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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

           Tuesday, February 10, 2009, Vol. 12, No. 28

                            Headlines

A U S T R A L I A

AGILITY GROUP: Contractors to Receive Nothing, Receiver Says
AUSTRALAND PROPERTY: Reports 85% Drop in Net Profit
BEDCELL PTY ET AL: Members Receive Wind-Up Report
CITY DEVELOPMENTS: Declares First and Final Dividend
CL & JE: Placed Under Voluntary Wind-Up

DEFCON PTY: Commences Wind-Up Proceedings
EDUART MULTIMEDIA: Commences Wind-Up Proceedings
INVESTMENT & RETIREMENT: Placed Under Voluntary Wind-Up
KAH SING: Commences Wind-Up Proceedings
LAMATTINA HAULAGE: Commences Wind-Up Proceedings

MARINE HARVEST: Members Receive Wind-Up Report
MEADOW (PROPERTIES): Placed Under Voluntary Wind-Up
NYLEX LTD: Unveils Default on its Banking Covenants
PACHA PTY: Creditors Hear Wind-Up Report
PACHA PTY: Declares First and Final Dividend

R. A. HALL: Commences Wind-Up Proceedings
RADIO AUSTRALIA: Commences Wind-Up Proceedings
RIO TINTO: Director Jim Leng Quits
TASEA ENTERPRISES: Declares First Dividend
YUGUL MANGI: Declares First and Final Dividend


C H I N A

CHINA GLASS: S&P Changes Outlook to Negative; Affirms 'B+' Ratings


H O N G  K O N G

ELITE BRIGHT: Creditors' Proofs of Debt Due on February 20
EURO GARMENT: Placed Under Voluntary Wind-Up
LUDGATE ASIA ET AL: Final General Meetings Set for February 27
MO & COMPANY: Members' Final Meeting Set for March 4
PLANET FUN ET AL: Appoint Chiong and Yu as Liquidators

SEA ASCENT: Creditors' Proofs of Debt Due on February 13
SKY RISE: Appoints Leung and Chun as Liquidators
TEAM ENERGY: Creditors' Proofs of Debt Due on February 27
WANK ENTERPRISES: Tan Steps Down as Liquidator
WOOLWORTHS INTERNATIONAL: Creditors' Meeting Set for February 12

ZH015 DEVELOPMENT: Mee and Yee Step Down as Liquidators


I N D I A

BEST CHERAN: CRISIL Rates Rs.283.0 Mln. Long Term Loan at 'BB-'
CHERAN: CRISIL Puts 'BB-' Ratings on Various Bank Facilities
DEEPAK SPINNERS: Fitch Assigns National Long-Term Rating at 'BB-'
EASTERN ALLOYS: Delays in Loan Payment Cues CRISIL 'D' Ratings
HEALTH BIOTECH: CRISIL Rates Rs.110MM Cash Credit Facility at 'B+'

INDIAN YARN: Weak Liquidity Position Cues CRISIL 'BB' Rating
KIRTILAL M: CRISIL Rates Rs.864MM Export Packing Credit at 'P4'
RANGERS COMMERCIAL: RBI Cancels Certificate of Registration
SATYAM COMPUTER: Gov't. Names Kiran Karnik as Chairman


J A P A N

ELPIDA MEMORY: 5th Quarterly Loss Widens to JPY72.3 Billion
JAPAN AIRLINES: Expects to Post JPY34 Billion Net Loss in FY2008
JLOC 37: S&P Downgrades Ratings on Two Classes of Notes to 'BB'
JMAC 2: Fitch Puts Rating on Class E Notes on Negative Watch
MOBILITYLAND CORP: To Shut Tama Tech Park in September

NISSAN MOTOR: Applies for U.S. Federal Loan
NISSAN MOTOR: Expects to Post JPY265 Bln Full Year Net loss
NISSAN MOTOR: Mulls 20% Labor Cost Cut, To Shed 20,000 Jobs
* Fitch Withdraws Ratings on 45 Japanese Corporates


K O R E A

HYUNDAI MOTOR: Enters Japanese Bus Market
SSANGYONG MOTOR: Outlook Concerns Weigh on First Trading Day


M O N G O L I A

* Moody's Reviews Ratings on Three Mongolian Banks for Likely Cut


N E W  Z E A L A N D

ADMIRALTY LODGE: Court Hears Wind-Up Petition
CHALMERS BAR: Court Hears Wind-Up Petition
GATES & FENCES: Appoints Brown and Neilson as Liquidators
HORTIFRESH COOLSTORE: Commences Liquidation Proceedings
KGC BORDERS ET AL: Commence Liquidation Proceedings

NORTH FREEDOM: Court Hears Wind-Up Petition
NZ BUILDERS: Court Hears Wind-Up Petition
ORIGINAL CAR: Court Hears Wind-Up Petition
PRECISION AUTOBODIES: Commences Liquidation Proceedings
RYAN SECURITY: Appoints Crichton and Horne as Liquidators

SEQUENT INVESTMENTS: Appoints Heath and Lamacraft as Liquidators
SNIPS LTD: Appoints Shephard and Dunphy as Liquidators
STARTING OVER: Creditors' Proofs of Debt Due on May 11
WATER TREATMENT: Commences Liquidation Proceedings


T A I W A N

* Fitch Affirms & Withdraws Banks' Ratings Due to Econ Contraction


U N I T E D  A R A B  E M I R A T E S

* DUBAI: Contractors May Go Under As Credit Dries Up


X X X X X X X X

MORGAN STANLEY: S&P Puts CCC- Ratings on Two 2007-21 Class I Notes
MORGAN STANLEY: S&P Corrects 'BB-' Rating on Class I Notes
* BOND PRICING: For the Week February 2 to February 6, 2009


                         - - - - -


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

AGILITY GROUP: Contractors to Receive Nothing, Receiver Says
------------------------------------------------------------
The receiver of IT recruitment firm Agility Group said that about
38 contractors working for the firm are unlikely to be paid what
they're owed, The New Zealand Herald reports.

According to the report, receiver Tim Downes of Grant Thornton
said there was likely to be a shortfall in funds owed to the
company's bankers.  Mr. Downes also said contractors were unlikely
to get anything since they were unsecured creditors.

"The bitter pill for them is while the work that they have done is
billable by Agility right up to the time of receivership ...
that's an asset of the company in receivership," the report quoted
Mr. Downes as saying.

The report says the receivers hoped to hold Agility's contracts
together in order to sell them, and were having conversations with
contractors to encourage them to stay on.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 30, 2009, the National Business Review said Agility Group and
Agility Group (Wellington) have gone into receivership.

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


AUSTRALAND PROPERTY: Reports 85% Drop in Net Profit
---------------------------------------------------
Australand Property Group has reported an 85 per cent decline in
net profit for the 2008 year, The Sydney Morning Herald reports.

Citing Australand's results presentation, the report relates that
the group warned a 30 percent drop in earnings to December 31,
2009.

According to the Herald, Managing director Bob Johnston said
Australand reported a net profit, after write-downs and
revaluations, of AU$40.16 million for 2008 - down from AU$269.23
million in 2007.

Australand Property, the report says, booked an unrealised loss
from revaluations of AU$96.98 million and write-downs to
residential development and inventories of AU$34.65 million.

Its net operating profit, excluding the one-off items, rose 7 per
cent to $174.8 million, in line with its own guidance, the Herald
notes.

"In the past year we have reduced our staff by 20 per cent,
recalibrated the distribution policy, shelved the joint venture
plans with our shareholder CapitaLand and curtailed new
developments," the report quoted Mr. Johnston as saying.

"But still 2009 will be tough and we have no new commitments for
development, except for select asset sales."

Mr. Johnston, the report relates, said all of Australand's new
developments had been put on hold and its management's focus this
year on select assets and tenant retention.  While the group had
not breached any bank covenants, Mr. Johnston added, it had about
AU$150 million in debt due for repayment this year.

                        About Australand

Australand Property Group (ASX:ALZ) –
http://www.australand.com.au/--  a diversified property group.
The company is engaged in investment in income producing
commercial, industrial and retail properties; commercial and
industrial property development; residential development
(including land, housing and apartments development); property
trust management, and property management.  Australand has three
operating divisions: Commercial and Industrial, Investment Trusts
and Residential.  Its Commercial and Industrial Division focuses
on providing accommodation solutions for logistics, industrial,
hi-tech and commercial office users.  Its Residential Division is
a provider of accommodation across a range of markets that is
designed to meet the needs of the markets the company is serving.


BEDCELL PTY ET AL: Members Receive Wind-Up Report
-------------------------------------------------
On December 4, 2008, Thea Eszenyi and Sam Davies presented the
companies' wind-up report and property disposal to the members of:

   -- Bedcell Pty Ltd;
   -- Brimhall Pty Ltd;
   -- Colotti Pty Ltd;
   -- M.E. Deniliquin Pty Ltd; and
   -- V.P. Travel Pty Ltd.

The Liquidators can be reached at:

         Thea Eszenyi
         Sam Davies
         McGrathNicol
         99 Gawler Place, Level 13
         Adelaide SA 5000
         Telephone: +61 8 8468 3700
         Website: http://www.mcgrathnicol.com


CITY DEVELOPMENTS: Declares First and Final Dividend
----------------------------------------------------
City Developments Pty Ltd, which is in liquidation, declared the
first and final dividend on December 15, 2008.

Only creditors who were able to file their proofs of debt by
November 30, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

         Geoffrey Finch
         KPMG
         18 Smith Street
         Darwin NT 0800


CL & JE: Placed Under Voluntary Wind-Up
---------------------------------------
At an extraordinary general meeting held on October 20, 2008, the
members of CL & JE Pople Pty Ltd resolved to voluntarily wind up
the company's operations.

The company's liquidators are:

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


DEFCON PTY: Commences Wind-Up Proceedings
-----------------------------------------
During a general meeting held on October 21, 2008, the members of
Defcon Pty Limited resolved that the company be wound up
voluntarily.

The company's liquidator is:

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


EDUART MULTIMEDIA: Commences Wind-Up Proceedings
------------------------------------------------
During a general meeting held on October 21, 2008, the members of
Eduart Multimedia Pty Ltd resolved that the company be wound up
voluntarily.

The company's liquidators are:

          Terry O'Connor
          Paul Cook
          Paul Cook & Associates
          105 Macquarie Street
          Hobart TAS 7000
          Telephone: (03) 6223 2555
          Facsimile: (03) 6233 2556
          e-mail: info@pjc.com.au


INVESTMENT & RETIREMENT: Placed Under Voluntary Wind-Up
-------------------------------------------------------
At an extraordinary general meeting held on October 27, 2008, the
members of Investment & Retirement Services Pty Ltd resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Nitsa Panou
         Glenn & Herriot Pty Ltd
         Chartered Accountants
         22 Nile Street
         Port Adelaide SA 5015
         Telephone: (08) 8447 2088


KAH SING: Commences Wind-Up Proceedings
---------------------------------------
During a general meeting held on October 20, 2008, the members of
Kah Sing International Trading Pty Ltd resolved that the company
be wound up voluntarily.

Andrew Wong of P & A Accountants & Business Advisors was appointed
as the company's liquidator.


LAMATTINA HAULAGE: Commences Wind-Up Proceedings
------------------------------------------------
During a general meeting held on October 21, 2008, the members of
Lamattina Haulage Pty Ltd resolved that the company be wound up
voluntarily.

The company's liquidators are:

         Peter James Lanthois
         Christopher Robert Powell
         KordaMentha
         70 Pirie Street, Level 4
         Adelaide, South Australia


MARINE HARVEST: Members Receive Wind-Up Report
----------------------------------------------
The members of Marine Harvest Australia Pty Ltd met on December 4,
2008, and received the liquidator's report on the company's wind-
up proceedings and property disposal.

G. D. Finch is the company's liquidator.


MEADOW (PROPERTIES): Placed Under Voluntary Wind-Up
---------------------------------------------------
At an extraordinary general meeting held on October 24, 2008, the
members of Meadow (Properties) Pty Ltd resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

         Robert P. Whitehouse
         Wise Lord & Ferguson Chartered Accountants
         160 Collins Street, 1st Floor
         Hobart TAS 7000
         Telephone: (03) 6223 6155


NYLEX LTD: Unveils Default on its Banking Covenants
---------------------------------------------------
Nylex Limited said it has defaulted on its borrowing arrangement
with its bank lenders.

In a filing to the Australian Securities  Exchange (ASX), Nylex
said the default relates to certain financial ratios not being
achieved at the December 31, 2008 calculation date.

The banks have reserved their rights in respect of the default,
the company stated.

Nylex said this also constitutes an event of default under the
Trust Deed governing the 10% Unsecured Convertible Notes issued by
the company on December 8, 2008.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 26, 2008, the Herald Sun said Nylex is trying to renegotiate
loan agreements with bankers as it struggles to turn around its
core businesses.

The report related that at the company's annual meeting held
on Nov. 25, 2008, Executive Chairman Peter George warned
shareholders that the group agreed to "severe changes" when it
refinanced an AU$80 million loan facility with ANZ and Westpac a
few months ago.

According to Herald Sun, the company has drawn down AU$45.8
million through the facility which is jointly provided by ANZ and
Westpac.

Nylex, the report said, has undergone a string of corporate
restructures in the past decade after its near collapse in 2001.

Herald Sun said that while auditors from KPMG did not qualify the
company's most recent financial accounts, they noted there was
"significant uncertainty" as to whether Nylex could repay or
refinance its debt in 2009.

                          About Nylex

Nylex Limited's principal activities are carried out through 3
segments: Lifestyle, Solutions and Automotive.  Nylex Lifestyle
distribute Nylex, Gardena, Esky, Ajax Fasteners, Senco, Melded,
Colorino and Frontrunner branded products.  Nylex Solutions
supply plastic based solutions including water tanks, garbage
bins, communications pits and plastic containment solutions.
Nylex Automotive supply plastic based products and interior
carpets to the car manufacturers and their suppliers including
fuel tank.  Nylex operates in Australia and New Zealand.


PACHA PTY: Creditors Hear Wind-Up Report
----------------------------------------
The creditors of Pacha Pty Ltd met on November 20, 2008, and heard
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         M. A. Rudaks
         Maris Rudaks & Associates
         Chartered Accountants
         99 Frome Street, Level 2
         Adelaide SA 5000
         Telephone: (08) 8236 1500
         Facsimile: (08) 8236 1555


PACHA PTY: Declares First and Final Dividend
--------------------------------------------
Pacha Pty Ltd, which is in liquidation, declared the first and
final dividend on June 27, 2008.

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


R. A. HALL: Commences Wind-Up Proceedings
-----------------------------------------
During a general meeting held on October 28, 2008, the members of
R. A. Hall Pty. Ltd. resolved that the company be wound up
voluntarily.

The company's liquidator is:

         Eric K. N. Robins
         Chartered Accountant
         210 Greenhill Road, 1st Floor
         Eastwood SA 5112


RADIO AUSTRALIA: Commences Wind-Up Proceedings
----------------------------------------------
During a general meeting held on December 16, 2008, the members of
Radio Australia Pty Ltd resolved that the company be wound up
voluntarily.

The company's liquidator is:

         Robert P. Whitehouse
         Wise Lord & Ferguson Chartered Accountants
         160 Collins Street, 1st Floor
         Hobart TAS 7000
         Telephone: (03) 6223 6155


RIO TINTO: Director Jim Leng Quits
----------------------------------
Rio Tinto said non-executive Director Jim Leng has resigned from
the Boards and will not take up the post of Chairman of the Boards
in April as previously planned.

Rio Tinto's current Chairman, Paul Skinner, has agreed to remain
as Chairman until mid 2009, the company said in a statement.

               Sale of Argentina and Canada Assets

Rio Tinto said it has completed the sale of its undeveloped potash
assets to Vale, the Brazilian mining company, for a cash
consideration of US$850 million.  The transaction is comprised of
the Potasio Rio Colorado potash project in Argentina and the
Regina exploration assets in Canada.  The proceeds from this
divestment will be used for the repayment of debt.

The potash divestment was part of a larger transaction that
included the Corumba iron ore mine in Brazil and the associated
river logistics operations in Paraguay.  The Corumba transaction
will complete when appropriate consents are received, and
completion is expected in the second half of 2009.  The total
consideration for the Corumba assets is US$750 million.

During 2008, Rio Tinto realised almost US$3 billion from asset
sales, comprising the Greens Creek mine in Alaska for US$750
million, its interest in the Cortez operation in Nevada for
US$1.695 billion and the Kintyre uranium project in Western
Australia for US$495 million.  In January 2009, the Group
announced the divestment of its interest in the Ningxia aluminum
smelter in China for US$125 million.

            Missed Asset-Sale Targets, May Sell Shares

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 30, 2009, Bloomberg News said Rio Tinto failed to meet its
asset-sale targets due to the global recession, and may sell
shares to help cut debts.

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

The company so far has sold at least US$4.6 billion in assets,
Bloomberg News said.

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

Rio doesn't "rule out the potential to issue equity as one of the
options it has available," the London-based company said in a
Jan. 28 statement obtained by Bloomberg News.

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

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

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

Rio has declined 33 percent since then and its London shares are
now trading 75 percent below the 6,000 pence a share price paid by
Chinalco and Alcoa, Bloomberg News disclosed.

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

To reduce costs, Rio said it will:

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

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

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

   -- Defer exploration and evaluation expenditure.

                         About Rio Tinto

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

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


TASEA ENTERPRISES: Declares First Dividend
------------------------------------------
Tasea Enterprises Ltd, which is in liquidation, declared the first
dividend on December 19, 2008.

Only creditors who were able to file their proofs of debt by
November 28, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

          Barry Hamilton
          B K Hamilton & Associates
          Chartered Accountant
          171 Macquarie Street, Level 2
          Hobart TAS 7000


YUGUL MANGI: Declares First and Final Dividend
----------------------------------------------
Yugul Mangi Clan Development Pty Ltd, which is in liquidation,
declared the first and final dividend on December 10, 2008.

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

The company's liquidator is:

         A. R. M. Taylor
         Meertens Chartered Accountants
         49 Woods Street, Level 1
         Darwin NT 0800
         Telephone: (08) 8923 9239
         Facsimile: (08) 8942 3250



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

CHINA GLASS: S&P Changes Outlook to Negative; Affirms 'B+' Ratings
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlook on China Glass Holdings Ltd. to negative from stable.  At
the same time, Standard & Poor's affirmed its 'B+' long-term
corporate credit rating on the company and its 'B+' issue rating
on the company's senior unsecured notes due 2012.

"The outlook revision reflects our expectation that China Glass'
credit profile is likely to deteriorate as weakening global and
domestic demand for glass products weakens the company's
profitability and cash flow generation in 2009.  In addition, the
revision reflects the risk that the company's debt level may
increase, due to the continuation of its Chinese reminbi
800 million Jiangsu project at a time of weakening profitability.
Project delays and cost overruns are other sensitivities," said
Standard & Poor's credit analyst Lawrence Lu.

In S&P's opinion, China Glass' revenue and margin are likely to
remain under pressure in 2009, due to severely fluctuating fuel
and raw material costs and rapidly shrinking demand and falling
prices for glass products that began in 2008.  As a result, S&P
expects China Glass' ratio of adjusted total debt to EBITDA to
have been about 5.5x in 2008 (2007: 3.3x) and estimate its
adjusted EBITDA interest coverage may have dropped below 2.0x
(2007: 3.3x).  In S&P's view, these ratios may deteriorate further
in 2009, given the weak operating conditions.

The affirmed rating on China Glass reflects the cyclical and
volatile nature of the global flat-glass industry, a fragmented
and competitive domestic environment, as well as the company's
aggressive expansion strategy.  These factors are tempered by
China Glass' diverse customer base; its experienced management
team; and planning, technology, and financial management support
from strategic and financial investors, including Hony
International Ltd., Pilkington PLC, and International Finance
Corp. (IFC; foreign-currency rating: AAA/Stable/A-1+).  S&P
expects the Jiangsu project to improve China Glass' product
diversification, competitiveness, and profitability over the next
two to three years.  The company is migrating from flat glass
products to higher-margin, high value-added low-emission glass
products.



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

ELITE BRIGHT: Creditors' Proofs of Debt Due on February 20
----------------------------------------------------------
The creditors of Elite Bright Properties Limited are required to
file their proofs of debt by February 20, 2009, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Jan. 20, 2009.

The company's liquidators are:

          Edward Simon Middleton
          Patrick Cowley
          KPMG
          Prince's Building, 8th Floor
          10 Chater Road
          Central, Hong Kong


EURO GARMENT: Placed Under Voluntary Wind-Up
--------------------------------------------
The shareholders of Euro Garment Trading Co., Limited met on
January 19, 2009, and resolved to voluntarily wind up the
companys's operations.

The company's liquidator is:

         Law, Zi Yenn
         Hang Bong Commercial Centre, 703
         28 Shanghai Street
         Kowloon


LUDGATE ASIA ET AL: Final General Meetings Set for February 27
--------------------------------------------------------------
The members of Ludgate Asia Limited and Infoplan (Hong Kong)
Limited will hold their meetings on February 27, 2009, at 10:00
a.m., at the offices of Baker Tilly Hong Kong, Room 1203-1213,
12th Floor of China Merchants Tower, Shun Tak Centre, in 138-200
Connaught Road, in Central, Hong Kong.

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


MO & COMPANY: Members' Final Meeting Set for March 4
----------------------------------------------------
The members of Mo & Company (Hong Kong) Limited will hold their
final meeting on March 4, 2009, at 10:30 a.m., at the 5th Floor of
Ho Lee Commercial Building, 38-44D'Aguilar Street, in Central,
Hong Kong.

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


PLANET FUN ET AL: Appoint Chiong and Yu as Liquidators
------------------------------------------------------
On January 20, 2009, Desmond Chung Seng Chiong and Fok Hei Yu were
appointed as liquidators of:

   -- Planet Fun (HK) Limited;
   -- Planet Home (HK) Limited;
   -- Planet Pets (HK) Limited; and
   -- Planet Toys (HK) Limited;

The Liquidators can be reached at:

          Desmond Chung Seng Chiong
          Fok Hei Yu
          Ferrier Hodgson Limited
          The Hong Kong Club Building, 14th Floor
          3A Chater Road Central
          Hong Kong


SEA ASCENT: Creditors' Proofs of Debt Due on February 13
--------------------------------------------------------
The creditors of Sea Ascent Limited are required to file their
proofs of debt by February 13, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on January 19, 2009.

The company's liquidators are:

          Edward Simon Middleton
          Patrick Cowley
          KPMG
          Prince's Building, 8th Floor
          10 Chater Road
          Central, Hong Kong


SKY RISE: Appoints Leung and Chun as Liquidators
------------------------------------------------
On January 16, 2009, the creditors of Sky Rise Industries Limited
passed a resolution appointing Ruby Mun Yee Leung and Yuen Tsz
Chun, Frank as the company's liquidators.

The Liquidators can be reached at:

         Ruby Mun Yee Leung
         Yuen Tsz Chun, Frank
         Messrs. Kennic L. H. Lui & Co.
         Ho Lee Commercial Building, 5th Floor
         38-44 D'Aguilar Street
         Central, Hong Kong


TEAM ENERGY: Creditors' Proofs of Debt Due on February 27
---------------------------------------------------------
The creditors of TeaM Energy Operations (HK) Limited are required
to file their proofs of debt by February 27, 2009, to be included
in the company's dividend distribution.

The company commenced liquidation proceedings on Jan. 16, 2009.

The company's liquidators are:

         Thomas Andrew Corkhill
         Iain Ferguson Bruce
         Gloucester Tower, 8th Floor
         The Landmark
         15 Queen's Road
         Central, Hong Kong


WANK ENTERPRISES: Tan Steps Down as Liquidator
----------------------------------------------
On January 20, 2009, Kenneth Kok-Oon Tan stepped down as
liquidator of Wank Enterprises Company Limited.


WOOLWORTHS INTERNATIONAL: Creditors' Meeting Set for February 12
----------------------------------------------------------------
The creditors of Woolworths International Limited will meet on
February 12, 2009, at 2:30 p.m., for the purposes mentioned in
Section 288A(5)(c), Sections 241, 242, 243, 244 and 255A of the
Companies Ordinance.

The company commenced liquidation proceedings on Jan. 21, 2009.

The company's provisional liquidators are:

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


ZH015 DEVELOPMENT: Mee and Yee Step Down as Liquidators
-------------------------------------------------------
On January 21, 2009, Natalia Seng Sze Ka Mee and Cynthia Wong Tak
Yee stepped down as liquidators of ZH015 Development Company
Limited.



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

BEST CHERAN: CRISIL Rates Rs.283.0 Mln. Long Term Loan at 'BB-'
---------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Negative/P4' to the
various bank facilities of Best Cheran Spintex India Ltd (Best
Cheran).

   Rs.283.0 Million Long Term Loan       BB-/Negative (Assigned)

   Rs.60.0 Million Cash Credit Limits    BB-/Negative (Assigned)

   Rs.38.0 Million Letter of Credit      P4 (Assigned)
           & Bank Guarantee Limits

The ratings reflect Best Cheran's exposure to risks relating to
supplier concentration, and volatility in the value of the Indian
rupee and in the prices of viscose staple fibre (VSF); the
company's moderate financial risk profile, marked by stretched
liquidity, also constrains the rating.  These weaknesses are,
however, partially offset by the benefits that the company derives
from the Cheran group's position as an established player in the
viscose yarn industry.

For arriving at the ratings, CRISIL has consolidated the
financials of Best Cheran and Cheran Spinner Ltd (Cheran Spinner);
this is because both companies are part of the same group (the
Cheran group), are engaged in the same line of business
(manufacture of viscose yarn), and have centralised arrangements
for management and decision making, procurement of raw materials,
and marketing.  The companies have also extended support to each
other in the event of exigencies.

Outlook: Negative

The negative outlook reflects the expected slowdown in revenues on
account of recession in the export markets, and the impact, of
exposure to supplier concentration risks, on the Cheran group's
margins.  The ratings may be revised downwards in the event of
higher-than-expected debt levels or shortage in raw material
availability.  Favourable raw material and rupee movements,
resulting in better margins and improvement in financial risk
profile may have a positive impact on the outlook.

                      About the Group

The Cheran group, consisting of Cheran Spinner and Best Cheran, is
promoted by Mr R Pongianna Gounder.  Set up in 1991, and
headquartered at Erode (Tamil Nadu), the group is engaged in
manufacturing and exporting of viscose and viscose blended yarn.
It has a combined capacity of 36,000 spindles and 2880 rotors. For
2007-08, the group reported a net loss of Rs.16.76 million on net
sales of Rs. 1.19 billion, as against a Profit after Tax (PAT) of
Rs.50.28 million on net sales of Rs.957.17 million for 2006-07.


CHERAN: CRISIL Puts 'BB-' Ratings on Various Bank Facilities
------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Negative/P4' to the
various bank facilities of Cheran Spinner Ltd (Cheran Spinner).

   Rs.110.3 Million Long Term Loan       BB-/Negative (Assigned)

   Rs.163.7 Million Cash Credit          BB-/Negative (Assigned)
            Limits

   Rs.100.0 Million Letter of Credit     P4 (Assigned)
             Limits

   Rs.7.5 Million Bank Guarantee Limits  P4 (Assigned)

The ratings reflect Cheran Spinner's exposure to risks relating to
supplier concentration, and volatility in the value of the Indian
rupee and in the prices of viscose staple fibre (VSF); the
company's moderate financial risk profile, marked by stretched
liquidity, also constrains the rating.  These weaknesses are,
however, partially offset by the benefits that the company derives
from the Cheran group's position as an established player in the
viscose yarn industry

For arriving at the ratings, CRISIL has consolidated the
financials of Cheran Spinner and Best Cheran Spintex India Ltd
(Best Cheran); this is because both companies are part of the same
group (the Cheran group), are engaged in the same line of business
(manufacture of viscose yarn), and have centralised arrangements
for management and decision making, procurement of raw materials,
and marketing.  The companies have also extended support to each
other in the event of exigencies.

Outlook: Negative

The negative outlook reflects the expected slowdown in revenues on
account of recession in the export markets, and the impact, of
exposure to supplier concentration risks, on the Cheran group's
margins.  The ratings may be revised downwards in the event of
higher-than-expected debt levels or shortage in raw material
availability.  Favourable raw material and rupee movements,
resulting in better margins and improvement in financial risk
profile may have a positive impact on the outlook

                      About the Group

The Cheran group, consisting of Cheran Spinner and Best Cheran, is
promoted by Mr R Pongianna Gounder. Set up in 1991, and
headquartered at Erode (Tamil Nadu), the group is engaged in
manufacturing and exporting of viscose and viscose blended yarn.
It has a combined capacity of 36,000 spindles and 2880 rotors. For
2007-08, the group reported a net loss of Rs.16.76 million on net
sales of Rs.1.19 billion, as against a Profit after Tax (PAT) of
Rs.50.28 million on net sales of Rs.957.17 million for 2006-07.


DEEPAK SPINNERS: Fitch Assigns National Long-Term Rating at 'BB-'
-----------------------------------------------------------------
Fitch Ratings has assigned India's Deepak Spinners Limited a
National Long-term rating of 'BB-(ind)' (BB minus(ind)).  Fitch
has also assigned a rating of 'BB-(ind)' (BB minus(ind)) to DSL's
outstanding long-term bank loans aggregating INR526.2 million,
'BB-(ind)' (BB minus(ind))/'F4(ind)' ratings to its fund-based
limits of INR540 million and 'BB-(ind)' (BB minus(ind))/'F4(ind)'
ratings to its non-fund based limits of INR120 million.  The
Outlook is Stable.

The ratings reflect DSL's operations at the lower-end of the value
chain exposing it to margin volatility on account of raw material
prices movements (average raw material costs constituted 71.8% of
revenues between FY04-FY08).  Fitch notes that it has benefited
marginally from the reduced prices of synthetic fibres, with most
of the reduction being passed on to end consumers.  DSL's
profitability remains susceptible to forex risk on exports and its
foreign currency borrowings, and the rating reflects the net
losses incurred in FY08 and H109.

The ratings also reflect DSL's long and established track record
in the industry, the strength of its relationships and limited
capex in the medium-term.

Unanticipated real forex losses and/or pressure on profitability
and cash flows impacting overall financial leverage could act as
negative rating triggers.  A recovery in the sector and the
ability to turn around its profitability and improvement in
financial leverage are seen as positive rating triggers.

DSL's share of exports in total revenues was 24% for FY08 and it
is expected to face a slowdown in its exports sales, along with
pricing pressure due to the global economic slowdown.  Fitch
expects domestic textile demand to also come under pressure,
though it will be partly mitigated by the fact that DSL is present
in synthetic textiles - which enjoys better demand over cotton
textiles - on account of its varied usage and lower maintenance
required.

For FY08, DSL registered consolidated revenues of INR1,980
million, up by 1.9% yoy, led by improving price realizations of
yarn, with full utilization of its capacity.  While operating
EBITDAR profitability improved to 9.2% (39% yoy), DSL recorded a
net loss of INR25 million vis-a-vis net income of INR5 million in
FY07.  The net loss included an INR49.9 million forex translation
loss.  The company recorded an EBITDA margin of 6.7% and a net
loss of INR8.4 million in H109.

DSL, incorporated in 1982, manufactures synthetic dyed yarns
distributed between two locations in the states of Himachal
Pradesh and Madhya Pradesh.  Financial leverage was stretched with
a consolidated total debt /EBITDA ratio 8.2x at 30 June 2008, down
from 9.7x yoy.  The repayment of long term liabilities is well
structured under the Technology Upgradation Fund Scheme.


EASTERN ALLOYS: Delays in Loan Payment Cues CRISIL 'D' Ratings
--------------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to the bank facilities
of Eastern Alloys Pvt Ltd (Eastern Alloys).

   Rs.16.00 Million Term Loan               D (Assigned)
   Rs.70.00 Million Cash Credit          D (Assigned)
   Rs.2.00 Million Proposed Cash Credit    D (Assigned)
   Rs.10.00 Million Standby Line of Credit  D (Assigned)
   Rs.0.40 Million Bank Guarantee           P5 (Assigned)
   Rs.1.60 Million Letter of Credit         P5 (Assigned)

The ratings reflect delays in payment of term loan instalments by
Eastern Alloys.

                     About Eastern Alloys

Promoted by Mr. M L Agarwal, who has been in the castings business
since 1983, Eastern Alloys manufactures casted products,
especially railway inserts (used to position cement sleepers
between railway lines) and metal insulator caps (used in power
grid insulators).  Its customers include Bharat Heavy Electricals
Ltd and Aditya Birla Insulators Ltd. Eastern Alloys has a melting
capacity of around 17,000 tonnes per annum.

For 2007-08 (refers to financial year, April 1 to March 31),
Eastern Alloys reported a profit after tax (PAT) of Rs.17.5
million on net sales of Rs.319.4 million, as against a PAT of
Rs.7.1 million on net sales of Rs.229.4 million in the previous
year.


HEALTH BIOTECH: CRISIL Rates Rs.110MM Cash Credit Facility at 'B+'
------------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable/P4' to the bank
facilities of Health Biotech Ltd (Health Biotech).

   Rs.110 Million Cash Credit Facility     B+/Stable (Assigned)
   Rs.20 Million Standby Line Of Credit    B+/Stable (Assigned)
   Rs.51.4 Million Proposed Cash Credit    B+/Stable (Assigned)
   Rs.151.8 Million Term Loan              B+/Stable (Assigned)
   Rs.16.8 Million Proposed Long Term      B+/Stable (Assigned)
           Bank Loan Facility

   Rs.25 Million ILC/FLC                   P4 (Assigned)
   Rs.5 Million Bank Guarantee             P4 (Assigned)


The ratings reflect Health Biotech's moderate financial risk
profile, which is expected to deteriorate because of the large,
planned capital expenditure (capex); small scale of operations;
and the risks faced while establishing itself in a new business
segment - branded pharmaceutical products.  These rating
weaknesses are mitigated by Health Biotech's comfortable operating
efficiencies, driven by fiscal benefit for its units, and the
promoter's vast experience in marketing and distribution of
pharmaceutical products.

Outlook: Stable

CRISIL believes that Health Biotech's size of operations will
remain small and its financial risk profile will deteriorate
significantly.  The outlook may be revised to 'Positive' in case
of a substantial improvement in the company's size of operations,
and if the deterioration in financial risk profile is not as steep
as expected.  Conversely, it may be revised to 'Negative' if the
company undertakes more-than-expected debt-funded capital
expenditure, or its operating margins deteriorate, or in case of a
significant delay in its sales ramp-up.

                   About  Health Biotech

Set up in 2001, Health Biotech manufactures pharmaceuticals for
oncology - liquid and lyophilised - cephalosporins, carbapenems,
pre-filled syringes, hormones, and steroids.  The company,
promoted by Mr. Paramjit Arora, has two units, at Baddi in
Himachal Pradesh.  For 2007-08 (refers to financial year, April 1
to March 31), Health Biotech reported a profit after tax (PAT) of
Rs.56 million on net sales of Rs.501 million, as against a PAT of
Rs.42 million on net sales of Rs.481 million in the previous year.


INDIAN YARN: Weak Liquidity Position Cues CRISIL 'BB' Rating
------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the various
bank facilities of Indian Yarn Ltd (Indian Yarn).

   Rs.185.00 Million Cash Credit       BB/Stable (Assigned)
   Rs.439.4 Million Term Loan          BB/Stable (Assigned)
   Rs.5.00 Million Letter of Credit    P4 (Assigned)
   Rs.8.60 Million Bank Guarantee      P4 (Assigned)

The ratings reflect Indian Yarn's weak financial risk profile, and
its vulnerability to fluctuations in raw material prices.  These
weaknesses are mitigated by the company's improving business risk
profile, supported by its increasing presence in the acrylic yarns
category

Outlook: Stable

CRISIL believes that Indian Yarn Ltd's (Indian Yarn's) liquidity
position will remain weak, and its gearing will be high, over the
medium term.  The outlook may be revised to 'Positive' if the
company's liquidity improves, or if the promoters bring in
additional funding.  Conversely, the outlook may be revised to
'Negative' in case of a steep deterioration in the company's
financial risk profile.

                    About Indian Yarn

Incorporated in 1991, Indian Yarn is engaged in the business of
manufacturing synthetic blended yarn.  The company has an
installed manufacturing capacity of 26,712 spindles (as on
March'08) at District SAS Nagar, Punjab.  For 2007-08 (refers to
financial year, April 1 to March 31), Indian Yarn reported a
profit after tax (PAT) of Rs.19 million on net sales of Rs.856
million, as against a PAT of Rs.21 million on net sales of Rs.854
million in the previous year.


KIRTILAL M: CRISIL Rates Rs.864MM Export Packing Credit at 'P4'
---------------------------------------------------------------
CRISIL has assigned its ratings of 'P4' to the various bank
facilities of Kirtilal M Shah (KMS).

   Rs.864 Million Export Packing    P4 (Assigned)
    Credit / Pre Shipment Credit    

The ratings reflect KMS's exposure to risks relating to weak
financial risk profile and intense competition in the diamond
trading segment.  However, these weaknesses are partially offset
by the promoters' extensive track record in the diamond business.

                        About KMS

Set up as a partnership in 1968 by Mr. Jayantilal Shah and
Mr. Kantilal Shah, KMS is currently managed by six partners.  The
firm began operations as a diamond trading house, before turning
to diamond cutting and polishing.  The firm has a wide customer
base of more than 200 clients and has an established presence in
the leading markets such as Belgium, UAE and Hong Kong.  For 2007-
08, (refers to financial year, April 1 to March 31) KMS reported a
profit after tax (PAT) of Rs. 22 million on net sales of Rs.1334
million, as against a PAT of Rs.14 million on net sales of Rs.803
million for 2006-07.


RANGERS COMMERCIAL: RBI Cancels Certificate of Registration
-----------------------------------------------------------
The Reserve Bank of India has canceled the certificate of
registration issued to M/s. Rangers Commercial Pvt. Ltd. carrying
on the business of a non-banking financial institution.

Following cancellation of the registration certificate, the
company cannot transact the business of a nonbanking financial
institution.

Under powers conferred by Section 45-IA (6) of the Reserve Bank of
India Act, 1934, the Reserve Bank can cancel the registration
certificate of a non-banking financial company.  The business of a
non-banking financial institution is defined in clause (a) of
Section 45-I of the Reserve Bank of India Act, 1934.

M/s. Rangers Commercial Pvt. Ltd. has its registered office at
Office No. 1, Impex Palace, Near Dogra Hall, New Secretariat Road,
in Jammu-180001.


SATYAM COMPUTER: Gov't. Names Kiran Karnik as Chairman
------------------------------------------------------
The Financial Express reports the government of India has
appointed Nasscom past-president Kiran Karnik as Chairman of
Satyam Computer Services Limited's six-member board.  The
appointment was made a day after Satyam veteran A S Murty was
named the company's CEO, the report says.

According to the Financial Express, the government had initially
constituted the board of Satyam with three members including Mr.
Karnik, HDFC chairman Deepak Parekh and past presiding officer of
Securities Appellate Tribunal C Achutan.

The government, the Financial Express notes, later expanded the
board of Satyam by nominating three more members including CII
chief mentor Tarun Das, LIC nominee S Balakrishna Mainak and past
president of ICAI T N Manoharan.

                             Layoffs

The Economic Times reports Satyam will lay off staff under support
functions to reduce costs as it struggles to meet operational
expenses and repay dues to creditors.

According to the Times, nearly 10% of the compay's 53,000
employees provide support functions, which include Human Resource,
Finance, pre and post-sales services.

"We are looking at rationalising employees who provide pre and
post-sales services onsite as part of the cost-rationalisation
exercise," the Times quoted T Hari, Satyam marketing and
communication Globa Head, as saying.  "But given the current state
of Satyam, trimming of salesforce overseas is imminent.  We have
no plans either to take on board graduates who were offered jobs a
year ago."

The Times says Satyam will also end contracts for buildings it has
taken on lease to save rental costs.

                        Fraud Revelation

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 9, 2009, Bloomberg News said 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.

                          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.



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

ELPIDA MEMORY: 5th Quarterly Loss Widens to JPY72.3 Billion
-----------------------------------------------------------
Elpida Memory Inc reported its fifth straight quarterly loss after
"an accelerated fall in consumer spending, manufacturing
adjustments and higher rates of unemployment resulting from the
intensified financial crisis worsened global economy drastically
in the third quarter."

The company's net loss for the third quarter ended Dec. 31, 2008,
widened to JPY72.3 billion (US$795 million) from JPY12.1 billion
in the same period in 2007.

Sales dropped 34 percent to JPY61.8 billion from JPY94.0 billion.

The company incurred gross losses of JPY42.9 billion (compared
with an JPY8 billion  loss in the previous quarter) and operating
losses of JPY57.9 billion (a JPY24.5 billion yen loss in the
previous quarter) since selling prices continued to run well below
manufacturing costs and the yen grew stronger, Elpida said in a
Feb. 6 statement.

Ordinary losses came to JPY66.1 billion (a JPY30.3 billion loss in
the previous quarter) partly due to equity method investment
losses of JPY7.4 billion that mainly concerned Rexchip Electronics
Corporation ("Rexchip").

An extraordinary loss of JPY5.4 billion in connection with an
accrued provision to cover litigation settlement costs was a
factor in a net loss of JPY72.3 billion (a JPY31.9 billion loss in
the previous quarter).

                 Assets, Liabilities and Shareholders' Equity

Total assets increased JPY58.2 billion against the end of FY 2007
to JPY812.5 billion.  According to Elpida's statement, the main
plus factor was an increase in cash and cash equivalents through
use of a syndicated credit facility of JPY110 billion consisting
of term loans with a commitment period and the issuance of JPY50
billion in unsecured convertible bond type bonds with stock
acquisition rights (after JPY6 billion of the convertible bonds
was exercised the JPY44 billion  difference was redeemed on
January 9, 2009).

The main factors on the minus side meanwhile were a drop in
accounts receivable on the back of lower net sales, depreciation
of property, plant & equipment and a lowering of investment
securities due to the booking of equity in losses of affiliated
companies and yen appreciation, the statement said.

The use of the long-term commitment line and the convertible bond
issuance caused the balance of interest-bearing debt to rise
JPY167.0 billion against the end of FY 2007 to JPY456.1 billion.

Net assets fell JPY127.2 billion against the end of FY 2007 to
JPY220.6 billion, as fewer foreign currency translation
adjustments and quarterly net losses lowered retained earnings.
As a result, the shareholders' equity ratio came to 27%.

                           Cash Flows

The balance of cash and cash equivalents at the end of the 3Q rose
JPY129.9 billion versus the end of previous quarter to JPY207.5
billion.  Free cash flow (a combination of net cash used in
operating activities and net cash used in investing activities)
saw a net outflow of JPY21.1 billion.

Operating activities saw a net outflow of JPY6.9 billion.  Losses
before income taxes were partially offset by depreciation and
amortization and changes in assets and liabilities related to
operating activities.

Investing activities used net cash of JPY14.3 billion, mainly
because of payments made on some manufacturing equipment
purchases.

Financing activities in the third quarter provided net cash of
JPY153.1 billion.  Whereas long-term borrowings and lease
obligations were repaid under an agreed schedule, the full
exercise of a JPY110.0 billion long-term commitment line and the
issuance of JPY50.0 billion in convertible bonds generated a cash
inflow.

                  4Q of FY 2008 and Full-Term Outlook

Elpida said it is not presenting earnings forecasts as extreme
price volatility can strongly affect business results, making a
precise forecast of future PC DRAM prices quite difficult.

"An imbalance in supply and demand in the PC DRAM market can
result in extreme price volatility," the company said.

Meanwhile, according to a poll of 17 brokerages by Reuters
Estimates, analysts on average expect the company's operating loss
to total JPY129 billion in the year to March.

                     Taiwan Gov't Eyes Stake

Bloomberg News reports that Taiwan's government is considering
buying a stake in Elpida as part of its efforts to bail out the
US$23 billion industry.

"It's a possibility, and if we do, there are several ways we can
purchase a stake," Chen Chao-Yih, director general of the Ministry
of Economic Affairs' industrial bureau, told Bloomberg News in a
phone interview.

Elpida spokeswoman Kumiko Higuchi declined to comment, Bloomberg
News says.

The Wall Street Journal relates Elpida is seeking to deepen ties
with Taiwan chip makers to cut costs and get an infusion of cash.

It is in talks with Powerchip Semiconductor Corp. and ProMOS
Technologies Inc. about a possible joint effort to win financial
assistance from Taiwan, the Journal says.

                        Additional Funding

A Bloomberg News report posted on Taiwan News Web site on Feb. 7
said Elpida needs as much as JPY45 billion (US$493 million) to
help weather a demand slump.

"We are looking for about 40 billion yen to 45 billion yen,"
President Yukio Sakamoto was quoted by the report as saying.

The company would welcome Japanese public funds or an investment
by the government in Taiwan, Mr. Sakamoto said as cited by the
report.

                          About Elpida

Elpida Memory Inc. (TYO:6665) -- http://www.elpida.com/ja/-- is a
Japan-based company principally engaged in the development,
design, manufacture and sale of semiconductor products, with a
focus on dynamic random access memory (DRAM) silicon chips.  The
main products are DDR3 SDRAM, DDR2 SDRAM, DDR SDRAM, SDRAM, Mobile
RAM and XDR DRAM, among others.  The Company distributes its
products to both domestic and overseas markets, including the
United States, Europe, Singapore, Taiwan, Hong Kong and others.
The Company has eight subsidiaries and two associated companies.


JAPAN AIRLINES: Expects to Post JPY34 Billion Net Loss in FY2008
----------------------------------------------------------------
JAL Group disclosed its consolidated financial results for both
the third quarter (October-December 2008 inclusive) and the first
three quarters (April - December inclusive) of FY2008.

The Group has also revised its financial forecast for FY2008, the
fiscal year ending March 31, 2009.

                     JAL Group Consolidated
                      FY08 Results for the
                  Period April - December 2008

In the air transport segment - JAL Group's core business - total
operating revenue in the first three quarters of FY2008 was
JPY1,374.3 billion, a decline of JPY18.1 billion or 1.3% when
compared to the same period the year before.  Over the nine-month
period, operating income in this segment fell JPY88.8 billion to
minus JPY17.5 billion when compared to the previous year.  On a
consolidated basis, the JAL Group's net income declined JPY22.3
billion to minus JPY1.9 billion.

As air transport demand is expected to continue its downward slide
as result of the current global economic slowdown, the JAL Group
said it has revised its financial forecast for FY2008.  The JAL
Group now expects to post a consolidated net loss of JPY34 billion
for the full fiscal year ending March 31, 2009.

                        Operating Revenue

In accordance with its Medium Term Revival Plan FY2008-10, over
the 9-month period the JAL Group continued enhancing the
profitability of its air transport business, by downsizing its
fleet through the introduction of more fuel efficient, smaller-
sized aircraft; strengthening its products and services in line
with its Premium Strategy; and by extensively restructuring its
network, which included the suspension or reduction of flights on
underperforming routes.  As a result of these efforts,
international passenger revenue only dropped by 0.5%, and domestic
passenger revenue increased marginally by 0.2%, when compared to
the same period the year before.  International cargo operating
revenue, however, declined 7% year-on-year.  However, due to the
global economic slowdown, operating revenue in the air transport
segment overall fell by 1.3%, down JPY18.1 billion when compared
to the year earlier.

Total operating revenue on a consolidated basis during the nine-
month reporting period fell by JPY141.8 billion year-on-year, to
JPY1,559.3 billion.  This was due in part to the drop in operating
revenues of the air transportation segment, but also due to a
decline in revenue in the travel services business segment, and
due to the Pacific Fuel Trading Corporation (PFTC), once a group
subsidiary company, being removed from the scope of consolidation
as a result of the sale of its shares.

                        Operating Expenses

Operating expenses were impacted by the unprecedented volatility
of fuel prices, which dropped steeply from around the beginning
the second half of FY2008, after having remained at all-time highs
during the first half of the fiscal year.  Against this backdrop,
the JAL Group endeavored to curb the rise in fuel costs by
employing a variety of measures to reduce fuel consumption and
increase fuel efficiency, but ultimately it was unable to prevent
fuel costs from rising by JPY107.4 billion, compared the same
period a year earlier.

The JAL Group was able to cut costs below year-earlier levels in
most other operating cost categories by stepping up the intensity
of existing cost-cutting measures, at the same time as
accelerating group-wide restructuring of its organization, which
included a radical overhaul of work content, process, and form,
Combining this with the effect of PFTC being removed from the
scope of consolidation, the JAL Group was able to reduce operating
expenses by a total of JPY50.4 billion, a 3.1% decrease compared
to the year earlier.

                Operating, Ordinary & Net Income

Consequently, consolidated operating income in the nine-month
reporting period fell by JPY91.4 billion  year-on-year, to minus
JPY8.8 billion, and ordinary income declined by JPY104.9 billion
to minus JPY25.6 billion.  In spite of a year-on-year increase in
extraordinary income in the reporting period and a decline in
extraordinary losses, net income for the nine-month period fell by
JPY22.3 billion yen to  JPY1.9 billion.

                     Air Transport Business
             Segment Outline (April - December 2008)

a) OPERATING REVENUE

International Passenger

Through steady aircraft downsizing mainly on US routes and China
routes as well as a review of routes, supply measured in terms of
available seat kilometers (ASK) fell 4.5% from the same period
last year.

Tourist demand remained sluggish throughout the period, and
although demand from business customers and overseas customers had
been brisk through the first quarter of FY2008, it slackened from
the early autumn under the impact of the rapid economic
deterioration worldwide.

Consequently, there were substantial year-on-year falls in demand
on routes to China, where food-related scares at the beginning of
2008 continued to have an impact. Passenger traffic was also below
year-earlier levels on all other routes.

Demand measured in terms of revenue passenger kilometers (RPK)
fell by 12.5%. Compared to the year before, the revenue seat
passenger load factor (L/F) was 65.8%, down by 6.1 points, and the
total number of passengers was 8,891,313, an 11.6% decrease year
on year.

Despite the downward impact of a decline in sales overseas due to
the yen's appreciation, passenger yield overall rose by 13.8% from
the previous year.  This was achieved not only through fare and
the international fuel surcharge increases, but also through the
expansion of JAL's Premium strategies which have included
increasing the ratio of first and business class seating onboard
aircraft, introduction of new international first and business
class seating on US routes, and expanded introduction of JAL's
Premium Economy service.  As a result, revenues from international
passenger operations decreased just by 0.5% year-on-year to 570.2
billion yen.

Domestic Passenger

Capacity on domestic routes fell by 1.2% year-on-year in terms of
available seat-kilometers (ASK), owing to positive progress made
in route restructuring and aircraft downsizing with the purpose of
enhancing profitability.

There was a year-on-year decline in demand in the first half of
FY2008 in the case of individual passengers, impacted in part by
the above-mentioned capacity cuts.  From November onwards, the
effect of the global economic slowdown was to accentuate this
decline.  In contrast, group travel demand was up on the previous
year all the way up until November, stimulated by various measures
which included a range of newly created products.

As a result, the combined demand of individual and group
passengers remained at around its year-earlier level in terms of
revenue passenger kilometers (RPK), up by 0.6%.  The average
passenger load factor (L/F) rose by 1.2 points, to 64.7%., and the
number of passengers increased by 0.1% to 31,940,692.

Passenger yield slightly decreased, by just 0.4% year-on-year,
with the result that domestic passenger revenues remained at
around their year-earlier level of JPY520.9 million, up 0.2% year-
on-year.

International Cargo

International air cargo transportation supply measured in terms of
available cargo ton-kilometers substantially shrank by 5.8% year-
on-year.  During the 9-month period, JAL completed the retirement
of all conventional Boeing 747 freighters to enhance
profitability, and belly space decreased with the suspension or
reduction in the number of passenger flights as a result of the
restructuring of its international passenger network.

The global economic slowdown and the accelerating appreciation of
the yen led to a substantial year-on-year decrease in demand on
Europe and US routes throughout the nine-month period. Factors
such as the reduction of capacity by rival airlines had helped to
boost demand on routes to Southeast Asia and China in the first
half of FY2008, but demand slumped on these routes also in the
third quarter.  The net result of these developments was that
revenue cargo ton-kilometers (RCTK) fell by 14.0% year-on-year.

Yield, however, increased by 8.2%, boosted by the expansion of the
airline group's high-value-added J-PRODUCTS range, sales-promotion
measures and by the upward revision of the fuel surcharge.
Operating revenue from international cargo operations, however,
declined by 7.0% year-on-year, to 133.5 billion yen.

b) Operating Expenses

Fuel

Every effort was made to absorb the impact of the volatile price
of fuel, which reached all time highs in the first half of FY2008,
from hedging to fuel consumption reduction measures.  But even
combining this with the positive effect that the appreciation in
yen may have had, fuel costs in the air transportation segment
still rose by JPY107.4 billion from the corresponding period of
the previous year, to JPY414.5 billion.

                  JAL Group Consolidated FY2008
               Third Quarter Result (Oct - Dec 2008)

For the third quarter ended Dec. 31, JAL Group reported a net loss
of JPY38.50 billion, compared with a JPY13.1 billion net income in
the year-ago period.

The company reported an operating loss of JPY39 billion, reversed
from an operating profit of JPY25.9 billion in the year-ago
period.  Third quarter operating revenue stood at JPY485.70
billion, slightly lower than the JPY558.20 revenue it reported in
the same period in 2007.

                Consolidated Financial Forecast
              for the Year Ending March 31, 2009

Due to the big drop in air transport demand caused by the global
economic slowdown, operating revenue is expected to fall below the
JAL Group's previous forecasts for FY2008.  Total operating
expenses are now forecast to be lower than previous estimates, as
the JAL Group expects to reduce costs in almost all areas through
continuation and acceleration of self-help efforts, implementation
of emergency measures initiated in the second half of FY2008, and
a downward revision of expected total fuel costs due to the
appreciation of the yen.

Compared to the last forecast announced on November 11, 2008, JAL
Group operating revenue is now expected to decline by JPY116
billion to JPY1,977 billion in FY2008.  However, a deeper than
expected reduction in operating expenses will to some degree
offset this decline in revenue.  In FY2008, the Group now expects
to post an operating loss of JPY37 billion, an ordinary loss of
JPY63 billion, and net loss of JPY34 billion.

                       About Japan Airlines

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

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

                          *     *     *

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

Japan Airlines Corporation continues to carry Standard & Poor's
Ratings 'B+' LT Foreign & Local Issuer Credit.  The outlook is
positive.


JLOC 37: S&P Downgrades Ratings on Two Classes of Notes to 'BB'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'BB' from 'BBB' its
ratings on JLOC 37 LLC's class D1 and class D2 secured notes,
issued in July 2007.  At the same time, Standard & Poor's kept the
ratings on CreditWatch with negative implications, where they had
been placed on Aug. 27, 2008.  Meanwhile, the ratings on the class
A1 to C2 and X secured notes are affirmed.

Standard & Poor's lowered its ratings on classes D1 and D2 and
kept the ratings on CreditWatch with negative implications because
there is mounting uncertainty over: (1) the likely collection
amount from the sale of collateral property relating to one of the
transaction's underlying loans (representing about 9.1% of the
notes' initial issuance amount) that defaulted in October
2008; and (2) the repayment of another underlying loan
(representing about 15.8% of the notes' initial issuance amount)
by the maturity date in March 2009.

The rating affirmations on classes A1 to C2 and X reflect
prospects for collection from the underlying properties, as well
as credit support provided for the senior tranches by the
subordinate tranches through the senior/subordinate transaction
structure.

Standard & Poor's intends to review its ratings on the notes after
considering the progress of collection and the recovery prospects
of the collateral property relating to the aforementioned
defaulted loan, and the likelihood of repayment and the recovery
prospects of the loan that is due to mature in March 2009.

This is a multi-borrower CMBS transaction.  The notes were
originally secured by loans extended to 10 obligors, which are
backed by 61 real estate properties and real estate trust
certificates.  This transaction has been arranged by Morgan
Stanley Japan Securities Co. Ltd. ORIX Asset Management & Loan
Services Corp. acts as the servicer for this transaction.

          Ratings Lowered, Kept On Creditwatch Negative
                           JLOC 37 LLC
                  Secured notes due January 2015

                                                            Initial
Class   To             From            Current Balance     Issue Amount
-----   --             ----            ---------------     ------------
D1      BB/Watch Neg   BBB/Watch Neg   JPY5,388.0 mil.     JPY8,000 mil.
D2      BB/Watch Neg   BBB/Watch Neg   EUR1,313,325.39     EUR1.95 mil.

                         Ratings Affirmed

                                                   Initial
  Class               Rating   Current Balance     Issue Amount
  -----               ------   ---------------     ------------
  A1                  AAA      JPY34,706.38 mil.   JPY53,800 mil.
  A2                  AAA      EUR7,805,477.68     EUR12.1 mil.
  B1                  AA       JPY5,320.65 mil.    JPY7,900 mil.
  B2                  AA       EUR3, 266,475.97    EUR4.85 mil.
  C1                  A        JPY4,714.50 mil.    JPY7,000 mil.
  C2                  A        EUR5,691,076.69     EUR8.45 mil.
  X (interest only)   AAA      JPY53,117,358,185
                              (notional principal)


JMAC 2: Fitch Puts Rating on Class E Notes on Negative Watch
------------------------------------------------------------
Fitch Ratings has placed Class E of JMAC 2 Trust's trust
beneficiary interests due May 2011 on Rating Watch Negative, and
affirmed the ratings and Outlooks of the remaining classes:

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

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

  -- JPY870 million* Class E TBIs rated 'BB'; placed on RWN; and

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

  * as of February 5, 2009

Fitch received information from the servicer on February 4, 2009
that one loan backed by two properties located in Tokyo had
defaulted at maturity.  The rating action is due to the agency's
concerns about the probability of loan recovery from the sale of
these two properties in the current real estate market and the
quality of the two properties in question.

Fitch will resolve the RWN status after it carefully reviews
additional information, which is expected to be provided by the
servicer within the next three months.  This information will
include the latest on the loan collection status, and will enable
Fitch to assess the probability of recovery stemming from the sale
of the properties.

Other loans have been fully repaid and the loan principal amount
is schedule to be used to redeem the entire balance of the Class C
TBIs and most of the Class D TBIs at the next payment date.  As
credit enhancement has improved following the prepayments of the
underlying loans, the agency has affirmed the ratings and Outlooks
on Classes C, D and Class X1 TBIs.

Currently, the transaction is secured by the defaulted loan as
well as prepaid principals currently held at the trust account.
Rating Outlooks have been published for all newly issued Asia
Pacific Structured Finance tranches since June 2008, and
concurrently with rating actions for tranches issued prior to
June 2008.  Unlike a Rating Watch which notifies investors that
there is a reasonable probability of a rating change in the short
term as a result of a specific event, rating outlooks indicate the
likely direction of any rating change over a one- to two-year
period.


MOBILITYLAND CORP: To Shut Tama Tech Park in September
------------------------------------------------------
Mobilityland Corporation said it will close down Tama Tech, an
amusement park it operated in Tokyo, at the end of September, The
Japan Times reports citing Kyodo News.

According to the report, Mobility said the park's declining number
of visitors has trigered them to shut its operation.  However,
observers said the deteriorating earnings of its parent company,
Honda Motor Co., may also have been a factor.

The Japan Times says the park, which opened in 1961, has more than
1 million visitors in fiscal 2002.  But it dropped to 620,000 in
fiscal 2007.

Mobilityland Corporation –- http://www.mobilityland.co.jp/–-
operates amusement facilities at Suzuka Circuit, Twin Ring Motegi
and Tama Tech. It also manages hotels, training halls,
restaurants, hot springs and wedding halls.  The company is 100%
shares owned by Honda Motor Co. Ltd.


NISSAN MOTOR: Applies for U.S. Federal Loan
-------------------------------------------
Alan Ohnsman and Tina Seeley at Bloomberg News reported Nissan
Motor Co. is seeking a federal loan under a U.S. program to
develop fuel- efficient vehicles, competing for funds with General
Motors Corp., Ford Motor Co. and electric-car start-up Tesla
Motors Inc.  Nissan is the only Japanese carmaker to apply such
loan, the report says.

According to Bloomberg News, the U.S. Energy Department Secretary
Steven Chu said the agency may disburse some of the US$25 billion
in low-cost loans to successful applicants in one to two months.

The Energy Department funds, Bloomberg News relates, are part of
2007 legislation creating tougher fuel-efficiency rules.  Any
manufacturer can apply as long as the money is used to make autos
at U.S. factories that produce cars with at least 25 percent
better fuel economy, Bloomberg News says.

Nissan's U.S. vice president of communications, as cited by the
report, said U.S. officials has notified the company that its
application met initial requirements, and the request entered the
second of four approval stages.

"This is an option available to us," the report quoted Mr.
Buddendeck as saying.  Mr. Buddendeck, Bloomberg News notes,
declined to specify the amount the company is seeking or the car
models for which the funds are intended.

                        About Nissan Motor

Headquartered in Tokyo, Japan, Nissan Motor Co. Ltd.
(NASDAQ:NSANY) -- http://www.nissan.co.jp/-- is engaged in
providing automotive products and services.  The company, through
its subsidiaries, is primarily engaged in the manufacture and
sales of products in the automobile segment and in providing
various financial services to users of the company's products in
the sales financing segment.  These products, which are sold in
Japan and overseas, principally in North America and Europe,
include passenger cars, buses and trucks, as well as the related
components.  Financial services include primarily leases and
credits principally in Japan and North America.  The company has
two segments: automobile and sales financing.  The company
provides lithium-ion batteries for automobiles, and has
established a joint-venture company with NEC to develop,
manufacture and market these batteries.


NISSAN MOTOR: Expects to Post JPY265 Bln Full Year Net loss
-----------------------------------------------------------
Nissan Motor Co. Ltd. has further revised its forecast for the
full fiscal year 2008 due to the worsening state of the global
economy and associated deterioration in global auto markets.

For the fiscal year ending March 31, 2009, Nissan now forecasts:

   --- Consolidated net revenues of JPY8.3 trillion
       (US$80.66 billion, EUR54.93 billion);

   --- Operating loss of JPY180 billion
       (US$1.75 billion, EUR1.19 billion);

   –-- Ordinary loss of JPY190 billion
       (US$1.85 billion, EUR1.26billion); and

   –-- Net loss of JPY265 billion
       (US$2.58 billion, EUR1.75 billion).

For the third quarter of fiscal year 2008, ending March 31, 2009,
Nissan incurred a
net loss after tax of JPY83.2 billion (US$0.81 billion, EUR0.55
billion), compared to net income of JPY132.2 billion (US$1.28
billion, EUR0.87 billion) from the same period a year ago.

Nissan attributed the loss to the severe downturn in the global
economy in the second half of calendar year 2008 and, in
particular, the negative impact of the strong yen, the sharp
decline in consumer confidence in all major markets and product
mix deterioration.

Net revenue was down 34.4% to JPY1.8165 trillion (US$17.65
billion, EUR12.02 billion).  Nissan's operating loss totaled
JPY99.2 billion (US$0.96 billion, EUR0.66 billion).  Ordinary loss
amounted to JPY112.7 billion (US $1.1 billion, EUR0.75 billion).

Nissan's worldwide sales during the October-to-December 2008
period fell 18.6% to 731,000 vehicles.

"In every planning scenario we built, our worst assumptions on the
state of the global economy have been met or exceeded, with the
continuing grip on credit and declining consumer confidence being
the most damaging factors," said Nissan President and CEO Carlos
Ghosn.  "Looking forward, our priority remains on protecting our
free cash flow and taking swift, adequate and impactful actions to
improve our business performance."

                        Nine Month Results

In the April-to-December 2008 period, net income after tax totaled
JPY43.2 billion (US$0.42 billion, EUR0.29 billion), down 87.5%
compared with the previous year.  Net revenue fell 14.7% to
JPY6.6858 trillion (US$64.97 billion, EUR44.25 billion). Operating
profit totaled JPY92.5 billion (US$0.9 billion, EUR0.61 billion),
down 84.0%.  Operating profit margin came to 1.4%.  Ordinary
profit amounted to JPY90.0 billion (US$0.87 billion, EUR0.6
billion), down 84.0%.

Nissan's global sales in the first nine months declined 3.0% to
2,633,000 vehicles.

In fiscal year 2008, Nissan said it will launch a total of eight
all-new products globally.  Four new products were introduced in
the third quarter: NP200 in South Africa and KIX mini-SUV, Cube
and Fairlady Z in Japan.

                       About Nissan Motor

Headquartered in Tokyo, Japan, Nissan Motor Co. Ltd.
(NASDAQ:NSANY) -- http://www.nissan.co.jp/-- is engaged in
providing automotive products and services.  The company, through
its subsidiaries, is primarily engaged in the manufacture and
sales of products in the automobile segment and in providing
various financial services to users of the company's products in
the sales financing segment.  These products, which are sold in
Japan and overseas, principally in North America and Europe,
include passenger cars, buses and trucks, as well as the related
components.  Financial services include primarily leases and
credits principally in Japan and North America.  The company has
two segments: automobile and sales financing.  The company
provides lithium-ion batteries for automobiles, and has
established a joint-venture company with NEC to develop,
manufacture and market these batteries.


NISSAN MOTOR: Mulls 20% Labor Cost Cut, To Shed 20,000 Jobs
-----------------------------------------------------------
Nissan Motor Co. Ltd said despite actions already taken during
2008 to respond to the global crisis, worsening conditions are
prompting the need for further changes to the company's cash
management strategy, business structure and investment plans.

In order to focus on recovery actions, Nissan said its 2008-2012
midterm business plan, Nissan GT 2012, will be suspended, but
commitments on quality and zero-emission vehicles will be
retained.

The automaker plans to reduce its labor costs in line with the
decrease in revenues.  During FY2009, Nissan will cut labor costs
in high-cost countries by 20%, from JPY875 billion to JPY700
billion.

Bonus payments to the board of directors will be eliminated for
FY2008.  Starting in March and until the situation clearly
improves, salaries paid to board members and corporate officers
will be reduced by 10% and those paid to managers in Nissan and
affiliate companies in Japan by 5%.

Nissan will negotiate the implementation of a work sharing scheme
for staff workers, to be announced by the end of the fiscal year.

Global headcount will be reduced by 20,000 through FY2009,
reducing Nissan's headcount from 235,000 to 215,000.

Inventory will be tightly controlled.  In March 2008, company and
dealer inventory was 630,000 units; that level will be reduced by
20%, to 480,000, by March 2009.

Production will be right-sized through changes such as shift
elimination, non-production days and shorter working hours.  These
actions will reduce global production by 787,000 units - a 20%
decrease compared to planned volume - by the end of this fiscal
year.

Nissan expects its capital expenditure reductions to result in a
21% contribution to saving cash by the end of FY2008 compared to
FY2007.  An additional reduction of 14% will be made in FY2009,
taking overall capital expenditures from JPY384 billion in FY2008
to less than JPY330 billion in FY2009.

Nissan expects to generate JPY130 billion of cash in FY2009 with
its working capital improvement plan.

                         Renault Alliance

Nissa said it will revise its product portfolio, including the
cancellation of selected future programs.  Nissan will launch an
average of 10 all-new vehicles per year in the 2009-2012 period,
including the company's all-new, A-Platform entry-car lineup and a
dedicated all-electric vehicle.

The automaker said its joint manufacturing projects with partner
Renault in Morocco and India will be revised.  In Chennai, India,
the joint plant will proceed with a reduced ramp-up speed.  In
Morocco, Nissan will suspend its participation in the industrial
project near Tangiers.

According to Nissan, a detailed review is ongoing to identify
deeper synergy opportunities within the Renault-Nissan Alliance.
The focus is on future investments in products, technology,
support functions and purchasing cost reductions.  Each company
will contribute to free cash flow with a minimum of 90 billion yen
(750 million euros) in synergy benefits during FY2009.

                    Renault-Nissan 2008 Sales

In a global market that fell 5%, Renault and Nissan reported a
1.1% drop in sales for 2008.  With a total of 6,090,304 vehicles
sold in 2008, the Renault Nissan Alliance captured a 9.4% share of
the global new vehicle market, up 0.3% points from 2007.

Renault and Nissan sold 2,382,230 and 3,708,074 vehicles
respectively.  Renault's worldwide sales decreased by 4.1%, while
Nissan's rose by 0.9%.

                  New Organizational Structure

Nissan has made changes to its executive management structure in
order to provide an enhanced focus on both regional and functional
activities.  The changes are effective immediately.

Toshiyuki Shiga, Chief Operating Officer, expands his
responsibilities to include management of a newly created three-
region structure, in addition to government affairs manufacturing,
research and development, purchasing, product planning, design,
and marketing and sales.  Mr. Shiga continues to report to
President and CEO Carlos Ghosn.

Colin Dodge was appointed to the newly created position of Chief
Recovery Officer, reporting to Mr. Ghosn.  In this position, Mr.
Dodge will lead the company's ongoing recovery activities, and he
also assumes responsibility for the corporate planning and control
functions.  Mr. Dodge is leading the newly created region
encompassing Africa, the Middle East, India and Europe.

Hiroto Saikawa, Executive Vice President, takes responsibility for
a new region that is comprised of Japan, China and the Asia-
Pacific markets.  Mr. Saikawa retains his responsibility for
purchasing and adds responsibility for the company's affiliates.

Carlos Tavares, Executive Vice President, is responsible for a new
region that consolidates all markets in North, Central and South
America.

Andrew Palmer was appointed Senior Vice President with
responsibility for product planning, the Infiniti business unit,
the Light Commercial Vehicle business unit and a newly created
electric vehicle business unit.  Mr. Palmer is newly elected to
serve on Nissan's Executive Committee.

Nissan also named members of its Executive Committee:

   --- Alain Dassas, Chief Financial Officer
       (reports directly to Mr. Ghosn);

   –-- Junichi Endo, Senior Vice President,
       Global Sales and Marketing;

   –-- Hidetoshi Imazu, Executive Vice President,
       Manufacturing and Supply Chain Management; and

   --- Mitsuhiko Yamashita, Executive Vice President,
       Research and Development and Total Customer
       Satisfaction.

                       About Nissan Motor

Headquartered in Tokyo, Japan, Nissan Motor Co. Ltd.
(NASDAQ:NSANY) -- http://www.nissan.co.jp/-- is engaged in
providing automotive products and services.  The company, through
its subsidiaries, is primarily engaged in the manufacture and
sales of products in the automobile segment and in providing
various financial services to users of the company's products in
the sales financing segment.  These products, which are sold in
Japan and overseas, principally in North America and Europe,
include passenger cars, buses and trucks, as well as the related
components.  Financial services include primarily leases and
credits principally in Japan and North America.  The company has
two segments: automobile and sales financing.  The company
provides lithium-ion batteries for automobiles, and has
established a joint-venture company with NEC to develop,
manufacture and market these batteries.


* Fitch Withdraws Ratings on 45 Japanese Corporates
---------------------------------------------------
Fitch Ratings has said it is withdrawing the ratings of 45
Japanese Corporates and of three Medical Corporations with
immediate effect.  Going forward, the agency will focus its
Japanese corporate ratings coverage on firms with global reach in
order to continue providing international investors with a
complete picture of global industries and, in particular, to
provide comparisons of the relative performance of principal
companies in these sectors.

Fitch considers that there is more value added for investors in
producing research reports with a global perspective, especially
given that the current downturn has demonstrated the
interdependency of all major economies.  This consideration is
reflected in the agency's decision to focus its resources on this
type of research and on a more tightly focused coverage strategy,
rather than on a large number of more domestically orientated
companies, which are typically of lower interest to international
investors as they issue few bonds in international markets and
rely heavily on funding from local relationship banks.  Moreover,
although Fitch believes that it has brought to Japanese investors
a worthwhile international perspective on the ratings of Japanese
firms, including the more domestically orientated ones, the
practical usefulness of the agency's ratings in Japan has been
reduced by the decision of the Japanese regulator to exclude
unsolicited ratings from the definition of eligible ratings that
Financial Institutions can use in the application of Basel II
regulations.

Following this refocusing of its coverage, Fitch will maintain
ratings on these Japanese companies:


  -- Asahi Breweries, Ltd. ('A-' (A minus)/'F2'/Outlook Stable);

  -- Kirin Holdings Company Limited ('A+'/'F1'/Outlook Negative);

  -- Japan Tobacco Inc. ('A+'/'F1'/Outlook Stable);

  -- Nippon Steel Corporation ('A-' (A minus)/'F2'/Outlook
     Stable);

  -- JFE Holdings, Inc. ('BBB+'/'F2'/Outlook Stable);

  -- Nissan Motor Co., Ltd. ('BBB+'/'F2'/Outlook Negative);

  -- Toyota Motor Corporation ('AA'/'F1+'/Outlook Negative);

  -- Honda Motor Co., Ltd ('A'/'F1'/Outlook Negative);

  -- Hitachi, Ltd. ('A-' (A minus)/'F2'/Outlook Negative);

  -- Toshiba Corporation ('BBB'/'F2'/Outlook Stable);

  -- NEC Corporation ('BBB'/'F2'/Outlook Stable);

  -- Panasonic Corporation ('AA-' (AA minus)/'F1+'/Rating Watch
     Negative);

  -- Sharp Corporation ('A+'/'F1'/Outlook Stable);

  -- Sony Corporation ('A-' (A minus)/'F2'/Rating Watch Negative);

  -- Marubeni Corporation ('BBB-' (BBB minus)/Outlook Stable);

  -- Mitsubishi Corporation ('A+'/Outlook Stable); and

  -- Central Japan Railway Company ('AA-' (AA minus)/'F1+'/Outlook
     Stable).

The ratings affected by the withdrawal are shown below.  Except
where indicated, "LT IDR" and "Short-term" ratings relate to both
local currency and foreign currency Long-term Issuer Default
Ratings and Short-term Ratings.  All Senior unsecured debt ratings
have also been affirmed and withdrawn at the senior unsecured
rating level.

  -- Taisei Corporation: LT IDR and Short-term ratings affirmed
     and withdrawn at 'BBB-' (BBB minus) and 'F3', respectively;
     Outlook Stable;

  -- Obayashi Corporation: LT IDR and Short-term ratings affirmed
     and withdrawn at 'BBB' and 'F3', respectively; Outlook
     Stable;

  -- Shimizu Corporation: LT IDR and Short-term ratings affirmed
     and withdrawn at 'BBB' and 'F3', respectively; Outlook
     Stable;

  -- Kajima Corporation: LT IDR and Short-term ratings affirmed
     and withdrawn at 'BBB-' (BBB minus) and 'F3', respectively;
     Outlook Stable;

  -- Sapporo Holdings Limited: LT IDR, Senior Unsecured and Short-
     term ratings affirmed and withdrawn at 'BB', 'BB' and 'B',
     respectively; Outlook Stable;

  -- Bridgestone Corporation: LT IDR, Senior Unsecured and Short-
     term ratings affirmed and withdrawn at 'A-' (A minus), 'A-'
      (A minus) and 'F2', respectively; Outlook Negative;

  -- Sumitomo Metal Industries Ltd.: LT IDR, Senior Unsecured and
     Short-term ratings affirmed and withdrawn at 'BBB', 'BBB' and
     'F3', respectively; Outlook Stable;

  -- Kobe Steel, Ltd.: LT IDR, Senior Unsecured and Short-term
     ratings affirmed and withdrawn at 'BBB-' (BBB minus), 'BBB-'
      (BBB minus) and 'F3', respectively; Outlook Stable;

  -- IHI Corporation: LT IDR and Senior Unsecured ratings affirmed
     and withdrawn at 'BB' and 'BB', respectively; Outlook
     Negative;

  -- Kawasaki Heavy Industries, Ltd.: LT IDR and Senior Unsecured
     ratings affirmed and withdrawn at 'BBB' and 'BBB',
     respectively; Outlook Stable;

  -- Mitsubishi Heavy Industries Ltd: LT IDR and Senior Unsecured
     ratings affirmed and withdrawn at 'BBB+' and 'BBB+',
     respectively; Outlook Stable;

  -- Mitsubishi Electric Corporation: LT IDR, Senior Unsecured and
     Short-term ratings affirmed and withdrawn at 'A-' (A minus),
     'A-' (A minus) and 'F2', respectively; Outlook revised to
     Stable from Positive;

  -- Fujitsu Limited: LT IDR, Senior Unsecured and Short-term
     ratings affirmed and withdrawn at 'BBB+', 'BBB+' and 'F2',
     respectively; Outlook Stable;

  -- Sanyo Electric Co., Ltd: LT IDR and Senior Unsecured ratings
     withdrawn at 'BB+' and 'BB+', respectively; Rating Watch
     Positive;

  -- Itochu Corporation: LT IDR and Senior Unsecured ratings
     affirmed and withdrawn at 'BBB+' and 'BBB+', respectively;
     Outlook Stable;

  -- Mitsui & Co., Ltd.: LT IDR and Senior Unsecured ratings
     affirmed and withdrawn at 'A' and 'A', respectively; Outlook
     Stable;

  -- Sumitomo Corporation: LT IDR and Senior Unsecured ratings
     affirmed and withdrawn at 'A' and 'A', respectively; Outlook
     Stable;

  -- Mitsubishi Estate Company, Ltd.: LT IDR and Senior Unsecured
     ratings affirmed and withdrawn at 'A' and 'A', respectively;
     Outlook Stable;

  -- Mitsui Fudosan Co. Ltd.: LT IDR, Senior Unsecured and Short-
     term ratings affirmed and withdrawn at 'A-' (A minus), 'A-'
      (A minus) and 'F2', respectively; Outlook Stable;

  -- Sumitomo Realty & Development Co. Ltd.: LT IDR, Senior
     Unsecured and Short-term ratings affirmed and withdrawn at
     'BBB-' (BBB minus), 'BBB-' (BBB minus) and 'F3',
     respectively; Outlook Stable;

  -- Hankyu Hanshin Holdings, Inc.: LT IDR and Senior Unsecured
     ratings affirmed and withdrawn at 'BBB-' (BBB minus) and
     'BBB-' (BBB minus), respectively; Outlook Stable;

  -- Kintetsu Corporation: LT IDR, Senior Unsecured and Short-term
     ratings affirmed and withdrawn at 'BB', 'BB' and 'B',
     respectively; Outlook Stable;

  -- Odakyu Electric Railway Co.,Ltd.: LT IDR and Senior Unsecured
     ratings affirmed and withdrawn at 'BBB+' and 'BBB+',
     respectively; Outlook Stable;

  -- Tokyu Corporation: LT IDR, Senior Unsecured and Short-term
     ratings affirmed and withdrawn at 'BBB+', 'BBB+' and 'F2',
     respectively; Outlook Stable;

  -- East Japan Railway Company: LT IDR, Senior Unsecured and
     Short-term ratings affirmed and withdrawn at 'AA-' (AA
     minus), 'AA-' (AA minus) and 'F1+', respectively; Outlook
     Stable;

  -- West Japan Railway Company: LT IDR, Senior Unsecured and
     Short-term ratings affirmed and withdrawn at 'A+', 'A+' and
     'F1', respectively; Outlook Stable;

  -- Nippon Express Co.,Ltd.: LT IDR affirmed and withdrawn at
     'A'; Outlook Stable;

  -- All Nippon Airways Co. Ltd.: LT IDR and Senior Unsecured
     ratings affirmed and withdrawn at 'BBB-' (BBB minus) and
     'BBB-' (BBB minus), respectively; Outlook Stable;

  -- JAL International Co., Ltd: LT IDR and Senior Unsecured
     ratings affirmed and withdrawn at 'BB-' (BB minus) and 'BB-'
      (BB minus), respectively; Outlook Stable;

  -- Japan Airlines Corporation: LT IDR and Senior Unsecured
     ratings affirmed and withdrawn at 'BB-' (BB minus) and 'BB-'
      (BB minus), respectively; Outlook Stable;

  -- Nippon Telegraph and Telephone Corporation: LT IDR, Senior
     Unsecured and Short-term ratings affirmed and withdrawn at
     'A+', 'A+' and 'F1', respectively; Outlook Stable;

  -- NTT DoCoMo Inc: LT IDR, Senior Unsecured and Short-term
     ratings affirmed and withdrawn at 'A+', 'A+' and 'F1',
     respectively; Outlook Stable;

  -- KDDI Corporation: LT IDR, Senior Unsecured and Short-term
     ratings affirmed and withdrawn at 'A', 'A' and 'F1',
     respectively; Outlook Negative;

  -- Chubu Electric Power Company, Inc: LT IDR and Short-term
     ratings affirmed and withdrawn at 'AA-' (AA minus) and 'F1+',
     respectively; Outlook Stable; Senior Secured issues are
     affirmed and withdrawn at 'AA';

  -- Chugoku Electric Power Company, Inc (The): LT IDR and Short-
     term ratings affirmed and withdrawn at 'AA-' (AA minus) and
     'F1+', respectively; Outlook Stable; Senior Secured issues
     are affirmed and withdrawn at 'AA';

  -- Electric Power Development Co., Ltd. (J-POWER): LT IDR,
     Senior Unsecured and Short-term ratings affirmed and
     withdrawn at 'AA-' (AA minus), 'AA' and 'F1+', respectively;
     Outlook Stable; Senior Secured issues are affirmed and
     withdrawn at 'AA';

  -- Hokkaido Electric Power Co., Inc: LT IDR and Short-term
     ratings affirmed and withdrawn at 'AA-' (AA minus) and 'F1+',
     respectively; Outlook is Stable; Senior Secured issues are
     affirmed and withdrawn at 'AA';

  -- Hokuriku Electric Power Company: LT IDR and Short-term
     ratings affirmed and withdrawn at 'AA-' (AA minus) and 'F1+',
     respectively; Outlook Stable; Senior Secured issues are
     affirmed and withdrawn at 'AA';

  -- Kansai Electric Power Company, Inc (The): LT IDR and Short-
     term ratings affirmed and withdrawn at 'AA-' (AA minus) and
     'F1+', respectively; Outlook Stable; Senior Secured issues
     are affirmed and withdrawn at 'AA';

  -- Kyushu Electric Power Company, Inc: LT IDR and Short-term
     ratings affirmed and withdrawn at 'AA-' (AA minus) and 'F1+',
     respectively; Outlook is Stable; Senior Secured issues are
     affirmed and withdrawn at 'AA';

  -- Shikoku Electric Power Co., Inc.: LT IDR and Short-term
     ratings affirmed and withdrawn at 'AA-' (AA minus) and 'F1+',
     respectively; Outlook is Stable; Senior Secured issues are
     affirmed and withdrawn at 'AA';

  -- Tohoku Electric Power Company, Inc: LT IDR and Short-term
     ratings affirmed and withdrawn at 'AA-' (AA minus) and 'F1+',
     respectively; Outlook Stable; Senior Secured issues are
     affirmed and withdrawn at 'AA';

  -- Tokyo Electric Power Company, Inc (The): LT IDR and Short-
     term ratings affirmed and withdrawn at 'AA-' (AA minus) and
     'F1+', respectively; Outlook is Stable; Senior Secured issues
     are affirmed and withdrawn at 'AA';

  -- Osaka Gas Co., Ltd.: LT IDR and Senior Unsecured ratings
     affirmed and withdrawn at 'AA-' (AA minus) and 'AA',
     respectively; Outlook Stable;

  -- Tokyo Gas Co., Ltd.: LT IDR and Senior Unsecured ratings
     affirmed and withdrawn at 'AA-' (AA minus) and 'AA'; Outlook
     Stable;

  -- Yuaikai Specified Medical Corporation: LT local currency IDR
     affirmed and withdrawn at 'BBB-' (BBB minus); Outlook Stable;

  -- Keiaikai Specified Medical Corporation: LT local currency IDR
     affirmed and withdrawn at 'A-' (A minus); Outlook Stable; and

  -- Mitsui Memorial Hospital: LT local currency rating affirmed
     and withdrawn at 'A'; Outlook Negative. Senior Secured issues
     are affirmed and withdrawn at 'A'.



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

HYUNDAI MOTOR: Enters Japanese Bus Market
-----------------------------------------
Hyundai Motor has entered into the bus market in Japan, KBS WORLD
Radio reports citing Japanese daily Nihon Keijai Shimbun.

Hyundai, KBS World relates, has begun selling large tourist buses
it brought in from Korea in line with Japanese emission
regulations.

According to KBS World, the company aims to sell more than 200
buses in Japan this year.

Headquartered in Seoul, South Korea, Hyundai Motor Company
(SEO:005380) -- http://www.hyundai-motor.com/-- is an automobile
manufacturer in Korea.  The company markets the Atoz Prime, Getz,
Accent, Elantra, Hyundai Coupe, Sonata, Grandeur XG and Centennial
passenger cars; the Trajet, Terracan, Tucson, Santa Fe, H-1 and
Matrix recreational vehicles, and commercial vehicles, which
include trucks, buses, tractors, and specialty vehicles, such as
refrigerated vans, ready mixed concrete (remicon) mixers and oil
tankers.  It operates overseas plants in North America, India and
China, and research and development centers in North America,
Japan and Europe.  During the year ended December 31, 2007, the
company produced 1,706,727 vehicles sold around the globe.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
Jan. 16, 2009, Fitch Ratings downgraded Hyundai Motor's long-term
foreign currency Issuer Default Ratings to 'BB+' from 'BBB-' (BBB
minus), and the Short-term ratings to 'B' from 'F3'.  The agency
revised the Outlook to Negative from Stable.


SSANGYONG MOTOR: Outlook Concerns Weigh on First Trading Day
------------------------------------------------------------
Bloomberg News reports Ssangyong Motor Co.'s stock has resumed
trading after it was suspended on Jan. 9, when it applied for
court protection.

However, the report says the automaker dropped by the most in more
than three months in Seoul trading on concerns about its outlook
after the company won bankruptcy protection.

Ssangyong Motor dropped Feb. 9 by the daily limit of 15 percent to
close at 1,130 won in Seoul, the report notes.

"There's just too much uncertainty surrounding Ssangyong Motor,"
Bloomberg News qouted Kang Sang Min, an analyst at Tong Yang
Securities Inc. in Seoul, as saying.

"Even if Ssangyong Motor is put for up for sale, it's going to be
difficult to find anyone interested, considering how automakers
worldwide are struggling with declining sales."

                      Bankruptcy Protection

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 6, 2009, the International Herald Tribune said a South Korean
court has accepted Ssangyong's application for bankruptcy
protection, giving the company time to restructure itself.

According to IHT, court spokesman Hong Jun-ho said the Seoul
Central District Court accepted Ssangyong's application to
rehabilitate under court protection.

Mr. Hong said, as cited by IHT, the court directed former Hyundai
Motor Co. executive Lee Yoo-il and Ssangyong executive Park Young-
tae to run the automaker.

A TCR-AP report on Jan. 12, 2009, citing IHT, said Ssangyong filed
for receivership with a Seoul district court in a bid to stave off
a complete collapse.

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

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

Bloomberg News relates the court receivership ended Shanghai-based
SAIC Motor Corp.'s four-year control of Ssangyong.

                    About Ssangyong Motor Co

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



===============
M O N G O L I A
===============

* Moody's Reviews Ratings on Three Mongolian Banks for Likely Cut
-----------------------------------------------------------------
Moody's Investors Service has put on review for possible downgrade
various ratings of three Mongolian banks: Khan Bank, the Trade and
Development Bank of Mongolia and XacBank.

The ratings affected include the long-term local/foreign currency
ratings of all three banks and short-term local currency deposit
rating of Khan Bank, but their bank financial strength ratings and
the outlooks or reviews for their BFSRs are unaffected.

"This review for possible downgrade follows Moody's recent
decision to review for possible downgrade Mongolia's sovereign
ratings, namely, its Baa2 local currency deposit ceiling, B2
foreign currency deposit ceiling, Ba2 foreign currency bond
ceiling, and B1 local/foreign currency ratings for government
bonds," says Cherry Huang, a Moody's VP/Senior Analyst.

Separately, Moody's will also review whether the foreign currency
debt ratings of the individual banks should be better aligned, or
even capped, by Mongolia's foreign currency government bond rating
(current and future).  "This additional review is being conducted
because of Moody's concern that deterioration in Mongolia's
external payments position may limit the government's ability to
provide foreign currency liquidity support to the country's
banks," says Huang.

This part of the review will focus on the size of banks' own
foreign currency resources and whether they are sufficient to
reduce to an immaterial level their dependence on the government
for foreign currency denominated assistance.  All three banks have
a relatively high reliance on foreign currency funding, relying on
it for amounts ranging from 29% to 50% of total assets as of Dec.
2008.  The conclusion of the three banks' rating review may result
in foreign currency debt or medium term note ratings that are
lower than the sovereign foreign currency bond ceiling.

Moody's last rating actions on Khan Bank and XacBank were taken on
December 12, 2008.  At this time, the outlook for the BFSR and
local currency deposit and debt ratings of Khan Bank were changed
to negative.  And the same ratings of XacBank were placed on
review for possible downgrade.

The last rating action on TDB was taken on June 5, 2008 when the
senior and subordinated debt ratings of its Euro Medium-Term Notes
Program were affirmed and its lower-tier II subordinated debt
rating was assigned.

All three banks are headquartered in Ulaanbaatar, Mongolia.  As of
December 31, 2008, Khan bank reported unaudited assets of MNT841.8
billion (approximately US$656 million), TDB MNT668.7 billion
(US$521 million) and XacBank MNT208.4 billion (US$162 million).

Below is a list of the ratings for each of the three banks with
their review status described in parentheses:

Khan Bank:

  -- Bank Financial Strength - D with negative outlook

  -- Senior Unsecured MTN (Foreign) - Ba2 (Review for possible
     downgrade)

  -- Senior Unsecured MTN (Domestic) - Baa3 (Review for possible
     downgrade)

  -- LT Bank Deposits (Foreign) - B2 (Review for possible
     downgrade)

  -- LT Bank Deposits (Domestic) - Baa3 (Review for possible
     downgrade)

  -- LT Issuer Rating (Foreign) - Ba2 (Review for possible
     downgrade)

  -- LT Issuer Rating (Domestic) - Baa3 (Review for possible
     downgrade)

  -- Subordinate MTN (Foreign) - Ba2 (Review for possible
     downgrade)

  -- Subordinate MTN (Domestic) - Ba1 (Review for possible
     downgrade)

  -- ST Bank Deposits (Foreign) - NP

  -- ST Bank Deposits (Domestic) - P-3 (Review for possible
     downgrade)

Trade and Development Bank of Mongolia:

  -- Bank Financial Strength - D- with stable outlook

  -- Senior Unsecured (Foreign) - Ba2 (Review for possible
     downgrade)

  -- Senior Unsecured MTN (Foreign) - Ba2 (Review for possible
     downgrade)

  -- LT Bank Deposits (Foreign) - B2 (Review for possible
     downgrade)

  -- LT Bank Deposits (Domestic) - Ba1 (Review for possible
     downgrade)

  -- LT Issuer Rating (Foreign) - Ba2 (Review for possible
     downgrade)

  -- LT Issuer Rating (Domestic) - Ba1 (Review for possible
     downgrade)

  -- Subordinate MTN (Foreign) - Ba2 (Review for possible
     downgrade)

  -- Junior Subordinate (Foreign) - Ba2 (Review for possible
     downgrade)

  -- ST Bank Deposits (Foreign and Domestic) - NP

  -- ST Issuer Rating (Foreign and Domestic) - NP

  -- Other Short Term (Foreign) - NP

XacBank:

  -- Bank Financial Strength - D (Review for possible downgrade
     from Dec 12, 2008)

  -- LT Bank Deposits (Foreign) - B2 (Review for possible
     downgrade)

  -- LT Bank Deposits (Domestic) - Ba1 (Review for possible
     downgrade from Dec 12, 2008)

  -- LT Issuer Rating (Foreign) - Ba2 (Review for possible
     downgrade)

  -- LT Issuer Rating (Domestic) - Ba1 (Review for possible
     downgrade from Dec 12, 2008)

  -- ST Bank Deposits (Foreign and Domestic) - NP

  -- ST Issuer Rating (Foreign and Domestic) - NP



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

ADMIRALTY LODGE: Court Hears Wind-Up Petition
---------------------------------------------
On February 2, 2009, the High Court at Hamilton heard a petition
to have Admiralty Lodge Investments (No 2) Ltd.'s operations wound
up.

The Commissioner of Inland Revenue filed the petition against the
comapny on November 20, 2008.


CHALMERS BAR: Court Hears Wind-Up Petition
------------------------------------------
On February 2, 2009, the High Court at Hamilton heard a petition
to have Chalmers Bar & Brasserie Ltd.'s operations wound up.

The Commissioner of Inland Revenue filed the petition against the
comapny on December 3, 2008.


GATES & FENCES: Appoints Brown and Neilson as Liquidators
---------------------------------------------------------
On December 19, 2008, Kenneth Peter Brown and Robert James Neilson
were appointed as liquidators of Gates & Fences (Auckland) Ltd.

The Liquidators can be reached at:

         Kenneth Peter Brown
         Robert James Neilson
         Rodewald Hart Brown Limited
         525 Cameron Road
         PO Box 15660, Tauranga 3144
         Telephone: (07) 571 6280
         Website: http://www.rhb.co.nz


HORTIFRESH COOLSTORE: Commences Liquidation Proceedings
-------------------------------------------------------
Hortifresh Coolstore Construction Ltd. commenced liquidation
proceedings on December 18, 2008.

The company's liquidator is:

         Graham Clyde Chapman
         c/o Chapmans Chartered Accountants Limited
         PO Box 84148, Westgate
         Waitakere 0657
         Facsimile: (09) 831 0206


KGC BORDERS ET AL: Commence Liquidation Proceedings
---------------------------------------------------
These companies commenced liquidation proceedings:

   -- KGC Borders Limited on Dec. 15, 2008;
   -- Jim & Jason Limited on Dec. 19, 2008;
   -- MT Associates Limited on Dec. 19, 2008;
   -- Sting Gas Services Limited on Dec. 19, 2008; and
   -- Leafbusters Group Limited on Dec. 19, 2008.

The companies' liquidator is:

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


NORTH FREEDOM: Court Hears Wind-Up Petition
-------------------------------------------
On February 9, 2009, the High Court at Whangarei heard a petition
to have North Freedom Ltd.'s operations wound up.

ANZ National Bank Limited filed the petition against the company
on November 10, 2008.


NZ BUILDERS: Court Hears Wind-Up Petition
-----------------------------------------
On February 5, 2009, the High Court at Auckland heard a petition
to have NZ Builders and Developers Ltd.'s operations wound up.

Wiri Wholesale Timber Limited filed the petition against the
comapny on November 26, 2008.


ORIGINAL CAR: Court Hears Wind-Up Petition
------------------------------------------
On January 28, 2009, the High Court at Auckland heard a petition
to have Original Car Warehouse 2003 Ltd.'s operations wound up.

Proprius Holdings Limited filed the petition against the company
on November 7, 2008.


PRECISION AUTOBODIES: Commences Liquidation Proceedings
-------------------------------------------------------
Precision Autobodies Ltd. commenced liquidation proceedings on
December 16, 2008.

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 company's liquidator is:

         Murray G. Allott
         111 Bealey Avenue, Christchurch 8013
         PO Box 29432, Christchurch 8540
         Telephone: (03) 365 1028
         Facsimile: (03) 365 6400
         e-mail: murray@profitco.co.nz


RYAN SECURITY: Appoints Crichton and Horne as Liquidators
---------------------------------------------------------
On December 15, 2008, David Donald Crichton and Keiran Anne Horne
were appointed as liquidators of Ryan Security and Consulting Ltd.

Only creditors who were able to file their proofs of debt by
January 15, 2009, will be included in the company's dividend
distribution.

The Liquidators can be reached at:

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


SEQUENT INVESTMENTS: Appoints Heath and Lamacraft as Liquidators
----------------------------------------------------------------
On December 22, 2008, Arron Leslie Heath and Michael Lamacraft
were appointed as liquidators of Sequent Investments Ltd.

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

The Liquidators can be reached at:

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


SNIPS LTD: Appoints Shephard and Dunphy as Liquidators
------------------------------------------------------
On December 23, 2008, the shareholders of Snips Ltd. appointed
Iain Bruce Shephard and Christine Margaret Dunphy as the company's
liquidators.

The Liquidators can be reached at:

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


STARTING OVER: Creditors' Proofs of Debt Due on May 11
------------------------------------------------------
The creditors of Starting Over Albany Ltd. are required to file
their proofs of debt by May 11, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Dec. 22, 2008.

The company's liquidators are:

         John Robert Buchanan
         Callum James Macdonald
         Buchanan Macdonald Limited
         Chartered Accountants
         PO Box 101993, North Shore Mail Centre
         North Shore City 0745
         Telephone: (09) 441 4165
         Facsimile: (09) 441 4167


WATER TREATMENT: Commences Liquidation Proceedings
--------------------------------------------------
Water Treatment Products Ltd. commenced liquidation proceedings on
December 17, 2008.

The company's liquidators are:

         James Gregory Eden
         Bruce Carlaw Richards
         Staples Rodway Taranaki Limited
         109-113 Powderham Street
         New Plymouth
         Facsimile: (06) 757 5081



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

* Fitch Affirms & Withdraws Banks' Ratings Due to Econ Contraction
------------------------------------------------------------------
Fitch Ratings has affirmed and withdrawn ratings of five Taiwanese
banks:

Taiwan Business Bank:

  -- Long-term foreign currency Issuer Default Rating (IDR) at
     'BB+', Short-term foreign currency IDR at 'B', National Long-
     term rating at 'A-(twn)' (A minus(twn)), National Short-term
     rating at 'F2(twn)', Individual Rating at 'D', Support Rating
     at '3', and Support Rating Floor at 'BB+'. The Outlook is
     Stable.

Land Bank of Taiwan:

  -- Long-term foreign currency IDR at 'A-' (A minus), Short-term
     foreign currency IDR at 'F2', National Long-term at
     'AA(twn)', National Short-term at 'F1+(twn)', Individual at
     'D', Support at '1', and Support Rating Floor at 'A-' (A
     minus). Simultaneously, the rating Outlook has been revised
     to Stable from Positive.

Mega International Commercial Bank Company Limited:

  -- Long-term foreign currency (IDR) at 'A-' (A minus), Short-
     term foreign currency IDR at 'F2', National Long-term at
     'AA(twn)', National Short-term at 'F1+(twn)', Individual at
     'B/C', Support at '2' and Support Rating Floor at 'BBB+'. The
     Outlook is Stable.

Cosmos Bank:

  -- Individual at 'D/E' and Support at '5'.

Ta Chong Bank:

  -- Individual at 'D' and Support at '5'.

Despite the Stable Outlooks, Fitch believes contraction of
Taiwan's economy will continue to put downward pressure on the
ratings of the country's financial institutions.  The agency
expects the overall banking sector to incur net losses in 2009 as
a result of ongoing margin compression on the back of extremely
low interest rates, an anticipated increase in credit costs, and
anaemic fee income.

Fitch will no longer provide analytical coverage on these banks.
Note to editors: Fitch's National ratings provide a relative
measure of creditworthiness for rated entities in countries with
relatively low international sovereign ratings and where there is
demand for such ratings.  The best risk within a country is rated
'AAA' and other credits are rated only relative to this risk.
National ratings are designed for use mainly by local investors in
local markets and are signified by the addition of an identifier
for the country concerned, such as 'AAA(twn)' for National ratings
in Taiwan.  Specific letter grades are not therefore
internationally comparable.



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

* DUBAI: Contractors May Go Under As Credit Dries Up
----------------------------------------------------
Some Dubai-based contractors may face bankruptcy as credit dries
up and major projects are cancelled or scaled back, Reuters
reports.

According to Reuters, several of these contractors said they are
owed millions of dirhams by state-linked developers.

Michael Grose, a partner at legal firm Clyde & Co LLP, in the
Middle East Projects and Construction Group, told Reuters "There
has been a marked increase in the number of contractors asking for
help to obtain payment, including payments certified months ago on
some of Dubai's largest projects."

"Whilst there is definitely an upswing in restructuring advice, no
construction businesses are coming through the door wanting to put
themselves into liquidation.  Yet."

Citing an HSBC report issued in January, Reuters relates around
$75 billion worth of projects in the United Arab Emirates have
been suspended or cancelled altogether.

"We have had to let go half of our staff and cut wages and it is
not because we have no work, it is because we are not being paid
for the work that we have completed," a Dubai-based contractor
told Reuters under the condition of anonymity.

Reuters says major government-linked developers behind some of
Dubai's high profile projects have put work on hold and cut jobs
as the global financial crisis began to hit the country late in
2008.



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

MORGAN STANLEY: S&P Puts CCC- Ratings on Two 2007-21 Class I Notes
----------------------------------------------------------------
On Feb. 6, 2009, Standard & Poor's corrected the rating action
affecting Morgan Stanley ACES SPC Series 2007-21 Class I notes
that S&P announced in this article.

Standard & Poor's Ratings Services lowered the ratings on 35
tranches of Asia-Pacific (excluding Japan) synthetic
collateralized debt obligations.  At the same time, 16 of the
downgraded CDO tranches were kept on CreditWatch with negative
implications and 19 tranches were removed from CreditWatch
negative.  The ratings on the Morgan Stanley ACES SPC 2007-9 Class
III tranche comprise two ratings: 'B-i' rating on the interest
payments and 'BBp' rating on the principal.

The downgrades reflect the increased credit risk of underlying
portfolios in the respective transactions.  The synthetic rated
overcollateralization levels for tranches that have been
downgraded fell below 100% at their current rating levels during
the SROC analysis for the month of January.  This indicates that
the available credit enhancement for each of the tranche is
lower than the level required to maintain the current rating.
Where the SROC is less than 100%, scenarios that project the
current portfolio 90 days into the future are run, assuming no
asset rating migration.  Where this projection indicates that the
SROC would return to a level above 100%, the rating is maintained,
but placed on CreditWatch negative.  If the projection indicates
that the SROC would remain below 100%, the rating is immediately
lowered.

The rating actions taken on the affected transactions are:

  Deal Name                        Rating To          Rating From
  ---------                        ------ --          ------ ----
Athenee CDO PLC Series 2007-2    A+                 AA/Watch Neg
Athenee CDO PLC Series 2007-3    A+                 AA/Watch Neg
Athenee CDO PLC Series 2007-4    A-/Watch Neg       A/Watch Neg
Athenee CDO PLC Series 2007-5    A-/Watch Neg       A/Watch Neg
Athenee CDO PLC Series 2007-6    A-/Watch Neg       A/Watch Neg
Athenee CDO PLC Series 2007-7    A-/Watch Neg       A/Watch Neg
Athenee CDO PLC Series 2007-8    A+                 AA/Watch Neg
Athenee CDO PLC Series 2007-9    A+                 AA/Watch Neg
Athenee CDO PLC Series 2007-11   A+                 AA/Watch Neg
Athenee CDO PLC Series 2007-12   A-/Watch Neg       A/Watch Neg
Athenee CDO PLC Series 2007-14   A-/Watch Neg       A/Watch Neg
Athenee CDO PLC Series 2007-15   AA-/Watch Neg      AA/Watch Neg
Beryl Finance Ltd.
Series 2008-4                   AApNRi/Watch Neg   AAApNRi/Watch
Neg
Castle Finance I Ltd. Series 1   BBB/Watch Neg      BBB+/Watch Neg
Castlereagh Trust - Series 1     CCC                CCC+/Watch Neg
Castlereagh Trust - Series 2     CCC-               CCC/Watch Neg
Corsair (Cayman Islands) No. 4 Ltd.
Series 5                        CCC                CCC+/Watch Neg
Corsair (Jersey) No. 2 Ltd.
Series 72                       BB-/Watch Neg      BBB-/Watch Neg
Dragon AA (CDS BNP)              AA+srp/Watch Neg   AAAsrp/Watch
Neg
Echo Funding Pty Ltd.
Series 19                       B+/Watch Neg       BB-/Watch Neg
Echo Funding Pty Ltd.
Series 20                       BB-/Watch Neg      BB/Watch Neg
Echo Funding Pty Ltd.
Series 21                       BB+                BBB-/Watch Neg
Eirles Two Ltd. Series 241       BB                 BBB/Watch Neg
Magnolia Finance I PLC
Series 2006-21                  BB+                BBB-/Watch Neg
Magnolia Finance I PLC
Series 2006-22                  BB+                BBB-/Watch Neg
Morgan Stanley ACES SPC 2007-21
Class I                         B+/Watch Neg       BB/Watch Neg
Morgan Stanley ACES SPC 2007-9
Class III (Interest)            B-i                Bi/Watch Neg
Morgan Stanley ACES SPC 2007-9
Class III (Principal)           BBp                BBB-p/Watch
Neg
Morgan Stanley ACES SPC
Series 2006-31                  BB+/Watch Neg      BBB/Watch Neg
Obelisk Trust 2006-2 Eden        B/Watch Neg        BB-/Watch Neg
Obelisk Trust 2006-3 Eden        B                  B+/Watch Neg
Salisbury International Investments Ltd.
Series 2006-18                  CCC                CCC+/Watch Neg
SELECT ACCESS Investments Ltd.
Series 2005-2                   BB+                BBB-/Watch Neg
STARTS (Cayman) Ltd.
Series 2007-35                  B                  B+/Watch Neg
STARTS (Cayman) Ltd.
Series 2005-5                   CCC-               CCC/Watch Neg
XELO PLC Series 2006 (Spinnaker III Asia Mezz)
Tranche B                       B                  BB-/Watch Neg

* NRi — Interest is not rated. srp—swap risk rating. p—rating on
          principal.


MORGAN STANLEY: S&P Corrects 'BB-' Rating on Class I Notes
----------------------------------------------------------
Standard & Poor's Ratings Services corrected the rating on the
Class I notes of Morgan Stanley ACES SPC Series 2007-21 to 'BB-'
from 'B+/Watch Neg'.  At the same time, the rating has been
removed from CreditWatch with negative implications.  On Jan. 22,
2009, the notes were downgraded to 'B+/Watch Neg' from 'BB/Watch
Neg' as part of a larger review.

This rating correction follows a recent portfolio review on this
transaction which concluded that the International Swaps and
Derivatives Assn. Inc. protocol price instead of the standard
recovery assumption should be used for a credit event that
occurred in the reference portfolio.  The ISDA protocol price in
respect of this credit event is higher than the standard recovery
assumption used in the Standard & Poor's model for monitoring this
transaction, the CDO Evaluator.

The correct rating on this transaction is:

      Deal Name                                        Rating
      ---------                                        ------
      Morgan Stanley ACES SPC Series 2007-21 Class I   BB-


* BOND PRICING: For the Week February 2 to February 6, 2009
-----------------------------------------------------------

   AUSTRALIA
   ---------
A&R Whitcoulls                9.500%   12/15/10   NZD      29.83
Ainsworth Game                8.000%   12/31/09   AUD       0.62
Aust & NZ Bank                6.540%   06/29/49   GBP      53.07
Allco Hit Ltd                 9.000%   08/17/09   AUD      10.00
Alumina Finance               2.000%   05/16/13   USD      62.25
Antares Energy               10.000%   10/31/13   AUD       1.15
Babcock & Brown Pty           8.500%   11/17/09   NZD       4.50
Becton Property Group         9.500%   06/30/10   AUD       0.21
Bemax Resources               9.375%   07/15/14   USD      37.63
Bemax Resources               9.375%   07/15/14   USD      37.63
Bounty Industries Ltd        10.000%   06/30/10   AUD       0.02
Capral Aluminum              10.000%   03/29/12   AUD      45.00
China Century                12.000%   09/30/10   AUD       0.88
CSR Finance Ltd               7.700%   07/21/25   USD      24.63
Djerriwarrh Inv               6.500%   09/30/09   AUD       3.96
FMG Finance                   9.750%   09/01/13   EUR      54.38
FMG Finance                   9.750%   09/01/13   EUR      54.38
FMG Finance                  10.000%   09/01/13   USD      56.00
FMG Finance                  10.000%   09/01/13   USD      56.00
FMG Finance                  10.625%   09/01/16   USD      65.00
FMG Finance                  10.625%   09/01/16   USD      65.00
GE Cap Australia              6.000%   03/15/19   AUD      69.49
Griffin Coal Min              9.500%   12/01/16   USD      35.50
Griffin Coal Min              9.500%   12/01/16   USD      35.50
Hanson Australia              5.250%   03/15/13   USD      40.25
Heemskirk Consol              8.000%   04/29/11   AUD       2.15
Insurance Austra              5.625%   12/21/26   GBP      72.97
Jpm Au Enf Nom 1              3.500%   06/30/10   USD       1.12
Macquarie Bank                5.500%   09/19/16   GBP      70.27
Macquarie Bank                6.500%   05/31/17   AUD      45.64
Metal Storm                  10.000%   09/01/09   AUD       0.82
Minerals Corp                10.500%   03/31/09   AUD       0.90
Myer Group Fin               10.194    03/15/13   AUD      62.00
Nylex Ltd.                   10.000%   12/08/09   AUD       0.95
Paladin Energy                4.500%   12/15/11   USD      69.29
Paladin Energy                5.000%   03/11/13   USD      61.37
Resolute Mining              12.000%   12/31/12   AUD       0.53
Rio Tinto Financ              7.125%   07/15/28   USD      73.16
Suncorp-Metway                6.500%   06/22/16   AUD      70.77
Suncorp Insuran               6.250%   06/13/27   AUD


   CHINA
   -----
China Govt Bond                 4.860%  08/10/14     CNY     0.00
Chinatrust Comm                 5.625%  03/29/49     CNY    57.50
Jiangxi Copper                  1.000%  09/22/16     CNY    72.47


   HONG KONG
   ---------
City Tele-Tender               8.750%  02/01/15     USD    64.17
Resparcs  Funding              8.000%  12/29/49     USD    20.50


   INDIA
   -----
Amtek Auto                     0.500%  06/03/10     USD    65.03
Bank of Baroda                 6.625%  05/25/22     USD    70.00
Canara Bank                    6.365%  11/28/21     USD    70.32
Gitanjali Gems                 1.000%  11/25/11     USD    69.00
Hindustan Cons                10.000%  10/25/09     INR    33.35
ICICI Bank Ltd                 6.375%  04/30/22     USD    58.25
ICICI Bank Ltd                 7.250%  08/29/49     USD    45.05
State BK India                 6.439%  02/28/49     USD    72.18
UTI Bank Ltd                   7.250%  05/16/13     USD    64.91


   INDONESIA
   ---------
Bank Lippo TB PT               7.375%  11/22/16     USD    63.75
Indonesia (Rep)                8.500%  10/12/35     USD    74.00
Indonesia (Rep)                6.625%  02/17/37     USD    64.50
Indonesia (Rep)                6.625%  02/17/37     USD    67.70
Indonesia (Rep)                7.750%  01/17/38     USD    71.49
Indonesia (Rep)                7.750%  01/17/38     USD    67.50


   JAPAN
   -----
Aiful Corp                     5.000%  08/10/10     USD    73.79
Aiful Corp                     5.000%  08/10/10     USD    73.79
Aiful Corp                     6.000%  08/10/10     USD    73.79
Aiful Corp                     6.000%  12/12/11     USD    59.65
Aozora Bank                    0.560%  06/12/12     JPY    74.78
Aozora Bank                    0.560%  06/27/12     JPY    74.50
Aozora Bank                    0.660%  07/12/12     JPY    74.51
Aozora Bank                    0.660%  07/27/12     JPY    74.23
Aozora Bank                    0.660%  08/12/12     JPY    73.97
Aozora Bank                    0.660%  08/27/12     JPY    73.66
Aozora Bank                    1.700%  08/27/12     JPY    74.57
Aozora Bank                    0.660%  09/12/12     JPY    73.37
Aozora Bank                    0.660%  09/27/12     JPY    73.09
Aozora Bank                    1.400%  09/27/12     JPY    73.14
Aozora Bank                    1.660%  10/12/12     JPY    72.82
Aozora Bank                    1.600%  10/26/12     JPY    73.24
Aozora Bank                    1.660%  10/27/12     JPY    72.57
Aozora Bank                    1.660%  11/12/12     JPY    72.26
Aozora Bank                    1.660%  11/27/12     JPY    71.99
Aozora Bank                    1.350%  11/27/12     JPY    71.93
Aozora Bank                    1.660%  12/12/12     JPY    71.72
Aozora Bank                    0.660%  12/27/12     JPY    71.45
Aozora Bank                    1.450%  12/27/12     JPY    71.72
Aozora Bank                    0.660%  01/12/13     JPY    71.18
Aozora Bank                    1.250%  01/25/13     JPY    70.59
Aozora Bank                    0.660%  01/27/13     JPY    70.94
Aozora Bank                    0.560%  02/12/13     JPY    70.29
Aozora Bank                    0.560%  02/27/13     JPY    70.02
Aozora Bank                    1.300%  02/27/13     JPY    70.22
Aozora Bank                    0.560%  03/12/13     JPY    69.81
Aozora Bank                    0.560%  03/27/13     JPY    69.55
Aozora Bank                    1.250%  03/27/13     JPY    69.57
Aozora Bank                    0.560%  04/12/13     JPY    69.27
Aozora Bank                    1.300%  04/26/13     JPY    69.21
Aozora Bank                    0.560%  04/27/13     JPY    69.04
Aozora Bank                    0.560%  05/12/13     JPY    68.80
Aozora Bank                    0.560%  05/27/13     JPY    68.51
Aozora Bank                    1.600%  05/27/13     JPY    69.69
Aozora Bank                    0.560%  06/12/13     JPY    68.24
Aozora Bank                    0.660%  12/27/12     JPY    71.45
Belluna Co Ltd                 1.100%  03/21/12     JPY    59.50
Chuo Mitsui Trst               5.506%  12/29/49     USD    59.88
CSK Corporation                0.250%  09/30/13     JPY    47.95
Ebara Corp                     1.700%  09/30/11     JPY    71.50
Ebara Corp                     1.300%  09/30/13     JPY    63.17
Hiroshima Bank                 1.720%  05/14/14     JPY    70.44
Hiroshima Bank                 1.890%  09/20/17     JPY    58.65
Hitachi Zosen                  1.500%  09/30/12     JPY    69.50
Kenedix Inc                    2.090%  11/09/10     JPY    57.73
Nichiei Co Ltd                 1.750%  03/31/14     JPY    62.00
Pacific Manageme               2.800%  03/16/11     JPY    20.05
Pacific Manageme               2.940%  03/15/12     JPY    20.04
Resona Bank                    4.125%  09/29/49     EUR    44.00
Resona Bank                    5.850%  09/29/49     USD    46.52
Resona Bank                    5.986%  08/29/49     EUR    63.67
Shinsei Bank                   1.350%  11/27/12     JPY    74.61
Shinsei Bank                   1.450%  12/27/12     JPY    74.45
Shinsei Bank                   1.250%  01/25/13     JPY    73.36
Shinsei Bank                   1.300%  02/27/13     JPY    74.14
Shinsei Bank                   1.250%  03/27/13     JPY    72.41
Shinsei Bank                   1.350%  04/26/13     JPY    73.42
Shinsei Bank                   1.600%  05/27/13     JPY    73.82
Shinsei Bank                   1.650%  06/27/13     JPY    73.55
Shinsei Bank                   1.700%  07/26/13     JPY    73.33
Shinsei Bank                   1.600%  08/27/13     JPY    72.52
Shinsei Bank                   1.700%  09/27/13     JPY    72.46
Shinsei Bank                   1.960%  03/25/15     JPY    64.75
Shinsei Bank                   2.010%  10/30/15     JPY    64.70
Shinsei Bank                   3.750%  02/23/16     JPY    34.00
Shinsei Bank                   5.625%  12/29/49     JPY    25.00
Softbank Corp                  7.750%  10/15/13     EUR    69.98
Sumitomo Mitsui                4.375%  07/29/49     EUR    56.50
Sumitomo Mitsui                5.625%  07/29/49     EUR    71.12


   KOREA
   -----
GS Caltex Corp                 5.500%  10/15/15     USD    69.89
GS Caltex Corp                 5.500%  10/15/15     USD    71.55
GS Caltex Corp                 6.000%  08/08/16     USD    67.66
GS Caltex Corp                 5.500%  04/24/17     USD    64.05
GS Caltex Corp                 5.500%  04/24/17     USD    63.41
Hana Bank                      5.375%  04/12/17     USD    70.88
Hynix Semi Inc.                4.500%  12/14/12     USD    61.44
Hynix Semi Inc.                7.875%  06/27/17     KRW    38.50
Hynix Semi Inc.                7.857%  06/27/17     USD    38.54
Korea Dev Bank                 7.350%  10/27/21     KRW    53.79
Korea Dev Bank                 7.400%  10/27/21     KRW    53.79
Korea Dev Bank                 7.450%  10/31/21     KRW    53.67
Korea Dev Bank                 7.400%  11/02/21     KRW    53.74
Korea Dev Bank                 7.310%  11/08/21     KRW    53.69
Korea Elec Pwr                 6.000%  12/01/26     USD    70.45
LG-Caltex Oil                  5.500%  08/25/14     USD    73.02
Rep of Korea                   4.250%  12/07/21     EUR    72.79
Shinhan Bank                   5.663%  03/02/35     USD    50.10
Shinhan Bank                   6.819%  09/20/36     USD    53.98


   MALAYSIA
   --------
Advance Synergy Berhad         2.000%  01/26/18     MYR     0.04
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     0.92
AMBB Capital                   6.770%  01/29/49     USD    61.53
Berjaya Land Bhd               5.000%  12/30/09     MYR     3.20
Cagamas Berhad                 3.640%  05/05/09     MYR     4.01
Crescendo Corp B               3.750%  01/11/16     MYR     1.10
Eastern & Orient               8.000%  07/25/11     MYR     0.60
Huat Lai Resources             5.000%  03/28/10     MYR     0.20
Insas Berhad                   8.000%  04/19/09     MYR     0.26
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.15
Kretam Holdings                1.000%  08/10/10     MYR     0.96
Kumpulan Jetson                5.000%  11/27/12     MYR     0.41
LBS Bina Group                 4.000%  12/31/09     MYR     0.60
Mithril Bhd                    8.000%  04/05/09     MYR     0.10
Mithril Bhd                    3.000%  04/05/12     MYR     0.66
Nam Fatt Corp                  2.000%  06/24/11     MYR     0.18
Puncak Niaga Holdings Bhd      2.500%  11/18/16     MYR     0.72
Rubberex Corporation Berhad    4.000%  08/14/12     MYR     0.73
Silver Bird Grp                1.000%  02/15/09     MYR     0.31


   NEW ZEALAND
   -----------
Allied Farmers                 9.600%  11/15/11     NZD    30.97
Allied Nationwid              11.520%  12/29/49     NZD    50.00
BBI Ntwrks NZ Ltd              8.000%  11/30/12     NZD    45.26
Blue Star Print                9.100%  09/15/12     NZD    43.74
Cadmus Devt. Ltd               9.900%  01/15/10     NZD    63.82
Fidelity Capital               9.250%  07/15/13     NZD    19.25
Fletch Build Fin               9.000%  03/15/10     NZD    44.81
Fletcher Bui                   8.900%  03/15/13     NZD    15.23
Fletch Build Fin               8.900%  03/15/13     NZD    11.46
Generator Bonds                8.200%  09/17/11     NZD    25.30
Goodman Finance                9.950%  11/15/11     NZD    18.65
Hellaby Holdings               8.500%  06/15/11     NZD    33.57
Infratil Ltd                   8.250%  05/15/11     NZD    20.51
Infrastr & Util                8.500%  11/15/11     NZD    18.81
Infratil Ltd                   8.500%  02/15/20     NZD     9.61
Infratil Ltd                  10.180%  12/29/49     NZD    52.00
Marac Finance                 10.500%  07/15/13     NZD     0.11
Nuplex Industrie               9.300%  09/15/12     NZD    12.72
NZ Finance Hldgs               9.750%  03/15/11     NZD    35.02
Pins Securities                9.250%  01/31/14     NZD    26.25
PGG Wrightson                  8.250%  10/08/10     NZD    27.86
Powerco Limited                7.640   04/15/10     NZD    39.72
Powerco Limited                6.220%  03/29/11     NZD    20.64
Powerco Limited                6.590%  09/28/12     NZD    12.63
Powerco Limited                6.390%  03/29/13     NZD     9.50
Powerco Limited                6.740%  09/28/17     NZD     7.28
PPCS Ltd                      11.500%  12/15/10     NZD    32.24
Skycity Entert                 8.000%  05/15/10     NZD    36.07
South Canterbury              10.430%  12/15/12     NZD     0.11
St Laurence Prop               9.250%  07/15/10     NZD    41.11
St Laurence Prop               9.250%  05/15/11     NZD    30.29


   PHILIPPINES
   -----------
Rizal Comm Bank                9.875%  10/31/49     USD    75.00


   SINGAPORE
   ---------
Avago Tech Fin                11.875%  12/01/15     USD    74.37
Capitaland Ltd.                2.100%  11/15/16     SGD    72.45
Capitaland Ltd.                3.500%  07/17/17     SGD    69.55
Capitaland Ltd.                3.125%  03/05/18     SGD    70.65
Capitaland Ltd.                2.950%  06/20/22     SGD    58.17
Chartered Semico               6.250%  04/04/13     USD    74.09
Chartered Semico               6.375%  08/03/15     USD    66.13
Ciliandra P Fin               10.750%  12/08/11     USD    64.87
Empire Cap Res                 9.375   12/15/11     USD    67.00
Olam International Limited     1.000%  07/03/13     USD    69.14


   SRI LANKA
   ---------
Sri Lanka Govt                6.850%  04/15/12     LKR     73.85
Sri Lanka Govt                6.850%  10/15/12     LKR     71.12
Sri Lanka Govt                8.500%  01/15/13     LKR     74.43
Sri Lanka Govt                8.500%  07/15/13     LKR     72.69
Sri Lanka Govt                7.500%  08/01/13     LKR     69.51
Sri Lanka Govt                7.500%  11/01/13     LKR     68.61
Sri Lanka Govt                8.500%  02/01/18     LKR     64.22
Sri Lanka Govt                8.500%  07/15/18     LKR     63.46
Sri Lanka Govt                7.500%  08/15/18     LKR     58.64
Sri Lanka Govt                7.000%  10/01/23     LKR     52.42


  THAILAND
  --------
Advance Agro Pub             11.000%  12/19/12     USD     49.87
G Steel                      10.500%  10/04/10     USD     39.97
Italian-Thai Dey              4.500%  06/10/13     USD     47.86
PTT PCL                       5.875%  08/03/35     USD     70.92



                         *********

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

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

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


                            *********

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

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

Copyright 2009.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.





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