TCRAP_Public/090129.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

           Thursday, January 29, 2009, Vol. 12, No. 20

                            Headlines

A U S T R A L I A

AFFLUENT PROPERTIES: Appoints Hurst and Wily as Liquidators
C & G TECHNOLOGIES: Members and Creditors Receive Wind-Up Report
CHARMANT AUSTRALIA: Declares Final Dividend
CHARMANT AUSTRALIA: Members Receive Wind-Up Report
COSMOPOLITAN COSMETICS: Members Receive Wind-Up Report

CRAIG EVANS ET AL: Members and Creditors Hear Wind-Up Report
DENHAM PROPERTIES: Placed Under Voluntary Liquidation
DIAMONEX LIMITED: Unit Placed in Judicial Management
DMC NO.1 PTY: Enters Wind-Up Proceedings
GLOBAL FOOD ET AL: Declares Deed Fund Payment

KESTEVEN PTY: Enters Wind-Up Proceedings
MONKEYLAB PTY: Placed Under Voluntary Liquidation
NOEL POTTER: Enters Wind-Up Proceedings
PAN PHARMACEUTICALS: Declares Fourth Dividend
RETRO SECURITY ET AL: Members and Creditors Hear Wind-Up Report

THE MUG 'N' BEAN: Enters Wind-Up Proceedings
* AUSTRALIA: Insolvency Cases Up 25% in 12 Mos. Ending Nov. 2008


H O N G  K O N G

A.S. WATSON: Members to Hold Meeting on February 17
AON ET AL: Members' Final Meeting Set for February 17
ASIA PACIFIC: Members to Hold Meeting on February 20
ATTRACTION JEWELLERY: Inability to Pay Debts Prompts Wind-Up
B.V. SABUNANI: Members' Final Meeting Set for Feb. 16

EVER TEAM: Placed Under Voluntary Liquidation
FIRM STEP: Shareholders' Final Meeting Set for February 16
GLAWIN INTERNATIONAL: Creditors' Proofs of Debt Due on February 16
HANG YUE: Placed Under Voluntary Liquidation
KINGSMILLS NUTRACEUTICAL: Members' Final Meeting Set for Feb. 18

KONG THAI: Members' Final Meeting Set for Feb. 17
LUCKY ASSET: Members' and Creditors' Meeting Set for February 19
MFI RETAIL: Appoints Yu and Sutton as Liquidators
NOBLETEX LIMITED: Members' Final Meeting Set for Feb. 18
RITCHIE CAPITAL: Creditors' Proofs of Debt Due on February 16

TOP FULL: Placed Under Voluntary Liquidation
* HONG KONG: Investment Firm Agrees to Repurchase Lehman Minibonds


I N D I A

KSK EMERGING: Shareholders Resolve to Wind Up Fund
MV OMNI: Delay in Debt Repayment Cues CRISIL to Assign 'D' Ratings
NAVA BHARAT: CRISIL Rates Rs.9500 Million Term Loan at 'BB'
NAVA BHARAT: CRISIL Assigns 'BB' Rating on Rs.4000MM Term Loan
SATYAM COMPUTER: Taps Boston Consulting Group as Mgt. Adviser

SHRI ADISHWAR: CRISIL Rates Rs.134.9 Mln Cash Credit Limits at 'B'
THE KARNATAKA: CRISIL Puts 'BB' Rating on Rs.270MM Cash Credit


J A P A N

CITIGROUP INC: Mizuho Eyes Japanese Brokerage & Asset-Mgt Units
HINO MOTORS: Revises Full-Year Loss Forecast to JPY33 Bln
JAPAN AIRLINES: To Cut Some International Routes
PACIFIC HOLDINGS: JCR Junks Ratings on Senior Debts
SHINGINKO TOKYO: Submits Improvement Plan to FSA

* JAPAN: To Fund Ailing Companies in Exchange for Stakes


M A L A Y S I A

TENGGARA OIL: ING Insurance Files Claims in Court


N E W  Z E A L A N D

BULK TRANZ: Placed Under Voluntary Liquidation
HAMMINGTON INVESTMENTS: Creditors' Proofs of Debt Due on Jan. 31
IGIENIX LTD ET AL: Appoint Brown and Rodewald as Liquidators
MAXXIN RELAXXIN: Appoints Crichton and Horne as Liquidators
NGAWAKA MARINE: Appoints Sargison and Rea as Liquidators

RICOCHET HAIR: Appoints Hollis and Cain as Liquidators
SEAFARERS CENTRE: Court Hears Wind-Up Petition
SOLID FORM: Creditors' Proofs of Debt Due on February 10
TAUPO PAVING: Creditors' Proofs of Debt Due on February 27
* NEW ZEALAND: Central Bank Slashes OCR to 3.5%

* NEW ZEALAND: Economic Downturn Hits Car Dealership Firms


P H I L I P P I N E S

AMERICAN INT'L: Agrees to Sell Phil. Finance Units to East West
PACIFIC PLANS: PEP Coalition To File Case Against Former Owner


S I N G A P O R E

AGROGEN PTE: Creditors' Proofs of Debt Due on February 6
CHIN (INDUSTRIAL): Creditors' Proofs of Debt Due on February 6
L.T.H. ENGINEERING: Court Enters Wind-Up Order


U N I T E D  A R A B  E M I R A T E S

TAMWEEL RESIDENTIAL: Fitch Affirms 'BB-' Rating on Class C Notes


                         - - - - -


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

AFFLUENT PROPERTIES: Appoints Hurst and Wily as Liquidators
-----------------------------------------------------------
The creditors of Affluent Properties Pty Limited met on Oct. 24,
2009, and appointed David Anthony Hurst and Andrew Hugh Jenner
Wily as as the company's liquidators.

The Liquidators can be reached at:

          David Anthony Hurst
          Andrew Hugh Jenner Wily
          Armstrong Wily, Chartered Accountants
          75 Castlereagh Street, Level 5
          Sydney NSW 2000


C & G TECHNOLOGIES: Members and Creditors Receive Wind-Up Report
----------------------------------------------------------------
The members and creditors of C & G Technologies Pty Ltd met on
Dec. 5, 2008, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          M. J. M. Smith
          Smith Hancock
          88 Phillip Street, Level 4
          Parramatta NSW 2150


CHARMANT AUSTRALIA: Declares Final Dividend
-------------------------------------------
Charmant Australia Pty Limited, which is in liquidation, declared
the final dividend on November 26, 2008.

Only creditors who were able to file their proofs of debt by
November 25, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

          C. R. Campbell
          Deloitte Touche Tohmatsu
          Grosvenor Place
          225 George Street
          Sydney NSW 2000


CHARMANT AUSTRALIA: Members Receive Wind-Up Report
--------------------------------------------------
The members of Charmant Australia Pty Limited met on Dec. 4, 2008,
and received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          C R Campbell
          Grosvenor Place
          225 George Street
          Sydney NSW 2000


COSMOPOLITAN COSMETICS: Members Receive Wind-Up Report
------------------------------------------------------
The members of Cosmopolitan Cosmetics Pty Limited met on Dec. 16,
2008, and received the liquidators' report on the company's wind-
up proceedings and property disposal.

The company's liquidators are:

           Timothy James Cuming
           David Clement Pratt
           PricewaterhouseCoopers
           201 Sussex Street, Level 15
           Sydney NSW 1171


CRAIG EVANS ET AL: Members and Creditors Hear Wind-Up Report
------------------------------------------------------------
On December 4, 2008, A. H. J. Wily presented the companies' wind-
up report and property disposal to the members and creditors of:

   -- Craig Evans Carpets Pty Limited;
   -- Bulldmark Pty Limited;
   -- Dynamite Electrical Services Pty Limited; and
   -- Zumuda Pty Limited.

The Liquidator can be reached at:

          A. H. J. Wily
          Armstrong Wily  Chartered Accountants
          75 Castlereagh Street, Level 5
          Sydney NSW 2000


DENHAM PROPERTIES: Placed Under Voluntary Liquidation
-----------------------------------------------------
On October 23, 2008, the directors of Denham Properties Pty
Limited resolved to voluntarily liquidate the company's business.

The company's liquidators are:

          David Anthony Hurst
          Andrew Hugh Jenner Wily
          Armstrong Wily Chartered Accountants
          75 Castlereagh Street, Level 5
          Sydney NSW 2000


DIAMONEX LIMITED: Unit Placed in Judicial Management
----------------------------------------------------
DiamonEx Limited has requested a suspension in trading of its
securities on the Australian Securities Exchange until March 2,
2009, after the company made an application to the High Court of
Botswana for an order to place its 100 percent owned subsidiary
Diamonex Botswana Limited into judicial management, a process
under Botswana law which is similar in effect to Voluntary
Administration under Australian law.

In a statement, DiamonEx disclosed that as a result of the cash
flow problems caused by the unexpected and ongoing collapse in the
diamond market Diamonex Botswana Limited resolved to file an
application for judicial administration with the court.  An order
for judicial management has been made and the company is granted
a period of immunity from claims from its creditors.

Diamonex Botswana will have a judicial manager appointed to it and
the ongoing management of the company  will be carried out by the
judicial manager.

Background

The Lerala diamond mine project entered into production in the
second half of calendar year 2008.  In DiamonEx's quarterly report
released on October 31, 2008, the company confirmed that DiamonEx
offered for sale by tender its first batch of diamonds produced by
the Lerala Mine.  Due to global financial uncertainty and the lack
of liquidity existing at that time, the priced received per carat
for the parcel was US$20.00.  This price was far below expectation
and the general market price for diamonds over the last 24 to 36
months.

WWW International Diamond Consultants valued the parcel at an
average price of US$48.00 per carat.  This valuation was supported
by the government of Botswana's independent diamond valuer.

DiamonEx in the light of the market conditions looked at various
sources of interim funding to make up for the poor price received
from this first sale.  The Government of Botswana has given a
guarantee on a financing facility provided to DiamonEx by the
Stanbic Bank, Botswana.

The company said it intends to:

   -- continue to operate the Lerala Mine; and

   -- will proceed on a medium term strategy which will see:

      * a reduction in operating costs for the Lerala Mine as
        further mine expansion will be halted; and

      * the continued processing of the stockpiled ore (approx.
        363,000 tonnes) which the company estimates will result
        in production level of 28 carats per 100 tonnes (this
        estimate is based on the company's recent experience
        regarding diamond production from stockpiled ore).

DiamondEx is planning to carry out discussions with two key
finance providers, to reach acceptable arrangements so that these
lenders are in agreement with the steps being taken and the status
of the financing arrangements are maintained.

                         About DiamonEx

DiamonEx Limited (ASX:DON) -- http://www.diamonex.com.au/-- is an
Australia-based company.  The Company is engaged in mineral
exploration and development of the Lerala Diamond Mine.  The
Lerala diamond resource comprises five diamondiferous kimberlite
pipes.  It holds exploration licenses covering more than 15 square
kilometers.


DMC NO.1 PTY: Enters Wind-Up Proceedings
---------------------------------------
During a general meeting held on October 13, 2008, the members of
DMC No.1 Pty Limited resolved to voluntarily liquidate the
company's business.

The company's liquidator is:

          Robert Moodie
          Rodgers Reidy Chartered Accountants
          333 George Street, Level 8
          Sydney NSW 2000
          Telephone: (02) 9262 1944


GLOBAL FOOD ET AL: Declares Deed Fund Payment
---------------------------------------------
A deed fund payment dividend was declared on December 1, 2008,
for:

   -- Global Food Eequipment Pty Limited;
   -- Curtin Global Food Equipment Pty Limited;
   -- Curtin Pty Limited;
   -- Combitech Services Pty Limited;
   -- OBS Equipment Pty Limited; and
   -- Australian Bandsaw Co Pty Limited.


KESTEVEN PTY: Enters Wind-Up Proceedings
----------------------------------------
During a general meeting held on October 23, 2008, the members of
Kesteven Pty Ltd resolved to voluntarily liquidate the company's
business.

The company's liquidator is:

          Richard Dillon
          43 Auburn Street
          Moree NSW


MONKEYLAB PTY: Placed Under Voluntary Liquidation
-------------------------------------------------
The creditors of Monkeylab Pty Limited met on October 24, 2008,
and resolved to voluntarily liquidate the company's business.

The company's liquidators are:

          Daniel I. Cvitanovic
          Peter A. Amos
          Cvitanovic Amos Chartered Accountants
          & Insolvency Specialists
          Shop 5 Old Potato Shed, 74-76 Hoddle Street
          Robertson NSW 2577
          Telephone: (02) 4885 2500
          Facsimile: (02) 4885 2995


NOEL POTTER: Enters Wind-Up Proceedings
---------------------------------------
During a general meeting held on October 27, 2008, the members of
Noel Potter Pty Limited resolved to voluntarily liquidate the
company's business.

Lynette Evans was appointed as the company's liquidator.


PAN PHARMACEUTICALS: Declares Fourth Dividend
---------------------------------------------
Pan Pharmaceuticals Limited, which is in liquidation, declared the
fourth dividend for its unsecured creditors on December 3, 2008.

Only creditors who were able to file their proofs of debt by
November 26, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

          Christopher John Honey
          McGrathNicol
          60 Margaret Street, Level 31
          Sydney NSW 2000
          Website: http://www.mcgrathnicol.com


RETRO SECURITY ET AL: Members and Creditors Hear Wind-Up Report
---------------------------------------------------------------
On December 3, 2008, A. H. J. Wily presented the companies' wind-
up report and property disposal to the members and creditors of:

   -- Retro Security Services Pty Limited;
   -- Elsmarket Pty Limited;
   -- Bbald Rock Cleaning Maintenance Pty Limited;
   -- Aymtram Pty Limited;
   -- Dunes RCB Pty Ltd; and
   -- Betterware Australia Pty Limited.

The Liquidator can be reached at:

          A. H. J. Wily
          Armstrong Wily  Chartered Accountants
          75 Castlereagh Street, Level 5
          Sydney NSW 2000


THE MUG 'N' BEAN: Enters Wind-Up Proceedings
--------------------------------------------
During a general meeting held on October 20, 2008, the members of
The Mug 'N' Bean Cafe Pty Limited resolved to voluntarily
liquidate the company's business.

The company's liquidators are:

          Atle Crowe-Maxwell
          John Lord
          1 Margaret Street, Level 10
          Sydney NSW 2000


* AUSTRALIA: Insolvency Cases Up 25% in 12 Mos. Ending Nov. 2008
----------------------------------------------------------------
Weakening economic conditions have led to a record number of
companies entering insolvency, The Australian reports citing
research firm Restructuring Works.

The Australian relates that the number of companies entering some
kind of insolvency administration, such as voluntary
administration, receivership or liquidation, had increased to
8,898 for the 12 months ending November 2008.

This was a 25 per cent increase when compared with the average of
the previous five years, when 7,124 companies entered some form of
administration, The Australian notes.

According to the Australian, the company also found that in
November, 1,011 businesses entered into insolvency, up from 673
the previous November.

Citing figures from the Australian Securities and Investments
Commission (ASIC), Restructuring Works said the seven months to
November 2008 were the worst since ASIC had begun compiling the
information (in its current format) in 1999, the Australian
relates.



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

A.S. WATSON: Members to Hold Meeting on February 17
---------------------------------------------------
The members of A.S. Watson (Trading Hong Kong) Limited will meet
on February 17, 2009, 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.


AON ET AL: Members' Final Meeting Set for February 17
-----------------------------------------------------
A final meetings will be held on February 17, 2009, at 10:00 a.m.,
for the members of:

   -- Aon Claims Services Hong Kong Limited; and
   -- Aon (E-Commerce) Insurance Agencies Limited.

The meeting will be held at Level 28 of Three Pacific Place, 1
Queen's Road East, Hong Kong.


ASIA PACIFIC: Members to Hold Meeting on February 20
----------------------------------------------------
The members of Asia Pacific Freight Services Limited will meet on
February 20, 2009, at 10:00 a.m., at Suite 1807 of The Gateway,
Tower II, 25 Canton Road, Tsimshatsui, in Kowloon, Hong Kong.

At the meeting, the members will be asked that the accounts of the
the liquidator will not be required to be audited and that the
documents of the company will be retained by the liquidator for a
period of three months from the dissolution of the company.


ATTRACTION JEWELLERY: Inability to Pay Debts Prompts Wind-Up
------------------------------------------------------------
At an extraordinary general meeting held on January 6, 2009, the
members of Attraction Jewellery Co Limited resolved to voluntarily
liquidate the company's business due to its inability to pay debts
when it fall due.

The company's liquidator is:

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


B.V. SABUNANI: Members' Final Meeting Set for Feb. 16
-----------------------------------------------------
The members of B.V. Sabunani and Sons (Hong Kong) Limited will
will meet on February 16, 2009, at 9:30 a.m., at Room 1109 of C C
Wu Building, 302-8 Hennessy Road, in Wanchai, Hong Kong.

At the meeting, Raymond Tang Wai Man, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


EVER TEAM: Placed Under Voluntary Liquidation
---------------------------------------------
The members of Ever Team (Hong Kong) Limited met on Jan. 9, 2009,
and resolved to voluntarily liquidate the company's business.

The company's liquidator is:

          Lee Kwok On, Alexander
          Park-In Commercial Centre, Rooms 1901-2
          56 Dundas Street
          Kowloon


FIRM STEP: Shareholders' Final Meeting Set for February 16
----------------------------------------------------------
The shareholders of Firm Step Toys Manufacture Limited will will
meet on February 16, 2009, at 3:00 p.m., at Flat C, 11th Floor of
Block 2, Tai Ping Industrial Centre, Ting Kok Road, in Tai PO,
N.T.

At the meeting,Li Kwok On and Gilbert Washington Hoosang, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


GLAWIN INTERNATIONAL: Creditors' Proofs of Debt Due on February 16
------------------------------------------------------------------
The creditors of Glawin International (H.K.) Limited are required
to file their proofs of debt by February 16, 2009, to be included
in the company's dividend distribution.

The company commenced liquidation proceedings on January 10, 2009.

The company's liquidator is:

          Chu Chi Wa
          Kwong On Bank, Flat B, 16th Floor
          (Mongkok Branch) Building
          728-730 Nathan Road
          Mongkok, H.K.S.A.R.


HANG YUE: Placed Under Voluntary Liquidation
--------------------------------------------
The members of Hang Yue Printing Company Limited met on Jan. 7,
2009, and resolved to voluntarily liquidate the company's
business.

Wong Yik Sum was appointed as the company's liquidator.


KINGSMILLS NUTRACEUTICAL: Members' Final Meeting Set for Feb. 18
----------------------------------------------------------------
The members of Kingsmills Nutraceutical (Holdings) Limited will
will meet on February 18, 2009, at 10:00 a.m., at 4304, 43rd Floor
of China Resources Building, 26 Harbour Road, in Wanchai,
Hong Kong.

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


KONG THAI: Members' Final Meeting Set for Feb. 17
-------------------------------------------------
The members of Kong Thai Rice Trading Limited will will meet on
February 17, 2009, at 10:00 a.m., at the 1st Floor of Milo's
Industrial Building, 2-10 Tai Yuen Street, in Kwai Chung, N.T.

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


LUCKY ASSET: Members' and Creditors' Meeting Set for February 19
----------------------------------------------------------------
The members and creditors of Lucky Asset Development Limited will
meet on February 19, 2009, at 12:00 a.m. and 12:30 a.m.,
respectively, at Rooms 201-3m 2nd Floor of China Insurance Group
Building, 141 Des Voeux Road, in Central, Hong Kong.

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


MFI RETAIL: Appoints Yu and Sutton as Liquidators
-------------------------------------------------
The members and creditors of MFI Retail Asia Limited met on
January 8 and 9, 2009 respectively, and appointed Fok Hei Yu and
Roderick John Sutton as the company's liquidators.

The Liquidators can be reached at:

          Fok Hei Yu
          Roderick John Sutton
          Ferrier Hodgson Limited
          Hong Kong Club Building, 14th Floor
          3A Chater Road
          Central, Hong Kong


NOBLETEX LIMITED: Members' Final Meeting Set for Feb. 18
--------------------------------------------------------
The members of Nobletex Limited will will meet on February 18,
2009, at 11:00 a.m., at Unit 501, 5th Floor of Yue Xiu Building,
160-174 Lockhart Road, in Wanchai, Hong Kong.

At the meeting, Tam Yim Man Kuen, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


RITCHIE CAPITAL: Creditors' Proofs of Debt Due on February 16
-------------------------------------------------------------
The creditors of Ritchie Capital Management (Hong Kong) Limited
are required to file their proofs of debt by February 16, 2009, to
be included in the company's dividend distribution.

The company's liquidator is:

          Philip Brendan Gilligan
          Alexandra House, 7th Floor
          18 Chater Road
          Central, Hong Kong


TOP FULL: Placed Under Voluntary Liquidation
--------------------------------------------
The members of Top Full Limited met on December 31, 2008, and
resolved to voluntarily liquidate the company's business.

The company's liquidators are:

          Alan Chung Wah Tang
          Wong Kwok Man
          Grant Thornton Specialist Services Limited
          Gloucester Tower, 13th Floor
          The Landmark
          15 Queen's Road, Central
          Hong Kong


* HONG KONG: Investment Firm Agrees to Repurchase Lehman Minibonds
------------------------------------------------------------------
The Securities and Futures Commission (SFC) said it has issued a
reprimand to Sun Hung Kai Investment Services Ltd (Sun Hung Kai)
on internal systems and controls relating to its sales since 2002
of Lehman Brothers Minibonds to its clients, following an
investigation by the SFC.

According to a statement posted on its Website, the SFC said Sun
Hung Kai has agreed to make a voluntary offer to purchase all
outstanding Lehman Brothers Minibonds bought by eligible Sun Hung
Kai clients at a price equal to the principal amount invested by
them.

The SFC estimates the total amount of the repurchase offer will be
up to $85 million.

"We are very pleased with the outcome that has been achieved and
we believe the approach adopted has produced a result which is in
the best interests of the investors," the SFC's Chief Executive
Officer, Mr Martin Wheatley said.

"I would like to commend the management of Sun Hung Kai for the
responsible and timely approach they adopted in reaching this
agreement, which recognises the best interests of their
customers," he added.

The decision follows an investigation by the SFC which raised a
number of concerns with Sun Hung Kai.  Specifically, the SFC's
concerns were with respect to:

   -- the adequacy of product due diligence on Lehman Brothers
      Minibonds before they were distributed to eligible clients;

   -- the adequacy of training given to Sun Hung Kai retail
      sales staff on Lehman Brothers Minibonds to enable them
      to understand the product and all its material risks;

   -- the assessment of the level of risk for each particular
      series of Minibonds, the communication of those risk
      ratings to its retail sales staff and the measures that
      ought to have been taken to ensure that its sales staff
      gave reasonably suitable advice by matching the
      risk-return profile of each series of Lehman Brothers
      Minibonds with the personal circumstances of each eligible
      client; and

   -- the record-keeping of investment advice given to eligible
      clients and any queries raised by them.

Sun Hung Kai does not admit any liability or wrongdoing arising
from these matters but acknowledges the seriousness of these
concerns.

Given the high public interest in resolving these issues quickly,
to avoid unnecessary costs and expenses and to affirm its
commitment to the highest standards of conduct, Sun Hung Kai has
agreed with the SFC:

   (a) to offer to its eligible clients to purchase all
       outstanding Lehman Brothers Minibonds bought through
       Sun Hung Kai at a price equal to the principal amount
       invested by those clients (the eligible clients will
       retain all coupon payments received to date) with
       payments to be made within 30 days of the date of
       acceptance;

   (b) to engage an independent audit firm to conduct a review
       of Sun Hung Kai's internal control and compliance systems;

   (c) if, within 18 months from the completion of Sun Hung Kai's
       current enhancement exercise (which shall be completed
       within six months from the date of this agreement), the
       SFC finds the same concerns of a materially serious nature
       as those identified by it in this investigation, Sun Hung
       Kai's licence will be partially suspended for a period of
       three years to the extent that Sun Hung Kai will not be
       allowed to sell or distribute unlisted or structured
       products to clients and provide advice to clients in
       relation to these products; and

   (d) to continue to support and cooperate fully with the SFC.

The SFC acknowledges Sun Hung Kai cooperated fully with the SFC's
investigation.  Sun Hung Kai has already commenced its own review
of internal systems and controls.  The SFC's investigation into
Sun Hung Kai's sales of Lehman Brothers Minibonds has now
concluded.



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

KSK EMERGING: Shareholders Resolve to Wind Up Fund
--------------------------------------------------
Reuters reported that KSK Emerging India Energy Fund (KEF), a
GBP100 million fund listed in London's Alternative Investment
Market (AIM), has been wound up after shareholders passed a
resolution last week demanding the same.

According to the report, the shareholders - which include large
hedge funds - passed a resolution on January 22 asking for the
liquidation of the company and the return of funds invested by
them.

The resolution, Reuters related, also demanded the cancellation of
the company's admission to trading of the shares on AIM and on
Channel Island Stock Exchange (CISX) and the company's CISX
listing.  The delisting of the company and liquidation has come
into effect from January 23.

A company announcement to the AIM says the demand has come in the
wake of a global recession and also caused by some of the internal
problems faced by shareholders, Reuters noted.

KSK Emerging India Energy Fund Limited is closed-ended investment
company established to make investments in companies engaged in
the Indian power and energy sector.  The Company focuses to target
investment in businesses that operate across the Indian power and
energy sector value chain, including those involved in the
development of the sector's infrastructure.  Although the
Company's investments intends to be focused on such businesses in
India, the Company may invest in companies that are based outside
India, but have the potential to benefit from the Indian power and
energy sector.  KSK Asset Management Services Private Limited is
the investment manager of the Company.


MV OMNI: Delay in Debt Repayment Cues CRISIL to Assign 'D' Ratings
------------------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to the various bank
facilities of MV Omni Projects (India) Ltd (MV Omni).

    Rs.120.0 Million Cash Credit Limit      D (Assigned)
    Rs.22.0 Million Term Loan               D (Assigned)
    Rs.190.0 Million Bank Guarantee*        P5 (Assigned)

* Interchangeable with Letter of Credit for Rs. 30.0 Million.

The ratings reflect the delay by MV Omni in repayment on its term
loan obligations, owing to stretched liquidity.

                        About MV Omni

Set up as a proprietorship firm, MV Omni Enterprises, by Mr.
Mathuraprasad Pandey in 1994, MV Omni converted to a limited
company in 2002. The company undertakes infrastructure-related
construction activities for the government and public sector
entities.

For 2007-08 (refers to financial year, April 1 to March 31), MV
Omni reported a profit after tax of Rs. 18 million (Rs.16 million
in the previous year) on net sales of Rs. 333 million (Rs.303
million).


NAVA BHARAT: CRISIL Rates Rs.9500 Million Term Loan at 'BB'
-----------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable' to the various bank
facilities of Nava Bharat Energy India Ltd (NBEIL).

     Rs.9500 Million Term Loan*     BB/Stable (Assigned)

     *proposed facility

The ratings reflect NBEIL's exposure to risks relating to
implementation of its projects, and its below average financial
risk profile.  These weaknesses are, however, partially offset by
NBPL's good growth prospects, backed by robust demand for power,
and the strong background of its promoters, the Nava Bharat group.

For arriving at the rating, CRISIL has combined the business and
financial profiles of NBEIL and Nava Bharat Projects Ltd (NBPL).
This is because NBPL is a holding company for all power projects
of the Nava Bharat group and NBEIL will become a 100 per cent
subsidiary of NBPL by March 31, 2009.

Outlook: Stable

CRISIL expects NBEIL's credit risk profile to remain constrained
by its exposure to significant project risks.  The outlook may be
revised to 'Positive' if the company ties up funding for its three
Greenfield power projects which, and implements its projects
without time and cost overruns.  Conversely, the outlook may be
revised to 'Negative' if the company is unable to secure funds for
its projects, or if it takes on additional debt funded capital
expenditure (capex), leading to deterioration in financial risk
profile.

                          About NBEIL

NBEIL is a wholly-owned subsidiary of Nava Bharat Ventures Limited
(NBVL, rated 'A+/Stable/P1' by CRISIL), which is in the business
of ferro alloys, power, and sugar.  NBEIL will undertake three
Greenfield power projects with a total capacity of 334 MW in
Andhra Pradesh and Orissa.


NAVA BHARAT: CRISIL Assigns 'BB' Rating on Rs.4000MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable' to the various bank
facilities of Nava Bharat Projects Ltd (NBPL).

     Rs.4000 Million Term Loan*     BB/Stable (Assigned)

     *proposed facility

The ratings reflect NBPL's exposure to risks relating to
implementation of its projects, and its below average financial
risk profile.  These weaknesses are, however, partially offset by
NBPL's good growth prospects, backed by robust demand for power,
and the strong background of its promoters, the Nava Bharat group.

For arriving at the rating, CRISIL has combined the business and
financial profiles of NBPL and Nava Bharat Energy India Ltd
(NBEIL).  This is because NBPL is a holding company for all power
projects of the Nava Bharat group and because NBEIL will become a
100 per cent subsidiary of NBPL by March 31, 2009.

Outlook: Stable

CRISIL expects NBPL's credit risk profile to remain constrained by
its exposure to significant project risks.  The outlook may be
revised to 'Positive' if the company ties up funding for its
projects which will be executed by NBEIL, and implements its
projects without time and cost overruns.  Conversely, the outlook
may be revised to 'Negative' if the company is unable to secure
funds for its projects, or if it takes on additional debt funded
capital expenditure (capex), leading to deterioration in financial
risk profile.

                           About NBPL

NBPL is a special purpose vehicle (SPV) promoted by Nava Bharat
Ventures Limited (NBVL, rated 'A+/Stable/P1' by CRISIL), which is
in the business of ferro alloys, power, and sugar.  NBPL is the
holding company for all the power projects undertaken by the Nava
Bharat group.  NBPL holds 50 per cent of the equity in Nava Bharat
Power Pvt Ltd, a special purpose vehicle (SPV) with the Malaxmi
group to undertake a 2250 mega watt greenfield power project in
Orissa.  Further, NBEIL will become a 100 per cent subsidiary of
NBPL by March 31, 2009.


SATYAM COMPUTER: Taps Boston Consulting Group as Mgt. Adviser
-------------------------------------------------------------
Satyam Computer Services Ltd has named Boston Consulting Group
(BCG) as management adviser to help the board restore the
confidence of the investors, clients and employees, the
International Business Times reports.

According the Business Times, board member Deepak Parekh said a
dedicated 3-member senior team from BCG will be coordinating
closely with the board.

"An important point to note is that they will not be charging
Satyam any fees for their services and this reflects on their
commitment to the task on hand," Business Times quoted Mr. Parekh
as saying.

Business Times relates that James Abraham, partner at BCG said
Satyam's main focus would be to shore up the confidence of its
investors, clients and employees as the IT major's core capability
has not been destroyed.

                        Investment Bankers

The Hindu Business Line reports that the board of Satyam Computer
Services has also appointed Goldman Sachs and Avendus Capital as
investment bankers.

Mr. Parekh said Goldman Sachs and Avendus are expected to give
advice on zeroing in on a strategic investor, getting expressions
of interest and ensuring transparent investment process, the
Business Line relates.

The six-member board also said they have made a shortlist of
candidates for the posts of CEO and CFO, according to Business
Times.

                          About Satyam

Headquartered in Secunderabad, India, Satyam Computer Services
Limited (BOM:500376) -- http://www.satyam.com/-- is a global
information technology (IT) services provider, offering a range of
services, including systems design, software development, system
integration and application maintenance.  It offers a range of IT
services to its customers, including application development and
maintenance, consulting and enterprise business solutions,
extended engineering solutions and infrastructure management
services. Satyam BPO Limited (Satyam BPO), a majority-owned
subsidiary of the Company, is engaged in providing business
process outsourcing (BPO) services.  Satyam operates in two
segments: IT services and BPO services.  On January 4, 2008, the
Company acquired Nitor global Solutions Ltd.  On April 4, 2008, it
acquired Bridge Strategy Group LLC.  In November 2008, it
announced the take over of Motorola Inc.'s software development
centre in Malaysia.


SHRI ADISHWAR: CRISIL Rates Rs.134.9 Mln Cash Credit Limits at 'B'
------------------------------------------------------------------
CRISIL has assigned its ratings of 'B/Stable/P4' to the various
bank facilities of Shri Adishwar Oils and Fats Ltd (Shri
Adishwar).

    Rs.134.9 Million Cash Credit Limits   B/Stable (Assigned)
    Rs.17.4 Million Term Loan             B/Stable (Assigned)

    Rs.3.5 Million Letter of Credit &     P4 (Assigned)
          Bank Guarantee  

The ratings reflect Shri Adishwar's constrained financial risk
profile, and exposure to risks relating to the agricultural
commodity nature of its products.  These weaknesses are, however,
partially offset by the benefits that Shri Adishwar derives from
the vast experience of its promoters, and its moderately-
integrated operations.

Outlook: Stable

CRISIL believes that Shri Adishwar will continue to benefit from
the experience of its promoters and its moderately integrated
operations.  The outlook may be revised to 'Positive' if Shri
Adishwar reports higher growth in profitability and improvement in
gearing. Conversely, the outlook may be revised to 'Negative' if
the company undertakes large, debt-funded capital expenditure.

                    About Shri Adishwar

Registered in January 1991 as Shrishrimal Oils Pvt Ltd, Shri
Adishwar became a public limited company and got its present name
in March 1993. The company has a solvent extraction plant at
Multai, District Betul (Madhya Pradesh).  Shri Adishwar
manufactures refined soybean oil from soya bean seeds, and also
sells oil cakes, a solid residue generated during the extraction
process.  The company has a solvent extraction capacity of 60,000
tonnes per annum (tpa) and a refining capacity of 18,000 tpa.  For
2007-08 (refers to financial year, April 1 to March 31),
Shri Adishwar reported a profit after tax (PAT) of Rs.8 million on
net sales of Rs.1030 million, as against a PAT of Rs.4 million on
net sales of Rs.847 million for 2006-07.


THE KARNATAKA: CRISIL Puts 'BB' Rating on Rs.270MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable' to the cash credit
facility of The Karnataka Handloom Development Corporation Ltd
(KHDC).

     Rs.270 Million Cash Credit   BB/Stable (Assigned)

The ratings reflect KHDC's exposure to revenue concentration
risks, and its below-average financial risk profile, as reflected
in its weak debt protection measures.  These weaknesses are
mitigated by the benefits that the corporation derives from being
an entity with a social cause, with support from the Government of
Karnataka (GoK) and the Government of India (GoI).

Outlook: Stable

CRISIL believes that KHDC will maintain its stable credit risk
profile on the back of the support it receives from GoK and GoI,
in terms of subsidy on raw materials and steady supply orders. The
outlook may be revised to 'Positive' if KHDC diversifies its
revenue streams to include non-government businesses with healthy
returns.  Conversely, the outlook may be revised to 'Negative' if
revisions in government policies on support impact KHDC's
revenues, or if the corporation's financial risk profile
deteriorates.

                    About The Karnataka Handloom

Incorporated in 1975 under GoI' 20-point programme, KHDC's primary
objective is to promote the handloom industry and to facilitate
economic self reliance of weavers. KHDC supplies raw materials
(yarn) for weaving and making the fabric against payment of
conversion charges. It purchases the finished product, makes value
addition, if needed, and markets the same through its
Priyadarshini brand of outlets. KHDC also implements GoK and GoI's
schemes for the welfare of the weaver community, including funding
for living-cum-workshed, promotion of thrift scheme, and cover
under group savings-linked insurance. KHDC derives around 65 per
cent of its business from GoK: it supplies cloth material for
GoK's Vidya Vikas Scheme and Saree Dhoti Scheme.

For 2007-08 (refers to financial year, April 1 to March 31), KHDC
reported a profit after tax (PAT) of Rs.7.8 million on net sales
of Rs.948 million, as against a PAT of Rs.42.2 million on net
sales of Rs.877 million in the previous year.



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

CITIGROUP INC: Mizuho Eyes Japanese Brokerage & Asset-Mgt Units
---------------------------------------------------------------
Bloomberg News reports Mizuho Financial Group Inc. said it may
consider buying Citigroup Inc.'s local brokerage and asset-
management units.

"I think it's worth considering," Yasuhiro Sato, deputy president
of Mizuho Corporate Bank, was quoted by Bloomberg News as saying.
Mr. Sato will be promoted to chief executive officer of Mizuho's
corporate banking unit on April 1, the report says.

The report relates that according to Mr. Sato, the Nikko Cordial
brokerage has a strong distribution network, and Nikko Asset
Management Co. is highly coveted and likely to attract many
bidders.  Acquiring the units would help Mizuho, Japan's second-
largest bank by revenue, tap more of the almost JPY1,500 trillion
(US$17 trillion) in Japanese household assets, Mr. Sato told
Bloomberg News in an interview.

According to Bloomberg News, Citigroup said Jan. 16 that the
Japanese units are among assets it may sell.  The report recounts
that last year, Citigroup paid JPY1.6 trillion to acquire
companies including Nikko Cordial and Nikko Asset.  The brokerage
managed JPY28.2 trillion in client assets as of Sept. 30, while
the fund manager had JPY10.8 trillion, the report notes.

Citigroup, Bloomberg News discloses, said last month it agreed to
sell its entire stake in NikkoCiti Trust & Banking Corp. to
Mitsubishi UFJ Financial Group Inc. for about JPY25 billion.  The
U.S. bank also agreed to sell shares in its Japanese private-
banking unit Nikko Antfactory KK to Norinchukin Bank and other
investors, the report adds.

                        About Citigroup

Based in New York, Citigroup Inc. (NYSE: C) --
http://www.citigroup.com-- is organized into four major segments
-- Consumer Banking, Global Cards, Institutional Clients Group,
and Global Wealth Management.  Citi had US$2.0 trillion in total
assets on US$1.9 trillion in total liabilities as of Sept. 30,
2008.

As reported in the Troubled Company Reporter on Nov. 25, 2008, the
U.S. government entered into an agreement with Citigroup to
provide a package of guarantees, liquidity access, and capital.
As part of the agreement, the U.S. Treasury and the Federal
Deposit Insurance Corporation will provide protection against the
possibility of unusually large losses on an asset pool of
approximately US$306 billion of loans and securities backed by
residential and commercial real estate and other such assets,
which will remain on Citigroup's balance sheet.  As a fee for this
arrangement, Citigroup will issue preferred shares to the Treasury
and FDIC.  In addition and if necessary, the Federal Reserve will
backstop residual risk in the asset pool through a non-recourse
loan.


HINO MOTORS: Revises Full-Year Loss Forecast to JPY33 Bln
---------------------------------------------------------
Hino Motors Ltd widened its full-year loss forecast to JPY33
billion (US$370 million), from a previous loss forecast of JPY20
billion for the year ending in March as the global recession cuts
vehicle demand and a stronger yen reduces the value of overseas
sales, Bloomberg News reports citing a company statement.

The loss would be Hino's first in nine years, the report says.

"Hino's truck business is plunging in Japan and overseas, and we
see no clear bottom for the company's Toyota-related business
either," Chikashi Okabe, a Tokyo-based analyst at Credit Suisse
(Japan) Securities Ltd., wrote in a Jan. 20 report obtained by
Bloomberg News.

The report recalls President Yoshio Shirai said last month Hino
has cut 700 temporary jobs with contracts ended on Dec. 1 and will
not pay out any bonuses to executives in June.

Hino Motors Ltd (TYO:7205) -- http://www.hino-global.com/-- is a
Japan-based manufacturing company.  The company is engaged in the
manufacturing and sale of trucks, buses and other automobiles, as
well as the development and design of related products, in
addition to the provision of related services.  Through its
subsidiaries, the company is also involved in the processing of
metal plates and the manufacturing of processed machinery parts,
cast parts and dies.  Hino Motors  has 74 subsidiaries and 28
associated companies in Japan, Thailand, the United States,
Australia and Indonesia.


JAPAN AIRLINES: To Cut Some International Routes
------------------------------------------------
Japan Airlines and All Nippon Airways are mulling to cut some of
their international and domestic flights in the coming business
year due to a sharp fall in demand, The Japan Times reports citing
officials of the two airlines.

Japan Times relates that Japan Airlines will reduce the number of
flights on international routes linking Narita International
Airport with New York, Bangkok and Seoul while All Nippon plans to
abolish its flights from Central Japan International Airport in
Aichi Prefecture to the major Chinese cities of Guangzhou and
Tianjin.

JAL, the report recalls, earlier said that it will terminate its
flights between Kansai airport and London.

Both airlines will slash flights between Tokyo's Haneda airport
and Kansai airport, Japan Times says.

                         About All Nippon

All Nippon Airways Co., Ltd. is a Japan-based company engaged in
three business segments. Its Air Transportation segment is engaged
in the air transportation business, as well as the provision of
services at airports, the provision of reservation services
through telephones and the maintenance of aircrafts in the country
and overseas markets. The Traveling segment develops, plans and
sells tour packages under the brand names ANA Hello Tour and ANA
Sky Holiday. This segment also offers services to travelers and
sells travel products and air tickets. The Others segment is
involved in the information communications, real estate, building
management, land transportation and airplane fixture repair
businesses, among others. The Company has 112 subsidiaries and 40
associated companies.

                       About Japan Airlines

Japan Airlines Corporation -- http://www.jal.co.jp/-- is a Japan-
based holding company that is active in five business segments
through its 225 subsidiaries and 82 associated companies.  The Air
Transportation segment is engaged in the operation of passenger
and cargo planes.  The Air Transportation-Related segment is
engaged in the transportation of passengers and cargoes, the
preparation of in-flight food catering, the maintenance of
aircraft and land equipment, as well as the fueling business.  The
Travel Planning and Marketing segment is involved in the planning
and sale of travel packages.  The Card and Leasing segment is
engaged in the provision of finance, cards and leasing services.
The Others segment is involved in businesses related to hotels,
resorts, logistics, wholesale, retail, real estate, printing,
construction, manpower dispatch, as well as information and
communication.  The Company has numerous global operating
locations.

JAL International Co. Ltd. is a wholly owned operating subsidiary
of Japan Airlines Corporation.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on Apr.
17, 2008, Fitch Ratings revised the Outlook on Japan Airlines
Corporation and its wholly owned operating subsidiary, JAL
International Co. Ltd.'s Long-term Issuer Default ratings to
Stable from Negative.  At the same time, Fitch affirmed both
companies' Long-term IDRs and ratings of outstanding bonds at
'BB-'.  The Outlook revision follows JAL's operational turnaround
and better liquidity.


PACIFIC HOLDINGS: JCR Junks Ratings on Senior Debts
---------------------------------------------------
Japan Credit Rating Agency Ltd. has downgraded Pacific Holdings'
'B' and 'B-' long-term ratings to CCC, continuing placing them
under Credit Monitor and changing the direction to the Credit
Monitor from Developing to Negative (#CCC/Negative).  Concerning
the CP program, JCR has affirmed the NJ rating.

Senior debts: #CCC/Negative

  Issues Amount(bn) Issue Date    Due Date      Coupon  Rating
  ----------------- ----------    --------      ------  ------

bonds no. 3 JPY10  Mar. 15, 2007 Mar. 15, 2012 2.94% #CCC/Negative
bonds no. 4 JPY7   Feb. 27, 2008 Feb. 26, 2010 3.43% #CCC/Negative

Shelf Registration: preliminary #CCC/Negative

Maximum: JPY30 billion

Valid: two years effective from March 26, 2007

CP: NJ

Pacific Holdings has announced a series of releases along with the
operating results for the fiscal year ended November 30, 2008.
The operating performance resulted in a net loss of JPY73 billion
and a liability in excess of assets amounting JPY5.4 billion.  In
addition to a serious concern about the going concern, disclaimer
of opinion was issued by the auditor.

JCR has been watching closely the support from the banks and the
issue of preferred shares to Chuhaku Japan.  The Company will ask
its banks and Chuhaku Japan to continue their support to it.

However, JCR considers that there is now concern about the
possibility of the continuation of their support and the
implementation of such schemes.  JCR decided to downgrade the
ratings on the Company to "CCC," change the direction to the
Credit Monitor to Negative and then continue to place the ratings
under Credit Monitor, taking into consideration the above.

                     About Pacific Holdings

Pacific Holdings, Inc., -- http://www.ph-i.co.jp/ -- formerly
Pacific Management Corporation, is a Japan-based holding company
mainly engaged in in the real estate investment fund business.
The Company has three business segments.  The Real Estate
Investment Fund segment is involved in the fund investment
business, as well as the fund business, including the arrangement
and the management of real estate investment fund.  The Real
Estate Consulting Service segment is engaged in the due diligence
business, including research and advice services for investors,
real estate collateral assessment service for lenders, as well as
salable assets assessment and exit strategy proposal services for
corporations.  This segment is also engaged in the assessment
business for real estate fund and properties.  The Real Estate
Investment segment is engaged in the selection of real estate
properties, and the provision of information on investment grade
ratings, among others.


SHINGINKO TOKYO: Submits Improvement Plan to FSA
------------------------------------------------
ShinGinko Tokyo submitted a business improvement program to the
Financial Services Agency (FSA) on Monday, January 26, featuring a
one-month 30 percent pay cut for its 10 executives, The Japan
Times reports.

The bank, The Japan Times relates, presented the program Monday in
line with the FSA's order issued last month to enhance oversight
of employees in connection with lending operations in the wake of
the indictment of a former bank employee on loan fraud charges.

According to the improvement plan cited by The Japan Times, the
bank will require employees to be accompanied by a supervisor when
launching a business deal with a new customer.  The program would
also require an inspection plan to step up oversight to be
formulated within a few months, the report says.

Meanwhile, The Japan Times discloses, Shinginko Tokyo plans to
hold its former board members accountable.  But the bank has yet
to determine what steps it could take against former executives.

On May 19, 2008, the Troubled Company Reporter-Asia Pacific,
citing Kyodo News, reported that the FSA began inspecting
Shinginko Tokyo in the first examination of the quality of its
assets.

The FSA examination focused on the quality of the bank's
outstanding loans and the bank's compliance system as well
as the bank's system for examining the creditworthiness of
borrowers and for supervising employees' lending activities.

According to Kyodo News, the bank provided loans without
requiring borrowers to put up collateral or obliging them to
find guarantors.

The bank's lax examination of borrowers resulted in cumulative
losses of JPY101.6 billion at the end of March with its capital
adequacy ratio falling to around 16 percent from 21 percent in
September 2006, Kyodo News said.

In April 2008, the Tokyo Metropolitan Government injected
JPY40 billion in new funds to the bank in order to shore up its
finances.

Reiji Yoshida of The Japan Times said in a report dated
March 25, 2008, that few experts believe the government's rescue
plan will solve the problems of the money-losing bank.

In an interview, Rikkyo University professor Yoshiyuki Yamaguchi
told The Japan Times that many expect that even with the
emergency capital injection, the bank will soon fall into
financial straits again and impose further burdens on the
taxpayers of the capital.

                      About Shinginko Tokyo

Shinginko Tokyo Ltd was founded in April 2005 by the Tokyo
Metropolitan Government at the initiative of Tokyo Governor
Shintaro Ishihara with an investment of JPY100 billion.  The
bank provides loans mainly to struggling small firms based in
Tokyo.  The bank was Mr. Ishihara's promise during his 2003
gubernatorial election campaign.

                          *     *     *

Shinginko Tokyo continues to carry a "BB+" Subordinated Debt
rating placed by Japan Credit Rating Agency on March 28, 2008.


* JAPAN: To Fund Ailing Companies in Exchange for Stakes
--------------------------------------------------------
Bettina Wassener at the International Herald Tribune reports that
Japan outlined a plan on Tuesday to inject state funds into ailing
companies in exchange for stakes in them.

According to the report, the country's trade ministry said it
would propose a plan under which the state-owned Development Bank
of Japan would buy shares in companies that are having trouble
raising funds amid the lingering credit crunch.  The government
will guarantee the investments should the companies go bankrupt,
the ministry said as cited by the report.

The report relates the ministry said capital would be provided
only while the companies are facing difficulty in fund-raising
because of market turmoil, and that those that receive the funds
will be required to draw up plans to boost profitability within
three years.

The cabinet, the report notes, is to consider the plan next month
before sending it to parliament.

Late last year, the report recounts, the government beefed up a
stimulus package it had announced over the summer in an effort to
ward off the pain, and the Bank of Japan, having lowered interest
rates to near zero, has announced that it would try to shore up
ailing Japanese credit markets by buying commercial paper, a type
of short-term corporate debt.



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

TENGGARA OIL: ING Insurance Files Claims in Court
-------------------------------------------------
Tenggara Oil Bhd disclosed that ING Insurance Berhad had commenced
an action against the company in the Kuala Lumpur Session Court
under Summons No. 52-39339-08.

ING Insurance's claims is for:

   (a) The sum of MYR49,756.06 as at July 24, 2006;

   (b) Interest at the rate of 8% per annum on the
       outstanding amount of MYR49,756.06 calculated
       from July 24, 2006, until the date of full
       settlement;

   (c) Cost of action; and

   (d) Other relieves that the Honourable Court deems
       fit and appropriate to grant.

According to Tenggara Oil, the claim refers to the outstanding
premium for the Employees Benefit Policies undertaken by the
company.  The Court has fixed March 4, 2009, for the mention.

The summon will not have any material financial impact on TOB
Group as ING Insurance is part of the unsecured creditors bound
under the Scheme of Arrangements of TOB, pursuant to Section 176
of the Companies Act, 1965, which had been sanctioned by the High
Court of Malaya in Kuala Lumpur on September 3, 2008.

                        About Tenggara Oil

Tenggara Oil Berhad is undertaking a divestment and
restructuring exercise, which will reposition it as a service-
oriented and trading group from its current resource-based
businesses.  Current businesses include investment holding,
supply of ready mixed concrete, property holding, management and
construction.  As part of a corporate revamp exercise, the
Company has repositioned itself in the oil and gas business,
which will be its core business.  The Company is headquartered
in Kuala Lumpur, Malaysia.

Tenggara is in the process of implementing a debt restructuring
scheme with relevant parties.



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

BULK TRANZ: Placed Under Voluntary Liquidation
----------------------------------------------
The shareholders of Bulk Tranz 2002 Ltd. met on Dec. 1, 2008, and
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
January 20, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Michael Crawford
          PO Box 17, Hamilton 3240
          Telephone: (07) 838 4800
          Facsimile: (07) 838 4810


HAMMINGTON INVESTMENTS: Creditors' Proofs of Debt Due on Jan. 31
----------------------------------------------------------------
The creditors of Hammington Investments Ltd. are required to file
their proofs of debt by January 31, 2009, to be included in the
company's dividend distribution.

The company's liquidator is:

          Michael Crawford
          PO Box 17, Hamilton 3240
          Telephone: (07) 838 4800
          Facsimile: (07) 838 4810


IGIENIX LTD ET AL: Appoint Brown and Rodewald as Liquidators
------------------------------------------------------------
On December 8, 2008, Kenneth Peter Brown and Thomas Lee Rodewald
were appointed as liquidators of:

   -- Igienix Limited;
   -- The House of Rhythm and Soul Limited;
   -- D.M. Barnes Limited;
   -- Premier Flooring Limited;
   -- Cut It Out (Taupo) Limited; and
   -- Ellis Logging Limited.

The Liquidators can be reached at:

          Kenneth Peter Brown
          Thomas Lee Rodewald
          Rodewald Hart Brown Limited
          The Hub, Level 1
          525 Cameron Road
          PO Box 15660, Tauranga 3144
          Telephone: (07) 571 6280
          Website: http://www.rhb.co.nz


MAXXIN RELAXXIN: Appoints Crichton and Horne as Liquidators
-----------------------------------------------------------
On December 12, 2008, David Donald Crichton and Keiran Anne Horne
were appointed as liquidators of Maxxin Relaxxin Ltd.

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

The Liquidators can be reached at:

          David Donald Crichton
          Keiran Anne Horne
          c/o Marie Inch
          HFK Limited, 567 Wairakei Road
          PO Box 39100, Christchurch
          Telephone: (03) 352 9189


NGAWAKA MARINE: Appoints Sargison and Rea as Liquidators
--------------------------------------------------------
On December 12, 2008, Paul Graham Sargison and Gerald Stanley Rea
were appointed as liquidators of Ngawaka Marine Ltd.

Only creditors who were able to file their proofs of debt by
January 20, 2009, will be included in the company's dividend
distribution.

The Liquidators can be reached at:

          Paul Graham Sargison
          Gerald Stanley Rea
          c/o Gerry Rea Partners
          PO Box 3015, Auckland
          Telephone: (09) 377 3099
          Facsimile: (09) 377 3098


RICOCHET HAIR: Appoints Hollis and Cain as Liquidators
------------------------------------------------------
On December 8, 2008, Malcolm Grant Hollis and Rhys James Cain were
appointed as liquidators of Ricochet Hair Ltd.

Only creditors who were able to file their proofs of debt by
December 23, 2008, will be included in the company's dividend
distribution.

The Liquidators can be reached at:

          Malcolm Grant Hollis
          Rhys James Cain
          c/o PricewaterhouseCoopers
          119 Armagh Street
          PO Box 13244, Christchurch
          Telephone: (03) 374 3000
          Facsimile: (03) 374 3001


SEAFARERS CENTRE: Court Hears Wind-Up Petition
----------------------------------------------
On January 28, 2009, the High Court at Tauranga heard a petition
to have Seafarers Centre (2007) Ltd.'s operations wound up.

The Commissioner of Inland Revenue filed the petition against the
company on October 24, 2008.


SOLID FORM: Creditors' Proofs of Debt Due on February 10
--------------------------------------------------------
The creditors of Solid Form Holdings 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 liquidators are:

          John Howard Ross Fisk
          Craig Alexander Sanson
          c/o PricewaterhouseCoopers
          113-119 The Terrace
          PO Box 243, Wellington
          Telephone: (04) 462 7489
          Facsimile: (04) 462 7492


TAUPO PAVING: Creditors' Proofs of Debt Due on February 27
----------------------------------------------------------
The creditors of Taupo Paving & More Ltd. are required to file
their proofs of debt by February 27, 2009, to be included in the
company's dividend distribution.

The company's liquidators are:

          David Blanchett
          Malcolm Hollis
          c/o PricewaterhouseCoopers
          corner of Bryce and Anglesea Streets
          PO Box 191, Hamilton
          Telephone: (07) 838 3838
          Facsimile: (07) 839 4178


* NEW ZEALAND: Central Bank Slashes OCR to 3.5%
-----------------------------------------------
The Reserve Bank of New Zealand reduced Thursday, Jan. 29, the
Official Cash Rate (OCR) from 5.0 percent to 3.5 percent.

Reserve Bank Governor Alan Bollard commented that "the news coming
from our trading partners is very negative.  The global economy is
now in recession and the outlook for international growth has been
marked down considerably since our December Monetary Policy
Statement.

"Globally, there has been considerable policy stimulus put in
place and we expect this to help bring about a recovery in growth
over time.  However, there remains huge uncertainty about the
timing and strength of a recovery.

"The extent of the decline in global growth prospects and the
ongoing uncertainty has played a large part in today's decision.
We now expect the impact on New Zealand of these developments to
be greater than we did in December, as a result of a more negative
outlook for the terms of trade and exports, and tighter credit
conditions.

"Inflation pressures are abating. We have confidence that annual
inflation will be comfortably inside the target band of 1 to 3
percent over the medium term.

"Given this backdrop it is appropriate to take the OCR to a more
stimulatory position and to deliver this reduction quickly.

"Today's decision brings the cumulative reduction in the OCR since
July 2008 to 4.75 percentage points.  Lower interest rates will
have a positive impact on growth, alongside a lower exchange rate
and fiscal stimulus, provided firms and households do not
unnecessarily contract their spending.

"To ensure the response we are seeking, we expect financial
institutions to play their part in the economic adjustment process
by passing on lower wholesale interest rates to their customers.
This will help New Zealand respond flexibly.

"Further movements in the OCR will be assessed against emerging
developments in the global and domestic economies and the response
to policy changes already in place. We would expect any further
reductions to be smaller than those seen recently."


* NEW ZEALAND: Economic Downturn Hits Car Dealership Firms
----------------------------------------------------------
The National Business Review reports a number of car dealers have
failed at the start of the year 2009.

In Auckland alone, the Business Review says, five car sales
businesses have gone into liquidation or receivership or are close
to it, including:

    -- Falcon Motors of Otahuhu;

    -- Storey Motor Company of Mount Wellington;

    -- Ian McCallion European of Manukau City;

    -- Tower Motor Group Wholesale; and

    -- Tower Motor Group Rotorua.

According to the report, failures of car dealership businesses in
New Zealand could be attributed to the downturn in consumer
spending and the withdrawal of funders GE Money and General Motors
Acceptance Corporation from this market.



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

AMERICAN INT'L: Agrees to Sell Phil. Finance Units to East West
---------------------------------------------------------------
American International Group Inc. has agreed to sell its
Philippine retail bank and auto-lending unit to East West Banking
Corp., BusinessMirror reports citing Bloomberg News.

Citing joint statement released by the two companies,
BusinessMirror says the deal to sell PhilAm Savings Bank, PhilAm
Auto Finance & Leasing and PFL Holdings is expected to be
completed in the second quarter.

According to Reuters, AIG's local unit, Philippine American Life
and General Insurance Co (Philamlife), did not say how much it
would get from the sale, but sources said the deal was worth about
Php2 billion (US$42 million).

Reuters says the Philamlife group is being sold by AIG as part of
its global fund-raising to repay billions of dollars worth of debt
to the U.S. Government.  Philamlife group has total assets of
Php170 billion as of end-2007, Reuters notes.

Deutsche Bank advised the Philam group on the sale while
Blackstone Group LP is advising AIG on its global divestment plan,
according to Reuters.

                            About AIG

Based in New York, American International Group, Inc. (AIG) is the
leading international insurance organization with operation in
more than 130 countries and jurisdictions.  AIG companies serve
commercial, institutional and individual customers through the
most extensive worldwide property-casualty and life insurance
networks of any insurer.  In addition, AIG companies are leading
providers of retirement services, financial services and asset
management around the world.  AIG's common stock is listed on the
New York Stock Exchange, as well as the stock exchanges in Ireland
and Tokyo.

During the third quarter of 2008, requirements to post collateral
in connection with AIG Financial Products Corp.'s credit default
swap portfolio and other AIGFP transactions and to fund returns of
securities lending collateral placed stress on AIG's liquidity.
AIG's stock price declined from $22.76 on Sept. 8, 2008, to
$4.76 on Sept. 15, 2008.  On that date, AIG's long-term debt
ratings were downgraded by Standard & Poor's, a division of The
McGraw-Hill Companies, Inc., Moody's Investors Service and Fitch
Ratings, which triggered additional requirements for liquidity.
These and other events severely limited AIG's access to debt and
equity markets.

On Sept. 22, 2008, AIG entered into an $85 billion revolving
credit agreement with the Federal Reserve Bank of New York and,
pursuant to the Fed Credit Agreement, AIG agreed to issue 100,000
shares of Series C Perpetual, Convertible, Participating Preferred
Stock to a trust for the benefit of the United States Treasury.
At Sept. 30, 2008, amounts owed under the facility created
pursuant to the Fed Credit Agreement totaled $63 billion,
including accrued fees and interest.

Since Sept. 30, AIG has borrowed additional amounts under the
Fed Facility and has announced plans to sell assets and businesses
to repay amounts owed in connection with the Fed Credit Agreement.
In addition, subsequent to Sept. 30, 2008, certain of AIG's
domestic life insurance subsidiaries entered into an agreement
with the NY Fed pursuant to which the NY Fed has borrowed, in
return for cash collateral, investment grade fixed maturity
securities from the insurance subsidiaries.

On Nov. 10, 2008, the U.S. Treasury agreed to purchase, through
its Troubled Asset Relief Program, $40 billion of newly issued AIG
perpetual preferred shares and warrants to purchase a number of
shares of common stock of AIG equal to 2% of the issued and
outstanding shares as of the purchase date.  All of the proceeds
will be used to pay down a portion of the Federal Reserve Bank of
New York credit facility.  The perpetual preferred shares will
carry a 10% coupon with cumulative dividends.

AIG and the Fed also agreed to revise the existing FRBNY credit
facility.  The loan terms were extended from two to five years to
give AIG time to complete its planned asset sales in an orderly
manner.  The equity interest that taxpayers will hold in AIG,
coupled with the warrants, will total 79.9%.

At Sept. 30, 2008, AIG had $1.022 trillion in total consolidated
assets and $950.9 billion in total debts.  Shareholders' equity
was $71.18 billion, including the addition of $23 billion of
consideration received for preferred stock not yet issued.


PACIFIC PLANS: PEP Coalition To File Case Against Former Owner
-------------------------------------------------------------
Educational plan holders in troubled pre-need company Pacific
Plans Inc. are planning to file multiple cases of syndicated
estafa against the Yuchengco Group including its chairman,
Alfonso Yuchengco, over the sale of PPI to a group led by investor
Emmanuel Noel C. Oņate, the Manila Standard Today reports.

The Parents Enabling Parents Coalition said its members would
simultaneously file the complaints in courts in Pasay, Makati,
Manila and a number of provinces today, January 29, in response to
what they said was the Yuchengco Group's continued refusal to
honor its obligations to plan holders, Manila Standard relates.

"They diverted the funds, profited themselves, and still reneged
on their promise to the plan holders, which is clearly a
syndicated estafa," the report quoted coalition president Philip
Piccio as saying.

According to the Manila Standard, Mr. Picci said they may also sue
officials of the Securities and Exchange Commission for their
failure to monitor and regulate PPI and its subsequent acquisition
by Abundance Providers and Investments Corp.

The coalition groups, the Manila Standard says, consists of 3,000
plan holders who bought Pacific Plans's open-ended educational
plans, but were unable to get their benefits when the company
became insolvent.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 23, 2009, BussinessMirror said Oņate-led group 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), BussinessMirror related, 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 BussinessMirror, the group assured shareholders
and planholders that it will continue to implement the
rehabilitation plan once the new board assumes.

The buyer, the Bussiness Mirror stated, 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 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, the BusinessMirror related.

                          *     *     *

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
=================

AGROGEN PTE: Creditors' Proofs of Debt Due on February 6
--------------------------------------------------------
The creditors of Agrogen Pte Ltd are required to file their proofs
of debt by February 6, 2009, to be included in the company's
dividend distribution.

The company's liquidators are:

          Chee Yoh Chuang
          Lim Lee Meng
          c/o Stone Forest Corporate Advisory Pte Ltd
          8 Wilkie Road #03-08
          Wilkie Edge
          Singapore 228095


CHIN (INDUSTRIAL): Creditors' Proofs of Debt Due on February 6
--------------------------------------------------------------
The creditors of Chin (Industrial) Pte. Ltd. are required to file
their proofs of debt by February 6, 2009, to be included in the
company's dividend distribution.

The company's liquidator is:

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


L.T.H. ENGINEERING: Court Enters Wind-Up Order
----------------------------------------------
On January 9, 2009, the High Court of Singapore entered an order
to have L.T.H. Engineering Pte Ltd's operations wound up.

Paw Leck Engineering Pte Ltd filed the petition against the
company.

The company's liquidator is:

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



=====================================
U N I T E D  A R A B  E M I R A T E S
=====================================

TAMWEEL RESIDENTIAL: Fitch Affirms 'BB-' Rating on Class C Notes
----------------------------------------------------------------
Fitch Ratings has affirmed three tranches of United Arab Emirates-
based Tamweel Residential ABS CI (1) Ltd, an RMBS transaction
originated by Tamweel PJSC (Tamweel, 'A'/Rating Watch Evolving.
The transactions have been affirmed following their stable
performance despite deteriorating economic conditions in Dubai.

The rating actions are:

  -- Class A (ISIN XS0310218713): affirmed at 'AA'; Outlook Stable

  -- Class B (ISIN XS0310219521): affirmed at 'BBB+'; Outlook
     Stable

  -- Class C (ISIN XS0310219950): affirmed at 'BB-' (BB minus);
     Outlook Stable

The transaction is a securitization of residential leases extended
by Tamweel to lessees located within the Emirate of Dubai in the
United Arab Emirates.  The lease contracts are reset periodically,
and carry fixed, variable and supplementary costs.  The lessees
also have the option of purchasing the property that is subject to
leasing.

In Fitch's view, the economic fundamentals of Dubai have worsened
in recent quarters.  As such, Fitch has tested whether the
transaction can withstand stresses above those applied when it was
originally rated.  In line with Fitch's "Criteria for Existing
Asset Securitization in Emerging Markets - Sovereign Constraints",
this was done by reattaching the default model stresses to a lower
rating level.  As a result, the weighted average foreclosure
frequency attached to a 'AA' scenario was raised to 38.4% from
29.4% while the weighted average recovery rate was reduced to
55.2% from 69.3%.  The latter is a result of increasing the market
value decline assumption to 70.0% from 63.5% which in Fitch's view
captures the current downside risk in the residential property
market of the Emirate at an 'AA' rating level.  The rapid
amortization of the notes - of 58.1% for class A - has resulted in
increased credit enhancement, which allows the transaction to pass
and supports the affirmation of the ratings.  The originator is
currently on Rating Watch Evolving.  In Fitch's view a limited
downgrade of Tamweel would not necessarily exert downward pressure
on the rating of the notes.

The transaction benefits from a currency exchange agreement
provided by Morgan Stanley & Co. International plc. (Morgan
Stanley, 'A'/Stable/'F1'). Morgan Stanley was downgraded by Fitch
to 'A' from 'AA-' (AA minus) on 13 October 2008.  The notes
offering circular references a hedge counterparty trigger of
'A+'/'F1'.  However, in contrast to the prospectus, the swap
documentation requires Morgan Stanley to post collateral to the
Issuer only if it is downgraded below 'A'/'F1'.  The assets are
denominated in AED while the notes are denominated in US$.
Fitch's believes the hedge is vital to cover the risk that the peg
between the AED and US$ will be removed and also lead to a
potential devaluation of the local currency.  Such a scenario,
however, appears unlikely at present, which reduces the reliance
on the hedge.  Further, Fitch's "Counterparty Risk in Structured
Finance Transactions: Hedge Criteria", allows Morgan Stanley's
current rating to support the 'AA' rating of the class A notes.
Fitch's hedge counterparty criteria is currently under review and
revisions may impact the suitability of the current hedge
arrangement in this transaction.

As of December 2008, arrears equal to and greater than one month
stood at 0.15% of the portfolio outstanding, while there were no
leases in arrears by more than three months.  The transaction has
not reported any defaults as yet.  High prepayment rates combined
with the repayment of almost 10% of the notes outstanding due to
the incomplete registration of part of the leases prior to
January 2008 has resulted in a 49% reduction of notes outstanding.



                         *********

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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