TCRAP_Public/090130.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 30, 2009, Vol. 12, No. 21

                            Headlines

A U S T R A L I A

A.V.P. BRICKLAYING ET AL: Court Enters Wind-Up Order
ADVANCED WIRE: Placed Under Voluntary Liquidation
ALLGOOD INTERIORS: Inability to Pay Debts Prompts Wind-Up
BARA PLUMBING ET AL: Members and Creditors Hear Wind-Up Report
CARRYLAW PTY: Commences Liquidation Proceedings

COMPASS RESOURCES: Calls in Administrators
CONAUST (WA): Commences Liquidation Proceedings
FUB PTY ET AL: Members and Creditors Hear Wind-Up Report
GLOBAL DIRECTION: Placed Under Voluntary Liquidation
J & J SENIOR: Commences Liquidation Proceedings

LUCIAN CONCEPTS: Commences Liquidation Proceedings
NIAB NOMINEES ET AL: Declare Final Dividend
NIAB NOMINEES ET AL: Members Receive Wind-Up Report
PERPETUAL TRUSTEE: Fitch Affirms 'BB' Rating on Class E Notes
PORT ELECTRICAL: Declares Final Dividend

RIO TINTO: Missed Asset-Sale Targets, May Sell Shares
THE JADIM: Declares Second and Final Dividend
TRI-SCAN PTY: Enters Liquidation Proceedings


B A H R A I N

ARCAPITA BANK: S&P Downgrades Counterparty Ratings to 'BB+/B'
INVESTCORP BANK: S&P Downgrades Counterparty Ratings to 'BB+/B'


C H I N A

AMERICAN AXLE: At High Risk of Bankruptcy in 2009, KDP Says


H O N G  K O N G

A-ONE INVESTMENTS: Contributories and Creditors to Meet on Feb. 3
ASAHI CREATIVE: Pays First and Final Dividend
DELTA INNOVATIVE: Court to Hear Wind-Up Petition on March 11
ETERNAL FINE: Court to Hear Wind-Up Petition on February 18
FONTANA DEVELOPMENT: Court to Hear Wind-Up Petition on February 4

MARVEL UNION: Court to Hear Wind-Up Petition on February 25
REALTORS INTERNATIONAL: Court to Hear Wind-Up Petition on March 11
SMI CORPORATION: Releases Provisional Liquidator
SUMBER ASIA: Court to Hear Wind-Up Petition on March 4
TREASURE WEALTH: To Pay Dividend on February 6


I N D I A

INDIAN BANK: Fitch Affirms Individual Rating at 'C/D'
OSWAL PUMPS: CRISIL Rates Rs.280.0MM Cash Credit Limit at 'BB+'
SIRUPOOLUVAPATTI: CRISIL Assigns 'B' Rating on Long Term Loan


I N D O N E S I A

SUMALINDO LESTARI: Seeks Banker's OK to Restructure Debt
* Fitch Assigns 'BB' Rating on Indonesia's US$4-Bil. MTN Program


J A P A N

EAST STREET: Moody's Reviews Ratings on Various Classes of Notes
STARLING ONE: S&P Withdraws 'CCC-' Rating on JPY5 Bil. Notes
* S&P Puts Junk Ratings on 8 Tranches From 22 Japanese CDO Deals


N E W  Z E A L A N D

AGILITY GROUP: Goes Into Receivership
ASSOCIATED INTERNATIONAL: Court Hears Wind-Up Petition
CANTERBURY HOMES: Appoints Gower and Tubbs as Liquidators
FAIRVIEW ALUMINIUM: Court to Hear Wind-Up Petition on February 4
FURZE HOLDINGS: Commences Liquidation Proceedings

H AND A LTD ET AL: Appoint Shephard and Dunphy as Liquidators
HERITAGE FLOORING: Court Hears Wind-Up Petition
JJ & ASSOCIATES: Court to Hear Wind-Up Petition on February 4
KAITI BAKERY: Court to Hear Wind-Up Petition on February 10
LIFE PHARMACY: CEO to Quit Post

LOWTHER NOMINEE: Placed Under Voluntary Liquidation
NEWMARKET DAY: Commences Liquidation Proceedings
PI NEW ZEALAND: Court Hears Wind-Up Petition
PORTSMOUTH INVESTMENTS: Commences Liquidation Proceedings
PRIVATE PROPERTY: Creditors' Proofs of Debt Due on March 12

PROFESSIONAL PROPERTY: Commences Liquidation Proceedings
SOLE: Creditors May Get Less, Liquidator Says
TIE RACK: Appoints McKay and Cregten as Liquidators
* NEW ZEALAND: Building Consents Hit 22-Year Low
* NEW ZEALAND: Exports Up 4.4% in December 2008


S O U T H  A F R I C A

* CAPE TOWN: Thousands Lost Jobs in '08 as Clothing Firms Shut Biz


S I N G A P O R E

AVERI DRAYCOTT: Creditors' Proofs of Debt Due on February 19
BEAR STEARNS: Creditors' Proofs of Debt Due on February 19
TRINSUM GROUP: Voluntary Chapter 11 Case Summary


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                         - - - - -


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

A.V.P. BRICKLAYING ET AL: Court Enters Wind-Up Order
----------------------------------------------------
The Supreme Court of New South Wales entered an order to wind up
the operations of:

   -- A.V.P. Bricklaying Pty Ltd;
   -- Jay Zed's Decorative Concrete Pty Ltd; and
   -- Edifice Services Pty Ltd.

While on October 24, 2008, the Federal Court of Australia entered
an order to have Socasen Pty Ltd's operations wound up.

The companies' liquidator is:

          Steven Nicols
          350 Kent Street, Level 2
          Sydney NSW 2000
          Website: http://www.bankrupt.com.au


ADVANCED WIRE: Placed Under Voluntary Liquidation
-------------------------------------------------
The members of Advanced Wire Products Australasia Pty Limited met
on Oct. 20, 2008, and resolved to voluntarily liquidate the
company's business.

The company's liquidators are:

          Ozem Kassem
          Daniel P. Juratowitch
          Cor Cordis Chartered Accountants
          76-80 Clarence Street, Level 10
          Sydney NSW 2000
          Telephone: (02) 8221 8433
          Facsimile: (02) 8221 8422


ALLGOOD INTERIORS: Inability to Pay Debts Prompts Wind-Up
---------------------------------------------------------
The members of Allgood Interiors NSW Limited met on Oct. 17, 2008,
and resolved to voluntarily liquidate the company's business due
to its inability to pay debts when it fall due.

The company's liquidator is:

          Robert Moodie
          c/o Rodgers Reidy
          333 George Street, Level 8
          Sydney NSW 2000


BARA PLUMBING ET AL: Members and Creditors Hear Wind-Up Report
--------------------------------------------------------------
On December 5, 2008, Ozem Kassem presented the companies' wind-up
report and property disposal to the members and creditors of:

   -- Bara Plumbing Pty Limited;
   -- Future Painting Pty Limited;
   -- Makrae Coatings Pty Limited;
   -- Nipi Property Maintenance Pty Limited;
   -- Sunshine Poly Pty Limited;
   -- Kanteen Pty Limited; and
   -- Simone Constructions Pty Limited.

The Liquidator can be reached at:

          Ozem Kassem
          Telephone: (02) 8221 8433
          Facsimile: (02) 8221 8422


CARRYLAW PTY: Commences Liquidation Proceedings
-----------------------------------------------
During a general meeting held on October 13, 2008, the members of
Carrylaw Pty Ltd resolved to voluntarily liquidate the company's
business.

The company's liquidator is:

          Danny Vrkic
          Jirsch Sutherland & Co - Wollongong
          PO Box 573
          Wollongong NSW 2500
          Telephone: (02) 4225 2545
          Facsimile: (02) 4225 2546
          e-mail: reception@jswollongong.com.au


COMPASS RESOURCES: Calls in Administrators
------------------------------------------
The Australian reports that Compass Resources Limited is in
voluntary administration.  The company has appointed Steven
Sherman, Darren Weaver and Martin Jones of Ferrier Hodgson as
voluntary administrators.

Compass, the report recounts, said on Tuesday, January 27, it was
reviewing among other things "the current price for metals, delays
encountered in full metal production commencing from the Browns
Oxide Plant (in the Northern Territory)... and the current debt
and cash position of the company."

Based in Australia, Compass Resources Limited (ASX:CMR) --
http://www.compassnl.com.au-- formerly Compass Resources NL, is
involved in mineral activity and development of processing mines.
During the year ended December 31, 2007, the principal activities
of the Company were the development of an oxide resource in the
Northern Territory, and exploration and evaluation for base,
energy and precious metals.  The Company has a base metals
resource base totaling over 84 million tons and uranium resource
of 14.5 million pounds of U3O8, and has ground positions in the
Rum Jungle area in the Northern Territory.  The Company (90%) and
its wholly owned subsidiary Guardian Resources Pty. Ltd. (10%)
hold 100% of the Browns/Browns East/Area 55/Mt. Fitch Projects.
The Brown Oxide project plant is designed to produce 10,000 tons
per annum copper, 1,000 tons per annum cobalt and 750 tons per
annum nickel from the oxide ore, which overlies the major Browns
sulphide deposit.


CONAUST (WA): Commences Liquidation Proceedings
-----------------------------------------------
During a general meeting held on October 22, 2008, the members of
Conaust (W.A.) Pty Limited resolved to voluntarily liquidate the
company's business.

The company's liquidator is:

          R. M. Sutherland
          Jirsch Sutherland
          GPO Box 4256
          Sydney NSW 2001
          Telephone: (02) 9236 8333
          Facsimile: (02) 9236 8334
          e-mail: admin@jirschsutherland.com.au


FUB PTY ET AL: Members and Creditors Hear Wind-Up Report
--------------------------------------------------------
On December 4, 2008, R. M. Sutherland presented the companies'
wind-up report and property disposal to the members and creditors
of:

   -- Fub Pty Ltd;
   -- Golden Harvest Equities Pty Ltd; and
   -- Tuesday Enterprises Pty Ltd.

The Liquidator can be reached at:

          R. M. Sutherland
          Jirsch Sutherland
          GPO Box 4256
          Sydney NSW 2001
          Telephone: (02) 9236 8333
          Facsimile: (02) 9236 8334
          e-mail: admin@jirschsutherland.com.au


GLOBAL DIRECTION: Placed Under Voluntary Liquidation
----------------------------------------------------
The members of Global Direction Services Pty Ltd met on Sept. 29,
2008, and resolved to voluntarily liquidate the company's
business.

The company's liquidator is:

          Steven Nicols
          Nicols + Brien
          Telephone: (02) 9299 2289
          Website: http://www.bankrupt.com.au


J & J SENIOR: Commences Liquidation Proceedings
-----------------------------------------------
During a general meeting held on October 20, 2008, the members of
J & J Senior Pty Ltd resolved to voluntarily liquidate the
company's business.

The company's liquidator is:

          Roderick Mackay Sutherland
          Jirsch Sutherland
          GPO Box 4256
          Sydney NSW 2001
          Telephone: (02) 9236 8333
          Facsimile: (02) 9236 8334
          e-mail: admin@jirschsutherland.com.au


LUCIAN CONCEPTS: Commences Liquidation Proceedings
--------------------------------------------------
During a general meeting held on October 16, 2008, the members of
Lucian Concepts Pty Limited resolved to voluntarily liquidate the
company's business.

The company's liquidator is:

          Roderick Mackay Sutherland
          Jirsch Sutherland
          GPO Box 4256
          Sydney NSW 2001
          Telephone: (02) 9236 8333
          Facsimile: (02) 9236 8334
          e-mail: admin@jirschsutherland.com.au


NIAB NOMINEES ET AL: Declare Final Dividend
-------------------------------------------
Niab Nominees Pty Ltd and Mary Jordan Properties Pty Ltd declared
the final dividend on November 25, 2008.

Only creditors who were able to file their proofs of debt by
November 24, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

           Simon J. Cathro
           Christopher R. Campbell
           Deloitte Touche Tohmatsu
           Grosvenor Place
           225 George Street
           Sydney NSW 2000


NIAB NOMINEES ET AL: Members Receive Wind-Up Report
---------------------------------------------------
The members of Niab Nominees Pty Ltd and Mary Jordan Properties
Pty Ltd met on December 5, 2008, and received the liquidators'
report on the companies' wind-up proceedings and property
disposal.

The company's liquidators are:

         Simon J. Cathro
         Christopher R. Campbell
         Deloitte Touche Tohmatsu
         Grosvenor Place, 225 George Street
         Sydney, New South Wales


PERPETUAL TRUSTEE: Fitch Affirms 'BB' Rating on Class E Notes
-------------------------------------------------------------
Fitch Ratings has downgraded Perpetual Trustee Company Limited as
trustee of GPAC Series 2008-AN1 Trust's class F notes and affirmed
the remaining seven tranches.  Stable Outlooks have been assigned
to Class AA, Class AB-S, Class AB-L, Class B, Class C and Class D
Notes, Negative outlooks were assigned to the Class E and Class F
notes:

  -- AU$102,8 million Class AA (AU3FN0005732) affirmed at 'AAA',
     Stable Outlook

  -- AU$14.3 million Class AB-S (AU3FN0005757) affirmed at 'AAA',
     Stable Outlook

  -- AU$38.5 million Class AB-L (AU3FN0005740) affirmed at 'AAA',
     Stable Outlook

  -- AU$14 million Class B (AU3FN0005765) affirmed at 'AA', Stable
     Outlook

  -- AU$11 million Class C (AU3FN0005773) affirmed at 'A', Stable
     Outlook

  -- AU$10 million Class D (AU3FN0005781) affirmed at 'BBB',
     Stable Outlook

  -- AU$7.5 million Class E (AU3FN0005799) affirmed at 'BB',
     Negative Outlook

  -- AU$7 million Class F (AU3FN0005807) downgraded to 'B-' (B
     minus)/'DR2' from 'B', Negative Outlook

The transaction, completed in May 2008 is collateralised by a pool
of non-conforming residential mortgages originated by GMAC-RFC
Australia Pty Limited.

The pool has paid down to AU$229 million from the original issue
size of AU$302.8 million.  The performance of the pool has
deteriorated in terms of arrears, which have steadily increased
since the inception of the transaction, with 30+ days arrears
standing at 22.02% as at December 31, 2008, of which 16.27% were
90+ days in arrears.  While there are still some AU$24 million
subordinated notes below the Class F notes, the magnitude of the
arrears and the significant risk on the downside on this class of
borrowers has led to the downgrade by one notch of the Class F
notes.  In its forward-looking analysis, Fitch assumed a base loss
given default of 26%.

Rating Outlooks have been published for all newly issued Asia
Pacific Structured Finance tranches since June 2008, and
concurrently with rating actions for tranches issued prior to
June 2008.  Unlike a Rating Watch which notifies investors there
is a reasonable probability of a rating change, rating Outlooks
provide forward-looking information to the market and indicate the
likely direction of any rating change over a one-to-two-year
period.


PORT ELECTRICAL: Declares Final Dividend
----------------------------------------
Port Electrical & Instrumentation Pty Ltd declared final dividend
on November 18, 2008.  Only creditors who were able to file their
proofs of debt by that day were included in the company's dividend
distribution.

The company's deed administrator is:

          Steven Nicols
          Nicols + Brien
          350 Kent Street, Level 2
          Sydney NSW 2000
          Telephone: (02) 299 2289
          Website: http://www.bankrupt.com.au


RIO TINTO: Missed Asset-Sale Targets, May Sell Shares
-----------------------------------------------------
Rio Tinto Group failed to meet asset-sale targets due to the
global recession, and may sell shares to help cut debts, Bloomberg
News reports.

As reported by the Troubled Company Reporter-Europe on Dec. 11,
2008, Rio Tinto plans to further reduce its net debt by US$10
billion by the end of 2009 through expanding the scope of assets
targeted for divestment to include significant assets not
previously highlighted for sale.

The company so far has sold at least US$2.8 billion in assets,
including its 40 percent stake in the Cortez gold mine in Nevada
for US$1.7 billion in February to Barrick Gold Corp., Bloomberg
News relates.

The group's net debt as of October 31, 2008 stood at US$38.9
billion.

The group is aiming to raise as much as US$4 billion, Bloomberg
News says citing the Australian newspaper.

Rio doesn't "rule out the potential to issue equity as one of the
options it has available," the London-based company said in a
Jan. 28 statement obtained by Bloomberg News.  No decision has
been made yet, the company said.

"The likelihood of Rio doing a share sale is increasing,"
Bloomberg News quoted Peter Arden, an analyst at Ord Minnett Ltd.,
an affiliate of JPMorgan Chase & Co., as saying.  "Buyers want
super bargains and Rio does not want to sell at those prices.  Rio
is probably thinking it's better to go to the market."

Bloomberg News recalls Rio increased its debt almost 19-fold after
buying Canadian aluminum producer Alcan Inc. for US$38.1 billion
in 2007.

According to Bloomberg News, BHP Billiton abandoned its hostile
US$66 billion bid for Rio Tinto plc on Nov. 25 citing Rio's debt
and slumping demand for commodities.

BHP Billiton, in a November 27 statement, confirmed its offer for
Rio Tinto plc has lapsed and that, given the inter-conditionality
of its offers for Rio Tinto plc and Rio Tinto Limited, its offer
for Rio Tinto Limited has also lapsed.

To reduce costs, Rio said it will:

   -- Reduce global headcount by 14,000, comprising 8,500
      contractor jobs and 5,500 employee roles (annual operating
      cost saving of US$1.2 billion, upfront severance costs of
      US$400 million);

   -- Consolidate offices around the Group, including the
      London head office;

   -- Rapidly accelerate outsourcing and off-shoring of
      IT and procurement in 2009; and

   -- Defer exploration and evaluation expenditure.

                          About Rio Tinto

Rio Tinto -- http://www.riotinto.com/-- is an international
mining group headquartered in the UK, combining Rio Tinto plc, a
London and NYSE listed public company, and Rio Tinto Limited,
which is a public company listed on the Australian Securities
Exchange.

Rio Tinto's business is finding, mining, and processing mineral
resources.  Major products are aluminium, copper, diamonds, energy
(coal and uranium), gold, industrial minerals (borax, titanium
dioxide, salt, talc) and iron ore.  Activities span the world but
are strongly represented in Australia and North America with
significant businesses in South America, Asia, Europe and southern
Africa.


THE JADIM: Declares Second and Final Dividend
---------------------------------------------
The Jadim Creditors' Trust declared the second and final dividend
for its priority creditors on December 16, 2008.

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


TRI-SCAN PTY: Enters Liquidation Proceedings
--------------------------------------------
The creditors of Tri-Scan Pty Limited met on October 17, 2008, and
resolved to voluntarily liquidate the company's business.

The company's liquidator is:

          Sule Arnautovic
          Jirsch Sutherland
          GPO Box 4256
          Sydney NSW 2001
          Telephone: (02) 9236 8333
          Facsimile: (02) 9236 8334
          e-mail: admin@jirschsutherland.com.au



=============
B A H R A I N
=============

ARCAPITA BANK: S&P Downgrades Counterparty Ratings to 'BB+/B'
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered its
long- and short-term counterparty credit ratings on Bahrain-based
Arcapita Bank B.S.C. to 'BB+/B' from 'BBB/A-2' and placed the
long-term rating on CreditWatch with negative implications.

"The downgrade and CreditWatch placement reflect S&P's opinion of
Arcapita's weak liquidity profile amid an increasingly difficult
operating environment," said Standard & Poor's credit analyst
Mohamed Damak.

At the same time, S&P believes that the value of Arcapita's own
Investments -- mainly in private equity and real estate -- could
decline in value given current market conditions (like other
private equity firms).  S&P views Arcapita's leverage as high.
S&P understands that Arcapita made certain investments in 2008
that it was not able to fully place with customers that triggered
a decline in liquidity and an increase in investment leverage (as
measured by the ratio of total investments to total equity).

"Arcapita's capacity to implement its planned set of measures to
reduce leverage and improve its liquidity position will be
critical for the ratings in the short term," said Mr. Damak.

If Arcapita's liquidity profile and leverage do not improve
materially in the near future, the ratings could be lowered
further.  S&P expects to resolve the CreditWatch status in the
coming two months, following consideration of the above factors.

The ratings on Arcapita reflect its weak liquidity position, high
leverage, narrow business diversification and deteriorated
operating environment.  Positive rating factors are the bank's
wealthy Gulf-based client base, adequate capitalization, and good
track record of financial performance and financial flexibility.
The ratings reflect Arcapita's stand-alone creditworthiness and do
not include any uplift for extraordinary external support.

Arcapita is an Islamic wholesale investment bank focusing on
corporate, real estate, asset-based, and venture capital
investments.  With total assets of $4.6 billion on Sept. 30, 2008,
Arcapita is relatively small and its business diversification
narrow.


INVESTCORP BANK: S&P Downgrades Counterparty Ratings to 'BB+/B'
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
and short-term counterparty credit ratings on Bahrain-based
Investcorp Bank B.S.C. and related entity Investcorp S.A. to
'BB+/B' from 'BBB/A-2'.  At the same time, the long-term
counterparty credit ratings remain on CreditWatch with negative
implications, where they were originally placed on Nov. 21, 2008.
Furthermore, the short-term counterparty credit ratings were
removed from CreditWatch where they had been placed with negative
implications on Nov. 21, 2008.  Additionally, the long- and short-
term counterparty credit ratings on Investcorp Bank B.S.C. and
Investcorp S.A. were subsequently withdrawn at the company's
request.

"The two-notch downgrade reflects our view of the increasingly
difficult operating environment for Investcorp's principal
business lines of hedge fund investing, private equity, and real
estate.  S&P understand that Investcorp is in the process of
significant deleveraging, and S&P view this and the relatively
conservative approach to originating deals in 2008 as positive for
creditworthiness," said Standard & Poor's credit analyst Nick
Hill.

"However, in our view, global deleveraging, falling equity and
real estate prices, and tight credit are combining to lower the
value of Investcorp's proprietary investments, strain funding and
liquidity, and reduce capitalization," added Mr. Hill.  "Moreover,
the prospects for higher quality fee income from the core asset
management businesses are likely to be constrained by broader
weaknesses in economies and financial markets alike, and S&P
expects this to reduce Investcorp's interest service metrics,"
continued Mr. Hill.

Investcorp has five main business lines covering the management of
alternative investments, namely private equity, hedge funds, real
estate, technology investments, and growth capital in the Gulf.
Assets under management were $17.7 billion at June 30, 2008 (of
which $3.9 billion represented Investcorp's own investments), but
are expected to fall significantly, reflecting weak performance, a
reduction in Investcorp's own hedge fund investments, and client
redemptions.  The management and investment teams are generally
longstanding and S&P view Investcorp's investment and review
processes as sound.

Investcorp's business model appears characterized by significant
proprietary investments, which it makes in private equity, hedge
funds, and real estate in tandem with its clients.  This strategy
appears designed to align Investcorp's interests with outside
investors.  In S&P's opinion, however, the strategy may expose
Investcorp to significant risks as real estate and private equity
investments in particular are relatively illiquid.  Like all
Investcorp's investments, these are marked to market through the
income statement.  Earnings are therefore volatile and are likely
to be especially weak in the near term, reflecting poor
performance in hedge funds and declining valuations in real estate
and private equity -- all of which, in S&P's view, previously
benefited from cheap credit.  Furthermore, the lack of investor
appetite for riskier assets means that fee income could also come
under pressure for some time.  S&P understands that Investcorp has
no direct or indirect exposure to Madoff funds.  In S&P's view,
however, the Madoff scandal and weak performance generally could
lead to increased hedge fund redemptions across the industry.
These factors appear to have necessitated some restructuring to
reduce the cost base.

Furthermore, S&P believes the unfavorable environment for
realizing investments and placing more recent deals is likely to
reduce cash flow, at the same time as losses on proprietary
investments are likely to reduce capital.  The concentrated nature
of the large exposures within the private equity portfolio may, in
S&P's view, pose additional risks.

Prior to withdrawal, the long-term ratings were on CreditWatch
with negative implications, where they were originally placed on
Nov. 21, 2008.  "We believe that earnings, capital, and liquidity
are likely to have been adversely affected by market conditions,
as indeed has the alternative asset management business model.
S&P expects these factors to be mitigated in part by capital
raising and a shift into more liquid assets," added Mr. Hill.

If S&P continued rating Investcorp, S&P would see further downside
to the ratings arising from a potential failure to improve
capitalization and liquidity.  In this scenario, S&P believes that
this downside might be more than one notch.



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

AMERICAN AXLE: At High Risk of Bankruptcy in 2009, KDP Says
-----------------------------------------------------------
American Bankruptcy Institute reports that Bankruptcy Research
firm KDP Investment Advisors said American Axle Manufacturing
Holdings Inc. is at high risk of filing for bankruptcy in the next
12 months as declining auto production further pressures the
supplier's earnings.  The analyst's report was released Monday,
Bankruptcy Law360 says.

American Axle will hold a briefing with institutional investors
and security analysts, news media representatives and other
interested parties at 10:00 a.m. ET on Friday, January 30, 2009.
AAM's Co-Founder, Chairman & CEO Richard E. Dauch and Group Vice
President-Finance & CFO Michael K. Simonte will co-host the call.
AAM will discuss its fourth quarter and full year 2008 financial
results as well as other matters.  This briefing may be accessed
via conference call or webcast.

To participate by phone:

   (877) 278-1452 from the United States
   (973) 200-3383 outside the United States

According to ABI, struggling auto parts suppliers are gearing up
to lobby for federal aid in the coming weeks.

As reported by the Troubled Company Reporter on January 14, 2009,
Standard & Poor's Ratings Services lowered its corporate credit
rating on Detroit-based American Axle Manufacturing & Holdings
Inc. to 'CCC+' from 'B' and removed all the ratings from
CreditWatch, where they had been placed with negative implications
on Oct. 9, 2008.  The outlook is negative.  At the same time, S&P
also lowered its issue-level ratings on the company's debt.

The downgrade reflects S&P's view that declining North American
auto production by primary customer General Motors Corp.
(CC/Negative/--) in 2009 will severely reduce American Axle's
profitability and cash flow generation, straining liquidity.
American Axle's revenue is heavily dependent on sales of GM's SUVs
and pickup trucks, and demand for these products has weakened
substantially.  Despite government assistance, GM's condition
remains precarious.

"We expect U.S. light-vehicle sales to fall about 24% in 2009, to
about 10.0 million units," said Standard & Poor's credit analyst
Lawrence Orlowski.  GM's production in the first quarter of 2009
is expected to be down more than 50% year over year.  S&P expects
production to also be down for other customers in North America
and for Europe as well in 2009.

S&P expects 2009 to be another weak year for American Axle's sales
and profitability because of a further decline in auto demand and
the likelihood of lower production at GM, its major customer.  S&P
could lower the rating further if American Axle is unable to
maintain access to its bank facility, or if its EBITDA drops
roughly 10% below S&P's 2009 EBITDA projection of
US$193 million.  This could occur if demand for American Axle's
products is lower than S&P currently expect.  For example, a gross
margin of 9.3% and a 15% decline in 2009 revenue would bring
EBITDA down to a level that would be insufficient to cover
interest expense and reasonable capital spending.

S&P could revise the outlook to positive or raise the rating if
GM's financial situation stabilizes and its production of vehicles
that American Axle serves appears to also stabilize, and if
American Axle stops using cash.  The company would also have to
demonstrate potential for generating at least breakeven free cash
flow and increasing the cushion under its existing covenants.
This would likely require U.S. light-vehicle sales to go well
above the 10.0 million units S&P expects for 2009.

In November, Fitch Ratings placed American Axle's 'B' Issuer
Default Rating on Rating Watch Negative, reflecting the
uncertainty of General Motor's short-term operating and financial
profile.  GM accounted for 73% of Axle's total net sales in
through the first nine months of 2008.

In 2008, American Axle obtained amendments to its bank and term
loan agreements.  According to Fitch, the amended bank agreement
reduces the amount of the facility from US$600 million to
US$477 million, while also increasing the pricing (on the majority
of the facility) and extending the maturity on US$369 million of
the facility to December 2011.  The remaining US$108 million will
retain the original maturity date of April 2010.  Collateral
includes U.S. receivables and inventory, U.S. PP&E (subject to
indenture restrictions), intracompany notes, and a pledge of 65%
of the company's international subsidiaries.

Headquartered in Detroit, Michigan, American Axle &
Manufacturing Holdings Inc. (NYSE: AXL) -- http://www.aam.com/
-- is a world leader in the manufacture, engineering, design and
validation of driveline and drivetrain systems and related
components and modules, chassis systems and metal-formed
products for trucks, sport utility vehicles, passenger cars and
crossover utility vehicles.  In addition to locations in the
United States (Michigan, New York, Ohio and Indiana), the
company also has offices or facilities in Brazil, China,
Germany, India, Japan, Luxembourg, Mexico, Poland, South Korea,
Thailand and the United Kingdom.



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

A-ONE INVESTMENTS: Contributories and Creditors to Meet on Feb. 3
-----------------------------------------------------------------
The contributories and creditors of A-One Investments Limited will
meet on February 3, 2009, at 2:00 p.m. and 3:00 p.m.,
respectively, at 1401, Level 14, Tower 1 of Admiralty Centre, in
18 Harcourt Road, Hong Kong.


ASAHI CREATIVE: Pays First and Final Dividend
---------------------------------------------
Asahi Creative Technology Limited paid the first and final
ordinary dividend to its creditors on January 13, 2009.

The company paid 3.43% to all received claims.


DELTA INNOVATIVE: Court to Hear Wind-Up Petition on March 11
------------------------------------------------------------
A petition to have Delta Innovative Software Limited's operations
wound up will be heard before the High Court of Hong Kong on
March 11, 2009 at 9:30 a.m.

Kwan Kin Shun Simon filed the petition against the company on
January 5, 2009.

The Petitioners' solicitors are:

          Eddie Lee & Company
          Nan Fung Tower
          Rooms 1701-12, 17th Floor
          173 Des Voeux Road Central
          Hong Kong


ETERNAL FINE: Court to Hear Wind-Up Petition on February 18
-----------------------------------------------------------
A petition to have Eternal Fine Engineering Limited's operations
wound up will be heard before the High Court of Hong Kong on
February 18, 2009 at 9:30 a.m.

Kau Pak Chuen and Ko Chun Wa Johnason filed the petition against
the company on December 16, 2008.

The Petitioners' solicitors are:

          Messrs. Tsangs
          Chiyu Bank Building, 13th Floor
          No. 78 Des Voeux Road Central
          Hong Kong


FONTANA DEVELOPMENT: Court to Hear Wind-Up Petition on February 4
-----------------------------------------------------------------
A petition to have Fontana Development Limited's operations wound
up will be heard before the High Court of Hong Kong on Feb. 4,
2009, at 9:30 a.m.

Lee Kok Hooi filed the petition against the company on Oct. 27,
2008.

The Petitioner's solicitors are:

          Bobby Tse & Co.
          Yardley Commercial Building
          Unit A, 25th Floor
          3 Connaught Road West
          Sheung Wan, Hong Kong


MARVEL UNION: Court to Hear Wind-Up Petition on February 25
-----------------------------------------------------------
A petition to have Marvel Union Limited's operations wound up will
be heard before the High Court of Hong Kong on Feb. 25, 2009.

Leung Kin Ling, Joe and Tan Kong Ei filed the petition against the
company on December 23, 2008.

The Petitioners' solicitors are:

          Rowdget W. Young & Co.
          Wings Building, 3rd Floor
          110-116 Queen's Road Central
          Hong Kong


REALTORS INTERNATIONAL: Court to Hear Wind-Up Petition on March 11
------------------------------------------------------------------
A petition to have Realtors International Investment Limited's
operations wound up will be heard before the High Court of
Hong Kong on March 11, 2009, at 9:30 a.m.

Yuen Mang Yan Virginia filed the petition against the company on
January 5, 2009.

Yuen Mang's solicitors are:

          Christopher Li & Co.
          Nan Fung Tower, Rooms 705-8, 7th Floor
          173 Des Voeux Road Central
          Hong Kong


SMI CORPORATION: Releases Provisional Liquidator
------------------------------------------------
On December 9, 2008, Chan Wai Hing was released as provisional
liquidator of SMI Corporation Limited.


SUMBER ASIA: Court to Hear Wind-Up Petition on March 4
------------------------------------------------------
A petition to have Sumber Asia Holdings Limited's operations wound
up will be heard before the High Court of Hong Kong on March 4,
2009, at 9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company on Dec. 30, 2008.

The Petitioner's solicitors are:

          ONC Lawyers
          The Bank of East Asia Building, 15th Floor
          10 Des Voeux Road Central
          Hong Kong


TREASURE WEALTH: To Pay Dividend on February 6
----------------------------------------------
Treasure Wealth Limited, which is in liquidation, will pay
dividend on February 6, 2009.

The company will pay 0.1912% to ordinary creditors.



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

INDIAN BANK: Fitch Affirms Individual Rating at 'C/D'
-----------------------------------------------------
Fitch Ratings has affirmed the ratings of Indian Bank:

  -- National Long-term Rating at 'AA(ind)'

  -- National Rating of INR3.0 billion subordinated lower
     tier 2 debt at 'AA(ind)'

  -- National Short-term Rating at 'F1+(ind)'

  -- INR40 billion certificates of deposit programme at
     'F1+(ind)'

  -- Individual Rating at 'C/D'

  -- Support Rating at '4'

The Outlook on the Long-term rating is Stable.

The affirmation of IB's Individual and National ratings reflect
its strong profitability, capitalization and reasonable liquidity
cushion.  However, the enhanced concentration risks in a
deteriorating credit environment arising from its rapid corporate
lending driven growth, as well as limited income diversity
constrain IB's Individual and National Long-term ratings.

The bank's profitability (reported net interest margin: 3.91% for
the quarter ended December 31, 2008, "Q309") and RoA (annualized
RoA 1.50% for the nine months ended 31 December 2008 "9M09") have
been significantly above the systemic trend of the last five
years.

IB's comfortable excess Statutory Liquidity Ratio position (5.38%
as of March 31, 2008, "FY08") and strong bad debt recoveries (30%
of non-interest income in FY08) have been key drivers of this
performance.  However, the excess SLR has run off and bad debt
recoveries are likely to decline as legacy NPL stock reduces.
This will make it difficult for IB to sustain its RoA at current
levels, especially as its low cost deposit base is average (32% of
total deposits in FY08), its focus on more competitive corporate
lending continues to increase and credit costs are likely to rise.
However, the bank's RoA could get some short-term support from a
one-off write-back of provisions made on its high duration (3.34
years as of H109) available for sale investment book over the next
one-to-two quarters.

A strong focus on write-offs and recoveries has enabled IB to
fully recover from its legacy NPL problems which necessitated a
recapitalization by the government of India (between 1998 and
2003).  Consequently, its NPL ratios as of 9M09 (Gross NPL ratio:
0.92%, Net NPL ratio: 0.16%) ranked among the best in the Indian
banking system.  The bank has also strengthened its monitoring
systems which would aid NPL management over the long term.
However, its strengthened risk management systems are untested
(through a cycle) and a growing part of its loan book (which has
doubled in the last two years) is unseasoned.  In such a scenario,
the increased portfolio concentration (a significant part of which
is to mid-corporates including those in stressed industry segments
like commercial real estate, infrastructure and textiles) makes IB
vulnerable to near-term asset quality deterioration.

IB's Tier I capitalization ratio - 10.63% as of 9M09 - is the best
among government banks.  The government's holding of 80% (the
legally permissible minimum is 51%) and unutilized headroom for
Tier 1 hybrids (up to 40% of Tier I) provide the bank with
flexibility for enhancing Tier 1 capital as required.  Fitch
therefore expects IB to remain among the better capitalized Indian
banks over the next 12-24 months.  The bank's excess priority
sector lending (6.33% of total loans as of 9M09 ) that can be sold
to other banks, if necessary, and largely granular low cost
deposits support liquidity.

IB is a mid-sized (17th largest by assets and deposits in FY08)
government-owned bank with a strong franchise in south India.
Listed on India's stock exchanges, it had 1,582 domestic and two
overseas branches as of Q309.


OSWAL PUMPS: CRISIL Rates Rs.280.0MM Cash Credit Limit at 'BB+'
---------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable' to the various
bank facilities of Oswal Pumps Ltd (Oswal Pumps).

   Rs.280.0 Million Cash Credit Limit    BB+/Stable (Assigned)
   Rs.45.0 Million Term Loan             BB+/Stable (Assigned)

The ratings reflect Oswal Pumps' stretched financial risk profile
and small scale of operations.  These weaknesses are, however,
partially offset by Oswal Pump's established presence in the
segment.

Outlook: Stable

CRISIL believes that Oswal Pumps' credit profile will remain
constrained over the near to medium term on account of its weak
capital structure and debt protection indicators.  The outlook may
be revised to 'Positive' if Oswal Pumps' financial risk profile
improves substantially on the back of more than expected cash
accruals or improvement in capital structure.  Conversely, the
outlook may be revised to 'Negative' if the company undertakes
large, debt-funded capital expenditure leading to deterioration of
debt protection measures.

                       About Oswal Pumps

Incorporated in 2003 by Mr. Padam Sain Gupta and his sons, Mr.
Rajev Gupta and Mr. Vivek Gupta, Oswal Pumps was converted into a
closely-held limited company in January 2007, and took over the
operations of Oswal Electricals (Pumps), a proprietorship firm of
the same promoter.  Oswal Pumps manufactures submersible and
monobloc pumps and electric motors at its plant at Karnal,
Haryana. The company intends to move its plant to a new location
over the near term.

For 2007-08 (refers to financial year, April 1 to March 31), Oswal
Pumps reported a profit after tax (PAT) of Rs.21.96 million on net
sales of Rs.689.88 million, as against a PAT of Rs.9.15 million on
net sales of Rs.604.68 million for 2006-07.


SIRUPOOLUVAPATTI: CRISIL Assigns 'B' Rating on Long Term Loan
-------------------------------------------------------------
CRISIL has assigned its rating of 'B/Stable' to the long term loan
facility of Sirupooluvapatti CETP Pvt Ltd (SCETP).

    Rs.413.4 Million Long Term Loan    B/Stable (Assigned)

The rating reflect SCETP's exposure to risks relating to the
implementation of zero liquid discharge, reverse osmosis (ZLD RO)
effluent treatment plant at Tirupur, and its revenue dependence on
the member dyeing units.  These weaknesses are, however, partially
offset by the benefits that SCETP is expected to derive from its
status as a large common effluent treatment plant (CETP) in
Tirupur.

Outlook: Stable

CRISIL believes that SCETP's credit risk profile will remain
constrained by its weak capital structure and high revenue
dependence on its member units.  The outlook may be revised to
'Positive' on timely commencement of commercial operations of ZLD
RO plant and steady revenues from member units.  Conversely, the
outlook may be revised to 'Negative' if the project is delayed or
in case of non-payment of user charges by members.

                          About SCETP

Set up in 2005, SCETP was formed by 24 dyeing units for treatment
of effluents discharged by member units. The company plans to set
up a ZLD RO plant with a capacity of 50 MLD that will separate
salt and water from effluents.



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

SUMALINDO LESTARI: Seeks Banker's OK to Restructure Debt
--------------------------------------------------------
Jakarta Globe reported that PT Sumalindo Lestari Jaya Tbk has
asked Citicorp North America Inc. to restructure $15.4 million
worth of debts.

"We hope the bank will respond positively to our debt-
restructuring proposal," the report quoted Amir Sunarko,
Sumalindo's president, as saying.

According to Jakarta Globe, Amir said the company has received a
notice of nonpayment of overdue matured debt from Citicorp, sent
via Citigroup Global Markets Asia Ltd.

Jakarta Globe relates that the company received $16.4 million of
loans from Citicorp on June 10 with a tenor of two years.  These
loans, the report notes, were guaranteed by Sumalindo's account
receivables, inventory and fixed assets.

As of September 2008, Jakarta Globe states, Sumalindo's total
debts stood at IDR1.14 trillion ($100.3 million), including the
$15.4 million owed to Citicorp.

Amir said the global financial crisis has weighed on demand for
Sumalindo's products, the report relates.

The company, Jakarta Globe notes, reported net profit of IDR888
million in the first three quarters of 2008, compared with net
profit of IDR40 billion in the same period in 2007.

PT Sumalindo Lestari Jaya Tbk (JAK:SULI) --
http://www.sumalindo.com/ -- is an Indonesia-based timber
company.  The Company's principal activities comprise of timber
processing, logging activities, the operation of industrial timber
plantations, as well as export, import and local trading.  It has
a combined total concession area of 448,986 hectares in East
Kalimantan.  The Company has four subsidiaries, which are engaged
in the logging business and the operations of industrial timber
plantations, namely PT Inti Prona, PT Nityasa Prima, PT Sumalindo
Hutani Jaya and PT Karya Wijaya Sukses.  It also has two other
subsidiaries, which are engaged in the power plant and glue
industries, namely PT Kalimantan Powerindo and PT Sumalindo Mitra
Resindo.  On June 6, 2008, the Company has completed the
acquisition of PT Essam Timber.


* Fitch Assigns 'BB' Rating on Indonesia's US$4-Bil. MTN Program
----------------------------------------------------------------
Fitch Ratings has assigned an expected 'BB' Long-term foreign
currency rating to the Republic of Indonesia's forthcoming US$4bn
Global MTN program.  The final rating is contingent upon receipt
of final documents conforming to information already received.
In January 2009, Fitch affirmed Indonesia's foreign and local
currency Issuer Default Ratings at 'BB' with Stable Outlooks.  The
affirmation balances the credit's fundamental strengths of its
public finances against underlying risks to the country's external
finances.

Structural improvements in public finance management and thorough
ongoing surveillance of fiscal risks are Indonesia's fundamental
rating strengths.  However, Fitch notes that Indonesia's external
finances remain vulnerable to heightened portfolio investor risk
aversion, an accumulation of external assets offshore by domestic
residents and heavy refinancing needs amidst an environment of
tight external funding conditions and weakening external receipts.



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

EAST STREET: Moody's Reviews Ratings on Various Classes of Notes
----------------------------------------------------------------
Moody's Investors Service announced it has placed under review for
possible downgrade its rating of one class of notes and has
downgraded and left on review for further possible downgrade its
ratings of three classes of notes issued by East Street Referenced
Linked Notes, 2002-1 Limited.

The transaction is a managed synthetic CDO referencing mainly
Japanese structured finance products.  Today's rating actions are
mainly the result of credit deterioration in the unsecured
consumer finance sector.  The revised and updated key modelling
parameter assumptions that Moody's uses to assign and monitor
ratings of SF CDOs were also applied to the rating actions.

Moody's initially analyzed and continues to monitor this
transaction using primarily the methodology and its supplements
for ABS CDOs as described in Moody's Special Reports below:

  -- Moody's Approach to Rating Multisector CDOs (September 2000)

  -- Moody's Approach To Rating Synthetic Resecuritizations
     (October 2003)

  -- Moody's Revisits its Assumptions Regarding Structured Finance
     Default (and Asset) Correlations for CDOs (June 2005)

The rating actions are:

East Street Referenced Linked Notes 2002-1

(1) Series 2 JPY4,875,000,000 Class A Floating Rate Notes

  -- Current Rating: Aaa, on review for possible downgrade
  -- Prior Rating: Aaa
  -- Prior Rating Date: October 20, 2003, assigned Aaa

(2) Series 2 JPY4,500,000,000 Class B Floating Rate Notes

  -- Current Rating: Ba1, on review for possible downgrade
  -- Prior Rating: A1
  -- Prior Rating Date: October 20, 2003, assigned A1

(3) Series 2 JPY2,025,000,000 Class C Floating Rate Notes

  -- Current Rating: Caa1, on review for possible downgrade
  -- Prior Rating: Baa2
  -- Prior Rating Date: October 20, 2003, assigned Baa2

(4) Series 2 JPY600,000,000 Class D Fixed Rate Notes

  -- Current Rating: Caa1, on review for possible downgrade
  -- Prior Rating: Baa2
  -- Prior Rating Date: October 20, 2003, assigned Baa2

Moody's Investors Service is a publisher of rating opinions and
research.  It is not involved in the offering or sale of any
securities, nor is it acting on behalf of the offering party.
This release is not a solicitation or a recommendation to buy,
hold, or sell securities.


STARLING ONE: S&P Withdraws 'CCC-' Rating on JPY5 Bil. Notes
------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'CCC-' credit
rating on the JPY5 billion class C floating-rate Keltic One
portfolio credit-linked notes series 2006-14 issued by Starling
Finance PLC.

The rating withdrawal follows an early redemption of the notes.


* S&P Puts Junk Ratings on 8 Tranches From 22 Japanese CDO Deals
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 28
tranches relating to 22 Japanese synthetic CDO transactions.
Standard & Poor's also removed its ratings on nine of the 28
tranches from CreditWatch, while keeping the ratings on the other
19 on CreditWatch with negative implications.

Today's rating actions are part of S&P's regular monthly review of
synthetic CDOs.  These actions incorporate, among other things,
the impact of rating migration and the auction results of
International Swaps and Derivatives Association. Inc.'s protocol
being taken into consideration in the evaluation of Tribune.

                           Ratings List

                           Andante Ltd.
                Credit-linked secured notes series 2

           Class   To    From             Issue Amount
           -----   --    ----             ------------
           A-1     CCC   CCC+/Watch Neg   JPY1.7 bil.
           A-2     CCC   CCC+/Watch Neg   JPY1.3 bil.

                    Corsair (Jersey) No. 2 Ltd.
   Floating-rate secured portfolio credit-linked notes series 76

                 To   From            Issue Amount
                 --   ----            ------------
                 B-   BB-/Watch Neg   $20.0 mil.

   Floating-rate secured portfolio credit-linked notes series 78

            To            From           Issue Amount
            --            ----           ------------
            B/Watch Neg   BB/Watch Neg   JPY3.0 bil

   Floating rate secured portfolio credit-linked notes series 81

         To               From             Issue Amount
         --               ----             ------------
         CCC-/Watch Neg   CCC+/Watch Neg   JPY1.0 bil.

   Floating rate secured portfolio credit-linked notes series 86

                To    From             Issue Amount
                --    ----             ------------
                CCC   CCC+/Watch Neg   $10.0 mil.

                         Eirles Two Ltd.
        Portfolio credit linked secured notes series 310

           Class   To    From             Issue Amount
           -----   --    ----             ------------
           B       BB-   BB/Watch Neg    JPY1.0 bil.

                            ELM B.V.
           Global portfolio CDO secured notes series 43

            To            From           Issue Amount
            --            ----           ------------
            B/Watch Neg   BB-/Watch Neg  $20.0 mil.

       Elysium class B secured credit linked notes series 97

          To              From             Issue Amount
          --              ----             ------------
          CCC/Watch Neg   CCC+/Watch Neg   $20.0 mil.

                        Helium Capital Ltd.
     Corporate basket credit-linked note series 60 (Esperance)

                 To   From            Issue Amount
                 --   ----            ------------
                 B-   B/Watch Neg    A$85.0 mil.

                       J-Bear Funding Ltd.
         Limited recourse secured floating rate portfolio
                  credit-linked notes (Series 31)

          To              From             Issue Amount
          --              ----             ------------
          BB+/Watch Neg   BBB-/Watch Neg   JPY3.0 bil.

         Limited recourse secured floating rate portfolio
                   credit-linked notes series 36

          To               From            Issue Amount
          --               ----            ------------
          BBB-/Watch Neg   BBB/Watch Neg   $10.0 mil.

                    Momentum CDO (Europe) Ltd.
                    SONATA notes series 2006-2

      Class   To              From             Issue Amount
      -----   --              ----             ------------
      AF      BB+/Watch Neg   BBB-/Watch Neg   JPY2.0 bil.
      AX      BB+/Watch Neg   BBB-/Watch Neg   JPY1.1 bil.

                    SONATA notes series 2006-7

      Class   To              From             Issue Amount
      -----   --              ----             ------------
      BF      BB-/Watch Neg   BB/Watch Neg   JPY100.0 mil.
      BX      BB-/Watch Neg   BB/Watch Neg   JPY700.0 mil.

              SONATA fixed-rate notes series 2006-10

      Class   To              From             Issue Amount
      -----   --              ----             ------------
      AX      BB-/Watch Neg   BB/Watch Neg     EUR20.0 mil.

OPALE floating and fixed-rate credit linked notes series 2006-12

      Class   To               From            Issue Amount
      -----   --               ----            ------------
      AF      CCC+/Watch Neg   B-/Watch Neg    JPY1.0 bil.
      AX      CCC+/Watch Neg   B-/Watch Neg    JPY600.0 mil.

                  Omega Capital Investments PLC
               Series 10 secured floating rate notes

      Class   To              From             Issue Amount
      -----   --              ----             ------------
      A       BB+/Watch Neg   BBB-/Watch Neg   JPY2.0 bil.
      B       BB+/Watch Neg   BBB-/Watch Neg   JPY3.1 bil.

                Secured multi rate notes series 21

      Class   To              From             Issue Amount
      -----   --              ----             ------------
      A1      BB-/Watch Neg   BBB-/Watch Neg   $20 mil.
      A2      BB-/Watch Neg   BBB-/Watch Neg   JPY300.0 mil.

                Series 29 secured fixed rate notes

            Class   To    From             Issue Amount
            -----   --    ----             ------------
            A1      CCC   CCC+/Watch Neg   JPY2.3 bil.

                       Signum Vanguard Ltd.
     Secured floating rate credit-linked notes series 2006-02

                 To   From           Issue Amount
                 --   ----           ------------
                 B    B+/Watch Neg   JPY2.0 bil.

      Secured floating rate credit-linked notes series 2006-03

          To              From             Issue Amount
          --              ----             ------------
          BB+/Watch Neg   BBB-/Watch Neg   $10.0 mil.

       Series 2006-07 secured fixed rate credit-linked notes

            To             From          Issue Amount
            --             ----          ------------
            B-/Watch Neg   B/Watch Neg   JPY500.0 mil.

      Series 2007-02 secured fixed rate credit-linked notes

                To    From             Issue Amount
                --    ----             ------------
                CCC   CCC+/Watch Neg   JPY1.0 bil.



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

AGILITY GROUP: Goes Into Receivership
-------------------------------------
The National Business Review reports that IT recruitment firms
Agility Group and Agility Group (Wellington) have gone into
receivership.

According to the report, receiver Tim Downes at Grant Thornton
said he will know more about the financial situation of the
company today, January 30.

Meanwhile, the Business Review says, IT temping and recruiting
company BCG was placed into liquidation at the beginning of
December.

Receiver Damien Grant at Waterstone Insolvency, the report
relates, said the BCG insolvency is directly attributable to the
general state of the economy.

Mr. Grant says that he is seeing lots of companies struggling
because of the economy but can't comment on whether the
recruitment industry will be particularly badly hit, the Business
Review notes.

Agility Group -- http://www.agilitygroup.co.nz/-- is an IT
recruitment firm based in Auckland, New Zealand.


ASSOCIATED INTERNATIONAL: Court Hears Wind-Up Petition
------------------------------------------------------
On January 21, 2009, the High Court at Auckland heard a petition
to have Associated International Management Services Ltd.'s
operations wound up.

Simon Laurent filed the petition against the company on Nov. 14,
2008.


CANTERBURY HOMES: Appoints Gower and Tubbs as Liquidators
---------------------------------------------------------
On December 9, 2008, the shareholder of Canterbury Homes Ltd.
appointed Colin Gower and Stephen Tubbs as the company's
liquidators.

Only creditors who can file their proofs of debt by January 31,
2009, will be included in the company's dividend distribution.

The Liquidators can be reached at:

          Colin Gower
          Stephen Tubbs
          c/o Wiona Pienaar
          BDO Spicers
          148 Victoria Street, Christchurch
          Telephone: (03) 379 5155
          Facsimile: (03) 353 5526
          e-mail: wiona.pienaar@chc.bdospicers.com


FAIRVIEW ALUMINIUM: Court to Hear Wind-Up Petition on February 4
----------------------------------------------------------------
A petition to have Fairview Aluminium Windows Ltd.'s operations
wound up will be heard before the High Court at Invercargill on
Feb. 4, 2009, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on September 26, 2008.

The CIR's solicitor is:

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


FURZE HOLDINGS: Commences Liquidation Proceedings
-------------------------------------------------
On December 8, 2008, it was resolved by special resolution to
voluntarily liquidate the business of Furze Holdings Ltd.

The company's liquidator is:

          Christopher John Lynch
          Staples Rodway Taranaki Limited
          109-113 Powderham Street, New Plymouth
          Telephone: (06) 758 0956
          Facsimile: (06) 757 5081


H AND A LTD ET AL: Appoint Shephard and Dunphy as Liquidators
-------------------------------------------------------------
On December 8, 2008, Iain Bruce Shephard and Christine Margaret
Dunphy were appointed as liquidators of:

   -- H and A Limited; and
   -- Inmotion International Limited.

The Liquidators can be reached at:

         Iain Bruce Shephard
         Christine Margaret Dunphy
         Shephard Dunphy Limited
         Zephyr House, Level 2
         82 Willis Street, Wellington
         Telephone: (04) 473 6747
         Facsimile: (04) 473 6748


HERITAGE FLOORING: Court Hears Wind-Up Petition
-----------------------------------------------
On January 19, 2009, the High Court at Christchurch heard a
petition to have Heritage Flooring (2000) Ltd.'s operations wound
up.

Infinity Investment Group Holdings Limited filed the petition
against the company on November 20, 2008.


JJ & ASSOCIATES: Court to Hear Wind-Up Petition on February 4
-------------------------------------------------------------
A petition to have JJ & Associates Ltd.'s operations wound up will
be heard before the High Court at Invercargill on Feb. 4, 2009, at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on November 7, 2008.


The CIR's solicitor is:

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


KAITI BAKERY: Court to Hear Wind-Up Petition on February 10
-----------------------------------------------------------
A petition to have Kaiti Bakery Ltd.'s operations wound up will be
heard before the High Court at Gisborne on Feb. 10, 2009, at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on August 28, 2008.

The CIR's solicitor is:

          Kay S. Morgan
          Inland Revenue Department
          Legal and Technical Services
          1 Bryce Street
          PO Box 432, Hamilton
          Telephone: (07) 959 0373
          Facsimile: (07) 959 7614


LIFE PHARMACY: CEO to Quit Post
-------------------------------
Life Pharmacy Limited said Philip Ingham will step down as its
Chief Executive Officer for personal family reasons.

Liz Coutts, Chair of Life Pharmacy, commented: "We have
established an excellent key management team in Life and the Board
and Management will work closely together in the coming weeks to
ensure a smooth and seamless transition, including the appointment
of Philip's successor."

"In a very challenging environment we are pleased that our stores
have produced positive like for like sales growth in the first 9
months of this financial year including the key Christmas trading
period," Mr. Ingham said.

Based in New Zealand , Life Pharmacy Limited (NZX:LPL) --
http://www.lifepharmacy.co.nz/ is a New Zealand-based company.
The company operates the life pharmacy franchise and brand
comprising 26 pharmacies within New Zealand.  The segments of the
company are corporate, franchise and group investments.  The
corporate segment includes transactions relating to central office
support function costs, including governance and funding costs.
The franchise segment includes income and expense relating to
associates, subsidiaries and joint venture day to day activities.
The group investments segment include income and expense relating
to investment (capital) transactions, including dividends received
and profit/loss on sale of shares.  In May 2008, the company
completed the acquisition of Care Chemist Services Ltd.

                      *     *     *

The company incurred two consecutive net losses of NZ$570,000 and
NZ$6,562,000 for the years ended March 31, 2008, and 2007.


LOWTHER NOMINEE: Placed Under Voluntary Liquidation
---------------------------------------------------
Lowther Nominee Trustees Ltd. commenced liquidation proceedings on
December 5, 2008.

Only creditors who were able to file their proofs of debt by
January 23, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

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


NEWMARKET DAY: Commences Liquidation Proceedings
------------------------------------------------
Newmarket Day Night Pharmacy Ltd. commenced liquidation
proceedings on November 8, 2008.

The company's liquidator is:

          Geoffrey Alexander Hamilton
          SME Financial Limited
          6 Boston Road, Ground Floor
          Mt Eden, Auckland
          Telephone: (09) 366 7025
          Facsimile: (09) 309 2460


PI NEW ZEALAND: Court Hears Wind-Up Petition
--------------------------------------------
On January 28, 2009, the High Court at Auckland heard a petition
to have PI New Zealand Investment Ltd.'s operations wound up.

Brookfields Lawyers filed the petition against the company on
November 11, 2008.


PORTSMOUTH INVESTMENTS: Commences Liquidation Proceedings
---------------------------------------------------------
Portsmouth Investments Ltd. commenced liquidation proceedings on
December 8, 2008.

The company's liquidator is:

          Murray G. Allott
          111 Bealey Avenue
          PO Box 29432, Christchurch 8540
          Telephone: (03) 365 1028
          Facsimile: (03) 365 6400
          e-mail: murray@profitco.co.nz


PRIVATE PROPERTY: Creditors' Proofs of Debt Due on March 12
-----------------------------------------------------------
The creditors of Private Property Partners Ltd. are required to
file their proofs of debt by March 12, 2009, to be included in the
company's dividend distribution.

The company's liquidator is:

           Vivian Fatupaito
           c/o PricewaterhouseCoopers
           Private Bag 92162
           Victoria Street West, Auckland 1142
           Telephone: (09) 355 8000
           Facsimile: (09) 355 8013


PROFESSIONAL PROPERTY: Commences Liquidation Proceedings
--------------------------------------------------------
Professional Property Management Ltd. commenced liquidation
proceedings on November 28, 2008.

Only creditors who were able to file their proofs of debt by
January 23, 2009, will be included in the company's dividend
distribution.

The company's liquidators are:

          Edward Christian Jansen
          Brian Joseph Walshe
          PO Box 30568, Lower Hutt
          Telephone: (04) 569 9069


SOLE: Creditors May Get Less, Liquidator Says
---------------------------------------------
The liquidator for up-market shoe shop Sole on Wednesday,
January 27, told creditors there is likely to be little left over
for them in its liquidation, The National Business Review reports.
The company has 61 registered creditors.

"There is a substantial shortfall to the creditors, in excess of a
million dollars when you include the bank debt," the report quoted
liquidator Gareth Hoole of Staples Rodway as saying.

The report relates that the company was in debt and there was no
prospect of it continuing when the liquidator was appointed on
January 12.

Sole had already reduced its business from 12 stores to two, a
store in Newmarket, Auckland and an outlet, the Business Review
notes.


TIE RACK: Appoints McKay and Cregten as Liquidators
---------------------------------------------------
On December 8, 2008, the shareholders of Tie Rack New Zealand Ltd.
appointed Andrew John McKay and John Joseph Cregten as the
company's liquidators.

Only creditors who were able to file their proofs of debt by
January 31, 2009, will be included in the company's dividend
distribution.

The Liquidators can be reached at:

         Andrew John McKay
         John Joseph Cregten
         c/o Fanny Lam
         AMP Centre, Level 15
         29 Customs Street West
         PO Box 532, Auckland
         Telephone: (09) 358 8246
         Facsimile: (09) 358 3646


* NEW ZEALAND: Building Consents Hit 22-Year Low
------------------------------------------------
Building consent statistics show the number of new housing units
authorized continues to fall, with 1,127 units authorized in
December 2008, Statistics New Zealand said today.  This is the
lowest monthly total since January 1987.

The trend for the number of authorized new housing units,
including apartments, has fallen 49 percent since the recent
June 2007 peak.

In December 2008, the seasonally adjusted number of authorized new
housing units, excluding apartments, fell 0.7 percent compared
with November 2008.

For the year ended December 2008, there were 18,456 new housing
units authorized, down 7,134 from the previous year.  The value of
these consents fell from NZ$6.4 billion to NZ$4.9 billion over
this time.

For the year ended December 2008, the value of consents issued for
residential buildings fell NZ$1.5 billion (20 percent), while the
value for non-residential buildings rose NZ$322 million (7.7
percent), compared with the year ended December 2007.


* NEW ZEALAND: Exports Up 4.4% in December 2008
-----------------------------------------------
The value of seasonally adjusted exports and imports both
increased for the December 2008 quarter, up 4.4 percent and 1.5
percent, respectively, compared with the September 2008 quarter,
Statistics New Zealand said.  This is the third consecutive
quarterly increase for exports and imports.

For seasonally adjusted exports, dairy products contributed almost
two-thirds to the increase, while the largest offsetting decrease
came from crude oil down more than 40 percent from the September
2008 quarter.

For seasonally adjusted imports, intermediate and consumption
goods both increased.  The overall increase in the intermediate
goods category was led by industrial supplies, with crude oil the
largest offsetting decrease due to lower prices.  Passenger motor
car imports also showed a decrease for the quarter with
significantly fewer vehicles being imported.

Coinciding with the increasing export and import values in the
last three quarters, the value of the New Zealand dollar (as
measured by the Reserve Bank's Trade Weighted Index) has declined
20 percent over the same period.  A decreased dollar value has an
upward influence on prices for both exports and imports, which may
be related to some of the increases in commodity trade values.

The seasonally adjusted trade balance for the December 2008
quarter was a deficit equivalent to 10.8 percent of exports,
smaller than the deficits of 14.1 and 17.8 percent recorded in the
September 2008 and June 2008 quarters, respectively.

In the month of December 2008, the unadjusted value of merchandise
exports was NZ$3.8 billion, up NZ$167 million (or 4.5 percent)
from December 2007.  Merchandise imports were valued at NZ$4.2
billion, up NZ$552 million (or 15.2 percent) from December 2007.



======================
S O U T H  A F R I C A
======================

* CAPE TOWN: Thousands Lost Jobs in '08 as Clothing Firms Shut Biz
------------------------------------------------------------------
At least five clothing companies in Cape Town have closed down in
the past month, leaving hundreds out of work, Independent Online
reports citing an industry liquidator Peter Carolus.

According to the report, Peter Carolus said his firm, Sky Business
Consultants, had dealt with about 20 liquidations in 2008.  Mr.
Carolus, Independent Online notes, estimated that thousands had
lost their jobs last year.

SA Clothing and Textile Workers' Union (Sactwu) said more than
70,000 jobs have been lost in the sector over the last four years,
the report relates.

Independent Online states that the clothing industry, which is
suffering from years of growing Chinese competition and a
relatively stronger rand, is also deeply affected by the economic
downturn.

However, Mr. Carolus said economic factors were not all that was
at fault.  He had often come across companies that had contributed
to their own downfall by not investing in new technology.



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

AVERI DRAYCOTT: Creditors' Proofs of Debt Due on February 19
------------------------------------------------------------
The creditors of Averi Draycott Pte Ltd are required to file their
proofs of debt by February 19, 2009, to be included in the
company's dividend distribution.

The company's liquidator is:

          Lau Chin Huat
          Block 50 #02-767
          Havelock Road
          Singapore 160050


BEAR STEARNS: Creditors' Proofs of Debt Due on February 19
----------------------------------------------------------
The creditors of Bear Stearns Singapore Pte Ltd are required to
file their proofs of debt by February 19, 2009, to be included in
the company's dividend distribution.

The company's liquidator is:

          Lau Chin Huat
          Block 50 #02-767
          Havelock Road
          Singapore 160050


TRINSUM GROUP: Voluntary Chapter 11 Case Summary
-----------------------------------------------

Debtor: Trinsum Group, Inc.
        fka Marakon Associates, Inc.
        245 Park Avenue
        New York, NY 10167

Bankruptcy Case No.: 09-10394

Related Information: The Debtor is a holding company whose
                    portfolio comprises: Marakon - International
                    strategy and management consulting firm;
                    SmartNest(R) - Patent-pending, technology-
                    enabled investment-management platform;
                    and; an interest in QFR Victoria, a global
                    macro/relative value bias private investment
                    fund.

                    In addition, the Debtor advises major
                    corporations including Cardinal Heath,
                    Xerox, Roche, Barclays and Gillette.  The
                    Debtor has offices in New York, Chicago,
                    London, Singapore and Tokyo and owns
                    interests in and provides services to
                    clients through its subsidiaries around the
                    globe.

                    The Debtor was formed in 2007 by the merger
                    of Marakon and Integrated Finance Limited.
                    Unfortunately, the merger of the Marakon and
                    Integrated failed that created many
                    practical problems which hampered the
                    the Debtor's business, including (a)
                    disagreements between and among the Marakon
                    and Integrated partners regarding the
                    direction and operation of the Debtor's

                    business, (b) the assumption of millions of
                    dollars of debt owed to former partners of
                    Marakon and Integrated and (c) the general
                    economic downturn of the past year.
                    Saddled with this legacy debt, the Debtor's
                    financial performance has deteriorated
                    and the Debtor has defaulted in its
                    obligations to the former partners of
                    Marakon and Integrated.  Those defaults have
                    led to months of negotiations between groups
                    of former partners and the Debtor's current
                    management. While those negotiations were
                    ongoing, three former partners of Marakon
                    filed an involuntary petition against the
                    Debtor in this Court.

                    On July 3, 2008, M. Scott Gills, Leroy J.
                    Mrogy and Joseph R. Shalleck made an
                    involuntary petition under Chapter 7 in the
                    United States Bankruptcy Court for the
                    Southern District of New York against
                    Trinsum.  The creditors claimed US$2.2 million
                    in the aggregate against the Debtor.
                    Douglas S. Skalka, Esq., at Neubert, Pepe &
                    Monteith, P.C., represents the creditors.

                    On Jan. 28, 2009, the Debtor asked the Court
                    to convert the involuntary Chapter 7 case to
                    a Chapter 11 reorganization.
                    Gerard R. Luckman, Esq., at Silverman
                    Acampora LLP, said the petition was to
                    be filed in the pending case 08-12547
                    after entry of the order converting that
                    involuntary chapter 7 case to a chapter
                    11 case.  However, the document was
                    inadvertently filed as a new case in
                    bankruptcy.

                    See: http://www.trinsum.com/

Chapter 11 Petition Date: January 28, 2009

Court: Southern District of New York (Manhattan)

Debtor's Counsel: Gerard R. Luckman, Esq.
                  Silverman Acampora, LLP
                  100 Jericho Quadrangle, Suite 300
                  Jericho, NY 11753
                  Tel: (516) 479-6300
                  Fax: (516) 479-6301
                  filings@spallp.com

Estimated Assets: US$1 million to US$10 million

Estimated Debts: US$50 million to US$100 million

The Debtor did not file a list of 20 largest unsecured creditors.
The petition was signed by James M. McTaggart, chief executive
officer.



===============
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
CHEMEQ LIMITED              CMQ      25194855.59    -24254413.72
ERG LIMITED                 ERG     180731676.67    -11205963.43
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
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      93725753.93  -1229352757.43
ICDS                       ICDS      13300348.69     -6171079.46
IFB INDS LTD               IFBI      50668510.63    -65490798.77
JCT ELECTRONICS            JCTE     122542558.60    -49996834.55
JENSON & NIC LTD             JN      15734678.26    -92089109.12
JK SYNTHETICS               JKS      20208078.76     -2171303.89
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      20858257.56    -22890695.36
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      67986614.2      -3400656.26

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
TAITUNG BUSINESS           2811     1331518759.79   -81769016.27
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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