TCRAP_Public/090213.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Friday, February 13, 2009, Vol. 12, No. 31

                            Headlines

A U S T R A L I A

A.C.N 105 040 962: Placed Under Voluntary Wind-Up
A.C.N. 091 353 052: Placed Under Voluntary Wind-Up
ADVANCED CONSTRUCTION: Members and Creditors Hear Wind-Up Report
BAKER CAMPBELL: Commences Wind-Up Proceedings
BFO ARENA: Commences Wind-Up Proceedings

CN CLEANING: Placed Under Voluntary Wind-Up
CONTROLMATIC PTY: Commences Wind-Up Proceedings
FINISHING TOUCH: Placed Under Voluntary Wind-Up
GREAT WESTERN: Commences Wind-Up Proceedings
HAMILTON DELIUS: Members and Creditors Hear Wind-Up Report

JAMES NICOL ET AL: Placed Under Voluntary Wind-Up
JENAND NOMINEES: Commences Wind-Up Proceedings
JOSEN PTY: Commences Wind-Up Proceedings
LACUNA NOMINEES ET AL: Members Receive Wind-Up Report
NYLEX LTD: Placed in Receivership

PARAMOUNT PROPERTY: Commences Liquidation Proceedings
SOVEREIGN1 PTY: Declares First and Final Dividend
TIK SERVICES: Placed Under Voluntary Liquidation
UNIBULK PTY: Commences Wind-Up Proceedings
UNIVERISAL DEVELOPMENT: Declares First and Final Dividend

V & A DRILLING: Placed Under Voluntary Wind-Up


B A H R A I N

BAHRAIN ISLAMIC: Moody's Assigns 'D+' Financial Strength Rating


H O N G  K O N G

CENTURY MUTUAL: Inability to Pay Debts Prompts Liquidation
MAINSTAR ELECTRICAL: Creditors' Proofs of Debt Due on March 2
MORIRIN (ASIA): Members and Creditors to Meet on March 6
REDIFFUSION ENGINEERING: Creditors' Proofs of Debt Due on March 6
SCHLUMBERGER TELCO: Seng and Lo Step Down as Liquidators

SMARTER DRAGON: Creditors' Proofs of Debt Due on February 27
TAK LEE: Commences Wind-Up Proceedings
U-RIGHT GARMENTS: Placed Under Voluntary Liquidation
WAN YIP: Creditors' Meeting Set for March 7
WEALTHY BEST: Creditors' Proofs of Debt Due on March 9


I N D I A

BRIJSONS HOTEL: CRISIL Puts 'BB-' Ratings on Various Bank Loans
CENTURY ALUMINIUM: CRISIL Rates Rs.250.00 Mln. Cash Credit at 'BB'
CENTURY EXTRUSIONS: CRISIL Rates Rs.150.00MM Term Loan at 'BB+'
DADRA NAGAR: CRISIL Assigns 'B-' Rating on Rs.64.8 Mln. Term Loan
DIVYA JYOTI: CARE Places 'CARE BB' Rating on Long-term Bank Loans

GB LOGS: Weak Financial Risk Profile Cues CRISIL 'B+' Rating
SS FABRICATORS: CRISIL Rates Rs.9.0 Mln. Term Loan at 'BB'
SUZUKI TEXTILES: CARE Assigns 'CARE BB+' on Rs.46.05 cr Term Loan
TODAYS PETROTECH: CRISIL Assigns 'BB' Rating on Rs.230MM Term Loan
TODAYS WRITING: CRISIL Rates Rs.765MM Cash Credit Facility at 'BB'


J A P A N

EAST STREET: Moody's Downgrades Ratings on Four Classes of Notes
EXPOLAND: Opts to Liquidate Business
GODO KAISHA: Moody's Downgrades Ratings on Mercury01 Transactions


K O R E A

SSANGYONG MOTOR: Suppliers Seek Emergency Funding


N E W  Z E A L A N D

AVR NZ: Commences Liquidation Proceedings
BEGRA DEVELOPMENTS: Creditors' Proofs of Debt Due on February 15
BLACK & BLONDE: Appoints Meltzer and Mason as Liquidators
EMPIRE STATE: Commences Liquidation Proceedings
FAMILY THE: Appoints Horton as Liquidator

JPK BUILDERS: Appoints Meltzer and Mason as Liquidators
MARTON CLUB: Appoints McKenzie and Carey as Liquidators
OPI PACIFIC: Placed Under Voluntary Liquidation
THE MOWER ET AL: Appoint Sheriff and Vance as Liquidators
WILLSON SCOTT: Court Hears Wind-Up Petition


P H I L I P P I N E S

PRYCE PLANS: Near Collapse; Pays Planholders With Medicines & Gas
* PHILIPPINES: Dec. 2008 Exports Fell by 40.4%, NSO Says


S R I  L A N K A

HIDEKI FINANCE: Final Claims Due February 28


U N I T E D  A R A B  E M I R A T E S

TAMWEEL PJSC: Fitch Downgrades Individual Rating to 'E' from 'C/D'


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                         - - - - -


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

A.C.N 105 040 962: Placed Under Voluntary Wind-Up
-------------------------------------------------
The creditors of A.C.N 105 040 962 Pty Ltd met on October 30,
2008, and resolved that the company be wound up voluntarily.

The company's liquidator is:

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


A.C.N. 091 353 052: Placed Under Voluntary Wind-Up
--------------------------------------------------
The members of A.C.N. 091 353 052 Pty Ltd met on October 28, 2008,
and resolved that the company be wound up voluntarily.

The company's liquidators are:

         Andrew Cummins
         Brian Silvia
         Ferrier Green Krejci Silvia
         Chartered Accountants
         1 Castlereagh Street, Level 13
         Sydney NSW 2000


ADVANCED CONSTRUCTION: Members and Creditors Hear Wind-Up Report
----------------------------------------------------------------
The members and creditors of Advanced Construction Solutions
(Aust) Pty Ltd met on December 16, 2008, and received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Robert Elliott
         Hall Chadwick
         31 Market Street, Level 29
         Sydney NSW 2000


BAKER CAMPBELL: Commences Wind-Up Proceedings
---------------------------------------------
During a general meeting held on October 31. 2008, the members of
Baker Campbell Pty Limited resolved that the company be wound up
voluntarily.

The company's liquidators are:

         Peter Burton
         Brian Allen
         Burton Glenn Allen, Chartered Accountants
         57 Grosvenor Street, Level 2
         Neutral Bay
         New South Wales


BFO ARENA: Commences Wind-Up Proceedings
----------------------------------------
During a general meeting held on October 31, 2008, the members of
BFO Arena Pty Limited resolved that the company be wound up
voluntarily.

Only creditors who were able to file their proofs of debt by
Dec. 15, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

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


CN CLEANING: Placed Under Voluntary Wind-Up
-------------------------------------------
The members of CN Cleaning Pty Limited met on October 30, 2008,
and resolved that the company be wound up voluntarily.

The company's liquidator is:

         Trajan John Kukulovski
         Paladin Partners
         120 Sussex Street, Level 3
         Sydney NSW 2000
         Telephone: (02) 9290 5300
         Facsimile: (02) 9290 5399


CONTROLMATIC PTY: Commences Wind-Up Proceedings
-----------------------------------------------
At an extraordinary general meeting held on October 28, 2008, the
members of Controlmatic Pty Limited resolved that the company be
wound up voluntarily.

The company's liquidator is:

         Martin John Green
         Ferrier Green Krejci Silvia Chartered Accountants
         1 Castlereagh Street, Level 13
         Sydney NSW 2000


FINISHING TOUCH: Placed Under Voluntary Wind-Up
-----------------------------------------------
The members of Finishing Touch NSW Pty Limited met on Oct. 27,
2008, and resolved that the company be wound up voluntarily.

The company's liquidators are:

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


GREAT WESTERN: Commences Wind-Up Proceedings
--------------------------------------------
At an extraordinary general meeting held on October 22, 2008, the
members of Great Western Springs Pty Limited resolved that the
company be wound up voluntarily.

The company's liquidator is:

          Martin Green
          Ferrier Green Krejci Silvia
          Chartered Accountants
          1 Castlereagh Street, Level 13
          Sydney NSW 2000


HAMILTON DELIUS: Members and Creditors Hear Wind-Up Report
----------------------------------------------------------
The members and creditors of Hamilton Delius Pty Ltd met on
December 15, 2008, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Blair Pleash
         Hall Chadwick
         31 Market Street, Level 29
         Sydney NSW 2000


JAMES NICOL ET AL: Placed Under Voluntary Wind-Up
-------------------------------------------------
On October 31, 2008, the members resolved to voluntarily wind up
the operations of:

   -- James Nicol Motors Pty Ltd;
   -- Nicol Investments (NSW) Pty. Limited; and
   -- JMJ Nicol Investments Pty Ltd.

The company's liquidator is:

         Peter Charles Hicks
         Forsythes Chartered Accountants
         175 Scott Street, Level 5
         Newcastle


JENAND NOMINEES: Commences Wind-Up Proceedings
----------------------------------------------
During a general meeting held on October 31, 2008, the members of
Jenand Nominees Pty Limited resolved that the company be wound up
voluntarily.

Only creditors who were able to file their proofs of debt by
Dec. 15, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

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


JOSEN PTY: Commences Wind-Up Proceedings
----------------------------------------
At an extraordinary general meeting held on September 30, 2008,
the members of Josen Pty Limited resolved that the company be
wound up voluntarily.

The company's liquidator is:

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


LACUNA NOMINEES ET AL: Members Receive Wind-Up Report
-----------------------------------------------------
On December 12, 2008, John Gibbons presented the companies' wind-
up report and property disposal to the members of:

   -- Lacuna Nominees Pty Limited;
   -- Meall Pty Limited;
   -- Coldava Limited;
   -- MXMM Deposits;
   -- Rugarno Pty Limited;
   -- Santorini One Pty Limited;
   -- MXMM Funds Management;
   -- MXMM Capital Markets;
   -- Mendlesham Corporation Pty Limited;
   -- Cenford Pty Limited; and
   -- MXMM Portfolio Services.

The Liquidator can be reached at:

         John Gibbons
         Ernst & Young
         680 George Street, Level 37
         Sydney NSW 2000
         Telephone: (02) 9248 5555


NYLEX LTD: Placed in Receivership
---------------------------------
Nylex Limited has appointed George Georges and John Lindholm of
Ferrier Hogson as voluntary administrators.

The company's secured creditors, Australia and New Zealand Banking
Group Limited (ANZ Bank) and Westpac Banking Corporation, also
appointed Colin Nicol, Johan Vorster and Sam Davies of McGrath
Nicol as receivers and managers of the assets of the Nylex Limited
group -- excluding Nylex Properties Pty Ltd and Champion
Environmental Technologies Pty Ltd.

In a statement to the Australian Securities Exchange, Nylex said
recent efforts by the board of Nylex to negotiate and secure a
renewal of its bank lending facilities and the injection of
additional capital have been unsuccessful.

The receivers said their appointment occurred after the directors
of Nylex decided to place Nylex into voluntary administration.
Control of the business and assets of Nylex now rests with the
receivers.

"Our objective is to work constructively with Nylex's stakeholders
to stabilize the group and make a factual assessment of the
various Nylex business units' financial position and prospects,"
Mr. Nicol said in a statement.

"The Nylex group businesses will continue trading and we will be
liaising with employees and unions, customers and suppliers
urgently to ensure minimal disruption to operations.  We will also
meet with the relevant government agencies," Mr. Vorster said.

"Nylex has iconic Australian brands and we believe there is
significant value in the Nylex group that we aim to realize via a
restructuring and business sales process," Mr. Nicol added.

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 afew 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 three
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.


PARAMOUNT PROPERTY: Commences Liquidation Proceedings
-----------------------------------------------------
On October 22, 2008, the members of Paramount Property
Improvements Pty Ltd resolved to voluntarily liquidate the
company's business.

The company's liquidator is:

         Danny Vrkic
         Jirsch Sutherland & Co - Wollongong
         PO Box 573
         Wollongong NSW 2500
         Telephone: (02) 4225 2545
         Facsimile: (02) 4225 2546


SOVEREIGN1 PTY: Declares First and Final Dividend
-------------------------------------------------
Sovereign1 Pty Limited declared the first and final dividend on
December 2, 2008.

Only creditors who were able to file their proofs of debt by that
day were included in the company's dividend distribution.


TIK SERVICES: Placed Under Voluntary Liquidation
------------------------------------------------
The members of TIK Services Pty Limited met on October 30, 2008,
and resolved that the company be placed into liquidation.

The company's liquidators are:

        Ozem Kassem
        Bruno A Secatore
        Cor Cordis Chartered Accountants
        76-80 Clarence Street, Level 10
        Sydney NSW 2000
        Telephone: (02) 8221 8433
        Facsimile: (02) 8221 8422


UNIBULK PTY: Commences Wind-Up Proceedings
------------------------------------------
During a general meeting held on October 31, 2008, the members of
Unibulk Pty Limited resolved that the company be wound up
voluntarily.

Only creditors who were able to file their proofs of debt by
Dec. 15, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

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


UNIVERISAL DEVELOPMENT: Declares First and Final Dividend
---------------------------------------------------------
Univerisal Development & Construction Pty Limited declared the
first and final dividend for its priority unsecured creditors on
December 18, 2008.

Only creditors who were able to file their proofs of debt by
Dec. 2, 2008, were included in the company's dividend
distribution.


V & A DRILLING: Placed Under Voluntary Wind-Up
----------------------------------------------
The members of V & A Drilling Pty Limited met on November 3, 2008,
and resolved that the company be wound up voluntarily.

The company's liquidator is:

         Mitchell Ball
         Paladin Partners
         120 Sussex Street, Level 3
         Sydney NSW 2000
         Telephone: (02) 9290 5300
         Facsimile: (02) 9290 5399



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

BAHRAIN ISLAMIC: Moody's Assigns 'D+' Financial Strength Rating
---------------------------------------------------------------
Moody's Investors Service has assigned Baa1 long-term and Prime-2
short-term local and foreign currency issuer ratings and a D+ bank
financial strength rating to Bahrain Islamic Bank B.S.C.  The
rating outlook is stable.  This is the first time Moody's has
assigned ratings to an Islamic bank in the Kingdom of Bahrain.

"Moody's ratings for BisB recognize the rapid catch-up process the
bank underwent from 2004 to 2007, recording a high compounded
annual growth rate in assets of 37%.  BisB had previously
leveraged its strong brand and sound reputation to only a limited
degree, but during the last two years it implemented major
organizational changes and a committed hiring programme that
resulted in senior, experienced officers joining the bank in
recent years," explained Anouar Hassoune, lead analyst at Moody's
for BisB.

In 2005, Kuwait-based The Investment Dar acquired 40% of the
bank's shares.  Given the current uncertainty with regard to
whether TID will remain BisB's reference shareholder, Moody's
ratings for the bank do not factor any support from its Kuwaiti
parent.

Moody's notes that, more recently, BisB has positioned itself with
a new brand identity and unveiled its new logo, while
simultaneously increasing its capital through a rights issue to
existing shareholders, which brought BD84.9 million (US$222
million) of fresh capital.  By year-end 2007, BisB's equity base
had more than doubled from end-2006.

The D+ BFSR -- which maps to a baseline credit assessment of Ba1
under Moody's Joint Default Analysis methodology -- reflects
BisB's growing franchise as Bahrain's leading Islamic commercial
bank, strong financial metrics across the board, good asset
quality, strong capitalization and ample liquidity.  The rating
is, however, constrained by single-name, sector, business and
geographic concentration risks, rapid credit growth in the recent
past and the foreseeable future, some degree of investment risks,
as well as a still imbalanced funding continuum heavily reliant on
short-term customer deposits, which gives rise to both maturity
mismatches and displaced commercial risks.

The BFSR is also constrained by the bank's very recent turnaround
as a more dynamic institution, its small absolute size, and its
lack of diversification, which should be viewed in the context of
the still developing nature of the bank's enterprise risk
management architecture.  "The D+ BFSR also captures the
restrictions that Islamic banks face in managing their liquidity,
growing competition in the domestic, regional and international
Shari'ah-compliant banking markets, as well as the reputation
risks to which Islamic banks tend to be subject.  Nonetheless,
Moody's recognizes that BisB has demonstrated its capacity to
weather the current financial stress, especially by maintaining
ample asset liquidity cushions," Mr Hassoune said.

Going forward, Moody's expects that BisB's net intermediation
spreads, which remain very high, will continue to decline as the
bank expands its credit leverage (which is low at this stage) and
gradually replaces direct investments with lending exposures.
However, profitability (which reached stellar levels in recent
years) is unlikely to suffer from such a shift in asset
composition, given that its still robust credit growth (i.e. its
evident race for volumes) and increased entrenchment in the
lucrative retail segment should support its future earning
streams, in Moody's view.  The rating agency also expects that
BisB's currently strong efficiency and limited provisioning
charges will continue to contribute to high net operating income.
Capital ratios will likely decline with the planned growth in risk
assets, but not to a degree that would exert pressure on the
ratings.  Asset growth is expected to slow somewhat given the
current difficult market conditions locally, regionally and
internationally.

Moody's assesses the probability of systemic support for BisB from
the authorities in the Kingdom of Bahrain in case of need as very
high, given the bank's status as one of Bahrain's flagship
Shari'ah-compliant financial institutions, as well as its
importance as a fast-growing domestic retail deposit-taker.
Therefore, the bank's local and foreign currency issuer ratings
are Baa1/Prime-2 -- which represents an uplift of three notches
from its baseline credit assessment of Ba1, itself a measure of
BisB's standalone financial strength derived from the BFSR.
The outlook on all of BisB's ratings is currently stable.  An
upgrade of the bank's BFSR and/or issuer rating is possible in the
event of significant asset and business expansion that leads to
further operating diversification, improvements in the granularity
of the financing and investment portfolios, and a further
strengthening of the bank's franchise.  The BFSR and/or issuer
rating might also be raised if the mix of funding sources gave
more space to term financing as an alternative to the bank's
binary approach between capital and customer deposits, and/or if
the institution's risk monitoring infrastructure were further
enhanced.  Moody's believes that the bank's current BFSR and
issuer rating carry some upside potential in the medium term.

Conversely, the BFSR and/or issuer rating could be lowered in the
event of deteriorating profitability, decline in asset quality,
and/or a sudden and sharp tightening of the bank's liquidity
profile or capitalization resulting from a growth pace far
exceeding expectations and plans.  Downward rating pressure would
also arise if reputation or displaced commercial risks
materialised.  Such scenarios appear unlikely in the medium term.
Bahrain Islamic Bank is headquartered in Manama, Bahrain, and
reported total assets of BD874 million (USD2.3 billion) at 31
December 2008.



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

CENTURY MUTUAL: Inability to Pay Debts Prompts Liquidation
----------------------------------------------------------
At an extraordinary general meeting held on January 8, 2009, the
members of Century Mutual Limited resolved to voluntarily
liquidate the company's business, due to its inability to pay
debts when it fall due.

The company's liquidator is:

          Simon Blade
          China Merchants Tower, 12th Floor
          Shun Tak Centre
          168-200 Connaught Road
          Central, Hong Kong


MAINSTAR ELECTRICAL: Creditors' Proofs of Debt Due on March 2
-------------------------------------------------------------
The creditors of Mainstar Electrical Company Limited are required
to file their proofs of debt by March 2, 2009, to be included in
the company's dividend distribution.

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

The company's liquidators are:

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


MORIRIN (ASIA): Members and Creditors to Meet on March 6
--------------------------------------------------------
The members and creditors of Moririn (Asia) Company Limited will
meet on March 6, 2009, at 11:00 a.m. and 11:30 a.m., respectively,
at Suite 2408, Tower 1 of Lippo Centre, in 89 Queensway,
Hong Kong.

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


REDIFFUSION ENGINEERING: Creditors' Proofs of Debt Due on March 6
-----------------------------------------------------------------
The creditors of Rediffusion Engineering Limited are required to
file their proofs of debt by March 6, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Jan. 30, 2009.

The company's liquidator is:

        Kevin Chung Ying Hui
        Ocean Centre, 16th Floor
        Harbour City, Canton Road
        Kowloon, Hong Kong


SCHLUMBERGER TELCO: Seng and Lo Step Down as Liquidators
--------------------------------------------------------
On January 24, 2009, Natalia K M Seng and Susan Y H Lo stepped
down as liquidators of Schlumberger Telco Business Continuity
Services Limited.


SMARTER DRAGON: Creditors' Proofs of Debt Due on February 27
------------------------------------------------------------
The creditors of Smarter Dragon 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 January 23, 2009.

The company's liquidators are:

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


TAK LEE: Commences Wind-Up Proceedings
--------------------------------------
At an extraordinary general meeting held on February 22, 2009, the
members of Tak Lee Rubber & Metal Manufacturing Limited resolved
to voluntarily wind up the company's operations.

The company's liquidators are:

         Lui Wan Ho
         To Chi Man
         Olympia Plaza, Room 1701
         255 King's Road, North Point
         Hong Kong


U-RIGHT GARMENTS: Placed Under Voluntary Liquidation
----------------------------------------------------
At an extraordinary general meeting held on January 21, 2009, the
members of U-Right Garments Limited resolved to voluntarily
liquidate the company's business, due to its inability to pay
debts when it fall due.

The company's liquidators are:

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


WAN YIP: Creditors' Meeting Set for March 7
-------------------------------------------
The creditors of Wan Yip (HK) Trading Company Limited will meet on
March 7, 2009, at 11:30 a.m., at Flat E2, 2nd Floor of Mei Tak
Building, No. 33 Kwong Fuk Road, in Tai Po, N.T., Hong Kong.

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


WEALTHY BEST: Creditors' Proofs of Debt Due on March 9
------------------------------------------------------
The creditors of Wealthy Best Limited are required to file their
proofs of debt by March 9, 2009, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Jan. 30, 2009.

The company's liquidators are:

          Chan Chi Bor
          Li Fat Chung
          Malaysia Building, Unit 1202, 12th Floor
          No. 50 Gloucester Road
          Wanchai, Hong Kong



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

BRIJSONS HOTEL: CRISIL Puts 'BB-' Ratings on Various Bank Loans
---------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Negative' to the various
bank facilities of Brijsons Hotel Pvt Ltd (Brijsons).

   Rs.4.20 Million Cash Credit      BB-/Negative (Assigned)

   Rs.247.00 Million Term Loan      BB-/Negative (Assigned)

   Rs.8.80 Million Proposed Long    BB-/Negative (Assigned)
           Term Facility

The ratings reflect Brijsons' exposure to risks relating to
implementation of its expansion plans in Puri (Orissa), and to
cyclical trends inherent to the hospitality industry.  These
weaknesses are, however, partially offset by the benefits that
Brijsons derives from its association with Wyndham Worldwide.

Outlook: Negative

CRISIL believes that Brijsons being a new entrant in the hotel
industry, will be affected by the current slowdown in the
hospitality business.  The ratings may be revised downwards if
there is significant time overrun in the project, or if the
company contracts more debt than estimated.  Favourable industry
conditions and sustained occupancy rates at estimated levels, may
result in a revision in outlook to 'Stable'.

                       About Brijsons

Brijsons, promoted by the Rajiv group of companies, is expanding a
30-room hotel in Puri to a 169-room, 5-star category resort.  The
group currently operates electronic equipment, watch and furniture
showrooms.  Brijsons took over the hotel, Pearl Beach Resort,
promoted by Panchdeep Constructions Ltd in August 2007.  The hotel
is expected to become operational in 2009-10 (refers to financial
year April 1 to March 31).  Brijsons has a franchise agreement
with Wyndham Worldwide for its brand, Ramada.


CENTURY ALUMINIUM: CRISIL Rates Rs.250.00 Mln. Cash Credit at 'BB'
------------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Negative/P4' to the various
bank facilities of Century Aluminium Manufacturing Company Ltd
(CAMCL).

   Rs.250.00 Million Cash Credit*@      BB/Negative (Assigned)
   Rs.17.00 Million Stand by Line       BB/Negative (Assigned)
            of Credit*@

   Rs.13.00 Million Proposed Long       BB/Negative (Assigned)
            Term Facility

   Rs.10.00 Million Bank Guarantee      P4 (Assigned)

   Rs.250.00 Million Letter of Credit^  P4 (Assigned)

   *Includes Rs.800 lakhs interchangeable from Fund based limit
    to FCNRB, Rs.1300 lakhs interchangeable from Fund based to
    non fund based limit & Buyer's credit, and a sub limit for
    bill discounting of Rs.1200 lakhs from Cash Credit Limits.

   @Includes a Sub Limit for Post Shipment Export Credit and
    Sub Limit for Pre Shipment Export Credit of Rs.125 lakhs
    each, and a sub limit for bill discounting of Rs.440 lakhs
    from Cash Credit Limits.

   ^Includes Rs.2200 lakhs interchangeable from LC to BG,
    and Rs.1200 lakhs interchangeable from LC to Buyer's
    Credit.

The ratings reflect CAMCL's exposure to risks relating to pressure
on operating margins due to reducing aluminium prices,
concentration on automobile industry for revenues, and expected
slowdown in the aluminium industry over the near term.  These
weaknesses are, however, partially offset by the benefits that
CAMCL derives from its established market position.

For arriving at the ratings, CRISIL has combined the financials of
CAMCL and its wholly-owned subsidiary, CAMCO Multi Metal Limited
(CMML).  Both CAMCL and CMML are in same line of business, and
have considerable operational linkages and a common management
team.

Outlook: Negative

CRISIL believes that CAMCL's business risk profile will remain
constrained over the short term due to reducing aluminium prices
and slowdown in demand, resulting in negative sales growth.  The
outlook may be revised to 'Stable' if CAMCL's operating margins
improve substantially.  Conversely, the rating may be downgraded
upon significant deterioration in operating margins and gearing,
or increase in exposures to group companies.

                    About CAMCL

CAMCL, set up in 1974 by Mr. M P Jhunjhunwala, manufactures
aluminium alloy ingots and de-oxidants.  It has manufacturing
facilities for aluminium and zinc alloy ingots at Sodepur (West
Bengal) and for aluminium and zinc alloy ingots and pressure die
cast components at Faridabad.  For 2007-08 (refers to financial
year, April 1 to March 31), CAMCL reported a profit after tax
(PAT) of Rs.31 million on net sales of Rs.2576 million, as against
a PAT of Rs.56 million on net sales of Rs.3069 million for
2006-07.


CENTURY EXTRUSIONS: CRISIL Rates Rs.150.00MM Term Loan at 'BB+'
---------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Negative/P4' to the
various bank facilities of Century Extrusions Ltd (CEL).

  Rs.150.00 Million Term Loan         BB+/Negative (Assigned)
  Rs.94.00 Million Letter of Credit   P4 (Assigned)
  Rs.18.00 Million Bank Guarantee     P4 (Assigned)

The ratings reflect CEL's exposure to risks relating to
volatilities in raw material prices, due to its limited pricing
power and fragmented nature of the industry, and to capacity
expansion coinciding with the ongoing slowdown in the aluminium
industry.  These weaknesses are, however, partially offset by
CEL's diversified customer profile, which imparts stability to its
revenues.

Outlook: Negative

CRISIL believes that CEL's business risk profile will remain
constrained on account of declining aluminium prices resulting in
negative sales growth over the near term.  The outlook may be
revised to 'Stable' upon substantial improvement in operating
margins and successful stabilisation of expanded capacities.
Conversely, the rating may be downgraded upon significant
deterioration in operating margins and gearing, and increase in
exposure to group companies.

                    About Century Extrusions

Incorporated in 1988, CEL is promoted by Mr. Madhab Prasad
Jhunjhunwala. Prior to setting up his own company, he had a
decade-long exposure in trading of aluminum products and in
manufacture of zinc and aluminium-based alloys.  CEL manufactures
aluminium-extruded products which find application in
construction, automobile, electronic and electronic equipment
industries.  It has two extrusion lines with capacities of 1620
tonnes per annum (tpa) and 1250 tpa, respectively.  It is
expanding its capacity by 7500 tpa at a cost of Rs.360 million;
the fresh capacities are expected to begin production by June
2009.  For 2007-08 (refers to financial year, April 1 to March
31), CEL reported a profit after tax (PAT) of Rs.29 million on net
sales of Rs.1015 million, as against a PAT of Rs.22 million on net
sales of Rs.1026 million for 2006-07.


DADRA NAGAR: CRISIL Assigns 'B-' Rating on Rs.64.8 Mln. Term Loan
-----------------------------------------------------------------
CRISIL has assigned its rating of 'B-/Negative' to the bank
facilities of Dadra Nagar Haveli Sahakari Khand Udyog Mandali Ltd
(DNHSKU).

   Rs.64.8 Million Term Loan       B-/Negative (Assigned)
   Rs.55.0 Million Cash Credit     B-/Negative (Assigned)

The rating reflects DNHSKU's exposure to risks relating to
commissioning and stabilisation of operations at its proposed
sugar plant at Surangi, Silvassa, and the high degree of
Government of India (GoI) regulation in the sugar industry.  These
weaknesses are mitigated by the fact that funding for the ongoing
project has been tied up.

Outlook: Negative

The outlook reflects CRISIL's expectation that time overruns in
the commissioning of the sugar plant may constrain DNHSKU's debt
servicing ability.  The rating may be downgraded if DNHSKU is not
able tie up additional funding to meet its interest obligations
commencing in April 2009.  Conversely, the outlook may be revised
to 'Stable' if DNHSKU commences and stabilises operations as
scheduled, and meets its debt servicing obligations on time.

                     About the Society
DNHSKU is a multi-state cooperative society, registered in 1989.
It is setting up a 1250 tonnes crushed per day sugar plant at
Silvassa, Dadra and Nagar Haveli.  The administration of Dadra and
Nagar Haveli contributed a sizeable portion of the equity and
holds a share of around 86 per cent in the society.  The members
of the society comprise farmers in the region, who have
contributed the remaining equity, and are expected to supply cane
to the plant once it becomes operational.  The total cost of the
project is estimated at Rs.259.2 million.  The project is expected
to commence trials by February 2009 and commercial production by
October 2009.


DIVYA JYOTI: CARE Places 'CARE BB' Rating on Long-term Bank Loans
-----------------------------------------------------------------
Credit Analysis & Research Ltd. (CARE) assigned 'CARE BB' (Double
B) rating to the long-term bank loans / facilities and 'PR4' (PR
Four) rating to the short-term bank loans / facilities of Divya
Jyoti Industries Ltd. (DJIL) for an aggregate amount of Rs.33.89
crore, including term loan of Rs.2.50 crore, sanctioned fund-based
working-capital limit of Rs.18.65 crore, warehouse receipt finance
of Rs. 10.00 crore and non-fund based limit of Rs.2.74 crore.

Facilities with BB rating are considered to offer inadequate
safety for timely servicing of debt obligations. Such facilities
carry high credit risk. Facilities with PR4 rating would
have inadequate capacity for timely payment of short-term debt
obligations and carry very high credit risk. Such facilities are
susceptible to default. CARE assigns '+' or '-' signs to be shown
after the assigned rating (wherever necessary) to indicate the
relative position within the band covered by the rating symbol.

The ratings take into account its proximity to soyabean growing
region, its long standing track record and relatively better level
of capacity utilisation. The ratings are, however, constrained by
its low level of margins and moderate debt to gross cash accrual
due to working-capital intensive nature of the industry in a high
interest rate scenario, small size of operations compared to some
of the bigger players in the industry and presence in the highly
volatile agro-commodity business.

                          About DJIL

Incorporated on May 8, 1992, came out with an IPO during October
1993 and started commercial operations from March 1995.
Mr. Rangnath Nyati, presently Chairman, had acquired control over
the company in 1996.  DJIL is an established processor, engaged in
crushing and processing of soyabean for extraction of soya oil and
De Oiled Cake. It has solvent extraction plant at Pithampur,
Madhya Pradesh with an installed capacity of 650 TPD for soyabean
crushing and extraction of crude oil.

For FY08, DJIL reported a profit after tax (PAT) of Rs.0.33 crore
on total income of Rs.188.16 crore as against a PAT of Rs.0.16
crore on total income of Rs.171.52 crore for FY07. During H1FY09,
DJIL reported profit before tax of Rs.0.22 crore on total income
of Rs.142.22 crore.


GB LOGS: Weak Financial Risk Profile Cues CRISIL 'B+' Rating
------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable/P4' to the various
bank facilities of GB Logs and Timber Pvt Ltd (GB Logs).

   Rs.30 Million Cash Credit Limit    B+/Stable (Assigned)
   Rs.140 Million Letter of Credit    P4 (Assigned)

The ratings reflect GB Logs' weak financial risk profile, and
exposure to risks relating to high dependence on Malaysia for
timber.  These weaknesses are, however, partially offset by the
benefits that GB Logs derives from its promoters' expertise in the
procurement of timber.

CRISIL has combined the business and financial profiles of GB
Logs, MB Timber Pvt Ltd, and MB Enterprises. This is in view of
the common management and line of business they share.

Outlook: Stable

CRISIL believes that GB Logs' financial risk profile and debt
protection indicators will remain weak over the medium term.  The
outlook may be revised to 'Positive' if the company's
profitability improves significantly, and if fresh infusions of
equity drive an increase in its net worth.  Conversely, large,
debt-funded capital expenditure, or a decline in profitability may
lead to a revision in outlook to 'Negative'.

                     About GB Logs

Incorporated in August 2007, GB Logs is promoted by Mr. Ajay
Gupta.  The company sources around 70 per cent of its timber
requirements from Malaysia, and the remainder from Ghana, Nigeria,
Saudi Arabia and Burma.  It sells timber primarily in West Bengal,
Orissa, Bihar and Assam.  For 2007-08 (refers to financial year,
April 1 to March 31), GB Logs reported a profit after tax (PAT) of
Rs 4.32 million on net sales of Rs.1271.7 million, as against a
PAT of Rs.2.37 million on net sales of Rs.868.1 million for
2006-07.


SS FABRICATORS: CRISIL Rates Rs.9.0 Mln. Term Loan at 'BB'
----------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the various
bank facilities of SS Fabricators and Manufacturers (SS
Fabricators).

   Rs.9.0 Million Term Loan          BB/Stable (Assigned)
   Rs.25.0 Million Cash Credit       BB/Stable (Assigned)
   Rs.84.0 Million Bank Guarantee    P4 (Assigned)

The ratings reflect SS Fabricators' exposure to risks relating to
limited revenue and geographical diversification, low net worth
and modest scale of operations.  These weaknesses are, however,
partially offset by SS Fabricators' above-average financial risk
profile.

Outlook: Stable

CRISIL believes that SS Fabricators will maintain a stable credit
risk profile, backed by an above-average financial risk profile
and buoyant order book.  The outlook may be revised to 'Positive'
if the firm is able to diversify its revenue stream, while
maintaining an above-average financial risk profile. Conversely,
the outlook may be revised to 'Negative' if time and cost overruns
in the execution of projects lead to deterioration in financial
risk profile.

                       About SS Fabricators

SS Fabricators, set up as a partnership firm by the members of
Chokhani family in 1983, undertakes contracts in fabrication,
installation of gates at dams and barrages, and laying of
pipelines.  It also undertakes machine fabrication jobs for
private sector companies.  The business of the firm is centred in
and around Nagpur.  SS Fabricators reported a profit after tax
(PAT) of Rs.34.6 million on revenues of Rs.464.8 million for 2007-
08 (refers to financial year, April 1 to March 31), as against a
PAT of Rs.28.5 million on revenues of Rs.333.1 million for
2006-07.


SUZUKI TEXTILES: CARE Assigns 'CARE BB+' on Rs.46.05 cr Term Loan
-----------------------------------------------------------------
Credit Analysis & Research Ltd. (CARE) assigned 'CARE BB+' (Double
B Plus) rating to the outstanding term loan (as on Mar. 31, 2008)
of Rs.46.05 cr & sanctioned working capital limit of Rs.100 cr and
PR4 rating to the non fund based working capital facilities of Rs.
30.30 cr of Suzuki Textiles Ltd. (STL)

Facilities with BB rating are considered to offer inadequate
safety for timely servicing of debt obligations.  Such facilities
carry high credit risk.  Facilities with PR4 rating would have
inadequate capacity for timely payment of short-term debt
obligations and carry very high credit risk. Such facilities are
susceptible to default.  CARE assigns '+' or '-' signs to be shown
after the assigned rating (wherever necessary) to indicate the
relative position within the band covered by the rating symbol.

Rating takes into account established position of company as one
of the largest player in polyester-cotton fabric in India,
moderately integrated operations, strong dealer network, good
receivable management and track record of operations.  However,
rating is constrained by weak financial risk profile, low coverage
ratios, yet to establish strong brand in the market, stagnant
growth in terms of cash accrual for last three years, working
capital intensive operations, stiff competition in domestic low-
end fabric market and volatile raw material prices along with
adverse industry scenario.

                     About Suzuki Textiles

Bhilwara based, STL was incorporated during 1986 for manufacturing
synthetic fabric, cotton grey fabric, cotton yarn and ready made
garment.  Both the promoter Mr. R.P.Maheshwari and Mr. R.K.
Maheshwari has vast experience in managing the business.

For FY08, STL reported a profit after tax (PAT) of Rs.1.35 crore
on total income of Rs.312.72 crore as against a PAT of Rs.8.27
crore on total income of Rs.285 crore for FY07.  During H1FY09,
STL reported PAT of Rs.1.68 crore on total income of Rs.205.74
crore.  The company has met its repayment obligation as per
original schedule up to Dec.31, 2008 during this fiscal.


TODAYS PETROTECH: CRISIL Assigns 'BB' Rating on Rs.230MM Term Loan
------------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the bank
facilities of Todays Petrotech Ltd (TPL).

   Rs.230 Million Term Loan              BB/Stable (Assigned)
   Rs.50 Million Cash Credit Facility    BB/Stable (Assigned)
   Rs.15 Million Letter of Credit        P4 (Assigned)
   Rs.10 Million Bank Guarantee          P4 (Assigned)

The ratings reflect TPL's exposure to risks associated with
establishing and scaling up operations of the new business
venture; the company has entered into an alliance with ITT
Corporation (ITT, rated 'BBB+/Stable/A-2' by Standard & Poor's)
for contract manufacturing fluid pumps, and distributing ITT's
pumps, in India.  The rating also factors in TPL's below-average
financial risk profile, marked by a highly leveraged capital
structure.  These rating weaknesses are mitigated by TPL's
alliance with ITT, and with Wellco Oil for oilfield services. The
oilfield services business is expected to see strong demand in the
near future.

Outlook: Stable

CRISIL expects TPL to commission its manufacturing unit on
schedule, and also to benefit from its alliance with ITT. The
outlook could be revised to 'Positive' if TPL scales up its
operations ahead of expectations, ensuring steady operational cash
flows.  Conversely, the outlook could be revised to 'Negative' if
the company fails to stabilise its operations, resulting in low
revenue visibility.

                       About TPL

TPL, a subsidiary of Todays Writing Products Ltd (rated
'BB/Stable/P4' by CRISIL), was incorporated in 2006 to manufacture
pump components and oilfield equipment.  As part of its agreement
with ITT (the world leader in fluid handling solutions), TPL set
up two conjoined facilities in Vadodra in 2008, and leased the
facility for assembly, testing, and packing to ITT.  As part of
the arrangement, ITT will source the machined products from TPL on
a preferred basis, and TPL will distribute ITT's products in India
through a dedicated sales and service network for the next 10
years.  TPL has also firmed up plans for entering into oilfield
services, and has an alliance with Wellco Oil for the same.

For 2007-08 (refers to financial year, April 1 to March 31), TPL
reported a net loss of Rs.0.42 million on revenues of Rs.0.94
million.


TODAYS WRITING: CRISIL Rates Rs.765MM Cash Credit Facility at 'BB'
------------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the bank
facilities of Todays Writing Products Ltd (TWPL).

   Rs.765 Million Cash Credit Facility   BB/Stable (Assigned)

   Rs.105 Million Proposed Long Term     BB/Stable (Assigned)
                  Bank Facility

   Rs.80 Million Letter of Credit        P4 (Assigned)

   Rs.30 Million Bill Discounting        P4 (Assigned)

The ratings reflect the high degree of competition from the
unorganised sector in the low-end writing instruments and
stationery market; TWPL's increased exposure (through its
subsidiaries) to non-core businesses, which include machining for
hydrocarbon pumps, oilfield services, and real estate; and the
delays in repayment of letter of credit dues by the company in the
past.  These rating weaknesses are mitigated by TWPL's strong
market presence in the writing instruments and stationery market,
and moderate operating and financial risk profiles.

Outlook: Stable

CRISIL expects TWPL to maintain its moderate financial risk
profile on the back of its strong presence in the writing
instruments and stationery market, and successful rollout of its
new ventures.  The outlook could be revised to 'Positive' if TWPL
ensures financial discipline on a sustained basis.  Conversely,
the outlook could be revised to 'Negative' in case of loss in
market share in the writing instruments and stationery market, or
slower-than-expected growth in the new businesses.

                    About Todays Writing

Promoted by Mr. Rajesh Drolia in 1992, TWPL is among the top five
writing instruments companies in the country.  The company has an
installed production capacity of around two million pens per day
at Dadra and Nagar Haveli; it also has a strong distribution
channel comprising 57 super channel partners, 1500 distributors,
and around 500,000 retail outlets.  TWPL has ventured into a
number of businesses such as manufacture of equipment for pumps,
and oilfield equipment and services (through its subsidiary Todays
Petrotech Ltd), stationery retailing (Todays Stationery Mart Ltd),
and real estate development (Todays Infrastructure and
Construction Ltd).

For 2007-08 (refers to financial year, April 1 to March 31), TWPL
reported a consolidated profit after tax (PAT) of Rs.113.7 million
on revenues of Rs.2.17 billion, as against a PAT of Rs.121.3
million on revenues of Rs.1.93 billion for the 15-month period,
January 1,2006 to March 31,2007.



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

EAST STREET: Moody's Downgrades Ratings on Four Classes of Notes
----------------------------------------------------------------
Moody's Investors Service announced it has downgraded its ratings
of four classes of notes issued by East Street Referenced Linked
Notes, 2002-1 Limited.

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

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

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

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

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

The rating actions are:

East Street Referenced Linked Notes 2002-1

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

  -- Current Rating: Aa3
  -- Prior Rating: Aaa, on review for possible downgrade
  -- Prior Rating Date: 28 January 2009, Aaa, placed under review
     for possible further downgrade

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

  -- Current Rating: Caa1
  -- Prior Rating: Ba1, on review for possible downgrade
  -- Prior Rating Date: 28 January 2009, downgraded to Ba1 from
     A1, placed under review for possible downgrade

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

  -- Current Rating: C
  -- Prior Rating: Caa1, on review for possible downgrade
  -- Prior Rating Date: 28 January 2009, downgraded to Caa1 from
     Baa2, placed under review for possible downgrade

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

  -- Current Rating: C
  -- Prior Rating: Caa1, on review for possible downgrade
  -- Prior Rating Date: 28 January 2009, downgraded to Caa1 from
     Baa2, placed under review for possible downgrade

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


EXPOLAND: Opts to Liquidate Business
------------------------------------
The Expoland amusement park has decided to shut its doors after
efforts made to revive its business failed, Japan Today reports.

At a board meeting held Monday, February 9, the report relates,
Expoland decided to withdraw its application for corporate
rehabilitation at the Osaka District Court and opted for a
corporate liquidation.

"It was hard to find a sponsor company.  Also, because of the bad
economy, we decided to close the park," the Times quoted a company
spokesman as saying.  "We couldn't regain the people's trust on
safety."

As reported in the Troubled Company Reported-Asia Pacific on
Nov. 5, 2008, Japan Today said that the Expoland filed for
bankruptcy protection with the Osaka District Court on Oct. 29,
2008.

Japan Today related that the park operator has liabilities of
JPY1.6 billion due to a falling number of visitors following a
fatal roller coaster accident in 2007.

The Shimbum recounted that Expoland suspended its operations in
May 2007, shortly after the fatal roller coaster accident.  It
reopened the following August but again suspended operations in
December of the same year as the number of visitors was down 80
percent from the same period the previous year.

Expoland was opened as the amusement zone at the International
Exposition in 1970 (Expo '70) and thrived over 30 years as an
amusement park.  The park has more than 40 rides and attractions,
19 restaurants and shops.


GODO KAISHA: Moody's Downgrades Ratings on Mercury01 Transactions
-----------------------------------------------------------------
Moody's Investors Service announced it has downgraded and left on
review for further possible downgrade its ratings of Mercury01
transaction.  This is a risk transfer transaction referring to a
pool of J-REIT debt obligations held by Mitsubishi UFJ Trust and
Banking Corporation.  The rating action taken is the result of
credit deterioration in the underlying pool as well as the
application of revised and updated key modelling parameter
assumptions that Moody's uses to rate and monitor ratings of CDOs.

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

  -- Moody's Approach to Rating Japanese Commercial Real Estate
     CDOs (February 2008)

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

  -- Moody's Approach To Rating Corporate Collateralized Synthetic
     Obligations (December 2008)

These reports can be found at www.moodys.com in the Credit Policy
& Methodologies directory, in the Ratings Methodologies
subdirectory.  Other methodologies and factors that may have been
considered in the process of rating this issue can also be found
in the Credit Policy & Methodologies directory.

The rating actions are:

Deal name: Godo Kaisha Mercury01

(1) Class A JPY 29,235,000,000

  -- Current Rating: Aa2, on review for possible downgrade
  -- Prior Rating: Aaa, on review for possible downgrade
  -- Prior Rating Date: 23 January 2009, Aaa placed under review
     for possible downgrade

(2) Class B-1: JPY 300,000,000

  -- Current Rating: Ba1, on review for possible downgrade
  -- Prior Rating: Baa2, on review for possible downgrade
  -- Prior Rating Action Date: 10 October 2008, Baa2 placed under
     review for possible downgrade

(3) Class B-2: JPY 3,000,000,000

  -- Current Rating: Ba1, on review for possible downgrade
  -- Prior Rating: Baa2, on review for possible downgrade
  -- Prior Rating Action Date: 10 October 2008, Baa2 placed under
     review for possible downgrade

(4) Loan to Godo Kaisha Mercury01: JPY3,000,000,000

  -- Current Rating: Ba1, on review for possible downgrade
  -- Prior Rating: Baa2, on review for possible downgrade
  -- Prior Rating Action Date: 10 October 2008, Baa2 placed under
     review for possible downgrade

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



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

SSANGYONG MOTOR: Suppliers Seek Emergency Funding
--------------------------------------------------
Representatives from Ssangyong Motor Co. association of suppliers
and subcontractors have asked the automaker's court-appointed
managers for emergency funds, various reports say.

According to JoongAng Daily, the association said that one
Ssangyong supplier, identified only as "D", has already gone under
and about 10 other suppliers are at risk of going into default.

"We asked the managers to take measures to stop a chain of
defaults among parts suppliers for Ssangyong," JoongAng Daily
quoted Choi Byeong-whoon, chief executive officer of Neotec and
one of the representatives, as saying.

The Ministry of Knowledge Economy, as cited by JoongAng Daily,
said it would ask banks to roll over Ssangyong suppliers' debts
for two or three months until the debt reorganization plan is in
place.

According to Chosun Ilbo, subcontractors are currently staying
afloat by tapping into KRW300 billion (US$1 = KRW1,393) raised
temporarily with the help of banks in the form of extended loans
and by other means.

Citing Ssanyong's creditors, Chosun Ilbo relates, these companies
need about KRW5-10 billion to avoid bankruptcy.

                         SAIC's Interests

SAIC Motor Corp said it will still retain its interests in
Ssangyong's assets after the Seoul Central District Court approved
the bankruptcy protection application from Ssangyong, the China
Daily reports citing a spokeswoman from SAIC.  The decision, China
Daily relates, ended SAIC's four-year control of Ssangyong.

According to China Daily, SAIC said that it hoped the two managers
will map out and implement a "practical business revival plan" to
put Ssangyong back on track as soon as possible.

Citing International Herald Tribune, the Troubled Company
Reporter-Asia Pacific reported on Feb. 6, 2009, that a South
Korean court accepted Ssangyong Motor's application for bankruptcy
protection, giving the company time to restructure itself.
According to the Tribune, court spokesman Hong Jun-ho said that
the Seoul Central District Court accepted Ssangyong's application
to rehabilitate under court protection.  Mr. Hong said the court
named former Hyundai Motor Co. executive Lee Yoo-il and Ssangyong
executive Park Young-tae to run the automaker, the Tribune
related.

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

                         *     *     *

As reported in Troubled Company Reporter-Asia Pacific on Jan. 12,
2009, the International Herald Tribune said Ssangyong filed for
receivership with a Seoul district court in a bid to stave off a
complete collapse.  The Tribune related that the decision to file
for receivership, which is similar to bankruptcy protection in the
United States, came a day after the Ssangyong board meet in
Shanghai.  "After our talks with the banks failed to produce an
agreement, it became inevitable to file for court receivership to
ease the critical cash flow problem," the company said in a
statement obtained by the Tribune.



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

AVR NZ: Commences Liquidation Proceedings
-----------------------------------------
AVR NZ Ltd. commenced liquidation proceedings on Dec. 29, 2008.

The company's liquidator is:

         Jurgen W. Herbke
         Apollo House
         222 State Highway 17
         Albany, North Shore City 0632
         Telephone: (09) 451 9020
         Facsimile: (09) 415 0522
         e-mail: Herbke.ca@clear.net.nz


BEGRA DEVELOPMENTS: Creditors' Proofs of Debt Due on February 15
----------------------------------------------------------------
The creditors of Begra Developments Ltd. are required to file
their proofs of debt by February 15, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on December 19,
2008.

The company's liquidator is:

         John Michael Gilbert
         c/o C & C Strategic Limited
         Private Bag 47927, Ponsonby
         Auckland
         Facsimile: (09) 376 6441


BLACK & BLONDE: Appoints Meltzer and Mason as Liquidators
---------------------------------------------------------
On December 16, 2008, Jeffrey Philip Meltzer and Rachel Karen
Mason were appointed as liquidators of Black & Blonde Investments
Ltd.

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

The Liquidators can be reached at:

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


EMPIRE STATE: Commences Liquidation Proceedings
-----------------------------------------------
Empire State Properties Ltd. commenced liquidation proceedings on
December 15, 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 liquidators are:

         Andrew John McKay
         John Joseph Cregten
         c/o Aaron Walsh
         AMP Centre, Level 15
         29 Customs Street West
         PO Box 532, Auckland
         Telephone: (09) 354 8243
         Facsimile: (09) 358 3646


FAMILY THE: Appoints Horton as Liquidator
-----------------------------------------
On December 15, 2008, Christopher Robert Ross Horton was appointed
as liquidator of Family The Bar Ltd.

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

The Liquidator can be reached at:

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


JPK BUILDERS: Appoints Meltzer and Mason as Liquidators
-------------------------------------------------------
On December 17, 2008, Jeffrey Philip Meltzer and Rachel Karen
Mason were appointed as liquidators of JPK Builders Ltd.

Only creditors who were able to file their proofs of debt by
January 27, 2009, will be included in the company's dividend
distribution.

The Liquidators can be reached at:

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


MARTON CLUB: Appoints McKenzie and Carey as Liquidators
-------------------------------------------------------
On December 19, 2008, the members of Marton Club Inc. appointed
Roderick Thomas McKenzie and Lyn Maree Carey as the company's
liquidators.

The Liquidators can be reached at:

         Roderick Thomas McKenzie
         Lyn Maree Carey
         McKenzie & Partners Limited
         484 Main Street, Level 1
         PO Box 12014, Palmerston North
         Facsimile: (06) 356 2028


OPI PACIFIC: Placed Under Voluntary Liquidation
-----------------------------------------------
The shareholders of Opi Pacific Ltd. met on December 15, 2008, and
resolved to voluntarily liquidate the company's business.

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 liquidators are:

        Andrew John McKay
        John Joseph Cregten
        c/o Aaron Walsh
        AMP Centre, Level 15
        29 Customs Street West
        PO Box 532, Auckland
        Telephone: (09) 354 8243
        Facsimile: (09) 358 3646


THE MOWER ET AL: Appoint Sheriff and Vance as Liquidators
---------------------------------------------------------
On December 15, 2008, Greg Sheriff and David Vance were appointed
as liquidators of:

   -- The Mower Shop Limited; and
   -- The PC Workshop Limited.

Only creditors who were able to file their proofs of debt by
January 26, 2009, will be included in the company's dividend
distribution.

The company's liquidators are:

         Greg Sheriff
         David Vance
         c/o Louise Craig
         Deloitte
         Deloitte House, Levels 11-16
         10 Brandon Street
         Wellington 6011
         Telephone: (04) 472 1677
         Facsimile: (04) 472 8023


WILLSON SCOTT: Court Hears Wind-Up Petition
-------------------------------------------
On January 19, 2008, the High Court at Christchurch heard a
petition to have Willson Scott Publishing Ltd.'s operations wound
up.

Fortis Commercial Finance Limited filed the petition against the
company on November 18, 2008.



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

PRYCE PLANS: Near Collapse; Pays Planholders With Medicines & Gas
-----------------------------------------------------------------
Four more pre-need firms including Pryce Plans Inc. are reportedly
nearing financial collapse, the Philippine Daily Inquirer reports
citing Philip Piccio, president of the Parents-Enabling Parents
Coalition (PEP).

Mr. Piccio, the Inquirer relates, refused to name the three other
troubled pre-need firms but he challenged the Securities and
Exchange Commission to make the public disclosure to warn plan-
holders and protect the public from buying plans from them.
According to the report, Mr. Piccio said he got wind of the
impending bankruptcy of the three unnamed pre-need firms, which
were still operating, from complaints of their plan-holders.

The report says SEC Chairperson Fe Barin confirmed that Pryce was
still in operation but only to service client's claim.  It had
declared funding problems in 2005 and has not been allowed by the
SEC to sell new pre-need products, the Inquirer notes.  Ms. Barin,
the report says, also confirmed that the SEC had received reports
that Pryce was giving plan-holders cooking gas and medicines
instead of cash.

According to a list obtained by the Inquirer, the SEC has licensed
27 pre-need corporations as of end-January 2009.  Last year,
pre-need corporations sold more than 250,000 educational, life and
pension plans totaling PHP15 billion.


* PHILIPPINES: Dec. 2008 Exports Fell by 40.4%, NSO Says
--------------------------------------------------------
Export earnings in December 2008 dropped by 40.4 percent to $2.672
billion from $4.482 billion in December 2007, according to the
National Statistics Office.  The same was true with the previous
month's level, where a  23.9 percent decrease  was noted from
$3.513 billion.   Similarly, receipts from merchandise exports
during January to December 2008 declined by 2.9 percent to 49.023
billion from 50.466 billion during the 12-month period in 2007.

          Electronic Products Down by 47.6 percent

Accounting for 50.0 percent of the aggregate export revenue in
December 2008, Electronic Products amounted to $1.335 billion.  It
declined by 47.6 percent from $2.547 billion in December 2007.
Similarly, month-on-month, it decreased by 33.6 percent from
$2.010 billion recorded in November 2008.  Moreover, total revenue
from electronic products during the 12-month period in 2008 also
exhibited a decrease of 8.3 percent to 28.501 billion from 31.085
billion.

Articles of Apparel and Clothing Accessories remained the
country's second top earner in December 2008 with a combined share
of 6.0 percent and an aggregate receipt of $160.02 million.  It
was lower by 11.4 percent over last year's figure of $180.61
million.

Woodcrafts and Furniture followed as the third top earner in
December 2008 with total revenue of $81.27 million or a share of
3.0 percent to the total export receipts.  It gained by 7.4
percent from $75.67 million in December  2007.

Ranked fourth in December 2008 and contributing 2.9 percent to the
total export receipts was Coconut Oil (including crude and
refined) with sales amounting to $76.40 million or an annual
decrease of 28.9 percent from $107.43 million in December 2007.

Cathodes and Sections of Cathodes, of Refined Copper, with 2.0
percent share to the total export receipts, ranked fifth with
revenue amounting to $53.12 million.  It fell by 70.9 percent from
$182.28 million recorded in December 2007.

Rounding up the list of the top ten exports for the month of
December 2008 were Other Products Manufactured from Materials
Imported on Consignment Basis with receipts of $47.48 million
which rose by 3.3 percent; Ignition Wiring Set and Other Wiring
Sets Used in Vehicles, Aircrafts and Ships (consisted only of
electrical wiring harness for motor vehicles) valued at $46.22
million, declined by 45.6 percent; Metal Components (excluding
brakes and servo - brakes) with receipts of $39.05 million down by
4.5 percent; Bananas (fresh) with proceeds billed at $36.08
million, increased by 9.4 percent; and Pineapple and Pineapple
Products with export revenue of $28.86 million accelerated by 29.1
percent from December 2007 level.



================
S R I  L A N K A
================

HIDEKI FINANCE: Final Claims Due February 28
--------------------------------------------
Liquidators of Hideki Finance and Investments Ltd, which is under
liquidation, have called upon depositors to submit their claims
before the end of February, the Daily News reports.

According to the report, the claims will be received up to
February 28, 2009, and the depositors can call over at 30 Galle
Road between 9.30 a.m. and 3.30 p.m. on week days.

The final payments, which was delegated to SMJ Associates, will be
made after February 28 and the company will be closed thereafter,
the report says.

The Daily News relates that Hideki Finance and Investments Ltd.
went bankrupt in 1987.  Liquidators of the Company who were
appointed by the District Court of Colombo in Sri Lanka have taken
steps to settle the claims of the creditors of the Company
including the depositors, depending on the net realisation of the
assets owned by the company, as provided in the Companies Act No.
17 of 1982.



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

TAMWEEL PJSC: Fitch Downgrades Individual Rating to 'E' from 'C/D'
------------------------------------------------------------------
Fitch Ratings has downgraded United Arab Emirates-based Tamweel
PJSC's Individual Rating to 'E' from 'C/D'. Fitch has
simultaneously maintained Tamweel's Long-term Issuer Default
Rating of 'A', senior unsecured rating of 'A', Short-term IDR of
'F1' and Support Rating Floor of 'A' on Rating Watch Evolving.
The Support Rating is affirmed at '1'.

The downgrade of Tamweel's Individual Rating reflects Fitch's
concerns about its weak liquidity and funding profile, and the
possibility that the company's liquidity and funding could soon
require direct support from the UAE authorities.  Tamweel is
reliant on short-term concentrated local interbank funding, but
the global credit crisis has resulted in weakened liquidity in the
local interbank market and hence placed increasing stress on the
company's funding.  Significant maturity mismatches have arisen
from Tamweel's long-term residential mortgage lending and mainly
short-term wholesale funding.  Furthermore, it has limited liquid
assets and large illiquid property investments.  However, Fitch
notes that Tamweel has access to the Central Bank of the UAE's
AED50bn liquidity facility through local bank intermediaries.
Fitch also considers that the maturity profile of its funding was
strengthened by the January 2008 issuance of US$300 million
exchangeable sukuk and the July 2008 issuance of AED1.1 billion
sukuk.  The agency notes nonetheless that further significant
medium-term funding will be necessary to improve the company's
weak funding profile although such funding is scarce in current
adverse market conditions.

Furthermore, Tamweel's Individual Rating reflects its exposure to
the untested Dubai property market, where nearly all its
residential mortgage exposures arise.  As Fitch expects the Dubai
property market to come under increasing stress in 2009, Tamweel
is likely to suffer increased defaults and impairment charges and
weakened asset quality.  Lending has slowed as the company's
liquidity further weakened in Q408 and profitability in 2009 is
likely to decline.

The Individual Rating also reflects Tamweel's leading franchise in
UAE residential mortgages and satisfactory capitalization.
The RWE on Tamweel's IDRs and Support Rating Floor reflects
uncertainty over the company's future ownership.  In October 2008,
Tamweel announced a merger with Amlak under the auspices of the
Investment Corporation of Dubai, a sovereign wealth fund.  Amlak
is another Dubai-based mortgage company facing severe liquidity
and funding problems.  In November 2008, the UAE Ministry of
Finance announced it would merge Tamweel with Amlak under the
umbrella of Real Estate Bank, an institution wholly-owned by the
MoF.  The intervention of the UAE Federal Government to support a
local financial institution is unprecedented.  In early February
2009, the UAE Cabinet announced a plan to resolve Tamweel's and
Amlak's future through the formation of a steering committee to
recommend a long-term business model by the end of the same month.
The steering committee is also expected to propose a new ownership
structure for Tamweel and remedies for its funding requirements.
Fitch will closely monitor further disclosure by the UAE
authorities on Tamweel's future.  The RWE will be resolved when
Tamweel's ownership structure becomes clear.

Tamweel, which was established in its current form in 2004, is a
Shari'ah compliant residential mortgage company operating through
four branches in the UAE.



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

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

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


AUSTRALIA

ADVANCE HEAL-NEW           AHGN      16933460.19     -8226075.95
ADVANCE HEALTHCA            AHG      16933460.19     -8226075.95
ALLSTATE EXPLORA            ALX      22019608.10    -67492223.10
ALLSTATE EXPL-PP          ALXCC      22019608.10    -67492223.10
ANTARES ENERGY L            AZZ      14174189.76     -6756494.56
ARC EXPLORATION             ARX      62773963.21    -15883874.97
AUSTAR UNITED               AUN     532170837.87   -302028033.28
BIRON APPAREL LT            BIC      19706738.17     -2220069.83
BISALLOY STEEL G            BIS     197903755.89    -11548524.69
CHEMEQ LIMITED              CMQ      25194855.59    -24254413.72
ERG LIMITED                 ERG     180731676.67    -11205963.43
ETW CORP LTD                ETW      83708786.34    -58673955.65
FORTESCUE METALS            FMG    4293524492.00   -378456209.91
FULCRUM EQUITY L            FUL      19209266.15     -3664831.35
INTELLECT HLDGS             IHG      18245003.37    -15487781.92
JAMES HARDIE NV           JHXCC    2357299968.00   -237600000.00
JAMES HARDIE-CDI            JHX    2357299968.00   -237600000.00
LAFAYETTE MIN               LAF     105239389.93   -190859526.77
LIFE THERAPEUTIC            LFE      56034000.00     -3684000.00
METAL STORM LTD             MST      14309243.10     -5126410.11
TOOTH & CO LTD              TTH     143720715.19    -94300033.83
VERTICON GROUP              VGP      31280242.69    -12391531.59


CHINA

AMOI ELECTRONICS         600057     414934259.50    -30399649.61
ANHUI KOYO GROUP         000979      64278169.26    -30778923.55
CHANG LING GROUP         000561      49675731.32   -115810769.64
CHENGDU UNION-A          000693      59526570.13      -188881.87
CHINA KEJIAN-A           000035      65124488.98   -167311537.11
CHINA LIAONING-A         000638      15426138.26     -5698465.09
CHINESE.COM LOGI         000805      12721114.23    -20567498.78
CHONGQING CHANG          600369      98865860.45       -62635.84
CHONGWING INTL-A         000736      24753183.26    -13379849.30
DANDONG CHEM F-A         000498     115942688.34    -91597754.91
FUJIAN SANNONG-A         000732      64417775.39    -90239301.91
FUJIAN CFC IND-A         000592      24196604.92    -19615146.80
FUJIAN START-A           600734     105659572.63    -14337777.19
GUANGDONG MEIYA          000529      66438321.52    -62407433.87
GUANGDONG KEL-A          000921     710500493.66    -81769686.15
GUANGMING GRP FU         000587      62369338.74    -12083332.13
GUANGXIA YINCH-A         000557      53463085.53    -61325483.02
HEBEI BAOSHUO CO         600155     313380313.25   -212285683.69
HEBEI JINNIU C-A         600722     379299949.84     -2890480.98
HISENSE ELEC-H              921     710500493.66    -81769686.15
HUATONG TIANXI-A         600225      73838152.81    -41138558.42
HUDA TECHNOLOG-A         600892      18459084.32     -1904039.85
HUNAN ANPLAS CO          000156      83999120.28    -81350940.74
HUNAN AVA HOLDIN         000918     176943487.87    -11256248.54
JIAOZUO XIN'AN-A         000719      50815905.85    -25450082.53
LAN BAO TECH INF         000631      29435531.87    -22701113.38
MIANYANG GAO-A           600139      30657523.00    -12436839.12
QINGHAI SALT L-A         000578     105635944.61     -4914371.18
QINGHAI SUNSHI-A         600381      52481259.62    -33816335.98
SHANG WORLDBES-A         600094     327982181.09   -175167931.11
SHANG WORLDBES-B         900940     327982181.09   -175167931.11
SHENZ CHINA BI-A         200017      29379003.11   -244527119.11
SHENZ CHINA BI-B         200017      29379003.11   -244527119.11
SHENZ SEG DASH-A         000007     101024087.57     -1144993.15
SHENZHEN SHENXIN         000034      44989232.03   -113368102.97
SHENZHEN DAWNC-A         000863      36847332.84   -142582249.37
SHENZHEN KONDA-A         000048     155014461.99    -24446764.56
SICHUAN DIRECT-A         000757     128549383.42   -102619767.95
STELLAR MEGAUNIO         000892      64925448.82   -162463426.22
SUCCESS INFORMAT         000517      30118378.44    -14826121.30
SUNTIME INTERN-A         600084     372799912.67    -50592426.40
SUNTEK TECHNOLOG         600728      44691434.84    -22949595.64
TAIYUAN TIANLON          600234      12693007.72    -51581680.70
TIANJIN MARINE           600751      75440814.59    -26602770.52
TIANJIN MARINE-B         900938      75440814.59    -26602770.52
TIBET SUMMIT IND         600338      73500256.4     -16424030.52
TOPSUN SCIENCE-A         600771     232677660.69   -131983172.54
WINOWNER GROUP C         600681      21498115.00    -81284231.50
XIAMEN OVERSEAS          600870     433188523.84    -13781679.05
YUEYANG HENGLI-A         000622      40266532.05    -14337174.21
ZHANGJIAJIE TO-A         000430      51011060.62     -8247159.63


HONG KONG

ASIA TELEMEDIA L            376      16618871.08     -5369335.42
CHIA TAI ENTERPR            121     313740803.76    -49562387.78
CHINA GRAND PHAR            512      23135825.94     -7596740.75
CHINA HEALTHCARE            673      29513119.73     -7815705.47
EGANAGOLDPFEIL              48      557892423.39   -132858951.98
NEW CITY CHINA             456      113178595.41     -9932226.54
PALADIN LTD                495      186461196.61     -9780904.71
PALADIN LTD -PRE           642      186461196.61     -9780904.71
SANYUAN GROUP LT           140       17768260.98     -2131329.68
WAH SANG GAS              8035       69765797.42   -113697025.42


INDIA

ALCOBEX METALS             AML       27036820.49    -16751727.41
APPLE FINANCE              APL       70832103.73    -29253849.19
ARTSON ENGR                 ART      10310745.75      -705781.13
ASHIMA LTD                 ASHM      96567160.75    -42591314.74
BALAJI DISTILLER            BLD      59974008.41    -50890026.26
BELLARY STEELS             BSAL     512415670.40   -101442229.54
BHAGHEERATHA ENG           BGEL      22646453.72    -28195273.09
CFL CAPITAL FIN           CEATF      20637497.85    -48884440.84
CORE HEALTHCARE            CPAR     185364966.99   -241912027.81
DIGJAM LTD                 DGJM      98769193.78    -14620180.53
DISH TV IND-PP             DITVPP   229160606.28     -8850096.00
DISH TV INDIA              DITV     229160606.28     -8850096.00
DUNCANS INDUS               DAI      164653351.9    -220922929.9
GANESH BENZOPLST            GBP      77840261.61    -41865917.86
GUJARAT SIDHEE             GSCL      59440728.18      -660003.43
GUJARAT STATE FI            GSF      30159595.18   -234918081.46
HIMACHAL FUTURIS           HMFC     633329926.05   -104792044.71
HMT LTD                     HMT     206932743.85   -263572925.12
HINDUSTAN PHOTO            HPHT      93725753.93  -1229352757.43
ICDS                       ICDS      13300348.69     -6171079.46
IFB INDS LTD               IFBI      50668510.63    -65490798.77
JCT ELECTRONICS            JCTE     122542558.60    -49996834.55
JENSON & NIC LTD             JN      15734678.26    -92089109.12
JK SYNTHETICS               JKS      20208078.76     -2171303.89
JOG ENGINEERING             VMJ      50080964.36    -10076436.07
KALYANPUR CEMENT           KCEM      37538318.01    -41771703.35
LML LTD                     LML      86798822.39    -27966179.74
LLOYDS METALS              LYDM      76625324.31      -409399.15
LLOYDS STEEL IND           LYDS     392561769.16   -102160401.76
MAFATLAL INDS               MFI     123632655.22    -83841435.12
MILLENNIUM BEER             MLB      39726352.09      -732186.48
NATH PULP & PAP            NPPM      11602126.35    -34768739.20
ORIENT PRESS LTD             OP      15616522.24    -10040802.92
OSWAL SPINNING             OWSW      18536688.83     -4258142.35
PANCHMAHAL STEEL            PMS      51024827.03      -325116.26
PANYAM CEMENTS              PYC      30241162.87     -9403739.61
PARASRAMPUR SYN             PPS     111971290.89   -317111727.95
PAREKH PLATINUM            PKPL      61081050.43    -88849040.15
PSI DATA SYSTEMS            PSI      11676002.06     -2481336.90
PTL ENTERPRIESES           PTLE      54293986.93      -397481.92
RATHI ISPAT LTD            RTIS      44555929.56     -3933592.50
REMI METALS GUJA            RMM      82273746.28     -1650461.11
ROLLATAINERS LTD            RLT      22965755.05    -22244556.92
ROYAL CUSHION              RCVP      29192373.45    -73115309.68
RPG CABLES LTD              RPG      51431409.37    -20192930.18
SEN PET INDIA LT           SPEN     13283611.52     -25431862.10
SHREE RAMA MULTI           SRMT      81405835.45    -64134056.23
SIL BUSINESS ENT           SILB      12461159.02    -19961202.41
SPICE COMMUNICAT           SPCM     263692459.52    -19679192.67
SPICE COMMUNICAT           SPCM     263692459.52    -19679192.67
STI INDIA LTD              STIB      44107456.00      -300149.59
TATA TELESERVICE           TTLS     857960649.86    -50009972.82
TRANS FREIGHT               TFC      14196928.74     -9623049.18
TRIVENI GLASS              TRSG      34542881.89     -6209872.78
UNIWORTH LTD                 WW     178225972.59   -131624807.91
USHA INDIA LTD             USHA      12064900.61    -54512967.31
WIRE AND WIRELES            WNW     106984536.93    -23622538.56


INDONESIA

BUKAKA TEKNIK UT           BUKK      64091324.54    -99365767.69
DAYA SAKTI UNGGU           DSUC      29016063.42     -8041060.32
ERATEX DJAJA               ERTX      22390016.89     -5709537.72
JAKARTA KYOEI ST           JKSW      37212505.22    -39286774.25
KARWELL INDONESI           KARW      22659332.94     -1923983.20
MULIA INDUSTRIND           MLIA     390764740.82   -411484148.40
PANCA WIRATAMA             PWSI      30758367.68    -30598686.04
POLYSINDO EKA PE           POLY     547415431.67   -779982804.73
PRIMARINDO ASIA            BIMA      12686983.33    -20685421.96
STEADY SAFE TBK            SAFE      15620539.46     -3202860.09
SURABAYA AGUNG             SAIP     266838941.8     -80136284.80
TEIJIN INDONESIA           TFCO     265725344.00    -23100500.00
UNITEX TBK                 UNTX      16404917.89    -11637278.20


JAPAN

APRECIO CO LTD             2460      15981315.82     -2395526.71
L CREATE CO LTD            3247      42344509.56     -9146496.90
LINK CONSULTING            4798      20858257.56    -22890695.36
LINK ONE                   2403      12290544.83     -5772835.00
MOC CORP                   2363      52273507.78    -12661480.98
OPEN INTERFACE I           4302      32715547.40     -5699491.16
PACIFIC HD CO              8902    2822421445.26    -55823540.44
PION CO LTD                2799      50289757.53     -4685410.43
PLACO CO LTD               6347      26260220.44      -997325.51
SOWA JISHO CO LT           3239      54007939.02    -15643863.67
TRUSTEX HOLDINGS           9374      85999130.53     -2203926.90


KOREA

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


MALAYSIA

CNLT FAR EAST              CNLT      44967289.97     -8460479.41
ENERGREEN CORP             ECB       29495419.35    -31105634.5
HARVEST COURT               HAR      10805322.12     -5623766.68
LITYAN HLDGS BHD            LIT      20867100.91    -27979954.44
NIKKO ELECTRONIC          NIKKO      12072911.27     -7832098.21
PANGLOBAL BHD               PGL     166876683.58   -185014663.41
PECD BHD                   PECD     377122467.92   -295360985.56
TECHVENTURE BHD            TECH      37377746.79    -11207547.89
WONDERFUL WIRE               WW      22721443.48     -1936371.54
WWE HOLDINGS BHD            WWE      67986614.2      -3400656.26

NEW ZEALAND

DOMINION FINANCE           DFH      258902749.12    -55312405.88


PHILIPPINES

APEX MINING-A               APX      55266898.93     -1972871.63
APEX MINING 'B'            APXB      55266898.93     -1972871.63
BENGUET CORP-A               BC      77132198.94    -30611028.96
BENGUET CORP 'B'            BCB      77132198.94    -30611028.96
CENTRAL AZUC TAR            CAT      35737315.17     -1803678.01
CYBER BAY CORP             CYBR      14850182.71    -74298813.45
EAST ASIA POWER             PWR      72744279.35   -136684406.25
FIL ESTATE CORP              FC      43031377.81    -10925320.95
FILSYN CORP A               FYN      24839570.79    -11373621.32
FILSYN CORP. B             FYNB      24839570.79    -11373621.32
GOTESCO LAND-A               GO      18684576.24    -10863822.41
GOTESCO LAND-B              GOB      18684576.24    -10863822.41
MRC ALLIED                  MRC      14947958.51      -747373.28
PICOP RESOURCES             PCP      105659068.50   -23332404.14
UNIVERSAL RIGHTF             UP       45118524.67   -13478675.99
UNIWIDE HOLDINGS             UW       65657779.51   -57306280.77
VICTORIAS MILL              VMC      178060236.02   -36659989.09


SINGAPORE

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


TAIWAN

CHIEF CONST-ENT           2522R      215175465.17   -21152197.10
CHIEF CONST-ENTL          2522S      215175465.17   -21152197.10
CHIEF CONST-ENTL          2522T      215175465.17   -21152197.10
CHIEN TAI CEMENT           1107      213252699.79    -8622456.43
DAHIN-ENTL CERT           1320V      276478727.91  -230266155.05
HELIX TECHNOL-EC          2479S       29014861.50   -18177223.18
HELIX TECH-EC             2479T       29014861.50   -18177223.18
HELIX TECH-EC IS          2479U       29014861.50   -18177223.18
PROTOP TECHNOLOG           2410       36409983.56   -22412206.18
TAITUNG BUSINESS           2811     1331518759.79   -81769016.27
UNICAP ELECT-EC           5307R      133883064.40   -19055700.01
UNICAP ELECT-EC           5307S      133883064.40   -19055700.01
UNICAP ELECT-ENT          5307T      133883064.40   -19055700.01
YEU TYAN MACHINE           8702       39574168.04  -271070409.72


THAILAND

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



                         *********

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

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

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


                            *********


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

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

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

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

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





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