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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Thursday, November 6, 2008, Vol. 11, No. 221

                            Headlines

A U S T R A L I A

ABC LEARNING: Appoints Voluntary Administrators
ALLCO FINANCE: Goes Into Administration
ANTONELLI: Commences Liquidation Proceedings
CHARLES HENRY: To Declare Dividend Tomorrow
CONZINC MINING ET AL: Commences Liquidation Proceedings

EDGE BUILDING: Members Appoint Joint Liquidators
JAMES HARDIE: To Suspend Production at Two U.S. Plants
LINEAL DEVELOPMENTS: Commences Liquidation Proceedings
MOBIUS ELR-01: Fitch Keeps Classes on Rating Watch Negative
MOD DEVELOPMENTS: Members Appoint Joint Liquidators

NESCI DEVELOPMENTS: Commences Liquidation Proceedings


C H I N A

CHINA ORIENWISE: Moody's Cuts Corporate Family Rating to Ca
SHANGHAI COMMERCIAL: Fitch Affirms Individual Rating at 'B/C'
SICHUAN CHANG: Third Qtr. Net Profit Drops 47.89% to CNY74.55 Mil.


H O N G K O N G

CHUNG HING: Members and Creditors to Meet on December 1
CO-MANAGEMENT: Members' Final Meeting Set for December 3
DATAVIM CORPORATION: Members' Meeting Set for December 1
ELITE TECH: Member to Hear Wind-Up Report on December 1
GAMMA SHIPPING: Members' Final Meeting Slated for December 1

GLENROY LIMITED: Members' Meeting Set for December 1
HUGHES ASIA: Members' Meeting Set for December 2
KAUPTHING (HONG KONG): Creditors' Meeting Set for November 11
LONG XIANG: Creditors' Proofs of Debt Due on October 25
NEW ASIA: Placed Under Voluntary Liquidation

SIEBEL SYSTEMS: Lam and Toohey Step Down as Liquidators
TIGG (HOLDINGS): Alfred Steps Down as Liquidator
ULTRALITE LIMITED: Lo and Agnew Step Down as Liquidators
UNIVERSAL PRODUCTS: Annual Meetings Set for November 10
WELLBERY COMPANY: Members' Final Meeting Slated for December 6


I N D I A

PARMARTH IRON: CRISIL Rates Rs.175 Mil. Cash Credit at 'B-'
PARMARTH STEEL: CRISIL Rates Rs.4.5 Mil. Term Loan at 'B-'


I N D O N E S I A

MEDCO ENERGI: May Delay Plans to Construct 6 Energy Projects
TELEKOMUNIKASI: 3rd Qtr. 2008 Profit Falls 9.16% Due to Rate Cuts


J A P A N
MUFG BANKS: Fitch Affirms Individual Ratings at 'B'
* Moody's: Outlook for Japan's Glass Industry Is Negative


M A L A Y S I A

TECHVENTURE BERHAD: Bourse to Delist Securities on November 14
WWE HOLDINGS: Bourse Extends Plan Filing Period to March 31, 2009


N E W  Z E A L A N D

ARMOURY HOLDINGS: Court to Hear Wind-Up Petition on November 19
BARBADOES CONSTRUCTION: High Court Appoints Joint Liquidators
COMPLETE PROJECT: Commences Liquidation Proceedings
FINISHED PLACEMENT: Commences Liquidation Proceedings
FORDE HOLDINGS: High Court Appoints Joint Liquidators

GARY DEW CONTRACTING: High Court Appoints Joint Liquidators
GAS MAIN LTD: High Court Appoints Joint Liquidators
JOHNSONVILLE MALL: Commences Liquidation Proceedings
KENEPURU CAPITAL: Creditors Must File Claims by November 7
MEETAKIWI LTD: High Court to Hear Wind-Up Petition on Friday

PAINT XTRAS: Shareholders Appoint Joint Liquidators
R & D ENTERPRISES: Court to Hear Wind-Up Petition on November 14
SIGNGRAPHIX LTD: High Court Appoints Joint Liquidators
WAIATOTO RIVER: High Court Appoints Joint Liquidators
WELLINGTON PROPERTY: Commences Liquidation Proceedings


P H I L I P P I N E S

PLDT: Nine Months Ended Sept. 30, 2008 Net Profit Falls 2%


S I N G A P O R E

GOLDEN MANDIRI: Court to Hear Wind-Up Petition on November 14
JMAC 2 TRUST: Fitch Affirms Rating of Class E TBIs at 'BB'
OPES PRIME: To Pay First and Final Dividend
PRIMEPOWER SYSTEMS: Requires Creditors to File Claims by Nov. 29
SAPMARKETS ASIA: Creditors' Proofs of Debt Due on December 3


T A I W A N

CHINATRUST GROUP: Fitch Affirms Individual Ratings at 'B'


X X X X X X X X

* Severe Global Recession Expected in 2009, Fitch Says


                         - - - - -


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

ABC LEARNING: Appoints Voluntary Administrators
-----------------------------------------------
The Directors of A.B.C. Learning Centres Limited has appointed
Peter Walker and Greg Moloney of Ferrier Hodgson as Voluntary
Administrators of ABC and a number of its subsidiaries pursuant to
Section 436A of the Corporations Act 2001.

The company said the action was taken following the Directors
careful review of the company's future.

ABC Chairman, Mr. David Ryan, said "the Board and current
management team are disappointed to be in this position despite
the efforts of so many staff and the continued support of
parents."

"The management team have worked tirelessly over the past few
weeks to ensure that families across Australia and New Zealand
continue to have access to quality childcare," Mr. Ryan said.

ABC said subsequent to the appointment of administrators, the
company's banking syndicate appointed Chris Honey, Murray Smith
and John Cronin of McGrathNicol as receivers.

Trading in ABC's securities will remain suspended.

                    About A.B.C. Learning Centres

A.B.C. Learning Centres Limited (ASX: ABS) --
http://www.childcare.com.au/-- provides childcare services and
education in more than 1200 centres in Australia, New Zealand, the
United States and the United Kingdom.  The company's subsidiaries
include A.B.C. Developmental Learning Centres Pty Ltd, A.B.C.
Early Childhood Training College Pty Ltd, Premier Early Learning
Centres Pty Ltd, A.B.C.  Developmental Learning Centres (NZ) Ltd.,
A.B.C. New Ideas Pty. Ltd., A.B.C. Land Holdings (NZ) Limited and
Child Care Centres Australia Ltd.

On September 25, 2006, the company acquired Hutchison Child Care
Services Ltd.  On September 7, 2006, it acquired The Children's
Courtyard LLP.  On December 18, 2006, it acquired Busy Bees
Group Ltd. On January 26, 2007, it acquired La Petite Holdings
Inc.  On February 2, 2007, it acquired Forward Steps Holdings
Ltd.  On March 23, 2007, it acquired Children's Gardens LLP. In
September 2007, the company purchased the Nursery division
(Leapfrog Nurseries) from Nord Anglia Education PLC.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
September 3, 2008, ABC requested on August 21, 2008, a trading
halt of its securities from the Australian Stock Exchange to
finalize and provide further guidance relating to its full year
results and prior period adjustments arising out of a re-
assessment of accounting treatments.

The TCR-AP reported on August 1, 2008, that ABC expected a AU$437
million net loss before tax as at July 31, 2008.  ABC also said
that in the current circumstances, the company's Board has
determined not to declare a dividend for the second half of the
2008 financial year.

As reported by the Troubled Company Reporter-Asia Pacific, the
company's Sydney trading on February 26, 2008, plunged 43% after a
slump in earnings raised concerns it may struggle to repay debt.
The drop to AU$2.14 triggered margin calls on stakes held by
some directors.

Since then, the company has been working to sell some its assets
to pay off debts.  The TCR-AP reported on April 23, 2008, that
A.B.C. Learning signed a definitive agreement with Morgan Stanley
Private Equity for the sale of a 60% interest in its US business,
Learning Care Group Inc., in a transaction that values 100% of the
US business at US$700 million.

The transaction was expected to reduce ABC's net debt by AU$485
million, with an additional US$30 million payable shortly after
June 30, 2009 by way of an earn-out.  In addition to the net debt
reduction, ABC will retain US$185 million of ordinary equity and
US$20 million of preferred equity in the US joint venture.  ABC
has a call option to buy back Morgan Stanley Private Equity's
interest three years after closing.


ALLCO FINANCE: Goes Into Administration
---------------------------------------
Allco Finance Group disclosed that it has appointed Tony McGrath
and Joseph Hayes of McGrathNicol as the Voluntary Administrators
of the company and certain of its subsidiaries pursuant to Section
436A of the Corporations Act 2001.

The company said the action was taken following the directors'
careful review of the company's future.

Subsequent to the appointment of administrators to Allco, the
company's banking syndicate appointed Steve Sherman and
Peter Gothard of Ferrier Hodgson as receivers.

Trading in Allco's ordinary shares and its notes are suspended.

The Australian Business reported that Allco's end came only two
weeks after it became apparent it could not meet a total of AU$147
million in repayments due at the end of this month and December,
part of a plan to cut its debt to AU$400 million by June next
year.

Allco, which still employs 330 staff, has more than AU$1 billion
in total debt, with assets recently valued by its board at just
AU$1.25 billion, the Australian notes.

Many of Australia's biggest banks, the Australian says, including
the Commonwealth, Westpac and National Australia Bank, were in a
group of five banks leading the syndicate.  They now face the
prospect of write-downs on their debt, the report adds.

The Australian relates that Westpac has an exposure of AU$250
million and its soon-to-be subsidiary St. George a further AU$35
million; while the Commonwealth Bank lent Allco AU$200 million.

                       About Allco Finance

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.


ANTONELLI: Commences Liquidation Proceedings
--------------------------------------------
At a meeting of members of Antonelli Pty Ltd held on
September 17, 2008, it was resolved that the company be wound up
voluntarily, and Dean R. McVeigh and Timothy M.S. Holden of
Foremans Business Advisors (Southern) Pty Ltd, Suite 8, 56-60 Bay
Road, Sandringham Vic 3191, be appointed Joint and Several
Liquidators.


CHARLES HENRY: To Declare Dividend Tomorrow
-------------------------------------------
A dividend is to be declared on November 7, 2008, for Charles
Henry Pty Ltd.

The claims filing deadline was October 23, 2008.

The liquidator is:

     PAUL BURNESS
     Worrells
     Solvency & Forensic Accountants
     15 Queen Street, Level 5
     Melbourne VIC 3000
     Telephone: (03) 9613-5515
     Facsimile: (03) 9614 3233
     http://www.worrells.net.au/


CONZINC MINING ET AL: Commences Liquidation Proceedings
-------------------------------------------------------
At a general meeting of members of nine companies held on
September 18, 2008, it was resolved by way of special resolution
that the companies be wound up as a members’ voluntary winding up:

   -- CONZINC MINING PTY LTD
   -- CRA ENGINEERING PTY LTD
   -- G.A.B. TRANSPORT PTY LTD
   -- NORTH GROUP SUPERANNUATION PTY LTD
   -- NORTH SUPERANNUATION PTY LTD
   -- NORTH ZINC HOLDINGS PTY LTD
   -- RIO TINTO COLLIERIES PTY LTD
   -- WARMAN HOLDINGS PTY LTD
   -- WHITECLOUDS PTY LTD

The liquidators are:

     SIMON CATHRO
     SIMON A. WALLACE-SMITH
     Joint and Several Liquidators
     Deloitte Touche Tohmatsu
     180 Lonsdale Street, Level 16
     Melbourne VIC 3000
     Telephone: (03) 9208 7000


EDGE BUILDING: Members Appoint Joint Liquidators
------------------------------------------------
At a general meeting of members of Edge Building Pty Ltd held on
August 29, 2008, it was resolved that the company be wound up
voluntarily and that Messrs. Stephen Robert Dixon and Laurence
Andrew Fitzgerald of BDO Kendalls Business Recovery & Insolvency
(NSW-VIC) Pty Ltd, Level 30, 525 Collins Street, Melbourne Vic
3000, be appointed Joint and Several Liquidators.


JAMES HARDIE: To Suspend Production at Two U.S. Plants
------------------------------------------------------
James Hardie Industries N.V. disclosed plans to suspend production
at its Fontana, California plant in response to the continued
deterioration in the US housing market.  Production at its
Summerville, South Carolina plant is also being suspended.

The company said that to ensure that it has adequate supply of
material to the East Coast markets once Summerville has shut down,
the second line at the Pulaski, Virginia plant will be
commissioned.

James Hardie's CEO, Louis Gries, said "The continuing decline in
the US housing market has led to reduced capacity utilization of
our US manufacturing plants.  Although the business continues to
run well, current and projected market demand cannot support our
current plant network."

According to the company, the Fontana manufacturing plant has an
annual production capacity of 175 million square feet but has been
running at reduced operating levels since the market downturn.
Production has been suspended at this plant because of the
reduction in demand in the core area it services in the US
southwest.  The plant employs 60 people.

The Summerville manufacturing plant has also been running at
reduced operating levels.  The company stated that the plant will
re-open when market demand returns to acceptable levels.  During
the shut-down, the appropriate future product mix for the plant
will be determined, potentially incorporating some of the
company's newer differentiated products.  The Summerville plant
employs 67 people.

Mr. Gries said "Today's decision is extremely difficult because it
affects 127 of our employees.  However, it is no reflection on
their achievements and dedication.  It is a reflection of the
severe housing market downturn."

The company said it will not be booking impairment charges against
these closures as it intends to re-open both plants when market
conditions permit.

               About James Hardie Industries N.V.

Headquartered in Sydney, Australia, James Hardie Industries N.V.
(ASX:JHX) -- http://www.ir.jameshardie.com.au/-- is an
international building materials group, which produces a range
of fiber cement building materials used in the exterior and
interior of residential and commercial buildings, from exterior
cladding and internal lining to pipes, bracing, decorative
elements and fencing.  The company's segments include USA Fibre
Cement, Asia Pacific Fibre Cement and the Other segment. USA
Fibre Cement manufactures and sells fiber cement interior
linings, exterior siding and related accessories products in the
United States.  Asia Pacific Fibre Cement includes all fiber
cement manufactured in Australia, New Zealand and the
Philippines and sold in Australia, New Zealand and Asia.  Other
includes the manufacture and sale of fiber cement products in
Chile, the manufacture and sale of fiber cement reinforced pipes
in the United States, fiber cement operations in Europe and
roofing operations in the United States.  The roofing plant was
closed and the business ceased opera.

James Hardie underwent a corporate restructuring and redomiciled
in the Netherlands in the second half of 2001.  The company's
securities ceased trading under the Australian Securities
Exchange code 'HAH' on October 12, 2001, and commenced trading
under a new ASX code 'JHX' on October 15, 2004.


LINEAL DEVELOPMENTS: Commences Liquidation Proceedings
------------------------------------------------------
At a meeting of members of Lineal Developments Pty Ltd held on
September 16, 2008, it was resolved that the company be wound up
voluntarily, and that David Scott and Richard Rohrt of Scott
Partners Consulting, Level 1, 173 Burke Road, Glen Iris Vic 3146,
be appointed Joint and Several Liquidators.

The liquidators can be reached at:

     RICHARD ROHRT
     Joint and Several Liquidator
     Scott Partners Consulting
     173 Burke Road, Level 1
     Glen Iris VIC 3146


MOBIUS ELR-01: Fitch Keeps Classes on Rating Watch Negative
-----------------------------------------------------------
Fitch Ratings has said that all classes of Mobius ELR-01 Trust
remain on Rating Watch Negative (RWN) following an announcement on
October 30, 2008 from the Australian Competition and Consumer
Commission (ACCC) that they have instituted legal proceedings in
the Federal Court against Technology Business International Pty
Ltd (TBI) and its subsidiary Bill Express Limited. TBI is one of
the underlying originators for the Trust. The ratings are:

   -- AUD29.448 million Class A (ISIN AU300MOB3018): 'BBB',
      remain on RWN;

   -- AUD23.013 million Class B (ISIN AU300MOB3026): 'C/DR3',
      remain on RWN;

   -- AUD2.664 million Class C (ISIN AU300MOB3034): 'C/DR6',
      remain on RWN; and

   -- AUD2.786 million Class D (ISIN AU300MOB3042): 'C/DR6',
      remain on RWN.

On July 8, 2008, administrators were appointed to TBI and Bill
Express Limited. The Mobius ELR-01 Trust portfolio currently
includes 2,085 TBI originated equipment leases amounting to
AUD14,965,078 which represent 25% of the outstanding ELR-01 Trust
portfolio at September 30, 2008.  The equipment financed by TBI
originated leases comprised terminals used to access services
provided by Bill Express Limited. The ACCC's legal proceedings in
the Federal Court is for alleged contraventions of the Trade
Practices Act 1974 in relation to the failed Bill Express
electronic product, promotion, sales and bill payment network.

On July 27, 2008, Fitch took ratings actions on all ELR notes
stating that "mass non-payment is a real possibility" and from
that time it assumed all TBI receivables would not be
uncollectable; the agency still believes this to be the case.  The
ACCC action introduces the prospect that the Trust may be required
to refund amounts to TBI obligors. If successful Fitch believes
the requirement to refund could cause significant losses to the
Trust and result in significant downward rating actions.

The matter has been filed with the Federal Court scheduled for
December 17, 2008. Fitch will likely resolve the RWN following
this.


MOD DEVELOPMENTS: Members Appoint Joint Liquidators
---------------------------------------------------
At a meeting of members of MOD Developments Pty Ltd held on
September 9, 2008, it was resolved that the company be wound up
voluntarily and that David Scott and Richard Rohrt of Scott
Partners Consulting, Level 1, 173 Burke Road, Glen Iris Vic 3146,
be appointed Joint and Several Liquidators.


NESCI DEVELOPMENTS: Commences Liquidation Proceedings
-----------------------------------------------------
At a meeting of members of Nesci Developments Pty Ltd held on
September 17, 2008, it was resolved that the company be wound up
voluntarily, and Dean R. McVeigh and Timothy M.S. Holden of
Foremans Business Advisors (Southern) Pty Ltd, Suite 8, 56-60 Bay
Road, Sandringham Vic 3191, be appointed Joint and Several
Liquidators.



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

CHINA ORIENWISE: Moody's Cuts Corporate Family Rating to Ca
-----------------------------------------------------------
Moody's Investors Service has downgraded China Orienwise Ltd's
corporate family and senior unsecured debt ratings to Ca from
Caa1.  The ratings remain on review for further possible
downgrade.

"The downgrade follows the company's filing of its June 30, 2008,
financial statements on October 29, 2008," says Sally Yim, a
Moody's Assistant Vice President/Analyst, adding, "The Ca rating
reflects the very high likelihood of default and the potential for
above-average loss severity in the event of default."

As a result of recent events -- those cited by Moody's in its
press releases of September 9, September 26 and October 21 --
Deloitte & Touche, China Orienwise's external auditor, has
disclaimed from issuing any conclusion on its review of the
company's interim financial information, and has raised concerns
over China Orienwise's ability to continue as a going concern.

Included in China Orienwise's June 30, 2008, financial statements
was a provision for entrusted loans of RMB946.7 million and for
financial guarantees of RMB456.7 million, of which RMB90 million
was specifically for suspected fraudulent activities carried out
allegedly by a former general manager. As a result, China
Orienwise incurred a total net loss of RMB1.2 billion for the
first six months of 2008.

Furthermore, the total provisions of RMB1.4 billion represent 5
times China Orienwise's full-year net income for 2007 and around
60% of its shareholders' equity for end-2007.

These sizeable provisions have significantly eroded the company's
capital position; hence, it has breached the minimum shareholders'
equity covenant under its current bond indenture.  Accordingly,
without concrete plans for capital injections or for back-up
liquidity, Moody's does not expect the company to cure such a
violation in a short time.

In addition, the lack of disclosure surrounding the incomplete
investigations into the alleged fraudulent activities made it
questionable as to what extent the ultimate losses would be due to
fraud vis-a-vis actual credit deterioration.  Again, this raised
concerns over the company's corporate governance and risk
management practices.

"Given the company's high leverage, the lack of any concrete
liquidity or capital management plans, there exists a high level
of uncertainty over its ability to meet its financial covenants
and to make interest and principal payments of its outstanding
bond when due," says Ms. Yim, adding, "Further, weakening economic
conditions in China and the resultant negative pressure on SMEs --
which are China Orienwise's main obligors -- will continue to
significantly pressure the company's profitability and liquidity."

As indicated, the rating remains on review for possible downgrade.
A further downgrade in the near term would most likely occur
should the company default on its next interest payment due on
November 29, 2008.

These ratings have been downgraded, and remain on review for
further possible downgrade:

   * China Orienwise Ltd -- corporate family rating and senior
     unsecured bond rating both to Ca from Caa1.

Moody's last rating action with respect to China Orienwise
occurred on October 21, 2008, when it downgraded the corporate
family and senior unsecured bond ratings from Caa1 to B3.

China Orienwise Limited, headquartered in Shenzhen, is 100% owned
by its parent, Credit Orienwise Group Limited and is one of the
largest private guarantee companies in China. As of December 2007,
it had total assets of RMB4.1 billion (US$586 million).


SHANGHAI COMMERCIAL: Fitch Affirms Individual Rating at 'B/C'
-------------------------------------------------------------
Fitch Ratings affirmed Shanghai Commercial and Savings Bank's
Individual rating at 'B/C' and its Support rating at '4'.  The
bank's Individual rating reflects its strong capital position,
good liquidity and adequate risk management.

SCSB's profits in H108 declined yoy due to investment losses
affected by the global credit crisis and higher operating expenses
related to new branch openings.  Nevertheless, its ROAE of 12% in
H108 was well above the industry average of 4%.  SCSB intends to
continue its focus on its corporate banking business by leveraging
on the cooperative platform with its affiliates - Shanghai
Commercial Bank (Individual rating 'B') in Hong Kong which
contributed 51% of SCSB's pre-tax profits in H108, and Bank of
Shanghai ('BB-' (BB minus)/Stable) in Shanghai.  Fitch anticipates
that despite a broad-base economic slowdown, SCSB will maintain
satisfactory profitability over 2008-2009 on the back of the
bank's well cultivated corporate accounts and consistently good
credit quality.

The bank's asset quality remains sound and its loan loss reserves
sufficiently cover its limited exposure.  It advised very limited
exposure to recently troubled US financial institutions.  In
addition, SCSB has low leverage and its consolidated capital ratio
was strong at 14.3% at end-2007.  Its liquidity profile remains
good, benefiting from stable corporate deposits and flexibility
from its relatively low consolidated loan-to-deposit ratio of
55.7% at end-2007.

Founded in 1915, SCSB is a privately-owned bank.  The family of
the bank's chairman, Hung-Ching Yung, owns majority shares and
controls its board.


SICHUAN CHANG: Third Qtr. Net Profit Drops 47.89% to CNY74.55 Mil.
------------------------------------------------------------------
Sichuan Changhong Electric Co Ltd's third quarter net profit fell
47.89 percent year-on-year to CNY74.55 million ($10.91 million)
after a sharp decline in investment income, the China Daily
reports.

In a financial report filed with Shanghai Stock Exchange cited by
the China Daily, the company said its third quarter operating
revenue was CNY7.227 billion, up 38.26 percent from the previous
year, while operating costs rose 32.86 percent to CNY7.056
billion.

The company's investment income in the third quarter also fell to
8.96 million yuan from 261.68 million a year earlier, the report
says.

The Daily relates that the company also booked an asset impairment
loss of CNY37.89 million for the third quarter, compared with a
loss of CNY13.19 million a year earlier.

The company reported an operating revenue of CNY21.466 billion for
the first nine months, a 34.58 increase from the previous year,
while net profit was CNY93.99 million, down 72.63 percent, the
Daily adds.

                      About Sichuan Chang Hong

Based in Mianyang, Sichuan Province, China, Sichuan Chang Hong
Electric Co., Ltd. -- http://www.changhong.com/-- is
principally engaged in the manufacture and sale of televisions,
air conditioners, mobile phones, refrigerators and other
household electrical appliances.  The company offers its
products under 13 categories, including military products,
digital televisions, digital display panels, information
technology products, air conditioners, digital audio/video
products, digital network products, molding products, digital
electronic components, environment-friendly power supply
systems, electrical equipment, electric engineering products and
chemical materials.  The company distributes its products in 90
countries/regions, including Russia, the United States, France,
and South America.

                          *     *     *

Xinhua Far East China Ratings gave the company a "B+" issuer
credit rating on February 24, 2006.



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

CHUNG HING: Members and Creditors to Meet on December 1
-------------------------------------------------------
The members and creditors of Chung Hing Transportation and Godown
Company Limited will meet on December 1, 2008, at 3:00 p.m. and
3:30 p.m., respectively, at Room 2301, 23rd Floor of Ginza Square,
565-567 Nathan Road, in Kowloon, Hong Kong.

At the meeting, Chan Kin Hang Danvil, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


CO-MANAGEMENT: Members' Final Meeting Set for December 3
--------------------------------------------------------
The members of Co-Management Limited will hold their final meeting
on December 3, 2008, at noon, at Flat C, 23rd Floor, Block 11,
City Garden, in No. 233 Electric Road, Hong Kong.

At the meeting, Lai Kam Hung, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


DATAVIM CORPORATION: Members' Meeting Set for December 1
--------------------------------------------------------
The members of Datavim Corporation Limited will hold their final
meeting on December 1, 2008, at 2:30 a.m., at Unit 511, 5th Floor,
Tower 1, Silvercord, 30 Canton Road, Tsimshatsui, in Kowloon, Hong
Kong.

At the meeting, Ho Man Kit and Kong Sze Man, Simone the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


ELITE TECH: Member to Hear Wind-Up Report on December 1
-------------------------------------------------------
A final meeting will be held for the member of Elite Tech Limited
on December 1, 2008, at 10:00 a.m., to hear the liquidator's
report on the company's wind-up proceedings and property disposal.

The meeting will be held at the 8th Floor of Gloucester Tower, The
Landmark, in 15 Queen's Road Central, Hong Kong.


GAMMA SHIPPING: Members' Final Meeting Slated for December 1
------------------------------------------------------------
The members of Gamma Shipping Limited will hold their final
meeting on December 1, 2008, at 10:00 a.m., at Level 28 of Three
Pacific Place, in 1 Queen's Road East, Hong Kong.

At the meeting, Ying Hing Chiu and Chung Miu Yin, Diana, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


GLENROY LIMITED: Members' Meeting Set for December 1
----------------------------------------------------
The members of Glenroy Limited will hold their final meeting on
December 1, 2008, at 10:00 a.m., at the 35th Floor of Two Pacific
Place, in 88 Queensway, Hong Kong.

At the meeting, Robert Michael James Atkinson and Chim Foong Heng,
the company's liquidators, will give a report on the company's
wind-up proceedings and property disposal.


HUGHES ASIA: Members' Meeting Set for December 2
------------------------------------------------
The members of Hughes Asia Pacific Hong Kong Limited will hold
their final meeting on December 2, 2008, at 11:00 a.m., at 43rd
Floor of Gloucester Tower, The Landmark, in 15 Queen's Road
Central, Hong Kong.

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


KAUPTHING (HONG KONG): Creditors' Meeting Set for November 11
-------------------------------------------------------------
The creditors of Kaupthing (Hong Kong) Limited will meet on
November 11, 2008, at 10:30 a.m., for the purposes provided for in
Sections 241, 242, 243 and 244 of the Companies Ordinance.

The company commenced liquidation proceedings on October 17, 2008.


LONG XIANG: Creditors' Proofs of Debt Due on October 25
-------------------------------------------------------
The creditors of Long Xiang Foundation Limited are required to
file their proofs of debt by October 25, 2008, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on October 25, 2008.

The company's liquidator is:

          Lei Haiyan
          Teng Fuh Commercial Building, 2nd Floor
          333 Queen's Road Central, Sheung Wan
          Hong Kong


NEW ASIA: Placed Under Voluntary Liquidation
--------------------------------------------
New Asia Associates (HK) Limited commenced liquidation proceedings
on October 27, 2008.

The company's liquidators are:

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


SIEBEL SYSTEMS: Lam and Toohey Step Down as Liquidators
-------------------------------------------------------
On October 22, 2008, Rainier Hok Chung Lam and John James Toohey
stepped down as liquidators of Siebel Systems Asia Limited.

The company's former Liquidators can be reached at:

          Rainier Hok Chung Lam
          John James Toohey
          Prince's Building, 22nd Floor
          Central, Hong Kong


TIGG (HOLDINGS): Alfred Steps Down as Liquidator
------------------------------------------------
On October 20, 2008, Au Yan Alfred stepped down as liquidator of
Tigg (Holdings) Limited.

The company's former Liquidator can be reached at:

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


ULTRALITE LIMITED: Lo and Agnew Step Down as Liquidators
--------------------------------------------------------
On October 16, 2008, Joseph K.C. Lo and Dermot Agnew stepped down
as liquidators of Ultralite Limited.

The company's former Liquidators can be reached at:

          Joseph K.C. Lo
          Dermot Agnew
          One Pacific Place, 35th Floor
          88 Queensway
          Hong Kong


UNIVERSAL PRODUCTS: Annual Meetings Set for November 10
-------------------------------------------------------
The members and creditors of Universal Products (Hong Kong)
Limited will hold their annual meetings on November 10, 2008, at
3:00 p.m. and 3:30 p.m., respectively, at the offices of Baker
Tilly Hong Kong, 12th Floor of China Merchants Tower, Shun Tak
Centre, 168-200 Connaught Road, in Central, Hong Kong.

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


WELLBERY COMPANY: Members' Final Meeting Slated for December 6
--------------------------------------------------------------
The members of Wellbery Company Limited will hold their final
meeting on December 6, 2008, at 9:00 a.m., at Flat C, 11th Floor
of Flourish Court, in 30 Conduit Road, Hong Kong.

At the meeting, Wong Lai Yin, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.



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

PARMARTH IRON: CRISIL Rates Rs.175 Mil. Cash Credit at 'B-'
-----------------------------------------------------------
CRISIL has assigned its bank loan ratings of 'B-/Negative/P4' to
the various bank facilities of Parmarth Iron Pvt Ltd.

   Rs.175.0 Million Cash            B-/Negative (Assigned)
   Credit Limit

   Rs.35.0 Million Standby          B-/Negative (Assigned)
   Line of Credit

   Rs.77.5 Million Term Loan        B-/Negative (Assigned)

   Rs.85.0 Million Letter           P4 (Assigned)
   of Credit@

   Rs.2.0 Million Bank Guarantee    P4 (Assigned)

The ratings reflect the Parmarth group's stretched financial risk
profile marked by high levels of contingent liabilities, and its
small and inefficient operations.

For arriving at the rating, CRISIL has combined the business and
financial profiles of PIPL and Parmarth Steel and Alloys Private
Limited, together referred to as the Parmarth group.  This
reflects the strong operational and financial linkages between the
two entities.  Both entities are in the same line of business, and
PSAPL supplies its entire production of mild steel (MS) ingots to
PIPL for manufacture of thermo-mechanically treated (TMT) bars.
Both companies are under a common ownership and management.

Outlook: Negative

The 'Negative' outlook reflects the Parmarth group's very high
levels of contingent liabilities.  The group faces allegations
relating to power theft and excise duty evasion.  The ratings may
be revised downward if the liabilities materialize in full.
Conversely, the outlook may be revised to 'Stable' if the
allegations are dropped or if the eventual liability is small.

                            About PIPL

Incorporated in 2002, PIPL manufactures MS and TMT bars.  The
company's plant in Bijnor district, Uttar Pradesh, has a furnace
with an installed capacity of 15,000 tonnes per annum (tpa) and
rolling mills for manufacture of bars with a capacity of 36,000
tpa.  The ingots produced in the furnace division are used for
manufacture of bars. PIPL also purchases ingots from group
company, PSAPL.

PSAPL, the flagship company of the Parmarth group, manufactures
mild steel ingots.  The company's plant situated at Bijnor
district, Uttar Pradesh, has an installed capacity of 16,000 tpa.
The entire production of PSAPL is supplied to PIPL.

In June and July 2007, a search was conducted by UP Power
Corporation Ltd on PIPL and PSAPL respectively.  Also in July
2007, a search was conducted by Central Excise Intelligence on
both companies.  The contingent liabilities on this account are
more than Rs.1 billion.  For 2007-08 (refers to financial year,
April 1 to March 31), the group registered a net loss of Rs.3.9
million on net sales of Rs.399 million, as against Profit After
tax (PAT) of Rs. 8.1 million on net sales of Rs. 525 million in
2006-07.


PARMARTH STEEL: CRISIL Rates Rs.4.5 Mil. Term Loan at 'B-'
----------------------------------------------------------
CRISIL has assigned its bank loan ratings of 'B-/Negative/P4' to
the various bank facilities of Parmarth Steel and Alloys Pvt Ltd
(PSAPL).

   Rs.44.5 Million Cash           B-/Negative (Assigned)
   Credit Limit

   Rs.6.0 Million Standby         B-/Negative (Assigned)
   Line of Credit

   Rs.4.5 Million Term Loan      B-/Negative (Assigned)

   Rs.65.0 Million Letter         P4 (Assigned)
   of Credit

The ratings reflect the Parmarth group's stretched financial risk
profile marked by high levels of contingent liabilities, and its
small and inefficient operations.

For arriving at the rating, CRISIL has combined the business and
financial profiles of PSAPL and Parmarth Iron Private Limited
(PIPL), together referred to as the Parmarth group.  This reflects
the strong operational and financial linkages between the two
entities.  Both entities are in the same line of business, and
PSAPL supplies its entire production of mild steel (MS) ingots to
PIPL for manufacture of thermo-mechanically treated (TMT) bars.
Both companies are under a common ownership and management.

Outlook: Negative

The 'Negative' outlook reflects the Parmarth group's very high
levels of contingent liabilities. The group faces allegations
relating to power theft and excise duty evasion. The ratings may
be revised downward if the liabilities materialise in full.
Conversely, the outlook may be revised to ‘Stable’ if the
allegations are dropped or if the eventual liability is small.

                          About PSAPL

PSAPL, the flagship company of the Parmarth group, manufactures MS
ingots.  The company's plant in Bijnor district, Uttar Pradesh,
has an installed capacity of 16,000 tonnes per annum (tpa).  The
entire production of PSAPL is supplied to PIPL.

PIPL manufactures MS and TMT bars.  The company's plant in Bijnor
district, Uttar Pradesh, has a furnace with an installed capacity
of 15,000 tpa and rolling mills for manufacture of bars with a
capacity of 36,000 tpa.  The ingots produced in the furnace
division are used for manufacture of bars.

In June and July 2007, a search was conducted by UP Power
Corporation Ltd on PIPL and PSAPL respectively.  Also in July
2007, a search was conducted by Central Excise Intelligence on
both companies.  The contingent liabilities on this account are
more than Rs.1 billion. For 2007-08 (refers to financial year,
April 1 to March 31), the group registered a net loss of Rs.3.9
million on net sales of Rs.399 million, as against Profit After
tax (PAT) of Rs. 8.1 million on net sales of Rs. 525 million in
2006-07.


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

MEDCO ENERGI: May Delay Plans to Construct 6 Energy Projects
------------------------------------------------------------
PT Medco Energi Internasional Tbk may postpone its plans to
construct six energy projects worth US$3 billion (Rp30 trillion)
due to the global economic recession, The Jakarta Post reports.

According to the report, Medco's Chief Commissioner Hilmi Panigoro
said that banks should provide 70 percent of the funds needed for
the projects, while the remaining 30 percent would be taken from
the company's internally generated funds.

Although the banks' liquidity was in fact still sufficient,
Mr. Hilmi told The Jakarta Post that the company was considering
postponing the projects because of the possible high bank interest
rates resulting from the crisis.

Reuters says that Medco's current projects include a natural gas
project in block A area in Aceh province, the Sarulla geothermal
project in North Sumatra, a natural gas development project in
South Sumatra, a liquefied natural gas (LNG) project in Sulawesi
and an upstream oil project in Libya.

The company had yet to officially review the projects and that it
would keep working on the Senoro Liquefied Natural Gas (LNG) plan
that is being financed by the Japan Bank, the Post cited Mr.
Hilmi.

Reuters notes that Medco has a 20 percent stake in the project,
while state oil and gas firm Pertamina has 29 percent and
Mitsubishi Corp has 51 percent.

Medco Energi's oil production fell to 47,000 barrels per day (bpd)
in the third quarter of this year, from 49,900 bpd in the same
period last year, Reuters adds.

Headquartered in Jakarta, Indonesia, Medco Energi Internasional
Tbk PT (JAK:MEDC) -- http://www.medcoenergi.com/-- is an
integrated energy company.  The company is engaged in oil and
gas exploration and production, drilling services, methanol
production and the power generation industry.  The company holds
working interests in various exploration and production blocks
in Indonesia and overseas, producing more than 21 million barrel
of oil and 61 million cubic feet of gas annually.  In addition,
it has 10 onshore rigs and four offshore rigs (swamp barge) and
operates one methanol plant, one liquefied petroleum gas plant
and three power plants.  The company's Indonesian operations
span from Aceh in Indonesia's western border to Papua in the
eastern territory.

The company's subsidiary, PT Apexindo Pratama Duta Tbk, is a
heavy equipment provider.  Apexindo Pratama has five
subsidiaries, namely PT Antareja Jasatama, Apexindo Asia Pacific
B.V., Apexindo Khatulistiwa B.V., Apexindo Offshore Pte. Ltd.
and Apexindo Raniworo Pte. Ltd.

                       *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
September 12, 2008, Moody's Investors Service affirmed the B1
corporate family rating and B2 senior unsecured rating of P.T.
Medco Energi Internasional Tbk.  Outlook for the ratings remains
negative.


TELEKOMUNIKASI: 3rd Qtr. 2008 Profit Falls 9.16% Due to Rate Cuts
-----------------------------------------------------------------
The Jakarta Post reported that PT Telekomunikasi Indonesia Tbk
(Telkom) posted a 9.16% drop in net profit in the January-
September period from the previous year, as stiff competition
forced the nation's largest telco to cut its rates.

In the third quarter of 2008, the company recorded a decrease in
consolidated net income by Rp.899 billion or 9.16% as compared to
prior period from Rp.9,819 billion to Rp.8,920 billion, while
consolidated operating income also decreased by Rp.2,718 billion
or 13.66% from Rp.19,897 billion to Rp.17,179 billion.

"The profit fall of 9.16% was mainly due to rate cuts," the report
quotes Sudiro Asno, Telkom's finance director, as saying.  "Telkom
had to cut its rates due to tighter competition."

Consolidated operating expenses increased by Rp.3,671 billion or
15.46% as compared to prior period from Rp.23,751 billion to
Rp.27,422 billion which was mainly contributed by significant
increase in operation and maintenance expenses and depreciation
expenses.

At September 30, 2008, the company's total assets increased by
Rp.9,238 billion or 12.03% as compared to prior years from
Rp.76,785 billion to Rp83,023 billion.

In the third quarter of 2008, the company recorded an increased in
operating revenues by Rp.953 billion or 2.18% as compared to prior
period from Rp.43,647 billion to Rp.44,600 billion which mainly
resulted from increase in cellular revenues and data and Internet
revenues.

                   About PT Telkom Indonesia

Based in Bandung, Indonesia, PT Telekomunikasi Indonesia Tbk
-- http://www.telkom-indonesia.com/-- provides local and long
distance telephone service in Indonesia.  Known as Telkom, the
company also offers fixed wireless service, leased lines, and
data transport through affiliates.

                           *     *     *

As reported by the Troubled Company Reporter – Asia Pacific on
October 17, 2008, Standard & Poor's Ratings Services 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.

On Feb. 18, 2008, the TCR-AP reported that Fitch Ratings upgraded
P.T. Telekomunikasi Indonesia Tbk's long-term foreign and local
currency issuer default ratings to 'BB' from 'BB-'.  The outlook
is stable.



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

MUFG BANKS: Fitch Affirms Individual Ratings at 'B'
---------------------------------------------------
Fitch Ratings affirmed Bank of Tokyo-Mitsubishi UFJ's (BTMU) and
Mitsubishi UFJ Trust and Banking Corporation's (MUTB) ratings
following the announcement by parent Mitsubishi UFJ Financial
Group (MUFG) that it plans to issue JPY390bn of preferred stocks
and up to JPY600bn of common shares.

BTMU's and MUTB's ratings:

   -- Long-term foreign and local currency Issuer Default
      Ratings (IDRs) affirmed at 'A+'/ Stable Outlooks;

   -- Short-term foreign and local currency IDRs affirmed
      at 'F1';

   -- Individual ratings affirmed at 'B';

   -- Support ratings affirmed at '1'; and

   -- Support Rating Floors affirmed at 'A-' (A minus).

Fitch welcomes MUFG's plans to raise additional capital as the
agency views this as potentially necessary to offset the erosion
of the group's capital arising from its equity investments.
Falling stock prices in Japan have resulted in unrealized profits
on domestic equity investments turning into unrealized losses
eroding core capital ratios.  In addition, MUFG invested USD9bn
(based on the book value) in preferred stocks of Morgan Stanley
(MS, 'A'/Negative Outlook); when the preferred shares are
converted to common shares (the timing of conversion is solely
MUFG's decision) and MS becomes MUFG's equity-method affiliate,
the invested amount will be deducted from MUFG's capital base in
the regulatory capital calculation.  If the capital raising is
completed successfully, it should help maintain MUFG's current
level of capitalization, which would have been damaged without the
new issuance.

The issue of the preferred shares (with no conversion right to
common shares or maturity, but potential redemption after five
years and four months of the issuance) will be done by third-party
allotment in November 2008, while the issue of the common shares
is planned between November 2008 and November 2009.

The proceeds of the issuances are to be distributed to MUFG's
consolidated subsidiaries.  Although MUFG's announcement on
October 27, 2008, did not specify the subsidiaries which will
receive the proceeds, Fitch expects BTMU and MUTB -- the two major
operating banks of the MUFG group -- to receive the majority of
the proceeds.  The agency sees the potential additional capital,
in the event of successful issuance, as a positive factor for the
banks' capitalization, even though some of it is likely to be
offset by increasing valuation losses on stock investments.

Even in the case that only the issuance of the preferred shares
(JPY390 billion) are completed, based on Fitch's estimation, Tier
1 capital ratios of BTMU and MUTB, which were 7.43% and 9.94%
respectively at end-March 2008, would be maintained at levels
slightly under 7% and 9%, respectively, in the event Japan's TOPIX
index hits the 700-point level.  If the entire JPY600 billion of
common shares are also successfully issued, their capital level
should exceed 7% and 9%, respectively, under the same assumption.

The maintenance of an adequate level of capitalization amid the
current market turbulence is positive, and has led to the
affirmation of BTMU and MUTB's 'B' Individual ratings; although
the Individual ratings continue to be at risk of potential
downgrade if rising credit costs or stock market-related losses
lead to significant capital erosion.  On the other hand, Fitch
sees limited downside for the MUFG banks' 'A+' Long-term Issuer
Default Ratings as they reflect not only the banks' adequate
financial strength but also the strong potential for government
support, should this be needed.

Fitch will continue to monitor the potential effects of the
transaction on the banks' ratings, in particular the progress of
the issuance of the common stocks over the year, as well as the
banks' financial resilience to the dramatic changes given current
market conditions.


* Moody's: Outlook for Japan's Glass Industry Is Negative
---------------------------------------------------------
The outlook for Japan's glass industry is negative, according to a
new industry report,"Industry Outlook: Japan's Glass Industry,"
from Moody's Investors Service.

"For the industry as a whole, worsening economic trends and
weakening demand growth will pressure earnings, and energy costs
will remain a major risk despite the recent decline in fuel
prices," according to Emiko Otsuki, Moody's Senior Vice President
-- Regional Credit Officer.

However, the sub-sector outlooks are not uniform.  For example,
the outlook for FPD glass is stable, reflecting ongoing demand
growth and a relatively tight demand/supply balance, although
large investments and potential mismatches of demand and supply
are potential risk factors.  The outlook for flat glass and auto
glass, the two largest sectors, is negative due to slowing demand
growth in their end markets.  This is a major reason for the
negative industry outlook.

"Nevertheless, Moody's rating outlooks for the individual Japanese
glass makers remain stable, given their global leading positions
in oligopolistic markets, business and regional diversification,
technological advantages, and conservative financial policies,"
writes Emiko Otsuki.

"In our view, the three rated Japanese glassmakers -- Asahi Glass
(AGC), A1/P-1; Nippon Electric Glass (NEG), A2; and Nippon Sheet
Glass (NSG), Baa3 -- are stable given their global leading
positions in oligopolistic markets, business and regional
diversification, technological advantages, and conservative
financial policies."

Their leading positions in oligopolistic markets will help the
three manufacturers deal with negative market trends -- a
situation they are already addressing with countermeasures that
include adjusting capacity and cutting costs, as well as passing
cost increases through to customers, according to the report.  The
rated Japanese glass companies are less vulnerable to negative
market trends because they rely more on relatively stable products
or regions.

"We also believe that the rated companies will maintain their
leading positions in the oligopolistic glass markets as well as
their conservative financial policies (with an emphasis on cutting
debt), which will support their current ratings," Emiko Otsuki
writes.



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

TECHVENTURE BERHAD: Bourse to Delist Securities on November 14
--------------------------------------------------------------
Bursa Securities has decided to delist the securities of
Techventure Berhad from the Official List of Bursa Securities as
the company does not have an adequate level of financial condition
to warrant continued listing on the Official List of Bursa
Securities.

Bursa Securities said it had commenced delisting procedures
against Techventure on October 14, 2008, as the Securities
Commission had rejected Techventure's appeal against SC's earlier
decision to reject the company's regularization plans.

Accordingly, the securities of Techventure will be removed from
the Official List of Bursa Securities at 9:00 a.m. on November 14,
2008, unless an appeal is made by to Bursa Securities within 5
market days from November 4, 2008 or by November 11, 2008("Appeal
Timeframe").

In the event Techventure submits an appeal to Bursa Securities
within the Appeal Timeframe, the company is required to make an
immediate announcement of the said appeal and the removal of
Techventure's securities from the Official List of Bursa
Securities on November 14, 2008, shall be deferred pending the
decision on the appeal by Bursa Securities.  The deferment pending
the appeal is a stay in respect of the delisting and it is not to
be equated to a variation or a revision of the decision to delist.
The decision remains unless reversed on appeal.

                  Effect of delisting from
             the Official List of Bursa Securities

With respect to the securities of Techventure which are currently
deposited with Bursa Malaysia Depository Sdn Bhd, the securities
may remain deposited with Bursa Depository notwithstanding the
delisting of the securities from the Official List of Bursa
Securities.  It is not mandatory for the securities of a company
which has been delisted to be withdrawn from Bursa Depository.

Alternatively, shareholders of Techventure who intend to hold
their securities in the form of physical certificates can withdraw
these securities from their Central Depository System accounts
with Bursa Depository, at anytime after the securities of the
company are delisted from the Official List of Bursa Securities.
This can be effected by the shareholders submitting an application
form for withdrawal in accordance with the procedures prescribed
by Bursa Depository.  These shareholders can contact any
Participating Organization of Bursa Securities and/or Bursa
Securities' General Line at 03-2034 7000 for further information
on the withdrawal procedures.

Upon the delisting of Techventure, the company will continue to
exist but as unlisted entities.  Techventure is still able to
continue the company's operations and business and proceed with
the company's corporate restructuring and the shareholders can
still be rewarded by the company's performance.  However, the
shareholders will be holding shares which are no longer quoted and
traded on Bursa Securities.

                    About Techventure Berhad

Techventure Berhad is based in Selangor, Malaysia. Apart from
being a corrugated cartons manufacturer, the Group is also
involved in the production of rubber insulation materials and
roto-molded plastic products like septic tanks, playground
equipment, traffic barriers, and water tanks. It markets its
entire corrugated cartons and plastic products locally while
about 80% of the rubber insulation materials are exported. In
addition, the Group also manufactures ice cream.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on May 10,
2006, that Bursa Malaysia Securities Berhad identified
Techventure Berhad as an affected listed issuer having triggered
two of the criteria of the Amended Practice Note 17 category.

The company fell under the category because:

-- the auditors have expressed a modified opinion with
    emphasis on Techven's going concern status in the latest
    audited accounts for the financial year ended Dec. 31, 2005,
    and

-- there are defaults in payment by Techven and its major
    subsidiaries as announced pursuant to Practice Note
    No. 1 and Techven is unable to provide a solvency
    declaration to Bursa Malaysia Securities Berhad.


WWE HOLDINGS: Bourse Extends Plan Filing Period to March 31, 2009
-----------------------------------------------------------------
Bursa Malaysia Securities Berhad said it grant WWE Holdings Berhad
an extension of time until March 31, 2009, to submit the company's
regularization plans to the Securities Commission and other
relevant authorities for approval.

Bursa Securities had commenced delisting procedures against WWE on
October 8, 2008, as WWE had failed to submit its regularization
plans to the Approving Authorities for approval within the
prescribed time frame.

After due consideration of all facts and circumstances of the
matter including the following:

    (i) WWE had on October 14, 2008, announced that the
        company had entered into a Heads of Agreement
        with Peribadi Johan Sdn. Bhd., a major shareholder
        of WWE and Foremost View Sdn. Bhd. to facilitate the
        proposed restructuring of WWE;

   (ii) The commitment of PJSB and FVSB towards completion
        of the proposed restructuring; and


   (iii) WWE's tentative timeline to sign the Definitive
         Agreement and make the Requisite Announcement
         by mid November 2008;

Bursa Securities has decided to grant WWE an extension of time
until March 31, 2009, to submit the company's regularization plans
to the Approving Authorities for approval.

The extension of time granted to WWE is without prejudice to Bursa
Securities' right to proceed to delist the securities of the
company from the Official List of Bursa Securities in the event:

   1. WWE fails to submit the Company's regularization
      plans to the Approving Authorities for approval by
      March 31, 2009;

   3. WWE fails to obtain the approval from any of the
      Approving Authorities necessary for the implementation
      of the company's regularization plans and does not
      appeal to the Approving Authorities within the
      timeframe (or extended timeframe, as the case may be)
      prescribed to lodge an appeal;

   5. WWE does not succeed in the company's appeal against
      the decision of the Approving Authorities; or

   7. WWE fails to implement the company's regularization
      plans within the timeframe or extended timeframes
      stipulated by the Approving Authorities.

Upon occurrence of any of the events set out in (1) to (4) above,
the securities of the company shall be removed from the Official
List of Bursa Securities upon the expiry of 7 market days from the
date the company is notified by Bursa Securities or such other
date as may be specified by Bursa Securities.

                         About WWE Holdings

WWE Holdings Bhd is engaged in investment holding and is a
contractor for the provision of engineering services related to
design, fabrication, installation and commissioning of water,
wastewater treatment, environmental facilities and construction
activities.  The company's subsidiaries include WWE Construction
Sdn. Bhd., a contractor for the provision of engineering
services related to design, fabrication, installation and
commissioning of water, wastewater treatment, environmental
facilities and construction activities; WWE Industries Sdn.
Bhd., which provides installation of mechanical and electrical
works connected with water, wastewater treatment and
environmental engineering, and Quality Water Technology Sdn.
Bhd., which undertakes research and development activities to
develop new technologies related to water and wastewater.  On
March 23, 2006, WWE acquired the remaining 30% equity interest
in Quality Water.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
March 7, 2008, the company was classified as an Affected Listed
Issuer under PN 17 of Bursa Malaysia Securities Berhad's Listing
Requirements because the company's auditors were unable to
ascertain the recoverability of the amounts and the outcome of
the legal suit brought against the company.  Thus, the auditors
are unable to form an opinion on the financial statements of the
Group for the financial year ended September 30, 2007.



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

ARMOURY HOLDINGS: Court to Hear Wind-Up Petition on November 19
---------------------------------------------------------------
On May 30, 2008, an application to put Armoury Holdings Limited
into liquidation was filed in the High Court at Auckland.  The
application is to be heard before the High Court at Auckland on
November 19, 2008, at 10:45 a.m.

The plaintiff is Body Corporate No. 322189, whose address for
service is at the offices of Gaze Burt, Lawyers, 44 Corinthian
Drive, Albany, North Shore City 0632. Postal Address: PO Box
301251, Albany, North Shore City 0752.

The plaintiff's solicitor is R. M. DILLON.


BARBADOES CONSTRUCTION: High Court Appoints Joint Liquidators
-------------------------------------------------------------
Barbadoes Construction Limited was ordered by the High Court at
Auckland on October 17, 2008, to be put into liquidation.  Iain
Andrew Nellies and Wayne John Deuchrass were appointed liquidators
jointly and severally.

Creditors may make enquiries to the liquidators, whose address is
c/o Insolvency Management Limited, Level 1, 148 Victoria Street
(PO Box 13401), Christchurch.


COMPLETE PROJECT: Commences Liquidation Proceedings
---------------------------------------------------
Complete Project Management Limited resolved on September 16,
2008, to be put into liquidation.  Iain Andrew Nellies and Paul
William Gerrard Jenkins were appointed liquidators jointly and
severally.

Creditors may make enquiries to the liquidators, whose address is
c/o Insolvency Management Limited, Level 3, Burns House, 10 George
Street (PO Box 1058), Dunedin.


FINISHED PLACEMENT: Commences Liquidation Proceedings
-----------------------------------------------------
Finished Placement Limited resolved on October 9, 2008, to be put
into liquidation.  Iain Andrew Nellies and Paul William Gerrard
Jenkins were appointed liquidators jointly and severally.

Creditors may make inquiries to the liquidators, whose address is
c/o Insolvency Management Limited, Level 3, Burns House, 10 George
Street (PO Box 1058), Dunedin.


FORDE HOLDINGS: High Court Appoints Joint Liquidators
-----------------------------------------------------
Forde Holdings Limited was ordered by the High Court at
Christchurch on October 6, 2008, to be put into liquidation.
Iain Andrew Nellies and Wayne John Deuchrass were appointed
liquidators jointly and severally.

Creditors may make enquiries to the liquidators, whose address is
c/o Insolvency Management Limited, Level 1, 148 Victoria Street
(PO Box 13401), Christchurch.


GARY DEW CONTRACTING: High Court Appoints Joint Liquidators
-----------------------------------------------------------
Gary Dew Contracting Limited was ordered by the High Court at
Invercargill on October 8, 2008, to be put into liquidation.
Iain Andrew Nellies and Paul William Gerrard Jenkins were
appointed liquidators jointly and severally.

Creditors may make enquiries to the liquidators, whose address is
c/o Insolvency Management Limited, Level 3, Burns House, 10 George
Street (PO Box 1058), Dunedin.


GAS MAIN LTD: High Court Appoints Joint Liquidators
---------------------------------------------------
Gas Main Limited was ordered by the High Court at Invercargill on
October 8, 2008, to be put into liquidation.  Iain Andrew Nellies
and Paul William Gerrard Jenkins were appointed liquidators
jointly and severally.

Creditors may make enquiries to the liquidators, whose address is
c/o Insolvency Management Limited, Level 3, Burns House, 10 George
Street (PO Box 1058), Dunedin.


JOHNSONVILLE MALL: Commences Liquidation Proceedings
----------------------------------------------------
Johnsonville Mall Holdings Limited resolved on October 8, 2008, to
be put into liquidation.  Iain Andrew Nellies and Paul William
Gerrard Jenkins were appointed liquidators jointly and severally.

Creditors may make enquiries to the liquidators, whose address is
c/o Insolvency Management Limited, Level 3, Burns House, 10 George
Street (PO Box 1058), Dunedin.


KENEPURU CAPITAL: Creditors Must File Claims by November 7
----------------------------------------------------------
Edward Jansen and Richard Burge were appointed joint and several
liquidators of Kenepuru Capital Limited on October 8, 2008.

The liquidators fixed November 7, 2008, as the day on or before
which the creditors of the company are to make their claims and to
establish any priority their claims may have.

Inquiries may be directed by a creditor or shareholder of the
company during normal business hours to Edward Jansen of WHK
Sherwin Chan & Walshe (a division of WHK (NZ) Limited) at PO Box
30568, Lower Hutt, or telephone (04) 569 9069.


MEETAKIWI LTD: High Court to Hear Wind-Up Petition on Friday
------------------------------------------------------------
On June 26, 2008, an application to put Meetakiwi Limited into
liquidation was filed in the High Court at Auckland.  The
application is to be heard before the High Court at Auckland on
Friday, November 7, 2008, at 10:00 a.m.

The plaintiff is the Commissioner of Inland Revenue, whose address
for service is Inland Revenue Department, Legal and Technical
Services, 5-7 Byron Avenue (PO Box 33150), Takapuna, Auckland.
Telephone: (09) 984 1514. Facsimile: (09) 984 3116.

The plaintiff's solicitor is Michael Kinlim Yan.


PAINT XTRAS: Shareholders Appoint Joint Liquidators
---------------------------------------------------
Shareholders of Paint Xtras Limited on October 16, 2008, appointed
John Trevor Whittfield and Peri Micaela Finnigan, insolvency
practitioners of Auckland, jointly and severally as liquidators.

Creditors have until December 5, 2008, to prove their debts or
claims and to establish any title they may have to priority, or be
excluded from the benefit of any distribution made before the
debts are proved.

The liquidators can be reached at:

     McDonald Vague
     PO Box 6092
     Wellesley Street
     Auckland 1141
     Telephone: (09) 303 0506
     Facsimile: (09) 303 0508
     Website: http://www.mvp.co.nz/
     Inquiries to: Jared Booth
     Telephone: (09) 306 3340


R & D ENTERPRISES: Court to Hear Wind-Up Petition on November 14
----------------------------------------------------------------
On July 15, 2008, an application to put R & D Enterprises Limited
into liquidation was filed in the High Court at Auckland.  The
application is to be heard before the High Court at Auckland on
November 14, 2008, at 10:45 a.m.

The plaintiff is the Commissioner of Inland Revenue, whose address
for service is Inland Revenue Department, Legal and Technical
Services, 5-7 Byron Avenue (PO Box 33150), Takapuna, Auckland.
Telephone: (09) 984 1514. Facsimile: (09) 984 3116.

The plaintiff's solicitor is Michael Kinlim Yan.


SIGNGRAPHIX LTD: High Court Appoints Joint Liquidators
------------------------------------------------------
Signgraphix Limited was ordered by the High Court at Dunedin on
October 13, 2008, to be put into liquidation.  Iain Andrew Nellies
and Paul William Gerrard Jenkins were appointed liquidators
jointly and severally.

Creditors may make enquiries to the liquidators, whose address is
c/o Insolvency Management Limited, Level 3, Burns House, 10 George
Street (PO Box 1058), Dunedin.


WAIATOTO RIVER: High Court Appoints Joint Liquidators
-----------------------------------------------------
Waiatoto River Safaris Limited was ordered by the High Court at
Invercargill on October 8, 2008, to be put into liquidation.
Iain Andrew Nellies and Paul William Gerrard Jenkins were
appointed liquidators jointly and severally.

Creditors may make enquiries to the liquidators, whose address is
c/o Insolvency Management Limited, Level 3, Burns House, 10 George
Street (PO Box 1058), Dunedin.


WELLINGTON PROPERTY: Commences Liquidation Proceedings
------------------------------------------------------
Wellington Property Holdings Limited resolved on October 8, 2008,
to be put into liquidation.  Iain Andrew Nellies and Paul William
Gerrard Jenkins were appointed liquidators jointly and severally.

Creditors may make enquiries to the liquidators, whose address is
c/o Insolvency Management Limited, Level 3, Burns House, 10 George
Street (PO Box 1058), Dunedin.



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

PLDT: Nine Months Ended Sept. 30, 2008 Net Profit Falls 2%
----------------------------------------------------------
Philippine Long Distance Telephone Company disclosed its unaudited
financial results for the first nine months of 2008.

The company said that a consolidated net profit of Php26.2
billion, reported this period, decreased 2% from the Php26.6
billion net profit reported last year.

The company's core net income, net of exceptional items, rising to
Php27.8 billion in the first nine months of 2008, 5% higher than
the core net income of Php26.4 billion in the same period in 2007.

According to PLDT, this year's reported results were adversely
impacted by losses from the foreign exchange revaluation of our
financial assets and liabilities, partially offset by net gains on
derivative transactions.

Consolidated service revenues increased by 5% to Php105.6 billion,
despite the 6% appreciation of the peso which reduced in peso
terms the dollar-linked revenues of the Group.  Dollar-linked
revenues account for as much as 28% of consolidated revenues.
Consolidated EBITDA improved by 6% to Php65.6 billion while EBITDA
margin was stable at 62%.

Consolidated free cash flow was more robust at Php39.0 billion in
the first nine months of 2008.  Consolidated capital expenditures
were at Php16.8 billion for the first nine months, with capital
expenditures for the year expected to be approximately Php27.0
billion, a reduction from the earlier guidance of Php28.5 billion.
The Group's consolidated gross debt balance as of September 30,
2008, stood at US$1.5 billion with net debt at approximately
US$900 million.  Net debt to EBITDA and net debt to free cash flow
ratios stood at 0.5 times and 0.9 times, respectively.  The
Group's EBITDA/Free Cash Flows are significantly more than
adequate to service debts moving forward.

The company's debt maturities are well spread out with the bulk of
debt repayments (approximately 62% of total gross debt) due in and
after 2012.  89% of consolidated debt is US$-denominated with 43%
of total debt hedged.  The Group's cash and short-term investments
are invested primarily in bank placements as well as government
and selected Philippine corporate debt.

                   Wireless: Continued Strength

Consolidated wireless service revenues rose to Php68.8 billion for
the first nine months of 2008, 7% higher than the Php64.1 billion
realized in the same period last year.  Cellular subsidiaries,
Smart Communications, Inc and Pilipino Telephone Corporation have
consistently maintained their respective solid performances.
Consolidated wireless EBITDA improved by 6% to Php44.4 billion in
this year from Php41.9 billion last year.  EBITDA margin remained
at 65%.

The PLDT Group's total cellular subscriber base for the first nine
months of 2008 continued to grow strongly as Smart recorded net
additions of approximately 547,000 subscribers and Talk 'N Text
added about 3.6 million subscribers to end the period with 20.9
million and 13.3 million subscribers, respectively, or a total of
34.2 million subscribers.  Net additions for the third quarter of
935,000 were lower than those of previous quarters, most likely
due to the traditional seasonal weakness of the third quarter as
well as the effects of higher inflation.

"While the third quarter is seasonally a slow one for us, we are
beginning to see the effect of inflation on activations and usage.
Nonetheless, our core businesses continue to grow, demonstrating
the underlying strength of our business and the wisdom of our
strategy," stated Napoleon L. Nazareno, President and CEO of PLDT
and Smart.

Smart Bro, Smart's wireless broadband service – provided through
its wholly-owned subsidiary Smart Broadband, Inc - showed no signs
of slowing down as its wireless broadband subscriber base grew 57%
for the nine months to reach 473,000 at end-September 2008, adding
about 65,000 new subscribers for the third quarter alone.

Wireless broadband revenues grew 94% to about Php3.1 billion in
the first nine months of 2008, a significant improvement over the
Php1.6 billion for the same period in 2007.  SmartBro's prepaid
Plug-It service, which was introduced in late March 2008, already
has over 76,000 subscribers as of end-September, as it made the
Internet available to a broader segment of the population with
affordable sachet pricing, nationwide coverage and easy loading.
Plug-It offers instant, Internet access through a portable
wireless modem and is available in all areas where Smart's network
coverage is present.

"The continued success of Plug-It's prepaid version validates our
belief that Filipinos are internet savvy and we will be there to
serve this expected demand for internet access with services
suited to the market's needs", added Orlando B. Vea, Chief
Wireless Adviser of Smart.

             PLDT Fixed Line: Transformation Underway

Fixed Line service revenues increased 2% to Php36.7 billion in the
first nine months of 2008 from Php35.8 billion last year as
improvements in data revenues, both from corporate data and
residential DSL services, were offset by declines in other
segments of the business.

Revenues in Local Exchange and National Long Distance were each
down 2% while International Long Distance revenues continued to
decline as our dollar-linked sales were adversely impacted by the
6% appreciation of the average US dollar/peso exchange rate in
2008, as well as reductions in termination rates and call volumes.
Fixed Line revenues would have improved another 2% year-on-year if
foreign exchange rates had remained stable.

Retail DSL continued to grow as broadband subscribers grew by over
124,000 to 388,000 at the end of the first nine months of 2008
from 264,000 at the end of 2007.  PLDT DSL generated Php3.9
billion in revenues for the first nine months of 2008, up 41% from
Php2.8 billion in the same period in 2007.

Fixed Line EBITDA in the first nine months of 2008 improved to
Php20.5 billion due to higher revenues and a modest increase in
cash operating expenses.  As a result, EBITDA margin increased to
56% from 54% last year.

Representative of the convergent offerings which the Group will
increasingly offer moving forward, PLDT Landline Plus is a fixed-
wireless telephone service that uses a combined fixed/wireless
platform in the delivery of fixed line voice and data services and
is available in areas with limited or non-existent PLDT fixed
facilities.  A postpaid version has been in the market since March
2007 and a prepaid offering was introduced in March this year.

Demand for the service has been strong given the service's value
proposition.  Subscribers to this service, net of churn, have
surpassed 132,000.

"We continue to be encouraged by the growth in our Fixed Line
business and remain committed to the improvement of our customer
service, knowing that customer loyalty is essential in a tough
economic environment such as the one we face today. We have
therefore hastened our transformation efforts with a view to
achieving this goal," declared Mr. Nazareno.

                   ePLDT: Managing Challenges

ePLDT, the Group's information and communications technology arm,
reported service revenues of Php7.6 billion for the first nine
months of 2008, a 2% increase from the Php7.4 billion
recorded in the same period last year.  ePLDT's revenues and
performance for the period reflected the unfavorable effects of
the strong appreciation of the peso, as approximately 77%
of its service revenues are denominated in U.S. Dollars.

As a result of this effect and combined with higher operating
expenses, ePLDT's EBITDA fell to Php671 million in the first nine
months of 2008 compared with Php821 million in the same period
last year.  EBITDA margin declined correspondingly to 9% compared
with 11% in 2007.  ePLDT's revenues account for 7% of PLDT's
consolidated revenues.

Consolidated customer interaction services revenues grew 6% to
Php2.5 billion despite the appreciation of the peso.  ePLDT
Ventus, the umbrella brand for ePLDT's customer interactive
business, now operates seven customer interaction service
facilities with combined seats of close to 6,500 and an employee
base of close to 7,000.

SPi Technologies, ePLDT's knowledge processing arm, generated
revenues of Php3.9 billion in the first nine months of 2008.
Revenues in the publishing and medical billing verticals were
broadly in line with expectations while the medical transcription
and legal businesses continue to underperform.

Data center revenues from Vitro Data Center improved 35% to Php518
million in the first nine months of 2008 compared with Php384
million in the same period in 2007.

"We continue to manage the challenges faced by some of our
verticals.  We have a number of new contracts in our pipeline
which should support an improvement in our margins in the
coming quarters," said Ray C. Espinosa, ePLDT President and CEO.

                         About PLDT

Headquartered in Manila, Philippine Long Distance Telephone
Company is a telecommunications service provider in the
Philippines.  Through its three principal business groups -
wireless, fixed line, and information and communications
technology - PLDT offers a wide range of telecommunications
services to its subscribers in the Philippines.  PLDT's
subsidiaries and affiliates include Smart Communications, Inc.
and Pilipino Telephone Corporation, both cellular service
providers, and ePLDT, an integrated information and
communications technology provider.

PLDT was incorporated on November 28, 1928, following the merger
of four telephone companies under US ownership, namely,
Philippine Telephone and Telegraph Company, Cebu Telephone and
Telegraph Company, Panay Telephone and Telegraph Company, and
Negros Telephone and Telegraph Company.  In 1967, effective
control of PLDT was sold by General Telephone and Electronics
Corporation to a group of Filipino businessmen.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
October 9, 2008, Fitch Ratings affirmed Philippine Long Distance
Telephone Company's (PLDT) Long-term foreign and local currency
Issuer Default Ratings at 'BB+' and 'BBB' respectively, and its
National Long-term rating at 'AAA(phl)'.  The rating Outlook is
Stable.  Also, PLDT's global bonds and senior notes have been
affirmed at 'BB+'.

On March 24, 2008, Moody's Investors Service affirmed
Philippine Long Distance Telephone Company's Ba2/positive
foreign currency bond rating.



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

GOLDEN MANDIRI: Court to Hear Wind-Up Petition on November 14
-------------------------------------------------------------
A petition to have Golden Mandiri Pte Ltd's operations wound up
will be heard before the High Court of Singapore on November 14,
2008, at 10:00 a.m.

Maggie Meilanie Halim filed the petition against the company on
October 21, 2008.

Maggie Meilanie's solicitors are:

          Drew & Napier LLC
          20 Raffles Place
          #17-00 Ocean Towers
          Singapore 048620


JMAC 2 TRUST: Fitch Affirms Rating of Class E TBIs at 'BB'
----------------------------------------------------------
Fitch Ratings has affirmed the ratings of JMAC 2 Trust's trust
beneficiary interests (TBIs) due May 2011, assigned a Negative
Outlook to class E and Stable Outlooks to all other classes as:

   -- JPY85 million*, Class C TBIs affirmed at 'AAA';
      Outlook Stable;

   -- JPY1,000 million*, Class D TBIs affirmed at 'AAA';
      Outlook Stable;

   -- JPY870 million*, Class E TBIs affirmed at 'BB';
      Outlook Negative; and

   -- Dividends-only, Class X1 TBIs affirmed at 'AAA';
      Outlook Stable.

      *as of October 29, 2008

The rating actions are the results of a periodic review which has
confirmed the performance of the collateral properties as being in
line with the agency's expectations.  The Negative Outlook
assigned to Class E TBIs reflects Fitch's concern over current
conditions of the real estate market and the general finance
environment as the maturity date of remaining loans approaches.

Fitch assigned ratings to the JMAC 2 Trust transaction in
August 2004.  The transaction was initially a securitisation of 13
loans backed by 19 commercial properties.  To date, 11 loans
backed by 16 properties have been repaid and therefore the
transaction is currently secured by reserve and two loans backed
by three properties.  Class A and B TBIs were redeemed in full in
May 2007 and May 2008, respectively.

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.


OPES PRIME: To Pay First and Final Dividend
-------------------------------------------
Opes Prime International (Singapore) Pte Ltd, which is in
voluntary liquidation, will pay the first and final dividend to
its creditors on November 7, 2008.

The company's liquidator is:

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


PRIMEPOWER SYSTEMS: Requires Creditors to File Claims by Nov. 29
----------------------------------------------------------------
The creditors of Primepower Systems Pte. Ltd. are required to file
their proofs of debt by November 29, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on October 31, 2008.

The company's liquidator is:

          Tay Joo Soon, CPA
          1 North Bridge Road
          #13-03 High Street Centre
          Singapore 179094


SAPMARKETS ASIA: Creditors' Proofs of Debt Due on December 3
------------------------------------------------------------
The creditors of Sapmarkets Asia Pacific Solutions Pte Ltd are
required to file their proofs of debt by December 3, 2008, to be
included in the company's dividend distribution.

The company's liquidators are:

          Chia Soo Hien
          Leow Quek Shiong
          c/o BDO Raffles
          19 Keppel Road
          #02-01 Jit Poh Building
          Singapore 089058



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

CHINATRUST GROUP: Fitch Affirms Individual Ratings at 'B'
---------------------------------------------------------
Fitch Ratings affirmed the ratings of Chinatrust Group, namely
Chinatrust Financial Holding Company and its subsidiaries
Chinatrust Commercial Bank and Chinatrust Securities Co.  The
rating affirmations are based on the group's good financial
standing, well-managed risk profile and diversified business
profile which could mitigate risks arising from the on-going
economic slowdown.  The Issuer Default Rating (IDR) of CTSC is
based on the expected strong support from its parent CFHC.

The group reported satisfactory profitability in H108 as credit
costs on its unsecured consumer lending subsided.  Its pre-
provision operating profits declined slightly in H108 due to the
more challenging macroeconomic environment but, its revenue
structure remained well-balanced.  Although turbulent global
capital markets could add pressure on the group's core earnings in
2008, Fitch expects it to achieve a reasonable profitability in
2008 on the back of the group's well-managed risk profile.

Chinatrust Group grew its assets portfolio conservatively in H108
to weather the challenging market conditions.  The group took
precautions to tighten its mortgage lending policy from as early
as 2006 by re-shuffling its customer mix toward the prime market
segment, which resulted in an increase in its mortgages by only
3.5% in the 16 months to end-H108.  Meanwhile, its unsecured
lending stabilized as it gradually recovered from the domestic
unsecured lending crisis in late-2005, while loans to corporates
increased 7% in January-June 2008 due to the strong growth in
foreign-currency lending to Taiwanese corporates.  The group's
overall asset quality remains sound and its total problem exposure
was only 1.5% of total loans and was adequately covered by loan
loss reserves.  It advised very limited exposure to recently
troubled US financial institutions.

CFHC is moderately leveraged and its subsidiaries are adequately
capitalized.  CTCB's total capital ratio and Tier 1 ratio rose to
11.9% and 8.7%, respectively, at end-H108 after CFHC reallocated
additional capital of TWD22.5 billion to the bank in 2007.
Meanwhile, CTSC's total CAR increased to 950% at end-H108 as it
reduced its investment portfolio to weather the sharp market
decline.

The group's liquidity profile appears good and CFHC's ample cash
and marketable securities of TWD39.4 billion at end-H108 can
easily pay off its outstanding debt of TWD18 billion, most of
which will mature in 2010.  Its cash flow from operations
comfortably covers its stand-alone operating expenses and interest
expenses.  Moreover, CTCB has a solid deposit base thanks to its
strong deposit-taking franchise; the bank's liquidity reserve
ratio of 20% at end-H108 far exceeds the regulatory requirement.
CTSC also had a liquid balance sheet with a current ratio of over
200% at end-H108.

Several disputes recently arose from CFHC's wealth management
clients, who claimed that they were not properly advised about
risk exposure, particularly in relation to the Lehman Brothers-
linked structured notes.  Despite CFHC's denial of misconduct in
the selling process, and although the financial implications of
this event may be limited, Fitch views that this could harm its
reputation and affect goodwill.  To minimize any damage to its
reputation, CFHC is providing investors with legal assistance to
file claims against Lehman Brothers.  Fitch will monitor
developments and assess their impact on CFHC's franchise value
accordingly.

Founded in 2002, CHFHC is a bank-centric financial holding company
with several subsidiaries, including CTCB, Taiwan's largest
private-sector bank, and CTSC.

The affirmed ratings are:

Chinatrust Financial Holding Company

   -- Long-term foreign currency IDR at 'A'/Outlook Stable;
   -- Short-term foreign currency IDR at 'F1';
   -- National Long-term rating at 'AA+(twn)';
   -- National Short-term rating at 'F1+(twn)';
   -- Individual at 'B';
   -- Support at '5'; and
   -- Support Rating Floor at 'N/F'.

Chinatrust Commercial Bank

   -- Long-term foreign currency IDR at 'A'/Outlook Stable;
   -- Short-term foreign currency IDR at 'F1';
   -- National Long-term rating at 'AA+(twn)';
   -- Short-term ratings at 'F1+(twn)';
   -- Individual at 'B';
   -- Support at '3';
   -- Support Rating Floor at 'BB+';
   -- Subordinated bonds' Long-term foreign currency rating at
      'A-'(A minus) and National Long-term rating at 'AA(twn)';
      and
   -- Senior unsecured bonds at 'AA+(twn)'.

Chinatrust Securities Co.

   -- Long-term foreign currency IDR at 'A-' (A minus)/Outlook
      Stable;
   -- Short-term foreign currency IDR at 'F1';
   -- National Long-term rating at 'AA(twn)'/Outlook Stable;
   -- National Short-term rating at 'F1+(twn)';
   -- Individual at 'C/D'; and
   -- Support at '1'.




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

* Severe Global Recession Expected in 2009, Fitch Says
------------------------------------------------------
In its latest Global Economic Outlook, Fitch Ratings predicts that
the world's major advanced economies -- US, UK, Euro area and
Japan -- will next year experience the steepest decline in GDP
since World War II. In aggregate GDP growth in these countries is
expected to be (minus) -0.8% in 2009, compared to an estimated
1.1% for 2008. Tighter credit conditions, consumer retrenchment
and falling corporate investment are expected to combine to
deliver an unusually synchronised downturn across the advanced
economies.

World GDP will grow by just 1% next year -- the slowest rate since
the early 1990s -- and compared to an average of 3.5% over the
last five years. The combination of recession in developed
countries, lower commodity prices and reduced international
capital flows will result in a sharp slowdown in growth in
emerging markets, though most will avoid outright recession.

The rapid intensification of the global credit crisis in the last
two months and clearer evidence of household retrenchment,
declining corporate investment intentions and falling world trade
growth explain the sharp deterioration in the outlook since
Fitch's previous Global Economic Outlook was published on July 4,
2008. These factors far outweigh the benefits to income growth in
the advanced economies from the decline in commodity prices.

Recession driven by a contraction in the supply of credit is
uncharted territory for the world economy and there are few
historical parallels on which to gauge its possible depth or
length. However, the aggressive expansion of central bank
liquidity provision since early September, in combination with
major fiscal injections into the US and European banking systems
will head off the worst-case scenario of widespread deflation.
Nevertheless, the process of de-leveraging by households and
companies is now underway and this will weigh on spending for some
time. Declining asset prices, rising unemployment and job
uncertainty will result in higher desired household saving rates,
while the deterioration in the cost and availability of household
credit will push the adjustment further and faster. Business
investment is also likely to fall sharply, consistent with its
highly pro-cyclical nature as companies anticipate weak final
demand and face tough borrowing conditions.

The recent widening of the credit crisis to emerging markets
dampens the prospects of companies in the advanced economies
switching sales strategies to the developing world as the US
consumer retrenches. This will also weigh on investment. In
particular, the increasingly likely prospect of a hard landing in
eastern Europe will hit German export growth, which has been a
mainstay of its recent recovery. Fitch also expects growth in
China to slow to just over 7% in 2009, its lowest rate for nearly
two decades. Even so, it expects growth in Brazil, Russia, India
and China (BRICs) overall to be 5.7%, reflecting policy
flexibility, external financial strengths and structural factors.

The decline of inflationary pressures from the commodity markets
is positive news. It will allow the European Central Bank and the
Bank of England to bring down interest rates rapidly, which will
ease the de-leveraging process and help banks' profitability. In
concert, fiscal policy will also cushion the shock to growth as
governments absorb an increasing share of global liquidity through
higher borrowing and inject it back into the economy through tax
cuts or higher spending. Indeed, the macroeconomic policy
response, along with the boost to real incomes from lower
commodity prices, forms an important part of the expectation for
recovery in 2010. This will, however, be to a rate well below that
seen in the last five years, when credit was abundant.

The report, "Global Economic Outlook, November 2008" is available
at the agency's public site, http://www.fitchratings.com/




                         *********

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

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

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



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

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Pius Xerxes V. Tovilla, Valerie C. Udtuhan,
Marites O. Claro, Rousel Elaine C. Tumanda, Joy A. Agravante,
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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