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

                     A S I A   P A C I F I C

           Monday, February 2, 2009, Vol. 12, No. 22

                            Headlines

A U S T R A L I A

A & M BEHARY: Placed Under Voluntary Liquidation
ACN 112 520 493: Creditors Resolve to Liquidate Business
ACN 010 898 727: Members and Creditors Hear Wind-Up Report
ASSOCIATED ENGINEERING: Declares First and Final Dividend
ATLAS SCAFFOLDING: Members and Creditors Hear Wind-Up Report

C & E TOURS: Enters Wind-Up Proceedings
CAPTIVE VISION: Commences Liquidation Proceedings
DEEPA FOODS: Creditors Resolve to Liquidate Business
GRIFFIN COAL: Moody's Downgrades Corporate Family Rating to 'B2'
HOLMES, SACKETT: Placed Under Voluntary Liquidation

LLOYD DRILLING: Placed Under Voluntary Liquidation
MACRO TOOLING: Creditors Hold Meeting
MCCARROLL'S PTY: Members and Creditors Hear Wind-Up Report
MEDICAL INVESTMENTS: Members Receive Wind-Up Report
MINEX LABOUR: Placed Under Voluntary Liquidation

ORACAL CAPITAL: Declares First and Final Dividend
OZ MINERALS: Agrees to Sell 100% Stake in Nyrstar NV
PSM HYGIENE: Inability to Pay Debts Prompts Wind-Up
REUTER ET AL: Members and Creditors Hear Wind-Up Report
STRUTSUN PTY: Members and Creditors Hear Wind-Up Report

TROPEETO HOLDINGS: Declares First and Final Dividend
TWINSIDE HOLDINGS: Declares First and Final Dividend


B A H R A I N

ARAB BANKING: Moody's Downgrades Bank Strength Rating to 'D+'
GULF INTERNATIONAL: Moody's Pares Bank Strength Rating to 'D+'


C H I N A

NEO-CHINA LAND: Moody's Downgrades Corporate Family Rating to 'Ca'


H O N G  K O N G

BS TRADING: Court to Hear Wind-Up Petition on February 18
HE XING: Court to Hear Wind-Up Petition on March 11
KINGSWAY (HK): Court to Hear Wind-Up Petition on March 4
LEE DER: Court to Hear Wind-Up Petition on February 4
LUCKY DRAGON: Court to Hear Wind-Up Petition on February 11

ONE PRICE: Court to Hear Wind-Up Petition on February 25
WATSON ENVIRONMENTAL: Court to Hear Wind-Up Petition on March 18
WORLD TIME: Court to Hear Wind-Up Petition on February 18
YEK TAK: Court to Hear Wind-Up Petition on February 18
ZINDA CO: Court to Hear Wind-Up Petition on February 4


I N D I A

EMIL PHARMACEUTICAL: CRISIL Rates Rs.55.0MM Cash Credit at 'BB-'
IND-BARATH POWER: CRISIL Assigns 'B' Rating on Term Loan
JAYESH INDUSTRIES: CRISIL Rates Various Bank Facilities at 'BB'
LAKSHMI FLOUR: CRISIL Rates Rs.70 Mln. Cash Credit Limits at 'B'
SATYAM COMPUTER: Banks' Rs660.48cr Exposure to Firm Unveiled


I N D O N E S I A

SARIJAYA PERMANA: Bapepam to Start Working on Investors' Claims
* Moody's Assigns 'Ba3' Rating on Indonesia's MTN Program


J A P A N

L-JAC5 TRUST: Fitch Takes Rating Actions on 17 Classes of Notes
MIZUHO FINANCIAL: Incurs JPY50.5 Bln Loss in 9Mos Ended Dec. 31
PIONEER CORPORATION: Moody's Downgrades Issuer Rating to 'Ba1'
SANYO ELECTRIC: Panasonic May Defer Bid Until Summer
SNOW BRAND: Moody's Affirms Long-Term Senior Unsecured Rating

SONY CORP: Posts JPY18 Bln Operating Loss in Third Qtr. Ended Dec.
SUZUKI MOTOR: To Cut Regular Employee's Wages; Idles Production


K O R E A

HYNIX SEMICONDUCTOR: South Korea Gov't. to Sell Stake in Firm


K U W A I T

NATIONAL INDUSTRIES: Moody's Downgrades Issuer Rating to 'Ba2'


N E W  Z E A L A N D

ACE HARVEST ET AL: Placed Under Voluntary Liquidation
AIR NEW ZEALAND: Cuts Capacity by 7.5% in December
BMMP HOLDINGS: Commences Liquidation Proceedings
CGM LIFESTYLE ET AL: Placed Under Voluntary Liquidation
DOMINION FINANCE: Trustee Opts to Liquidate DFG Unit

KEAMOA CONSTRUCTION: Court Hears Wind-Up Petition
MICROTEL LTD: Appoints Parsons and Kenealy as Liquidators
N Y INTERNATIONAL: Appoints van Delden and Bromwich as Liquidators
SMARTY PANTZ ET AL: Creditors' Proofs of Debt Due on March 12
VOYAGER HOLDINGS: Court to Hear Wind-Up Petition on February 4

WHEELS AND WAVES: Court Hears Wind-Up Petition
WIRED EARTH: Creditors' Proofs of Debt Due on February 5


N I G E R I A

ADSWITCH PLC: First Half Loss Narrows to US$10,245


P H I L I P P I N E S

LEGACY GROUP: BSP Filed Complaints Against Bank Officials


S I N G A P O R E

CHARTERED SEMICONDUCTOR: Posts US$92.6 Mln Net Loss in 2008


                         - - - - -


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

A & M BEHARY: Placed Under Voluntary Liquidation
------------------------------------------------
During a general meeting held on October 23, 2008, the members of
A & M Behary Pty Ltd 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


ACN 112 520 493: Creditors Resolve to Liquidate Business
--------------------------------------------------------
The creditors of ACN 112 520 493 Pty Limited met on October 22,
2008, and resolved that the company be wound up voluntarily.

The company's liquidators are:

          Peter A Amos
          Daniel I Cvitanovic
          Cvitanovic Amos Chartered Accountants &
          Insolvency Specialists
          25/185 Airds Road
          Leumeah NSW 2560


ACN 010 898 727: Members and Creditors Hear Wind-Up Report
----------------------------------------------------------
The members and creditors of ACN 010 898 727 Pty Limited met on
December 4, 2008, and received the liquidator's report on the
company's' wind-up proceedings and property disposal.

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


ASSOCIATED ENGINEERING: Declares First and Final Dividend
---------------------------------------------------------
Associated Engineering (South Queensland) Pty. Limited, which is
in liquidation, declared the first and final dividend on Dec. 10,
2008.

The company's liquidator is:

          Nicholas Crouch
          Crouch Amirbeaggi Insolvency Accountants
          31 Market Street, Level 28
          Sydney NSW 2000


ATLAS SCAFFOLDING: Members and Creditors Hear Wind-Up Report
------------------------------------------------------------
The members and creditors of Atlas Scaffolding Pty Limited met on
Dec. 4, 2008, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Danny Vrkic
          Jirsch Sutherland & Co - Wollongong
          76 Market Street, Level 1
          Wollongong NSW 2500
          Telephone: (02) 4225 2545
          Facsimile: (02) 4225 2546


C & E TOURS: Enters Wind-Up Proceedings
---------------------------------------
The members of C & E Tours Australia Pty Ltd met on October 20,
2008, and resolved to voluntarily liquidate the company's
business.

The company's liquidator is:

          David John Kerr
          RSM Bird Cameron Partners
          60 Castlereagh Street, Level 12
          Sydney NSW 2000
          Telephone: (02) 9233 8933
          Facsimile: (02) 9233 8521


CAPTIVE VISION: Commences Liquidation Proceedings
-------------------------------------------------
At an extraordinary general meeting held on September 30, 2008,
The members of Captive Vision Network Pty Ltd resolved to
voluntarily liquidate the company's business.

The company's liquidator is:

          Robert Whitton
          Lawler Partners, Chartered Accountants
          1 O'Connell Street, Level 9
          Sydney NSW 2000


DEEPA FOODS: Creditors Resolve to Liquidate Business
----------------------------------------------------
The creditors of Deepa Foods Pty Limited met on October 22, 2008,
and resolved that the company be wound up voluntarily.

The company's liquidators are:

         Peter A. Amos
         Daniel I. Cvitanovic
         Cvitanovic Amos Chartered Accountants &
         Insolvency Specialists
         25/185 Airds Road
         Leumeah NSW 2560
         Telephone: (02) 4626 8522
         Facsimile: (02) 4627 2146


GRIFFIN COAL: Moody's Downgrades Corporate Family Rating to 'B2'
----------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family and
senior unsecured ratings of The Griffin Coal Mining Company Pty
Ltd from B1 to B2. The ratings outlook is negative.

"The ratings downgrade reflects the rapidly deteriorating regional
economy and weak outlook for thermal coal -- the company's key
output -- which will further pressure Griffin's earnings over the
next 12 to 18 months, says Ian Lewis, Vice President /Senior
Analyst and lead analyst for Griffin. "The negative outlook
captures execution risk for the company due to its delayed
projects as well as the potential for further weaker off-take and
sales", Lewis adds.

"Moody's sees a high level of uncertainty associated with
Griffin's plans to complete the carbonised coal project, which has
been protracted" Lewis says, adding "This will further constrain
key financial metrics for the company, given the cash flows
previously anticipated from this plant, with the consequence that
Griffin now has very limited ability to absorb unexpected future
shocks, further sales weakness or significant project delays".
The negative outlook captures the heightened execution risk faced
by Griffin as it moves through the construction programs for its
major projects including Blue waters I and II.  The negative
outlook also considers the limited visibility associated with the
company's operating position, as well as the weak operating
environment in Griffin's markets.  These concerns heighten the
risk of further rating downgrades in the near term.

The rating could be downgraded should Griffin lose a key customer,
or experience significant delays in the construction of either
power station.  Indicators of such trends would include Adjusted
Debt/EBITDA remaining over 4.7-5.0x and EBIT/Interest below 1.7-
2.0x on a consistent basis.  Moody's would be mindful of any other
credit weaknesses when assessing whether material downward
pressure was apparent, including Griffin's liquidity as it moves
through its construction program and funds are depleted.

The Griffin Coal Mining Company, headquartered in Perth, Australia
is involved in coal extraction.  It is a wholly owned subsidiary
of Devereaux Holdings Pty Ltd, a private company owned in turn by
the Stowe family.

The last rating action was on 28 October, 2008 when the ratings of
Griffin Coal were downgraded with negative outlook.


HOLMES, SACKETT: Placed Under Voluntary Liquidation
---------------------------------------------------
During a general meeting held on October 21, 2008, the members of
Holmes, Sackett and Associates Pty Ltd resolved to voluntarily
liquidate the company's business.

The company's liquidator is:

          Andrew Bowcher
          RSM Bird Cameron Partners
          55 Berry Street
          Wagga Wagga NSW 2650
          Telephone: (02) 6921 9055


LLOYD DRILLING: Placed Under Voluntary Liquidation
--------------------------------------------------
At an extraordinary general meeting held on October 24, 2008, the
members of Lloyd Drilling & Underpinning Constructions Pty Limited
resolved to voluntarily liquidate the company's business.

The company's liquidator is:

         Peter P. Krejci
         Ferrier Green Krejci Silvia
         1 Castlereagh Street, Level 13
         Sydney NSW 2000


MACRO TOOLING: Creditors Hold Meeting
-------------------------------------
The creditors of Macro Tooling Pty Limited met on Nov. 3, 2008,
and received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Rahul Goyal
          PKF
          1 Margaret Street, Level 10
          Sydney NSW 2000


MCCARROLL'S PTY: Members and Creditors Hear Wind-Up Report
----------------------------------------------------------
The members and creditors of Mccarroll's Pty Limited met on
Dec. 5, 2008, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          J. Vouris
          Lawler Partners
          Chartered Accountants
          1 Margaret Street, Level 9
          Sydney NSW 2000


MEDICAL INVESTMENTS: Members Receive Wind-Up Report
---------------------------------------------------
The members of Medical Investments Pty Ltd met on December 5,
2008, and heard the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         P. A. Billingham
         Grant Thornton
         383 Kent Street, Level 17
         Sydney NSW 2000


MINEX LABOUR: Placed Under Voluntary Liquidation
------------------------------------------------
During a general meeting held on October 21, 2008, the members of
Minex Labour Pty Ltd 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


ORACAL CAPITAL: Declares First and Final Dividend
-------------------------------------------------
Oracal Capital Pty Limited declared the first and final dividend
on December 19, 2008.

The company's liquidator is:

         Ozem Kassem
         Cor Cordis Chartered Accountants
         76 - 80 Clarence Street, Level 10
         Sydney NSW 2000


OZ MINERALS: Agrees to Sell 100% Stake in Nyrstar NV
----------------------------------------------------
OZ Minerals Ltd said it has reached an agreement for the sale of
its entire 7,791,622 share holding in Nyrstar NV.

Nyrstar is listed on the Euronext Stock Exchange in Brussels and
was formed in 2007 when the former Zinifex and Belgian materials
technology company Umicore, demerged their respective zinc and
lead smelting and alloying operations into the newly created
Nyrstar.  Following the IPO of Nyrstar in October 2007, Zinifex,
now part of OZ Minerals, retained a 7.8% stake in the company.
Restrictions on the ability to sell this interest expired in
October 2008.

OZ Minerals CEO and Managing Director, Andre Michelmore, said
"Given the asset review process that OZ Minerals is currently
undertaking, it was clear that the investment is no longer core to
our operations.  We continue to have an excellent working
relationship with Nyrstar who are a major and valued customer with
life of mine contracts with our Century and Rosebery operations."

Proceeds from the sale are expected to total approximately AU$33
million resulting in a small loss on the carrying value of the
stake.

                        Quarterly Report

In its quarterly report, OZ Minerals said that its cost
initiatives programs combined with the ongoing review of its
business and cost structure have resulted in a reduction of over
1,200 employee and contractor positions - a 17% decrease in the
total workforce.

The company also said security over certain Australian assets has
been granted to Societe Generale, while security over some
overseas assets was expected shortly.

OZ Minerals added excellent progress has also been made on
potential asset sales with a number of expressions of interests
received for various assets within the group.

As reported by the Troubled Company Reporter-Asia Pacific on
Jan. 2, 2009, OZ Minerals said it has negotiated an extension to
refinance financing facilities until February 27, 2009.

The TCR-AP reported on Jan. 26, 2009, that OZ Minerals said it has
secured a bridging finance facility of up to AU$140 million.
Proceeds from the bridging facility are principally available to
be used to cover expected short-term cash requirements in respect
of the company's operations and projects at Golden Grove,
Prominent Hill and Martabe.

                        About OZ Minerals

OZ Minerals Limited, formerly Oxiana Limited, --
http://www.ozminerals.com/-- is an Australia-based mining
company.  The company is a producer of zinc, copper, lead, gold
and silver.  OZ Minerals was formed through a merger of Australia-
based international mining companies Oxiana Limited and Zinifex
Limited.  The company has five mining operations located in
Australia and Asia, three new mining projects in development and a
portfolio of advanced and early-stage exploration projects
throughout Australia, Asia and North America.  Its projects
include the Century mine in Queensland, Sepon copper operation in
Laos, the gold operation at Sepon, the Golden Grove underground
base and precious metals mine in Western Australia, the Rosebery
mine in Tasmania, the Avebury nickel mine in Tasmania, the
Prominent Hill copper-gold project in South Australia, the Martabe
gold project in Indonesia, the Dugald River deposit in Queensland,
and the Izok Lake and High Lake copper and zinc deposits in the
Nunavut territories of Canada.

                         *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
December 12, 2008, Fitch Ratings downgraded OZ Minerals Limited's
Long-term foreign currency Issuer Default Rating to 'CC' from
'BBB-' (BBB minus), and has simultaneously withdrawn it.  The
rating remained on Rating Watch Negative at the time of
withdrawal.


PSM HYGIENE: Inability to Pay Debts Prompts Wind-Up
---------------------------------------------------
The members of PSM Hygiene Services Pty Limited met on October 14,
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
          Rodgers Reidy
          333 George Street, Level 8
          Sydney NSW 2000
          Telephone: (02) 9262 1944
          Facsimile: (02) 9262 1933


REUTER ET AL: Members and Creditors Hear Wind-Up Report
-------------------------------------------------------
On December 8, 2008, Bradley Tonks and Chris Wykes, presented the
report on the companies' wind-up proceedings and property disposal
to the members and creditors of:

   -- Reuter Australasia Pty Limited;
   -- Eurostralia Clothing Company Pty Limited;
   -- ACN 104 170 158 Pty Limited;
   -- Green, Loch & Co Pty Ltd;
   -- A. R. Building Services (NSW) Pty Ltd; and
   -- Andrew S Beavon Pty Ltd.

The Liquidators can be reached at:

          Bradley Tonks
          Chris Wykes
          Lawler Partners Charted Accountants
          1 O'Connell Street, Level 9
          Sydney NSW 2000


STRUTSUN PTY: Members and Creditors Hear Wind-Up Report
-------------------------------------------------------
The members and creditors of Strutsun Pty Limited met on Dec. 4,
2008, and received the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Paul Billingham
          Grant Thornton Chartered Accountants
          383 Kent Street, Level 17
          Sydney NSW 2000


TROPEETO HOLDINGS: Declares First and Final Dividend
----------------------------------------------------
Tropeeto Holdings Pty Limited declared the first and final
dividend on December 19, 2008.

The company's liquidator is:

         Ozem Kassem
         Cor Cordis Chartered Accountants
         76 - 80 Clarence Street, Level 10
         Sydney NSW 2000


TWINSIDE HOLDINGS: Declares First and Final Dividend
----------------------------------------------------
Twinside Holdings Pty Limited, which is in liquidation, declared
the first and final dividend on December 3, 2008.

The company's liquidator is:

          D. M. Morgan
          Clout & Associates
          144-148 West High Street, Level 1
          Coffs Harbour NSW 2450
          Telephone: (02) 6652 3288
          Facsimile: (02) 6651 9393



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

ARAB BANKING: Moody's Downgrades Bank Strength Rating to 'D+'
-------------------------------------------------------------
Moody's Investors Service downgraded the bank financial strength
rating of Arab Banking Corporation to D+ from C-.  Moody's also
changed the outlook on the bank's A3/Prime-2 deposit ratings to
negative from stable.

Moody's said that the downgrade of the BFSR to D+, mapping to a
baseline credit assessment of Baa3, was driven by a revised, less
favourable view of ABC's wholesale banking franchise in the Gulf
Cooperation Council states.  This view takes into account the
deteriorating economic environment in the GCC, coinciding with
sharply lower oil prices and a global recession.  Moody's expects
that, within this context, business volumes in the bank's core
wholesale lending and project financing activities will decline
and the risk of delinquency will rise.

"The downgrade also reflects the continuation of very difficult
wholesale funding conditions in the GCC -- reflecting the collapse
in global credit markets -- that are pushing up the cost of
financing ABC's wholesale lending operations.  The combination of
a cyclical economic downturn and a structural deterioration in
funding conditions is sufficiently severe and expected to be
durable enough to have a negative impact on the risk-return
characteristics of the bank's franchise," explained George
Chrysaphinis, lead analyst for the bank at Moody's.

The downgrade of the bank's BFSR also takes into account ABC's
renewed emphasis on growing its retail banking operations in the
Middle East and North Africa region.  In Moody's view, although
this reflects a sound strategic direction, it is unlikely to have
a material impact on the bank's overall franchise over the short-
to-medium term.

Moody's decision to change the outlook on the A3/Prime-2 deposit
ratings to negative reflects continuing pressure on ABC's
financial position, driven by: (i) the risks of further impairment
charges on its international securities portfolio, totalling
US$10.9 billion at the end of September 2008, (ii) the challenges
the bank faces in financing its wholesale lending operations and
its international securities portfolio, within the context of
stressed international wholesale funding markets, and (iii) the
deteriorating credit environment in the GCC and the impact this
may have on the bank's asset quality metrics.

In relation to these pressures, Moody's notes that ABC's
outstanding international investment balances are primarily
invested in some of the more secure asset categories, such as US
agency-guaranteed securities, and that the bank has already taken
US$974.0 million in provisions against its riskier exposures.
Moody's also recognises that while the bank faces no immediate
liquidity pressures in financing its securities portfolio, the
availability of interbank funding and repos is becoming
increasingly scarce, leading to greater reliance on shareholder
funding.  The rating agency added that, although recent asset
quality on the bank's wholesale lending portfolio had been strong,
falling oil and asset prices in the GCC and reduced liquidity are
likely to increase the level of credit risk in the bank's
operations.

Over the next few months, Moody's will be assessing the extent to
which funding and asset quality pressures affect the bank's
financial position.  To the extent that the bank's core wholesale
banking business is disrupted by funding challenges, or solvency
is affected by further provisioning requirements or rising loan
delinquencies, Moody's could take negative action on the deposit
ratings.

In assessing future developments at ABC, Moody's will also take
into account the funding resources that the bank's major
shareholders can provide in case of need.  Moody's considers that
the Abu Dhabi Investment Authority, which has a stake of 27.6%,
the Kuwait Investment Authority, which has a stake of 29.7%, and
the Central Bank of Libya, which has a stake of 29.5%, will
jointly be able to provide liquidity to the bank within the
current context of stressed international credit markets.

The rating agency also clarified that these factors impact the
bank's standalone financial strength, as represented by the BFSR,
which is now at the upper end of the D+ category, mapping to a BCA
of Baa3.  As the BCA is one of the components of the deposit
ratings, any weakening in the BFSR towards the lower end of the D+
category, mapping to a BCA of Ba1, would likely have an impact on
the bank's deposit ratings.

The bank's A3/Prime-2 deposit ratings incorporate a three-notch
uplift, reflecting external support considerations, and take into
account: (i) the bank's D+ BFSR, mapping to a BCA of Baa3, (ii) a
very high likelihood of support from shareholders and (iii) the A1
weighted average foreign currency debt rating of its three major
shareholders.

Moody's previous rating action on ABC was taken on April 30, 2008
when the outlook on the bank's C- BFSR was changed to negative.

Arab Banking Corporation is headquartered in Manama, Bahrain, and
at the end of September 2008 its assets totalled US$30.43 billion.


GULF INTERNATIONAL: Moody's Pares Bank Strength Rating to 'D+'
--------------------------------------------------------------
Moody's Investors Service downgraded the deposit ratings of Gulf
International Bank to A3/Prime-2 from A2/Prime-1, its bank
financial strength rating to D+ from C- and the ratings of its
subordinated debt to Baa1 from A3. Moody's also placed the bank's
ratings on review for possible further downgrade.

Moody's said that the downgrade of the BFSR to D+, mapping to a
baseline credit assessment of Ba1, was driven by a revised, less
favourable view of GIB's merchant banking franchise in the Gulf
Cooperation Council states.  This view takes into account the
deteriorating economic environment in the GCC, coinciding with
sharply lower oil prices and a global recession.  Moody's expects
that, within this context, business volumes in each of the bank's
core merchant banking activities -- project finance, wholesale
lending, investment banking and asset management -- will decline
and the risk of delinquency will rise.

"The downgrade also reflects the continuation of very difficult
wholesale funding conditions in the GCC -- reflecting the collapse
in global credit markets -- that are pushing up the cost of
financing GIB's merchant banking operations.  The combination of a
cyclical economic downturn and a structural deterioration in
funding conditions is sufficiently severe and expected to be
durable enough to have a negative impact on the risk-return
characteristics of the bank's merchant banking franchise,"
explained George Chrysaphinis, lead analyst at Moody's for GIB.

Moody's decision to place the ratings on review for possible
further downgrade takes into account the continuing pressure on
the bank's solvency and liquidity, deriving from its large
portfolio of international securities.  The rating agency cautions
that, despite significant provisioning in 2007 and the first nine
months of 2008 (cumulative US$1.18 billion in provisions against
an original book value of US$7.32 billion), further material
provisioning may be required in the coming months, in view of the
continuing stress in international credit markets.  Moody's also
notes that although the liquidation of the bank's US$1.1 billion
trading portfolio and the maturity of another US$1.2 billion in
international securities during the year have provided liquidity
relief, Moody's anticipate that reduced availability of repos and
other interbank facilities will continue to exert pressure on
funding during 2009.

At the end of September 2008, the bank posted a total Basel II
capital adequacy ratio of 14.6% (Tier I ratio of 11.6%),
comfortably higher than the 12% minimum requirement for Bahrain.
During the review period, Moody's will assess both the extent to
which any new provisioning requirements exert additional pressure
on solvency and how the bank manages the financing of the
portfolio.  It will also assess the extent to which shareholders
proactively provide further liquidity and capital support. The
rating agency expects that such shareholder support would be
provided in a timely manner, as it was in the fourth quarter of
2007.

The downgrades of GIB's deposit ratings to A3/Prime-2 and the
subordinated debt ratings to Baa1 were driven by the downgrade of
the bank's BFSR.  The deposit ratings now benefit from a four-
notch uplift reflecting external support considerations and take
into account: (i) the bank's D+ BFSR, mapping to a BCA of Ba1,
(ii) a very high likelihood of support from shareholders and (iii)
Saudi Arabia's A1 foreign currency debt rating.  It should be
noted that Moody's now considers Saudi Arabia as the bank's
supporting entity, replacing the six GCC governments jointly
(represented by their A1 weighted average foreign currency debt
rating).  This follows the increase in the joint stake in the bank
held by the Saudi Arabian government and the Saudi Arabian
Monetary Agency to above 50% following the February 2008 capital
increase.  Moody's expects that future changes to GIB's deposit
ratings are likely to be driven by changes to the bank's
standalone financial strength, represented by its D+ BFSR.

Moody's previous rating action on GIB, was taken on 26 February
2008, when the outlook on the bank's C- BFSR and A2/Prime-1
deposit ratings was changed to negative and Moody's indicated that
the bank's BFSR had shifted towards the lower end of the C-
category (mapping to a BCA of Baa2).

Gulf International Bank is headquartered in Manama, Bahrain, and
at the end of September 2008 its assets totalled US$25.61 billion.



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C H I N A
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NEO-CHINA LAND: Moody's Downgrades Corporate Family Rating to 'Ca'
------------------------------------------------------------------
Moody's Investors Service has downgraded Neo-China Land Group
(Holdings) Limited's corporate family and senior unsecured ratings
to Ca from Caa1.  The ratings outlook is negative.

"The rating action is taken after Neo-China missed a coupon
payment of US$19.5 million in relation to its US$400 million 2014
bond," says Kaven Tsang, a Moody's AVP/analyst.  The payment was
due on January 23, 2009.

"While Neo-China has a 30-day grace period to make up the coupon
payment and avoid an event of default, it is highly uncertain that
the company can meet its payment obligation by the due date, given
its very tight liquidity position," says Tsang, also Moody's lead
analyst for Neo-China.

"In addition to this coupon payment, Neo-China has significant
refinancing risk for its approximately HK$1.1 billion convertible
bond which is puttable in June 2009," comments Tsang, adding "the
company's ability to raise any funding to support its near-term
liquidity needs is very limited".

The negative outlook reflects significant uncertainty over Neo-
China's ability to service its near-term financial obligations, as
well as potential recovery prospects for debt holders.

Moody's last rating action occurred on August 28, 2008, when Neo-
China's ratings were downgraded to Caa1 with negative outlook.
Neo-China Land Group (Holdings) Limited is a Chinese property
developer engaged in residential and mixed-use developments.  It
has 16 major projects under development in 12 cities in China and
a land bank of around 14.8 million sqm in gross floor area.



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

BS TRADING: Court to Hear Wind-Up Petition on February 18
---------------------------------------------------------
A petition to have BS Trading (HK) Limited's operations wound up
will be heard before the High Court of Hong Kong on Feb. 18, 2009,
at 9:30 a.m.

Tse Fei filed the petition against the company on Dec. 12, 2008.

The Petitioner's solicitors are:

          Li, Wong, Lam & W.I. Cheung
          One Pacific Place
          Suites 908-910, 9th Floor
          88 Queensway
          Hong Kong


HE XING: Court to Hear Wind-Up Petition on March 11
---------------------------------------------------
A petition to have He Xing Telecom Limited's operations wound up
will be heard before the High Court of Hong Kong on March. 11,
2009, at 9:30 a.m.

The Petitioner's solicitors are:

          Knight & Co
          Admiralty Centre
          Room 904B, 9th Floor
          No. 18 Harcourt Road
          Admiralty
          Hong Kong


KINGSWAY (HK): Court to Hear Wind-Up Petition on March 4
--------------------------------------------------------
A petition to have Kingsway (HK) Limited's operations wound up
will be heard before the High Court of Hong Kong on March 4, 2009,
at 9:30 a.m.

Hang Seng Bank Limited filed the petition against the company on
Dec. 30, 2008.

The Petitioner's solicitors are:

         Li, Kwok & Law
         Man Yee Building, Units 1204-6
         68 Des Voeux Road Central
         Hong Kong


LEE DER: Court to Hear Wind-Up Petition on February 4
-----------------------------------------------------
A petition to have Lee Der Industrial Company Limited's operations
wound up will be heard before the High Court of Hong Kong on
Feb. 4, 2009, at 9:30 a.m.

Cheung Shu Chuen filed the petition against the company on Oct. 9,
2008.

The Petitioner's solicitors are:

          Augustine C.Y. Tong & Co.
          Nam Fung Tower
          Rooms 403-404, 4th Floor
          173 Des Voeux Road Central
          Hong Kong
          Telephone: 2521 1175
          Facsimile: 2810 5386


LUCKY DRAGON: Court to Hear Wind-Up Petition on February 11
-----------------------------------------------------------
A petition to have Lucky Dragon Boat (Sai Wan) Restaurant
Limited's operations wound up will be heard before the High Court
of Hong Kong on February 11, 2009, at 9:30 a.m.

Yan Wai Keung filed the petition against the company on Dec. 8,
2008.


ONE PRICE: Court to Hear Wind-Up Petition on February 25
--------------------------------------------------------
A petition to have One Price Handbags Manufacturing Limited's
operations wound up will be heard before the High Court of
Hong Kong on February 25, 2009, at 9:30 a.m.

Lam Chi Yiu Gary filed the petition against the company Dec. 22,
2008.


WATSON ENVIRONMENTAL: Court to Hear Wind-Up Petition on March 18
----------------------------------------------------------------
A petition to have Watson Environmental Management Limited's
operations wound up will be heard before the High Court of
Hong Kong on March 18, 2009, at 9:30 a.m.

News Cleaning Services Company Limited filed the petition against
the company on January 2, 2009.

The Petitioner's solicitor is:

          Haldanes
          Ruttonjee House, 8th Floor
          No. 11 Duddell Street
          Central, Hong Kong


WORLD TIME: Court to Hear Wind-Up Petition on February 18
---------------------------------------------------------
A petition to have World Time Company Limited's operations wound
up will be heard before the High Court of Hong Kong on Feb. 18,
2009, at 9:30 a.m.

Li Kam Lun filed the petition against the company on Dec. 15,
2008.


YEK TAK: Court to Hear Wind-Up Petition on February 18
---------------------------------------------------------
A petition to have Yek Tak International Holdings Limited's
operations wound up will be heard before the High Court of Hong
Kong on Feb. 18, 2009, at 9:30 a.m.

Prosperous Nursing Centre Limited filed the petition against the
company on Dec. 9, 2008.

The Petitioner's solicitors are:

          Y.C. Lee, Pang, Kwok & Ip
          Wing On House, 2803
          71 Des Voeux Road Central
          Hong Kong


ZINDA CO: Court to Hear Wind-Up Petition on February 4
------------------------------------------------------
A petition to have Lucky Zinda Co., Limited's operations wound up
will be heard before the High Court of Hong Kong on February 4,
2009, at 9:30 a.m.

Ng Chi Pang filed the petition against the company on Dec. 3,
2008.

The Petitioner's solicitor is:

          Messrs. Patrick Chan & Co.
          CNT Tower, Units C & D, 25th Floor
          No. 338 Hennessy Road
          Wanchai, Hong Kong



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

EMIL PHARMACEUTICAL: CRISIL Rates Rs.55.0MM Cash Credit at 'BB-'
----------------------------------------------------------------
CRISIL has assigned its bank loan ratings of 'BB-/Stable/P4' to
the various bank facilities of Emil Pharmaceutical Industries Pvt
Ltd (Emil) and Medibios Laboratories Pvt Ltd (Medibios),
collectively referred to as the Emil group.

   Rs.55.0 Million Cash Credit     BB-/Stable (Assigned)
   Rs.58.0 Million Term Loan       BB-/Stable (Assigned)

   Rs.16.0 Million Proposed Long   BB-/Stable (Assigned)
       Term Bank Loan Facilities
   Rs.10.0 Million Letter of Credit   P4 (Assigned)
   Rs.1.0 Million Bank Guarantee      P4 (Assigned)

The ratings reflect the Emil group's moderate business profile,
marked by its exposure to risks relating to customer concentration
and limited marketing and distribution network.  The ratings are
underpinned by the group's financial flexibility, which is
constrained on account of low net worth and weak debt protection
measures.  However, these weaknesses are partially offset by Emil
group's established presence and long track record in the contract
manufacturing industry.

CRISIL has combined the business and financial risk profiles of
Emil and Medibios as both the companies have common customers,
suppliers, and management. Emil also holds a 16.66 per cent stake
in Medibios.

Outlook: Stable

CRISIL expects the Emil group to maintain a stable business
profile, aided by its strong relationships with customers, and
efforts to drive exports.  The outlook may be revised to
'Positive' if there is substantial improvement in the group's
financial risk profile, owing to sustained improvement in
operating margins and fresh equity infusion.  Conversely, the
outlook may be revised to 'Negative' if there is further
deterioration in the group's financial risk profile on account of
large, debt-funded capital expenditure.

                  About the Emil group

The Emil group, promoted by Mr. Tushar Korday and Mr. Rajendra
Gole, was founded in 1985, when Emil was set up. Emil commenced
commercial production of drug formulations in 1990.  In 1997, Emil
acquired Medibios, which began commercial production of drug
formulations in the same year.  The Emil group is primarily
engaged in contract manufacturing and loan licensing for large
pharmaceutical companies and has Shreya Life Sciences, Pfizer and
Abbott Laboratories among its large customers.  The group
manufactures over 400 drug formulations, including becosule,
loratidine, atorvastatin and clopidogrel.  The group is also
engaged in export of herbal medicinal products.  For 2007-08,
(refers to financial year, April 1 to March 31) Emil reported a
profit after tax (PAT) of Rs.0.2 million on net sales of Rs.222
million, as against a PAT of Rs.1.0 million on net sales of Rs.183
million for 2006-07.


IND-BARATH POWER: CRISIL Assigns 'B' Rating on Term Loan
--------------------------------------------------------
CRISIL has assigned its rating of 'B/Stable' to the Rs.10.046
billion term loan of Ind-Barath Power (Karwar) Ltd (IBPKL).  The
rating reflects high implementation risk in the power project
undertaken by the company.

Outlook: Stable

CRISIL believes that IBPKL will continue to face significant
project completion challenges during the project construction
stage.  The outlook may be revised to 'Positive' if the company
completes the project ahead of schedule and well within the
budget.  Conversely, it may be revised to 'Negative' if there are
significant time and cost overruns in the implementation of the
project.

                    About Ind-Barath Power

IBPKL is a special purpose vehicle promoted by Ind-Barath Power
Infra Ltd (IBPIL, the holding company).  IBPKL was incorporated on
January 3, 2007, with the main objective of setting up a 450-
megwatt (MW) coal-based group captive power plant at Honkan
village in Uttara Kannada district of Karnataka under the captive
power policy of Government of India.  Presently, the company is
implementing Phase I, involving a capacity of 300-MW, and plans to
expand the same by 150 MW after its completion.  The total cost of
the project is estimated at Rs.12.56 billion, to be funded in a
debt-to-equity ratio of 80:20.  The scheduled date of completion
is October 2010.  The engineering procurement and construction
contract for the project has been awarded to Greenesol Power
Systems Pvt Ltd.

Dr. K Raghu is the promoter and Group Chairman of IBPIL. IBPIL has
implemented five power projects through other group companies till
date, with an aggregate installed capacity of 144 MW. Additional
capacity of 701 MW (including 300 MW capacity of IBPKL) is under
development. IBPIL was recently formed as the holding company of
the group's power assets to mobilize private equity and allow
capital infusion for business growth.


JAYESH INDUSTRIES: CRISIL Rates Various Bank Facilities at 'BB'
---------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the various
bank facilities of Jayesh Industries Ltd (Jayesh Industries).

   Rs.75.0 Million Cash Credit Limit      BB/Stable (Assigned)
   Rs.2.4 Million Term Loan               BB/Stable (Assigned)

   Rs.10.0 Million Standby Line           BB/Stable (Assigned)
           of Credit

   Rs.60.0 Million Letter of Credit       P4 (Assigned)
   Rs.2.0 Million Bank Guarantee          P4 (Assigned)

The ratings reflect Jayesh Industries' moderate financial risk
profile, marked by moderate gearing, large working capital
requirements, and small scale of operations.  These weaknesses
are, however, partially offset by the benefits that Jayesh
Industries derives from its promoters' established track record in
the ferro alloys industry and established customer base.

Outlook: Stable

CRISIL believes that Jayesh Industries will maintain a stable
business risk profile, backed by focus on increasing exports, and
established relationships with clients.  The company's financial
risk profile may remain leveraged over the medium term due to
incremental working capital requirements.  The outlook may be
revised to 'Positive' if Jayesh Industries enhances its scale of
operations, and reports substantial improvement in profitability.
Conversely, the outlook may be revised to 'Negative' if the
company faces significant pressure on profitability, or undertakes
large, debt-funded capital expenditure, leading to decline in
gearing and debt protection measures.

                    About Jayesh Industries

Jayesh Industries is into manufacturing of various types of powder
(of ferro alloys) for electrodes industry and lumps (of ferro
alloys) for steel plants.  The company's products are used in
various industries such as welding electrodes, steel plants,
foundry, and engineering.  It has installed capacity of about 2000
tonnes per annum (tpa) of powder, and 360 tpa of lumps.

Jayesh Industries, earlier known as Amson Polymer Pvt Ltd, was
taken over by the current management in 1995 and changed the name
to Jayesh Industries Pvt Ltd.  Its constitution was later changed
to public limited company.  Jayesh Industries's promoters have
been in trading of fluorspar and ferro alloys since 1967 and have
established relationship with customers.

For 2007-08, (refers to financial year, April 1 to March 31),
Jayesh Industries reported a profit after tax (PAT) of Rs.21.2
million on net sales of Rs.353.9 million, as against a PAT of
Rs. 7.7 million on net sales of Rs. 206.5 million for 2006-07.


LAKSHMI FLOUR: CRISIL Rates Rs.70 Mln. Cash Credit Limits at 'B'
----------------------------------------------------------------
CRISIL has assigned its rating of 'B/Stable' to the the cash
credit facility of Lakshmi Flour Mills.

   Rs.70.0 Million Cash Credit Limits  B/Stable (Assigned)

The rating reflects Lakshmi Flour Mills' small scale of
operations, low net worth, and exposure to risks relating to
fluctuations in the prices of raw materials and intense
competition.  These weaknesses are, however, partially offset by
Lakshmi Flour Mills' long-standing relationship with established
clients.

Outlook: Stable

CRISIL believes that Lakshmi Flour Mills will maintain a stable
business risk profile, backed by established relationships with
institutional customers.  Significant improvement in Lakshmi Flour
Mills' operating margins may lead to its outlook being revised to
'Positive'.  Conversely, the outlook may be revised to 'Negative'
if the company is unable to maintain margins at current levels,
and incurs large debt to fund capital expenditure.

                   About Lakshmi Flour Mills
Set up as a partnership firm in 1965, Lakshmi Flour Mills is
engaged in manufacturing wheat flour.  The company is managed by
its managing partner, Mr. SS Ganesh.  It has its own flour mill
and godowns for stocking inventory.  For 2007-08, Lakshmi Flour
Mills reported a profit after tax (PAT) of Rs.5 million on net
sales of Rs.260 million, as against a PAT of Rs.20 million on net
sales of Rs.290 million for 2006-07.


SATYAM COMPUTER: Banks' Rs660.48cr Exposure to Firm Unveiled
------------------------------------------------------------
The Hindu Business Line reported that 18 banks have total exposure
of Rs 660.48 crore to Satyam Computer Services Limited as on
January 8.

Citing information gathered by the Reserve Bank of India, the
report relates the total funded exposure stood at Rs 287 crore,
while the total non-funded exposure was put at Rs 373.47 crore.

"We can say that there is nothing to worry about too much and the
banks have enough capital to withstand any scenario," the report
quoted a senior RBI official as saying.  "Banks are taking steps
to safeguard their securities and interests in respect of their
exposures to the Satyam group."

                  Official Number of Employees

Meanwhile, the Times of India reports the Provident Fund
Organization (PFO) reveals that the actual number of permanent
employees working in Satyam is 43,622.

According to the Times, the PFO's figure validates the public
prosecutor's argument in court that Satyam actually had only about
40,000 employees.

"This is the number of employees on whose behalf the Satyam
management has been depositing the PF money with us, including the
company's share for the last many years," the Times quoted an
official from PFO as saying.  The official, the Time relates, said
the PF money, including the employees' and employers' share, had
been deposited till November 2008.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 26, 2009, The Financial Times said Satyam's former chairman,
B Ramalinga Raju, invented more than one quarter of the company's
workforce and used fictitious names to siphon Rs200 million
(US$4.1 million) a month out of the company.

Gangaraj Prasad, the public prosecutor of India's southern Andhra
Pradesh state assigned to investigate on Satyam's case, told the
FT the police believed the true size of Satyam's workforce was
40,000 – not 53,000 as the company claims.

Citing Bloomberg News, the TCR-AP reported on Jan. 9, 2009, that
Satyam's Chairman Ramalinga Raju resigned after saying he
falsified earnings and assets of the company.

Rama Raju, the outgoing chairman's younger brother and Satyam's
managing director, also resigned, the report related.

According to a statement by law firm of Izard Nobel LLP, Chairman
Raju on January 7, 2009, sent a letter to the Satyam Board of
Directors and the Securities & Exchange Board of India
acknowledging a "multi-year" fraud in which Satyam's financial
accounts and disclosures were systematically falsified.

In his letter, Chairman Raju admitted to having inflated the
amount of cash on the company's balance sheet by nearly US$1
billion, incurring liability of US$253 million on funds arranged
by him personally, and overstating Satyam's September 2008
quarterly revenues by 76% and profits by 97%.

The letter also stated that the gap in the balance sheet has
arisen purely on account of inflated profits over the past several
years.

The news sent Satyam's American depositary receipts down by
US$8.42, or 90 percent, to 93 cents at 9:14 a.m. in early New York
trading on January 7, Bloomberg News noted.

                          About Satyam

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



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

SARIJAYA PERMANA: Bapepam to Start Working on Investors' Claims
---------------------------------------------------------------
The Capital Market and Financial Institutions Supervisory Agency
(Bapepam-LK) will start to examine early this month the claims of
investors in troubled PT Sarijaya Permana Sekuritas, the Jakarta
Post reports citing the Bapepam's head of division for securities
transactions Nurhaida.

According to the Post, Bapepam has eventually come up with a clear
plan to examine the claims of Sarijaya's investors, after weeks of
uncertainty.

Citing Nuraida, the Post discloses about 7,000 Sarijaya investors
have submitted claims to Bapepam, which covers about 88 percent of
all the company's investors.

The report noted that the claims have been under verification with
Sarijaya as well as a joint team established by Bapepam and the
Indonesia Stock Exchange (IDX).

As reported by Troubled Company Reporter – Asia Pacific on Jan. 9,
2009, Sarijaya Permana embezzled some IDR240 billion
(US$22.32 million) in investors' funds.

The TCR-AP, citing The Post, reported that the IDX has suspended
SPS from trading in the market.  SPS chief commissioner Herman
Ramli has been detained since Dec. 24, 2008.

Established in 1990, PT Sarijaya Permana Sekuritas (SPS), the
Globe says, boasts institutional clients in various sectors,
including 30 pension funds, 11 insurance firms, two financial
firms and two large foundations.  The company has about 48
branches around the country.


* Moody's Assigns 'Ba3' Rating on Indonesia's MTN Program
---------------------------------------------------------
Moody's Investors Service has assigned a foreign currency rating
of Ba3 with a stable outlook to the Republic of Indonesia's
forthcoming global Medium-Term Notes program.

Indonesia's Ba3 sovereign rating is supported by the country's
moderate economic strength -- which includes the economy's
substantial size, diversity and increasing dynamism -- and low,
though improving, institutional strength.

"However, the rating also reflects the country's low per-capita
income, and shortcomings in the rule of law," says Mr. Aninda
Mitra, a Moody's VP/Senior Analyst and lead sovereign analyst for
Indonesia.

"Amidst a deep downturn in commodity prices and in the global
economy, Indonesia's overall economic resiliency is shielded by
its relatively moderate openness to global trade and the ability
of domestic demand to drive growth," says Mitra.

"While capacity constraints and vulnerability to supply side
shocks remain present, trend improvements in economic resiliency
are likely to ensure a relatively shallow reduction in GDP growth
to 4 - 5% in 2009 from 6% in 2008," says Mitra.

"Such resiliency is further supported by improvements in the
functioning of its federal framework, the government's anti-
corruption efforts, and better tax administration," says Mitra.
The analyst noted that Indonesia has maintained its fiscal deficit
at just 1% of GDP in the past four years, and that sound fiscal
policy management could help further reduce the general government
debt to 30% of GDP in the year ahead.  Prudent debt management has
also reduced the country's gross funding needs.

On the other hand, the government's overall financial strength --
another important driver of the sovereign rating -- is constrained
by its dependence on external financing.  And the country's
external payment position's vulnerability to the global credit
crunch and to portfolio investment de-leveraging.

Exchange rate risks may also, over time, heighten external
financing requirements sizably, and test the government's resource
mobilization capacity.  "These factors limit overall fiscal
flexibility," says the analyst, adding, "moreover, subsidies and
interest payments, which are expected at 25-30% of total
government revenues in 2009, also limit fiscal space."

The analyst noted, however, that Indonesian authorities have
recently secured a $5 billion standby loan arrangement with
multilateral bodies; and they could seek further credit
enhancement facilities.  "Along with recent improvements in tax
administration, the success of such efforts could offset the
downturn in commodity tax revenues, improve market access, and may
even provide some room for limited counter-cyclical fiscal
measures," says Mitra.

The susceptibility of the ratings to event risks is moderate,
according to Mitra.  Despite some loosening, reform-oriented
policies are expected through the upcoming election cycle, which
at this time seems likely to return to power the government headed
by President Yudhoyono.  Political risks from other factors,
ranging from conservative Islamic political activism to Jemaah
Islamiyah terrorism, have been contained.

Furthermore, financial risks from the un-hedged foreign currency
debt of the corporate sector or currency mismatches in the banking
sector's assets and liabilities were low and the quality of
supervision and enforcement of regulations had improved.  "As a
result, Indonesia banking and corporate sector is facing the
ongoing global financial volatility from a stronger position than
at the time of the 1997 crisis," says Mitra.

The stable outlook on the Ba3 government bond rating is premised
on the authorities' ability to manage the country's vulnerability
to the global financial market crisis and recession, while
avoiding a deep and sustained deterioration in relative credit
metrics.



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

L-JAC5 TRUST: Fitch Takes Rating Actions on 17 Classes of Notes
---------------------------------------------------------------
Fitch Ratings has taken these rating actions and simultaneously
withdrawn all outstanding ratings on 17 classes of L-JAC5 Trust's
trust beneficiary interests due August 2015, due to the agency no
longer receiving sufficient information from the trustee to
adequately monitor the ratings.  The rating actions are listed
below:

  -- JPY37.37 billion, Class A TBIs 'BBB-' (BBB minus);
     remain on RWN; withdrawn;

  -- JPY6.67 billion, Class B TBIs 'BBB-' (BBB minus);
     remain on RWN; withdrawn;

  -- JPY5.65 billion, Class C TBIs 'BBB-' (BBB minus);
     remain on RWN; withdrawn;

  -- JPY1.69 billion, Class D1 TBIs 'BBB-' (BBB minus);
     remain on RWN; withdrawn;

  -- JPY1.53 billion, Class D2 TBIs affirmed at 'BBB-'(BBB minus);
     Outlook Stable; withdrawn;

  -- JPY0.59 billion, Class D3 TBIs 'BBB-' (BBB minus); remain on
     RWN; withdrawn;

  -- JPY0.50 billion, Class E1 TBIs 'BBB-' (BBB minus); remain on
     RWN; withdrawn;

  -- JPY0.70 billion, Class E2 TBIs affirmed at 'BBB-' (BBB
     minus); Outlook Stable; withdrawn;

  -- JPY0.50 billion, Class F1 TBIs 'BB+'; remain on RWN;
     withdrawn;

  -- JPY0.51 billion, Class F2 TBIs affirmed at 'BB+'; Outlook
     Negative; withdrawn;

  -- JPY0.50 billion, Class G1 TBIs affirmed at 'BB'; Outlook
     Negative; withdrawn;

  -- JPY0.35 billion, Class G2 TBIs affirmed at 'BB'; Outlook
     Negative; withdrawn;

  -- JPY0.53 billion, Class H1 TBIs affirmed at 'BB-' (BB minus);
     Outlook Negative; withdrawn;

  -- JPY0.56 billion, Class I1 TBIs affirmed at 'B+'; Outlook
     Negative; withdrawn;

  -- JPY0.37 billion, Class J1 TBIs affirmed at 'B'; Outlook
     Negative; withdrawn;

  -- Class X1 TBIs (interest only) affirmed at 'AAA'; Outlook
     Stable; withdrawn; and

  -- Class X2 TBIs (interest only) affirmed at 'AAA'; Outlook
     Stable; withdrawn.

  * As of December 25, 2008

L-JAC5 Trust was a multi-borrower CMBS transaction and the TBIs
were issued in September 2007.  As part of the transaction, Lehman
Brothers Holdings Inc. and its subsidiaries (Lehman) fulfilled
roles including interest rate swap counterparty and advancing
agent.  Following the declaration of bankruptcy by Lehman, Fitch
reviewed the transaction and downgraded several classes of TBIs,
with some classes remaining on RWN pending the resolution of
alternate parties for the Lehman roles.  At the time of the rating
withdrawal, the replacement parties for the roles have not been
finalized.


MIZUHO FINANCIAL: Incurs JPY50.5 Bln Loss in 9Mos Ended Dec. 31
---------------------------------------------------------------
Bloomberg News reports Mizuho Financial Group Inc posted its
second straight quarterly loss as the value of its stockholdings
slumped and bad loans rose.

According to Bloomberg News, the company turned to a JPY145.1
billion (US$1.6 billion) deficit in the three months ended Dec. 31
from a JPY66 billion profit a year earlier.  Bloomberg calculated
the result by subtracting first-half earnings from today's nine-
month figures.

Mizuho, Reuters relates, has failed to turn a profit for three of
the last four quarters, and analysts say the bank may need to
raise more capital if stock prices continue to tumble.

For the nine months ended December 31, 2008, Mizuho recorded a net
loss of JPY50.5 billion compared to a net income of JPY393.0
billion in the same period in 2007.

Ordinary income for the nine months ended December 31, 2008, was
JPY2,777.2 billion compared to ordinary income of JPY3,428.4
billion in the same period in 2007.

Bloomberg News recalls Mizuho, whose stock has slumped 54 percent
the past year,
posted more than US$7 billion in writedowns and provisions linked
to the U.S. subprime-mortgage collapse last year and said Jan. 16
that Chief Executive Officer Terunobu Maeda will be replaced
April 1 by his deputy, Takashi Tsukamoto.

The bank's consolidated total assets as of December 31, 2008
amounted to JPY157,199.7 billion, increasing by JPY2,787.6 billion
from the end of the previous fiscal year.  Net Assets amounted to
JPY4,893.6 billion, decreasing by JPY800.4 billion from the end of
the previous fiscal year.

Shareholders' equity amounted to JPY3,092.1 billion, valuation and
translation adjustments amounted to JPY(180.4) billion, and
minority interests amounted to JPY1,981.9 billion.

In assets, the balance of loans and bills discounted amounted to
JPY71,199.6 billion, increasing by JPY5,590.9 billion from the end
of the previous fiscal year while securities were JPY30,161.8
billion, decreasing by JPY3,796.7 billion from the end of the
previous fiscal year.  In liabilities, deposits amounted to
JPY72,737.2 billion, decreasing by JPY3,438.0 billion from the end
of the previous fiscal year.

Based on the financial results for the third quarter of fiscal
2008, Mizuho revised its consolidated earnings estimates for
fiscal 2008, which were announced on November 13, 2008, and
estimates ordinary income of JPY3,800.0 billion, ordinary profits
of JPY220.0 billion and net income of JPY100.0 billion for fiscal
2008.

Mizuho Financial Group Inc (NYSE:MFG) -- http://www.mizuho-
fg.co.jp/ -- is a Japan-based company.  The company offers a range
of financial services, including banking, securities, trust and
asset management services.  It organizes its businesses in three
Global Groups: the Global Corporate Group, the Global Retail
Group, and the Global Asset & Wealth Management Group.  The Global
Corporate Group provides banking and securities products, and
services to large corporations and other customers in and outside
of Japan.  The Global Retail Group provides a range of financial
products and services, including those provided through
collaborations with its group companies, small and medium
enterprises (SMEs) and middle-market corporations in Japan.  The
Global Asset & Wealth Management Group provides trust, asset
management and private banking products and services.


PIONEER CORPORATION: Moody's Downgrades Issuer Rating to 'Ba1'
--------------------------------------------------------------
Moody's Investors Service has downgraded Pioneer Corporation's
local currency issuer rating to Ba1 from Baa2, and continues its
review for a further possible downgrade.

The rating action reflects Moody's concern that a significant
slowdown in demand for car electronics and consumer electronics
products will further pressure Pioneer's earnings and may hinder
its profit recovery.

Moody's is also concerned that Pioneer's capital structure could
also weaken due to losses from operational and restructuring
measures. Unless the company takes effective countermeasures --
through its new mid-term plan -- its financial flexibility could
be further negatively affected.

The global financial crisis has caused rapid and significant
declines in demand for automotives as well as car audio and
navigation systems.  Pioneer's car electronics business, an area
that has so far helped keep overall profitability stable, is
suffering from low demand and price declines.

Although Pioneer maintains a solid market position in car audio
and navigation systems, market competition is intensifying,
putting more pressure on the company's profitability.

Lower-than-expected demand for major consumer electronics
products, especially flat-panel display TVs, has also led to
fierce price competition.  This trend will further damage
Pioneer's FPD TV business, which is now undergoing restructuring.
Since Pioneer focuses on high-end products for both cars and
consumer electronics, any negative effects from these areas on the
company could be more significant.  The steep appreciation of the
yen will also pressure earnings.

Moody's is concerned that a larger-than-expected net loss may have
a negative impact on Pioneer's financial flexibility, although the
company has so far maintained a relatively healthy capital
structure, supported by a conservative financial policy.

Moody's understands that Pioneer is currently forming a new mid-
term plan.  In its ongoing review, Moody's will assess not only
the plan's strategy to restore competitiveness and profitability
but also the company's associated financial plan.

The last rating action for Pioneer was on October 31, 2008, when
Moody's downgraded the company's issuer rating to Baa2 from Baa1
and kept it on review for a possible downgrade.

Pioneer Corporation, headquartered in Tokyo, is a leading
manufacturer of car electronics and home electronics products.


SANYO ELECTRIC: Panasonic May Defer Bid Until Summer
----------------------------------------------------
Panasonic Corp.'s bid to complete its acquisition of Sanyo
Electric Co. might be delayed until summer pending U.S. antitrust
laws requirement, The Japan Times reports citing sources.

According to Japan Times, sources said the U.S. Justice Department
requires certain documents be submitted before a major merger or
takeover to study the move's potential impact on markets, but the
screening process for Panasonic and Sanyo could drag on until May
or even August.

Panasonic, the Japan Times relates, initially planned to complete
its tender offer for Sanyo shares by the end of March.

However, an official cited by the report said it would be
impossible to begin (the tender offer) by the end of March, and
that there is nothing they  can do.

Headquartered in Osaka, Japan, Sanyo Electric Co. Ltd. --
http://www.sanyo.com/-- is one of the world's leading
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
November 14, 2008, Fitch Ratings placed Sanyo Electric Co. Ltd.'s
'BB+' Long-term foreign and local currency IDRs and senior
unsecured ratings on Rating Watch Positive.


SNOW BRAND: Moody's Affirms Long-Term Senior Unsecured Rating
-------------------------------------------------------------
Moody's Investors Service affirmed the Baa3 long-term senior
unsecured rating of Snow Brand Milk Products Co., Ltd.  The rating
outlook remains stable.  The affirmation follows the announcement
that Snow Brand and Nippon Milk Community Co., Ltd. (Nippon Milk,
not rated by Moody's) would consolidate their operations.

On January 27, 2009, the companies announced that a new holding
company would be established by a transfer of stock in October
2009.  Both companies will operate under the new holding company.
Snow Brand already owns 30% of Nippon Milk.

Even though it is not yet clear whether there will be any material
change in Snow Brand's or the new group's business and financial
strategies, Moody's notes that Snow Brand will likely retain its
current outstanding bonds and therefore believes that the source
of debt payments will remain effectively unchanged.

Moody's believes that the consolidation of Nippon Milk and Snow
Brand will enable the new group to maintain its competitiveness in
an increasingly difficult business environment and will benefit
from synergies, including greater economies of scale.

Snow Brand has stabilized its operating base considerably with
cost-cutting initiatives. As a result, despite deep changes in the
global food market, the company's earnings and financial
flexibility have improved over the last few fiscal years.  Because
of these improvements, as well as a relatively conservative
financial policy, the company's financial structure has improved
significantly.

Moody's last rating action on Snow Brand was an upgrade of the
company's senior unsecured long-term rating to Baa3 from Ba1 on
July 26, 2007.

Snow Brand Milk Products Co., Ltd., headquartered in Tokyo, is a
leading dairy company in Japan.

Nippon Milk Community Co., Ltd., headquartered in Tokyo, is a
leading producer of dairy products, including milk, yogurt, and
dairy cream.  Total revenue for the FYE March 2008 was
approximately JPY247 billion.


SONY CORP: Posts JPY18 Bln Operating Loss in Third Qtr. Ended Dec.
------------------------------------------------------------------
Sony Corp. reported an operating loss of JPY18 billion for the
third quarter ended December 31, 2008, compared with a JPY236.2
billion operating income for the same period in 2007.

The company said the operating loss incurred were due to the
appreciation of the yen, deterioration of results at equity
affiliates, slowdown of the global economy and intensified price
competition, as well as the decline in the Japanese stock market.

In its consolidated quarterly results, Sony posted a consolidated
sales of JPY2.15 trillion, down 24.6 percent from the same period
in 2007.  The company's net profit fell 94.6 percent to JPY10.4
billion.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 15, 2009, Sony Corp. is expecting to post a consolidated
operating loss of about JPY1 billion for the business year ending
in March 2009, its first loss in 14 years.

The Japan Times said the projected loss is due mainly to the
strong yen and sluggish sales of its main electronics products.

According to Japan Times, Sony had originally projected JPY520
billion in operating profit for fiscal 2008, but due to worsening
business conditions it lowered the projection to JPY470 billion in
July and then to JPY200 billion in October.

Sony, according to Japan Times's sources, may also face a rise in
its projected operating loss if the yen continues to rise against
the dollar and other currencies.

On Dec. 10, 2008, the TCR-AP reported that Sony said in response
to the sudden and rapid changes in the global economic
environment, it intends to:

   -- adjust product pricing,
   -- curtail or delay part of its investment plans,
   -- downsize or withdraw from unprofitable or non-core
      businesses,
   -- realign domestic and overseas manufacturing sites,
   -- reallocate its workforce, and
   -- reduce headcount.

Through these measures, Sony aims to save more than JPY100 billion
by the end of the fiscal year ending March 31, 2010.

Sony is planning to reduce investment in the electronics business
by approximately 30% in the fiscal year ending March 31, 2010,
compared to its mid-term plan.

By the end of the current fiscal year, Sony plans to cease
production at two overseas manufacturing sites, including Sony Dax
Technology Center in France, which manufactures tape and other
recording media.

Sony plans to reduce the total number of manufacturing sites by
approximately 10%, from the current total of 57, by March 31,
2010.

By March 31, 2010, Sony plans to reduce headcount in the
electronics business worldwide by approximately 8,000, out of
approximately 160,000 as of September 30, 2008.  At the same time,
Sony plans to reduce headcount in its seasonal and temporary
workforces.

Sony Corporation (TYO:6758) -- http://www.sony.co.jp/ -- is the
ultimate parent company of the Sony Group.  The company is
primarily focused on Electronics, such as audiovisual/ information
technology products & components; Game, such as PlayStation;
Entertainment, such as motion pictures and music, and Financial
Services, such as insurance and banking sectors.  It has five
segments: Electronics, Games, Pictures, Financial Services and All
Other.  In the Electronics segment, it develops, designs,
manufactures and sells various kinds of electronic equipment,
instruments and devices for consumer and professional markets.  In
the Games segment, Sony Computer Entertainment Inc. (SCEI)
develops, produces, markets and distributes PlayStation Portable
(PSP), PlayStation 2 and the PLAYSTATION 3 computer entertainment
systems.  In the Entertainment segment, operations encompass
motion picture, television and home entertainment production,
acquisition and distribution; television broadcasting, and digital
content creation.


SUZUKI MOTOR: To Cut Regular Employee's Wages; Idles Production
---------------------------------------------------------------
Suzuki Motor Corp plans to slash regular employee's salaries for
the first time since 1975 as it suspends car and motorcycle
production at five of its domestic plants in February, Japan Today
reports citing Suzuki Motor officials.

The company, Japan Today relates, earlier said it will leave
production lines idle for three to eight weekdays at five plants,
including those in Sagara and Iwata, both in Shizuoka Prefecture.

Suzuki will idle production lines to meet the shrinking demand in
the automobile market, the report notes.

Suzuki Motor Corporation is a Japan-based manufacturing company?
that operates in three business segments.  The Two-wheel Vehicle
segment is involved in the manufacturing of two-wheel vehicles, as
well as the manufacturing of parts for two-wheel vehicles and the
sale of two-wheel vehicles in domestic and overseas market.  The
Four-wheel Vehicle segment is involved in the manufacturing of
four-wheel vehicles, as well as the manufacturing of parts for
four-wheel vehicles and the sale of four-wheel vehicles in
domestic and overseas market.  The Others segment is involved in
the manufacturing and sale of outboard motors, as well as the sale
of electric vehicles and housing.  The Company has 140
subsidiaries and 36 associated companies.



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

HYNIX SEMICONDUCTOR: South Korea Gov't. to Sell Stake in Firm
-------------------------------------------------------------
South Korea may consider selling its stake in Hynix Semiconductor
to foreign investors, AFP reports citing Dong-A Ilbo newspaper.

According to AFP, the newspaper said the move would be part of the
Ministry of Knowledge Economy's proposal to sell the government's
stake in 18 companies to foreigners, outlined in a report to
President Lee Myung-Bak.

The firms, AFP relates, include aircraft maker Korea Aerospace
Industries, broadband operator LG Powercomm, Korea Plant Service
and Engineering Co and the operator of Incheon International
Airport.

However, Reuters says, South Korea denied it would offer for sale
stakes in Hynix Semiconductor and 17 other companies to foreign
investors  but confirmed plans to attract investment into state-
run assets.

The Ministry of Knowledge Economy said on Thursday it had not
drawn up a list of specific companies in which stakes owned by
either the government or creditor banks would be put up for bids,
Reuters relates.

                           About Hynix

Hynix Semiconductor Inc. (HSI) of Icheon, Korea --
http://www.hynix.com/-- is a memory semiconductor supplier
offering Dynamic Random Access Memory chips ("DRAMs") and Flash
memory chips to a wide range of established international
customers.  The company's shares are traded on the Korea Stock
Exchange, and the Global Depository shares are listed on the
Luxemburg Stock Exchange.

                          *     *     *

As reported by the Troubled Company Reporter-Asia pacific on
Dec. 29, 2008, Standard and Poor's Ratings Services lowered to
'B+' from 'BB-' its long-term corporate credit and senior
unsecured debt ratings on Korea-based Hynix Semiconductor Inc. to
reflect the extremely challenging market situation and the rapid
deterioration in the company's financial risk profile.  The
outlook on the long-term corporate credit rating is negative.

Moody's Investors Service downgraded to B1 from Ba3 Hynix
Semiconductor Inc's corporate family and senior unsecured bond
ratings on Dec. 26, 2008.  The outlook for both ratings remains
negative.



===========
K U W A I T
===========

NATIONAL INDUSTRIES: Moody's Downgrades Issuer Rating to 'Ba2'
--------------------------------------------------------------
Moody's Investors Service downgraded the long-term issuer rating
of National Industries Group Holding NIG and the rating on the
US$475 million sukuk issued by NIG Sukuk Limited to Ba2 from Baa3.
The outlook was changed to negative.

"Moody's concluded that steps already initiated and still
contemplated or pending will not be sufficient to lower market
value leverage to levels of 35% and below, which Moody's would
expect for a Baa rated investment holding company," said Martin
Kohlhase, a Moody's Assistant Vice President and lead analyst for
NIG based at the DIFC/Dubai.  He elaborated that "NIG's estimated
market value leverage metric for the fiscal year ended was around
50% and Moody's anticipates that through likely near-term actions
currently at the disposal of management, primarily asset sales,
this metric could be lowered to levels of around 45% at best,
commensurate with the Ba2 rating level."

Cash coverage -- dividend income to net interest expense -- at
below 2 times is weak and Moody's expects any near term
improvement to this metric to be challenging given the uncertainty
and lack of visibility of dividend income in times of weaker
operating performance.  This is unlikely to be fully offset by
lower finance expenses over the near term despite the current low-
interest rate environment.  Moody's notes that NIG has
historically relied on asset disposals to improve the availability
of cash, which in Moody's view is more difficult to maintain after
stock market indices have fallen globally and may not prove to be
a sufficiently sustainable source of cash to be relied upon at the
higher rating category.  In addition, the high portion of unlisted
investments in the portfolio could result in further volatility in
asset valuations in the future which has also been factored into
the Ba2 rating.

Near-term investment and asset disposals proceeds could amount to
nearly KD 120 million while additional intermediate measures, with
a lower probability of being executed, could add up to a total of
almost KD 150 million.  This does not consider any improvements in
the value of the underlying portfolio as Moody's believes that
capital markets remain volatile and will unlikely advance by such
magnitude over the next quarters that it could have a sufficiently
material impact on NIG's portfolio value given the required
targets.  Moody's has also not factored in direct government
support that could have a positive impact on NIG's credit profile.
Any likely near-term government actions, such as an economic
stimulus plan or share purchases in the Kuwaiti stock market, are
likely to have an indirect impact only through either better
access to funding from local banks or a mildly improving stock
market.

NIG's ratings benefit from a diversified portfolio consisting of
investments in seven main industries.  In particular, NIG's
portfolio shows below-average asset concentration, given its
fairly large number of minority holdings.  The ratings assume that
long-term key shareholders representing around 53% of the equity-
base remain supportive and that management is prepared to further
monetise assets should immediate refinancing issues arise.  The
negative outlook takes into account that NIG continues to have a
debt maturity profile that is geared towards the short-term and
does not include a high proportion of legally committed
facilities, which is partially mitigated by NIG's solid bank
relationships and the long track record of successful extensions.
The outlook could be stabilized if NIG lowers market value
leverage to sustainable levels of between 35% and 45% by applying
disposal proceeds to a reduction of debt and continuously
strengthens the cash coverage metric to levels of around 2.5
times.

Moody's last rating action on NIG was on January 19, 2009, when
the rating agency downgraded the ratings to Baa3 from Baa2 and
left the ratings under review for downgrade.

National Industries Group, based in Kuwait City, is a publicly
listed investment holding company, and one of the largest publicly
traded companies in Kuwait.  Its business includes strategic and
financial stakes in companies across Kuwait and the GCC, focusing
primarily on building materials, specialist engineering,
petrochemicals, finance, real estate, oil & gas services and
energy sectors.



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

ACE HARVEST ET AL: Placed Under Voluntary Liquidation
-----------------------------------------------------
The official assignee advises the liquidations of:

   -- Ace Harvest Contractors Ltd. on December 11, 2008;
   -- Lavenders Restaurant & Bar Limited. on December 1, 2008;
   -- Dobson Design & Build Albany Limited on December 5, 2008;
   -- Robert Brown Developments (Napier) Limited on Dec. 5, 2008;
   -- Sydney Productions (No.2) Limited on December 5, 2008;
   -- Sydney Productions (No.3) Limited on December 5, 2008;
   -- Owen's Painting Contractors Limited on Dec. 11, 2008;
   -- Stealth Trading Limited on Dec. 11, 2008; and
   -- Wok You Want Limited. on Dec. 11, 2008.

The official assignee can be reached at:

          Official assignee
          Private Bag 4714, Christchurch Mail Centre
          Christchurch 8140
          Freephone: 0508 467 658
          Website: http://www.insolvency.govt.nz


AIR NEW ZEALAND: Cuts Capacity by 7.5% in December
--------------------------------------------------
Air New Zealand Limited said its capacity was reduced by 7.5% on
last December and the Group's passenger load factor declined by
0.7 of a percentage point.  The airline carried 1,236,000
passengers in December, down 5.1% on the same month in 2007.

The company has continued to take a proactive approach in capacity
management across the network, Air New Zealand said in a
statement.

The Short Haul airline passenger load factor was down 2.8
percentage points on last December.  The Tasman / Pacific market
remained challenging with passenger numbers down 5.6% on the same
month last year.  In the Domestic market passenger numbers dropped
by 2.9% while the passenger load factor remained stable on a 1.8%
reduction in capacity.

In the Long Haul market the passenger load factor increased by 1.1
percentage points on December 2007.  Passenger numbers on North
America / UK routes continued to decrease, falling 15.0% on the
same month last year.

Passenger numbers on Asia / UK and Japanese routes fell 7.6% but
the passenger load factor increased 7.3 percentage points on a
13.4% capacity decrease.  Overall in the Long Haul airline 11.8%
of capacity was removed compared with December 2007 in response to
the softening demand.

Group-wide yields for the year-to-date were up 7.5% on the
comparable period last financial year.  Short Haul and Long Haul
yields were up by 4.1% and 12.3% respectively.  Removing the
impact of foreign exchange, group-wide yields were up 4.6%.

                      About Air New Zealand

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

                          *     *     *

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


BMMP HOLDINGS: Commences Liquidation Proceedings
------------------------------------------------
BMMP Holdings Ltd. commenced liquidation proceedings on Dec. 1,
2008.

The company's liquidator is:

          Christopher John Clark
          Miller Gale & Winter
          PO Box 270, Christchurch
          Telephone: (03) 379 5566
          Facsimile: (03) 365 6915


CGM LIFESTYLE ET AL: Placed Under Voluntary Liquidation
-------------------------------------------------------
It was resolved by special resolutions of shareholders to wind up
the operations of:

   -- CGM Lifestyle 2001 Limited on December 9, 2008;
   -- MFD Services Limited on December 9, 2008; and
   -- Mark It Carpets Limited on December 11, 2008.

The companies' liquidator is:

          Grant Bruce Reynolds
          Reynolds and Associates Limited
          PO Box 259059, Greenmount
          Auckland
          Telephone: (09) 526 0743
          Facsimile: (09) 526 0748


DOMINION FINANCE: Trustee Opts to Liquidate DFG Unit
----------------------------------------------------
Perpetual Trust, the trustee for Dominion Finance Group (DFG), a
subsidiary of Dominion Finance Holdings Limited, has applied for
the liquidation of DFG, The National Business Review reports.

According to the report, the application to liquidate Dominion
Finance Group will be heard before the High Court in Auckland on
February 20.

Receiver Rod Partington of Deloitte said the liquidation
application will not affect the progress of the receivership, the
Business Review relates.  "It's another step in the process."

Meanwhile, the report discloses that Dominion Finance Holding's
other subsidiary North South Finance's financial results for the
the year ended March 2008, showed assets of NZ$98 million,
liabilities of NZ$107 million and shareholders' deficit of NZ$9.4
million.

                     About Dominion Finance

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

                         *     *     *

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

Dominion Finance Group owes 6,055 debenture holders NZ$224
million.

A TCR-AP report Oct. 17, 2008, said Dominion Finance Holdings
Limited appointed John Joseph Cregten and Andrew John McKay of
Corporate Finance Limited as the company's voluntary
administrators.

According to The National Business Review: "Dominion Finance
Holding went into voluntary administration after it was fined
NZ$65,000 by NZX Discipline for filing its annual report late.  At
that time, directors said the holding company had little cash to
its own name."

In addition, the TCR-AP on Dec. 3, 2008, reported that the debt
moratorium for Dominion Finance Holding's other subsidiary North
South Finance Ltd was approved by the stockholders on December 2.


KEAMOA CONSTRUCTION: Court Hears Wind-Up Petition
-------------------------------------------------
A petition to have Keamoa Construction Ltd.'s operations wound up
was heard before the High Court at Tauranga on January 28, 2009.

The Commissioner of Inland Revenue filed the petition against the
company on November 6, 2008.


MICROTEL LTD: Appoints Parsons and Kenealy as Liquidators
---------------------------------------------------------
On December 8, 2008, Dennis Clifford Parsons and Katherine Louise
Kenealy were appointed as joint and several liquidators of
Microtel Limited.

The Liquidators can be reached at:

          Dennis Clifford Parsons
          Katherine Louise Kenealy
          Indepth Forensic Limited
          PO Box 278, Hamilton
          Telephone: (07) 957 8674
          Website: http://www.indepth.co.nz


N Y INTERNATIONAL: Appoints van Delden and Bromwich as Liquidators
------------------------------------------------------------------
On December 12, 2008, the High Court at Auckland appointed Boris
van Delden and Kevin Warwick Bromwich as the liquidators of N Y
International Ltd.

Only creditors who were able to file their proofs of debt by
January 30, 2009, will be included in the company's dividend
distribution.

The Liquidators can be reached at:

          Boris van Delden
          Kevin Warwick Bromwich
          McDonald Vague
          PO Box 6092, Wellesley Street Post Office
          Auckland 1141
          Telephone: (09) 303 0506
          Facsimile: (09) 303 0508
          Website: http://www.mvp.co.nz


SMARTY PANTZ ET AL: Creditors' Proofs of Debt Due on March 12
-------------------------------------------------------------
Vivian Judith Fatupaito and Colin Thomas McCloy fixed March 12,
2009, as the last day to file proofs of debt for the creditors of:

   -- Smarty Pantz Child Care Centre Limited;
   -- MS International Limited;
   -- K V C Holdings Limited;
   -- Amarine Limited;
   -- Modern Paving Limited;
   -- Fogafanua Construction Limited;
   -- Goldsteins Finance Limited; and
   -- Onehunga Liquor Limited.

The Liquidators can be reached at:

          Vivian Judith Fatupaito
          Colin Thomas McCloy
          PricewaterhouseCoopers
          Private Bag 92162
          Victoria Street West, Auckland 1142
          Telephone: (09) 355 8000
          Facsimile: (09) 355 8013


VOYAGER HOLDINGS: Court to Hear Wind-Up Petition on February 4
--------------------------------------------------------------
The High Court of Auckland will hear on February 4, 2009, at
10:00 a.m., a petition to have Voyager Holdings Ltd.'s operations
wound up.

Exide Technologies Limited filed the petition against the company
on November 14, 2008.

Dianne S. Lester is the Petitioner's solicitor.


WHEELS AND WAVES: Court Hears Wind-Up Petition
----------------------------------------------
A petition to have Wheels and Waves Electrical Ltd.'s operations
wound up was heard before the High Court at Blenheim on Jan. 29,
2009.

Electronic Navigation Limited filed the petition against the
company on November 6, 2008.


WIRED EARTH: Creditors' Proofs of Debt Due on February 5
--------------------------------------------------------
The creditors of Wired Earth Ltd. are required to file their
proofs of debt by February 5, 2009, to be included in the
company's dividend distribution.

The company's liquidators are:

          Craig Alexander Sanson
          Vivian Judith Fatupaito
          c/o PricewaterhouseCoopers, 113-119
          The Terrace
          PO Box 243, Wellington
          Telephone: (04) 462 7015
          Facsimile: (04) 462 7492



=============
N I G E R I A
=============

ADSWITCH PLC: First Half Loss Narrows to US$10,245
--------------------------------------------------
Adswitch Plc's net loss narrowed to 1.5 million naira (US$10,245)
in the six months to Oct. 31, 2008, from a 2.1 million naira loss
in the same period a year earlier, Vincent Nwanma at Bloomberg
News reports citing a company statement.

Revenue climbed 48 percent to 22.2 million naira, the report
relates.

Based in Lagos, Nigeria, Adswitch Plc is a manufacturer and
marketer of switchgears.



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

LEGACY GROUP: BSP Filed Complaints Against Bank Officials
---------------------------------------------------------
The Bangko Sentral ng Pilipinas (BSP) has asked government
prosecutors to file criminal charges against bank officials and
clients of several failed banks linked to the Legacy Group after
uncovering evidence of fraud, Daxim Lucas at the Philippine Daily
Inquirer reports.

Citing four separate memoranda to Justice Secretary Raul Gonzalez,
the Inquirer relates, BSP accused at least 15 rural bank officers
and their associates for multiple cases of falsification of public
and commercial documents.

According to the report, BSP filed complaints against Rural Bank
of San Jose president Zacarias Carticiano; Noe B. Indonto; Rural
Bank of DARBCI employees Romarico Tañedo, Phoebe Babor, Alexander
Doctor, Jacqueline Araneta, Joey Corpuz, Haidee Manila and
Michelle Ligtas; Rural Bank of Calatagan (Dynamic Bank) president
Geminiano Noche, branch manager Danilo Consul, bookkeeper Desiree
Dimayuga, Shellane Angat and Roy Milario; Rural Bank of Parañaque
Inc. (RBPI) former president Virgilio A. Odejar and RBPI client
Emilio J. Aguinaldo IV.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 27, 2009, BusinessWorld Online said the Securities of
Exchange Commission (SEC) rejected a petition by Legacy Motors
Inc., the auto financing unit of Legacy Group, for voluntary
dissolution.

The commission, the report related, said the company had failed to
submit a list of creditors and cases pending before administrative
and quasi-judicial bodies, an inventory of its assets, and its
audited financial statement for 2007.

Legacy Motors Inc. filed the petition on Dec. 10, saying its
assets were no longer enough to pay for its liabilities, according
to BusinessWorld Online.

                          House Probe

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 27, 2009, the Philippine Daily Inquirer said the House of
Representatives wants Celso delos Angeles, the man allegedly
behind the Legacy financial scam, to personally explain the
collapse of his rural banks and pre-need insurance company.

"We have to hear from Mr. Delos Angeles, the Bangko Sentral
[Central Bank] and all other stakeholders in the banking sector so
that we can have a clear picture on what really caused the closure
of our rural banks," the Inquirer quoted House Speaker Prospero
Nograles as saying.

But Mr. Nograles, as cited by the Inquirer, said the House was not
singling out the Legacy group, considering that 400 rural banks
had declared bankruptcy.

The Inquirer disclosed that the Legacy Group allegedly amassed
between PHP15 billion and PHP25 billion in deposits over the last
three years due to an aggressive marketing scheme, which promised
depositors 20 percent in annual returns.  To address risk
concerns, the Inquirer stated, the cash deposits are spread out
through the Legacy chain of banks to keep each deposit within the
maximum limit of the PDIC.

According to the Inquirer, Mr. Delos Angeles is the owner of 13
banks with 29 branches nationwide under the Legacy banner.

In 2008, the Inquirer recalled, the BSP shuttered the Rural Bank
of Parañaque; Rural Bank of Bais (in Negros Oriental province);
Pilipino Rural Bank (in Cebu); Rural Bank of San Jose (in
Batangas); Philippine Countryside Bank (in Cebu); Dynamic Bank
(Rural Bank of Calatagan, in Batangas); San Pablo City Development
Bank; Nation Bank (in Bacolod City) and the Bank of East Asia (in
Cebu) due to insolvency.

                       About Legacy Group

Headquartered in Quezon City, Philippines, The Legacy Group --
http://www.legacy.com.ph/thelegacy.html-- is a conglomerate of
banks and pre-need companies.  The banks offer various financial
products and pre-need firms have pension, education and memorial
plans.  Other members of The Group are companies that provide
credit cards, micro-lending and automotive financing services.



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

CHARTERED SEMICONDUCTOR: Posts US$92.6 Mln Net Loss in 2008
-----------------------------------------------------------
Chartered Semiconductor Manufacturing Ltd incurred a net loss of
US$114.0 million in the fourth quarter ended December 31, 2008,
compared to a net income of US$5.9 million in the year-ago
quarter, and a net loss of US$24.4 million in the previous
quarter.

Net loss in fourth quarter 2008 included a tax expense of US$33.0
million, mainly resulting from an additional valuation allowance
of US$34.3 million provided on a portion of the deferred tax
assets that is assessed to be non-realizable, based on Chartered's
downward revision of its projections of future taxable income in
view of the rapid slowing down of demand and worsening economic
outlook.

Revenues were US$351.7 million in fourth quarter 2008, down 0.3
percent from US$352.6 million in fourth quarter 2007.

Meanwhile, Chartered's consolidated joint venture fab, Chartered
Silicon Partners ("CSP"), continued to be in a shareholders'
deficit in fourth quarter 2008.

At the end of fourth quarter 2008, CSP's shareholders' deficit was
US$432.6 million.

                     Full Year 2008 Results

For the year ended December 31, 2008, Chartered incurred a net
loss of US$92.6 million compared to a net income of US$101.7
million in 2007.

Net income for 2007 included a tax benefit of US$91.4 million,
while net loss for 2008 included a tax benefit of US$4.5 million.
The higher income tax expense for 2008 was due primarily to the
provision of additional valuation allowance on a portion of
existing deferred tax assets which is assessed to be not
realizable.

Revenues were US$1,661.1 million in 2008, up 22.5 percent from
US$1,355.5 million in 2007.

                             Outlook

"The negative macroeconomic environment and difficult end market
conditions are continuing to impact the foundry industry and our
business in a significant way as we go into the first quarter of
2009.  Foundry customers, we believe, are cutting orders even more
aggressively as they grapple with worsening visibility in the
market place and rising inventories.  In this environment, it is
difficult to
predict with accuracy how the quarter will turn out.  However,
based on our current outlook, we are guiding for Chartered
revenues to be down approximately 32 percent sequentially and
revenues including Chartered's share of Silicon Manufacturing
Partners to be down approximately 31 percent sequentially in the
first quarter," said George Thomas, senior vice president and CFO
of Chartered.

                       Workforce Re-sizing

As a result of further decline in utilization rate into the first
quarter and lack of visibility in the end markets, Chartered is
reducing its worldwide workforce by approximately 600 people, or
about 8 percent of its total employment.  Chartered expects to
incur a one-time charge of approximately US$8 million in the first
quarter associated with this workforce reduction.  Annual savings
in payroll and benefits is expected to be approximately US$16
million.

"In managing our cash and liquidity position, we are taking a
painful but prudent business decision to reduce our worldwide
workforce by approximately 600 people in the coming days, bringing
the total workforce reduction since third quarter of 2008 to about
1,300 positions or approximately 18 percent of the total
workforce.  In addition, we expect to reduce our capital
expenditure by 35 percent compared to
the previous year to US$375 million in 2009, our lowest level
since 2003," said Chia Song Hwee, president & CEO of Chartered.

                  About Chartered Semiconductor

Singapore-based Chartered Semiconductor Manufacturing Ltd.
(Nasdaq: CHRT and SGX-ST: CHARTERED) --
http://www.charteredsemi.com/-- is a semiconductor foundry, which
provides wafer fabrication services and technologies to
semiconductor suppliers and systems companies.  The company
focuses on providing foundry services to customers that serve
technologically advanced applications for the communication,
computer and consumer sectors.  As of December 31, 2007, Chartered
owns, or have an interest in, five fabrication facilities, Fabs 2,
3, 5, 6 and 7, all of which are located in Singapore.  Fab 7 is
its only 300-mm facility.  During the year ended December 31,
2007, the company manufactured semiconductors for over 150
different active customers.  During 2007, its top five customers
collectively accounted for approximately 61% of the company's
total net revenue.  In March 2008, the company completed the
acquisition of Hitachi Semiconductor Singapore Pte Ltd, from
Hitachi, Ltd and Hitachi Asia Ltd.



                         *********

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,
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without prior written permission of the publishers.
Information contained herein is obtained from sources believed
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mail.  Additional e-mail subscriptions for members of the same
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thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.





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