TCRAP_Public/090123.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Friday, January 23, 2009, Vol. 12, No. 16

                            Headlines

A U S T R A L I A

A.C.N. 091 063 062: Declares Dividend
A.C.N. 070 196 235: Declares Dividend
CONNECTION WORX: Placed Under Voluntary Liquidation
GAV HOLDINGS: Members and Creditors Hear Wind-Up Report
GOLDFIELDS CRUSHING: Declares First and Final Dividend

ILLAWARRA PASTORAL: Members Hear Wind-Up Report
KANGAROO ISLAND: Declares Dividend
KEN BOND: Members and Creditors Hear Wind-Up Report
LONG RANGE: Declares First and Final Dividend
MT COMPASS: Declares Dividend for Unsecured Creditors

SMITH BAY: Declares Dividend
TIVOLI GARDENSTONE: Declares Dividend for Unsecured Creditors


C H I N A

CHINA LIFE: Sees 50% Profit Decline for 2008


H O N G  K O N G

BANK OF BARODA: Michael and Keith Step Down as Liquidators
CENTRE ENTERPRISES: Huen Ho Yin Ceases to Act as Liquidator
CONSCO TRADING: Court Hears Wind-Up Petition
FAST FORM: Creditors' Proofs of Debt Due on February 10
GROUP FORTUNE ET AL: Appoint Ma and Lee as Liquidators

KINGVIEW ENTERPRISES: Siu Kwai Kwong Ceases to Act as Liquidator
SUN RISE: Inability to Pay Debts Prompts Wind-Up
TAK LEE: Creditors Hold Meeting
THE HONG KONG CANADIAN: Court to Hear Wind-Up Petition on Feb. 4
TOP MIGHTY: Members Receive Wind-Up Report

WILLFIELD HOLDINGS: Court to Hear Wind-Up Petition on Feb. 4
ZAILTON INVESTMENTS: Leung Ceases to Act as Liquidator


I N D I A

ERIC APPAREL: CRISIL Puts 'BB+' Rating on Various Bank Facilities
JET AIRWAYS: Takes Rs 1,250 cr Loan for Working Capital Needs
KABRA PLASTICS: CRISIL Rates Rs.99.0 Mil. Cash Credit at 'BB'
RANBAXY LABORATORIES: Posts IDR915cr Consolidated Loss in FY2008
SUPER ELECTRO: CRISIL Rates Rs.60.0 Mil. Cash Credit at 'BB+'


J A P A N

MIKI CORPORATION: Files for Bankruptcy Protection
MINAMI-NIPPON BANK: Seeks Public Fund Injection
YAMATO LIFE: Final Bids Due on February 20


K E N Y A

CFC STANBIC: Fitch Changes Outlook to Stable; Affirms 'BB-' Rating


K O R E A

SSANGYONG MOTOR: Needs Reform to Survive, Minister Says


M A L A Y S I A

APL INDUSTRIES: Defaults on Various Loans


N E W  Z E A L A N D

AIR NEW ZEALAND: May Post NZ$333Mil. Fuel Hedging-Related Losses
AXEL INSTALLATIONS: Court Hears Wind-Up Petition
CD ANYWHERE: Appoints Heath and Lamacraft as Liquidators
CHERRY ONE: Court Hears Wind-Up Petition
CITY RENTALS: Court Hears Wind-Up Petition

DYNASTY CORPORATE: Court to Hear Wind-Up Petition on January 28
GUARDIAN TRUST: To Wind-Up NZ$249Mil. Mortgage Fund
HEALTH CENTRE: Court to Hear Wind-Up Petition on February 18
LINCOLN FISH: Court to Hear Wind-Up Petition on January 30
MANSFORD LAND: Commences Liquidation Proceedings

MCLAUGHLIN PARK: Creditors' Proofs of Debt Due on January 29
NETWORTH DEVELOPMENTS: Court Hears Wind-Up Petition
NZ ARTISAN: Court to Hear Wind-Up Petition on February 4
PRIDE CONTRACTING: Court to Hear Wind-Up Petition on January 28
SAGES INDIAN: Court to Hear Wind-Up Petition on February 18

SMITH & CAMPO: Appoints Meltzer and Mason as Liquidators
ST VINCENT: Court Hears Wind-Up Petition
STARLINE LTD: NZ$18.5 Mln Gulf Harbour Project Up for Sale
* NEW ZEALAND: Electronic Card Spending Down 0.7% in Dec. 2008


P H I L I P P I N E S

PACIFIC PLANS: GPL Sells 100% Stake in Firm for Php250 Mln


S I N G A P O R E

JURONG INDUSTRIAL: Court to Hear Wind-Up Petition on January 30
OLDLAB PTE: Creditors' Proofs of Debt Due on January 30
QUINTEGRA SOLUTIONS: Court Enters Wind-Up Order
TEAM ENERGY: Court to Hear Wind-Up Petition on January 30
WBG NETWORK: Court Enters Wind-Up Order


T A I W A N

SHIN KONG: S&P Affirms Bank Financial Strength Rating at 'D+'


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                         - - - - -


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

A.C.N. 091 063 062: Declares Dividend
-------------------------------------
A.C.N. 091 063 062 Pty Limited has declared dividend.

Only creditors who were able to file their proofs of debt by
Nov. 19, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

          Hugh Martin
          195 Victoria Square, Level 1
          Adelaide SA 5000


A.C.N. 070 196 235: Declares Dividend
-------------------------------------
A.C.N. 070 196 235 Pty Ltd declared the first and final dividend
for its creditors on Nov. 18, 2008.

Only creditors who were able to file their proofs of debt by
Nov. 18, 2008, were included in the company's dividend
distribution.


CONNECTION WORX: Placed Under Voluntary Liquidation
---------------------------------------------------
At an extraordinary general meeting held on October 17, 2008, the
members of Connection Worx Pty Ltd resolved to voluntarily
liquidate the company's business.

The company's liquidator is:

          Tarquin Koch
          Anthony Matthews & Associates
          46 Fullarton Road, Ground Floor
          Norwood, South Australia


GAV HOLDINGS: Members and Creditors Hear Wind-Up Report
-------------------------------------------------------
The members and creditors of Gav Holdings Pty Ltd met on Dec. 1,
2008, and heard the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Bryan Hughes
          Pitcher Partners
          914 Hay Street, Level 1
          Perth WA 6000


GOLDFIELDS CRUSHING: Declares First and Final Dividend
------------------------------------------------------
Goldfields Crushing & Screening Pty Ltd declared the first and
final dividend on December 16, 2008.

Only creditors who were able to file their proofs of debt by
November 18, 2008, were included in the company's dividend
distribution.


ILLAWARRA PASTORAL: Members Hear Wind-Up Report
-----------------------------------------------
The members of Illawarra Pastoral Co. Pty. Ltd met on Dec. 9,
2008, and heard the liquidators' report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

         Robert J. Ruddick
         Craig A. Leighton
         Ruddicks Chartered Accountants
         102 Tamar Street
         Launceston TAS 7250


KANGAROO ISLAND: Declares Dividend
----------------------------------
Kangaroo Island Seafood Pty Ltd declared the first and final
dividend for its creditors on December 17, 2008.

Only creditors who were able to file their proofs of debt by
Nov. 18, 2008, were included in the company's dividend
distribution.


KEN BOND: Members and Creditors Hear Wind-Up Report
---------------------------------------------------
The members and creditors of Ken Bond Nominees Pty Limited met on
November 26, 2008, and heard the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Hugh Martin
          Bernardi Martin, Level 1
          195 Victoria Square
          Adelaide


LONG RANGE: Declares First and Final Dividend
---------------------------------------------
Long Range Components Pty Ltd declared the first and final
dividend for its priority creditors on November 27, 2008.

Only creditors who were able to file their proofs of debt by
Nov. 12, 2008, were included in the company's dividend
distribution.


MT COMPASS: Declares Dividend for Unsecured Creditors
-----------------------------------------------------
MT Compass Sawmill Pty Limited declared the first and final
dividend for its unsecured creditors on December 9, 2008.

Only creditors who were able to file their proofs of debt by
Nov. 18, 2008, were included in the company's dividend
distribution.

The company's liquidators are:

          T. J. Clifton
          M. C. Hall
          PPB Chartered Accountants
          26 Flinders Street, 10th Floor
          Adelaide SA 5000
          Telephone: (08) 8211 7800


SMITH BAY: Declares Dividend
----------------------------
Smith Bay Land Pty Ltd declared the first and final dividend for
its creditors on Nov. 18, 2008.

Only creditors who were able to file their proofs of debt by
Nov. 18, 2008, were included in the company's dividend
distribution.


TIVOLI GARDENSTONE: Declares Dividend for Unsecured Creditors
-------------------------------------------------------------
Tivoli Gardenstone Pty Limited declared the first and final
dividend for its ordinary unsecured creditors on Nov. 25, 2008.

Only creditors who were able to file their proofs of debt by
Nov. 21, 2008, were included in the company's dividend
distribution.

The company's liquidators are:

          Andrew Heard
          Anthony Phillips
          Heard Phillips Chartered Accountants
          45 Grenfell Street, Level 2
          Adelaide SA 5000
          Telephone: (08) 8212 3433



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

CHINA LIFE: Sees 50% Profit Decline for 2008
--------------------------------------------
China Life Insurance Company Ltd warned its 2008 profit may be
down more than 50 percent from the previous year, The Associated
Press reports.  In 2007, the company earned CNY28.1 billion.

According to the report, China Life said in a stock exchange
filing that profits took a hit from steep losses in its stock
holdings amid the financial turmoil and stiff competition in
China's insurance industry.

The report says rising claim expenses from natural disasters also
hurt earnings specially after a deadly earthquake hit China's
Sichuan province in May.

The Wall Street Journal relates the insurer reported a 47% drop in
January-September net profit to CNY13.11 billion, under Chinese
accounting standards, citing a weak securities market.

China Life Insurance Company Ltd. (NYSE:LFC) --
http://www.chinalife.com.cn/--
is an insurance company in the People's Republic of China.  The
company's main businesses include individual life insurance, group
life insurance and short term insurance.  Its products and
services include individual life insurance, group life insurance,
accident and health insurance.  The company is a provider of
annuity products and life insurance for both individuals and
groups, and a provider of accident and health insurance in China.
As of December 31, 2007, the company had over 93 million
individual and group life insurance policies and annuities, and
long-term health insurance policies in force.  It also provides
both individual and group accident and short-term health insurance
policies, as well as services.  The company's main business
segments are Individual life insurance business; Group life
insurance business; Accident and health insurance business, and
Corporate and other.



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

BANK OF BARODA: Michael and Keith Step Down as Liquidators
----------------------------------------------------------
On December 29, 2008, Chan Wah Tip, Michael and Ho Man Kei, Keith
stepped down as liquidators of Bank of Baroda (Hong Kong) Limited.

The company's former Liquidators can be reached at:

          Chan Wah Tip, Michael
          Ho Man Kei, Keith
          601 Prince's Building
          Chater Road
          Central, Hong Kong


CENTRE ENTERPRISES: Huen Ho Yin Ceases to Act as Liquidator
-----------------------------------------------------------
On January 2, 2009, Huen Ho Yin ceased to act as liquidator of
Centre Enterprises Limited.

The company's former Liquidator can be reached at:

          Huen Ho Yin
          Li Po Chun Chambers, 8th Floor
          189 Des Voeux Road Central
          Hong Kong


CONSCO TRADING: Court Hears Wind-Up Petition
--------------------------------------------
A petition to have Consco Trading Company Limited's operations
wound was heard before the High Court of Hong Kong on Jan. 14,
2009.

The Government of the Hong Kong Special Administrative Region
filed the petition against the company on December 19, 2008.


FAST FORM: Creditors' Proofs of Debt Due on February 10
-------------------------------------------------------
The creditors of Fast Form Limited are required to file their
proofs of debt by February 10, 2009, to be included in the
company's dividend distribution.

The company's liquidator is:

          Ho Oi Suen
          Hing Yip Commercial Centre
          Room 502, 5th Floor
          272-284 Des Voeux Road Central
          Hong Kong


GROUP FORTUNE ET AL: Appoint Ma and Lee as Liquidators
------------------------------------------------------
On January 2, 2009, Andrew C.C. Ma and Felix K.L. Lee were
appointed as liquidators of:

   -- Group Fortune Limited;
   -- Wiak Far East Limited; and
   -- World System Management Company Limited.

The Liquidators can be reached at:

          Andrew C.C. Ma
          Felix K.L. Lee
          Seaview Commercial Building, 19th Floor
          21-24 Connaught Road West
          Hong Kong


KINGVIEW ENTERPRISES: Siu Kwai Kwong Ceases to Act as Liquidator
----------------------------------------------------------------
On December 22, 2008, Siu Kwai Kwong stepped down as liquidator of
Kingview Enterprises Limited.

The company's former Liquidator can be reached at:

          Siu Kwai Kwong
          Mega Trade Centre
          Room 1206, 12th Floor
          No. 1 Mei Wan Street
          Tsuen Wan, New Territories


SUN RISE: Inability to Pay Debts Prompts Wind-Up
------------------------------------------------
At an extraordinary general meeting held on December 23, 2008, the
members of Sun Rise Plastic Materials Company Limited resolved to
voluntarily liquidate the company's business due to its inability
to pay debts when it fall due.

The company's liquidators are:

          Lo Wing Hung
          Chung Wai Ming
          Eton Building, Unit B, 4th Floor
          288 Des Voeux Road
          Central, Hong Kong


TAK LEE: Creditors Hold Meeting
-------------------------------
The creditors of Tak Lee Rubber & Metal Manufacturing Limited met
on January 22, 2009, and discussed the matters provided in
Sections 241, 242, 243 and 244 of the Companies Ordinance.


THE HONG KONG CANADIAN: Court to Hear Wind-Up Petition on Feb. 4
----------------------------------------------------------------
A petition to have The Hong Kong Canadian International Hospital
Foundation Limited's operations wound up will be heard before the
High Court of Hong Kong on Feb. 4, 2009, at 9:30 a.m.

The Government of the Hong Kong Special Administrative Region
filed the petition against the company on November 3, 2008.

The Petitioner's counsel is:

         Samuel Lee
         Department of Justice
         High Block, 2nd Floor
         Queensway Government Offices
         66 Queensway, Hong Kong


TOP MIGHTY: Members Receive Wind-Up Report
------------------------------------------
The members of Top Mighty Limited met on January 22, 2009, and
heard the liquidator's report on the company's wind-up proceedings
and property disposal.

Kung Ka Wun is the company's liquidator.


WILLFIELD HOLDINGS: Court to Hear Wind-Up Petition on Feb. 4
------------------------------------------------------------
A petition to have Willfield Holdings Limited's operations wound
up will be heard before the High Court of Hong Kong on Feb. 4,
209, at 9:30 a.m.

Chau Ka Man Carman filed the petition against the company on
December 1, 2008.


ZAILTON INVESTMENTS: Leung Ceases to Act as Liquidator
------------------------------------------------------
On January 6, 2009, Man Kwok Leung stepped down as liquidator of
Zailton Investments Limited.

The company's former Liquidator can be reached at:

          Man Kwok Leung
          The Sun's Group Centre
          Unit 701, 7th Floor
          200 Gloucester Road
          Hong Kong



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

ERIC APPAREL: CRISIL Puts 'BB+' Rating on Various Bank Facilities
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4' to the various
bank facilities of Eric Apparel Pvt Ltd (Eric Apparel).

   Rs.15.4 Million Term Loan              BB+/Stable (Assigned)

   Rs.0.6 Million Proposed Long           BB+/Stable (Assigned)
          Term Bank Facility

   Rs.66.0 Million Packing Credit*        P4 (Assigned)
   Rs.60.0 Million Post Shipment Credit  P4 (Assigned)
   Rs.15.0 Million Bill Discounting  P4 (Assigned)
   Rs.10.0 Million Letter of Credit  P4 (Assigned)
   Rs.2.5 Million Bank Guarantee       P4 (Assigned)
   Rs.75.0 Derivative                     P4 (Assigned)

   * Fully interchangeable with Bills Negotiated.

The ratings reflect Eric Apparel's exposure to risks relating to
customer concentration in its revenue profile, and small scale of
operations.  These weaknesses are partially offset by Eric
Apparel's above-average financial risk profile.

Outlook: Stable

CRISIL believes that Eric Apparel will maintain above - average
financial risk profile over the medium term, backed by low gearing
and comfortable debt protection measures.  The outlook may be
revised to 'Positive' if the company diversifies its customer
base, while maintaining its current financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the
company's financial risk profile deteriorates on account of large,
debt-funded capital expenditure, or impact of slowdown in the
export markets.

                     About Eric Apparel

Incorporated in 1997 by Mr. M O Johnse and his wife, Mrs. Usha
Johnse, Eric Apparel manufactures readymade garments for men,
women and children, entirely for the export markets. The company
has manufacturing units at Vikroli, Khopoli and Digha.  It is
setting up a new unit at Kalwa, Navi Mumbai. Mr. Johnse has been
in the same line of business for more than 30 years. Eric Apparel
reported profit after tax (PAT) of Rs.9.72 million on revenues of
Rs.270 million in 2007-08 (refers to financial year, April 1 to
March 31), as against a PAT of Rs.14.34 million on revenues of
Rs.312.64 million in 2006-07.


JET AIRWAYS: Takes Rs 1,250 cr Loan for Working Capital Needs
-------------------------------------------------------------
Jet Airways (India) Ltd disclosed for the first time the terms and
conditions of the Rs 1,250 crore loans and the rate of the
interest at which it raised it in the last quarter, The Economic
Times reports.

"The term loan of Rs 1,250 crore came at 14% interest rate for two
years from Indian nationalised banks," Jet Airways Chief Executive
Officer Prock-Schauer told the news agency.

The Economic Times reported Monday Jet Airways will raise further
Rs 750 crore shortly to meet its working capital needs as it has
targeted to raise total
Rs 2,000 crore in the current fiscal.

According to the report, the company said it has a fuel bill of
around Rs 250 crore per month.  Jet Airways owes Rs 1,000 crore to
large oil firms including oil marketing companies, the report
says.

                         Third Qtr Loss

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 20, 2009, Jet Airways incurred a net loss of Rs 2141.80
million for the quarter ended Dec. 31, 2008, compared with a net
loss of Rs 911.20 million for the quarter ended Dec. 31, 2007.

Total Income increased from Rs 25171.80 million for the quarter
ended Dec. 31, 2007 to Rs 30630.70 million for the quarter ended
Dec. 31, 2008.

For the nine months ended December 31, 2008, Jet Airways reported
a net loss of Rs 4553.30 million, compared with a net loss of
Rs 318.8 million in the same period in 2007.

Total income increased from Rs 60512.00 million for the nine
months ended Dec. 31, 2007 to Rs 90113.30 million in the same
period last year.

"The company, during the quarter and nine months ended Dec. 31,
2008, suffered losses mainly on account of high fuel and other
operating costs and lower lead factors resulting into lower
revenues than expected," Jet Airways said in a filing with the
Bombay Stock Exchange.

                  About Jet Airways (India) Ltd

Jet Airways (India) Ltd (BOM:532617) -- http://www.jetairways.com/
-- currently operates a fleet of 84 aircraft,which includes 10
Boeing 777-300 ER aircraft, 11 Airbus A330-200 aircraft, 52
classic and next generation Boeing 737-400/700/800/900 aircraft
and 11 modern ATR 72-500 turboprop aircraft.  With an average
fleet age of 4.34 years, the airline has one of the youngest
aircraft fleet in the world.  Jet Airways operates over 395
flights daily.

Flights to 64 destinations span the length and breadth of India
and beyond, including New York (both JFK and Newark), San
Francisco, Toronto, Brussels, London (Heathrow), Hong Kong,
Singapore, Shanghai, Kuala Lumpur, Colombo, Bangkok, Kathmandu,
Dhaka, Kuwait, Bahrain, Muscat, Doha, Abu Dhabi and Dubai.  The
airline plans to extend its international operations to other
cities in North America, Europe, Africa and Asia in phases with
the introduction of additional wide-body aircraft into its fleet.


KABRA PLASTICS: CRISIL Rates Rs.99.0 Mil. Cash Credit at 'BB'
-------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Negative/P4' to the various
bank facilities of Kabra Plastics Ltd (KPL).

   Rs.99.0 Million Cash Credit*     BB/Negative (Assigned)
   Rs.1.5 Million Bank Guarantee    P4 (Assigned)

   * Includes sub limit of Letter of Credit of Rs. 25.0 million

The ratings reflect KPL's weak financial flexibility due to small
net worth base and small scale of operations, and aggressive
expansion plans.  These weaknesses are, however, partially offset
by KPL's established relationships with customers, and diversified
nature of the company's end-user industries.

Outlook: Negative

CRISIL's negative outlook reflects aggressive capital expenditure
(capex) plans of the management in relation to the size of net
worth of the company.  The project, to be set up near Surat
(Gujarat), is expected to be commissioned during later half of
2010-11. KPL is expected maintain a moderate business profile
backed by established relationships with customers and diversified
customer base.  The rating may be downgraded in case of higher
than anticipated debt funded capex, leading to deterioration in
financial risk profile. Conversely, the outlook may be revised to
'Stable' in case of substantial upfront equity infusion by the
promoters and more than expected improvement in cash accruals
leading to improvement in KPL's capital structure.

                       About KPL

Incorporated in 1995, KPL is part of the Kabra group which has had
a presence in the packaging industry since 1977-78. KPL, the
group's flagship company has a manufacturing unit in Daman.  The
company's product profile comprises plain and metallised
biaxially-oriented polypropylene (BOPP) and polyvinyl chloride
(PVC) films. For 2007-08 (refers to financial year, April 1 to
March 31), KPL reported a profit after tax (PAT) of Rs. 7 million
on net sales of Rs. 339 million, as against a PAT of Rs. 9 million
on net sales of Rs. 295 million for 2006-07.


RANBAXY LABORATORIES: Posts IDR915cr Consolidated Loss in FY2008
----------------------------------------------------------------
The Times of India reports that Ranbaxy Laboratories Limited
incurred a IDR915 crore consolidated annual loss for the year
ended December 31, 2008, compared with a profit of IDR786 crore in
the previous year.  Net sales for financial year 2008 was IDR7,251
crore.

For the fourth quarter ended December 31, 2008, the report relates
Ranbaxy posted a loss of IDR680 crore compared with a profit of
IDR188 crore in the same period in 2007.

"The losses are on account of three factors early adoption of
AS-30 accounting standards ($161 million), translation losses on
account of foreign exchange borrowings ($179 million) and US
related provisions of $59 million, which are all non-cash in
nature," the report quoted Ranbaxy chairman, CEO and MD Malvinder
M Singh as saying.

In July 2008, the Troubled Company Reporter-Asia Pacific said the
the U.S. Department of Justice (DOJ) conducted a probe on Ranbaxy
for allegedly bringing adulterated and misbranded medications into
the U.S.  Accordingly, the DOJ sought court permission to access
privilege records of Ranbaxy's internal audits and operations.

Ranbaxy, which derived 24% of its 2007's revenue in the U.S.,
denied the allegations.

In September 2008, sale of more than 30 Ranbaxy generic medicines
manufactured in its Dewas and Paonta Sahib plants in India were
blocked by the U.S. Food and Drug Administration (FDA) due to
deficiencies in manufacturing processes, a TCR-AP report on
Sept. 18, 2008 said.

Separately, a Sept. 26, 2008 TCR-AP report said the United States
President's Emergency Plan for AIDS Relief suspended funding for
three generic AIDS drugs made by Ranbaxy until deficiencies at its
plants are cleared.  The three Ranbaxy drugs are zidovudine,
lamivudine and nevirapine.  The program, which provided
US$8.9 million for Ranbaxy's AIDS drugs last fiscal year, said it
won't use funds to support new orders, according to Bloomberg
News.

On Oct. 10, 2008, the TCR-AP reported that the DOJ dropped its
legal action against Ranbaxy after the Indian drug maker
handed over documents relating to the regulators' concerns over
its manufacturing.

According to a TCR-AP report on Nov. 11, 20008, Ranbaxy completed
its transformational deal with the execution of the final transfer
of the remaining equity shares of the Singh family, in Ranbaxy to
Daiichi Sankyo Company Limited.  Pursuant to this, Daiichi Sankyo
has now acquired 63.92% of the equity share capital of Ranbaxy
comprising 268,711,323 shares.

                   About Ranbaxy Laboratories

Ranbaxy Laboratories Limited -- http://www.ranbaxy.com/-- along
with its subsidiaries and associates operates as an integrated
international pharmaceutical organization with businesses
encompassing the entire value chain in the production, marketing
and distribution of dosage forms and active pharmaceutical
ingredients.  It has manufacturing facilities in 11 countries,
namely Brazil, China, India, Ireland, Japan, Malaysia, Nigeria,
Romania, South Africa, the United States of America and Vietnam.
Its major markets include the United States of America, India,
Europe, Russia / CIS, Brazil and South Africa.  The major
products include, inter alia, Simvastatin, CoAmoxyclav,
Amoxycillin, Ciprofloxacin, Isotretinon and Cephalexin.  Its
research and development activities are principally carried out
at its facilities in Gurgaon, near New Delhi, India.  RLL's
segments include Pharmaceuticals and Other businesses.  During
the year ended Dec. 31, 2007, RLL acquired 24.91% of Shimal
Research Laboratories Limited.


SUPER ELECTRO: CRISIL Rates Rs.60.0 Mil. Cash Credit at 'BB+'
-------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4' to the various
bank facilities of Super Electro Films Ltd (Super Electro).

   Rs.60.0 Million Cash Credit        BB+/Stable (Assigned)
   Rs.15.7 Million Standby Line       BB+/Stable  (Assigned)
           of Credit
   Rs.60.5 Million Term Loan          BB+/Stable (Assigned)
   Rs.60.0 Million Letter of Credit   P4 (Assigned)

The ratings reflect Super Electro's weak financial risk profile,
and exposure to customer concentration in its revenue profile.
These weaknesses are, however, partially offset by Super Electro's
established position in the metallised poly propylene (PP) market,
and increasing operating efficiency and exports.

For arriving at the rating, CRISIL has combined the financials of
Super Electro, and its associate company, Globe Capacitors Ltd
(Globe); this is in view of the common promoters and management.
Super Electro sells around 80 per cent of the metallised PP it
produces to Globe. Moreover, the banks have been authorised to
transfer any amount from Globe's account to that of Super Electro,
and vice versa; both companies have also provided corporate
guarantees to each other.

Outlook: Stable

CRISIL expects the Globe group to maintain its current credit risk
profile on the back of its growing presence in the overseas
market, and healthy profit margins.  The outlook may be revised to
'Positive' on sustained, healthy and profitable growth in
revenues.  Conversely, the outlook may be revised to 'Negative' if
the company undertakes large, debt-funded capital expenditure,
leading to weak gearing and debt protection measures.

                    About Super Electro

Super Electro was incorporated in 1979 as Super Electro Capacitors
Ltd by Mr. S P Agarwal to manufacture capacitors.  It received its
present name in 2005, when it began manufacturing metallised PP
films used as key raw materials in capacitors.  Super Electro has
an installed capacity to manufacture 720 tonnes per annum of
metallised PP films.

For 2007-08 (refers to financial year, April 1 to March 31), Super
Electro reported a profit after tax (PAT) of Rs. 9.2 million on
net sales of Rs. 158.4 million, as against a PAT of Rs. 3.6
million on net sales of Rs. 115.7 million for 2006-07.



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

MIKI CORPORATION: Files for Bankruptcy Protection
-------------------------------------------------
Miki Corporation, which owns jewelery shop chains, has declared
bankruptcy due to slumping sales at its stores throughout Japan,
The Japan Times reports, citing Tokyo Shoko Research.

According to the report, the credit research agency said Miki
filed for bankruptcy protection Wednesday, January 21, with the
Tokyo District Court for protection under the Civil Rehabilitation
Law.

The company, Japan Times relates, has JPY11.7 billion in debts.

Miki Corporation is a Japanese processed/natural Diamond dealer.
It is the corporation which manages stores such as "Jewelery Maki"
and "Joyeux Couture Maki".


MINAMI-NIPPON BANK: Seeks Public Fund Injection
-----------------------------------------------
The Minami-Nippon Bank said it is planning to apply for a public
fund injection, Japan Times reports citing Kyodo News.

The regional bank, according to sources cited by the report, is
likely to ask the Financial Services Agency in February to inject
several billion yen into its capital base eroded by large
evaluation losses on its securities holdings amid the global
financial crisis.

According to Japan Times, bank officials said Minami-Nippon Bank
will ask its shareholders' approval in a meeting set on mid-March
for the issuance of preferred shares needed for public funds
injection.

The bank's capital adequacy ratio stood at 7.07 percent, above the
minimum 4 percent required for banks engaging in domestic-only
operations.  It reported a group net loss of JPY4.35 billion in
the April-September first half of fiscal 2008, the report notes.

Meanwhile, Japan Times says Sapporo Hokuyo Holdings Inc., on
Monday, also announced plans to apply for public fund injection
based on the revised financial functions enhancement law.

Sapporo Hokuyo, the report says, expects to incur JPY27.5 billion
in group net losses for the year to March due to increased losses
stemming from bad-loan disposals.

Various reports said Minami-Nippon is the second financial
institution next to Sapporo Hokuyo, to take advantage of new
legislation allowing the government to use taxpayer money to
strengthen banks' financial standing.

                       About Sapporo Hokuyo

Sapporo Hokuyo Holdings Inc. is a Japan-based holding company
mainly engaged in the banking business.  The Company operates in
three business segments.  The Banking segment provides banking
services, such as deposit, loan, domestic and foreign exchange,
securities investment and other banking services.  The Leasing
segment is engaged in the provision of leasing services. The
Others segment is engaged in the provision of clerical services,
credit card services and credit guarantee services.  The Company
has eight associated companies and one affiliated company.

                        About Minami-Nippon

The Minami-Nippon Bank, Ltd is a regional retail bank based in
Kagoshima Prefecture, Japan.  The Bank is mainly engaged in the
banking business, in addition to the complete checking and
arrangement of cash, the provision of manpower dispatching, and
lease services, the finance and credit guarantee business, as well
as the transportation and security of cash.  The Bank has three
subsidiaries and one associated company, in addition to 62 banking
branches.


YAMATO LIFE: Final Bids Due on February 20
------------------------------------------
Yamato Life Insurance Co. will invite final bids Feb. 20 to select
a sponsor to take over its operations, Japan Times reports.

Japan Times relates that the insurer initially planned to select a
sponsor this month, however, a delay in due diligence of its
assets by a court-appointed administrator prompted Yamato to defer
selection process until Feb. 20.

Citing sources, the report says Yamato has selected a number of
prospective sponsors, including Prudential Insurance Co. of
America.

According to the report, the insurer said that the court-appointed
administrator will submit a rehabilitation plan for Yamato to the
Tokyo District Court by March 23, rather than the initial deadline
of Feb. 13.  It will continue to seek court approval for the plan
by the end of April.

In October 13, 2008, the Troubled Company Reporter-Asia Pacific,
citing Bloomberg News, reported that Yamato Life filed for court
protection from creditors with debts exceeding assets by JPY11.5
billion (US$116 million).  The company went bust with debts of
US$2.7 billion, becoming the first Japanese insurer to go bankrupt
in seven years.

According to TCR-AP, citing Kyodo News, Yamato's financial profile
was hurt by losses from investing in subprime mortgage-backed
bonds and other securities like stocks, whose prices have plunged
amid the global financial crisis.

                        About Yamato Life

Based in Tokyo, Japan, Yamato Life Insurance Co. Ltd., formerly
known as Yamato Mutual Life Insurance Co., provides life insurance
services.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
October 15, 2008, JCR downgraded the rating on ability to pay
insurance claims of Yamato Life from B+p to Dp and then withdrew
the Dp rating.  Yamato Life reported to Financial Services Agency
that it can no longer stay in business and filed with the Tokyo
District Court for protection under the court-guided
rehabilitation law.



=========
K E N Y A
=========

CFC STANBIC: Fitch Changes Outlook to Stable; Affirms 'BB-' Rating
------------------------------------------------------------------
Fitch Ratings has changed the Outlook on CFC Stanbic Holdings
Limited to Stable from Negative, following the same revision to
the Outlook on Kenya's Long-term foreign currency Issuer Default
Rating (of 'B+'.  At the same time, Fitch has affirmed CFC's Long-
term foreign currency Issuer Default rating 'BB-' (BB minus),
Short-term foreign currency IDR 'B', Support rating '3' and
Individual rating 'D'.

CFC's Long-term IDR is capped at Kenya's Country Ceiling of 'BB-'
(BB minus) given the level of support it derives from its ultimate
parent, Standard Bank Group Limited.  SBG's main operating
subsidiary, The Standard Bank of South Africa Limited is rated
'A-' (A minus)/ 'F2'/Outlook Negative.

CFC's Outlook change reflects the positive impact of Kenya's
improved stability - following the formation of a grand coalition
government - on the country's macro-economic environment which in
turn has supported the operating environment of the local banks.
Fitch, however, considers that the global economic slowdown could
slow the country's strong levels of economic activity.

CFC is owned by SBG, through its wholly-owned subsidiary Stanbic
Africa Holdings Limited which owns 60% of CFC's shares.  The
ratings reflect Fitch's belief that there is a moderate
probability of support for CFC from SBG should it be required,
given SBG's ownership and the written commitment in its annual
report to support its banking subsidiaries.



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

SSANGYONG MOTOR: Needs Reform to Survive, Minister Says
-------------------------------------------------------
Ssangyong Motor Co. Ltd. would not be able to continue unless both
its management and workers agree on sweeping reform, Reuters
reports citing Knowledge and Economy Minister Lee Youn-ho.

"Ssangyong Motor cannot survive without painful self-restructuring
both by management and workers," Reuters quoted Minister Lee Youn-
ho as saying.

Headquartered in Kyeonggi-Do, South Korea, Ssangyong Motor Co.
Ltd. -- http://www.smotor.com/kr/index.jsp/-- is a manufacturer
of automobiles primarily engaged in production of sports utility
vehicles (SUVs) and recreational vehicles (RVs).  The company's
production is grouped into four lines: SUVs under brand names
REXTON, KYRON and ACTYON; sports utility trucks (SUTs) under the
brand name ACTYON Sports; passenger cars under brand name
Chairman, and multi-purpose vehicles (MPVs) under the brand name
Rodius.  It also provides automobile parts such as coolers,
engine oil filters, headlamp bulb and others.  During the year
ended December 31, 2007, the company had a production capacity
of 219,220 units of vehicles and its actual production output
was 122,857 units of vehicles.  The company has two
manufacturing factories in Pyeongtaek and Changwon.

                          *     *     *

As reported in Troubled Company Reporter-Asia Pacific on Jan. 12,
2009, the International Herald Tribune said Ssangyong filed for
receivership with a Seoul district court in a bid to stave off
a complete collapse.

The Tribune related that the decision to file for receivership,
which is similar to bankruptcy protection in the United States,
came a day after the Ssangyong board meet in Shanghai.

"After our talks with the banks failed to produce an agreement, it
became inevitable to file for court receivership to ease the
critical cash flow problem," the company said in a statement
obtained by the Tribune.



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

APL INDUSTRIES: Defaults on Various Loans
-----------------------------------------
APL Industries Berhad ("APLI") disclosed in a regulatory filing
that APL International Incorporated Ltd. ("APLIIL"), a wholly
owned subsidiary of the company, had defaulted in the payment of
outstanding loan installments amounting to USD2.0 million due to
Maybank, Hanoi ("Maybank"), for a USD3.5 million term loan.  APLI
itself defaulted in the payment of deferred principal of USD2.5
million to CIMB Bank (L) Limited ("CIMB") for a USD8.46 million
facility.

                  Reason for Default in Payment

In the case of Maybank, APLI said, the default occurred because
the plant had to be closed down for about a year between June 2006
and June 2007 owing to problems faced with the under-specification
boiler put in place by the previous management.  The under-
performing boiler led to higher operating costs and high rejection
rate and thus resulted in financial losses.  The current
Management decided to shut down the plant to address this problem
before re-commissioning the lines later.  The boiler problem has
since been resolved by installing 2 new boilers and some of the
lines re-commissioned in stages.  On the old boiler, the previous
management had filed a suit against the supplier and on 28.8.2008,
APLI received a settlement sum amounting to RM924,237.24 from the
supplier.

APLIIL continues to face cash flow problems due to the difficult
operating conditions of rising costs and cash terms required by
most suppliers in Vietnam.

As for CIMB, the bank had approved the deferment of the
outstanding principal of the facility amounting to USD8.46 million
on August 6, 2008, of which the first deferred principal repayment
would fall due on December 31, 2008, or upon completion of the
APLI rights issue, whichever is sooner.

Because the rights issue could not be completed and APLI's
worsening cashflow position which was made worse by the serving of
a writ of seizure and sale against its major subsidiary, APL
Products Sdn Bhd (which resulted in its plant in Ayer Tawar,
Perak, having to cease operations), APLI was unable to meet the
repayment obligation to CIMB on December 31, 2008.

               Measures Taken to Address the Default

At Group level, APLI said it had initiated a corporate
restructuring exercise which includes recapitalization of the
company through a rights issue which is expected to raise proceeds
amounting to about MYR80.0 million.  Part of the expected proceeds
from the rights issue (MYR20 million) had been earmarked for
repayment of banking facilities.  However, APLI said, owing to the
current economic conditions and turmoil in the financial markets,
the restructuring exercise cannot be successfully completed and
APLI will not be able to raise the funds it needs to meet its loan
repayment obligations.

                 Financial and Legal Implications

The loan facility between APLIIL and Maybank was entered into by
the previous management in December 2003.  When the current
Management assumed control of APLI in February 2005, the
Management noted that the loan had been drawndown even though the
debenture by way of fixed and floating charge over all the assets
of APLIIL had not been executed during the previous management's
tenure and remains unexecuted to this date.  This being the case,
we are unable to determine with certainty the financial and legal
implications of default in payments to APLIIL, more so when the
local (Vietnamese) laws have to be taken into consideration.

In the case of APLI, the holding company has issued a corporate
guarantee for the total indebtedness of APLIIL.  The financial and
legal implications are that Maybank, Vietnam, may institute legal
action against APLI leading to possible winding-up of the Company.

Similarly for CIMB, the implications are for legal action and
possible winding-up of APLI.

                         Solvency of APLI

The Board of Directors of APLI stated that APLI is not solvent and
will not be able to pay all its debts in full within a period not
exceeding 12 months from the date of this announcement.

                       About APL Industries

APL Industries Berhad is a Malaysia-based investment holding
company. Through its subsidiaries, the Company operates in two
business segments: Gloves, which is engaged in the manufacture
and sale of gloves and other healthcare products, and
Investments, which is engaged in investment holding. The gloves
segment is operated in three other principal geographical areas
apart from Malaysia, which include North America, Asia (other
than Malaysia) and Europe.  Its direct wholly owned subsidiaries
include Asia Pacific Latex Sdn Bhd, which is engaged in
manufacturing and sales of latex examination gloves, Medipure
Corporation (M) Sdn Bhd, which is engaged in provision of
chlorination services and trading of powder free latex gloves,
and Norwell International Inc, which is engaged in marketing and
distribution of healthcare products.

                          *     *     *

The APLI Group had triggered the Enhanced PN17 criteria and was
classified as PN17 in 2007.  Since then, the Group has been facing
increasing difficulties in terms of its operations and business.

The ability of the Group to continue as a going concern is
dependent upon achieving future profitable results, generating
positive cash flow and continuous financial support from its
bankers to meet its liabilities when they fall due.



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

AIR NEW ZEALAND: May Post NZ$333Mil. Fuel Hedging-Related Losses
----------------------------------------------------------------
Air New Zealand is expected to report fuel hedge losses for the
year to June of about NZ$333 million, Denise McNabb at The
Dominion Post reports citing Goldman Sachs JBWere's head of
research, Marcus Curley.

According to the report, Mr. Curly said the plummeting oil prices,
however, had reduced the carrier's fuel bill.

Mr. Curley, the report relates, said the carrier's total fuel
costs are expected to rise by roughly NZ$400 million but the
increase in fuel in dollar terms would be about NZ$282 million,
the majority being the change in hedging.

Air New Zealand is expected to issue its latest quarterly hedging
figures next week when reporting monthly traffic statistics, the
Post says.

Based in Auckland, New Zealand, Air New Zealand Ltd --
http://www.airnewzealand.com/--is the country's flag air carrier,
with domestic and international passenger and freight operations,
and an aviation engineering business.  Air New Zealand flies to
the United States, United Kingdom, Canada, Europe and other Asian
cities.

                          *     *     *

On Aug. 5, 2008, Moody's Investor's Service affirmed Air New
Zealand Limited's Ba1 Senior Unsecured Issuer rating.  At the
same time, it changed the outlook on the rating to stable from
positive.


AXEL INSTALLATIONS: Court Hears Wind-Up Petition
------------------------------------------------
On January 22, 2009, the High Court at Auckland heard a petition
to have Axel Installations Ltd.'s operations wound up.

The Commissioner of Inland Revenue filed the petition against the
company on November 4, 2008.


CD ANYWHERE: Appoints Heath and Lamacraft as Liquidators
--------------------------------------------------------
On December 4, 2008, Arron Leslie Heath and Michael Lamacraft were
appointed as liquidators of CD Anywhere New Zealand Ltd.

Only creditors who were able to file their proofs of debt by
January 16, 2008, will be included in the company's dividend
distribution.

The Liquidators can be reached at:

          Arron Leslie Heath
          Michael Lamacraft
          Meltzer Mason Heath, Chartered Accountants
          PO Box 6302, Wellesley Street
          Auckland 1141
          Telephone: (09) 357 6150
          Facsimile: (09) 357 6152


CHERRY ONE: Court Hears Wind-Up Petition
----------------------------------------
On December 19, 2008, the High Court at Auckland heard a petition
to have Cherry One NZ Ltd.'s operations wound up.

Auckland City Council filed the petition against the company on
October 6, 2008.


CITY RENTALS: Court Hears Wind-Up Petition
------------------------------------------
On December 19, 2008, the High Court at Auckland heard a petition
to have City Rentals Trustees Ltd.'s operations wound up.

Auckland City Council filed the petition against the company on
October 6, 2008.


DYNASTY CORPORATE: Court to Hear Wind-Up Petition on January 28
---------------------------------------------------------------
A petition to have Dynasty Corporate Trustee Ltd.'s operations
wound up will be heard before the High Court at Auckland on
Jan. 28, 2009, at 11:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on November 12, 2008.

The CIR's solicitor is:

          Brian Harold Dickey
          c/o Meredith Connell
          Forsyth Barr Tower, Level 17
          55-65 Shortland Street
          PO Box 2213, Auckland


GUARDIAN TRUST: To Wind-Up NZ$249Mil. Mortgage Fund
---------------------------------------------------
Fiona Robertson at The National Business Review reports that the
investors in New Zealand Guardian Trust Company Limited's frozen
Mortgage Fund should receive their first repayments in the next
few months.  The company however said the timing of further
repayments and the sum of final returns is uncertain.

The Business Review relates that Guardian is asking investors to
approve a wind-up of the NZ$249 million fund it froze last July.

If the wind-up is approved, the report notes, Guardian will set
repayment dates and amounts as it works through the process of
selling and recouping loans and properties.  Guardian said it may
take two to three years to fully close the fund and final returns
will depend on market conditions, the Business Review says.

According to the report, Guardian Trust originally hoped to re-
open the fund after building up cash reserves.  It said liquidity
has improved significantly since the fund was frozen but the
difficult market for mortgage funds is likely to continue "for the
foreseeable future" and re-opening was no longer possible.

As reported by the Troubled Company Reporter-Asia Pacific on
July 31, 2008, Guardian Trust said that it is moving to protect
investors in one of its funds, the Guardian Mortgage Fund, by
suspending new investments and withdrawals.  It is expected
however that income distributions from the Fund will continue.

Guardian Trust said that due to current liquidity difficulties
in the market, the Fund is currently operating below its target
liquidity rate of 5%.

The Guardian Mortgage Fund was established in May 1986 and
currently holds NZ$249 million among 3,700 investors.  The Fund
invests only in first mortgages, where advances are restricted
to a maximum of 60% of valuations across the commercial, retail,
industrial, farming and residential sectors.

                       About Guardian Trust

The New Zealand Guardian Trust Company Limited --
http://www.guardiantrust.co.nz/-- is a wholly owned subsidiary
of Suncorp-Metway, a leading banking, insurance and financial
services company.


HEALTH CENTRE: Court to Hear Wind-Up Petition on February 18
------------------------------------------------------------
A petition to have Health Centre Ltd.'s operations wound up will
be heard before the High Court at Auckland on Feb. 18, 2009, at
10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on July 29, 2008.

The CIR's solicitor is:

          Michael Yan
          c/o Inland Revenue Department
          Legal and Technical Services
          5-7 Byron Avenue
          PO Box 33150, Takapuna
          Auckland
          Telephone: (09) 984 1514
          Facsimile: (09) 984 3116


LINCOLN FISH: Court to Hear Wind-Up Petition on January 30
----------------------------------------------------------
A petition to have Lincoln Fish Market & Meat Market Ltd.'s
operations wound up will be heard before the High Court at
Auckland on January 30, 2009, at 10:00 a.m.

Aotearoa Fisheries Limited filed the petition against the company
on August 12, 2008.

Aotearoa Fisheries' solicitor is:

         Michael David Arthur
         Chapman Tripp Sheffield Young
         ANZ Centre
         Level 35, 23-29 Albert Street
         Auckland


MANSFORD LAND: Commences Liquidation Proceedings
------------------------------------------------
Mansford Land Co Ltd. commenced liquidation proceedings on
September 29, 2008.

Only creditors who were able to file their proofs of debt by
December 12, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

         Robert Anthony Elms
         85 The Terrace, 3rd Floor
         Wellington
         Telephone: (04) 472 7919


MCLAUGHLIN PARK: Creditors' Proofs of Debt Due on January 29
------------------------------------------------------------
The creditors of McLaughlin Park Ltd. are required to file their
proofs of debt by January 29, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Dec. 3, 2008.

The company's liquidator is:

         John Michael Gilbert
         c/o C & C Strategic Limited
         Ponsonby, Auckland
         Telephone: (09) 376 7506
         Facsimile: (09) 376 6441


NETWORTH DEVELOPMENTS: Court Hears Wind-Up Petition
---------------------------------------------------
On December 19, 2008, the High Court at Auckland heard a petition
to have Networth Developments Ltd.'s operations wound up.

Waitakere City Council filed the petition against the company on
October 20, 2008.


NZ ARTISAN: Court to Hear Wind-Up Petition on February 4
--------------------------------------------------------
A petition to have NZ Artisan Bread Company (2006) Ltd.'s
operations wound up will be heard before the High Court at
Auckland on Feb. 4, 2009, at 10:00 a.m.

Her Majesty The Queen, acting by and through the Minster of Land
Information by his agent NZ Transport Agency, filed the petition
against the company on November 17, 2008.

The Petitioner's solicitor is:

         Michael David Arthur
         Chapman Tripp Sheffield Young
         ANZ Centre, Level 35
         23-29 Albert Street
         Auckland


PRIDE CONTRACTING: Court to Hear Wind-Up Petition on January 28
---------------------------------------------------------------
A petition to have Pride Contracting Ltd.'s operations wound up
will be heard before the High Court at Tauranga on January 28,
2009, at 10:45 a.m.

Accident Compensation Corporation filed the petition against the
company on November 11, 2008.

Accident Compensation's solicitor is:

          Dianne S. Lester
          Maude & Miller
          McDonald's Building, 2nd Floor
          Cobham Court
          PO Box 50555, Porirua City


SAGES INDIAN: Court to Hear Wind-Up Petition on February 18
-----------------------------------------------------------
A petition to have Sages Indian Restaurant Ltd.'s operations wound
up will be heard before the High Court at Auckland on Feb. 18,
2009, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on August 8, 2008.

The CIR's solicitor is:

          Michael Yan
          c/o Inland Revenue Department
          Legal and Technical Services
          5-7 Byron Avenue
          PO Box 33150, Takapuna
          Auckland
          Telephone: (09) 984 1514
          Facsimile: (09) 984 3116


SMITH & CAMPO: Appoints Meltzer and Mason as Liquidators
--------------------------------------------------------
On December 2, 2008, Jeffrey Philip Meltzer and Rachel Karen Mason
were appointed as liquidators of Smith & Campo Holdings Ltd.

Only creditors who were able to file their proofs of debt by
January 16, 2008, will be included in the company's dividend
distribution.

The Liquidators can be reached at:

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


ST VINCENT: Court Hears Wind-Up Petition
----------------------------------------
On December 19, 2008, the High Court at Auckland heard a petition
to have St Vincent Ltd.'s operations wound up.

Auckland City Council filed the petition against the company on
October 4, 2008.


STARLINE LTD: NZ$18.5 Mln Gulf Harbour Project Up for Sale
----------------------------------------------------------
Unsold lots at property developer Jamie Peters's Pacific Cliff
development at Gulf Harbour are up for a mortgagee sale, Lucy
Craymer at The National Business Review reports.

The report relates the 26 lots, which have a current total value
of NZ$18.54 million, are to be sold by Bayley's Real Estate on
behalf of Hong Kong, Shanghai Bank.  Tenders close at 4:00 p.m. on
February 27, 2009, the report discloses.

The sale, the report says, comes only three months after Mr.
Peters' company, Starline Ltd, announced that although it was
selling off other assets, Gulf Harbour would not be one.
According to the report, Starline bought the Gulf Harbour
development in 2000 and Mr. Peters' other company, Gulf
Corporation, has been developing the 40-lot site.

The report recalls in mid-December, a 3 hectare site owned by
Starline was also purchased at a mortgagee sale for NZ$43.5
million.


* NEW ZEALAND: Electronic Card Spending Down 0.7% in Dec. 2008
--------------------------------------------------------------
The seasonally adjusted value of the total Electronic Card
Transaction (ECT) series decreased 0.7 percent in December 2008
compared with November 2008, Statistics New Zealand said.  The
retail ECT series had a similar result, decreasing 0.5 percent,
whereas the value of the core retail ECT series (which excludes
the motor vehicle-related industries) increased 0.2 percent in
December 2008.

The decrease in the total ECT series was due to falls in the non-
retail and fuel retailing industries, whereas the decrease in the
retail ECT series was due entirely to the fuel retailing industry.
In both series, the falls were partly offset by a substantial rise
in the durables industry and smaller rises in the remaining retail
industries.

The small increase in the core retail ECT series in December was
primarily due to a rise in the durables industry.  There were
rises in all the core retail industries.

The growth rates in the total ECT trend series and the retail ECT
trend series have eased since July 2008 and are now both negative.
The core retail ECT trend series has eased since August 2008 and
is now flat.

There were 99 million electronic transactions in December 2008
with a value of NZ$5.6 billion.



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

PACIFIC PLANS: GPL Sells 100% Stake in Firm for Php250 Mln
----------------------------------------------------------
Bussiness Mirror reported that a group led by investor Emmanuel
Noel C. Oņate has bought the entire stake of GPL Holdings Inc. in
Pacific Plans Inc ("PPI") for Php250 million under a share
purchase deal.

Citing a disclosure with the Securities and Exchange Commission
(SEC), the report relates the Oņate-led Abundance Providers and
Investments Corp. ("APIC") said that after the acquisition, PPI
will now be known as Abundance Providers and Entrepreneurs Corp.

According to the report, the group assured shareholders and
planholders that it will continue to implement the rehabilitation
plan once the new board assumes.

The buyer, the report states, also said it is studying the
possibility of coming out with new education and pension plans,
which will take into account all-weather hurdle rates.

Mr. Oņate's group, Business Miror relates, said it became
interested in acquiring PPI given its strong asset base and a
PHP12-billion trust fund, its profitable operations in other
product offerings, and a viable and court-approved rehabilitation
plan.

                          *     *     *

In April 2006, the Makati Regional Trial Court approved Pacific
Plans Inc.'s rehabilitation plan, ensuring tuition support from
2006-2010.

The Troubled Company Reporter - Asia Pacific reported on May 8,
2006, that Pacific Plans came up with a rehabilitation plan
based on that school year's average fees, plus tuition support
upon enrollment until the school year 2009-2010.  The benefits
of the company's traditional education plans will become fixed-
value benefits as at December 31, 2004, to be termed base year-
end 2004 entitlement.  On May 4, 2006, the company said that it
would comply with the court-approved plan, so that it could meet
its obligations to its availing open-ended plan holders while
retaining funds for some 18,000 plan holders who have yet to
receive their education benefits.



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

JURONG INDUSTRIAL: Court to Hear Wind-Up Petition on January 30
---------------------------------------------------------------
A petition to have Jurong Industrial Services Pte Ltd's operations
wound up will be heard before the High Court of Singapore on
January 30, 2009, at 10:00 a.m.

Oversea-Chinese Banking Corporation Limited filed the petition
against the company on January 5, 2008.

The Petitioner's solicitors are:

          Rajah & Tann LLP
          4 Battery Road #26-01
          Bank of China Building
          Singapore 049908


OLDLAB PTE: Creditors' Proofs of Debt Due on January 30
-------------------------------------------------------
The creditors of Oldlab Pte. Ltd. are required to file their
proofs of debt by January 30, 2009, to be included in the
company's dividend distribution.

The company's liquidator is:

          Lai Seng Kwoon
          c/o KPMG Advisory Services Pte. Ltd.
          16 Raffles Quay #22-00
          Hong Leong Building
          Singapore 048581


QUINTEGRA SOLUTIONS: Court Enters Wind-Up Order
-----------------------------------------------
On January 9, 2009, the High Court of Singapore entered an order
to have Quintegra Solutions (Singapore) Pte Ltd's operations wound
up.

Lasalle Foundation Limited filed the petition against the company.

The company's liquidator is:

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


TEAM ENERGY: Court to Hear Wind-Up Petition on January 30
---------------------------------------------------------
A petition to have Team Energy Asia-Pacific Singapore Pte.
Limited's operations wound up will be heard before the High Court
of Singapore on January 30, 2009, at 10:00 a.m.

The applicant's solicitors are:

          TSMP Law Corporation
          6 Battery Road #33-01
          Singapore 049909


WBG NETWORK: Court Enters Wind-Up Order
---------------------------------------
On January 9, 2009, the High Court of Singapore entered an order
to have WBG Network (Singapore) Pte. Ltd.'s operations wound up.

Quantum Brilliant Sdn Bhd filed the petition against the company.

The company's liquidator is:

          Chian Yeow Hang
          Abacus Business Advisory Pte Ltd
          6001 Beach Road
          #09-09 Golden Mile Tower
          Singapore 199589



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

SHIN KONG: S&P Affirms Bank Financial Strength Rating at 'D+'
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it had placed its
'BBB' long-term and 'A-3' short-term counterparty credit ratings
on Shin Kong Financial Holding Co. Ltd. on CreditWatch with
negative implications.  At the same time, Standard & Poor's also
placed the ratings on Shin Kong FHC's two core subsidiaries on
CreditWatch with negative implications: The 'BBB+' local-currency
insurer financial strength and long-term counterparty credit
ratings on Shin Kong Life Insurance Co. Ltd.; and the 'BBB+' long-
term and 'A-2' short-term counterparty credit rating on Taiwan
Shin Kong Commercial Bank.  The 'D+' bank financial strength
rating on the bank was affirmed.

"The CreditWatch action reflects the rising uncertainties over
whether the Shin Kong group can stabilize its operating
performance and restore its capitalization--particularly at Shing
Kong Life, which has generally dominated the group's financial
profile," said credit analyst Andy Chang.

From the end of 2003 until September 2008, Shin Kong Life's
capital, assets, and profits accounted for about 70% of the
group's consolidated profile.  The group recently announced a
preliminary net loss for full-year 2008 of Taiwan dollar
NT$21 billion (or about 1% of estimated consolidated assets), with
disappointing results in the fourth quarter primarily driven by
investment losses at Shin Kong Life.  The accumulated net loss in
the first three quarters of 2008 was NT$11.3 billion.

"The CreditWatch status also reflects the heightened risks
surrounding the group's liquidity profile and investment profile,
particularly in regards to its life subsidiary.  Shin Kong Life's
ability to grow new business and to manage a possible increase in
surrendered policies is likely to remain challenging under a
softening operating environment," said Mr. Chang.

New business growth in Taiwan's life insurance industry declined
22% in the second half of 2008, compared with the first half of
2008.  Shin Kong Life's investment profile, on the other hand,
remains highly sensitive to developments in the global and local
financial markets.  The yield rate of Taiwan's 10-year government
bond dropped to about 1.5% in January 2009, compared with about 2%
at the end of September 2008.

S&P estimates that the group's reported ratio of consolidated
total equity to total assets will have dropped to 2%-3% by the end
of 2008, compared with 3.9% at the end of September 2008.  The
group raised new common equity of NT$6.3 billion through a private
placement with Japan-based Dai-Ichi Mutual Life Insurance Co.
(A/Stable/--) in December 2008.  If S&P exclude unrealized
losses, which were booked as a deduction of capital, the estimated
capital ratio for the group at year-end 2008 is about 5%, compared
with 5.2% as at September 2008.

The CreditWatch action should be resolved within the next three
months after discussing with Shin Kong FHC group's management and
receiving further information on the company's capital policies,
liquidity, and investment management, as well as its business
growth strategy.



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

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

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

AUSTRALIA

ADVANCE HEAL-NEW           AHGN      16933460.19     -8226075.95
ADVANCE HEALTHCA            AHG      16933460.19     -8226075.95
ALCOBEX METALS              AML      27036820.49    -16751727.41
ALLSTATE EXPLORA            ALX      22019608.10    -67492223.10
ALLSTATE EXPL-PP          ALXCC      22019608.10    -67492223.10
ANTARES ENERGY L            AZZ      14174189.76     -6756494.56
ARC EXPLORATION             ARX      62773963.21    -15883874.97
AUSTAR UNITED               AUN     532170837.87   -302028033.28
BIRON APPAREL LT            BIC      19706738.17     -2220069.83
BISALLOY STEEL G            BIS     197903755.89    -11548524.69
BISALLOY STEEL-N           BISN     197903755.89    -11548524.69
CHEMEQ LIMITED              CMQ      25194855.59    -24254413.72
ETW CORP LTD                ETW     83708786.34     -58673955.65
FORTESCUE METALS            FMG    4953350503.44  -1568972639.88
FULCRUM EQUITY L            FUL      19209266.15     -3664831.35
INTELLECT HLDGS             IHG      18245003.37    -15487781.92
JAMES HARDIE NV           JHXCC    2357299968.00   -237600000.00
JAMES HARDIE-CDI            JHX    2357299968.00   -237600000.00
LAFAYETTE MIN               LAF     105239389.93   -190859526.77
LIFE THERAPEUTIC            LFE      56034000.00     -3684000.00
METAL STORM LTD             MST      14309243.10     -5126410.11
TOOTH & CO LTD              TTH     143720715.19    -94300033.83
VERTICON GROUP              VGP      31280242.69    -12391531.59


CHINA

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


HONG KONG

ASIA TELEMEDIA L            376      16618871.08     -5369335.42
CHIA TAI ENTERPR            121     313740803.76    -49562387.78
CHINA GRAND PHAR            512      23135825.94     -7596740.75
CHINA HEALTHCARE            673      25241048.66     -5730603.97
EGANAGOLDPFEIL              48      557892423.39   -132858951.98
NEW CITY CHINA             456      113178595.41     -9932226.54
OCEAN GRAND CHEM          2882       12274432.29    -46252280.18
PALADIN LTD                495      186461196.61     -9780904.71
PALADIN LTD -PRE           642      186461196.61     -9780904.71
SANYUAN GROUP LT           140       17768260.98     -2131329.68
WAH SANG GAS              8035       69765797.42   -113697025.42


INDIA

ALCOBEX METALS             AML       27036820.49    -16751727.41
APPLE FINANCE              APL       62427496.69    -11798341.63
ARTSON ENGR                 ART      10310745.75      -705781.13
ASHIMA LTD                 ASHM      96567160.75    -42591314.74
BHAGHEERATHA ENG           BGEL      22646453.72    -28195273.09
BALAJI DISTILLER            BLD      59974008.41    -50890026.26
BELLARY STEELS             BSAL     512415670.40   -101442229.54
CFL CAPITAL FIN           CEATF      20637497.85    -48884440.84
CORE HEALTHCARE            CPAR     185364966.99   -241912027.81
DUNCANS INDUS               DAI      164653351.9    -220922929.9
DIGJAM LTD                 DGJM      98769193.78    -14620180.53
DISH TV INDIA              DITV     302059215.40   -112859159.26
GANESH BENZOPLST            GBP      77840261.61    -41865917.86
GUJARAT SIDHEE             GSCL      59440728.18      -660003.43
GUJARAT STATE FI            GSF      43595348.80   -195237605.32
HIMACHAL FUTURIS           HMFC     633329926.05   -104792044.71
HMT LTD                     HMT     206932743.85   -263572925.12
HINDUSTAN PHOTO            HPHT      95115323.23   -953348180.90
ICDS                       ICDS      13300348.69     -6171079.46
IFB INDS LTD               IFBI      50668510.63    -65490798.77
INDIA STEEL WORK            ISI      56764895.94     -1474355.11
JCT ELECTRONICS            JCTE     122542558.60    -49996834.55
JK SYNTHETICS               JKS      20208078.76     -2171303.89
JENSON & NIC LTD             JN      15734678.26    -92089109.12
JOG ENGINEERING             VMJ      50080964.36    -10076436.07
KALYANPUR CEMENT           KCEM      37538318.01    -41771703.35
LML LTD                     LML      86798822.39    -27966179.74
LLOYDS METALS              LYDM      76625324.31      -409399.15
LLOYDS STEEL IND           LYDS     392561769.16   -102160401.76
MAFATLAL INDS               MFI     123632655.22    -83841435.12
MILLENNIUM BEER             MLB      39726352.09      -732186.48
NATH PULP & PAP            NPPM      11602126.35    -34768739.20
ORIENT PRESS LTD             OP      15616522.24    -10040802.92
OSWAL SPINNING             OWSW      18536688.83     -4258142.35
PANCHMAHAL STEEL            PMS      51024827.03      -325116.26
PANYAM CEMENTS              PYC      30241162.87     -9403739.61
PARASRAMPUR SYN             PPS     111971290.89   -317111727.95
PAREKH PLATINUM            PKPL      61081050.43    -88849040.15
PSI DATA SYSTEMS            PSI      11676002.06     -2481336.90
PTL ENTERPRIESES           PTLE      54293986.93      -397481.92
RATHI ISPAT LTD            RTIS      44555929.56     -3933592.50
REMI METALS GUJA            RMM      45057985.96    -51095300.54
ROLLATAINERS LTD            RLT      22965755.05    -22244556.92
ROYAL CUSHION              RCVP      29192373.45    -73115309.68
RPG CABLES LTD              RPG      51431409.37    -20192930.18
SIL BUSINESS ENT           SILB      12461159.02    -19961202.41
SPICE COMMUNICAT           SPCM     263692459.52    -19679192.67
SEN PET INDIA LT           SPEN      13797591.24    -25632664.31
SHREE RAMA MULTI           SRMT      81405835.45    -64134056.23
SPICE COMMUNICAT           SPCM     263692459.52    -19679192.67
STI INDIA LTD              STIB      44107456.00      -300149.59
TATA TELESERVICE           TTLS     857960649.86    -50009972.82
TRANS FREIGHT               TFC      14196928.74     -9623049.18
TRIVENI GLASS              TRSG      34542881.89     -6209872.78
UNIWORTH LTD                 WW     178225972.59   -131624807.91
USHA INDIA LTD             USHA      12064900.61    -54512967.31
WIRE AND WIRELES            WNW     106984536.93    -23622538.56


INDONESIA

BUKAKA TEKNIK UT           BUKK      64091324.54    -99365767.69
DAYA SAKTI UNGGU           DSUC      30290429.39     -7119463.92
ERATEX DJAJA               ERTX      24286412.49     -3183944.37
JAKARTA KYOEI ST           JKSW      37341907.08    -40927857.92
KARWELL INDONESI           KARW      33062976.60     -2063732.97
MULIA INDUSTRIND           MLIA     402100859.87   -443184587.78
PANCA WIRATAMA             PWSI      31983823.98    -33728711.13
POLYSINDO EKA PE           POLY     547415431.67   -779982804.73
PRIMARINDO ASIA            BIMA      12686983.33    -20685421.96
STEADY SAFE TBK            SAFE      16605580.35     -3310385.85
SURABAYA AGUNG             SAIP     278878601.20    -78093433.67
TEIJIN INDONESIA           TFCO     265725344.00    -23100500.00
UNITEX TBK                 UNTX      17007357.73    -11304184.18


JAPAN

APRECIO CO LTD             2460      15981315.82     -2395526.71
L CREATE CO LTD            3247      42344509.56     -9146496.90
LINK CONSULTING            4798      50709685.69    -10143185.11
LINK ONE                   2403      12290544.83     -5772835.00
MOC CORP                   2363      52273507.78    -12661480.98
OPEN INTERFACE I           4302      32715547.40     -5699491.16
PION CO LTD                2799      50289757.53     -4685410.43
PLACO CO LTD               6347      26260220.44      -997325.51
SOWA JISHO CO LT           3239      54007939.02    -15643863.67
TRUSTEX HOLDINGS           9374      85999130.53     -2203926.90


KOREA

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


MALAYSIA

CNLT FAR EAST              CNLT      44967289.97     -8460479.41
ENERGREEN CORP             ECB       29495419.35    -31105634.5
HARVEST COURT               HAR      10805322.12     -5623766.68
LITYAN HLDGS BHD            LIT      20867100.91    -27979954.44
NIKKO ELECTRONIC          NIKKO      12072911.27     -7832098.21
PANGLOBAL BHD               PGL     166876683.58   -185014663.41
PECD BHD                   PECD     377122467.92   -295360985.56
TECHVENTURE BHD            TECH      37377746.79    -11207547.89
WONDERFUL WIRE               WW      22721443.48     -1936371.54
WWE HOLDINGS BHD            WWE      68020910.20     -3496877.02

NEW ZEALAND

DOMINION FINANCE           DFH      258902749.12    -55312405.88


PHILIPPINES

APEX MINING-A               APX      55266898.93     -1972871.63
APEX MINING 'B'            APXB      55266898.93     -1972871.63
BENGUET CORP-A               BC      77132198.94    -30611028.96
BENGUET CORP 'B'            BCB      77132198.94    -30611028.96
CENTRAL AZUC TAR            CAT      35737315.17     -1803678.01
CYBER BAY CORP             CYBR      14850182.71    -74298813.45
EAST ASIA POWER             PWR      72744279.35   -136684406.25
FIL ESTATE CORP              FC      43031377.81    -10925320.95
FILSYN CORP A               FYN      24839570.79    -11373621.32
FILSYN CORP. B             FYNB      24839570.79    -11373621.32
GOTESCO LAND-A               GO      18684576.24    -10863822.41
GOTESCO LAND-B              GOB      18684576.24    -10863822.41
MRC ALLIED                  MRC      14947958.51      -747373.28
PICOP RESOURCES             PCP      105659068.50   -23332404.14
UNIVERSAL RIGHTF             UP       45118524.67   -13478675.99
UNIWIDE HOLDINGS             UW       65657779.51   -57306280.77
VICTORIAS MILL              VMC      175005565.48   -38636418.26


SINGAPORE

ADV SYSTEMS AUTO            ASA       18177825.52    -7877731.57
CHUAN SOON HUAT             CSH       39144678.93    -7539646.47
FALMAC LTD                  FAL       10568359.86    -4699134.55
GUL TECHNOLOGIES            GUL      172802992.00    -3036000.00
HL GLOBAL ENTERP           HLGE      103658294.07    -8330138.25
INFORMATICS EDU            INFO       26971523.76    -4594472.06
LINDETEVES-JACOB             LJ      192873034.63   -73862882.72
SUNMOON FOOD COM           SMOON      50854971.18    -1574709.82


TAIWAN

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


THAILAND

ABICO HOLDINGS            ABICO       16687406.79    -9849452.81
ABICO HOLD-NVDR         ABICO-R       16687406.79    -9849452.81
ABICO HLDGS-F           ABICO/F       16687406.79    -9849452.81
BANGKOK RUBBER              BRC       79432385.61   -69382388.28
BANGKOK RUB-NVDR          BRC-R       79432385.61   -69382388.28
BANGKOK RUBBER-F          BRC/F       79432385.61   -69382388.28
BANGKOK STEEL IN            BSI      458729221.47  -136444108.98
BANGKOK STE-NVDR          BSI-R      458729221.47  -136444108.98
BANGKOK STEEL-F           BSI/F      458729221.47  -136444108.98
CENTRAL PAPER IN          CPICO       13252670.48  -241782725.56
CENTRAL PAPER-NV        CPICO-R       13252670.48  -241782725.56
CENTRAL PAPER-F         CPICO/F       13252670.48  -241782725.56
CIRCUIT ELEC PCL         CIRKIT       61295807.28   -25886476.66
CIRCUIT ELE-NVDR     CIRKIT-RTB       61295807.28   -25886476.66
CIRCUIT ELEC-FRN       CIRKIT/F       61295807.28   -25886476.66
DATAMAT PCL                 DTM       12690638.93    -6132014.29
DATAMAT PCL-NVDR          DTM-R       12690638.93    -6132014.29
DATAMAT PLC-F             DTM/F       12690638.93    -6132014.29
ITV PCL                     ITV       32946700.57   -74084683.11
ITV PCL-NVDR              ITV-R       32946700.57   -74084683.11
ITV PCL-FOREIGN           ITV/F       32946700.57   -74084683.11
K-TECH CONSTRUCT          KTECH       83204235.85    -5693045.29
K-TECH CONTRU-R         KTECH-R       83204235.85    -5693045.29
K-TECH CONSTRUCT        KTECH/F       83204235.85    -5693045.29
KUANG PEI SAN            POMPUI       18782550.85   -14068562.52
KUANG PEI-NVDR       POMPUI-RTB       18782550.85   -14068562.52
KUANG PEI SAN-F        POMPUI/F       18782550.85   -14068562.52
MALEE SAMPRAN             MALEE       62534877.53    -6947140.27
MALEE SAMPR-NVDR        MALEE-R       62534877.53    -6947140.27
MALEE SAMPRAN-F         MALEE/F       62534877.53    -6947140.27
NEW PLUS KNITT              NPK       10075187.17    -2034472.09
NEW PLUS KN-NVDR          NPK-R       10075187.17    -2034472.09
NEW PLUS KNITT-F          NPK/F       10075187.17    -2034472.09
PREMIER MARKET               PM       41958329.18    -2352192.28
PREMIER MAR-NVDR           PM-R       41958329.18    -2352192.28
PREMIER MARK-FOR           PM/F       41958329.18    -2352192.28
SAFARI WORLD PUB         SAFARI      105846131.92   -13361065.40
SAFARI WORL-NVDR     SAFARI-RTB      105846131.92   -13361065.40
SAFARI WORLD-FOR       SAFARI/F      105846131.92   -13361065.40
SAHAMITR PRESSUR           SMPC       27259301.93   -34589170.90
SAHAMITR PR-NVDR         SMPC-R       27259301.93   -34589170.90
SAHAMITR PRESS-F         SMPC/F       27259301.93   -34589170.90
SUNWOOD INDS PCL            SUN       29427364.98    -6703524.31
SUNWOOD INDS-NVD          SUN-R       29427364.98    -6703524.31
SUNWOOD INDS-F            SUN/F       29427364.98    -6703524.31
THAI-DENMARK PCL         DMARK       15715462.27   -10102519.69
THAI-DENMARK-F       DMARK/F   15715462.27   -10102519.69
THAI-DENMARK-NVD       DMARK-R   15715462.27   -10102519.69
UNIVERSAL STARCH            USC       86972750.14   -49004706.42
UNIVERSAL S-NVDR          USC-R       86972750.14   -49004706.42
UNIVERSAL STAR-F          USC/F       86972750.14   -49004706.42



                         *********

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

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

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


                            *********


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

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  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 2009.  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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