TCRAP_Public/081017.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

            Friday, October 17, 2008, Vol. 11, No. 207

                            Headlines

A U S T R A L I A

121 GROUP: Members and Creditors to Meet on October 24
ALLCO HIT: Cancels Sale of NZ Subsidiary
CENTRO SHOPPING: Fitch Cuts AU$28MM Class E Notes Rating to 'BB+'
CHR PTY: Liquidator to Give Wind-Up Report on October 24
DOUGLAS FINANCIAL: Joint Meeting Slated for October 24

FORD MOTOR: Ford Australia to Cut Another 450 Jobs
FUNCORP HOLDINGS: Joint Meeting Set on October 27
JANTEKNOLOGY PTY: Liquidator to Give Wind-Up Report on October 31
KX FITNESS: To Declare Dividend on October 31
MONACO DEVELOPMENTS: Members Opt to Liquidate Business

OPES PRIME: Creditors Voted to Liquidate Business
PINEBANG PTY: Liquidator to Present Wind-Up Report on October 23
PVL UJDUR: Liquidator to Present Wind-Up Report on October 23
ROHARD HOLDINGS: Members and Creditors to Meet on October 23
* AUSTRALIA: Most Locals Worry Over Debts Repayments, Survey Says


C H I N A

AGRICULTURAL BANK OF CHINA: To Boost Restructuring Plan, VP Says
CHINA MERCHANTS: Sees 80% Increase in Jan-Sept Profit
ICBC: Opens First United States Branch
SHIMAO PROPERTY: Inks Hotel Management Deal w/ InterContinental


H O N G K O N G

3D-GOLD JEWELLERY: S&P Junks Corporate Credit Rating to D From BB
3D-GOLD JEWELLERY: Moody's Downgrades Ratings to Ca; Outlook Neg.
ACTIVE TOWN: Creditors' Proofs of Debt Due on October 31
BRIGHT TOWN: Requires Creditors to File Claims by Oct. 31
CANWORTH LIMITED: Members' to Receive Wind-Up Report on Nov. 14

CYBER IMAGING: Chau Cham Kuen Steps Down as Liquidator
FORSYTH PARTNERS: Creditors and Contributories to Meet on Nov. 12
HIP YICK: Shareholders' Final Meeting Set for November 12
HONG KONG FRANKLIN: Cecil and Man Cease to Act as Liquidators
MONEYLINE TELERATE: Members to Hold Final Meeting on November 12

SKYCITY UNIVERSAL: Contributories and Creditors to Meet on Nov. 11


I N D I A

FORD MOTOR: To Pursue US$500MM India Investment Amid Slow Sales
* INDIA: CRR Reduction to Restore Confidence in Credit Market


I N D O N E S I A

AGRI INTERNATIONAL: S&P Places B- Ratings Under Watch Negative
BAKRIE GROUP: May Resume Trading Today
BAKRIE SUMATERA: Restructuring Plans Cues S&P's B Rating WatchNeg
BAKRIE TELECOM: Won't Hold Any Stake Sales Talk with Qatar Telecom
PT LIPPO: Fitch Affirms Foreign & Local Currency IDRs at 'B+'

TELKOM INDONESIA: S&P Affirms BB+/Stable Corporate Credit Rating


J A P A N

BEST DENKI: JCR Lowers Senior Debts & Bonds Ratings to BB+/Stable
MAZDA MOTOR: May Buy Back Shares as Ford Mulls Selling Stake
MAZDA MOTORS: Denies Report on Scrapped Plan for New NorthAm Plant
ORSO FUNDING: Fitch Puts 'BB-' Cl. F Notes Rating Under Neg. Watch
SHINSEI BANK: S&P Junks Bank Fundamental Strength Rating to C+

* S&P Lists Synthetic CDO Tranches' Exposure to Icelandic Banks


N E W  Z E A L A N D

DOMINION FINANCE: Appoints Voluntary Administrators
HINETAI CHARTERS: Proofs of Debt Due on October 20
INGLEBURN DEVELOPMENTS: Proofs of Debt Due on October 20
KAIPARA MUSSEL: Proofs of Debt Due on October 20
MILCROFT CONTRACTING: Wind-Up Petition Hearing Set for October 20

P & A CONSTRUCTION: Wind-Up Petition Hearing Set for October 28
PACE DEVELOPMENTS: Liquidators Set Aug. 1 as Claims Bar Date
PALAZZO NATURAL: Wind-Up Petition Hearing Set for October 20
STRATEGIC FINANCE: Sale of Parent Co. Cancelled
ST JOHNS: Proofs of Debt Due on October 20

SUBWAY SOUTH: Wind-Up Petition Hearing Set for October 20
WINDFLOW TECHNOLOGY: Mighty River Acquires 19.95% Company's Shares
* NEW ZEALAND: Mfg. Activity Remains in Contraction, Survey Says


P H I L I P P I N E S

SULPICIO: Court Dismisses Php4.45-Mil. Suit Against PAGASA


S I N G A P O R E

DISTRI PLUS: Court to Hear Wind-Up Petition on October 17
ELLIOTT GORDON: Court Enters Wind-Up Order
NFS PTE: Wind-Up Petition Hearing Set for October 24
OPES PRIME: Creditors' Proofs of Debt Due on October 29
RIVERSTONE NETWORKS: Requires Creditors to File Claims by Oct. 29


T A I W A N

QUANTA COMPUTER: To Buy Back Shares for Up to US$170 Million


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                         - - - - -


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

121 GROUP: Members and Creditors to Meet on October 24
------------------------------------------------------
121 Group Pty Limited will hold a meeting for its members and
creditors on October 24, 2008, at 10:30 a.m.  During the meeting,
the company's liquidator, P. Ngan, will provide the attendees with
property disposal and winding-up reports.

The liquidator can be reached at:

          P. Ngan
          Ngan & Co
          Level 5
          49 Market Street
          Sydney NSW 2000


ALLCO HIT: Cancels Sale of NZ Subsidiary
----------------------------------------
Allco HIT Limited (AHI) said that the sale of the company's
shareholdings in Strategic Investment Group Limited, the immediate
parent of Strategic Finance Limited (SFL) has been terminated by
agreement of all parties, subject to formal documentation.

The company said that the Sale and Purchase Agreement's completion
was subject to the satisfaction of a number of conditions
precedent for the benefit of the various parties to the agreement.
Due the further deterioration of credit markets worldwide and the
resultant negative impact for the New Zealand property and finance
sector, certain of the sale and purchase agreement's condition
precedent will be unable to be satisfied as originally
contemplated by the parties.

Accordingly, the Extraordinary General Meeting of AHI's members
schedule for next Tuesday, October 21, 2008, has been cancelled.

BOS International (Australia) Limited (BOSI), AHI's senior lending
bank, has agreed, subject to formal documentation, to enter a
standstill agreement with AHI in respect to AHI's senior debt
facility through to November 14, 2008.  During the standstill
period BOSI and AHI have agreed to negotiate in good faith to seek
to reach agreement on an amended senior debt facility for AHI.

The management of each of AHI, SFL and BOSI intend to present
jointly to Perpetual Trust Limited of New Zealand, the trustee
under SFL's Debenture Trust Deed, a new capital restructure
proposal for SFL, which will endeavour to set out the best course
of action for SFL and its debenture investors, and all
stakeholders moving forward.

AHI is intending to issue its notice of meeting on October 20,
2008, for it Annual General Meeting scheduled for November 19,
2008.

As reported in the Troubled Company Reporter-Asia Pacific on
September 2, 2008, Strategic Finance said that a Sale and Purchase
Agreement has been signed on August 29, 2008, by a purchasing
consortium comprising the former owners and senior management of
Strategic Finance and Uberior Ventures (Asia) Pty Limited an
investment vehicle of BOS International (Australia) Limited and
Allco HIT (AHL)and its relevant subsidiaries, Strategic Investment
Group Limited and Strategic Finance Limited.

                    Key Transaction Terms

   - Clarence Investments Limited has agreed terms and
     conditions with Allco HIT Limited to purchase
     100% of the shares in Strategic Investment Group Limited
     which is the parent company of Strategic Finance Limited.

   - Clarence Investments will be owned by the previous
     owners and existing senior management of Strategic
     Finance (80.01%) and Uberior Ventures Asia Pty Limited,
     an investment vehicle of BOS International (Australia)
     Limited which is a member of the HBOS Group, one of the
     world's largest financial services organization
     providing services to more than 23 million customers.
     Uberior will have the option to increase its
     shareholding to 49.99% to reflect its financial
     contribution to Clarence Investments.

                   About Strategic Finance

Headquartered in Wellington, New Zealand, Strategic Finance
Limited (NZE:SFLHA) -- http://www.strategicfinance.co.nz/--
operates as a specialist finance company offering financial
services, primarily to the property sector.  It has four main
business activities: Lending within the property sector; Non-
property lending and investments; Corporate advisory and
management services, and Underwriting services. Lending within
the property sector is its primary activity with a focus on
providing finance for property development and property
investment activities.  It was offering motor vehicle lending
under non-property lending and investments.  The Company, and in
some circumstances through its wholly owned subsidiary Strategic
Advisory Limited, provides specialist advisory and management
services to the property and corporate sectors for which it
receives fee income.  It may provide underwriting services.
These services include the underwriting of property related
share or debt securities offered by a promoter through a
registered prospectus.  It receives fees for such services.

Strategic Finance Limited's parent company, Strategic Investment
Group, is wholly owned by Australian-based finance company Allco
HIT Limited.

                          *     *     *

A TCR-AP report on September 23, 2008, said Strategic Finance
Limited has been publicly censured by New Zealand Stock Exchange
(NZX) and ordered to pay a NZ$20,000 penalty for breaching market
disclosure rules.

The TCR-AP reported on September 12, 2008, that Strategic Finance
did not make interest payment payable September 15, 2008, on
debenture stock, subordinated notes and deposits.  The company
also did not pay dividends payable Oct. 15, 2008 on perpetual
preference shares.

Strategic Finance Limited reported a net loss after tax of
NZ$15.7 million for the year ended June 30, 2008, compared with a
net profit after tax of NZ$29.4 million in the year ended June 30,
2007.

As reported in the Troubled Company Reporter-Asia Pacific on
August 8, 2008, Strategic Finance Limited suspended redemptions of
its secured debenture stock and subordinated notes.  It also
ceased accepting subscriptions for debenture stock and
subordinated notes under its current prospectus and investment
statement.

                         About Allco HIT

Allco HIT Limited (ASX:AHI)-- http://www.allcohit.com.au/ -- is
an Australia-based diversified financial services company. Allco
HIT owns and operates a diversified portfolio of lending
businesses that provide asset financing and property related
lending services to small to medium enterprises and high net worth
individuals in Australia and the Asia Pacific region (Target
Sector).  It also operates an investment portfolio of mezzanine
loans specifically in the asset and equipment finance, property
finance and financial asset sectors. On August 20, 2008, the
company completed the disposal of Momentum Investment Finance Pty
Ltd (Momentum), a specialist financier providing loans to
investors with a focus on timber and agricultural based managed
investment schemes.

AHI is managed by Allco Funds Management Limited, a wholly owned
subsidiary of Allco Finance Group Limited (AFG).

Allco Finance Group Ltd. (ASX: AFG) -- http://www.allco.com.au/
-- is an integrated global financial services business,
specializing in asset origination, funds creation and funds
management.  The company is a fund manager of alternative assets
in its core asset classes, which include aviation, rail,
shipping, infrastructure, property, private equity and financial
assets.  Its primary focus is on commercial property,
predominately completed office buildings and select development
opportunities.  It also purchases new and existing commercial
passenger and cargo aircraft for lease to commercial airlines.
In March 2007, Allco HIT Limited acquired Momentum Investment
Finance Pty Limited, Allco Financial Services and International
Mezzanine Funds Management (Australia) Limited.  The company is
a vendor of Momentum Investment Finance Pty Limited and Allco
Financial Services.  In July 2007, it acquired Allco Equity
Partners Ltd.  In December 2007, it completed the acquisition of
the remaining 79.6% stake of Rubicon Holdings(Aust) Limited.

                       *     *     *

Published reports said that Allco is in the brink of insolvency
and is currently negotiating a new business plan that will avoid
putting its operations in the hands of administrators.

Allco disclosed a Net Loss After Tax of AU$1,731.6 million for the
12 months to June 30, 2008.  The company said this is consistent
with an Australian Stock Exchange (ASX) announcement made on
May  1, 2008, where Allco advised an anticipated loss of in excess
on AU$1.5 billion.  The result follows a critical review
of asset values across the business and primarily reflects non-
cash changes.

The Group was heavily impacted by the deterioration in the
financial markets and the resultant loss of value in recently
acquired businesses with non-cash impairments for goodwill,
management rights, loans and equity accounted investments.


CENTRO SHOPPING: Fitch Cuts AU$28MM Class E Notes Rating to 'BB+'
-----------------------------------------------------------------
Fitch Ratings has downgraded 2 classes of notes and affirmed 5
classes of notes of Centro Shopping Centre Securities Limited:
CMBS Series 2006-1 due June 2013, as:

  -- AU$250,000,000 class A1 notes affirmed at 'AAA', Outlook
     Stable;

  -- AU$300,000,000 class A2 notes affirmed at 'AAA', Outlook
     Stable;

  -- EUR100,000,000 class A3 notes affirmed at 'AAA', Outlook
     Stable;

  -- AU$37,000,000 class B notes affirmed at 'AA', Outlook Stable;
  -- AU$62,000,000 class C notes affirmed at 'A', Outlook Stable;
  -- AU$52,800,000 class D notes downgraded to 'BBB-' from 'BBB',
     Outlook Stable; and

  -- AU$28,000,000 class E notes downgraded to 'BB+' from 'BBB-',
     Outlook Stable;

* class A2 and A3 notes in aggregate amount to AUD470,000,000.

"While asset values underlying the transaction have improved and
cash flows emanating from the properties have also improved since
origination, the significant changes occurring in the property
loan market have resulted in the downgrade of the class D and E
notes," comments David Carroll, Director at the agency's
Structured Finance team.  The downgrades are reflective of the
increased margins currently being charged on loans of the type
securitized in this transaction and the resultant likely lower
debt service coverage ratios that will result after refinancing in
the new risk pricing landscape.  "The downgrades of class D and E
and the affirmation of the more senior classes is reflective of
the structure which concentrates the risk of loss in any of the 13
underlying loans on the lowest rated tranches," adds Mr. Carroll.

Centro CMBS is the securitization of a portfolio of 13 non cross-
collateralized and non cross-defaulted real estate-backed debt
facilities to 12 Centro-managed ownership funds.  Each financing
is backed by between one and 11 retail properties located in major
Australian cities and regional centres.

Based on reports provided by Centro, at 30 June 2008 the portfolio
property values had increased to AU$1,909.26m from AU$1,670.14m at
closing. There has been no change in the outstanding loan balance
of AU$899.8m since origination and as a result the loan-to-value
ratio is now at 47.1%, an improvement from 53.9% at issue.

Each obligor in the portfolio underlying the transaction is
currently meeting its debt service obligations and Fitch believes
the risk in the transaction will be most acute at refinancing.
Refinancing risk is expected to be exacerbated by the change in
credit markets and the repricing of risk.  For the purposes of
rating CMBS transactions, the agency models forward the cash flows
using potential stressed refinance rates to ensure coverage levels
following refinance will be sufficient to support the current debt
burden.  In modelling the stressed debt service coverage ratio for
each obligor, Fitch has taken into account the rise in the level
of debt margins associated with the change in the debt markets due
to the crisis of 2007/08.

Property debt margins have risen considerably during 2008 from
levels currently being paid by the obligors within the CMBS
transaction originated in late 2006.  Whilst the underlying
properties have generally performed in line with expectations
since closing with incremental increases in property income and
value, these increases have not been sufficient to offset the
increase in refinance debt margins at an individual obligor level
- this has resulted in reduced Fitch stressed debt service
coverage ratios for some obligors to a level that necessitates a
downgrade of the class D and class E notes as shown above.

Overall the Fitch stressed weighted average portfolio debt service
coverage ratio at 30 June 2008 was stable at 1.39x, however debt
service coverage ratios for some individual obligors were at lower
levels and have seen deterioration in coverage levels due to
rising refinance costs.  The structure of the transaction which
concentrates any losses on the lowest rated tranche results in the
rating of that tranche tracking the worst performing loan in the
portfolio.

Approximately 41% of the obligor loans, amounting to AU$370m are
due for refinancing in December 2009, another 25% in December
2010, and 34% in December 2011.  Whilst the underlying properties
supporting these obligor loans have seen rises in incomes and, in
most cases values, Fitch believes the capitalisation rates at
which properties are valued will increase from the low levels
present in early 2008 putting downward pressure on values.

Stressing the capitalisation rates to levels anticipated at the
time of loan refinancing will increase the overall portfolio LVR
to a level slightly above that at the time of initial issuance.
The present debt refinance issues around the sponsor of this
transaction, Centro Properties Group, and the global credit
crunch, will adversely impact the ability of the obligors to
refinance each loan.

The 'AAA' rating assigned to the class A notes is based on the
quality of the underlying property collateral, the diversification
of obligors, the geographical diversification within the
collateral pool, the diversified tenant mix, the weighted average
unexpired lease term of approximately 5.3 years, interest rate
hedging policy and currency hedging, the available funds cap
reserve which ensures prepayments will not adversely affect
noteholders' ability to be paid timely interest, debt sizing at
Fitch stressed interest rates, the asset over-collateralisation
provided on a loan by loan basis, the liquidity facility of
AU$42.0m provided by the Commonwealth Bank of Australia and a
sound legal structure.


CHR PTY: Liquidator to Give Wind-Up Report on October 24
--------------------------------------------------------
CHR Pty Limited will hold a meeting for its members and creditors
on October 24, 2008, at 10:15 a.m.  During the meeting, the
company's liquidator, P. Ngan, will provide the attendees with
property disposal and winding-up reports.

The liquidator can be reached at:

          P. Ngan
          Ngan & Co
          Level 5
          49 Market Street
          Sydney NSW 2000


DOUGLAS FINANCIAL: Joint Meeting Slated for October 24
------------------------------------------------------
Douglas Financial Group Pty Ltd will hold a meeting for its
members and creditors on October 24, 2008, at 10:30 a.m.  During
the meeting, the company's liquidator will provide the attendees
with property disposal and winding-up reports.  The meeting will
be held at Hall Chadwick, Level 29, 31 Market Street, in Sydney.


FORD MOTOR: Ford Australia to Cut Another 450 Jobs
--------------------------------------------------
Ford Australia will cut another 450 jobs, taking the number of
total job losses in the company to about 1,400 over the past 15
months, The Canberra Times reports citing Ford Australia CEO Marin
Burela.

In August, the report recounts, Ford announced 350 jobs were to go
from its Geelong and Broadmeadows factories in mid-November, while
600 jobs are to be cut by 2010 with the closure of the Geelong
engine plant.

According to the report, Mr. Burela said the cuts would cover all
the company's Victorian operations and would be equally spread
between its Geelong and Broadmeadows plants.  The cuts would occur
between now and the end of this year.

Mr. Burela said the current global economic crisis and recent poor
sales had affected Ford.

                       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.

                         *     *     *

As reported in the Troubled Company Reporter on Oct. 15, 2008,
Standard & Poor's Ratings Services placed its 'B-' long-term
corporate credit and other ratings on Ford Motor Co. on
CreditWatch with negative implications.  "The CreditWatch
placement reflects the rapidly weakening state of most global
automotive markets along with capital market conditions that will
remain a major challenge for the foreseeable future," said
Standard & Poor's credit analyst Robert Schulz.  Included in the
CreditWatch placement is Ford's finance unit, Ford Motor Credit
Co. (B-/Watch Neg/--).  S&P believes Ford has adequate liquidity
for at least the rest of 2008 as measured by cash balances, and
available bank facilities, but the accelerating deteriorating
industry fundamentals will be a serious challenge to liquidity
during 2009.

As reported in the Troubled Company Reporter on Oct. 10, 2008,
Fitch Ratings downgraded the Issuer Default Rating of Ford Motor
Company and Ford Motor Credit Company by one notch to 'CCC' from
'B-'.


FUNCORP HOLDINGS: Joint Meeting Set on October 27
-------------------------------------------------
Funcorp Pty Ltd will hold a meeting for its members and creditors
on October 27, 2008, at 11:00 a.m.  During the meeting, the
company's liquidator, Robert Elliott, will provide the attendees
with property disposal and winding-up reports.

The liquidator can be reached at:

          Robert Elliott
          Hall Chadwick
          Level 29
          31 Market Street
          Sydney NSW 2150


JANTEKNOLOGY PTY: Liquidator to Give Wind-Up Report on October 31
-----------------------------------------------------------------
Janteknology Pty Limited will hold a meeting for its members and
creditors on October 31, 2008, at 9:30 a.m.  During the meeting,
the company's liquidator, Thomas Javorsky, will provide the
attendees with property disposal and winding-up reports.

The liquidator can be reached at:

          Thomas Javorsky
          Jones Partners
          Insolvency & Business Recovery
          Telephone: (02) 9251 5222


KX FITNESS: To Declare Dividend on October 31
---------------------------------------------
KX Fitness Pty Limited will declare dividend on October 31, 2008.

Creditors who were unable to file their proofs of debt on
October 16, 2008, will be excluded in the company's dividend
distribution.

The company's liquidator is:

          M. F. Cooper
          Frasers Insolvency Advisory
          Level 5, 99 Elizabeth Street
          Sydney NSW 2000
          Telephone: (02) 9223 2300
          Facsimile: (02) 9223 3855


MONACO DEVELOPMENTS: Members Opt to Liquidate Business
------------------------------------------------------
Monaco Developments Pty Limited's members agreed on August 29,
2008, to voluntarily liquidate the company's business.  Mitchell
Ball was appointed to facilitate the sale of its assets.

The liquidator can be reached at:

          Mitchell Ball
          Paladin Partners
          Level 3, 120 Sussex St
          Sydney NSW 2000
          Telephone: (02) 9290 5300
          Facsimile: (02) 9290 5399


OPES PRIME: Creditors Voted to Liquidate Business
-------------------------------------------------
The creditors of Opes Prime Limited voted on Tuesday, October 15,
to liquidate the company.

According to the Australian Associated Press, the decision of Opes
Prime's creditors will allow the liquidator to pursue claims
against Opes Prime's secured creditors -- ANZ Bank and Merrill
Lynch -- that were not available to the administrator.

The AAP relates that about 1,200 Opes clients lost shares they had
placed with Opes in return for margin loans, when the major
secured creditors of Opes -- ANZ, Merrill Lynch, Dresdner
Kleinwort -- began selling a pool of nearly AU$1.6 billion in
shares soon after the Opes collapse, in a bid to recover money
owed to them by Opes.

James Thomson of Smart Company reports that Ferrier Hodgson
administrator John Lindholm will continue negotiating with ANZ and
Merrill Lynch in a bid to get some compensation for former Opes
clients.

Smart Company says that Mr. Lindholm and his legal adviser, Tony
Troiani, of Mallesons Stephen Jaques, argue that Opes Prime should
not have entered any financial deals after March 19 and March 20,
2008 when it was clearly insolvent and should have been in
administration.

While Mr. Lindholm could not tell creditors how much they could
expect to receive if the mediation is successful, it has been
reported he is seeking somewhere between AU$135 million and AU$200
million, Smart Company notes.

If mediation is not successful, Smart Company says, Mr. Lindholm
is prepared to take legal action, although this will take years to
be resolved.

Opes Prime owed clients about AU$585 million at the time of the
collapse, but due to fluctuations in the share market that figure
had fallen to about AU$400 million on September 22, the AAP notes
citing Ferrier Hodgson.

                        About Opes Prime

Opes Prime Group Ltd is an Australian unlisted public company
providing a range of financial services and products for high
net worth individuals, stockbrokers and financial advisors,
asset managers, banks and other firms, both for themselves and
their clients.  The Group conducts business via a number of
operating subsidiaries based in Melbourne, Sydney and Singapore:

   1) Opes Prime Stockbroking Limited is a full Market
      Participant of the Australian Stock Exchange Ltd, and
      holds an Australian Financial Services Licence (#247408)
      which enables it to deal and advise in financial
      services and products to retail and wholesale clients. The
      company was first registered on 10 March 1999, and started
      business with its current shareholders in 2005.  Opes
      Prime Stockbroking is a specialist provider of
      securities lending and equity financing services.  In
      Singapore, the firm operates through Opes Prime Group's
      wholly owned subsidiary, Opes Prime International Pte Ltd.
      In Australia, Opes Prime Stockbroking has granted
      Authorized Representative status to Trader Dealer Pty Ltd,
      an on-line non-advisory trading execution service for the
      semi-professional and professional trader.

   2) Opes Prime Structured Products Pty Ltd develops, manages
      and markets specialized leveraged products for the high
      net worth market, providing outstanding risk protection
      and return potential.

   3) Opes Prime Paradigm Pty Ltd, is a corporate finance and
      advisory firm specializing in small and mid cap stocks.

   4) In Singapore, Opes Prime Asset Management Pte Ltd provides
      specialist hedge fund incubation, advisory and trade
      management services, and Five Pillars Associates Pte Ltd
      provides Islamic finance consultancy.

                        *     *     *

The Troubled Company Reporter-Asia Pacific reported on April 1,
2008, that Opes Prime was placed under receivership after
directors became aware of a number of cash and stock movement
irregularities in relation to a small number of accounts.
Ferrier Hodgson Partners John Lindholm, Peter McCluskey and
Adrian Brown have been appointed Administrators by the directors
of Opes Prime Group Limited and a number of its subsidiaries and
related entities including, Opes Prime Stockbroking Limited.
Initial investigations indicate that the solvency of the
business was under pressure due to a number of major clients not
meeting significant margin calls.  The Administrators are
currently examining the Group's affairs to quantify the likely
liability to OPSL's clients.

At the same time, Sal Algeri and Chris Campbell from the
Deloitte Corporate Reorganisation Group were appointed by a
secured creditor, ANZ Banking Group Ltd., as Receivers and
Managers of Opes Prime Group Ltd, Opes Prime Stockbroking Ltd,
Leveraged Capital Pty Ltd and Hawkswood Investments Pty Ltd.


PINEBANG PTY: Liquidator to Present Wind-Up Report on October 23
----------------------------------------------------------------
Pinebang Pty Limited will hold a meeting for its members and
creditors on October 23, 2008, at 9:30 a.m.  During the meeting,
the company's liquidator, Frank Lo Pilato, will provide the
attendees with property disposal and winding-up reports.

The liquidator can be reached at:

          Frank Lo Pilato
          RSM Bird Cameron Partners
          Level 1
          103-105 Northbourne Avenue
          Turner ACT 2612


PVL UJDUR: Liquidator to Present Wind-Up Report on October 23
-------------------------------------------------------------
PVL Ujdur Limited will hold a meeting for its members and
creditors on October 23, 2008, at 10:00 a.m.  During the meeting,
the company's liquidator, Frank Lo Pilato, will provide the
attendees with property disposal and winding-up reports.

The liquidator can be reached at:

          Frank Lo Pilato
          RSM Bird Cameron Partners
          Level 1
          103-105 Northbourne Avenue
          Turner ACT 2612


ROHARD HOLDINGS: Members and Creditors to Meet on October 23
------------------------------------------------------------
Rohard Holdings Pty Ltd will hold a meeting for its members and
creditors on October 23, 2008, at 9:00 a.m.  During the meeting,
the company's liquidator, Frank Lo Pilato, will provide the
attendees with property disposal and winding-up reports.

The liquidator can be reached at:

          Frank Lo Pilato
          RSM Bird Cameron Partners
          Level 1
          103-105 Northbourne Avenue
          Turner ACT 2612


* AUSTRALIA: Most Locals Worry Over Debts Repayments, Survey Says
-----------------------------------------------------------------
Veda Advantage survey finds 79% of Australians worried about their
ability to repay debt over the next 12 months.

A national survey conducted on behalf of Veda Advantage has found
that less than one in ten Australians say they intend to apply for
new credit over the next 12 months (3% very likely, 5% quite
likely).  The survey also found that 79% of Australians with debt
are worried about their ability to repay debt in the next twelve
months – up from 75% in March 2008.

Veda Advantage CEO, Rory Matthews said the level of concern
Australians have about repaying money owed is alarming, and
encouraged businesses of all sizes to pay attention to their
customer credit checking and payment systems to lower their risk
of exposure to bad debt. "Almost four in five Australians with
debt are worried about meeting financial commitments and paying
off their debts in the next 12 months.  This is concerning for
business – particularly those without adequate procedures in
place.  Australians who are experiencing financial difficulty
should to do everything within their means to avoid damaging their
credit reputation by defaulting on payments. Defaults on your
credit file last for five years, and are one of the measures banks
take into consideration when deciding whether to loan money in the
future," he said.

The survey of more than 1,000 Australians was conducted by Galaxy
Research after the Reserve Bank interest rate decrease in
September 2008.  The research found that almost half of the people
who intend to apply for more credit in the next 12 months plan on
borrowing AU$100,000 or more.  The most common reasons for
borrowing money was for buying a car or vehicle, holidays, one off
purchases, children’s education, and debt consolidation.

This latest study is the third in a series of surveys by Veda
Advantage, conducted at six month intervals, which looks at
Australia’s level of debt and response to credit issues.

The survey also found that one in five Australians with debt are
finding it difficult to make repayments, or are unsure how they
will make their next repayment.  This has increased from 17% to
20% since March 2008.

The percentage of Australians who owe more than they did 12 months
ago, citing higher interest rates as the main reason for owing
more debt has almost doubled to 39%, up 19% from last September.
The cost of living (32%) and property commitments (32%) were other
main contributors for additional money owed.*

"The Galaxy research highlights that some Australians have
tightened their belts and are minimizing their financial debts,
with our year on year results showing 44% of Australians owe less
than they did 12 months ago," said Mr. Matthews. "However, despite
recent cuts in interest rates, we have seen an increasing
proportion of people citing interest rates as a key reason their
debt levels have increased in the last six months, the picture
remains concerning and it is clear the rising cost of living is
still having a significant impact on Australians, in particularly
lower income households."

The Galaxy survey also found that some of the main reasons
Australians felt concerned around their ability to repay debt were
because of rising food costs (up 5% since March this year to 55%)
and rising transport and petrol costs (up 3% to 58%) across the
same period. Other causes for concern were rising interest rates
(43%, down 4% from 47%), rising health costs (46%, up 2% from 44%)
and one off expenses (47%, up from 44%).



=========
C H I N A
=========

AGRICULTURAL BANK OF CHINA: To Boost Restructuring Plan, VP Says
----------------------------------------------------------------
Agricultural Bank of China Vice President Han Zhongqi said
substantial moves will be taken to boost the bank's restructuring
plan within 2008, SinoCast News reports.

On May 30, 2008, the Troubled Company Reporter-Asia Pacific,
citing Bloomberg News, reported that Agricultural Bank
President Xiang Junbo said the bank, saddled with US$100 billion
of bad loans, is ready for restructuring.  "We're ready for the
share reform.  Agricultural Bank's share reform is the last battle
for the nation's commercial bank reform," Mr. Junbo said.

According to the TCR-AP, China has spent about US$500 billion
bailing out its biggest lenders over the past decade.
Agricultural Bank's revitalization has been delayed because 23%
of its loans aren't getting paid, according to its latest annual
report, the same report said.

As part of the bank's plan, SinoCast News relates, China SAFE
Investment Ltd., would inject US$20 billion into the bank.  The
bank is also busy with management personnel recruitment and those
qualified ones would have chance to be recommended as fulltime
directors, the same report says.

According to SinoCast News, the bank's total assets stood at
CNY6.05 trillion at the end of 2007, with deposits reaching
CNY5.28 trillion and loans hitting CNY3.48 trillion.  Its bad
debts touched CNY817.97 billion, with a bad debt ratio of 23.5%,
while non-performing assets accounts for up to 50% of the total of
mainland-based commercial lenders.

However, the TCR-AP said, the bank will dispose its non-performing
loans itself rather than selling them to asset management
companies, as the four largest asset management companies show
little interest in the bank's NPLs.  The bank's NPLs totaled
CNY823.1 billion at the end of June, with the NPL ratio falling to
22.41% from 23.5% at end-2007, the report added.

               About Agricultural Bank of China

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

                          *     *     *

In May 2008, a Xinhua News report said Agricultural Bank of
China's non-performing loan (NPL) ratio increased 0.07
percentage points to 23.5% last year as it assessed bad loans
more strictly to prepare for a share-holding reform.

The bank, the report relates, reported its NPLs at
CNY817.97 billion (US$116.9 billion) as of the end of 2007.

The Bank carries an 'E' Individual rating from Fitch Ratings.


CHINA MERCHANTS: Sees 80% Increase in Jan-Sept Profit
-----------------------------------------------------
China Merchants Bank expects its January-September net profit to
increase by 80%, Xinhua and Reuters say.

The bank, Xinhua New reports, attributed the profit increase to
the growth of capital scale, non-interest income increase and the
enlarging interest margin.

According to Reuters, the bank reported a net profit of
CNY9.97 billion (US$1.46 billion) or CNY0.68 yuan per share in the
corresponding period last year.

On Aug. 20, 2008, the Troubled Company Reporter-Asia Pacific,
citing Reuters, reported that the bank's first-half 2008 net
profit increased 166% to CNY13.25 billion (US$1.9 billion), from
CNY6.12 billion last year, topping forecasts due to strong non-
interest income growth and reduced credit costs.  The bank's net
interest income derived from lending operations jumped 64% to
CNY24 billion, as yields on corporate and retail loans increased
as China has raised interest rates since the second half of 2007,
the same report noted.

Meanwhile, Reuters adds that financial estimates for the nine-
month period are unaudited and the bank said it will disclose
detailed financial information in its third-quarter report.

                       About China Merchants

China Merchants Bank -- http://www.cmbchina.com/-- is the
second largest bank among China's 12 nationwide shareholding
commercial banks.  It was established in 1987 and listed on the
Shanghai Stock Exchange in 2002.  The Ministry of
Communications-owned China Merchants Group is the bank's main
shareholder with a 26% stake (through various companies).
The bank had 410 banking outlets nationwide and 17,829 employees
at end-2004.

                          *     *     *

The company continues to carry Moody's Investors Service has
affirmed China Merchants Bank's Baa3/P-3 long-term/short-term
foreign currency deposit ratings and D+ bank financial strength
rating.  The affirmation follows CMB's planned purchase of Wing
Lung Bank ("WLB", C+/A2).  The ratings' outlook remains stable.


ICBC: Opens First United States Branch
--------------------------------------
The Industrial and Commercial Bank of China has opened its first
United States branch Wednesday, October 16, Xinhua News reports.

On Sept. 18, 2008, the Troubled Company Reporter-Asia Pacific
reported that the Industrial and Commercial Bank of China has been
granted a business permit to start its New York branch operations
in October.  The bank applied to open its first branch  in New
York as part of a plan to accelerate overseas expansion and become
a global player, the report said.

According to the TCR-AP, under the license's terms, the branch
will engage in wholesale deposits, loans, trade finance, U.S.
dollar clearing, treasury and other banking businesses.

"The growing economic, trade and investment relations between
China and the U.S. have laid a foundation for the development of
the financial sector, and generated new demands for banking
services," Xinhua was cited by Jiang Jianqing, bank chairman, as
saying.

Although the current financial crisis is still spreading,  Mr.
Jianqing believes that under the concerted efforts of the
governments around the world, the U.S. economy will be able to
ride out the storm, restore prosperity, and that world financial
industries will definitely move out of turmoil and depression, and
embrace recovery and prosperity, the report says.

Moreover, the report adds that Mr. Jianqing said the launch of
ICBC New York branch at such a special moment was an expression of
the confidence in the long-term prospects for U.S. economy.

                             About ICBC

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

                          *     *     *

ICBC continues to carry Fitch Ratings' Individual D/E rating.

On May 4, 2007, Moody's Investors Service affirmed Industrial &
Commercial Bank of China Ltd's Bank Financial Strength Rating at
D-.  The outlook for BFSR is stable.  The outlook for the long-
term deposit rating is positive.


SHIMAO PROPERTY: Inks Hotel Management Deal w/ InterContinental
---------------------------------------------------------------
Shimao Property Holdings Limited has entered into an agreement
with the InterContinental Hotels Group for cooperation in the
hotels business, XFN-ASIA News reports.

The company, the report relates, said it plans to open 6 hotels in
four Chinese cities by 2013 and that Intercontinental will manage
the properties under the partnership deal.

The hotels, in Beijing, Shanghai, Fuzhou and Shaoxing, will
provide a total of 2,100 guest rooms, the report says.

Shimao Property Holdings Limited -- http://www.shimaogroup.com/
-- is a large-scale developer of real estate projects in China,
specializing in high-end developments in prime locations.  The
company's business portfolio comprises the development of
residential properties, retail properties, offices and hotels.
The company has 15 projects at various stages of development
located in Shanghai, Beijing, Harbin, Wuhan, Nanjing, Fuzhou,
Kunshan, Changshu, Shaoxing and Wuhu.

                           *     *     *

As reported by the Troubled Company Reporter - Asia Pacific, on
Oct. 6, 2008, 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.



===============
H O N G K O N G
===============

3D-GOLD JEWELLERY: S&P Junks Corporate Credit Rating to D From BB
-----------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its long-term
corporate credit rating on 3D-Gold Jewellery Holdings Ltd. to 'D'
from 'BB'.  At the same time, it lowered the issue rating on the
company's US$170 million senior unsecured notes due 2014 to 'D'
from 'BB'.  Both ratings were removed from CreditWatch, where they
had been placed with negative implications on Oct. 2, 2008.

These actions follow S&P's being informed that 3D-Gold Jewellery
had asked its banks to agree to a standstill arrangement following
a missed debt payment and recently discovered accounting
irregularities.  The company disclosed on Oct. 14, 2008, that its
board had discovered that a significant amount of
trade receivables may be difficult to recover and it may have
substantially less inventory than previously reported.

3D-Gold Jewellery has appointed Deloitte Touche Tohmatsu as an
independent reporting accountant to investigate the group's
assets and liabilities.  The company has suspended the trading of
its shares on the Hong Kong stock exchange and the trading of its
senior notes on the Singapore stock exchange until further notice.


3D-GOLD JEWELLERY: Moody's Downgrades Ratings to Ca; Outlook Neg.
-----------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family and
senior unsecured ratings of 3D-GOLD Jewellery Holdings Ltd
(previously known as Hang Fung Gold Technology Ltd) to Ca from B3.
The outlook on the ratings is negative.

"The rating action follows 3D-GOLD's announcement that a
significant amount of trade receivables related to its wholesale
business may be irrecoverable, that its level of inventory may be
substantially less than previously reported, and that the company
has requested a standstill from its bankers," says Renee Lam, a
Moody's Vice President.

"Given the situation, there exists significant uncertainty on the
liquidity available to meet its near-term payments, including the
half-yearly coupon payment of about US$7.8 million for the
US$170 million bonds due on Oct 17, 2008," says Mr. Lam.

Moody's notes a High Court writ has also been submitted by one
bank against one of the subsidiary guarantors for the bonds, Hang
Fung Jewellery Co Ltd.

As of March 31, 2008, accounts receivable and inventory accounted
for 63% of 3D-GOLD's total assets.

The negative outlook reflects significant uncertainty over the
extent to which 3D-GOLD's assets can cover its liabilities, as the
magnitude of its asset shortfall is not known.

Based in Hong Kong, 3D-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.


ACTIVE TOWN: Creditors' Proofs of Debt Due on October 31
--------------------------------------------------------
The creditors of Active Town Limited 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:

         Stephen Liu Yiu Keung
         One Island East, 62nd Floor
         18 Westlands Road
         Island East
         Hong Kong


BRIGHT TOWN: Requires Creditors to File Claims by Oct. 31
---------------------------------------------------------
The creditors of Bright Town Investment Limited 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:

         Stephen Liu Yiu Keung
         One Island East, 62nd Floor
         18 Westlands Road
         Island East
         Hong Kong


CANWORTH LIMITED: Members' to Receive Wind-Up Report on Nov. 14
---------------------------------------------------------------
The members of Canworth Limited will meet on November 14, 2008, at
10:45 a.m., to hear 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


CYBER IMAGING: Chau Cham Kuen Steps Down as Liquidator
------------------------------------------------------
On October 1, 2008, Chau Cham Kuen stepped down as liquidator of
Cyber Imaging Limited.

The company's former Liquidator can be reached at:

         Chau Cham Kuen
         Far East Finance Centre
         Room 1005, 10th Floor
         16 Harcourt Road
         Hong Kong


FORSYTH PARTNERS: Creditors and Contributories to Meet on Nov. 12
-----------------------------------------------------------------
The creditors and contributories of Forsyth Partners (Hong Kong)
Limited will hold their final meetings on November 12, 2008, at
10:00 a.m. and 10:30 a.m., respectively, at the office of Grant
Thornton, 6th Floor of Sunning Plaza, 10 Hysan Avenue, in Causeway
Bay, Hong Kong.

At the meeting, Alan C.W. Tang and Wong Kwok Man, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


HIP YICK: Shareholders' Final Meeting Set for November 12
---------------------------------------------------------
The shareholders of Hip Yick Company Limited will hold their final
meeting on November 12, 2008, at 3:30 p.m., at the 24th Floor of
Hang Wai Commercial Building, 231-233 Queen's Road East, in
Wanchai, Hong Kong.

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


HONG KONG FRANKLIN: Cecil and Man Cease to Act as Liquidators
-------------------------------------------------------------
On September 29, 2008, Chan Shu On Cecil and Wong Kai Man ceased
to act as liquidators of Hong Kong Franklin Graham Festival
Limited.

The company's former Liquidators can be reached at:

         Chan Shu On Cecil
         Wong Kai Man
         Administration Building, 5th Floor
         23 Waterloo Road
         Kowloon


MONEYLINE TELERATE: Members to Hold Final Meeting on November 12
----------------------------------------------------------------
The members of Moneyline Telerate (Hong Kong) Limited will hold
their final meeting on November 12, 2008, at 10:30 a.m., at the
35th Floor of of One Pacific Place, in 88 Queensway, Hong Kong.

At the meeting, Lai Kar Yan (Derek) and Darach E. Haughey, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


SKYCITY UNIVERSAL: Contributories and Creditors to Meet on Nov. 11
------------------------------------------------------------------
The contributories and creditors of Skycity Universal Limited will
hold hold their final meeting on November 11, 2008, at 10:00 a.m.
and 10:15 a.m., respectively, at Rooms 1002-1004, 10th Floor of
Hong Kong Trade Centre, in 161 Des Voeux Road Central, Hong Kong.

At the meeting, Bernie Fuk Yuen Suen, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.



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

FORD MOTOR: To Pursue US$500MM India Investment Amid Slow Sales
---------------------------------------------------------------
Ford Motor Co will go ahead with its planned US$500 million India
investment despite a 27% decline of its car sales in the country
between April and September, Bloomberg News reports.

"Our investment decisions are long term," Michael Boneham,
managing director of Ford's India unit said in an e-mail response
obtained by Bloomberg News.  He added that "As difficult as the
short term is, we continue with a high degree of confidence in the
medium and longer-term future of the market in India."

Bloomberg News recounts that in January, Ford decided to begin
selling small cars in India in two years and set up an engine
factory at Chennai, India with capacity to make 250,000 units a
year by 2010 to counter a decline in U.S. sales.

However, the report relates, car demand in India has slowed this
year because of interest rates near a seven-year high, a plunge in
the stock market and inflation.

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.

                         *     *     *

As reported in the Troubled Company Reporter on Oct. 15, 2008,
Standard & Poor's Ratings Services placed its 'B-' long-term
corporate credit and other ratings on Ford Motor Co. on
CreditWatch with negative implications.  "The CreditWatch
placement reflects the rapidly weakening state of most global
automotive markets along with capital market conditions that will
remain a major challenge for the foreseeable future," said
Standard & Poor's credit analyst Robert Schulz.  Included in the
CreditWatch placement is Ford's finance unit, Ford Motor Credit
Co. (B-/Watch Neg/--).  S&P believes Ford has adequate liquidity
for at least the rest of 2008 as measured by cash balances, and
available bank facilities, but the accelerating deteriorating
industry fundamentals will be a serious challenge to liquidity
during 2009.

As reported in the Troubled Company Reporter on Oct. 10, 2008,
Fitch Ratings downgraded the Issuer Default Rating of Ford Motor
Company and Ford Motor Credit Company by one notch to 'CCC' from
'B-'.


* INDIA: CRR Reduction to Restore Confidence in Credit Market
-------------------------------------------------------------
With developed countries experiencing credit crunch triggered by
the fall of global titans like Lehman Brothers, AIG, Morgan
Stanley, Freddie Mac and Fannie Mae, health of the Indian
financial system is under discussion, Credit Analysis & Research
Ltd. (CARE) says.  With the negative external developments,
India’s forex and money markets have been severely affected.  The
Indian rupee on Oct. 10, 2008 hit all-time low of 49.30 per US
dollar due to FII outflows and strong dollar demand by oil
importers.

According to CARE, external factors such as strong FII outflows
and tight liquidity conditions at international level and
consequent reduction in External Commercial Borrowing (ECB) flows
in the Indian market worsened conditions in the already cash
starved system.  RBI’s anti-inflationary measures - especially
raising CRR to 9 per cent could be seen as a key factor resulting
in severe cash squeeze in the Indian banking system.  RBI’s
intervention in currency market to cap the fall in rupee value
further lowered the rupee availability.

Consequently, money market rates and RBI’s daily injections via
its Liquidity Adjustment Facility (LAF) headed northward. Inter-
bank call rates hit 16 per cent during September while trading
above 9 per cent consistently during recent months. Similarly,
daily injection via repo rates – an indicator of extent of cash
shortage, surged above Rs.90,000 crore.

The tight liquidity condition added to the worries of the Indian
companies which were struggling to protect their profit margins
amidst skyrocketing prices of raw material, rising domestic
inflation and looming concerns over global economic slowdown.  On
this backdrop, banks worried about rising Non-Performing Assets
(NPAs).  In the same light, it is learnt that between April 2008
and August 2008, around 10 cases were filed with RBI for the
purpose of Corporate Debt Restructuring (CDR).

During the quarter ended September 2008, five new cases with total
debts of Rs.1,600 crore were also added to CDR.  Of these, four
were from textiles, which was among the worst-affected sectors
given the slump in global demand and an over-supply situation,
while one was a sugar company.

Despite this, there is enough room to claim that the Indian
economy can weather financial crisis due to the proactive measures
taken by various regulatory authorities including SEBI and RBI.
While SEBI eased P-notes norms, RBI slashed CRR by 150 bps at one
shot, to 7.50 per cent, injecting Rs.60,000 crore to the system.
The move would definitely assure market participants on RBI’s
readiness to respond swiftly to meet any liquidity requirements
that might arise in the context of the highly volatile external
situation.

Going forward, huge amount maintained under the Market
Stabilization Scheme (MSS) (Rs.1,73,804 crore as on September 26
according to RBI’s balance sheet) could be seen as a potential
measure to infuse liquidity in the market, along with LAF.  RBI’s
current policy aims at maintaining financial stability and active
and flexible liquidity management using all policy instruments.
Thus, availability of adequate liquidity would help to restore the
confidence of the market participants and normal functions of the
credit market.  The Indian bankers might take time to revise the
lending rates southward, which would bounce back the market in
months to come.



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

AGRI INTERNATIONAL: S&P Places B- Ratings Under Watch Negative
--------------------------------------------------------------
Standard & Poor's Ratings Services has placed its 'B-' corporate
credit rating on Indonesia's Agri International Resources Pte.
Ltd. on CreditWatch with negative implications.  At the same time,
S&P also placed its 'B-' rating on the US$150 million
senior secured notes issued by AI Finance B.V., a special purpose
financing vehicle wholly owned by Agri International, on
CreditWatch with negative implications.

This action followed the CreditWatch placement on the 'B' rating
of PT Bakrie Sumatera Plantations Tbk. (BSP), the key shareholder
of the company.  BSP's parent, PT Bakrie Brothers Tbk. announced
that the group plans to restructure its business portfolios,
including its stake in BSP, to settle US$1.2 billion of
collateralized debt secured by shares of Bakrie Brothers group
companies.

"The financial pressure at Bakrie Brothers may cause BSP to
provide financial support to the parent, thereby weakening its
liquidity position and support to Agri International," said S&P's
credit analyst Yasmin Wirjawan.

After experiencing significant share price declines across the
listed subsidiaries, all Bakrie group companies have been advised
to buy back their shares, on top of Bakrie Brothers' action, from
the market up to the allowable limit.  The current situation at
Bakrie Brothers may affect the group companies' strategy, that
is, the share buybacks may be followed by tighter financial
flexibility to fund growth.

"Agri International's cash flow measures are very weak due to its
high debt position," Ms. Wirjawan said. "Given the current
volatility in crude palm oil prices, financial measures could
weaken moderately unless the company improves its production level
and yield performance."

There is no cross default between BSP and Agri International's
existing secured notes, but BSP's off-take arrangement is
critical to Agri International and is part of the company's
existing covenants.  In addition, the potential divestment in
Bakrie Brothers' 54% stake in BSP could breach the "change of
control" clause for the guaranteed notes in BSP.  The group has
yet to announce details of its restructuring plan.  S&P will
monitor BSP's link to its parent and assess its business and
financing strategy.  S&P expects to resolve the CreditWatch status
within three months.


BAKRIE GROUP: May Resume Trading Today
--------------------------------------
Trading in the shares of firms in Indonesia's Bakrie group may
resume today, October 17, following several days' suspension,
Reuters reports citing the head of Indonesia Stock Exchange.

Citing Antara News, the Troubled Company Reporter-Asia Pacific
reported on October 10, that the share trading in six companies
owned by Bakrie Group were suspended on October 7, as its shares
dropped by between a quarter and more than 40%.

Bakrie group asked the exchange on Monday to extend the trading
suspension by one more week until it finalized plans to sell its
assets, Reuters notes.

The group targets to settle its US$1.2 billion maturing debt
within this week, the TCR-AP relates.

                  About PT Bakrie & Brothers Tbk

PT Bakrie & Brothers Tbk is an Indonesia-based group of companies.
It is engaged in general trading, steel pipe manufacturing,
building materials and construction products, telecommunications
systems, electronic and electrical goods and equity investments.
The company comprises three core business segments:
Infrastructure, Plantations and Telecommunications.  The Company
produces a range of products, such as mini telecommunication
switching, telecommunication system integrators, telephone sets,
electric resistance-welded steel pipes, longitudinal steel pipes,
seamless pipes, cement-based industrial construction products,
marble slabs, corrugated steel, agricultural products and cast-
iron auto products.  In addition, it also provides a range of
services, including cellular radio wave-based telecommunication
services using code division multiple access (CDMA) technology,
messaging, paging and cellular answering services, as well as
specialized structural and civil engineering services.

Bakrie & Brothers had total liabilities of IDR18.6 trillion
(US$1.89 billion) as of June and out of this IDR14.8 trillion were
short-term liabilities, a data from Reuters reveals.


BAKRIE SUMATERA: Restructuring Plans Cues S&P's B Rating WatchNeg
-----------------------------------------------------------------
Standard & Poor's Ratings Services has placed its 'B' corporate
credit rating on Indonesia's PT Bakrie Sumatera Plantations Tbk.
(BSP) on CreditWatch with negative implications.  S&P also placed
its 'B' rating on the US$160 million senior secured notes issued
by BSP's wholly owned subsidiary, BSP Finance B.V., on CreditWatch
with negative implications.

This followed an announcement by BSP's parent, PT Bakrie Brothers
Tbk., that the group plans to restructure its business portfolios
to settle US$1.2 billion of collateralized debt secured by shares
of Bakrie Brothers group companies.

"Although the ratings on BSP have been based primarily on the
company's stand-alone profile, the financial pressure at Bakrie
Brothers may cause BSP to provide financial support to the
parent, thereby weakening its liquidity position," said S&P's
credit analyst Yasmin Wirjawan.

After experiencing significant share price declines across the
listed subsidiaries, all Bakrie group companies have been advised
to buy back their shares, on top of Bakrie Brothers' action, from
the market up to the allowable limit.  The current situation at
Bakrie Brothers may affect the group companies' strategy, that
is, the liquidity used to buy back shares may be followed by
tighter financial flexibility to fund growth.  In addition, the
potential divestment in Bakrie Brothers' 54% stake in BSP could
breach the "change of control" clause for the guaranteed notes in
BSP.

The group has yet to announce details of its restructuring plan.
"We will monitor BSP's link to its parent and assess its business
and financing strategy," Ms. Wirjawan said.  S&P expects to
resolve the CreditWatch status within three months.


BAKRIE TELECOM: Won't Hold Any Stake Sales Talk with Qatar Telecom
------------------------------------------------------------------
Bakrie Telecom, one of the companies controlled by billionaire
tycoon and Welfare Minister Aburizal Bakrie and included in a
share trading suspension, is not holding any talks about a stake
sale to Qatar Telecom, Reuters reports citing a senior executive
at the company.

Rakhmat Junaidi, director at Bakrie Telecom, told Reuters that the
family of Aburizal Bakrie still wants to hold a controlling stake
in Bakrie Telecom.

Reuters notes that Bisnis Indonesia earlier reported that the
two firms were in talks over a stake sale.

The TCR-AP reported on Oct. 14, 2008, that Bakrie Group might sell
some of its assets to settle its US$1.2 billion debt.

                    About PT Bakrie Telecom Tbk

PT Bakrie Telecom Tbk is an Indonesia-based telecommunication
services provider.  The company's services include fixed wireless
access using extended-time division multiple access (E-TDMA)
technology, which is a limited mobility service using code
division multiple access (CDMA) 2000 1x technology.  The company's
products consist of Eisa, Wifone and Wimode. The company's
operations area are located in Jakarta, some regions in West Java
and Banten, Central Java, East Java, Bali, Sumatera and Sulawesi.
Headquartered in Jakarta, the Company is a subsidiary of PT Bakrie
& Brothers Tbk.

                  About PT Bakrie & Brothers Tbk

PT Bakrie & Brothers Tbk is an Indonesia-based group of companies.
It is engaged in general trading, steel pipe manufacturing,
building materials and construction products, telecommunications
systems, electronic and electrical goods and equity investments.
The company comprises three core business segments:
Infrastructure, Plantations and Telecommunications.  The Company
produces a range of products, such as mini telecommunication
switching, telecommunication system integrators, telephone sets,
electric resistance-welded steel pipes, longitudinal steel pipes,
seamless pipes, cement-based industrial construction products,
marble slabs, corrugated steel, agricultural products and cast-
iron auto products.  In addition, it also provides a range of
services, including cellular radio wave-based telecommunication
services using code division multiple access (CDMA) technology,
messaging, paging and cellular answering services, as well as
specialized structural and civil engineering services.

Bakrie & Brothers had total liabilities of IDR18.6 trillion
(US$1.89 billion) as of June and out of this IDR14.8 trillion were
short-term liabilities, a data from Reuters reveals.


PT LIPPO: Fitch Affirms Foreign & Local Currency IDRs at 'B+'
-------------------------------------------------------------
Fitch Ratings has affirmed PT Lippo Karawaci Tbk's Long-term
foreign currency and local currency Issuer Default Ratings at
'B+', and National Long-term rating at 'BBB+(idn)'.  The Outlook
is Stable.  At the same time, Fitch has affirmed the rating of
'B+' and recovery rating of 'RR4' on the US$250m senior unsecured
notes due 2011 issued by Lippo Karawaci Finance B.V. and
guaranteed by LK.

The ratings have been affirmed despite the property market facing
inflationary pressures and higher interest rates which may lead to
a slowdown in demand for LK's property developments.  Fitch takes
comfort from the satisfactory take-up rate of LK's under
construction mixed-use development project, Kemang Village,
located in a high-end residential area in South Jakarta.  Also, in
Q308, LK launched the marketing stage of its other major mixed-use
development project, St. Moriz, located in an upper class
residential area in West Jakarta.  This project has also achieved
meaningful pre-sales.

However, further pressures from the current challenging economic
condition may lead to lower take-up rates in its projects' next
phases.  Although LK may be able to mitigate some of this risk by
phasing out its large developments, the agency believes that a
poor take-up rate will be detrimental to the company's credit
profile as it curtails operating cash generation.

LK's ratings are supported by its position as one of the leading
property developers in Indonesia with a diversified revenue base.
In 2007, around 51% of LK's EBITDA was derived from its healthcare
and hospitality businesses, which provided around 1.1x coverage of
its gross financing cost.  The ratings are also supported by its
high liquidity; with cash balance of IDR1,708bn at end-Q208, which
implies that it will be able to fund its near term capital
expenditure programme.  The company has modest debt repayment
obligations until the US$250m notes mature in 2011 but has annual
operating lease commitments of at least SGD24.1m, arising from a
sale and leaseback transaction completed in December 2006.  LK
also derives some financial flexibility from the large land bank
inventory it owns, though the ability to monetise land bank is
usually constrained during periods of stress.

LK's total revenue improved to IDR2,091bn in 2007 from IDR1,905bn
yoy on the back of higher revenue growth from its recurrent
business.  However, its EBITDA was relatively stable at IDR533bn
in 2007 compared to IDR539bn in 2006 as LK started paying the
full-year rental expenses to the First REIT, which was initiated
in Q406.  Excluding rental expenses, its EBITDAR increased to
IDR669bn from IDR571bn in 2006.  In 2007, fund flows from
operations totaled IDR192bn, but cash from operations and free
cash flow were negative IDR100bn and IDR627bn, respectively, given
the higher working capital and capital expenditure needed to
develop the projects.

The Stable Outlook reflects Fitch's expectation that LK's main
business will continue to perform in line with its 2007
performance.  Given its sound liquidity, Fitch expects LK to be
able to finance its capital expenditure programme in the short
term while maintaining a stable credit profile.  Significant
deterioration in pre-sales activities may result in a negative
rating action.  Also, unplanned new material investments or
material financial support to related entities may warrant a
negative rating action.  A positive rating action is not envisaged
over the next 18 to 24 months.

LK is the largest listed-property company in Indonesia with
business interests in housing and land development, healthcare and
hospitals, and hospitality and infrastructure.  Its major
shareholders are the Lippo Group companies (24%), China Resources
(Holdings) Co. Ltd. (13%) and the investment banking real estate
arm of Austrian Raiffeisen Bank, CP Inlandsimmobilien-Holding GmbH
(7%).


TELKOM INDONESIA: S&P Affirms BB+/Stable Corporate Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services has affirmed the 'BB+' long-
term corporate credit rating on PT Telekomunikasi Indonesia Tbk.
(Telkom) with a stable outlook before withdrawing the rating at
the company's request.

Telkom is Indonesia's dominant provider of fixed-line services,
with more than 16 million lines in service, commanding almost all
of Indonesia's fixed-line services.  Its cellular subsidiary, PT
Telekomunikasi Selular (Telkomsel; BB+/Stable/--), has also
continued its domination by maintaining a share of about half of
the market with 52.4 million subscribers as of June 30, 2008.
Telkomsel's strong market position is supported by an established
brand name and comprehensive network, covering more than 95% of
the population.

"Telkom's profitability measures are high as compared with global
peers, supported by its dominant position in most of the
segments," said S&P's credit analyst Yasmin Wirjawan.
Nevertheless, its operating margin slipped to 60% in first half
of 2008, from 62% in 2007, due to intensifying competition,
particularly in the cellular segment, and the new interconnection
tariff.

"The declining trend in the operating margin is likely to continue
although it will remain relatively high at above 55% in
the near to medium term," Ms. Wirjawan said.

The company continues to have strong financial metrics.  Its cash
flow protection, as measured by funds from operations (FFO) to
debt, has been more than 100% since 2005, supported by lower debt
and strong operating margins.  The company has FFO of at least
Indonesian rupiah (IDR) 25 trillion annually.  Debt to annualized
EBITDA improved to about 0.5x as of June 30, 2008, from its three-
year average of 0.7x.

Additional debt could be incurred in the medium term due to
Telkom's high capital commitments of about US$2.5 billion for 2008
and share buyback program.  However, S&P expects Telkom's
leverage to remain adequate for the rating.

Telkom's near-term liquidity is strong. As at June 30, 2008, the
company had IDR5.3 trillion debt due within the year, which is
covered by cash and short-term investment of about IDR11 trillion,
unused export credit facilities of about IDR47.5 trillion, and
committed unused local credit facilities of IDR1 trillion (both at
Telkomsel level).  This would be adequate to also cover the
company's near-term equipment payables and capital expenditure.



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

BEST DENKI: JCR Lowers Senior Debts & Bonds Ratings to BB+/Stable
-----------------------------------------------------------------
JCR has downgraded the ratings on senior debts and bonds of Best
Denki Co., Ltd. from BBB-/Negative and BBB- to BB+/Stable and BB+,
respectively.

                     Issues Amount   Issue Date  Due Date   Coupon
Euroyen convertible
notes                JPY11.5         2/9/04      2/9/10         0%
bonds no.7           JPY12           9/27/06     9/27/08     2.36%

Best Denki is one of the major discount consumer electronics
retailers and has a foothold in Kyushu.  It has strengthened the
competitive strength by making Tokyo-based Sakuraya a subsidiary
of it and by making an operational and capital alliance with Bic
Camera Inc.  Concerning the synergy with Sakuraya, it has been
taking long time to improve the structure of Sakuraya.

Furthermore, although the company has introduced the know-how into
part of stores of Bic Camera, it has failed to strengthen the
competitive edge through synergy with Bic Camera.  The company
retains a good level of financial structure thanks to the capital
increase made in October 2007.  However, it can not be said that
the company has advanced its plan to improve and stabilize the
cash flow it has been focusing on to improve the financial
structure.  JCR downgraded the rating on the company, given that
its position in Kyushu has lowered relative to other retailers and
that there is uncertainty about future performance with the sales
having been low and it is taking more time than assumed to improve
the overall corporate structure.  JCR will continue to pay
attention to how the company will implement the medium-term
management plan and realizations of effects of these steps
including progress of partnership with Bic Camera.


MAZDA MOTOR: May Buy Back Shares as Ford Mulls Selling Stake
------------------------------------------------------------
Mazda Motor Corporation may buy back part of the one-third share
owned by Ford Motor Co., as Ford is considering to sell its asset
in the company, Bloomberg News reports, citing two people familiar
with the matter.

On Oct. 15, 2008, the Troubled Company Reporter-Asia Pacific,
citing Jiji Press, reported that Ford Motor is planning to sell
its 33% stake in Japan's Mazda Motor Corp., and is holding talks
with potential buyer.  Ford apparently aims to raise funds from
the sale, amid its severe state due to weak vehicle sales and a
sharp fall in its stock price below US$2 attributed to the credit
crisis, the same report said.

"It finally clears a cloud over Mazda.  Having new stable
shareholders will eliminate worries about Ford's move on Mazda's
stake," Bloomberg News cited Koji Endo, an analyst at Credit
Suisse Securities (Japan) Ltd. in Tokyo, as saying.

Reuters relates, citing Japan's Nikkei business daily, that Ford
Motor asked auto parts supplier Denso Corp to buy part of its
stake in Mazda Motor.

According to Reuters, Denso and other automakers, is likely to
consider the request from Ford because it wants to expand its
business with Mazda.  Denso was likely to acquire less than 1% of
Mazda's stock from Ford, the same report notes.

Sumitomo Corp and Itochu Corp have also expressed interest in the
deal, Reuters says.

Moreover,  Ford executives have said that the Ford-Mazda
relationship hasn't changed.  "I wouldn't focus on the percentage"
of Ford's stake.  The two companies have "a spirit of
cooperation," the same report cited Ford Executive Vice President
Mark Fields as saying.

                        About Mazda Motor

Headquartered in Hiroshima Prefecture, in Japan, Mazda Motor
Corporation -- http://www.mazda.co.jp/-- together with its
subsidiaries and associates, is primarily involved in the
manufacture and distribution of automobiles.  The company
manufactures passenger cars and commercial vehicles.  Mazda
Motor distributes its products in both domestic and overseas
markets.  The company has 58 subsidiaries.  It has overseas
operations in the United States, Canada, Mexico, Germany,
Belgium, France, the United Kingdom, Switzerland, Portugal,
Italy, Spain, Austria, Russia, Columbia, New Zealand, Thailand,
Indonesia and China.  The company has a global network.

                          *     *     *

Mazda Motor continues to carry Standard & Poor's "BB" long-term
corporate credit and long-term senior unsecured debt ratings.


MAZDA MOTORS: Denies Report on Scrapped Plan for New NorthAm Plant
------------------------------------------------------------------
Mazda Motor Corp. denied Nikkei newspaper's report that the
company has scrapped its plan to build an auto factory in North
America due to sluggish demand there.

The Nikkei newspaper, the report relates, said the company planned
to begin operating a second North American plant in early 2010,
however, Mazda ditched the plan due to the financial crisis.
Mazda already has an auto factory in Michigan, Japan Today writes.

According to Japan Today, Mazda denied the newspaper's report,
which did not identify its sources or say where the company had
planned to establish the new facility.

Headquartered in Hiroshima Prefecture, in Japan, Mazda Motor
Corporation -- http://www.mazda.co.jp/-- together with its
subsidiaries and associates, is primarily involved in the
manufacture and distribution of automobiles.  The company
manufactures passenger cars and commercial vehicles.  Mazda
Motor distributes its products in both domestic and overseas
markets.  The company has 58 subsidiaries.  It has overseas
operations in the United States, Canada, Mexico, Germany,
Belgium, France, the United Kingdom, Switzerland, Portugal,
Italy, Spain, Austria, Russia, Columbia, New Zealand, Thailand,
Indonesia and China.  The company has a global network.

                           *     *     *

Mazda Motor continues to carry Standard & Poor's "BB" long-term
corporate credit and long-term senior unsecured debt ratings.


ORSO FUNDING: Fitch Puts 'BB-' Cl. F Notes Rating Under Neg. Watch
------------------------------------------------------------------
Fitch Ratings has placed two classes of Orso Funding CMBS 5
Trust's trust beneficially interests due February 2013 on Rating
Watch Negative, and affirmed the remaining classes and assigned
Outlooks, as:

  -- JPY14.87bn* class A floating-rate TBIs affirmed at 'AAA';
     Outlook Stable;

  -- JPY3.28bn* class B floating-rate TBIs affirmed at 'AA';
     Outlook Stable;

  -- JPY3.19bn* class C floating-rate TBIs affirmed at 'A';
     Outlook Stable;

  -- JPY3.28bn* class D floating-rate TBIs affirmed at 'BBB';
     Outlook Stable;

  -- JPY3.11bn* class E floating-rate TBIs 'BB'; placed on RWN;

  -- JPY0.21bn* class F floating-rate TBIs 'BB-'; placed on RWN
     and

Class X TBIs (dividend-only) affirmed at 'AAA'; Outlook Stable.

* as of 14 October 2008

Fitch received information from the servicer that one of the
loans, which is due to mature before the end of 2008, is facing
difficulties with respect to the repayment of principal.  The
agency also received updated value assessment reports regarding
each property backing this loan, as well as properties backing
another loan which will mature in the H109.  The rating actions
reflect the agency's increasing concerns regarding the probability
of loan recovery from refinance or the property sale, in light of
the current real estate market and the quality of the property
portfolio.

Fitch will resolve the RWN status after it carefully reviews
further information, including up-to-date information on the two
loans' collection status and the servicer's recovery plan, which
will be initiated and updated as necessary.

Since all other underlying loans are performing in line with
Fitch's expectations, it has affirmed the ratings of and assigned
Stable Outlooks to class A through D and class X TBIs.

At closing, the TBIs were backed by seven non-recourse loans
ultimately secured by 43 commercial real estate properties in
Japan.  Two loans have been fully repaid and one loan has been
partially repaid due to collateral disposition, so the transaction
is currently backed by five loans secured by a total of 37
properties.

Rating Outlooks have been published for all newly issued Asia
Pacific Structured Finance tranches since June 2008, and
concurrently with rating actions for tranches issued prior to June
2008.  Unlike a Rating Watch which notifies investors that there
is a reasonable probability of a rating change in the short term
as a result of a specific event, rating outlooks indicate the
likely direction of any rating change over a one- to two-year
period.


SHINSEI BANK: S&P Junks Bank Fundamental Strength Rating to C+
--------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its long-term
counterparty credit and senior unsecured debt ratings on Shinsei
Bank Ltd. to 'BBB+' from 'A-'.  It also lowered its subordinated
debt rating on the bank to 'BBB' from 'BBB+', and its junior
subordinated debt and preferred debt ratings on Shinsei to 'BBB-'
from 'BBB'.  The ratings were all removed from CreditWatch, where
they had been placed with negative implications on July 11, 2008.
The outlook on the long-term counterparty rating is stable.  At
the same time, S&P lowered its Bank Fundamental Strength Rating
(BSFR) on Shinsei Bank by one notch to 'C+' from 'B'.  It also
affirmed its 'A-2' short-term counterparty and debt ratings on
Shinsei.

The downgrades reflect the direct impact of the acquisition of GE
Consumer Finance Co. Ltd. (GECF) on Shinsei's capitalization, as
well as the bank's weakened financial standing, precipitated by
the deteriorating business climate facing its institutional
banking unit.  The September acquisition of GECF resulted in JPY40
billion of goodwill and intangible fixed assets, while also
increasing Shinsei's risk assets.  These factors, together with a
downward revision in the bank's profits for the first half of
fiscal 2008 (ended Sept. 30, 2008), have triggered a material
deterioration in Shinsei's adjusted total equity ratio, which is
a key indicator of capital in S&P's analysis.  In terms of
adjusted total equity, the inclusion of preferred securities is
limited to up to 33% of adjusted common equity in S&P's capital
analysis.  This suggests that the acquisition would have a greater
negative impact on Shinsei's adjusted total equity ratio
than on the bank's Tier 1 capital ratio.

In addition, the recent turmoil in the financial markets has put
downward pressure on both the revenues and asset quality of
Shinsei's institutional banking unit.  The securitization business
saw a 96% decline in gross operating revenue in fiscal
2007 (ended March 31, 2008), and asset-backed securities
investments could be exposed to further asset erosion despite
provisioning in the first half of fiscal 2008.  Furthermore,
Shinsei Bank could be adversely affected by prolonged stagnation
in the real estate market.  Real estate-related credit risk
exposure accounts for about 15% of the bank's total risk exposure,
which is a larger proportion than at other major banks,
while real estate-related business generates more than 20% of
gross operating revenue at its institutional banking unit.  Beside
these factors, further erosion in lending assets due to an
economic downturn, in addition to increased losses from
securitization products, could have a negative impact on Shinsei.

Meanwhile, S&P expects additional losses relating to the
acquisition of GECF, such as repayments of overcharged interest
and rising credit costs due to borrower defaults, to be limited
to a certain level.  This is due to adequate reserves already set
aside, as well as an agreement between Shinsei and GE stipulating
that repayments of overcharged interest on high-risk loans will be
compensated by GE.  Shinsei's liquidity reserves materially
decreased after the bank paid the JPY580 billion acquisition cost
in cash.  Yet the bank maintains stable deposits, and liquidity
has been managed appropriately.

The current ratings on Shinsei do not incorporate a notch-up tied
to governmental support, given the institution's BFSR and its
importance to the financial system.

The stable outlook reflects S&P's expectations that additional
losses from the acquisition of GECF will be limited, and that the
bank will be able to maintain its credit quality, in light of the
balance of its business risk, capital and profitability, over the
medium term.  The outlook or the ratings could see upward movement
if the bank's adjusted capital recovers materially
through the recovery of revenues at the bank's institutional
banking unit and larger-than-expected profit contributions from
the consumer finance business, and if the bank's asset risk
decreases without incurring material losses, such as substantial
erosion in asset-backed investments.  Conversely,  the outlook or
ratings could come under downward pressure if Shinsei's assets see
further erosion or revenues suffer a larger-than-expected decline.

Shinsei Bank Ltd.

Downgraded; Watch/Outlook      To                 From
----------------------------------------------------------------
Counterparty Credit Rating    BBB+/Stable/A-2   A-/Watch Neg/A-2
Senior Unsecured              BBB+              A-/Watch Neg
Subordinated (1 issue)        BBB               BBB+/Watch Neg
Jr. Subordinated (3 issues)   BBB-              BBB/Watch Neg
Bank Fundamental Strength     C+                B


* S&P Lists Synthetic CDO Tranches' Exposure to Icelandic Banks
---------------------------------------------------------------
Standard & Poor's Ratings Services said that a substantial number
of global synthetic collateralized debt obligation (CDO)
transactions have exposure to one or more of three Icelandic banks
-- Glitnir Bank, Landsbanki Islands, and Kaupthing Bank -- that
Iceland's banking supervisor has placed into receivership.  S&P
lowered the long-term counterparty credit rating on Glitnir Bank
to 'D' on Oct. 9, 2008.

S&P believes the impact of these exposures is likely to be
significant for transactions that reference these and other
obligors, such as Lehman Bros. and Washington Mutual, that have
recently experienced credit events.

Synthetic CDO Exposure

               Glitnir   Landsbanki   Kaupthing   Two of    All
(No.)         only      only         only        three     three
----------------------------------------------------------------
U.S.
  Transactions   7         10           79          128       87
  Tranches       12        14           108         174       162

Europe
  Transactions   14        31           96          114       214
  Tranches       16        32           125         126       263

Asia-Pacific (excl. Japan)
  Transactions   3         4            7           32        49
  Tranches       3         4            7           32        59

Japan
  Transactions   0         3            23          23        26
  Tranches       0         4            26          26        39



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

DOMINION FINANCE: Appoints Voluntary Administrators
---------------------------------------------------
Dominion Finance Holdings Limited disclosed that it has appointed
John Joseph Cregten and Andrew John McKay of Corporate Finance
Limited as the company’s voluntary administrators.

The company also said it has approved the signing of a Deed of
Release on premises situated at Plaza Level, 308 Parnell Road,
Parnell, Auckland.

Trading of the company's securities has been suspended
indefinitely.

As reported in the Troubled Company Reporter-Asia Pacific on
October 9, 2008, Dominion Finance said it has determined to
appoint voluntary administrator to the company as soon as
possible.

With its subsidiary Dominion Finance Group Limited (DFG) currently
in receivership, and its other principal subsidiary North South
Finance Limited (NSFL) progressing a moratorium proposal, neither
subsidiary is in a position to provide funding to Dominion Finance
Holdings Limited, the company said in a statement.

                       About Dominion Finance

Based in Auckland, New Zealand, Dominion Finance Holdings
Limited (DFH:NZX) -- http://www.dominionfinance.co.nz/--engages
in the provision of financial services through the raising of
debenture stock.  The company operates through its wholly owned
subsidiaries Dominion Finance Group Limited and North South
Finance Limited, and investment vehicle Dominion Investment Fund
Limited.  Both Dominion Finance Group Limited and North South
Finance Limited accept debenture stock investments and apply
them (in conjunction with its own funds) towards the provision
of certain loans and other financial accommodation.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 11, 2008, the company's trustee Perpetual Trust Limited has
appointed Rodney Gane Pardington and Barry Phillip Jordan, both
Chartered Accountants of Deloitte, as receivers and managers of
Dominion Finance Group, rather than allow DFG to put its
moratorium proposal to DFG stockholders for approval.

Covenant Trustee Company Limited, the trustee for North South
Finance Limited (NSFL), has not appointed a receiver at this time
and the directors' expectation is that Covenant will not do so.
NSFL has provided Covenant with all terms of the moratorium for
NSFL, and are working constructively with Covenant with a view to
finalising disclosure documents and holding a stockholder meeting
in late September/early October.

The TCR-AP reported on June 25, 2008, that DFH's Board entered
into discussions with bankers, auditors, and Trustee's of DFG and
NSFL respectively, with a view to exploring the prospect of those
two companies entering into a Moratorium with their respective
debentureholders.

Under the prospective moratorium, DFG and NSFL would seek the
suspension of the obligation to make payments to debentureholders
for a yet to be determined period of time with a view to enabling
those companies the opportunity to restructure in order to
alleviate the liquidity pressures and ensure the maximum
realization of investor's investment in DFG and NSFL.


HINETAI CHARTERS: Proofs of Debt Due on October 20
--------------------------------------------------
Pursuant to Section 255(2)(a) of the Companies Act 1993, the
shareholders of Hinetai Charters (Auckland) Limited resolved that
the company be liquidated and Karen Betty Mason and Jeffrey Philip
Meltzer, be appointed as liquidators.

Creditors are required to file their proofs of debt by October 20,
2008, to be included in the company's dividend
distribution.

Creditors and shareholders may direct their inquiries to:

          Attn: Rachel Mason
          Meltzer Mason Heath
          Chartered Accountants
          PO Box 6302
          Wellesley Street
          Auckland 1141
          Telephone: (09) 357 6150
          Facsimile: (09) 357 6152


INGLEBURN DEVELOPMENTS: Proofs of Debt Due on October 20
--------------------------------------------------------
Pursuant to Section 241(2)(a) of the Companies Act 1993, the
shareholders of Ingleburn Developments Limited appointed
Mark David Stevens, accountant of Wellington, as liquidator on
September 12, 2008.

The liquidator sets October 20, 2008, as the last day for
creditors to file their proofs of debt.

Creditors and shareholders may direct their inquiries to:

          Mark David Stevens
          11 Sovereign Point
          Khandallah, Wellington


KAIPARA MUSSEL: Proofs of Debt Due on October 20
------------------------------------------------
Pursuant to Section 255(2)(a) of the Companies Act 1993, the
shareholders of Kaipara Mussel Farms Limited resolved that the
company be liquidated and Karen Betty Mason and Jeffrey Philip
Meltzer, be appointed as liquidators.

Creditors are required to file their proofs of debt by October 20,
2008, to be included in the company's dividend
distribution.

Creditors and shareholders may direct their inquiries to:

          Attn: Rachel Mason
          Meltzer Mason Heath
          Chartered Accountants
          PO Box 6302
          Wellesley Street
          Auckland 1141
          Telephone: (09) 357 6150
          Facsimile: (09) 357 6152


MILCROFT CONTRACTING: Wind-Up Petition Hearing Set for October 20
-----------------------------------------------------------------
The High Court at Christchurch will hold a hearing on October 20,
2008, at 10:00 a.m., to consider putting Milcroft Contracting
Limited into liquidation.

The application was filed on August 22, 2008, by  the Commissioner
of Inland Revenue.

The plaintiff's address for service is at:

         Inland Revenue Department
         Legal and Technical Services
         1st Floor Reception
         224 Cashel Street (PO Box 1782)
         Christchurch 8140
         Telephone: (03) 968 0807
         Facsimile: (03) 977 9853

Julie Newton is the plaintiff's solicitor.


P & A CONSTRUCTION: Wind-Up Petition Hearing Set for October 28
---------------------------------------------------------------
The High Court at Wellington will hold a hearing on October 28,
2008, at 10:00 a.m., to consider putting P & A Construction
Limited into liquidation.

The application was filed on August 29, 2008, by Norfolk
Electrical and Mechanical Limited.

The plaintiff's address for service is at:

          DLA Phillips Fox
          50-64 Customhouse Quay
          PO Box 2791
          Wellington
          Telephone: (04) 474 3231
          Facsimile: (04) 472 7429

Monica Singleton is the plaintiff's solicitor.


PACE DEVELOPMENTS: Liquidators Set Aug. 1 as Claims Bar Date
------------------------------------------------------------
The High Court at Whangarei has appointed Vivien Judith Madsen-
Ries, insolvency specialist, and David Stuart Vance, chartered
accountant, as liquidators of Pace Developments Limited.

The liquidators set October 20, 2008, as the last day for
creditors to file their proofs of debt.

Creditors and shareholders may direct their inquiries to:

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


PALAZZO NATURAL: Wind-Up Petition Hearing Set for October 20
------------------------------------------------------------
The High Court at Christchurch will hold a hearing on October 20,
2008, at 10:00 a.m., to consider putting Palazzo Natural Stone
Carpet (NZ)  Limited into liquidation.

The application was filed on June 18, 2008, by Accident
Compensation Corporation.

The plaintiff's address for service is at:

          Maude & Miller
          2nd Floor
          McDonald’s Building
          Cobham Court
          PO Box 50555 or DX SP 32505
          Porirua City

Dianne S. Lester is the plaintiff's solicitor.


STRATEGIC FINANCE: Sale of Parent Co. Cancelled
-----------------------------------------------
The sale of Strategic Finance Limited's parent, Strategic
Investment Group Limited, has been terminated by agreement of all
parties, subject to formal documentation, Allco HIT Limited
disclosed in a regulatory filing with the Australian Stock
Exchange (ASX).

Allco HIT said that the Sale and Purchase Agreement's completion
was subject to the satisfaction of a number of conditions
precedent for the benefit of the various parties to the agreement.
Due the further deterioration of credit markets worldwide and the
resultant negative impact for the New Zealand property and finance
sector, certain of the sale and purchase agreement's condition
precedent will be unable to be satisfied as originally
contemplated by the parties.

Allco HIT stated that BOS International (Australia) Limited
(BOSI), AHI's senior lending bank, has agreed, subject to formal
documentation, to enter a standstill agreement with AHI in respect
to AHI's senior debt facility through to November 14, 2008.
During the standstill period BOSI and AHI have agreed to negotiate
in good faith to seek to reach agreement on an amended senior debt
facility for AHI.

The management of each of AHI, SFL and BOSI intend to present
jointly to Perpetual Trust Limited of New Zealand, the trustee
under SFL's Debenture Trust Deed, a new capital restructure
proposal for SFL, which will endeavour to set out the best course
of action for SFL and its debenture investors, and all
stakeholders moving forward.

As reported in the Troubled Company Reporter-Asia Pacific on
September 2, 2008, Strategic Finance said that a Sale and Purchase
Agreement has been signed on August 29, 2008, by a purchasing
consortium comprising the former owners and senior management of
Strategic Finance and Uberior Ventures (Asia) Pty Limited an
investment vehicle of BOS International (Australia) Limited and
Allco HIT and its relevant subsidiaries, Strategic Investment
Group Limited and Strategic Finance Limited.

                    Key Transaction Terms

   - Clarence Investments Limited has agreed terms and
     conditions with Allco HIT Limited to purchase
     100% of the shares in Strategic Investment Group Limited
     which is the parent company of Strategic Finance Limited.

   - Clarence Investments will be owned by the previous
     owners and existing senior management of Strategic
     Finance (80.01%) and Uberior Ventures Asia Pty Limited,
     an investment vehicle of BOS International (Australia)
     Limited which is a member of the HBOS Group, one of the
     world's largest financial services organization
     providing services to more than 23 million customers.
     Uberior will have the option to increase its
     shareholding to 49.99% to reflect its financial
     contribution to Clarence Investments.


                        About Strategic Finance

Headquartered in Wellington, New Zealand, Strategic Finance
Limited (NZE:SFLHA) -- http://www.strategicfinance.co.nz/--
operates as a specialist finance company offering financial
services, primarily to the property sector.  It has four main
business activities: Lending within the property sector; Non-
property lending and investments; Corporate advisory and
management services, and Underwriting services. Lending within
the property sector is its primary activity with a focus on
providing finance for property development and property
investment activities.  It was offering motor vehicle lending
under non-property lending and investments.  The Company, and in
some circumstances through its wholly owned subsidiary Strategic
Advisory Limited, provides specialist advisory and management
services to the property and corporate sectors for which it
receives fee income.  It may provide underwriting services.
These services include the underwriting of property related
share or debt securities offered by a promoter through a
registered prospectus.  It receives fees for such services.

Strategic Finance Limited's parent company, Strategic Investment
Group, is wholly owned by Australian-based finance company Allco
HIT Limited.

                          *     *     *

A TCR-AP report on September 23, 2008, said Strategic Finance
Limited has been publicly censured by New Zealand Stock Exchange
(NZX) and ordered to pay a NZ$20,000 penalty for breaching market
disclosure rules.

The TCR-AP reported on September 12, 2008, that Strategic Finance
did not make interest payment payable September 15, 2008, on
debenture stock, subordinated notes and deposits.  The company
also did not pay dividends payable Oct. 15, 2008 on perpetual
preference shares.

Strategic Finance Limited reported a net loss after tax of
NZ$15.7 million for the year ended June 30, 2008, compared with a
net profit after tax of NZ$29.4 million in the year ended June 30,
2007.

As reported in the Troubled Company Reporter-Asia Pacific on
August 8, 2008, Strategic Finance Limited suspended redemptions of
its secured debenture stock and subordinated notes.  It also
ceased accepting subscriptions for debenture stock and
subordinated notes under its current prospectus and investment
statement.


ST JOHNS: Proofs of Debt Due on October 20
------------------------------------------
Pursuant to Section 255(2)(a) of the Companies Act 1993, the
shareholders of St Johns Wood Limited resolved that the company be
liquidated and Roderick T. McKenzie and Lyn M. Carey, of McKenzie
& Partners Limited, Chartered Accountants, Palmerston North, be
appointed as liquidators.

Creditors are required to file their proofs of debt by October 20,
2008, to be included in the company's dividend
distribution.

Creditors and shareholders may direct their inquiries to:

          Roderick T. McKenzie
          McKenzie & Partners Limited
          Level 1
          484 Main Street
          PO Box 12014
          Palmerston North
          Telephone: (06) 354 9639
          Facsimile: (06) 356 2028


SUBWAY SOUTH: Wind-Up Petition Hearing Set for October 20
---------------------------------------------------------
The High Court at Wellington will hold a hearing on October 20,
2008, at 10:00 a.m., to consider putting Subway South City Limited
into liquidation.

The application was filed on August 20, 2008, by  the Commissioner
of Inland Revenue.

The plaintiff's address for service is at:

         Inland Revenue Department
         Legal and Technical Services
         1st Floor Reception
         224 Cashel Street (PO Box 1782)
         Christchurch 8140
         Telephone: (03) 968 0807
         Facsimile: (03) 977 9853

Julie Newton is the plaintiff's solicitor.


WINDFLOW TECHNOLOGY: Mighty River Acquires 19.95% Company's Shares
------------------------------------------------------------------
Windflow Technology Limited said that the company's two stage
capital raising has been a success despite the market turmoil
during the second stage uptake of options.

"With a total target for both stages of NZ$10.59 million set in
much steadier market conditions in September 2007, we are pleased
with the overall outcome of NZ$8.22 million, which is an uptake of
nearly 80%," said Chief Executive Geoff Henderson.  "This
highlights the ongoing commitment and confidence of our
shareholder base in Windflow's future."

According to Windflow, the first stage of the capital raising was
a fully subscribed rights issue (NZ$5.04 million) in November
2007, with new shares carrying an attached option exercisable a
year later at NZ$3.30 a share.  A further NZ$2.6 million was
raised through the second stage options exercise which closed on
September 30, 2008.

Private placements, also made at NZ$3.30 a share, despite weaker
conditions generally on the New Zealand market, have subsequently
added nearly NZ$580,000 taking the capital raising result to
NZ$3.18 million.  A further 175,566 shares related to the
placements have been issued, lifting total number of shares on
issue to 9,559,813.

Of the private placements, the company said, one existing
shareholder (Delane Wycoff) now holds 700,000 shares.


                    Mighty River Share Purchase

Windflow Technology also disclosed that Mighty River Power Ltd has
become a 19.95% cornerstone shareholder of the company with an
investment of over NZ$7.1 million.

The state owned electricity generator/retailer has purchased
2,382,496 Windflow shares at NZ$3.00 per share, under an agreement
reached in June, and approved by Windflow shareholders in August.

"We are very pleased to have the endorsement and interest of a
large energy company, and believe the association with Mighty
River Power will enhance our domestic and international growth
opportunities," said the chairman of Windflow Technology,
Barrie Leay.

Echoing these sentiments, CEO Geoff Henderson said, "Mighty River
Power’s substantial commitment to this New Zealand manufacturing
enterprise is a significant endorsement of the Windflow way of
progressing wind power for New Zealand.  After three decades spent
dedicated to this enterprise, it is hugely gratifying to know that
the smarter mid-size Windflow turbines are being recognised as
tailor-made for New Zealand’s best wind sites."

"Mighty River Power looks forward to a successful and prosperous
arrangement with Windflow Technology," said Doug Heffernan, Mighty
River Power’s Chief Executive.

Windflow said it is also working with Mighty River Power on the
proposed Long Gully wind farm near Wellington, a small project
that would use the mid-sized New Zealand made Windflow 500 turbine
if consented.

Subsequent to the Mighty River Power share purchase, Windflow
Technology advises that its issued capital now comprises
11,942,309 shares.

The new capital raised by the company through the September
options exercise, private placements, and the Mighty River Power
share purchase, has generated about NZ$10.3 million in funds and
places Windflow Technology in a strong position to advance its
business plan.

                         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.

In its preliminary financial results for the year ended June 30,
2008, the company posted a net loss of NZ$2.04 million.


* NEW ZEALAND: Mfg. Activity Remains in Contraction, Survey Says
----------------------------------------------------------------
The Bank of New Zealand - Business NZ seasonally adjusted PMI for
September (47.0) remained in contraction, with the sector posting
a sub-50 result for the fifth consecutive month, according to The
Bank of New Zealand - Business NZ Performance of Manufacturing
Index monthly survey.  This now equates with the longest period of
contraction for the sector since the survey began.

Four of the five seasonally adjusted main diffusion indices
recorded their lowest values for a September month to date.
Production (45.5) improved slightly on August, while new orders
(48.8) returned to similar levels experienced in July.  However,
employment (44.7) recorded its lowest result for the second month
in a row, indicating further cuts in staffing levels in the
sector.  Finished stocks (50.2) was generally unchanged during
September, while deliveries of raw materials (48.8) experienced
some contraction.

Unadjusted activity for September showed a distinct contrast
between the two islands.  For the North Island, the Northern
region (45.9) remained in contraction for the ninth consecutive
month, while the Central region (46.2) remained at similar levels
to August.  In the South Island, both regions showed recovery for
September, with the Canterbury/Westland region (51.6) rebounding
from the August result and Otago/Southland (53.9) showing
expansion for the first time since May.

Results for the various manufacturing industries generally showed
contraction for most.  The wood & paper product sector (55.3)
experienced a significant rebound in September, with its first
expansionary result since November 2007.  This was followed by the
food, beverage & tobacco (50.5), which has shown some level of
expansion for three of the last four months.

In contrast, the textile, clothing, footwear & leather sector
(41.4) continued to slip lower, while the petroleum, coal,
chemical & associated product sector (43.3) and metal product
sector (44.4) also showed lackluster results.

In comparison with manufacturing activity offshore, the JPMorgan
Global PMI for September (44.2) showed worldwide manufacturing
contracting at its fastest rate since 2001.  The Australian PMI
(47.2) remained similar to previous months, while the USA PMI
(43.5) took a sharp turn downwards.

On a positive note, the proportion of negative comments made by
respondents continued to fall back, sitting at 64.3% in September,
compared with 68.3% in August and 70.6% in July.  Those with
negative comments outlined uncertainty, lack of orders and a
general slowdown in other parts of the economy that affects
manufacturing directly.  Positive comments tended to focus on the
drop of the New Zealand dollar, as well as the recent dairy
pay-out.



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

SULPICIO: Court Dismisses Php4.45-Mil. Suit Against PAGASA
----------------------------------------------------------
Judge Silvino Pampilo Jr. of the Manila Regional Trial Court
Branch 26 has dismissed Sulpicio Lines Inc.'s Php4.45-million
civil case against PAGASA (Philippine Atmospheric, Geophysical and
Astronomical Services Administration) and its top officials,
Manila Standard reports.

According to Judge Pampilo Jr., the state may not be sued without
its consent, and that a suit against a public officer for his
official acts was a suit against the state, the report said.

The judge also ruled out that the bureau's director, Prisco Nilo,
and co-accused weather services chief, Nathaniel Cruz, could not
be held personally liable, Manila Standard relates.

"This court is convinced that the acts performed by the officers
of PAGASA are within the scope of their official duties.  Bad
faith, malice or gross negligence were not sufficiently
established," the court was quoted by the report as saying.

Sulpicio, various reports said, had blamed the weather bureau for
sending out allegedly wrong information on where typhoon Frank was
heading in June, saying this caused its ferry, the m/v Princess of
the Stars, to sail into the eye of the storm and capsize off the
coast of Romblon resulting in the death of most of its passengers.

The weather bureau, in its defense, declared that the complaint
should be dismissed because it was a suit against the state for
which the state did not consent and that the bureau performed
their functions conscientiously and in good faith, the report
notes.  The defendant also pointed out that Sulpicio failed to
exercise the degree of diligence required by law in carrying
passengers and goods citing that the Board of Marine Inquiry had
found out that Sulpicio failed to ensure the safety of the
Princess, its passengers and cargo, the report adds.

                       About Sulpicio Lines

Sulpicio Lines Inc. is involved in the sea transport business
for over twenty years, serving secondary and tertiary routes all
over the Philippine islands.  It has a fleet of 16 passenger/
cargo vessels, 16 cargo and container vessels, three tugboats
and five barges - a total tonnage of over 127,100.

                          *     *     *

According to the Philippine Daily Inquirer, Sulpicio's ships
have not only sunk but have also collided with other vessels,
caught fire, stalled at sea for several days, and run aground
for the past 28 years.

The maritime information database, www.lloydsmiu.com, has
recorded incidents involving Sulpicio Lines vessels from 1980 to
2008.  The record includes the June 21 sinking of the Princess
of the Stars -- the seventh sinking incident to involve the
shipping company.

In all, Sulpicio Lines has had 45 sea accidents since 1980.
Of the Sulpicio Lines vessels, six have collided with other
ships, six have caught fire, seven have had engine problems and
stalled at sea, and 19 have run aground.

The Business World reports that the company had not realized
net profits for several years now.  Sulpicio posted a net
loss of PHO211.46 million in 2007, slightly less than its net
loss of PHp229.1 million a year earlier.



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

DISTRI PLUS: Court to Hear Wind-Up Petition on October 17
----------------------------------------------------------
A petition to have Distri Plus Pte Ltd's operations wound up will
be heard before the High Court of Singapore on October 17, 2008,
at 10:00 a.m.

Jean Marie Nicolas Savidan filed the petition against the company
on September 22, 2008.

Jean Marie's solicitors are:

          Messrs Harry Elias Partnership
          9 Raffles Place
          #12-01 Republic Plaza
          Singapore 048619


ELLIOTT GORDON: Court Enters Wind-Up Order
------------------------------------------
On September 26, 2008, the High Court of Singapore entered an
order to have Elliott Gordon Singapore Pte Ltd's operations wound
up.

Mewah - Oils Sdn. Bhd. filed the petition against the company.

Elliott Gordon's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee’s Office
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


NFS PTE: Wind-Up Petition Hearing Set for October 24
----------------------------------------------------
The High Court of Singapore will hear on October 24, 2008, at
10:00 a.m., a petition to have NFS Pte Ltd's operations wound up.

Karen De Witt filed the petition against the company on Sept. 30,
2008.

Karen De Witt's solicitors are:

         K. S. Loo & Co
         141 Cecil Street
         #10-03 Tung Ann Association Building
         Singapore 069541


OPES PRIME: Creditors' Proofs of Debt Due on October 29
-------------------------------------------------------
Opes Prime International (Singapore) Pte Ltd, which is in
voluntary liquidation, requires its creditors to file their proofs
of debt by October 29, 2008, to be included in the company's
dividend distribution.

The company's liquidator is:

         Tam Chee Chong
         c/o 6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


RIVERSTONE NETWORKS: Requires Creditors to File Claims by Oct. 29
-----------------------------------------------------------------
The creditors of Riverstone Networks (Singapore) Pte Ltd are
required to file their proofs of debt by October 29, 2008, to be
included in the company's dividend distribution.

The company's liquidator is:

          Helmi Bin Ali Bin Talib
          20 Kramat Lane, #05-05 United House
          Singapore 228773



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

QUANTA COMPUTER: To Buy Back Shares for Up to US$170 Million
------------------------------------------------------------
Quanta Computer Inc. plans to buy back 100 million of its own
shares for up to NT$5.5 billion (US$170 million) to maintain
company reputation and shareholder rights, Reuters reports.

The company, the report relates, said The buyback begins October
16 and lasts through December 15, Quanta said in a statement to
the Taiwan stock exchange, and it aims to pay somewhere in the
range of T$25 to T$55 per share.

According to Reuters, shares of Quanta and other Taiwan companies
have dropped sharply amid a global market sell-off fuelled by
investors' concerns about the health of the world financial
system.

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

                          *     *     *

The company continues to carry Fitch Ratings's BB long-term
foreign currency issuer default rating.



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

* Large Companies with Insolvent Balance Sheets
-----------------------------------------------


                                                          Total
                                        Total      Shareholders
  Company                     Ticker    Assets           Equity
  -------                     ------    ------     ------------


AUSTRALIA

ALLSTATE EXPLORA            ALX      19475948.06    -55701562.21
ALLSTATE EXPL-PP          ALXCC      19475948.06    -55701562.21
ARC EXPLORATION             ARX      62788281.83    -15887498.05
AUSTAR UNITED               AUN     525792750.27   -234920614.74
ANTARES ENERGY L            AZZ      16206865.02     -4360823.49
BIRON APPAREL LT            BIC      19714696.58     -2220966.38
CROESUS MINING              CRS      16003775.41    -13810602.53
ETW CORP LTD                ETW     103802518.43    -50235720.07
FORTESCUE METALS            FMG    4953609067.39  -1569054539.95
FULCRUM EQUITY L            FUL      40084850.86     -8005219.71
IRONCLAD MINING             IFE      20074674.72      -122332.34
INTELLECT HLDGS             IHG      18249165.02    -15491314.65
KH FOODS LTD                KHF      38397298.77 -6790996.77
KH FOODS LTD-PRF          KHFPA      38397298.77     -6790996.77
LAFAYETTE MIN               LAF     105242488.96   -190865147.08
METAL STORM LTD             MST      14309990.04     -5126677.71
RESIDUAL ASSC-EE          RAGXF     597811247.79   -127065633.16
TOOTH & CO LTD              TTH     127958995.62    -90226867.34
VERTICON GROUP              VGP      31281875.52    -12392178.43


CHINA

SHENZ SEG DASH-A         000007     101024087.57     -1144993.15
SHENZ CHINA BI-A         000017      29379003.11   -244527119.11
SHENZHEN SHENXIN         000034      44989232.03   -113368102.97
CHINA KEJIAN-A           000035      65124488.98   -167311537.11
SHENZHEN KONDA-A         000048     155014461.99    -24446764.56
HUNAN ANPLAS CO          000156      83999120.28    -81350940.74
ZHANGJIAJIE TO-A         000430      51011060.62     -8247159.63
DANDONG CHEM F-A         000498     115942688.34    -91597754.91
SUCCESS INFORMAT         000517      30118378.44    -14826121.30
GUANGDONG MEIYA          000529      66438321.52    -62407433.87
GUANGXIA YINCH-A         000557      53463085.53    -61325483.02
CHANG LING GROUP         000561      49675731.32   -115810769.64
QINGHAI SALT L-A         000578     105635944.61     -4914371.18
GUANGMING GRP FU         000587      62369338.74    -12083332.13
FUJIAN CFC IND-A         000592      24196604.92    -19615146.80
YUEYANG HENGLI-A         000622      40266532.05    -14337174.21
LAN BAO TECH INF         000631      29435531.87    -22701113.38
CHINA LIAONING-A         000638      15426138.26     -5698465.09
CHENGDU UNION-A          000693      59526570.13      -188881.87
JIAOZUO XIN'AN-A         000719      50815905.85    -25450082.53
FUJIAN SANNONG-A         000732      64417775.39    -90239301.91
CHONGWING INTL-A         000736      24753183.26    -13379849.30
SICHUAN DIRECT-A         000757     128549383.42   -102619767.95
CHINESE.COM LOGI         000805      12721114.23    -20567498.78
SHENZHEN DAWNC-A         000863      36847332.84   -142582249.37
STELLAR MEGAUNIO         000892      64925448.82   -162463426.22
HUNAN AVA HOLDIN         000918     176943487.87    -11256248.54
GUANGDONG KEL-A          000921     710500493.66    -81769686.15
ANHUI KOYO GROUP         000979      64278169.26    -30778923.55
SHENZ CHINA BI-B         200017      29379003.11   -244527119.11
AMOI ELECTRONICS         600057     414934259.50    -30399649.61
SUNTIME INTERN-A         600084     372799912.67    -50592426.40
SHANG WORLDBES-A         600094     327982181.09   -175167931.11
MIANYANG GAO-A           600139      30657523.00    -12436839.12
HEBEI BAOSHUO CO         600155     313380313.25   -212285683.69
HUATONG TIANXI-A         600225      73838152.81    -41138558.42
TAIYUAN TIANLON          600234      12693007.72    -51581680.70
TIBET SUMMIT IND         600338      73500256.4      -16424030.52
CHONGQING CHANG          600369      98865860.45       -62635.84
QINGHAI SUNSHI-A         600381      47308342.77    -49663000.79
WINOWNER GROUP C         600681      21498115.00    -81284231.50
HEBEI JINNIU C-A         600722     379299949.84     -2890480.98
SUNTEK TECHNOLOG         600728      44691434.84    -22949595.64
FUJIAN START-A           600734     105659572.63    -14337777.19
TIANJIN MARINE           600751      75440814.59    -26602770.52
TOPSUN SCIENCE-A         600771     232677660.69   -131983172.54
XIAMEN OVERSEAS          600870     433188523.84    -13781679.05
HUDA TECHNOLOG-A         600892      18459084.32     -1904039.85
NINGBO YIDONG-H            8249      69340994.63     -3871292.31
TIANJIN MARINE-B         900938      75440814.59    -26602770.52
SHANG WORLDBES-B         900940     327982181.09   -175167931.11
HISENSE ELEC-H              921     710500493.66    -81769686.15


HONG KONG

PLUS HOLDINGS LT           1013      12375426.81    -14214914.84
SUNCORP TECH LTD           1063      31944355.16    -35066608.61
FE GOLDEN RES              1188      52489776.63     -9923969.41
CHIA TAI ENTERPR            121     313740803.76    -49562387.78
OCEAN GRAND CHEM           2882      12274432.29    -46252280.18
OCEAN GRAND CHEM           2963      12274432.29    -46252280.18
CHINA BEST GROUP            370      55535608.77     -1836399.75
ASIA TELEMEDIA L            376      16618871.08     -5369335.42
NEW CITY CHINA              456     110825056.12     -6778639.60
EGANAGOLDPFEIL               48     557892423.39   -132858951.98
PALADIN LTD                 495     195889101.1 0     -8750304.44
CHINA GRAND PHAR            512      25475864.66     -5364831.04
PALADIN LTD -PRE            642     195889101.10     -8750304.44
CHINA HEALTHCARE            673      25241048.66     -5730603.97
APTUS HLDGS LTD            8212      52396593.4 0     -2271238.13
CORE HEALTHCARE            8250      29519436.49    -33721480.68
TAKSON HLDGS                918      11351347.49     -2111248.10

INDIA

ARTSON ENGR                 ART      10310745.75      -705781.13
ASHIMA LTD                 ASHM      96567160.75    -42591314.74
BHAGHEERATHA ENG           BGEL      22646453.72    -28195273.09
BALAJI DISTILLER            BLD      59974008.41    -50890026.26
BELLARY STEELS             BSAL     512415670.40   -101442229.54
CFL CAPITAL FIN           CEATF      20637497.85    -48884440.84
CORE HEALTHCARE            CPAR     185364966.99   -241912027.81
DUNCANS INDUS               DAI     213324027.68   -148203718.30
DIGJAM LTD                 DGJM      98769193.78    -14620180.53
DISH TV INDIA              DITV     302059215.40   -112859159.26
ELQUE POLYESTERS           ELQP      13797591.24    -25632664.31
GANESH BENZOPLST            GBP      82155278.28    -38246154.67
GUJARAT SIDHEE             GSCL      59440728.18      -660003.43
GUJARAT STATE FI            GSF      43595348.8 0   -195237605.32
HIMACHAL FUTURIS           HMFC     633329926.05   -104792044.71
HMT LTD                     HMT     206932743.85   -263572925.12
HINDUSTAN PHOTO            HPHT      95115323.23   -953348180.90
IFB INDS LTD               IFBI      50668510.63    -65490798.77
INDIA STEEL WORK            ISI      56764895.94     -1474355.11
JCT ELECTRONICS            JCTE     122542558.6 0    -49996834.55
JK SYNTHETICS               JKS      20208078.76     -2171303.89
JENSON & NIC LTD             JN      15734678.26    -92089109.12
KALYANPUR CEMENT           KCEM      37538318.01    -41771703.35
LML LTD                     LML      86798822.39    -27966179.74
LLOYDS METALS              LYDM      76625324.31      -409399.15
LLOYDS STEEL IND           LYDS     392561769.16   -102160401.76
MODI RUBBER LTD             MDR      39758628.95    -24301869.31
MAFATLAL INDS               MFI     123632655.22    -83841435.12
MILLENNIUM BEER             MLB      39726352.09      -732186.48
NATH PULP & PAP            NPPM      11602126.35    -34768739.20
PAREKH PLATINUM            PKPL      61081050.43    -88849040.15
PANCHMAHAL STEEL            PMS      51024827.03      -325116.26
PSI DATA SYSTEMS            PSI      11676002.06     -2481336.90
PTL ENTERPRIESES           PTLE      54293986.93      -397481.92
PANYAM CEMENTS              PYC      30241162.87     -9403739.61
ROLLATAINERS LTD            RLT      22965755.05    -22244556.92
REMI METALS GUJA            RMM      45057985.96    -51095300.54
RPG CABLES LTD              RPG      51431409.37    -20192930.18
SIL BUSINESS ENT           SILB      12461159.02    -19961202.41
SPICE COMMUNICAT           SPCM     263692459.52    -19679192.67
SHREE RAMA MULTI           SRMT      81405835.45    -64134056.23
STI INDIA LTD              STIB      44107456.00      -300149.59
TRIVENI GLASS              TRSG      34542881.89     -6209872.78
TATA TELESERVICE           TTLS     857960649.86    -50009972.82
USHA INDIA LTD             USHA      12064900.61    -54512967.31
JOG ENGINEERING             VMJ      50080964.36    -10076436.07
WIRE AND WIRELES            WNW     106984536.93    -23622538.56


INDONESIA

PRIMARINDO ASIA            BIMA      12686983.33    -20685421.96
BUKAKA TEKNIK UT           BUKK      64091324.54    -99365767.69
DAYA SAKTI UNGGU           DSUC      30290429.39     -7119463.92
ERATEX DJAJA               ERTX      24286412.49     -3183944.37
JAKARTA KYOEI ST           JKSW      37341907.08    -40927857.92
KARWELL INDONESI           KARW      33062976.60     -2063732.97
MULIA INDUSTRIND           MLIA     402100859.87   -443184587.78
PANCA WIRATAMA             PWSI      31983823.98    -33728711.13
STEADY SAFE TBK            SAFE      16605580.35     -3310385.85
SURABAYA AGUNG             SAIP     278878601.20    -78093433.67
TEXMACO JAYA TBK           TEJA      41578519.04   -181199542.46
TEIJIN INDONESIA           TFCO     259683568.00    -37288400.00
UNITEX TBK                 UNTX      17007357.73    -11304184.18


JAPAN

MOC CORP                   2363      52273507.78    -12661480.98
LINK ONE                   2403      16604792.52     -3120876.13
APRECIO CO LTD             2460      18178139.82     -1869347.22
TASCOSYSTEM CO L           2709      53710078.88     -5196409.75
NEXUS                      2799      25436623.18    -18579366.04
L CREATE CO LTD            3247      42344509.56     -9146496.90
NEXTECH CORP               3767      30590298.63    -10123472.98
LINK CONSULTING            4798      50709685.69    -10143185.11
AIREX INC                  6944      44250983.01     -7046916.12
SUMIYA CO                  9939      70815928.91    -10207601.01
COWBOY CO LTD              9971      21323462.40     -5681854.91


KOREA

FIRST FIRE & MAR         000610    2044031310.36     -1780221.91
ORICOM INC               010470      82645454.13    -40039161.33
UNICK CORP               011320      36540788.83     -4449480.74
STARMAX CO LTD           017050      73128066.52     -5536410.53
DAISHIN INFO             020180     740500919.30   -158453978.78
TONG YANG MAGIC          023020     355147750.92    -25767007.75
FATOMENT                 025460      28429133.98    -13916561.10
NANO MINING CO L         036270      18221252.73    -32166924.53
COSMOS PLC               053170      19306498.60     -4948161.34
SEJI CO LTD              053330      37246628.39      -311069.32
MEDIACORP INC            053890      53306304.99    -32219360.77
DAHUI CO LTD             055250     186003859.24     -1504246.54
INNO METAL IZIRO         070080      28564573.80      -330042.51
SINJISOFT CORP           078700      12760558.03    -21014927.26


MALAYSIA

SINJISOFT CORP           078700      12760558.03    -21014927.26
CNLT FAR EAST              CNLT      44967289.97     -8460479.41
FOREMOST HLDGS             FMST      10129456.56      -338791.12
HARVEST COURT               HAR      10805322.12     -5623766.68
LITYAN HLDGS BHD            LIT      21279571.09    -28602294.73
NIKKO ELECTRONIC          NIKKO      15241009.62     -3154093.28
PECD BHD                   PECD     377122467.92   -295360985.56
PANGLOBAL BHD               PGL     185949931.53   -185086888.13
TECHVENTURE BHD            TECH      37377746.79    -11207547.89
WELLI MULTI CORP          WELLI      29495419.35    -31105634.50
WONDERFUL WIRE               WW      22721443.48     -1936371.54


PHILIPPINES

APEX MINING-A               APX      55266898.93     -1972871.63
APEX MINING 'B'            APXB      55266898.93     -1972871.63
BENGUET CORP-A               BC      76269083.95    -32538922.84
BENGUET CORP 'B'            BCB      76269083.95    -32538922.84
CENTRAL AZUC TAR            CAT      35737315.17     -1803678.01
CYBER BAY CORP             CYBR      14850182.71    -74298813.45
FIL ESTATE CORP              FC      43031377.81    -10925320.95
FILSYN CORP A               FYN      24839570.79    -11373621.32
FILSYN CORP. B             FYNB      24839570.79    -11373621.32
GOTESCO LAND-A               GO      18684576.24    -10863822.41
GOTESCO LAND-B              GOB      18684576.24    -10863822.41
MRC ALLIED                  MRC      14947958.51      -747373.28
PICOP RESOURCES             PCP      105659068.50   -23332404.14
PRIME ORION PHIL           POPI       99691911.67   -82124468.39
EAST ASIA POWER             PWR       72744279.35  -136684406.25
UNIVERSAL RIGHTF             UP       45118524.67   -13478675.99
UNITED PARAGON              UPM       26805091.68   -36744813.91
UNIWIDE HOLDINGS             UW       65657779.51   -57306280.77
VICTORIAS MILL              VMC      175005565.48   -38636418.26


SINGAPORE

ADV SYSTEMS AUTO            ASA       20488612.69   -10727407.04
CHUAN SOON HUAT             CSH       42771494.42    -6415136.36
FALMAC LTD                  FAL       10568359.86    -4699134.55
GUL TECHNOLOGIES            GUL      172802992.00    -3036000.00
HL GLOBAL ENTERP           HLGE      107390161.50    -9846437.10
INFORMATICS EDU            INFO       29835417.14    -3986774.70
LINDETEVES-JACOB             LJ      217662768.45   -71352686.64
PACIFIC CENTURY             PAC       51841296.64   -20368113.05


TAIWAN

CHIEN TAI CEMENT           1107      213252699.79    -8622456.43
DAHIN-ENTL CERT           1320V      276478727.91  -230266155.05
PROTOP TECHNOLOG           2410       36409983.56   -22412206.18
HELIX TECHNOL-EC          2479S       29014861.50   -18177223.18
HELIX TECH-EC             2479T       29014861.50   -18177223.18
HELIX TECH-EC IS          2479U       29014861.50   -18177223.18
CHIEF CONST-ENT           2522R      215175465.17   -21152197.10
CHIEF CONST-ENTL          2522S      215175465.17   -21152197.10
CHIEF CONST-ENTL          2522T      215175465.17   -21152197.10
UNICAP ELECT-EC           5307R      133883064.40   -19055700.01
UNICAP ELECT-EC           5307S      133883064.40   -19055700.01
UNICAP ELECT-ENT          5307T      133883064.40   -19055700.01
YEU TYAN MACHINE           8702       39574168.04  -271070409.72


THAILAND

ABICO HOLDINGS            ABICO       16687406.79    -9849452.81
ABICO HOLD-NVDR         ABICO-R       16687406.79    -9849452.81
ABICO HLDGS-F           ABICO/F       16687406.79    -9849452.81
BANGKOK RUBBER              BRC       83992109.28   -68072566.20
BANGKOK RUB-NVDR          BRC-R       83992109.28   -68072566.20
BANGKOK RUBBER-F          BRC/F       83992109.28   -68072566.20
BANGKOK STEEL IN            BSI      458729221.47  -136444108.98
BANGKOK STE-NVDR          BSI-R      458729221.47  -136444108.98
BANGKOK STEEL-F           BSI/F      458729221.47  -136444108.98
CIRCUIT ELEC PCL         CIRKIT       61295807.28   -25886476.66
CIRCUIT ELE-NVDR     CIRKIT-RTB       61295807.28   -25886476.66
CIRCUIT ELEC-FRN       CIRKIT/F       61295807.28   -25886476.66
CENTRAL PAPER IN          CPICO       13252670.48  -241782725.56
CENTRAL PAPER-NV        CPICO-R       13252670.48  -241782725.56

CENTRAL PAPER-F         CPICO/F       13252670.48  -241782725.56
DATAMAT PCL                 DTM       12690638.93    -6132014.29
DATAMAT PCL-NVDR          DTM-R       12690638.93    -6132014.29
DATAMAT PLC-F             DTM/F       12690638.93    -6132014.29
ITV PCL                     ITV       37687117.82 -1607409.04
ITV PCL-NVDR              ITV-R       37687117.82   -71607409.04
ITV PCL-FOREIGN           ITV/F       37687117.82   -71607409.04
K-TECH CONSTRUCT          KTECH       83204235.85    -5693045.29
K-TECH CONTRU-R         KTECH-R       83204235.85    -5693045.29
K-TECH CONSTRUCT        KTECH/F       83204235.85    -5693045.29
MALEE SAMPRAN             MALEE       67126452.61     -865421.41
MALEE SAMPR-NVDR        MALEE-R       67126452.61     -865421.41
MALEE SAMPRAN-F         MALEE/F       67126452.61     -865421.41
NEW PLUS KNITT              NPK       10075187.17    -2034472.09
NEW PLUS KN-NVDR          NPK-R       10075187.17    -2034472.09
NEW PLUS KNITT-F          NPK/F       10075187.17    -2034472.09
PREMIER MARKET               PM       41958329.18    -2352192.28
PREMIER MAR-NVDR           PM-R       41958329.18    -2352192.28
PREMIER MARK-FOR           PM/F       41958329.18    -2352192.28
KUANG PEI SAN            POMPUI       18782550.85   -14068562.52
KUANG PEI-NVDR       POMPUI-RTB       18782550.85   -14068562.52
KUANG PEI SAN-F        POMPUI/F       18782550.85   -14068562.52
SAFARI WORLD PUB         SAFARI      106026035.72   -12698924.75
SAFARI WORL-NVDR     SAFARI-RTB      106026035.72   -12698924.75
SAFARI WORLD-FOR       SAFARI/F      106026035.72   -12698924.75
SAHAMITR PRESSUR           SMPC       27259301.93   -34589170.90
SAHAMITR PR-NVDR         SMPC-R       27259301.93   -34589170.90
SAHAMITR PRESS-F         SMPC/F       27259301.93   -34589170.90
TUNTEX THAILAND          TUNTEX      209866171.11   -59169752.92
TUNTEX THAI-NVDR     TUNTEX-RTB      209866171.11   -59169752.92
TUNTEX THAILAN-F       TUNTEX/F      209866171.11   -59169752.92
UNIVERSAL STARCH            USC      100957801.82   -33250001.20
UNIVERSAL S-NVDR          USC-R      100957801.82   -33250001.20
UNIVERSAL STAR-F          USC/F      100957801.82   -33250001.20



                         *********

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.





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