TCRAP_Public/081006.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, October 6, 2008, Vol. 11, No. 198

                            Headlines

A U S T R A L I A

ACN 003 111 331 PTY: To Declare Dividend on October 30
AWB LIMITED: Wins Dismissal of Three Class Action Suits
BALESFLOOR PTY: Placed Under Voluntary Liquidation
COMPUTERS DIRECT: Members and Creditors to Meet on October 15
ICON LANDSCAPE: Supreme Court Enters Wind-Up Order

ITXCEL INTERIORS: Placed Under Voluntary Liquidation
JAGA PTY: Liquidator to Give Wind-Up Report on October 15
M.A. STERLAND: Members' Final Meeting Set for October 10
MEPETI PTYL: Liquidator to Present Wind-Up Report on October 10
SULULO PTY: Members' Final Meeting Set for October 10

SUTTON PARK: Liquidator to Present Wind-Up Report on October 10
WORLDSPACE INC: Forbearance Agreement Expired September 25
* AUSTRALIA: S&P Says Upward Trend in Prime RMBS Markets Continue


C H I N A

BANK OF CHINA: Starts Operation in Brazil
SHIMAO PROPERTY: Moody's Lowers CFR to Ba2; Still on Review
SUNRISE REAL: June 30 Balance Sheet Upside-Down by US$3,210,586


H O N G K O N G

3D-GOLD JEWELLERY: S&P Puts BB Corprate Credit Rating on WatchNeg
BOKEN INVESTMENT: Members to Receive Wind-Up Report on November 7
CFC INVESTMENT: Members and Creditors to Meet on November 11
CHINA METALLURGIC: Creditors' Proofs of Debt Due on November 3
HANG FUNG: Moody's Reviews Ba3 Rating for Possible Downgrade

LEHMAN BROS: HK Gov't Meets 21 Banks Accused of Mis-selling Bonds
LODSWORTH LIMITED: Members to Hear Wind-Up Report on November 7
MAK WAH: Members to Hear Wind-Up Report on November 7
SILVERHOOD LIMITED: Liquidator Steps Down
SOMET (FAR EAST): Members to Receive Wind-Up Report on November 7

TOY BIZ: Members to Hear Wind-Up Report on November 7
WIDE LAKE: Members' Final Meeting Slated for November 7
ZAILTON INVESTMENTS: Placed Under Voluntary Liquidation


I N D I A

SHRI MAHAVIR: Fitch Assigns 'BB-(ind)' National LT Issuer Rating


I N D O N E S I A

* INDONESIA: U.S. Bankruptcies To Affect 2009 State Budget


J A P A N

FORD MOTOR: To Sell US$500 Million Worth of Shares
FORD MOTOR: Registers 35MM Shares for Hourly Employee Savings Plan
FORD MOTOR: Registers 50MM Shares for Salaried Workers Stock Plan
HN TRUST: Fitch Rates Class A Senior BIs Trusts 'BB'
NOMURA HOLDINGS: To Acquire Lehman's Global Back-Office Ops.

SHINSEI BANK: Mulls Use of Low-Cost Deposits to Boost Profit
SN TRUST: Fitch Assigns 'BB' Rating on JPY1.328BB Class A3 CDOs


K O R E A

EUGENE SCIENCE: June 30 Balance Sheet Upside-Down by US$15,089,385
HYUNDAI MOTOR: May Miss U.S. Sales Target This Year
HYUNDAI MOTOR: Targets 150,000 Yearly Car Output in Russia
LG TELECOM: Fitch Holds 'BB+' Rating; Changes Outlook to Positive


N E W  Z E A L A N D

A2 CORPORATION: Shareholders Approve New Right Issues
B.PHILLIPS TRANSPORT: Liquidators Set Oct. 10 as Claims Bar Date
BEAZLEY CONTRACTING: Proofs of Debt Due on October 10
C. S. GROUP: Commences Liquidation Proceedings
DM PALMER: Proofs of Debt Due on October 10
KIMS FORTUNE: Liquidators Set October 15 as Claims Bar Date

NATIONAL FINANCE: Companies Office Sues Three Directors
PEKINGESE LIMITED: Liquidators Set Oct. 10 as Claims Bar Date
ROMO LIMITED: Proofs of Debt Due on October 10
SHED BARS: Proofs of Debt Due on October 10
UNITED ELECTRICAL: Commences Liquidation Proceedings

WINDFLOW TECH: Raises Half of its Target Capital Build
YOUR REALTY: Proofs of Debt Due on October 10
* NEW ZEALAND: Export Sales Grow as NZ Dollar Falls
* NEW ZEALAND: Unemployment Expected to Increase Next Year


P H I L I P P I N E S

VULCAN INDUSTRIAL: Pass Resolutions During Stockholders' Meeting
* PHILIPPINES: SEC Orders PSE to Take Control of HK Securities
* PHILIPPINES: BSP to Continue Providing Liquidity to Banks


S I N G A P O R E

C&S CONSTRUCTION: Creditors and Contributories to Meet on Oct. 16
CONDUIT MANAGEMENT: Placed Under Voluntary Liquidation
JP MORGAN: Fitch Cuts Ratings on Two Notes Classes; Neg. Watch On
OPTIMUM-3 (CHINA): Wind-Up Petition Hearing Set for October 10


T A I W A N

TAISHIN FINANCIAL: Bank Ops. Returns to Normal After Rumors
TZ TECH: Fitch Assigns 'B+(twn)' Nat'l LT Rating; Outlook Stable


X X X X X X X X

* Bond Risk Increases in Asia-Pacific, Credit-Default Traders Says
* Moody's Says Recent Market Turmoil Slow Global Economic Growth


                         - - - - -


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

ACN 003 111 331 PTY: To Declare Dividend on October 30
------------------------------------------------------
ACN 003 111 331 Pty Ltd fka Edna's Table Restaurant, which is
subject to Deed of Company Arrangement, will declare dividend on
October 30, 2008.

Creditors who were unable to prove their debts on September 24,
2008,  are excluded from the dividend distribution.

The company's deed administrator is:

          John Frederick Lord
          PKF
          Level 10, 1 Margaret Street
          Sydney NSW 2000


AWB LIMITED: Wins Dismissal of Three Class Action Suits
-------------------------------------------------------
Three class action suits filed against AWB Limited arising from
the United Nations' oil-for-food program have been dismissed, the
latest of which was filed by Karim and others, with the U.S.
District Court for the Southern District of New York.  The suit
also named AWB (USA) Limited, BNP Paribas and Commodity Specialist
Company as defendants.

Bloomberg News reports that AWB was among 2,200 companies named in
a report for making illegal payments to the former regime of
Saddam Hussein in Iraq under the UN aid program.

Karim and his party were allegedly representing residents of the
three northern governorates of Iraq, AWB said in an October 1
regulatory filing.

The Australian says Karim's class action alleged that AWB depleted
the UN oil-for-food escrow account, thereby unlawfully depriving
the plaintiffs of the humanitarian benefits which those funds
would have purchased for them.

In September, a separate class action filed on behalf of Saadya
Mastafa and Kafia Ismail against AWB Limited was dismissed by the
U.S. District Court for the Southern District of New York.
Mastafa and Ismail are two Iraqi widows who were bringing a claim
against AWB on behalf of a class of Iraqi citizens victimized by
crimes perpetrated by the Saddam regime from 1996 to 2003.  The
action alleged that the defendants contributed to the injuries and
damages sustained by the plaintiffs by aiding the regime,
according to The Australian.

AWB Limited also won the dismissal of a lawsuit on behalf of U.S.
wheat growers in March, Bloomberg News relates.  In that suit, The
Australian says the US farmers alleged that AWB achieved and
maintained a monopoly on wheat sold to Iraq, blocking US-grown
wheat from that market thus resulting in a fall in the prices that
US growers could sell their wheat in the US.

Contending that the cases were ill-conceived, AWB Limited and its
co-defendants filed motions to dismiss the class action
complaints.

                Iraqi Government Files Civil Suit

In July, the company disclosed that the Iraqi government filed a
civil lawsuit in the U.S. District Court for the Southern District
of New York against 94 companies who participated in the UN Oil-
for-Food program.

The Iraqi Government's civil lawsuit alleges violations of the US
Racketeer Influenced and Corrupt Organizations Act by the 94
companies who participated in the UN program.  AWB is one of the
94 companies mentioned in the civil lawsuit.

The Australian reports that AWB was found to have corrupted the
program by paying US$290 million in bribes to the government of
Saddam Hussein.  The finding stripped AWB of its wheat marketing
monopoly in 2006, the report says.

AWB said the civil lawsuit has not been served on the company and
that it will vigorously defend its position if the case proceeds.

Separately, The Australian discloses that a group of AWB's
Australian shareholders has filed a civil action in the Federal
Court of Australia claiming damages for alleged non-disclosure of
material information.

                    Standard Chartered Dispute

As reported in the Troubled Company Reporter-Asia Pacific on
May 26, 2008, for its six months ended March 31, 2008, AWB
Limited's Board of Directors decided to take a one-off provision
of AU$26.4 million for a possible liability arising from the
litigation brought by Standard Chartered Bank plc against AWB
(USA) Limited.

In February 2005, Standard Chartered Bank brought an action
against AWB (USA) in the U.S. District Court for the Southern
District of New York in respect of a promissory note dispute.
The amount claimed was approximately US$35 million.  On
January 14, 2008, Judge Hellerstein issued his opinion directing
the entry of judgment against AWB (USA) in the amount of
approximately US$24.2 million.  On January 23, 2008, AWB (USA)
filed an appeal against the judgment.

No update regarding the appeal is available to date.

                    Covenant Breach and Waiver

Due to AWB Limited's decision to raise a provision for the
Standard Chartered Bank litigation, the company was considered
in technical breach of a lending covenant relating to its
leverage ratio as of March 31, 2008.

AWB however obtained a letter of waiver for the covenant breach
from the participating banks.  The waiver was provided over AWB
Commercial Funding Ltd.'s AU$400 million syndicated credit
facility.  At March 31, 2008, the facility was drawn to AU$30
million.

                     About AWB Limited

Australia-based AWB Limited (ASX:AWB) -- http://www.awb.com.au--
is engaged in agribusiness and wheat marketing.  The company
employs more than 2,200 people across more than 500 points of
presence in Australia, India, Brazil, Switzerland and Singapore to
the People's Republic of China and Japan.  Its client base extends
to 110,000 customers, serviced by three core business streams:
Landmark Rural Services, Financial Services and Commodity
Management.  The geographic spread of its activities sees 40% of
earnings from outside of Australia.


BALESFLOOR PTY: Placed Under Voluntary Liquidation
--------------------------------------------------
Balesfloor Pty Limited's members agreed on August 15, 2008, to
voluntarily liquidate the company's business.  Graham Dudley Short
was appointed to facilitate the sale of its assets.

The liquidator can be reached at:

          Graham Dudley Short
          Chartered Accountant
          54 Sailors Bay Road
          Northbridge NSW 2063


COMPUTERS DIRECT: Members and Creditors to Meet on October 15
------------------------------------------------------------
Computers Direct Pty Limited will hold a meeting for its members
and creditors on October 15, 2008, at 10:00 a.m.  During the
meeting, the company's liquidator, Ozem Kassem, will provide the
attendees with property disposal and winding-up reports.

The liquidator can be reached at:

         Cor Cordis
         Chartered Accountants
         Level 10, 76-80 Clarence Street
         Sydney


ICON LANDSCAPE: Supreme Court Enters Wind-Up Order
--------------------------------------------------
On July 28, 2008, the Supreme Court of Australia entered an order
to have Icon Landscape Constructions Pty Limited's operations
wound up.  Frank Lo Pilato was appointed as liquidator.

The liquidator can be reached at:

          Frank Lo Pilato
          RSM Bird Cameron Partners
          Chartered Accountants
          Level 1, 103-105 Northbourne Avenue
          Canberra ACT 2601
          Telephone: (02) 6247 5988
          Facsimile: (02) 6262 8633


ITXCEL INTERIORS: Placed Under Voluntary Liquidation
----------------------------------------------------
Itxcel Interiors Pty Ltd's members agreed on August 21, 2008, to
voluntarily liquidate the company's business.  Geoffrey Trent
Hancock and Laurance Andrew Fitzgerald were appointed to
facilitate the sale of its assets.

The liquidators can be reached at:

          BDO Kendalls Business
          Recovery & Insolvency (NSW-VIC) Pty Ltd
          Level 19, 2 Market Street
          Sydney NSW 2000


JAGA PTY: Liquidator to Give Wind-Up Report on October 15
---------------------------------------------------------
W. A. C. Fenwicke, Jaga Pty Limited's appointed estate liquidator,
will meet with the company's members on October 15, 2008, to
provide them with property disposal and winding-up reports.

The liquidator can be reached at:

          W. A. C. Fenwicke
          W & D Financial Services
          Level 1, 521 Pittwater Road
          Brookvale NSW 2100


M.A. STERLAND: Members' Final Meeting Set for October 10
--------------------------------------------------------
Raymond Ellis, M.A. Sterland Holdings Pty Limited's appointed
estate liquidator, will meet with the company's members on October
10, 2008, at 10:00 a.m.,  to provide them with property disposal
and winding-up reports.

The liquidator can be reached at:

          Raymond Ellis
          Hall Chadwick Chartered Accountants
          Level 29, 31 Market Street
          Sydney NSW 2000


MEPETI PTYL: Liquidator to Present Wind-Up Report on October 10
---------------------------------------------------------------
B. R. Cook, Mepeti Pty Limited's appointed estate liquidator, will
meet with the company's members on October 10, 2008, at 10:00 a.m.
to provide them with property disposal and winding-up reports.
The meeting will be held at 54 Beechwood Ave Greystanes  in New
South Wales.


SULULO PTY: Members' Final Meeting Set for October 10
-----------------------------------------------------
B. R. Cook, Sululo Pty Limited's appointed estate liquidator, will
meet with the company's members on October 10, 2008, at 10:00 a.m.
to provide them with property disposal and winding-up reports.
The meeting will be held at 54 Beechwood Ave Greystanes  in New
South Wales.


SUTTON PARK: Liquidator to Present Wind-Up Report on October 10
---------------------------------------------------------------
John Leslie Cousins, Sutton Park Investments Pty Limited's
appointed estate liquidator, will meet with the company's members
on October 10, 2008, at 2:00 p.m. to provide them with property
disposal and winding-up reports.

The liquidator can be reached at:

          John Leslie Cousins
          Herries, Davidson & Co.
          32 Clifford Street
          Goulburn NSW 2580


WORLDSPACE INC: Forbearance Agreement Expired September 25
----------------------------------------------------------
WorldSpace Inc. disclosed in a Securities and Exchange Commission
filing that the forbearance agreements between the Company and
each of the four holders of its amended and restated secured notes
and second amended and restated convertible notes expired on
Sept. 25, 2008.

The Holders have not entered into a further forbearance agreement
with the Company, and, although the Company and the Holders are
continuing discussions, there can be no assurance that the Holders
will continue to defer the exercise of remedies under their
respective financing agreements with the Company.

The Company is continuing to seek new financing, but there can be
no assurance that the Company will succeed in securing commitments
for new financing, or that it will do so prior to the Holders
seeking to exercise their remedies under their financing
agreements.

On Sept. 19, 2008, the company reached an agreement in principle
with each of the four holders of the Company's amended and
restated secured notes and second amended and restated convertible
notes to defer until Sept. 25, 2008, the Company's obligation to
pay US$19.97 million in principal amount of the Bridge Loan Notes,
plus accrued but unpaid interest due on the Bridge Loan Notes,
which was payable on Sept. 15, 2008.

                     About WorldSpace Inc.

Based in the Washington, DC metropolitan area, WorldSpace Inc.
(Nasdaq: WRSP) -- http://www.worldspace.com/-- is a media
and entertainment company that offers a satellite radio to
consumers in more than 130 countries with five billion people,
driving 300 million cars.  It operates WORLDSPACE Satellite Radio,
which delivers the latest tunes, trends and information from
around the world and around the corner.  WORLDSPACE offers a
combination of local programming, original WORLDSPACE content and
content from brands around the globe including the BBC, CNN
International, Virgin Radio UK, NDTV and RFI.  WORLDSPACE's
satellites cover two-thirds of the earth's population with six
beams.  WorldSpace has offices in Australia and France.

The company's balance sheet at March 31, 2008, showed total assets
of US$323.7 million and total liabilities of US$2.1 billion and
minority interest of US$608,000, resulting in total shareholders'
deficit of US$1.7 billion.

                       Going Concern Doubt

As reported in the The Troubled company Reporter on May 1, 2008,
Grant Thornton LLP in McLean, Virginia, raised substantial doubt
about WorldSpace Inc.'s ability to continue as a going concern
after auditing the company's consolidated financial statements for
the years ended Dec. 31, 2007, and 2006.  The auditing firm
pointed to the company's net loss, negative working capital, and
shareholders' deficit.  Grant Thornton also cited that the
company's management does not believe its cash on hand and cash
available is sufficient to meet its operating needs during the
coming year.


* AUSTRALIA: S&P Says Upward Trend in Prime RMBS Markets Continue
-----------------------------------------------------------------
The level of arrears on residential mortgages underlying
Australian prime residential mortgage-backed securities (RMBS), as
measured by the Standard & Poor's Australian Prime SPIN, rose for
the eighth consecutive month to 1.51% in July 2008.  This is a
small rise of one basis point from the June 2008 SPIN.  This and
other statistics on arrears in the Australian mortgage market have
been published in a new report by Standard & Poor's Ratings
Services.

Although eight uninterrupted rises in the Australian Prime SPIN
are unprecedented and is the longest successive upward trend since
inception, the July 2008 figure was on the back of a fall in the
total balance of loans underlying the index.

Within the prime mortgage pool, full-documentation (FullDoc) loans
continue to outperform their low-documentation (LoDoc)
equivalents.  The Prime FullDoc SPIN fell slightly in July to
1.26%, from its record high of 1.29% one month earlier. The Prime
LoDoc SPIN rose to a new high to 3.12%; up from 2.90% in June.

In contrast to the prime figure, arrears for subprime and
non-conforming loans retracted slightly to 15.59% in July from
15.68% in June.  The proportion of borrowers with loans that are
more than 90 days in arrears reached its highest level yet, to
9.27% in July.

S&P's credit analyst Vera Chaplin said that the high interest rate
has clearly impacted on borrowers but the recent rate cut is
expected to take some time to flow through into arrears figures.
"Arrears greater than 90 days for the prime and subprime SPIN are
at the highest levels ever, so a reprieve in interest rates will
take some time to flow through as borrowers under significant
mortgage stress try to improve their current position.  This is
most relevant for subprime borrowers," added Ms. Chaplin.

S&P's Mortgage Performance Index (SPIN) measures the weighted-
average arrears more than 30 days past due on residential mortgage
loans on both publicly and privately rated Australian
RMBS transactions.  The SPIN is calculated for prime and subprime
residential mortgage loans.  The indices identify the proportion
of loans in arrears in each of the 3160 days, 6190 days, and 90+
days' arrears categories.  SPIN is calculated on a monthly basis
using information provided to S&P by the issuers of RMBS
transactions.



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C H I N A
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BANK OF CHINA: Starts Operation in Brazil
-----------------------------------------
The Bank of China was authorized to start operating in Brazil,
with an initial capital of US$60 million, Macauhub News reports.

According to the report, Brazilian authorities said this will be
the first Chinese bank permitted to operate in Brazil and South
America.

The bank's Brazil branch, to be headquartered in Sao Paulo, will
operate under the name Banco da China Brasil, and will support
international trade between the two countries, the report notes.

Macauhub News says the Chinese bank was authorized to work in
Brazil as a multiple bank, with a trade, investment and foreign
exchange portfolio.

Headquartered in Beijing, China, the Bank of China
-- http://www.boc.cn -- provides corporate banking,
retail banking and investment banking.  Other activities include
provision of corporate deposits, corporate loans, foreign
exchange business, savings deposits, consumer credit and
bankcards.  It has 12,967 domestic branches and 559 overseas
branches.  The bank received a US$22.5 billion capital injection
from the Government in 2003 to restructure state-owned banks.
The state-owned lender has been offloading bad loans and
increasing capital since 2003 in preparation for an overseas
share sale, part of government plans to prepare the industry for
increased foreign competition, starting at the end of this year.

                          *     *     *

The bank continues to carry Moody's Investors Service Ratings'
'D' Bank Financial Strength Rating and Fitch Ratings' 'D'
Individual Rating.


SHIMAO PROPERTY: Moody's Lowers CFR to Ba2; Still on Review
-----------------------------------------------------------
Moody's Investors Service has downgraded to Ba2 from Ba1 Shimao
Property Holdings Ltd's corporate family and senior unsecured bond
ratings.  The ratings continue to be on review for possible
further downgrade.

"The rating action has been primarily driven by the further
weakening in Shimao's liquidity profile as reflected in the
reduction in its balance sheet cash to RMB2.6 billion on
June 30, 2008, from RMB 4.6 billion at the end of 2007," says
Peter Choy, a Moody's Vice President and Senior Credit Officer.

"This is a result of both its large land premium payment arising
from its aggressive land acquisition strategy and its weak cash
sales in 1H 2008," adds Choy, also Moody's lead analyst for the
company.

"Shimao has to achieve at least RMB 9 billion cash sales in 2H
2008 to fund land, operation, and interest costs payments as well
as loan repayments (including US$300 million short-term notes
which were not refinanced)," continues Choy.

"In such a situation, it has to rely on successful pre-sales in 2H
2008 (over twice the value of 1H 2008) for it to meet its funding
requirements and to maintain adequate balance sheet liquidity,"
says Choy, adding, "Although the company has more projects
available in 2H 2008, China's property market conditions means it
will be challenging for the company to achieve such targets."

In addition, its year-to-date weaker than expected performance has
also reduced the company's debt servicing coverage ratios (with
EBITDA/Interest of just over 1x in 1H08), which no longer support
its Ba1 ratings.

The ratings remain on review for further possible downgrade in
view of Shimao's weak financial profile which may impact on the
stability of its existing borrowings and further pressures it's
liquidity profile.

In its review, Moody's will focus on evaluating Shimao's (a)
ability to achieve targeted cash sales in the next 6-12 months;
(b) bank funding arrangements; (c) compliance with terms and
conditions of existing borrowings; and (d) possibility of raising
alternate liquidity through asset disposals to restore its near-
term balance sheet liquidity.

Shimao Property Holdings Ltd is incorporated in Grand Cayman and
was listed on the Hong Kong Stock Exchange in July 2006. It has 33
projects in China mainly located in Shanghai, Beijing, the Yangtze
River Delta and the Bohai Rim.


SUNRISE REAL: June 30 Balance Sheet Upside-Down by US$3,210,586
---------------------------------------------------------------
As of June 30, 2008, Sunrise Real Estate Group Inc.'s balance
sheet showed total assets of US$16,126,614 and total liabilities
of US$19,337,200, resulting in total shareholders' deficit of
US$3,210,586.  Total shareholders' deficit as of Dec. 31, 2007
stood at US$1,036,592.

The company's balance sheet as of June 30 showed strained
liquidity with US$3,872,007 in total current assets available to
pay US$4,451,162 in total current liabilities.

For the quarter ended June 30, 2008, the company incurred a net
loss of US$788,974 and an operating loss of US$605,233 compared to
a net loss of US$1,428,823 and an operating loss of US$1,107,025
for the quarter ended June 30, 2007.

Net revenues for the current quarter increased to US$2,641,681
from US$1,520,047 in the comparable quarter last year.

                       Going Concern Doubt

Sunrise Real Estate Group said that the company's net working
capital deficiency, recurring losses and negative cash flows from
operations raise substantial doubt about its ability to continue
as a going concern.  The company has incurred losses of
US$2,117,728 for the first and second quarters of 2008 and had net
working capital deficiency of US$579,155 as of June 30, 2008.

                 Restatement of Financial Results

After extensive review of the interpretation on SFAS 66 and
discussion between company management and independent auditors, on
Aug. 13, 2008, the company  subsequently determined that the
correct application of accounting principles had not been applied
for the recognition of underwriting sales revenue and made the
conclusion to restate the financial statements for the periods in
question.

In this correction, the financial statements for the years ended
Dec, 31, 2007 and 2006 and the quarter ended March 31, 2008 were
restated to increase the company's deferred tax assets and
deposits received from underwriting sales by deferring revenue
recognition to the consummation of the sale, generally when the
remaining maximum exposure to loss is reduced below the amount of
gain deferred.

As a result, the company's net asset values as of Dec. 31, 2007,
and March 31, 2008 were reduced by US$6,300,897 and US$6,563,699,
respectively.  The correction of this error reduced the company's
losses for the year ended December 31, 2007 by US$157,811 and gave
no effect on the income statement of the company for each of the
two quarters ended June 30, 2008.

An additional restatement relates to correct the overstatement of
the minority shareholders' share of the company's result by
US$106,759.  As a result of the correction of this item, the
company's financial statements for the year ended 2007 were
restated and the company's loss for the year ended Dec. 31, 2007,
and the accumulated losses as of Dec. 31, 2007, were reduced by
US$106,759.

The company will be filing amendments to its Form 10-KSB for the
year ended Dec. 31, 2007, and its Form 10-Q for the quarter ended
March 31, 2008, in order to complete this restatement process.

                 About Sunrise Real Estate Group

Headquartered in Shanghai, China, Sunrise Real Estate Group Inc.
(SRRE) -- http://www.sunrise.sh/-- formerly Parallax
Entertainment Inc (Parallax), through its two wholly owned
subsidiaries, Sunrise Real Estate Development Group Inc. (CY-SRRE)
and LIN RAY YANG Enterprise Ltd.(LRY), is engaged in the property
brokerage services, real estate marketing services, property
leasing services and property management services in the People's
Republic of China.  On September 24, 2007, CY-SRRE sold a 5%
equity interest in Suzhou Xin Ji Yang Real Estate Consultation
Company Limited (SZXJY).  On Nov. 1, 2007, SZXJY established a
wholly owned subsidiary, Suzhou Xin Ji Yang Real Estate Brokerage
Company Limited (SZXJYB) in the PRC.



===============
H O N G K O N G
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3D-GOLD JEWELLERY: S&P Puts BB Corprate Credit Rating on WatchNeg
-----------------------------------------------------------------
Standard & Poor's Ratings Services has placed its 'BB' long-term
corporate credit rating on 3D-Gold Jewellery Holdings Ltd.
(formerly Hang Fung Gold Technology Ltd.) and its 'BB' issue
rating on the company's US$170 million senior unsecured notes on
CreditWatch with negative implications.

The CreditWatch placements reflect uncertainty over the possible
technical defaults that 3-D Gold recently announced concerning the
group's HK$422 million outstanding banking facilities, including a
gold loan and trust receipts.  Covenants in its banking facilities
require Dr. Lam Sai Wing, who has now passed away, to be the
group's chairman.

"While we believe 3D-Gold's senior management team will continue
to execute the group's business strategy without Dr. Lam, the
group's key decision maker, the group's liquidity could come under
pressure and its business operation and expansion plans could be
disrupted if it fails to secure the bankers' consent to revise the
loan covenants.  If the group fails to secure consent, it may have
to repay all or some of its banking facilities to avoid triggering
a cross default clause in its senior unsecured notes," said S&P's
credit analyst Ryan Tsang.

S&P understands that 3D-Gold is making some progress in
negotiations with bankers.  However, if it fails to secure
consent, it is likely to find it challenging to secure new
facilities to replace the existing facilities in this turbulent
market.  Nevertheless, 3D-Gold should have enough cash and gold
holdings to fully settle its HK$422 million banking facilities.
As at March 31, 2008, 3D-Gold had HK$636.5 million in cash and
cash equivalents, and 3 tons of gold display items valued at about
HK$700 million.


BOKEN INVESTMENT: Members to Receive Wind-Up Report on November 7
-----------------------------------------------------------------
The members of Boken Investment Limited will meet on November 7,
2008, at 11:30 a.m., to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The meeting will be held at the 76th Floor of Two International
Finance Centre, 8 Finance Street, in Central, Hong Kong.


CFC INVESTMENT: Members and Creditors to Meet on November 11
------------------------------------------------------------
The members and creditors of CFC Investment (Hong Kong) Company
Limited will meet on November 11, 2008, at 3:00 p.m. and 3:30
p.m., at the 35th Floor of One Pacific Place, in 88 Queensway,
Hong Kong.

At the meeting, Dermot Agnew and Joseph Kin Ching Lo, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


CHINA METALLURGIC: Creditors' Proofs of Debt Due on November 3
--------------------------------------------------------------
The creditors of China Metallurgic (Hong Kong) Company Limited are
required to file their proofs of debt by November 3, 2008, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on September 25,
2008.

The company's liquidator is:

          Mak Wai Pui
          4-A Ngan House
          210 Des Voeux Road
          Central, Hong Kong


HANG FUNG: Moody's Reviews Ba3 Rating for Possible Downgrade
------------------------------------------------------------
Moody's Investors Service disclosed that it has put on review for
possible downgrade the Ba3 corporate family and senior unsecured
ratings of Hang Fung Gold Technology Ltd.

"The rating action is prompted by the technical breach of Hang
Fung Gold's loan covenants in relation to the minimum shareholding
or chairmanship requirements by the previous chairman, Dr. Lam Sai
Wing, who passed away on September 26, 2008, stipulated in certain
Hang Fung Gold's bank borrowings," says Renee Lam, a Moody's Vice
President.

"Depending on the outcome of the negotiations to rectify the
situation, the breach may trigger cross default provision in the
company's other borrowings, including in the US$170 million bonds
due in 2014," adds Mr. Lam, also Moody's lead analyst for the
company.

Hang Fung Gold announced that those of its borrowings which
contain covenants specifying the minimum shareholding by Dr. Lam,
or which specify his remaining company chairman, amount to
HK$422 million.  Total borrowings as of March 31, 2008, amounted
to HK$2 billion, including the US$170 million bonds (equivalent to
about HK$1.3 billion).

Moody's will closely monitor the negotiation process in relation
to the covenant breach.  Moody's review will also focus on: (1)
the probable impact of the negotiation outcome on Hang Fung Gold's
other loan positions; (2) the company's level of financial
flexibility, including its cash position, borrowing facilities, or
other alternative sources of cash, to meet any short-term
liquidity needs; and (3) its business and financial strategies
under the new chairman, Ms. Jane Chan, wife of Dr. Lam.

Based in Hong Kong, Hang Fung Gold is a vertically-integrated
jewellery manufacturer with operations spanning design and
manufacture through to distribution, wholesale, retail and
exports.  The company plans to actively expand its jewellery
retail business in China.


LEHMAN BROS: HK Gov't Meets 21 Banks Accused of Mis-selling Bonds
-----------------------------------------------------------------
Hong Kong's financial services chief weighed in on the dispute
over the possible mis-selling of investment products backed by
failed US bank Lehman Brothers Holdings Inc., Agence France-Presse
reports.

On Sept. 23, 2008, the Troubled Company Reporter-Asia Pacific,
citing Reuters, reported that more than a hundred Hong Kong
investors, mostly elderly retirees, had called on the government
for actions after losing money on structured products linked to
failed U.S. investment bank Lehman Brothers.  That report said the
protesters, who purchased so-called "minibond" products or notes
secured by swap obligations guaranteed by Lehman, accused the
government and local banks for lack of information and elaboration
of the risks involved.

AFP relates that Chan Ka-cheung, secretary for financial services,
met representatives of 21 banks, who are accused by disgruntled
investors of mis-selling "mini-bonds" that could now be worthless.
"I hope the banks can be more pro-active in getting in touch with
their clients so that they can provide them with relevant
information.  The banks must ensure that their clients know the
method they are using to deal with the mini-bonds," he said.

According to the report, citing the Apple Daily, some of the
banks, including DBS and DahSing, had agreed to settle through
mediation and have been negotiating with individual investors on
compensation deals, pressuring other banks to find a solution, and
prompting Mr. Chan to hold the meeting.

The Hong Kong Association of Banks, AFP says, had set up a
taskforce to facilitate the discussion among the affected banks as
to how they might help investors.  "This includes obtaining
relevant information from the trustees and the liquidators of
Lehman Brothers and providing up-to-date information to
customers," the association said.

The TCR-AP recounted that Lawmaker Albert Ho told AFP that
investors who had bought HK$12.7 billion (US$1.63 billion) of the
products had threatened to sue up to 21 institutions who had sold
them.  Many of the bond holders were retired and had put all their
savings into the investment because they trusted their banks, he
said.

                      About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com-- is the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.  Through its team of more than 25,000 employees, Lehman
Brothers offers a full array of financial services in equity and
fixed income sales, trading and research, investment banking,
asset management, private investment management and private
equity.  Its worldwide headquarters in New York and regional
headquarters in London and Tokyo are complemented by a network of
offices in North America, Europe, the Middle East, Latin America
and the Asia Pacific region.  The firm, through predecessor
entities, was founded in 1850.

Lehman filed for chapter 11 bankruptcy Sept. 15, 2008 (Bankr.
S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition listed
$639 billion in assets and $613 billion in debts, effectively
making the firm's bankruptcy filing the largest in U.S. history.
The September 15 Chapter 11 filing by Lehman Brothers Holdings,
Inc., does not include any of its subsidiaries.

Subsidiary LB 745 LLC, submitted a Chapter 11 petition on
September 16 (Case No. 08-13600).

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Luc A. Despins, Esq., and Wilbur F. Foster,
Jr., Esq., at Milbank, Tweed, Hadley & Mccloy LLP, in New York,
and Paul Aronzon, Esq., and Gregory A. Bray, Esq., at Milbank in
Los Angeles, California, represent the official unsecured
creditors committee.

                International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd., LB Holdings PLC and LB UK RE
Holdings Ltd.  These are currently the only UK incorporated
companies in administration.  Tony Lomas, Steven Pearson, Dan
Schwarzmann and Mike Jervis, partners at PricewaterhouseCoopers
LLP, have been appointed as joint administrators to Lehman
Brothers International (Europe) on Sept. 15, 2008.  The joint
administrators have been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
The two units of Lehman Brothers Holdings, Inc., which have filed
for bankruptcy protection in the U.S. Bankruptcy Court for the
Southern District of New York, have combined liabilities of
JPY4 trillion -- US$38 billion).  Lehman Brothers Japan Inc.
reported about JPY3.4 trillion (US$33 billion) in liabilities in
its petition.  Akio Katsuragi, a former Morgan Stanley executive,
runs Lehman's Japan units.

Lehman Brothers Asia Limited, Lehman Brothers Securities Asia
Limited and Lehman Brothers Futures Asia Limited have suspended
its operations with immediate effect, including ceasing to trade
on the Hong Kong Securities Exchange and Hong Kong Futures
Exchange, until further notice.  The Asian units' asset management
company, Lehman Brothers Asset Management Limited, will continue
to operate on a business as usual basis.  A further notice
concerning the retail structured products issued by or arranged by
any Lehman Brothers group company will be issued as soon as
possible, a press statement said.


LODSWORTH LIMITED: Members to Hear Wind-Up Report on November 7
---------------------------------------------------------------
The members of Lodsworth Limited will meet on Nov. 7, 2008, at
4:00 p.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Natalia K M Seng
          Three Pacific Place, Level 28
          1 Queen's Road East
          Hong Kong


MAK WAH: Members to Hear Wind-Up Report on November 7
-----------------------------------------------------
The members of Mak Wah Securities Limited will meet on Nov. 7,
2008, at 3:45 p.m. to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Natalia K M Seng
          Three Pacific Place, Level 28
          1 Queen's Road East
          Hong Kong


SILVERHOOD LIMITED: Liquidator Steps Down
-----------------------------------------
Au Yan Alfred stepped down as liquidator of Silverhood Limited on
September 25, 2008.

The company's former Liquidator can be reached at:

         Au Yan Alfred
         Hang Wai Commercial Building, 24th Floor
         231-233 Queen's Road East
         Wanchai, Hong Kong


SOMET (FAR EAST): Members to Receive Wind-Up Report on November 7
-----------------------------------------------------------------
The members of Somet (Far East) Limited will meet on Nov. 7, 2008,
at 3:30 p.m. to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Natalia K M Seng
          Three Pacific Place, Level 28
          1 Queen's Road East
          Hong Kong


TOY BIZ: Members to Hear Wind-Up Report on November 7
-----------------------------------------------------
The members of Toy Biz International Limited will meet on Nov. 7,
2008, at 12:20 p.m., to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Natalia K M Seng
          Three Pacific Place, Level 28
          1 Queen's Road East
          Hong Kong


WIDE LAKE: Members' Final Meeting Slated for November 7
-------------------------------------------------------
A final meeting will be held for the members of Wide Lake Limited
on November 7, 2008, at 11:00 a.m., at the 76th Floor of Two
International Finance Centre, 8 Finance Street, in Central, Hong
Kong.

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


ZAILTON INVESTMENTS: Placed Under Voluntary Liquidation
-------------------------------------------------------
At an extraordinary general meeting held on September 24, 2008,
the members of Zailton Investments Limited resolved to voluntarily
wind up the company's operations.

Creditors are required to file their proofs of debt by Nov. 10,
2008, to be included in the company's dividend distribution.

The company's liquidator is:

          Man, Kwok Leung
          Silver Base Centre
          Unit 701, 7th Floor
          200 Gloucester Road
          Hong Kong



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

SHRI MAHAVIR: Fitch Assigns 'BB-(ind)' National LT Issuer Rating
----------------------------------------------------------------
Fitch Ratings has assigned a National Long-term Issuer rating of
'BB-(ind)' to India-based Shri Mahavir Ferro Alloys Private
Limited.  The Outlook is Stable.
Fitch has also assigned the following ratings to SMFAPL's bank
loans:

-- Outstanding long-term loans aggregating INR658.36m:
    'BB-(ind)';

-- Sanctioned non-fund based limits aggregating INR85m: National
    Short-term rating of 'F4(ind)'; and

-- Cash Credit Limits aggregating INR319.7m: National Long-term
    rating of 'BB-(ind)'.

The ratings reflect the relatively small size of SMFL's operations
in the steel sector.  Coupled with its exposure to raw material
volatility and the commodity-based nature of its product profile,
this exposes it to relatively high business risks.  These risks
are accentuated by the high financial leverage of the company
which Fitch expects will remain high in the medium term, driven by
SMFL's ongoing capex programme.  The EBITDA margins have exhibited
a consistent decline over the past four years, reflecting the
company's limited ability to manage pricing volatility.  The
company's capex plan aggregating INR697mn is fairly large in
relation to its existing size of operations and exposes it to
execution risks.

SMFL has exhibited consistent growth in volumes over the five
years that it has been in operation, and has completed its capex
plans on schedule.   Successful completion of its ongoing capex
with an increase in scale of operations, while maintaining
financial leverage, would act as a positive ratings trigger
whereas delays in the execution of projects and/or a drop in
profitability to below 12% could act as negative ratings triggers.

SMFAPL was until recently a single product company involved in the
production of sponge iron with a current capacity of 60,000MTPA.
The Company has installed two induction furnaces with a capacity
of 100,000MTPA of steel billets and commenced commercial
production of billets in April 2008.

SMFAPL had total debt of INR483m at FY07.  The debt/equity ratio
stood at 2.0 in FY07 as compared to 1.15 in FY06.  The company's
financial leverage deteriorated to 7.6x in FY07 from 3x in FY06
and total adjusted debt/total adjusted capital to 66.8% in FY07
from 53.8% in FY06, mainly because of capex being implemented over
the last two years.



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

* INDONESIA: U.S. Bankruptcies To Affect 2009 State Budget
----------------------------------------------------------
The bankruptcy of several U.S. financial institutions are causing
Indonesia's 2009 State Budget to be exposed to certain risks,
Antara News reports citing Finance Minister Sri Mulyani as saying.

Ms. Mulyani is set to meet with the House of Representatives (DPR)
to discuss the latest trends in the global economy and to create a
special budget for the government to anticipate any possible
development, the report said.

Antara added that Ms. Mulyani will also discuss the matter with
Bank Indonesia (central bank) Governor Boediono to ensure that the
bank would adopt the right monetary policies.



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

FORD MOTOR: To Sell US$500 Million Worth of Shares
-------------------------------------------------
Ford Motor Co. has filed with the Securities and Exchange
Commission a prospectus supplement and a prospectus that relate to
the offer and sale from time to time of shares of its common
stock, par value US$0.01 per share, having an aggregate offering
price of up to US$500,000,000.

The shares of the company's common stock to which the Prospectus
Supplement relates will be offered over a period of time and from
time to time through Goldman, Sachs & Co., as sales agent.  The
shares of the common stock to which the Prospectus Supplement
relates are in addition to the US$500,000,000 aggregate offering
price of shares of our common stock offered pursuant to a
Prospectus Supplement dated Aug. 14, 2008.

Ford Motor's common stock is quoted on the New York Stock Exchange
under the symbol "F."  The reported sales price of its common
stock as reported on the NYSE on Oct. 1, 2008, was US$4.55 per
share.

The proceeds from the sale of the shares of common stock to which
this prospectus supplement relates will be used to purchase from
time to time outstanding debt securities of Ford Motor Credit
Company LLC, its indirect, wholly owned subsidiary, in open market
or privately negotiated transactions.

The shares of the company's common stock to which this prospectus
supplement relates generally will be offered and sold through
Goldman, Sachs & Co., as sales agent, over a period of time and
from time to time in transactions at then-current prices, pursuant
to an equity distribution agreement.

Accordingly, an indeterminate number of shares of common stock
will be sold up to the number of shares that will result in the
receipt of gross proceeds of US$500 million.  The company will pay
Goldman, Sachs & Co. a commission equal to 0.85% of the gross
proceeds of the shares sold pursuant hereto.  The net proceeds the
company receives from the sale of the shares to which the
prospectus supplement relates will be the gross proceeds received
from such sales less the commissions and any other costs the
company may incur in issuing the shares.

Full-text copy of Ford Motor's prospectus supplement is available
free of charge at http://researcharchives.com/t/s?334c

                     About Ford Motor Co.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles in
200 markets across six continents.  With about 260,000 employees
and about 100 plants worldwide, the company's core and affiliated
automotive brands include Ford, Jaguar, Land Rover, Lincoln,
Mercury, Volvo, Aston Martin, and Mazda.  The company provides
financial services through Ford Motor Credit Company.

The company has operations in Japan in the Asia Pacific region. In
Europe, the company maintains a presence in Sweden, and the United
Kingdom.  The company also distributes its brands in various
Latin-American regions, including Argentina and Brazil.

                         *     *     *

As reported in the Troubled Company Reporter on Aug. 5, 2008,
Fitch Ratings has downgraded the issuer default rating of Ford
Motor Company and Ford Motor Credit Company LLC to 'B-' from 'B'.
The Rating Outlook remains Negative.  The downgrade reflects: the
further deterioration in Ford's U.S. sales as a result of economic
conditions, an adverse product mix and the most recent jump in gas
prices; portfolio deterioration at Ford Credit and heightened
concern regarding economic access to capital to support financing
requirements; and escalating commodity costs that will remain a
significant offset to cost reduction efforts.


FORD MOTOR: Registers 35MM Shares for Hourly Employee Savings Plan
------------------------------------------------------------------
Ford Motor Co. has filed with the Securities and Exchange
Commission a registration statement for 35,000,000 shares of
Common Stock with par value of US$.01.  The proposed maximum
offering price per share is US$4.54 while the proposed maximum
aggregate offering price is US$158,725,000.

The number of shares being registered represents the maximum
number of additional shares not registered that may be acquired by
Fidelity Management Trust Company, as trustee under the Master
Trust established  and as trustee under the Ford Motor Company
Tax-Efficient Savings Plan for Hourly Employees, during 2008 and
during subsequent years until a new Registration Statement becomes
effective.

                     About Ford Motor Co.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles in
200 markets across six continents.  With about 260,000 employees
and about 100 plants worldwide, the company's core and affiliated
automotive brands include Ford, Jaguar, Land Rover, Lincoln,
Mercury, Volvo, Aston Martin, and Mazda.  The company provides
financial services through Ford Motor Credit Company.

The company has operations in Japan in the Asia Pacific region. In
Europe, the company maintains a presence in Sweden, and the United
Kingdom.  The company also distributes its brands in various
Latin-American regions, including Argentina and Brazil.

                         *     *     *

As reported in the Troubled Company Reporter on Aug. 5, 2008,
Fitch Ratings has downgraded the issuer default rating of Ford
Motor Company and Ford Motor Credit Company LLC to 'B-' from 'B'.
The Rating Outlook remains Negative.  The downgrade reflects: the
further deterioration in Ford's U.S. sales as a result of economic
conditions, an adverse product mix and the most recent jump in gas
prices; portfolio deterioration at Ford Credit and heightened
concern regarding economic access to capital to support financing
requirements; and escalating commodity costs that will remain a
significant offset to cost reduction efforts.


FORD MOTOR: Registers 50MM Shares for Salaried Workers Stock Plan
-----------------------------------------------------------------
Ford Motor Co. has filed with the Securities and Exchange
Commission a registration statement for 50,000,000 shares of
Common Stock with par value of US$.01.  The proposed maximum
offering price per share is US$4.54 while the proposed maximum
aggregate offering price is US$226,750,000.

The number of shares being registered represents the maximum
number of additional shares not registered that may be acquired by
Fidelity Management Trust Company, as trustee under the Master
Trust established  and as trustee under the Ford Motor Company
Savings and Stock Investment Plan for Salaried Employees, during
2008 and during subsequent years until a new Registration
Statement becomes effective.

                     About Ford Motor Co.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles in
200 markets across six continents.  With about 260,000 employees
and about 100 plants worldwide, the company's core and affiliated
automotive brands include Ford, Jaguar, Land Rover, Lincoln,
Mercury, Volvo, Aston Martin, and Mazda.  The company provides
financial services through Ford Motor Credit Company.

The company has operations in Japan in the Asia Pacific region. In
Europe, the company maintains a presence in Sweden, and the United
Kingdom.  The company also distributes its brands in various
Latin-American regions, including Argentina and Brazil.

                         *     *     *

As reported in the Troubled Company Reporter on Aug. 5, 2008,
Fitch Ratings has downgraded the issuer default rating of Ford
Motor Company and Ford Motor Credit Company LLC to 'B-' from 'B'.
The Rating Outlook remains Negative.  The downgrade reflects: the
further deterioration in Ford's U.S. sales as a result of economic
conditions, an adverse product mix and the most recent jump in gas
prices; portfolio deterioration at Ford Credit and heightened
concern regarding economic access to capital to support financing
requirements; and escalating commodity costs that will remain a
significant offset to cost reduction efforts.


HN TRUST: Fitch Rates Class A Senior BIs Trusts 'BB'
----------------------------------------------------
Fitch Ratings has assigned ratings to HN Trust's Senior Trust
Beneficial Interests in an aggregate amount of approximately
JPY1.27bn, as listed below:

  -- Class A1 Senior BIs (issue amount 140,000,000, subordination
     ratio* 53.3%) 'AAA';

  -- Class A2 Senior BIs (issue amount 60,000,000, subordination
     ratio* 33.3%) 'BBB';

  -- Class A3 Senior BIs (issue amount 20,000,000, subordination
     ratio* 26.7%) 'BB';

  -- Class B1 Senior BIs (issue amount 600,000,000, subordination
     ratio* 42.7%) 'AAA'; and

  -- Class B2 Senior BIs (issue amount 447,681,959, subordination
     ratio* 0%) 'A'.

Each rated class is assigned a Stable Outlook.

The ratings address the ultimate payment of initial principal by
the final maturity date and the ratings are primarily based on the
quality of the underlying residential mortgage loan receivables,
on the available credit enhancement provided by the
senior/subordinate structure, on the cash reserve which addresses
liquidity risks and the legal structure of the transaction.  The
rated BIs do not bear trust dividend payments.

This transaction is a resecuritization of two Junior Beneficial
Interests previously issued as separate transactions, ultimately
backed by multiple residential mortgage loan receivable pools.
Approximately JPY1.35bn Underlying BIs (JPY0.3bn Underlying BIs 1
and JPY1.05bn Underlying BIs 2) and JPY73m in cash to cover the
related costs and expenses for the entire transaction period have
been entrusted and in return, the class A1, A2, A3, B1 and B2
Senior BIs, class A and B IO Beneficial Interests, class A and B
Subordinated Beneficial Interests and liquidity supplement reserve
BIs have been issued.

The class A1-A3 Senior, class A IO and class A Sub BIs are limited
recourse to the Underlying BIs 1.  Any interest collection from
the Underlying BIs 1 will be distributed to the class A IO BIs as
dividends and any principal collection will be distributed to the
class A1-A3 Senior and class A Sub BIs as principal repayment
sequentially.

Similarly, the class B1 and B2 Senior, class B IO and class B Sub
BIs are limited recourse to the Underlying BIs 2.  Any interest
collection from the Underlying BIs 2 will be distributed to the
class B IO BIs as dividends and any principal collection will be
distributed to the class B1 and B2 Senior and class B Sub BIs as
principal repayment sequentially.

The closing date of the transaction is 30 September 2008 and the
final maturity date is 20 February 2045.

  * Subordination ratios are calculated by the following formula,
    as of the closing date: 1-(A+B)/C.

  A: Rated debt amount and any other debt amounts that share the
     same rating;
  B: Debt amount ranking senior to the rated debt; and

  C: Entrusted residential mortgage loan receivables initial
     principal amount.


NOMURA HOLDINGS: To Acquire Lehman's Global Back-Office Ops.
------------------------------------------------------------
Nomura Holdings, Inc. has agreed to acquire bankrupt Lehman
Brothers Holdings, Inc.'s Indian operations that have handled the
U.S. company's global back-office operations and information
technology development, Reuters reports citing  Nikkei Business
News.

Nomura, various report relate, will acquire the Indian businesses
for several billion yen (tens of millions of dollars).  According
to The Times of India, the back-office operations, based in the
financial hub of Mumbai, handle trading settlement duties as well
as information technology research and development.

Nomura reportedly decided to make the extra investment as the
Indian base has talented IT workers and has functioned as the
heart of Lehman's cutting-edge systems, the Times says.

On September 25, 2008, the Troubled Company Reporter - Asia
Pacific, citing Bloomberg News, reported that Nomura Holdings
agreed to pay less than a month's revenue for units of bankrupt
Lehman Brothers in Asia and Europe.

According to the TCR-AP, the Asia transaction includes 3,000
employees in Tokyo, Seoul, Beijing, Shanghai, Hong Kong, Taiwan,
Thailand, Singapore, Mumbai, Sydney and Melbourne.  The company
would also keep most of Lehman's 2,500 workers in the U.K.,
Germany, Switzerland, Spain, the Middle East, Sweden and Russia,
the report said.

However, Reuters points out, Lehman Brothers did not include the
three Indian subsidiaries that handled back-office duties.  Lehman
solicited buyers for these units separately., the same report
notes.

The Earth Times adds that Lehman Brother's Inc. has more than
2,000 employees in its Indian operation.

                      About Nomura Holdings

Nomura Holdings, Inc. -- http://www.nomura.com/ --  is a
securities and investment banking firm in Japan and has
worldwide operations.  Nomura is a holding company.  The
services it provides include trading, underwriting, and offering
securities, asset management services, and others.  As of
March 31, 2008, it operated offices in about 30 countries and
regions, including Japan, the United States, the United Kingdom,
Singapore and Hong Kong through its subsidiaries.  The company's
customers include individuals, corporations, financial
institutions, governments and governmental agencies.  Nomura
operates in five business divisions: domestic retail, global
markets, global investment banking, global merchant banking and
asset management.   In February, 2007, Nomura acquired Instinet
Incorporated.

                          *     *     *

Nomura Holdings still carries Fitch Ratings' 'C' individual
rating, and Support Rating Floor at 'B'.

On Aug. 1, 2008, the Troubled Company Reporter-Asia Pacific,
citing The Wall Street Journal, reported that Nomura Holdings
posted a JPY76.6 billion (US$712.8 million) net loss for its
fiscal first quarter, from a JPY75.9 billion net profit a year
earlier.  The reported loss, the report said, came after write-
downs of risky debt products, and a Japanese bank's expectation
that difficult market conditions will continue.


SHINSEI BANK: Mulls Use of Low-Cost Deposits to Boost Profit
------------------------------------------------------------
Shinsei Bank Ltd aims to use low-cost bank deposits to boost
profit from consumer loans, Bloomberg News reports.

"The line between the consumer finance business and retail banking
is all going to get blurred; it's all going to converge.  Consumer
finance is a very profitable business if you can fund it with low-
cost, stable retail funding," Bloomberg News cited Sanjeev Gupta,
chief operating officer of Shinsei's retail and consumer finance
businesses.

According to the report, the bank will be able to use regular
account deposits on which it pays as little as 0.11% interest to
finance consumer loans on which it charges as much as 18%.

The bank, the report says, counts on the acquisition from GE to
keep the company profitable this year as its investment banking
arm forecasts more writedowns due to turmoil in global credit
markets.

As reported by the Troubled Company Reporter - Asia Pacific on
Sept. 24, 2008, Shinsei Bank acquired GE Consumer Finance Co. Ltd.
and its subsidiaries for an all cash consideration of JPY580
billion from GE Japan Holdings Corporation.

Meanwhile, Bloomberg News relates that the bank reported losses
from its retail banking business for eight straight quarters.

Mr. Gupta said that the bank's three main consumer finance units
are forecasting about JPY40 billion in combined net income for the
current year, Bloomberg News relates.  The figure should be higher
next year, as this year's figure includes earnings from GE's
consumer-finance unit for only the second half, he added.

On September 24, TCR-AP reported that Shinsei Bank has revised its
forecasts for consolidated earnings for the interim period ending
Sept. 30, 2008; the fiscal year ending March 31, 2009, and its
non-consolidated earnings forecast for the fiscal year ending
March 31, 2009.

The company revised its full year consolidated forecast for net
income for the fiscal year ending March 31, 2009 from
JPY62.0 billion to JPY12.0 billion due primarily to the impact on
its Institutional Group that included the expected losses to
entities of Lehman Brothers Holdings Inc.

The company said its maximum exposure to Lehman Brothers is
approximately JPY38 billion, largely comprised of an unsecured
loan of JPY25 billion to a Japanese entity guaranteed by Lehman
Brothers, JPY9 billion in bonds (notional amount), and market
counterparty risk of JPY1 billion.  The company added that it is
taking prompt action to manage its exposure and maximize recovery.
In addition, the bank has International Swaps and Derivatives
Association/CSA agreements in place.

                        About Shinsei Bank

Headquartered in Tokyo, Japan, Shinsei Bank Ltd --
http://www.shinseibank.com/-- is a financial institution
providing a full range of financial products and services to
both institutional and retail customers based on a three-pillar
strategic business model comprising institutional banking,
consumer and commercial finance and retail banking.  The Bank
has total assets of JPY11.5 trillion (US$115 billion) on a
consolidated basis (as of March 2008) and a network of 41
outlets that includes 35 Shinsei Financial Centers, 2 Platinum
Centers and 4 BankSpots in Japan.

                          *     *     *

The bank continues to carry Fitch Ratings affirmed Shinsei Bank
Ltd's Short-term foreign and local currency IDRs at 'F2',
Individual 'C', Support '3', and Support Rating Floor 'BB+'.

Shinsei Bank Ltd also continues to carry a "BB" Subordinated
Debt rating, which was placed by Mikuni Credit Ratings on
October 25, 2006.


SN TRUST: Fitch Assigns 'BB' Rating on JPY1.328BB Class A3 CDOs
---------------------------------------------------------------
Fitch Ratings has assigned ratings to SN Trust Senior Beneficial
Interests in the aggregate principal amount of approximately
JPY2.08bn, as listed below:

  -- JPY265,647,370 class A1 Senior BIs, subordination ratio*
     91.6%: 'BBB';

  -- JPY486,960,980 class A2 Senior BIs, subordination ratio*
     76.3%: 'BBB-'; and

  -- JPY1,328,075,400 class A3 Senior BIs, subordination ratio*
     34.7%: 'BB'.

This transaction is a resecuritization of the subordinated BIs of
structured finance collateralized debt obligations, which were
issued in 2004 and are now primarily backed by six mezzanine
classes of commercial mortgage backed securities or BIs issued in
Japan.  The ratings address the likelihood of ultimate repayment
of principal by the final maturity date.  At closing, the
subordinated BIs of the SF CDO have been entrusted and in turn
class A1, A2, A3 Senior, A-subordinated and A-interest-only BI
certificates have been issued.

To cover the related costs and expenses for the entire period of
the transaction, cash has also been entrusted and in turn the
liquidity enhancement reserve BIs have been issued.  All the
interest collections will be paid as dividends on Class A IO BIs,
and no dividend will be paid on Class A1 through A3 Senior BIs.

In assigning the ratings, Fitch has analyzed various factors,
including but not limited to, the credit quality of the individual
underlying CMBS and BIs, credit enhancement level and cash
reserves.  Senior/subordinate structure will serve as the credit
enhancement in the deal.  Since the ultimate underlying assets are
composed of Japanese CMBS or BIs, the agency has analyzed this
deal using both Japanese CMBS and structured finance CDO
approaches.

In the CMBS approach, Fitch analyzed cash flows from the
underlying properties to determine their sustainable cash flows,
and in turn Fitch values, and calculated the debt service coverage
ratios and loan to value of the individual underlying CMBS in
order to assess the credit enhancement level for each underlying
CMBS.  The required credit enhancement level for each class of
this deal was calculated by aggregating the credit enhancement
level of the underlying CMBS.

In the SF CDO approach, the proposed criteria of which will be
released shortly, the key assumptions including correlation and
recovery assumptions have been reviewed and the proposed changes
have been taken into account.  Furthermore, in the light of a
smaller number of the underlying assets and the current evolving
market environment, Fitch has additionally performed a sensitivity
analysis of correlation assumptions for this deal and the most
conservative rating default rate and rating recovery rate have
been chosen for each class.  Finally, the agency has applied the
more conservative results from these two approaches for each class
in determining the ratings.



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

EUGENE SCIENCE: June 30 Balance Sheet Upside-Down by US$15,089,385
------------------------------------------------------------------
As of June 30, 2008, Eugene Science Inc. had total assets of
US$2,171,472 and total liabilities of US$17,260,857, resulting in
total stockholders' deficit of US$15,089,385.  Total stockholders'
deficit as of Dec. 31, 2007, stood at US$15,521,883.

As of June 30, 2008, the company recorded a negative working
capital with US$893,730 in total current assets available to pay
US$15,152,854 in total current liabilities.

For the quarter ended June 30, 2008, net sales increased to
US$204,237 from US$154,808 in the same period last year.

Operating losses for the current quarter decreased to US$204,530
from US$298,497 in the previous comparable quarter.

Net loss also decreased to US$695,687 from US$1,040,236 in the
quarter ended June 30, 2007.

                       Going Concern Doubt

Eugene Science's management said the company's recurring losses
since 2000 and  negative cash flows from operations raise
substantial doubt about its ability to continue as a going
concern.  With the loss continuing, the company's net loss
amounted to US$1,121,893 for the period ended June 30, 2008 and
its working capital deficiency was US$14,259,124 as of June 30,
2008.

                      Debt Relief Agreement

On September 8, 2008, Eugene Science signed an agreement,
effective August 19, 2008, with its creditors -- KIP Biotech LLC;
Onbio Corporation; Seung-Kwon Noh; ASA Opportunity Fund L.P.;
Bradley Rotter; Zhonghua Chen; Scott Choi; Kang Du; and Benton H.
Wilcoxon, successor in interest to SummitBridge National
Investments LLC.

The agreement provides that in consideration of the assignment of
its current patents and patent applications, approximately
US$2,250,000 of funds advanced to the company pursuant to the
terms of a Note and Warrant Purchase Agreement dated Aug. 24,
2007, among the company and each of the creditors, plus interest,
will be extinguished.

In addition, the company received a revocable license from KIP to
market the products which employ or are produced by the practice
of inventions described in any claim in any Eugene Patent (a)
exclusively in Japan and the Republic of Korea, (b) non-
exclusively in the People's Republic of China and (c) exclusively
in Japan, the Republic of Korea and the People's Republic of China
for sales to Archer-Daniels-Midland Company.

The company and Onbio meanwhile intend to consummate a merger
subject to regulatory approvals.  Onbio holds certain patents that
will be transferred to KIP upon completion of such merger.  Prior
to the merger, Onbio grants an exclusive, irrevocable,
transferable license to KIP for use of the Onbio Licensed Products
and to license others to make, use and sell Onbio Licensed
Products worldwide.

The company also entered into a patent assignment and a payment
advance addendum with KIP whereby KIP agrees to pay the company
US$20,000 per month to be used strictly for (a) technical and
sales support activities provided to KIP and (ii) research and
development activities that support KIP's sales efforts.

                 US$2,250,000 Senior Notes Default

As reported in the Troubled Company Reporter-Asia Pacific on June
11, 2008, Eugene Science disclosed in a regulatory filing that it
failed to pay the outstanding principal amount and accrued but
unpaid interest due under the senior secured promissory notes it
issued in July and August 2007.

The notes were sold for US$2,250,000 to multiple investors with
interest at a rate of 10% per annum and were due Feb. 24, 2008,
subject to three one month extensions of the maturity date.

The final one month extension period on the notes expired on May
24, 2008.

The company's obligations under the notes are secured by, among
other things, a first priority security interest in all right,
title and interest of the company in and to certain of its
intellectual property.

                    About Eugene Science Inc.

Based in Seoul, Korea, Eugene Science Inc. (OTC BB:EUSI.OB)
-- http://www.eugene21.com/-- is a global biotechnology company
tackling ailments such as heart disease, obesity and diabetes
through innovation in the nutraceutical field.  Its first
commercial heart disease product, CZ(TM), is a patented,
nanoscience-based, water-dispersible functional food ingredient
containing natural plant sterols that help maintain healthy
cholesterol levels by inhibiting its absorption.  CZ(TM) is
available in capsule form, or as a food or beverage additive.
These plant sterols are approved by the U.S. FDA for health
claims related to cholesterol lowering efficacy.


HYUNDAI MOTOR: May Miss U.S. Sales Target This Year
---------------------------------------------------
Hyundai Motor Company may miss its U.S. sales target this year
after it suffered a sharp decline in its vehicle sales in the
United States last month, Yonhap News reports.

The report relates that the company sold 24,765 vehicles in
September in the U.S., down 25.4% from a year earlier, marking the
third straight monthly decline.

According to Yonhap News, in the first nine months of 2008,
Hyundai's sales in the U.S. sank 6% from a year ago to 337,664
units.  Despite the trend, Hyundai reiterated its U.S. sales
target of 515,000 units this year.

"As consumers tighten their spending due to the uncertain economic
times we are experiencing, we are certainly feeling the pinch,"
Yonhap cited Dave Zuchowski, vice president of sales at Hyundai's
U.S. subsidiary, as saying.

                       About Hyundai Motor

Headquartered in Seoul, South Korea, Hyundai Motor Company
-- http://www.hyundai-motor.com/-- has been selling cars in the
US since 1986, but it only started selling its heavy trucks
stateside in 1998.  Hyundai produces 14 models of cars, SUVs,
and minivans, as well as trucks, buses, and other commercial
vehicles.  The company reestablished itself as South Korea's
leading carmaker in 1998 by acquiring a 51% stake in Kia Motors
(since reduced to about 43%).  Hyundai's models for the North
American market include the Accent and Sonata; models sold
elsewhere include the GRD and Equus.  The company also
manufactures machine tools for factory automation and material-
handling equipment.

The Troubled Company Reporter-Asia Pacific reported that the
Hyundai Automotive Group is facing its deepest crisis since
chairman Chung Mong-koo took over in 1999, with problems like
the steep drop of the United States dollar, high oil prices and
union demands aggravated by a sweeping criminal investigation
regarding the carmaker's alleged creation of slush funds that
were used by at least two lobbyists to bribe government
officials for business favors, including having KRW55 billion of
Hyundai's bad debts written off.

Chairman Chung was indicted early in May 2006 for fraud charges.

Some of the group's official business has been on hold since the
probe on the slush fund started and several top executives were
summoned for questioning.

On Feb. 5, 2007, a South Korean court handed down the sentence
to Mr. Chung for illegally raising US$110 million in slush funds
and bribing government officials.  Mr. Chung was released on
bond and continues to run the auto conglomerate.

In May 2008, Yonhap News reported that a group of the company's
shareholders filed a civil case against Mr. Chung to claim
damages for heavy losses allegedly suffered through his
mismanagement and other corporate shenanigans.

According to the report, the shareholders, led by a civic group
called Solidarity for Economic Reform, filed the lawsuit with
the Seoul Central District Court, asking Mr. Chung to pay
KRW563 billion (US$537 million) in damages to Hyundai Motor.

The lawsuit came a day after prosecutors again demanded a six-
year jail term for Mr. Chung for embezzlement and breach of
trust, Yonhap said.


HYUNDAI MOTOR: Targets 150,000 Yearly Car Output in Russia
----------------------------------------------------------
Hyundai Motor Co. plans to make Russia a major production base,
churning out 150,000 cars per year in the country from 2012, Kim
Yeon-hee of Reuters reports.

Chairman Chung Mong-koo, the report relates, said the company
along with its affiliate Kia Motors Corp. will also develop
Europe-tailored models to increase sales and profitability.  "High
oil prices and the financial crisis have been denting the global
automobile market, but we will keep plant operations in the Czech
Republic and Slovakia stable and boost sales of strategic models,
including Cee'd and i30," he said.

Hyundai started building its St Petersburg plant in June with
investment of EUR330 million (US$461.6 million), for a January,
2011 launch, the report relates.

On Aug. 27, 2008, the Troubled Company Reporter-Asia Pacific,
citing Yonhap News, reported that Hyundai Motor expects to meet
its sales target in Russia this year as it will introduce a sport-
utility vehicle and other models in Europe's fastest growing auto
market.

According to Reuters, the latest production target compared with
June, when an unnamed source told Reuters that Hyundai Motor
planned to produce 300,000 vehicles a year at its Russian plants
after 2011.

                        About Hyundai Motor

Headquartered in Seoul, South Korea, Hyundai Motor Company
-- http://www.hyundai-motor.com/-- has been selling cars in the
US since 1986, but it only started selling its heavy trucks
stateside in 1998.  Hyundai produces 14 models of cars, SUVs,
and minivans, as well as trucks, buses, and other commercial
vehicles.  The company reestablished itself as South Korea's
leading carmaker in 1998 by acquiring a 51% stake in Kia Motors
(since reduced to about 43%).  Hyundai's models for the North
American market include the Accent and Sonata; models sold
elsewhere include the GRD and Equus.  The company also
manufactures machine tools for factory automation and material-
handling equipment.

The Troubled Company Reporter-Asia Pacific reported that the
Hyundai Automotive Group is facing its deepest crisis since
chairman Chung Mong-koo took over in 1999, with problems like
the steep drop of the United States dollar, high oil prices and
union demands aggravated by a sweeping criminal investigation
regarding the carmaker's alleged creation of slush funds that
were used by at least two lobbyists to bribe government
officials for business favors, including having KRW55 billion of
Hyundai's bad debts written off.

Chairman Chung was indicted early in May 2006 for fraud charges.

Some of the group's official business has been on hold since the
probe on the slush fund started and several top executives were
summoned for questioning.

On Feb. 5, 2007, a South Korean court handed down the sentence
to Mr. Chung for illegally raising US$110 million in slush funds
and bribing government officials.  Mr. Chung was released on
bond and continues to run the auto conglomerate.

In May 2008, Yonhap News reported that a group of the company's
shareholders filed a civil case against Mr. Chung to claim
damages for heavy losses allegedly suffered through his
mismanagement and other corporate shenanigans.

According to the report, the shareholders, led by a civic group
called Solidarity for Economic Reform, filed the lawsuit with
the Seoul Central District Court, asking Mr. Chung to pay
KRW563 billion (US$537 million) in damages to Hyundai Motor.

The lawsuit came a day after prosecutors again demanded a six-
year jail term for Mr. Chung for embezzlement and breach of
trust, Yonhap said.


LG TELECOM: Fitch Holds 'BB+' Rating; Changes Outlook to Positive
-----------------------------------------------------------------
Fitch Ratings has changed South Korea-based LG Telecom Ltd's
Outlook to Positive from Stable.  The company's Long-term foreign
currency Issuer Default rating has been affirmed at 'BB+'.

The change in the Outlook is mainly based on LGT's strengthened
market position and improved credit profile during the past two
financial years.  LGT successfully increased both its subscriber
and revenue-based market shares during this period,
notwithstanding the removal of market share focused regulations
favoring LGT and aggressive competition with larger operators
involving sizeable subsidies on handset prices.  Its consolidated
debt in FY07 decreased to KRW841bn from KRW1,281bn in FY05, thanks
to consistently positive free cash flow generation of KRW214bn in
FY07 and KRW179bn in FY06.  Consequently, LGT's total adjusted net
debt/operating EBITDAR leverage fell to 1.2x in FY07 from 1.7x in
FY05 and its funds from operations fixed charge coverage more than
doubled to 13.3x from 6.6x.

"Fitch's outlook horizon is 1-2 years.  For LGT the first point at
which a rating upgrade may occur is if LGT's H2 2008 and 1Q 2009
results reveal margin stability on the back of lower marketing
costs compared with H1 2008, its revenue market share remains
stable, as well as consistent positive FCF generation with the
company's net adjusted Debt/ Operating EBITDAR leverage ratio
sustained below 1.5x," said Jongwan Kim, associate director in
Fitch's Asia Pacific Telecom, Media and Technology team.  "An
upgrade might also occur within the 1-2 year horizon if it does
not occur in the first half of 2009."

The agency cites weaker profitability and expected capex increase
as concerns that prevented a rating upgrade at this juncture.  In
FY07 and H108, LGT's operating profitability deteriorated
primarily because of intensified marketing activities by the three
Korean mobile operators as the government's ban on handset
subsidies was progressively removed.  In addition to increased
marketing costs, roll-out cost for the company's new CDMA EVDO
Revision A network is expected to result in a total spending of
KRW700bn in FY08, compared to W622bn and W451bn in FY07 and FY06,
respectively.  Consequently, Fitch expects LGT's FCF generation to
trend down in FY08.

Nevertheless, Fitch is optimistic that LGT's operating
profitability and FCF generation should recover from H208.  It
notes that H108's industry-wide record level of marketing expenses
is unlikely to continue.  With the introduction of an obligatory
subscription period of up to two years in April 2008 for its
subsidised handset price offers, churn rates and marketing
expenses should fall.

"In addition, as no operator was able to claim higher market share
during H108, it is reasonable to expect that operators will now
take a more rational approach to their marketing expenses," Mr Kim
added "Since LGT's 3.5G CDMA EVDO revision A network roll-out has
largely been completed this year, capex is likely to fall and FCF
should recover from FY09 onwards."

Incorporated in July 1996 with commercial operations commencing in
October 1997, LGT is the smallest of three mobile telecom
operators in South Korea.  Its largest shareholder is LG Corp,
with a 37.4% stake.  LGT's subscriber-based market share at end-
August 2008 was 18%.



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

A2 CORPORATION: Shareholders Approve New Right Issues
-----------------------------------------------------
The shareholders of A2 Corporation Ltd voted on Friday, Sept. 26,
2008, in favor of a placement of 13,915,962 ordinary shares to the
Child Health Research Foundation; 28,000,000 ordinary shares to
AMP Capital Investors; and 50,000,000 ordinary shares to EGI-Fund
(08-10) Investors, LLC.

At the Annual Meeting, the shareholders also confirmed the re-
election of Greg Hinton and Dr. Jock Allison as board members and
the reappointment of Ernst & Young as the company auditors.

                      About A2 Corporation

New Zealand-based A2 Corporation Ltd. (NZAX: ATM)  --
http://www.a2corporation.com/-- is engaged in the sale and
production of beta-casein A2 milk products.  The company owns
and licenses intellectual property that enables the
identification of cattle for the production and subsequent
marketing of A2 Milk.  a2 milk is naturally produced to contain
maximum amounts of a milk protein variant that is associated by
a number of studies with potential benefits in some individuals.
A2 Corporation Ltd receives royalty income from sales of A2 Milk
products and testing for A2 cattle, and shares in the profits or
losses of associates and subsidiaries formed for those purposes.

                          *     *     *

The company incurred three consecutive net losses of NZ$6.3
million, NZ$5.08 million and NZ$448,800 for the years ended
March 31, 2008, 2007 and 2006, respectively.


B.PHILLIPS TRANSPORT: Liquidators Set Oct. 10 as Claims Bar Date
----------------------------------------------------------------
Pursuant to Section 241(2)(a) of the Companies Act 1993,
Terence Hillson, chartered accountant of Auckland, was appointed
liquidator of B.Phillips Transport Limited on September 2, 2008.

The liquidator sets October 10, 2008, as the last day for
creditors to file their proofs of debt.

Creditors and shareholders may direct their inquiries to:

          Terence Hillson
          PO Box 1240, Auckland
          Mobile: 027 280 5580


BEAZLEY CONTRACTING: Proofs of Debt Due on October 10
-----------------------------------------------------
The High Court at Auckland has appointed Henry David Levin,
insolvency specialist, and David Stuart Vance, chartered
accountant, as liquidators of Beazley Contracting Limited.

The liquidators set October 10, 2008, as the last day for
creditors to file their proofs of debt.

Creditors and shareholders may direct their inquiries to:

          Deloitte
          Level 8, Deloitte House
          8 Nelson Street
          Auckland 1010
          Telephone: (09) 309 4944
          Facsimile: (09) 309 4947


C. S. GROUP: Commences Liquidation Proceedings
----------------------------------------------
The High Court at Wellington held a hearing on September 22, 2008,
to consider an application putting C. S. Group NZ Limited into
liquidation.

The application was filed on August 7, 2008, by Credit Link
Factors Limited.

The plaintiff's address for service is at:

         19 Meachen Street
         Seaview
         Lower Hutt 5010

Ian Oliver Caddis is the plaintiff's solicitor.


DM PALMER: Proofs of Debt Due on October 10
-------------------------------------------
In accordance with section 241(2)(a) of the Companies Act 1993,
the shareholders of DM Palmer Limited resolved that the company be
liquidated and appointed Samuel Michael William Bassett, chartered
accountant, as liquidator.

The liquidator sets October 10, 2008, as the last day for
creditors to file their proofs of debt.

Creditors and shareholders may direct their inquiries to:

          Sam Bassett
          Markhams Auckland
          Level 10, 203 Queen Street (PO Box 2194)
          Auckland
          Telephone: (09) 309 7103
          Facsimile: (09) 366 0261


KIMS FORTUNE: Liquidators Set October 15 as Claims Bar Date
-----------------------------------------------------------
The High Court at Auckland has appointed Peter Reginald Jollands
and Michael John Fisher, insolvency practitioners of Auckland, ,
as liquidators of Kims Fortune & Future Limited.

Creditors are required to file their proofs of debt by October 15,
2008, to be included in the company's dividend distribution.

Creditors and shareholders may direct their inquiries to:

          Jollands Callander
          Accountants and Insolvency Practitioners
          Level 8, Administrator House
          44 Anzac Avenue, Auckland 1010
          Website: www.jollandscallander.co.nz


NATIONAL FINANCE: Companies Office Sues Three Directors
-------------------------------------------------------
The Companies Office has filed criminal charges in Auckland
District Court against three directors of National Finance 2000
Ltd, The National Business Review reports.

According to the report, the defendants, who are due to appear on
October 23, 2008, are Trevor Allan Ludlow, Anthony David Banbrook
and Carol Anne Braithwaite.

The Business Review relates that the national enforcement unit of
the Companies Office alleges the directors failed to disclose
material transactions between National Finance 2000 and related
parties.

The directors, the reports says, also face charges under the
Securities Act 1978 for stating that they had made proper and
adequate provisioning for bad debts and that loans were secured by
general security agreements when this was not the case.

The Serious Fraud Office is also conducting a separate
investigation into National Finance 2000, the report adds.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
May 12, 2006, National Finance 2000 is the first major finance
company to collapse in recent years and has re-ignited fears of a
wider rout in a sector weighed down by debt after several years of
strong economic growth.

National Finance's managing director, Allan Ludlow, shouldered
the blame for the company's collapse, but assured that he will
work closely with the receivers appointed by Covenant Trustee
Company -- John Waller and Colin McCloy of PricewaterhouseCoopers
-- to get the maximum amount of money back for investors.

According to the Business Review,  the receivers estimate that
around NZ$24 million is owed to members of the public and that the
likely recovery for secured investors will be about 47 percent to
48 percent of their investments.  Subordinated investors and other
unsecured creditors are unlikely to recover anything from the
receivership.


PEKINGESE LIMITED: Liquidators Set Oct. 10 as Claims Bar Date
-------------------------------------------------------------
The High Court at Auckland has appointed Henry David Levin,
insolvency specialist, and David Stuart Vance, chartered
accountant, as liquidators of Pekingese Limited.

The liquidators set October 10, 2008, as the last day for
creditors to file their proofs of debt.

Creditors and shareholders may direct their inquiries to:

          Deloitte
          Level 8, Deloitte House
          8 Nelson Street, Auckland 1010
          Telephone: (09) 309 4944
          Facsimile: (09) 309 4947


ROMO LIMITED: Proofs of Debt Due on October 10
----------------------------------------------
Pursuant to Section 241(2)(a) of the Companies Act 1993, the
shareholders of Romo Limited fka Morrison Ross Limited resolved
that the company be liquidated and appointed Stephen Mark Lawrence
and Anthony John McCullagh, insolvency practitioners of Horwath
Corporate (Auckland) Limited, as liquidators.

The liquidators set October 10, 2008, as the last day for
creditors to file their proofs of debt.

Creditors and shareholders may direct their inquiries to:

          Attn: Chris McCullagh
          Horwath Corporate (Auckland) Limited
          PO Box 3678, Auckland 1140
          Telephone: (09) 306 7424
          Facsimile: (09) 302 0536


SHED BARS: Proofs of Debt Due on October 10
-------------------------------------------
In accordance with section 241 of the Companies Act 1993, the
shareholders of The Shed Bars Limited appointed Anthony Charles
Harris, insolvency practitioner of Tauranga, as liquidator on
August 29, 2008.

The liquidator sets October 10, 2008, as the last day for
creditors to file their proofs of debt.

Creditors and shareholders may direct their inquiries to:

          Anthony Charles Harris
          Harris Neil & Associates Limited
          PO Box 14216, Tauranga 3143
          Telephone: (07) 571 6384
          Facsimile: (07) 571 6385


UNITED ELECTRICAL: Commences Liquidation Proceedings
----------------------------------------------------
The High Court at Auckland held a hearing on September 26, 2008,
to consider an application putting United Electrical Services (NZ)
Limited into liquidation.

The application was filed on May 29, 2008, by the Commissioner of
Inland Revenue.

The plaintiff's address for service is at:

          Inland Revenue Department
          Legal and Technical Services
          17 Putney Way (PO Box 76198)
          Manukau, Auckland 2241
          Telephone: (09) 985 7274
          Facsimile: (09) 985 9473

Sandra Joy North is the plaintiff's solicitor.


WINDFLOW TECH: Raises Half of its Target Capital Build
------------------------------------------------------
Windflow Technology Limited said it has raised almost half its
target in the second stage of a two-year capital build.

The company said it will confirm next week the final outcome of
the second stage of a two-year capital build, with additional
funding provided by shareholders exercising their entitlement to
additional shares under the 2008 options programme which ended on
September 30, 2008.

"The options exercise has raised NZ$2.6 million, or almost half
the target set a year ago," said CEO Geoff Henderson.

"While the options were not fully taken up, having coincided with
the financial crisis, falling global markets and a general lack of
investor confidence, the capital raising can be regarded as a
solid achievement."

"Our loyal shareholders have seen the company deliver on its
promises to reach commercial production and have looked beyond the
present turmoil on sharemarkets in increasing their holdings."

"We also look forward to the capital subscription mid-month by
Mighty River Power Ltd when it purchases a 19.95% shareholding in
Windflow Technology."

                      Full Year Results

In its preliminary financial results, Windflow Technology posted a
net loss of NZ$2.04 million for the year ended June 30, 2008,
compared with a net loss of NZ$3.28 million in the prior financial
year ended June 30, 2007.

The company's balance sheet at June 30, 2008, showed NZ$23.74
million in total assets, NZ$16.46 million in total liabilities and
NZ$7.28 million in total stockholders' equity.

                      About Windflow

Christchurch, New Zealand-based Windflow Technology Limited --
http://www.windflow.co.nz/-- is engaged in wind power
development.  As of June 30, 2006, the company held a 20%
shareholding in Windpower Otago Limited.  The principal activity
of Windpower Otago Limited is the development of wind farms.
During the fiscal year ended June 30, 2006 (fiscal 2006),
Windflow Technology Limited, held a 42.99% shareholding in NZ
Windfarms Limited.  The principal activity of NZ Windfarms
Limited is the development of wind farms.  Its other
subsidiaries and associates include Pacific Windfarms Limited,
Wind Blades Limited and Windpower Maungatua Limited.

                          *     *     *

Windflow Technology incurred a net loss of NZ$3.28 million in
the financial year ended June 30, 2007, compared with the
INR2.22-million loss booked in the prior financial year.


YOUR REALTY: Proofs of Debt Due on October 10
---------------------------------------------
Pursuant to Section 241 of the Companies Act 1993, the
shareholders of Your Realty Limited resolved that the company be
liquidated and appointed Christopher Robert Ross Horton, as
liquidator.

The liquidators set October 10, 2008, as the last day for
creditors to file their proofs of debt.

Creditors and shareholders may direct their inquiries to:

          Christopher Robert Ross Horton
          Horton Price Limited
          PO Box 9125, Newmarket
          Auckland 1149
          Telephone: (09) 366 3700
          Facsimile: (09) 366 3705


* NEW ZEALAND: Export Sales Grow as NZ Dollar Falls
---------------------------------------------------
The survey of Business Conditions completed during September 2008,
showed total sales in August 2008 increased 19% (export sales
increased by -76% with domestic sales decreasing -6%) on August
2007, according to the latest New Zealand Manufacturers and
Exporters Association (NZMEA) survey.

The NZMEA survey sample this month covered NZ$596m in annualised
sales, with an export content of 45%.  Net confidence increased to
-22, up from the -33 result reported last month.

The current performance index (a combination of profitability and
cash flow) is at 97, down from the previous month's 98.5, the
change index (capacity utilisation, staff levels, orders and
inventories) static at 99.  The forecast index (investment, sales,
profitability and staff) increased to 102 from 100.75 last
month.  Anything less than 100 indicates a contraction.

The reported constraints were: 22% staff and markets 78%. Staff
numbers for August increased year on year by 2.55%.

"This months results have reinforced the divide between the
domestic and export economies.  Export sales have continued to
grow on the back of a weaker dollar while the domestic economy
feels the pain of contraction.  This is a manifestation of our
policy settings, which exacerbate to the impact of falling
interest and exchange rates and the liquidity crisis in global
debt markets," says NZMEA Chief Executive John Walley.

"The big jump in exports is not across the board, some substantial
respondents have reported some huge increases, however, even when
these are removed, we would still be reporting over a 40%
increase in export sales."

"The drop in the New Zealand dollar after the Official Cash Rate
(OCR) cut in July started to come into affect in August, making
exporting worthwhile again as forward cover works through.
However, domestic contraction across the economy hurt local sales.
The 50-point cut in September was too late for this survey, but
troubles in the US will make the Kiwi dollar bounce around until
the US politicians settle on a mechanism to deal with the toxic
assets choking the credit markets."

"Worries around the financial sector causing comments in the US
such as, "if we don't unblock credit markets, payrolls might not
be met", are creating a lot of uncertainty for the US and the
world. Globally such comments will hit consumer confidence," says
Mr. Walley.

"The prospect of another 50-point OCR cut and the tax cuts in
October may see some improvement in local consumer confidence, but
the effects of the financial crisis elsewhere will also play a
part.  Changes to policy settings could buffer or further expose
our economy; it will be interesting to see howmuch of an election
issue this becomes."

"More investment in export activity will follow better margins and
profits, so we need to stabilise returns. Exchange rate stability
and policies to promote long-term productive investments are
needed to support our economy in a difficult world."

"The financial crisis has shown that we need more focus on our
export sector to reduce our exposure to foreign debt. Hopefully we
will see some political leadership on this issue in the run up to
the election."


* NEW ZEALAND: Unemployment Expected to Increase Next Year
----------------------------------------------------------
Thousands of people may lose their jobs in the coming year as
unemployment rises towards 5 percent, but some sectors will be
crying out for workers and will have to pay more, The Dominion
Post reports, citing a survey.

The Westpac-McDermott Miller employee confidence index rose to
121.2 in the three months to the end of September from 120.8 in
the previous quarter, which had been the lowest reading since the
survey began in 2004, Reuters says.

Reuters explains that a reading above 100 indicates more optimists
than pessimists. The September reading was still the second-lowest
in the survey's history.  The index had fallen in each of the four
previous quarters.

"Employees are optimistic, but they are a whole lot less
optimistic than they were a year ago," Reuters cited Westpac
research economist Dominick Stephens as saying.

According to the Post, the unemployment rate is now 3.9 percent,
and Westpac expected that to rise towards a peak late next year
near 5 percent.  The Reserve Bank forecasts a jobless rate of 4.8
percent next year, the Post says.

"The jobs downturn has been mild to date," the Post cites Mr.
Stephens as saying.  Even at 5 percent unemployment next year, the
slowdown would be "mild" compared with past recessions.

In the 1991 recession, the Post relates, unemployment peaked at
more than 10 percent.  This time, there is a shortage of workers
in some sectors, with an aging population and more people heading
into retirement.

The Post notes that the ultimate level of unemployment would
depend on how quickly people could shift location or be re-trained
to enable their movement into other sectors, such as farm-related
businesses or mining.



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

VULCAN INDUSTRIAL: Pass Resolutions During Stockholders' Meeting
----------------------------------------------------------------
During a stockholders' annual meeting held on September 29, 2008,
398,688,654 (67.297%) of 592,431,469 shares outstanding and
entitled to vote were present in person or by proxy.  These
matters were taken up and acted upon:

   * Approval of the minutes of the previous Stockholders'
     meeting held last year on October 29, 2007;

   * approval of the Company's 2007 Audited Financial Statements
     and Management's Annual Report;

   * ratification of all Corporate Acts, those taken by the Board
     of Directors and Management within their authority;

   * election of these personnel as the New Set of Members of the
     Board of Directors for the coming year:

   -- Alfredo C. Ramos;
   -- Patrick V. Caoile;
   -- Augusto B. Sunico;
   -- Francisco A. Navarro;
   -- Christopher Gotanco;
   -- Alfredo V. Calub;
   -- Presentacion S. Ramos;
   -- Adrian S. Ramos;
   -- Carmelito Zapanta (independent director);
   -- Rolando David (independent director); and
   -- Joel D. Muyco

These committees were created with these members:

A. Nomination and Screening Committee
   Head -- Adiran S. Ramos
   Members -- Augusto B. Sunico
           -- Patrick V. Caoile
           -- Rolando K. David

B. Compensation and Remuneration Committee
   Head -- Carmelito R. Zapanta
   Members -- Patrick V. Caoile
           -- Francisco A. Navarro

C. Audit Committee
   Head -- Christopher M. Gotanco
   Members -- Patrick V. Caoile
           -- Augusto B. Sunico
           -- Carmelito R. Zapanta

   * the Appointment of SGV & Company as the company's External
     Auditors for fiscal year ending December 31, 2008;
   * unanimous Approval of the Amendment to the company's Primary
     Purpose in its Articles of Incorporation that will now
     reflect a focus on mining and oil activities than
     manufacturing;
   * unanimous Approval of the Amendment of the Company's Articles
     of Incorporation Denying Preemptive Rights;
   * unanimous Approval of Allowing Shareholders who have made
     Loans and Advances to the company but which remain
     outstanding to-date the option to Convert such Loans and
     Advances into the shares that will be created when the
     company's application for an increase in its capital
     stock is approved by the Securities and Exchange Commission.

Headquartered in Mandaluyong, Vulcan Industrial & Mining
Corporation is engaged mainly in oil and mineral exploration
projects.  One of its successful ventures is the concrete
aggregate project in Rodriguez, Rizal, which was spun-off into a
joint venture company called Vulcan Materials Corporation.  VMC
is on its tenth year of rock aggregate quarrying, crushing and
marketing.

VMC has an edge over the other rock aggregates companies due to
its captive market in D.M. Consunji, Inc., one of the giants in
the construction industry, which owns 49% of VMC, the remaining
51% is owned by Vulcan Industrial.

As of December 31, 2001, the company is still in the exploration
stage and no discovery of oil and gas in commercial quantities
has been made.  The full recovery of deferred petroleum
exploration costs is dependent on the discovery of oil and gas
in commercial quantities.

                        *     *     *

Sycip Gorres Velayo raised significant doubt on Vulcan
Industrial & Mining Corporation's ability to continue as a going
concern after auditing the company's financials for the fiscal
year ended Dec. 31, 2007.  The auditors cited that the group has
a deficit of Php83.3 million and Php97 million as of
December 31, 2007 and 2006, respectively.  The Group's current
liabilities exceeded its current assets by Php260.7 million and
Php205.4 million, respectively.


* PHILIPPINES: SEC Orders PSE to Take Control of HK Securities
--------------------------------------------------------------
The Securities and Exchange Commission Inc. issued an order to the
Philippine Stock Exchange to take over HK and take control of and
use HK's trade-related assets to pay its liabilities to clients.

The PSE suspended HK on September 22, 2008, based on a) HK's
confirmed but unexplained and unremedied audit findings
(specifically, its short security position of approximately
Php106 million) and b) the failure of HK and its nominee,
Rodolfo V. Cruz, to fulfill their undertaking to cause the
infusion in HK of not less than US$1.15 million by September 19,
2008.  On September 3, 2008, the PSE restricted HK from conducting
any trade, except with the prior written authorization by the MRD.

The PSE assures HK clients that the PSE is taking the legally
possible steps to hasten the recovery by HK clients of their
entitlements.  The PSE will constantly update HK clients on the
implementation of the takeover order against HK, including the
requirements for filing of claims against HK.  For filing of
claims and other inquiries, HK clients may contact the Market
Regulation Division, Philippine Stock Exchange, Inc. at:

          PSE Centre, Exchange Road
          Ortigas Center
          1605 Pasig City
          e-mail: ped@pse.com.ph; jcdeleon@pse.com.ph
          Telephone: 688-7545; 688-7541; 688-7601


* PHILIPPINES: BSP to Continue Providing Liquidity to Banks
-----------------------------------------------------------
The central bank, Bangko Sentral ng Pilipinas (BSP) said that it
will keep providing ample liquidity to banks to limit the fallout
from the US financial turmoil, Philippine Daily Inquirer reports.

"The BSP has had its regular facility that provides liquidity
loans to various financial institutions on market terms and [with
a] collateral basis.  These windows are ready when necessity
arises," BSP Deputy Governor Nestor Espenilla Jr. was quoted by
the PDI as saying.

According to the report, the BSP also continued to provide
liquidity to the foreign exchange market to prevent a sharp
depreciation of the peso against the dollar.



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

C&S CONSTRUCTION: Creditors and Contributories to Meet on Oct. 16
-----------------------------------------------------------------
The contributories and creditors and of C&S Construction Pte Ltd
will meet on October 16, 2008, at 10:00 a.m. and 10:30 a.m.,
respectively.  At the meeting, the contributories and creditors
will be asked to:

   -- receive an update the status of liquidation;
   -- approve the declaration of a dividend in favor of
      preferential creditors;
   -- approve liquidators' remuneration; and
   -- discuss other business.

The company's liquidators are:

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


CONDUIT MANAGEMENT: Placed Under Voluntary Liquidation
------------------------------------------------------
At an extraordinary general meeting held on September 30, 2008,
the members of Conduit Management Services Pte Ltd resolved to
voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt by October 31,
2008, to be included in the company's dividend distribution.

The company's liquidator is:

         Lok Lai Cheng
         1 Scotts Road
         #21-07/08/09 Shaw Centre
         Singapore 228208


JP MORGAN: Fitch Cuts Ratings on Two Notes Classes; Neg. Watch On
-----------------------------------------------------------------
Fitch Ratings has downgraded two classes of notes issued by J.P
Morgan Trust Australia Limited as trustee of the Mobius NCM-03
Trust, with all classes of notes remaining on Rating Watch
Negative, as:

  -- AU$34,583,636 class A1 (AU300MOB2010) 'AAA', remains on RWN;
  -- AU$7,657,805 class A2 (AU300MOB2028) 'AAA', remains on RWN;
  -- AU$45,100,000 class B (AU300MOB2036) 'A', remains on RWN;
  -- AU$12,650,000 class C (AU300MOB2044) 'BBB', remains on RWN;
  -- AU$12,100,000 class D (AU300MOB2051) downgraded to 'B+'/'DR1'
     from 'BB'; remains on RWN; and

  -- AU$6,600,000 class E (AU300MOB2069) downgraded to 'C'/'DR4'
     from 'CCC'/'DR3'; remains on RWN.

Fitch has reviewed the transaction's performance and modelled
forward the prospective outlook for the transaction, taking into
account the fact that whilst no charge-offs of rated notes have
occurred to date, the unrated class F note, in September 2008, had
charge-offs reducing the note from AU$3.3m to a current balance of
AU$1,345,550.  Whilst 90+ day arrears have fallen over the last
two months, there remain significant 90+ day arrears within the
remaining pool that are expected to negatively impact the
transaction in the next few months.

The notes remain on RWN whilst the formal transition from Mobius
Financial Services Pty Limited and the replacement parties are
finalized.  Once this transition is finalized, the agency will
resolve the Rating Watch status on the class A1 to E notes, with
the expectation that the class D and E notes have a Negative
Outlook assigned as charge-offs are expected to materialize over
the forthcoming months.

Fitch will continue to closely monitor performance of the
transaction, together with the transition process.


OPTIMUM-3 (CHINA): Wind-Up Petition Hearing Set for October 10
--------------------------------------------------------------
A petition to have Optimum-3 (China) Pte. Ltd.'s operations wound
up will be heard before the High Court of Singapore on October 10,
2008, at 10:00 a.m.

The plaintiffs' solicitor is:

         De Souza Lim & Goh LLP
         No. 5 Shenton Way
         #12-01, UIC Building
         Singapore 068808



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

TAISHIN FINANCIAL: Bank Ops. Returns to Normal After Rumors
-----------------------------------------------------------
Taishin Financial Holdings Co. said its banking unit's operation
has returned to normal after rumors that the lender was in
financial difficulties prompted depositors to withdraw
NT$30 billion over two weeks, Janet Ong of Bloomberg News reports.

The Financial Times relates that the the withdrawals, which
represent close to 4% of its deposits, are a further sign that
jittery markets could also threaten the stability of institutions
in Asia.

"There have been many rumours over the past two days alleging that
other banks were refusing to lend to us, that we were about to go
bankrupt and that we were about to be taken over by the
government.  There is no truth to these rumours and they have hurt
us badly," The Times cited Taishin Chairman Thomas Wu as saying.

According to Bloomberg News,  Taishin Financial's shares fell 26%
since September 16 when it disclosed it has NT$1.8 billion of
exposure linked to bankrupt Lehman Brothers Holdings Inc.

As reported by the Troubled Company Reporter on Sept. 16, 2008,
Lehman Brothers Holdings Inc. filed a petition under Chapter
11 of the U.S. Bankruptcy Code with the United States Bankruptcy
Court for the Southern District of New York early morning on
September 15.  The report said that none of the broker-dealer
subsidiaries or other subsidiaries of the were included in the
Chapter 11 filing and all of the broker-dealers will continue to
operate.

Bloomberg News notes that Greg Gibb, chief operating officer at
Taishin Financial, said: "About NT$15 billion withdrawals are by
companies who need funds for dividend payment and another NT$15
billion are abnormal withdrawals." There is no run at the bank, he
added.

Taishin Financial had sold about NT$10 billion of Lehman notes to
clients over the last three years, Reports say.

Meanwhile, Taishin CFO Carol Lai, The Time relates, said the
bank's parent, the lenders "deposit reserve ratio stands at over
18%, more than double the amount required by the government".
Customers have withdrawn a net NT$30 billion since September 15,
driving the bank's total deposits down to about NT$725 billion,
she said.

Bloomberg News points out that Taishin's stock has fallen about
57% this year amid reports the regulators were probing potential
irregularities in mergers among finance companies, including
Taishin's acquisition of a stake in Chang Hwa Commercial Bank.
Taishin has denied any wrongdoing in the purchase.

Moreover, the Times adds that the company said it had given up
plans to raise NT$6 billion in the market, owing to the sharp drop
in its share price, and that it was now looking to conduct a
private placement.

                      About Taishin Financial

Taishin Financial Holding Co., Ltd. --
http://www.taishinholdings.com.tw -- is principally engaged in
the finance industry through its subsidiaries.  The company
operates its business through three groups: wholesale banking
group, offering equity capital, corporate banking, merging,
corporate banking administration, corporate credit administration,
overseas branches, treasury and financial markets services; retail
banking group, offering consumer finance, cash card, credit card,
branch management, retail banking credit, trust investment,
private banking, small medium enterprise finance, system
coordination, payment products and services, and wealth management
group, offering securities brokerage, securities investment,
financial products and trading services.  During the year ended
December 31, 2007, the Company obtained approximately 77% and 23%
of its total revenue from retail banking business and wholesale
banking business, respectively.


TZ TECH: Fitch Assigns 'B+(twn)' Nat'l LT Rating; Outlook Stable
----------------------------------------------------------------
Fitch Ratings has assigned Taiwan's TZ Tech Co., Ltd. a National
Long-term rating of 'B+(twn)'.  The Outlook on the rating is
Stable.  Fitch has also assigned an expected National rating of
'AA-(twn)' to the TWD80m three-year zero coupon senior secured
convertible bonds to be issued in October 2008.  The final rating
on the new issue is contingent upon receipt of final documents
conforming to information already received, as well as issuance
approval from local authorities.

"The issuer rating reflects TZT's small operating scale,
concentrated revenue mix and weak profitability. The rating also
takes into account the management's short track record at TZT and
the company's recent loss of the industrial design and mold
business," said Kevin Chang, Associate Director with Fitch's
telecommunications, media and technology team.  "Nevertheless, TZT
has established a solid foundation for its connector business, and
boasts very low leverage and strong liquidity.  The expected issue
rating reflects the enhanced creditworthiness of the convertibles
supported by the full and unconditional guarantor, The Shanghai
Commercial and Savings Bank."

TZT's consolidated sales fell 15.7% to around TWD1.1bn in 2007 and
are likely to further drop below TWD600m in 2008.  The company's
shipments concentrate upon its key clients, with its top three
clients accounting for more than 60% of its sales in 2007.  Its
revenue mix is also concentrated geographically, with over 90% of
sales generated in Asia.

Operating EBITDAR margin deteriorated to -0.4% (minus 0.4%) in
H108 as a result of price competition and an increase in
production costs.  However, Fitch believes it will be difficult
for TZT to raise its selling price to cover the cost increases,
given that connectors account for around 13% of the total cost of
a motherboard.  "Significant labour cuts in the year ended Jun08
have not yet translated into profit enhancement," notes Mr. Chang.

TZT's chief management officers, albeit with significant
experience in electronics components, have not yet had the
opportunity to prove their capabilities given that they only
joined TZT in mid-2008.  In addition, TZT is rapidly losing market
share in the industrial design and mold sector mainly due to
vertical integration by major clients and price competition from
rivals in China.

Nevertheless, Fitch expects that the connector molds that TZT
designed previously form a good foundation for to the company to
enter the connector manufacturing business.  Despite a small
market share, the company plans to establish a production base on
the Yangtze River Delta and the agency believes that this should
place TZT in a good position to supply connectors to the world's
major notebook computer manufacturers.

Fitch points out that since end-2006, TZT has maintained a zero-
debt position.  The agency expects the company to maintain a cash
balance greater than its total adjusted debt over the next one to
two years.  TZT is also likely to maintain positive free cash flow
generation in 2008 thanks to a positive impact from a change in
working capital.

On 19 June 2008, TZT was renamed from Era Design Technology Co.,
Ltd., which was established in 1995.  Connectors accounted for 51%
of TZT's consolidated revenues in 2007.



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

* Bond Risk Increases in Asia-Pacific, Credit-Default Traders Says
------------------------------------------------------------------
The cost of protecting Asia-Pacific bonds from default increased,
Oliver Biggadike of Bloomberg News reports, citing traders of
credit-default swaps.

Bloomberg News relates that on October 3, contracts on the Markit
iTraxx Japan index of 50 investment-grade companies rose 8 basis
points to 177 at 10:26 a.m. in Tokyo, according to Morgan Stanley
prices.

Australia's gauge rose 11 basis points to 206.5, Citigroup Inc.
prices show, the same report says.

Asia's benchmark index for 20 high-risk, high-yield borrowers
outside Japan rose 25 basis points to 680 in Hong Kong, while the
region's investment-grade index was 10 basis points higher at 232,
Barclays Capital prices show, Bloomberg News notes.

According to Bloomberg News, credit-default swaps are used to
protect against or speculate on default.  They pay the buyer face
value in exchange for the underlying securities or the cash
equivalent should a borrower fail to adhere to its debt
agreements, the same report adds.

Bloomberg News says that a basis point, or 0.01 percentage point,
is worth US$1,000 on a swap that protects US$10 million of debt
from default.


* Moody's Says Recent Market Turmoil Slow Global Economic Growth
----------------------------------------------------------------
Recent market turmoil may depress business and consumer confidence
and slow global economic growth, exacerbating existing trends that
have been causing corporate credit quality to deteriorate for more
than a year, says Moody's Investors Service in a new report on the
global credit outlook for non-financial companies.

"Business and consumer confidence appear to have been shaken by
recent events and might not recover for several quarters," says
Daniel Gates, Moody's Chief Credit Officer for Corporate Finance,
and the lead author of the report. Moody's observes that a number
of companies are trimming their spending plans due to increasing
apprehension about the economic outlook and their future access to
debt and equity capital.  A substantial pull back in business
investment at a time when consumer spending is flagging could
further slow the global economy, which would precipitate a surge
in bankruptcy filings by companies over the next year, according
to the report.

Consumer spending is expected to be pressured by tighter lending
standards as well as by fragile confidence, Moody's says.  The
outlook for consumer spending is particularly weak in the US,
Europe, and Japan, which collectively account for more than half
of the world's economic output.  Consumer spending trends also
appear to be slowing in other countries, including Australia,
Singapore and South Korea.

While no region is immune from a global slowdown, concerns are
greatest for companies whose business is heavily reliant upon the
EU countries, Japan and North America, where the pace of economic
activity is visibly slowing.  Weak growth in these mature markets
may also be a drag on countries with high growth rates, such as
China and India, affecting companies in those markets as well.

Companies whose business is dependent upon discretionary consumer
spending are particularly likely to be hurt, according to the
report.  The damage may be most severe for already seriously
ailing companies in consumer-oriented sectors such as housing,
autos, consumer durables, restaurants, retail, apparel, gaming,
and airlines.  "These companies are struggling with high leverage,
disappointing cash flow, and weak customer demand, which is
already proving to be a lethal combination for many firms," says
Mr. Gates.  "Recent events may make a bad situation worse by
undercutting consumer spending and economic growth in the months
ahead, which would push many more weak companies over the edge of
the cliff," he says.

Moody's also predicts that lenders will further tighten credit
standards for corporate borrowers, severely limiting access to new
financing that could stave off bankruptcy for troubled companies.
Moody's expects that credit conditions will become tighter over
the near term because capital-constrained financial institutions
will be more reluctant to make loans, especially at a time when
the number of defaulting companies is rising rapidly.


                         *********

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

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

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


                            *********


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

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Marites M. Claro, Rousel Elaine C. Tumanda,
Valerie C. Udtuhan, Marie Therese V. Profetana, Frauline S.
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 ***