchase warrant.  Each whole
warrant entitles the holder to purchase one additional common
share at a price of CND0.30 until Jan. 29, 2010.  All the
securities are subject to a hold period and may not be traded
until May 30, 2008.

Glass Earth's major shareholder, St. Andrew Goldfields Limited,
agreed to allow all other parties subscriptions to be accepted
first.  Accordingly, St Andrew Goldfield's previous 50.2% equity
in Glass Earth has reduced to 42.4%.

Glass Earth Ltd, now known as Glass Earth Gold Ltd --
http://www.glassearthlimited.com/-- and its subsidiaries'
principal activity is the exploration for and mining of gold
deposits in New Zealand.  Glass Earth has established a large
portfolio of gold prospecting and exploration permits in New
Zealand, including advanced gold prospects in the Hauraki-Waihi
area; advanced and greenfields gold prospects at the Mamaku-
Muirs Reef area between Rotorua and Tauranga; Greenfield gold
prospects in the Central Volcanic Region between Rotorua and
Taupo, and advanced and greenfields gold prospects in the Otago
mesothermal gold fields, including priority over a 20,550km2
prospecting permit area which it believes is prospective for
Macraesstyle gold mineralisation.

All Glass Earth's business operations are owned and managed by
its New Zealand subsidiaries Glass Earth (New Zealand) Limited
and HPD New Zealand Limited.  As of December 27, 2006, St Andrew
Goldfields Ltd. held approximately 50.2% interest in the
company.

As of June 30, 2007, the company booked a deficit of
CND3,422,000, compared with the CND1,953,000 deficit as of
May 31, 2006.


J C P CONTRACTING: Taps Shephard & Dunphy as Liquidators
--------------------------------------------------------
Iain Bruce Shephard and Christine Margaret Dunphy of Shephard
Dunphy Limited were appointed liquidators of J C P Contracting
Ltd. on January 25, 2008.

The liquidators can be reached at:

          Iain Bruce Shephard
          Christine Margaret Dunphy
          c/o Shephard Dunphy Limited
          Zephyr House, Level 2
          82 Willis Street, Wellington
          New Zealand
          Telephone:(04) 473 6747
          Facsimile:(04) 473 6748


JANE DAWSON: Taps Parsons & Kenealy as Liquidators
--------------------------------------------------
On January 28, 2007, Dennis Clifford Parsons and Katherine
Louise Kenealy were named liquidators of Jane Dawson Ltd.

The liquidators can be reached at:

          Dennis Clifford Parsons
          Katherine Louise Kenealy
          Indepth Forensic Limited
          PO Box 278, Hamilton
          New Zealand
          Telephone:(07) 957 8674
          Website: http://www.indepth.co.nz


JK HORTICULTURE: Court Taps Madsen-Ries & Vance as Liquidators
--------------------------------------------------------------
On January 30, 2008, the High Court at Napier appointed Vivien
Judith Madsen-Ries and David Stuart Vance as the liquidators of
JK Horticulture Contracting Services Ltd.

Messrs. Madsen-Ries and Vance are accepting creditors' proofs of
debt until March 5, 2008.

The liquidators can be reached at:

          Vivien Judith Madsen-Ries
          David Stuart Vance
          PPB McCallum Petterson
          Forsyth Barr Tower, Level 11
          55-65 Shortland Street
          Auckland
          New Zealand
          Telephone:(09) 336 0000
          Facsimile:(09) 336 0010


RODNEY ELECTRICAL: Names Parsons & Kenealy as Liquidators
---------------------------------------------------------
On January 31, 2008, Dennis Clifford Parsons and Katherine
Louise Kenealy were named liquidators of Rodney Electrical
(1990) Ltd.

The liquidators can be reached at:

          Dennis Clifford Parsons
          Katherine Louise Kenealy
          Indepth Forensic Limited
          PO Box 278, Hamilton
          New Zealand
          Telephone:(07) 957 8674
          Web site: http://www.indepth.co.nz


RUAHINE TRADING: Appoints Shephard & Dunphy as Liquidators
----------------------------------------------------------
On January 29, 2008, the shareholders of Ruahine Trading Ltd
appointed Iain Bruce Shephard and Christine Margaret Dunphy as
the company's liquidators.

The liquidators can be reached at:

          Iain Bruce Shephard
          Christine Margaret Dunphy
          c/o Shephard Dunphy Limited
          Zephyr House, Level 2
          82 Willis Street, Wellington
          New Zealand
          Telephone:(04) 473 6747
          Facsimile:(04) 473 6748


STONEY BRIDGE: Wind-Up Petition Hearing Set for Feb. 21
-------------------------------------------------------
The High Court of Auckland will hear on February 21, 2008, at
10:00 a.m., a petition to have Stoney Bridge Ltd.'s operations
wound up.

The petition was filed by the Commissioner of Inland Revenue on
August 20, 2007.

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
          Telephone:(09) 336 7556)


TAKAKA TOWERS: Appoints Parsons & Kenealy as Liquidators
--------------------------------------------------------
On January 28, 2008, Dennis Clifford Parsons and Katherine
Louise Kenealy were named liquidators of Takaka Towers Limited.

The liquidators can be reached at:

          Dennis Clifford Parsons
          Katherine Louise Kenealy
          c/o Indepth Forensic Limited
          PO Box 278, Hamilton
          New Zealand
          Telephone:(07) 957 8674
          Web site: www.indepth.co.nz


TOLOLI KITCHENER: Court to Hear Wiind-Up Petition on February 21
----------------------------------------------------------------
A petition to have Tololi Kitchener St Ltd.'s operations wound
up will be heard before the High Court of Auckland on Feb. 21,
2008, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition on
August 20, 2007.

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
          Telephone:(09) 336 7556)




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


CHINA BANKING: CI Upgrades Financial Strength Rating to BBB-
------------------------------------------------------------
Credit rating agency Capital Intelligence has upgraded the
financial strength of China Banking Corporation from BB+ to
BBB-.  It also upgraded the Bank's outlook from "negative" to
"stable".  The rating was China Bank's second rating upgrade in
two years, from BB- to BB+ in January 2006.

The CI report, dated December 2007, explained that the upgrade
to BBB- was given based on China Bank's "good asset quality,
comfortable liquidity, and high profitability."  The report also
noted that "asset quality remains good with a high loan-loss
coverage ratio," while "capital adequacy remains solid following
the adoption of Basel II standards."  China Bank's total assets
in 2006 exceeded PHP155 billion and total deposits reached over
PHP125 billion.  The Bank's high profitability, posting a record
PHP3.5 billion in net income in 2006, is one of the major
drivers of the rating upgrade.

The positive ratings were underpinned by China Bank's sustained
loan growth and profitability, solid capital adequacy, stable
asset quality, and larger branch network following the
acquisition of Manila Bank.

The upgrade from CI follows the recent affirmation of Fitch
Ratings of its National Rating of AA-, one of the best ratings
in the industry.

"The upgrade from CI is further confirmation that China Bank is
among the strongest and most stable banks in the country today,"
said Ricardo R. Chua, Executive Vice President and Chief
Operating Officer of China Bank.  "Both major credit rating
agencies rated China Bank as a very stable bank.  For us, this
is not just recognition of our strong financial performance but
also a positive acknowledgment of our sound management
practices."

According to the CI report, "through prudent and professional
management, China Bank has accumulated significant capital."  At
the end of 2006, China Bank's capital stood at almost
PHP25 billion, with a robust Capital Adequacy Ratio of 23.68%.
The bank is the fifth largest bank in the Philippines in terms
of capital.

The report also cited China Bank's aggressive move to expand its
branch network to maintain market share amidst stiff
competition, referring to the 30 domestic branches to be opened
and the acquisition of Manila Bank which will further boost the
branch count by 75.  The report stated "CI expects China Bank's
profit to pick up higher growth when the additional branches
become operational."

The report further noted the Bank's strategy of expanding into
new business -- remittances, bancassurance and private banking -
- to broaden the sources of revenues leading to improved
stability and profitability.

CI alluded to China Bank's increased efforts to tie up with more
remittance centers and exchange houses worldwide, the Bank's
joint venture with insurance giant Manulife, and the recently-
established Private Banking Group to handle the bank's affluent
clients.

"China Bank seeks to steadily diversify its revenue mix by also
growing outside its core businesses," said Chua.  Aside from
remittance, bancassurance, and private banking, the Bank is
aggressively pursuing the strengthening of its consumer loans,
trust, and treasury operations, besides investing heavily in new
technology to streamline processes and improve client servicing.
China Bank, established in 1920, is the first privately-owned
commercial bank in the Philippines.  It is likewise the first
bank in Southeast Asia to process deposit accounts on-line in
1969 and the first Philippine bank to offer phone banking in
1988.

China Bank provides a wide range of banking services
through its almost 200 branches and over 250 ATMs nationwide.
Capital Intelligence has been providing credit analysis and
ratings since 1985, and now rates over 340 financial
institutions and corporates in 38 countries.

A specialist in emerging markets, CI's geographical coverage
includes the Middle East, the wider Mediterranean region,
Central and Eastern Europe, South Asia, South-East Asia, the Far
East, and North and South Africa.

                        *     *     *

The bank's long-term issuer default carries Fitch's BB rating.


VICTORIAS MILLING: Discloses Result of Stockholders' Meeting
------------------------------------------------------------
At the Feb. 5, 2008 Annual Stockholders' Meeting of Victorias
Milling Company, Inc., these members were elected to the board:

Representing the Existing Stockholders:

   1. Abelardo E. Bugay
   2. Norberto B. Capay
   3. Wilson T. Young

Representing the Secured Creditors:

   4. Anna Rosario V. Paner

Representing the Creditors with Debt Conversion (Unsecured
Creditors):

   5. Cecilia C. Borromeo
   6. Jose M. Chan, Jr.
   7. Jaime C. Laya
   8. Omar Byron T. Mier
   9. Armando O. Samia
  10. Hubert D. Tubio

Representing the Joint Venture Partner:

  11. Mariano C. Tanenglian

After the election, an organizational meeting of the board was
held where eight directors were duly nominated and elected to
these posts:

   1. Omar Byron T. Mier - Chairman of the Board of Directors
   2. Jose M. Chan, Jr. - Vice Chairman
   3. Abelardo E. Bugay - President
   4. Cecilia C. Borromeo - Treasurer
   5. Santiago T. Gabionza, Jr. - Corporate Secretary
   6. Eva A. Vicencio-Rodriguez - Compliance and Information
      Officer
   7. Teresita V. Ilagan - Controller
   8. Nilo Florcruz - Vice President for Manufacturing

The authority to appoint the external auditor was delegated to
the board.

Headquartered in Victorias City, Negros Occidental, Victorias
Milling Company Inc. -- http://www.victoriasmilling.com/-- was
organized in 1919 and is engaged in the acquisition,
construction, maintenance and operation of sugar mills, as well
as other related business activities.  Through the years, the
company has expanded its operations to include a foundry, a
machine shop, a fabrication shop, a food canning company, an
organic fertilizer plant and a piggery.

On July 4, 1997, the company filed an application with the
Securities and Exchange Commission to suspend payments to
creditors.  On July 8, 1997, the SEC issued a stay order
restraining all Victorias Milling creditors or any of its
subsidiaries from enforcing their claims, to allow the company
or any of its subsidiaries to continue to their normal business
operations.  The SEC also ordered the formation of a Management
Committee to oversee the company's operations and
rehabilitation.

The company is currently undergoing debt restructuring.

                    Going Concern Doubt

After auditing the company's FY2007 financial statements,
Bonifacio M. Lumacang Jr., a partner at Manabat Delgado Amper &
Co., raised significant doubt on the company's ability to
continue as a going concern.

Mr. Lumacang said that:

    * The company has an accumulated deficit of PHP3.4 billion
      and PHP3.6 billion as of August 31, 2007 and August 31,
      2006, respectively.

    * The company also has a capital deficiency of
      PHP1.8 billion and PHP1.9 billion as of Aug. 31, 2007 and
      Aug. 31, 2006, respectively.

The company also defaulted in its payments to creditors.


* PHILIPPINES: Banks Face Better Prospects, Moody's Says
--------------------------------------------------------
Improvements in the Philippine economy have lessened the
downward pressure on the country's banks' financial
fundamentals, according to a new report from Moody's Investors
Service.  However, the report also notes that bank credit risk
is likely to remain moderately high.

"The positive economic factors support the generally stable and
in some cases positive ratings outlook on the nine Moody's-rated
Philippine banks," says Richard Lung, author of the report and
VP/Senior Analyst at Moody's, noting that the rating agency sees
a stable outlook for the average D financial strength rating for
the banks.

"Nevertheless, although strengthening, these banks' financial
fundamentals continue to be burdened by the non-performing
assets which were accumulated during the last down cycle," says
Lung.  "Moreover, the efficacy of the new risk management
systems and governance structures introduced over the past few
years has yet to be fully tested, while fiscal resource
constraints will continue to limit the degree and type of
assistance available to troubled institutions."

The report also notes that while the outlook on the banks'
financial strength ratings is generally stable, the outlook for
the foreign currency deposit and debt ratings of eight of the
nine banks was raised to positive from stable in January of this
year.  These ratings actions reflect the change in the outlook
for the country's foreign currency debt and deposit ceilings, as
this development could potentially ease constraints on the
banks' external ratings in the future.

Furthermore, according to the report, several structural factors
will cap the upside potential of the bank ratings, including a
declining interest rate environment which will constrain banks'
ability to achieve as generous risk-adjusted returns as they
previously enjoyed.

Meanwhile expansion into new markets by the larger, healthier
banks will be limited by the country's poor credit
infrastructure and generally low level of per capita income.

Philippine banks currently rated by Moody's are the Allied
Banking Corporation, Banco de Oro Unibank, Bank of the
Philippine Islands, Development Bank of the Philippines, Land
Bank of the Philippines, Metropolitan Bank and Trust Company,
Philippine National Bank, Rizal Commercial Banking Corporation,
and United Coconut Planters Bank. Together they represent the
largest banks in the country and account for most of the banking
system's assets.




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


ENZER ELECTRONICS: Creditors' Meeting Set for February 22
---------------------------------------------------------
Enzer Electronics Pte Ltd, which is in compulsory liquidation,
will hold a meeting for its creditors at 3:00 p.m., on
February 22, 2008.  During the meeting, Tay Swee Sze at Tay Swee
Sze & Associates will provide the attendees with property
disposal and winding-up reports.

The liquidator can be reached at:

          Tay Swee Sze
          c/o Tay Swee Sze & Associates
          137 Telok Ayer Street #04-01
          Singapore 068602


HAI CHEONG: Creditors' Proofs of Debt Due on February 29
--------------------------------------------------------
Hai Cheong Co Pte. Ltd., which is in liquidation, requires its
creditors to file their proofs if debt by February 29, 2008, to
be included in the company's dividend distribution.

The company's liquidator is:

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


MINAMI ENGINEERING: Creditors to Hear Wind-Up Report on Feb. 29
---------------------------------------------------------------
Minami Engineering Asia Pte. Ltd., which is in liquidation, will
hold a meeting for its creditors at 4:00 p.m., on Feb. 29, 2008.
During the meeting, Chee Yoh Chuang and Lim Lee Meng will
provide the attendees with property disposal and winding-up
reports.

The liquidators can be reached at:

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


T2 NETWORKS: Court to Hear Wind-Up Petition on March 7
------------------------------------------------------
A petition to have T2 Networks Pte. Ltd.'s operations wound up
will be heard before the High Court of Singapore on
March 7, 2008, at 10:00 a.m.

Asia Netcom Asia Pacific Commercial Limited filed the petition
on February 1, 2008.

Asia Netcom's solicitors are:

          Belinda Ang Tang & Partners
          No. 19 Carpenter Street #03-00
          Singapore 059908


WHISTLEJACKET CAPITAL: Moody's Cuts Rating on Senior Debt to Ba2
----------------------------------------------------------------
Moody's Investors Service downgraded the ratings assigned to the
Medium Term Note and Commercial Paper programs of Whistlejacket
Capital Limited and Whistlejacket Capital LLC as:

   * Euro MTN and US MTN programs

     -- Current Rating: Ba2 on review with direction uncertain
     -- Prior rating: Aaa on review for possible downgrade

   * Euro Commercial Paper, US Commercial Paper, Euro MTN, and
     US MTN programs

     -- Current Rating: Not Prime
     -- Prior Rating: Prime-1 on review for possible downgrade

On Nov. 30, 2007 Moody's placed the ratings of the above program
on review for possible downgrade.  Standard Chartered,
Whistlejacket's manager and sponsor, announced on Jan. 31, 2008
that it would provide liquidity support to the vehicle for the
repayment of its senior debt.  After that announcement, Moody's
received proposals from Standard Chartered addressing the
implementation of the necessary facility.  Moody's had expected
the facility to be in place by the end of March 2008.

Due to the deterioration in market value of Whistlejacket's
asset portfolio, the vehicle breached its Capital Value trigger
on Feb. 11, 2008, causing an enforcement event.  The Capital
Value declined from 55% to 41% between Feb. 6, 2008, and
Feb. 11, 2008.  This corresponds to a decline from 95.13% to
93.96% in the average portfolio market value. Capital Value is a
measure of the over-collateralization available to senior debt
investors.

Following the occurrence of the enforcement event, control of
the vehicle has moved to the Security Trustee, The Bank of New
York Trust Company.  Moody's understands that the Security
Trustee has appointed Deloitte & Touche LLP as receiver.
Deloitte's mandate is to advise the Trustee on the course of
action that is in the best interest of secured parties.

The Security Trustee has a number of options.  These include
acceleration of senior debt, continuation of the repayment of
senior debt as it falls due, and completion of the plan
initiated by Standard Chartered to provide liquidity support.

The long-term rating assigned to the medium term note programs
reflects the uncertainty surrounding the course of action that
the Security Trustee will pursue.  Moody's review will therefore
focus on both the intentions of the Security Trustee and the
evolution of the market value of Whistlejacket's asset
portfolio.

Moody's notes that this rating action takes into account the
current stressful market conditions.  While the underlying
assets of Whistlejacket have not suffered credit losses, the
unprecedented illiquidity in the market for asset backed
securities has created a high level of uncertainty around the
valuation of the assets.

Whistlejacket's asset portfolio includes exposure to Commercial
Banks (30%), RMBS (12.7%), CDOs (14.4%, 4% of which includes
exposure to US Subprime RMBS), CMBS (9.5%), Student loans (12%),
Credit cards (4.5%), Monoline-wrapped ABS (8.1%), Investment
Banks (4.4%), and Other ABS 4.4%. Aaa-rated assets represent
64.4% of the portfolio; Aa, 32.8%; and A, 2.8%.


WHISTLEJACKET CAPITAL: S&P Junks Notes on NAV Test Failure
----------------------------------------------------------
Standard & Poor's Ratings Services placed the issuer credit, CP,
and MTN ratings on CreditWatch with negative implications.  At
the same time, Standard & Poor's lowered its ratings on the
capital notes issued by Whistlejacket and White Pine.  The
ratings on the capital notes remain on CreditWatch with negative
implications, where they were placed Dec. 7, 2007.

In addition, S&P lowered its issuer credit rating on
Whistlejacket Capital Ltd., the structured investment vehicle
that was created as a result of the merger of Whistlejacket
Capital Ltd. and Whistlejacket Capital LLC with White Pine Corp.
Ltd. and White Pine Finance LLC.  Standard & Poor's also lowered
its ratings on Whistlejacket's commercial paper and medium-term
notes.

On Feb. 11, 2008, S&P received notification that Whistlejacket
breached the 50% net asset value test.  NAV is typically
calculated as the market value of the assets and cash minus the
senior liabilities, and the NAV test is calculated as the NAV as
a percentage of capital.  This breach means that a mandatory
acceleration event has occurred and the vehicle has entered
enforcement mode.  Therefore, the security trustee will now
manage the vehicle.

Standard & Poor's will wait for the security trustee to contact
us regarding its next steps.  Other vehicles that have already
entered enforcement mode have appointed a receiver that, when
faced with the prospect of selling assets to repay the
liabilities, has either stopped liability payments or declared
the vehicle insolvent.

The rating actions on Whistlejacket reflect the uncertainty
regarding the pending security trustee decisions and, if a
receiver is appointed, the receiver's actions.  As with other
SIVs that have entered enforcement mode, there are several
possible outcomes:

   -- The senior creditors elect on a formal standstill
      agreement, which would suspend the payment maturity dates
      until a certain date;

   -- The senior creditors and the security trustee, in
      consultation with an enforcement manager, decide on the
      next actions to take (in this scenario, payment dates
      could arrive and this would result in a payment default);

   -- The senior creditors and the security trustee, in
      consultation with an enforcement manager, decide to
      liquidate the portfolio and are able to repay the senior
      creditors in full; or

   -- The senior creditors and the security trustee, in
      consultation with an enforcement manager, decide to
      liquidate the portfolio and are unable to repay the senior
      creditors in full due to further erosion in the asset
      portfolio's value.

Whistlejacket is the first bank-sponsored SIV to enter
enforcement mode.  Most other bank-sponsored SIVs have either
arranged for full liquidity support to the SIV or proposed
capital injections to support the SIV.  Standard Chartered Bank
(A+/Stable/A-1) and HSBC Holdings PLC (AA-/Stable/A-1+) are the
two banks that have proposed setting up new structures to
replace the old ones.  This rating action reflects the
uncertainty associated with those efforts closing quickly.

The vehicle is managed by Standard Chartered Bank, which is
responsible for purchasing assets, managing the portfolio, and
overseeing the issuance of the CP and MTNs.  As of
Feb. 11, 2008, Whistlejacket's outstanding senior liabilities
are approximately US$6.953 billion.  The portfolio composition
is approximately:

   -- Financial debt: 43%;
   -- RMBS: 12%;
   -- CDOs/CLOs: 17%;
   -- CMBS: 9%; and
   -- Other structured finance: 19%.

The portfolio valuation and NAV tests are based on mark-to-
market prices that the manager updated and reported to Standard
& Poor's.

                           Ratings

Whistlejacket Capital Ltd.
                                   Rating

                       To                  From
                       --                  ----
Issuer credit          BB/Watch Neg/B      AAA/Negative/A-1+
CP                     B/Watch Neg         A-1+
MTNs                   BB/Watch Neg        AAA
Capital notes          CCC-/Watch Neg      BB-/Watch Neg
Capital notes          CCC-/Watch Neg      B-/Watch Neg




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


* Fitch To Hold Monday 2008 Telecon for China & India Utilities
---------------------------------------------------------------
Fitch Ratings will be hosting a teleconference on Feb. 18, 2008,
at 4 p.m. Sydney, 1 p.m. SG/HK and 2 p.m. Tokyo to discuss the
agency's 2008 Utilities outlook for the Asia-Pacific region,
with a focus on the emerging utility powers of China and India.

Both countries are struggling with energy infrastructural issues
-- India has aggressive plans to expand capacity to combat
widening peaking and baseload deficits, while China needs to
find a balance in regional disparities in a tightening cost
environment.  Fitch's analysts offer their views on how this
will impact the credit outlook for the year ahead.  Also, the
outlook for the more mature markets of Australia and New
Zealand, Japan and Korea will be briefly presented during the
conference.

The teleconference will be hosted by Fitch's Asia Pacific energy
and utilities team: Steve Durose and Pekka Laitinen, Regional
Co-heads of Energy & Utilities; Simon Wong, Director (China) and
Salil Garg, Associate Director (India).  Fitch's other E&U
analysts from the region will also be available to answer
questions.

Reports related to the conference, "Asia-Pacific Utilities.
Credit Outlook 2008", "Indian Power Sector -- Outlook 2008" and
"Chinese Power Producers Hit by Acute Coal Shortages and
Spiralling Coal Prices", are available at
http://www.fitchratings.com/

Opening remarks will last approximately 30-40 minutes, after
which there will be a Q&A session for interested participants.

To register for this event, please contact Evon Hanip at
(65) 6796 7208/ Evon.Hanip@fitchratings.com.

Instructions:

Participants should dial the listed toll-free telephone access
number at least 5 minutes before start time.  When prompted by
the Operator, the pass code is 'Fitch Ratings.'  Participants
will be placed in listen-only mode with music until the
moderator or speaker starts the conference. Participants are
advised to dial the toll free lines from an IDD-enabled fixed
landline.

Following are the details of the teleconference:

    -- Date: Monday, 18 February 2008
    -- Time: 4PM AEDST; 1PM HK/SG; 2PM TOK
    -- Australian Toll Free: 1800 097 137
    -- New Zealand Toll Free: 0800 603 458
    -- Japan Toll Free: 0044 2206 2130
    -- South Korea Toll Free: 00798 612 1030
    -- China Toll Free: 10800 6110 114 (CNC)/ 10800 3610 134
       (CT)
    -- Taiwan: 00801 232 383
    -- Hong Kong Toll Free: 800 962 681
    -- Singapore Toll Free: 800 6162 212
    -- Malaysia Toll Free: 1800 181 225
    -- India Toll Free: 000 800 100 6486
    -- Indonesia Toll Free: 00180 3061 2084
    -- Thailand Toll Free: 001800 612 1073
    -- Philippines Toll Free: 1800 1612 0024
    -- UK Toll Free: 0808 234 8304
    -- U.S. Toll Free: 1866 888 7010
    -- Call Leader: Steve Durose


* S&P Gives Sovereign Ratings & Country T&C Assessments
-------------------------------------------------------
Standard & Poor's Ratings Services currently rates 118 sovereign
governments and has established transfer and convertibility
assessments for each country with a rated sovereign.  A T&C
assessment is the rating associated with the probability of the
sovereign restricting non-sovereign access to foreign exchange
needed for debt service.  For most countries, Standard & Poor's
analysis concludes that this risk is less than the risk of
sovereign default on foreign currency obligations; thus, most
T&C assessments exceed the sovereign foreign currency rating.  A
nonsovereign entity can be rated as high as the T&C assessment
if its stress-tested operating and financial characteristics
support the higher rating.  For more information, please see
"Corporate And Counterparty Credit Ratings That Exceed The
Sovereign's Rating," published monthly on RatingsDirect.

Also included below are recovery ratings for selected
sovereigns.  Standard & Poor's sovereign foreign currency
recovery ratings reflect its opinion on the extent to which a
sovereign government will be able and willing to repay
nonofficial foreign currency debtholders post-default.  For
historical information on all of these ratings and assessments,
please see "Sovereign Rating and Country T&C Assessment
Histories," published monthly on RatingsDirect.

          Sovereign Ratings And Country T&C Assessments

           Sovereign     Sovereign      Sovereign
           local         foreign        foreign       Transfer
           currency      currency       currency          and
           ratings       ratings        recovery  convertibility
Country  (LT/Outlook/ST) (LT/Outlook/ST)  rating      assessment
-------   --------------  -------------   ------   -----------
Australia   AAA/Stable/   AAA/Stable/           AAA

             A-1+          A-1+

China       A/Positive/   A/Positive/          A+
              A-1           A-1

Hong Kong   AA/Positive/  AA/Positive/           AAA
             A-1+          A-1+

India       BBB-/Stable/  BBB-/Stable/          BBB+
              A-3           A-3

Indonesia   BB+/Stable/   BB-/Stable/    3          BB+
              B             B

Japan       AA/Stable/    AA/Stable/           AAA
             A-1+          A-1+

Korea       A+/Stable/   A/Stable/                AA-
              A-1           A-1

Malaysia    A+/Stable/   A-/Positive/          A+
              A-1            A-2

New Zealand  AAA/Stable/  AA+/Stable/           AAA
              A-1+         A-1+

Philippines  BB+/Stable/   BB-/Stable/    3          BB+
              B             B

Singapore    AAA/Stable/   AAA/Stable/           AAA
              A-1+          A-1+

Sri Lanka    BB-/Stable/   B+/Stable/    4          BB-
              B              B


Taiwan       AA-/Negative/  AA-/Negative/     AA+
              A-1+           A-1+

Thailand  A/Stable/     BBB+/Stable/          A
               A-1            A-2

note: limited to Asia Pacific Countries only



                         *********


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 ***