TCRAP_Public/090216.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

           Monday, February 16, 2009, Vol. 12, No. 32

                            Headlines

A U S T R A L I A

ACN 067 739 431 ET AL: Members and Creditors Hold Meetings
ACN 010 087 573 ET AL: Members Receive Wind-Up Report
ACN 010 087 573 ET AL: Declares Final Dividend
ANDREW SNEDDON: Members Receive Wind-Up Report
ATHELSTANE PTY: Members Receive Wind-Up Report

ATKINSON GORE: Lender Placed Firm in Administration
CNA STAFF ET AL: Members Receive Wind-Up Report
CNA STAFF ET AL: Declare Final Dividend
COMERT BUSINESS: Placed Under Voluntary Wind-Up
FORMAN REALTY: Declares Second an Final Dividend

GENERIC BOOKING: Appoints Kugel and Warner as Liquidators
L & T PROJECT: Members Receive Wind-Up Report
MOBIUS NCM-04: S&P Keeps 3 Notes' Junk Ratings on Developing Watch
MSP HOLDINGS: Members and Creditors Receive Wind-Up Report
NEVER BLOW: Commences Wind-Up Proceedings

OZ MINERALS: Expects to Post AU$2.8BB Asset Write-downs
PAPERLINX LIMITED: Expects 40% Lower Half-Year Result
RIO TINTO: Unveils US$19.5 Billion Deal With Chinalco
RWC DEVELOPMENTS: Declares First and Interim Dividend
SOUTH EASTERN: Directors Appoint Receivers

STUART BRUTON: Commences Wind-Up Proceedings
TEAGIN PTY: Members and Creditors Receive Wind-Up Report
THOMSON REAL: Members and Creditors Hold Meetings
TRADEON PTY: Members and Creditors Hear Wind-Up Report
UPSCALE PTY: Supreme Court Enters Wind-Up Order

WARATAH POOLS: Placed Under Voluntary Wind-Up


C H I N A

COUNTRY GARDEN: Moody's Reviews 'B1' Rating for Likely Cuts
SANLU GROUP: Chinese Court Declares Firm Bankrupt


H O N G  K O N G

AURORA OFFICE: Creditors' Meeting Set for February 27
CHINA PROVIDENT ET AL: Members' Final Meeting Set for March 9
CORGI INTERNATIONAL: Receives Delisting Notice from NASDAQ
FINE LAND: Placed Under Voluntary Liquidation
GALLEX TECHNOLOGY: Inability to Pay Debts Prompts Wind-Up

GC-LINE ET AL: Members and Creditors to Meet on March 10
HONG KONG STATIONERY: Placed Under Voluntary Liquidation
ITXC GLOBAL: Members to Receive Wind-Up Report on March 9
NM AGENCY: Members and Creditors to Meet on March 13
SANYO OPTRONICS: Creditors' Proofs of Debt Due on March 6

SPEEDMAX INVESTMENTS: Members to Hear Wind-Up Report on March 9
WHS HONG KONG: Members to Receive Wind-Up Report on March 9
WINVIEW (HK): Members to Receive Wind-Up Report on March 6


I N D I A

ANKUR CHEMFOOD: CRISIL Rates Rs.210.00MM Cash Credit Limit at 'BB'
KAVCON ENGINEERS: CRISIL Puts 'BB-' Rating on Cash Credit Facility
MACROTECH: CRISIL Lowers Rating on Rs.2050MM LT Bank Loan to 'BB'
OMAXE LTD: Fitch Downgrades National Long-Term Rating to 'BB-'
SAHDEV JEWELLERS: CRISIL Rates Various Bank Facilities at 'P4'

SAMBHAV ENERGY: CRISIL Places 'BB' Rating on Rs.630MM Term Loan
SHREE BALAJI: CRISIL Assigns 'BB' Rating on Rs.91.60MM Term Loan
SUNVIK STEELS: CRISIL Lowers Rating on LT Bank Loan to 'BB-'
TIRUPUR TEXTILES: CRISIL Rates Rs.480.7MM Long Term Loan at 'C'
VIJAY TECHNNOCRATS: CRISIL Places 'B' Rating on Rs.34MM LT Loan

VT IMPEX: CRISIL Rates Various Bank Facilities at 'B'
* INDIA: Companies Continue to Outperform AIM Listed Firms


J A P A N

AOZORA BANK: Moody's Cuts Base Line Credit Assessment to 'Ba1'
PIONEER CORP: Posts JPY26.15 Tril. Net Loss in Q3 Ended Dec. 31
PIONEER CORP: To Exit from TV business by March 2010; Cuts Jobs


N E W  Z E A L A N D

ALL WORKS: Appoints Shephard and Dunphy as Liquidators
ALLCO STRATEGIC: Commences Liquidation Proceedings
ALPHA VITICULTURE: Court Hears Wind-Up Petition
ATLANTIS TRAWLING: Court Hears Wind-Up Petition
CAR TORQUE: Appoints Shephard and Dunphy as Liquidators

K. T. INVESTMENTS: Commences Liquidation Proceedings
LOMBARD GROUP: IRD Applies to Wind-Up Unit
PATTERSON CONTRACTING: Appoints Crichton and Horne as Liquidators
SAFE SITE: Creditors' Proofs of Debt Due on February 27
SOKO HOLDINGS: Commences Liquidation Proceedings

RMB TRUSTEE: Fitch Affirms 'BB' Ratings on NZD19.6 Mil. Notes
ZENITH KITCHEN: Court to Hear Wind-Up Petition on February 20


P H I L I P P I N E S

* Moody's Affirms Positive Outlook on 'B1' Government Ratings


S I N G A P O R E

ATOP HOLDINGS: Members and Creditors to Meet on February 19
CONTAINER BRIDGE: Contributories' Meeting Set for February 19
PILOT PLANTS: Creditors' Proofs of Debt Due on Feb. 20
TRANS-ASIAN CONSTRUCTION: Creditors' Proofs of Debt Due on Feb. 20
TRIDEX CONSTRUCTION: Creditors' Proofs of Debt Due on Feb. 20


X X X X X X X X

* Middle East Hotel Performance Slows at End of 2008


                         - - - - -




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

ACN 067 739 431 ET AL: Members and Creditors Hold Meetings
------------------------------------------------------------
The members and creditors of ACN 067 739 431 Pty Limited and
ACN 067 739 431 Hunter Brewing Pty Limited held their final
meeting on December 12, 2008.

The companies liquidator is:

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


ACN 010 087 573 ET AL: Members Receive Wind-Up Report
-----------------------------------------------------
On December 15, 2008, Simon J. Cathro and Christopher R. Campbell
presented the companies' wind-up report and property disposal to
the the members of:

   -- ACN 010 087 573 Pty Limited;
   -- Colliers International (Perth) Pty Limited;
   -- Colliers International Plant and Machinery Pty Limited;
   -- Elsom Consultancy Services Pty Limited;
   -- Colliers International Property Solutions Pty Limited;
   -- Colliers International Commercial Services Pty Limited;
   -- Colliers Services Pty Limited;
   -- Colliers International Property Finance Limited;
   -- Colliers Rural Limited;
   -- Burnett Property Management Pty Limited;
   -- Burnett Strata Management Pty Limited;
   -- Colliers International (Tasmania) Pty Limited;
   -- Colliers International Property Consultants Hotels and
      Leisure Pty Limited;
   -- Colliers International Residential Pty Limited;
   -- Commercial Maintenance Services Pty Limited; and
   -- Burnett Property Management (SA) Pty Limited.

The Liquidators can be reached at:

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


ACN 010 087 573 ET AL: Declares Final Dividend
----------------------------------------------
On December 3, 2008, a final dividend was declared for the
creditors of:

   -- ACN 010 087 573 Pty Limited;
   -- Colliers International (Perth) Pty Limited;
   -- Colliers International Plant and Machinery Pty Limited;
   -- Elsom Consultancy Services Pty Limited;
   -- Colliers International Property Solutions Pty Limited;
   -- Colliers International Commercial Services Pty Limited;
   -- Colliers Services Pty Limited;
   -- Colliers International Property Finance Limited;
   -- Colliers Rural Limited;
   -- Burnett Property Management Pty Limited;
   -- Burnett Strata Management Pty Limited;
   -- Colliers International (Tasmania) Pty Limited;
   -- Colliers International Property Consultants Hotels and
      Leisure Pty Limited;
   -- Colliers International Residential Pty Limited;
   -- Commercial Maintenance Services Pty Limited; and
   -- Burnett Property Management (SA) Pty Limited.

The Liquidators can be reached at:

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


ANDREW SNEDDON: Members Receive Wind-Up Report
----------------------------------------------
The members of Andrew Sneddon Pty Limited met on December 2, 2008,
and received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          John Crouch
          GPO Box 4395
          Sydney NSW 2001


ATHELSTANE PTY: Members Receive Wind-Up Report
----------------------------------------------
The members of Athelstane Pty Limited met on December 2, 2008, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          John Crouch
          GPO Box 4395
          Sydney NSW 2001


ATKINSON GORE: Lender Placed Firm in Administration
---------------------------------------------------
The Atkinson Gore Group and two other companies controlled by
Gold Coast developer Craig Gore have been placed in administration
after defaulting on loans worth AU$145 million, various reports
say.  Gold Coast lender City Pacific Ltd has appointed Mark Korda
and John Park of KordaMentha as receivers to the companies.

According to the Australian, the receivers have been appointed to
Atkinson Gore Group, Atkinson Gore Agricultural and AGG Treetops
after they failed to make payments on a string of loans to City
Pacific's frozen First Mortgage Fund.

"This is a clear message from City Pacific that it will exercise
its rights if borrowers fail to meet their loan and interest
payments," the Australian quoted Mr. Korda as saying.

Citing statement to the stock exchange, the Heraldsun relates City
Pacific said the decision to put the companies in the hands of
receivers was based on a "subsisting default of their loan
facilities from the fund."

The three companies, the Australian says, controlled a string of
Gold Coast property projects, including a completed unit
development at Varsity Lakes and a land holding at Canungra, west
of Nerang.

The Australian notes that Mr. Gore, who himself filed for
bankruptcy in the early 1990's, controls a string of other Gold
Coast-based companies that are not in receivership.


CNA STAFF ET AL: Members Receive Wind-Up Report
-----------------------------------------------
On December 15, 2008, John L. Greig and Simon J. Cathro presented
the companies' wind-up report and property disposal to the the
members of:

   -- CNA Staff Retirement Fund Pty Ltd;
   -- Coal & Allied Finance Ltd;
   -- Coal & Allied Superannuation Pty Ltd;
   -- Moura Coal Investments Pty Ltd;
   -- Novacoal Australia Pensions Pty Ltd;
   -- Ravensworth Pastoral Company Pty Ltd;
   -- The Energy Group Australia Pty Ltd;
   -- Vale Engineering Pty Ltd; and
   -- Western Main Collieries Pty Ltd.

The Liquidators can be reached at:

          John L Greig
          Simon J Cathro
          Grosvenor Place
          225 George Street
          Sydney NSW 2000


CNA STAFF ET AL: Declare Final Dividend
---------------------------------------
On December 3, 2008, a final dividend was declared for the
creditors of:

   -- CNA Staff Retirement Fund Pty Ltd;
   -- Coal & Allied Finance Ltd;
   -- Coal & Allied Superannuation Pty Ltd;
   -- Moura Coal Investments Pty Ltd;
   -- Novacoal Australia Pensions Pty Ltd;
   -- Ravensworth Pastoral Company Pty Ltd;
   -- The Energy Group Australia Pty Ltd;
   -- Vale Engineering Pty Ltd; and
   -- Western Main Collieries Pty Ltd.

The company's liquidators are:

          John L Greig
          Simon J Cathro
          Grosvenor Place
          225 George Street
          Sydney NSW 2000


COMERT BUSINESS: Placed Under Voluntary Wind-Up
-----------------------------------------------
At an extraordinary general meeting held on October 30, 2008, the
members of Comert Business Economists Pty Limited resolved that
the company be wound up voluntarily.

The company's liquidator is:

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


FORMAN REALTY: Declares Second an Final Dividend
------------------------------------------------
Forman Realty Pty Limited declared the second and final dividend
on January 7, 2009.

Only creditors who were able to file their proofs of debt by
January 7, 2009, were included in the company's dividend
distribution.


GENERIC BOOKING: Appoints Kugel and Warner as Liquidators
---------------------------------------------------------
During a general meeting held on October 30, 2008, the members of
Generic Booking Systems Pty Limited apppointed Steven Kugel and
Anthony Warner as the company's liquidators.

The Liquidators can be reached at:

           Steven Kugel
           Anthony Warner
           Telephone: (02) 8243 5200
           Website: http://www.liquidationdirect.com.au


L & T PROJECT: Members Receive Wind-Up Report
----------------------------------------------
The members of L & T Project Management Pty Limited met on
December 2, 2008, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          John Crouch
          GPO Box 4395
          Sydney NSW 2001


MOBIUS NCM-04: S&P Keeps 3 Notes' Junk Ratings on Developing Watch
------------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on Mobius
NCM-04 Trust Classes C, D, and M notes remain on CreditWatch with
developing implications, where they were initially placed on
Sept. 26, 2008.  The Class F notes also remain on CreditWatch
negative.  At the same time, S&P affirmed the ratings on the Class
A1, A2, B, and E notes.

While arrears levels in this portfolio remain high, the
transaction's performance has stabilized over the last few months,
as evidenced by the reimbursement of principal charge-offs.
Standard & Poor's expects to resolve the CreditWatch on the
transaction after a review of further information on this
transaction.

Standard & Poor's has affirmed the ratings on those notes that are
ranked above the notes on CreditWatch because they have benefited
from a build-up in subordination under the sequential pay
structure.  In addition, the level of credit support available is
sufficient to maintain the current rating on these notes after
factoring in the expected losses for the trusts.

                        Creditwatch Action

       Transaction               Class     Rating
       -----------               -----     ------
       Mobius NCM-04 Trust       C         BBB+/Watch Dev
       Mobius NCM-04 Trust       D         CCC+/Watch Dev
       Mobius NCM-04 Trust       M         CCC+/Watch Dev
       Mobius NCM-04 Trust       F         CC/Watch Neg

                         Ratings Affirmed

             Transaction               Class      Rating
             -----------               -----      ------
             Mobius NCM-04 Trust       A1         AAA
             Mobius NCM-04 Trust       A2         AAA
             Mobius NCM-04 Trust       B          AA
             Mobius NCM-04 Trust       E          CCC-

Ratings are statements of opinion, not statements of fact or
recommendations to buy, hold, or sell any securities.  Standard &
Poor's (Australia) Pty. Ltd. does not hold an Australian financial
services license under the Corporations Act 2001.  Any rating and
the information contained in any research report published by
Standard & Poor's is of a general nature.  It has been prepared
without taking into account any recipient's particular financial
needs, circumstances, and objectives.  Therefore, a recipient
should assess the appropriateness of such information to it before
making an investment decision based on this information.


MSP HOLDINGS: Members and Creditors Receive Wind-Up Report
----------------------------------------------------------
The members and creditors of MSP Holdings Pty Limited met on
December 11, 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


NEVER BLOW: Commences Wind-Up Proceedings
-----------------------------------------
During a general meeting held on October 20, 2008, the members of
Never Blow Hoses Pty Limited resolved that the company be wound up
voluntarily.

The company's liquidator is:

          Schon Condon
          c/o Condon Associates
          Telephone: (02) 9893 9499


OZ MINERALS: Expects to Post AU$2.8BB Asset Write-downs
-------------------------------------------------------
OZ Minerals Limited said it expects to post a write-down of up to
AU$2.8 billion in its 2008 accounts due to falling commodity
prices.

In a statement to the Australian Securities Exchange, OZ Minerals
said "based on an initial review, the company has formed the view
that write-downs of between $2.3 billion and $2.8 billion will be
recorded in the Company's annual accounts for 2008."

Initial indications of the breakdown of this amount are:

   -– Impairment for current mines and development projects,
      advanced exploration projects such as Canada and deferred
      projects such as Avebury of between AU$1.9 billion and
      AU$2.2 billion.

   -- De-recognition of deferred tax assets in respect of tax
      losses of between AU$0.2 billion and AU$0.3 billion.

   -- Negative mark to market adjustment of listed equity
      investments (mainly Toro & Nyrstar) based on their
      Dec. 31, 2008 share price of between AU$0.2 billion
      and AU$0.3 billion.

"As a consequence of the significant falls in commodity prices
seen across all of our operations, the carrying value of many of
our assets has declined considerably.  While we continue to
address this through our ongoing cost reduction program, these
efforts have not been sufficient to offset the decline in asset
values," OZ Minerals Chief Financial Officer, David Lamont said in
a statement.

                        About OZ Minerals

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

                          *     *     *

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


PAPERLINX LIMITED: Expects 40% Lower Half-Year Result
-----------------------------------------------------
The Age reports that PaperlinX Limited said it expects a half-year
result about 40% below the prior corresponding period.

According to the report, the company said it still was finalising
its half-year result, and progressing asset sales in Europe, but
"it is expected that (the half-year result) will be approximately
40% below the previous corresponding period."

The Age relates that PaperlinX released the information in a
response to a price query issued from the Australian Securities
Exchange, asking for information behind recent trading in the
company's shares, which  has dropped from 44 cents per share on
February 3 to 30.5 at the close Thursday, Feb. 12.

The company, the Age states, affirmed guidance provided on
December 19 when it forecast earnings before interest and tax for
the half year ending December 31 more than 15% below the prior
corresponding period.

PaperlinX, as cited by the Age, said it was reviewing the carrying
value of its assets, especially Australian Paper, as part of its
normal process for finalising half year results, although no
decisions had been made yet.

As reported in The Troubled Company Reporter-Asia Pacific on
Dec. 22, 2008, PaperlinX said a delay in asset sales has resulted
to a breach in a loan covenant.

In a statement to the stock exchange, PaperlinX said it expected
to complete the European asset sales by January 2009.  The absence
of the anticipated profit contribution from these sales will
result in PaperlinX breaching previously agreed lending covenants
for the period ending December 31, 2008.

PaperlinX Limited -- http://www.paperlinx.com.au/ -- is an
Australia-based company.  The company's segments comprise Paper
Merchanting, Paper Manufacturing and Corporate.  Paper Merchanting
is engaged in international paper merchant and paper trader
supplying the printing and publishing industry and office
supplies.  Paper Manufacturing is engaged in the manufacture of
communication papers, including office papers, graphic papers,
converting papers and other specialty and coated papers.  Paper
Manufacturing is also engaged in the manufacture of packaging
papers and industrial papers.


RIO TINTO: Unveils US$19.5 Billion Deal With Chinalco
-----------------------------------------------------
Rio Tinto disclosed that it would form a US$19.5 billion strategic
partnership with Aluminium Corporation of China ("Chinalco"), a
leading Chinese diversified resources company.

In a press statement, Rio Tinto said the transaction will forge a
pioneering strategic partnership through the creation of joint
ventures in aluminium, copper, and iron ore as well as the issue
of convertible bonds to Chinalco, which would, if converted, allow
Chinalco to increase its existing shareholding in Rio Tinto.

The transaction is intended to position Rio Tinto to lead the
resources industry into the next decade and beyond by ensuring the
continuity of its strategy with the benefit of Chinalco's
relationships, resources and capabilities.

The Rio Tinto Boards have extensively considered a range of
strategic options, and have concluded that the opportunity offered
by the strategic partnership with Chinalco, together with the
value on offer for the investments by Chinalco in certain of Rio
Tinto's mineral assets and in the convertible bonds, is superior
to other identified options and offers greater medium term
certainty and long term value for Rio Tinto's shareholders.

Transaction highlights

   * Delivers substantial aggregate cash proceeds of US$19.5
     billion through:

      - Investment by Chinalco in certain aluminium, copper
        and iron ore joint ventures totalling US$12.3 billion

      - The issue of subordinated convertible bonds in two
        tranches with conversion prices of US$45 and US$60
        in each of Rio Tinto plc and Rio Tinto Limited for a
        total consideration of US$7.2 billion. If converted,
        the subordinated convertible bonds would increase
        Chinalco's current shareholding to 19.0% in Rio Tinto
        plc and 14.9% in Rio Tinto Limited, equivalent to an
        18.0% interest in the Rio Tinto Group

   * Raises significant funds at a time when financial markets
     are distressed, materially reducing Rio Tinto's indebtedness,
     strengthening its balance sheet and increasing its
     flexibility to pursue attractive investment opportunities
     throughout the cycle

   * Creates a pioneering strategic partnership with a leading
     Chinese diversified resources company:

      - Rio Tinto will benefit from Chinalco's strong
        relationships within China, which Rio Tinto believes
        will continue to be the main driver of growth in
        commodity markets over the longer term

      - The strategic partnership creates the opportunity for
        joint ventures and project development in emerging
        economies.  The two groups bring complementary skills,
        including Chinalco's capabilities to deliver
        infrastructure projects and Rio Tinto's leadership in
        operational excellence and sustainable development

      - Rio Tinto will enter into a landmark joint venture for
        exploration in China, in partnership with Chinalco

      - The Chinalco relationship will facilitate access for
        Rio Tinto to funding for project development from
        Chinese financial institutions

   * Chinalco will be entitled to nominate two new non-executive
     Board members (one independent under applicable corporate
     governance criteria) to add to the fifteen current Board
     members of Rio Tinto.  Independent non-executive directors
     will continue to comprise a majority of the Rio Tinto Boards,
     consistent with corporate governance best practice

   * Rio Tinto retains operational control of the joint venture
     assets, with clear governance arrangements and continued
     commercial marketing of joint venture product while
     maintaining its commitment to best practice and sustainable
     development

   * The transaction is subject to approval by the shareholders
     of Rio Tinto, governments and other regulators

The Boards of Rio Tinto plc and Rio Tinto Limited propose
unanimously to recommend that shareholders vote in favour of the
resolutions to be proposed at the shareholders' meetings in order
to effect the transaction.

Commenting on the transaction, Paul Skinner, Chairman of Rio
Tinto, said:

"This transaction will deliver superior value for Rio Tinto
shareholders.  Chinalco's cash investment of US$19.5 billion will
strengthen Rio Tinto's balance sheet, increase our flexibility to
deliver growth as markets recover and position Rio Tinto for the
next decade and beyond.

"We have long recognised and welcomed the growing participation of
China in the global economy and the opportunities this presents to
Rio Tinto.  We believe this transaction is a logical step in
advancing our capability in the Chinese market and the Boards of
Rio Tinto recommend it to shareholders.

"Chinalco's investment is a clear vote of confidence in Rio
Tinto's strength, its growth prospects and the outlook for the
commodities we produce."

Commenting on the transaction, Xiao Yaqing, President of Chinalco,
said:

"This transaction follows our acquisition of a significant stake
in Rio Tinto in February 2008 which laid a solid foundation for
our broader strategic partnership.  It reflects our continued
confidence in the long-term prospects of the industry and the
Chinese economy, the strength of Rio Tinto's world-class
management team and its long term growth prospects. Our objectives
are to seek commodity and geographic diversification, with a view
to achieving long term financial returns from our investments.

"The strategic partnership with Rio Tinto is a perfect fit with
these goals. It aligns us with a leading global diversified miner
with superb tier one assets and a track record of innovation. It
also allows Chinalco a significant role in a strong industry with
excellent growth prospects and direct economic exposure to Rio
Tinto's leading aluminium, copper and iron ore assets. With the
portfolio of these global assets, Chinalco will be better
positioned to serve its customers in China and globally. We will
embrace Rio Tinto's expertise in sustainable development, and with
our complementary areas of expertise will combine to bring the
best of both to project development. This strategic partnership
represents a key step in Chinalco's development into one of the
world's leading natural resources companies."

Commenting on the transaction, Tom Albanese, Chief Executive of
Rio Tinto, said:

"Since Chinalco made its initial investment a year ago, it has
become clear to both companies that a partnership makes great
strategic sense. Today's announcement is the culmination of many
months of exploring how we might do this.  Rio Tinto has over 20
years experience of joint ventures with Chinese partners and a
proven track record of delivering value for our shareholders from
existing joint ventures with customers.  The transaction will
forge a pioneering strategic partnership with one of China's
leading and fastest-growing resource companies.  Together we will
create value from joint ventures and will have more options in
project development and exploration - particularly in emerging
economies. We will benefit from Chinalco's insight in China, the
largest and the fastest growing market in the world for our
products.

"Chinalco has a strong commercial focus and an outstanding track
record of growth and value creating investments. Together we will
make both businesses stronger, to the benefit of shareholders and
other stakeholders."

                         Default Risks

According to Bloomberg News, Rio Tinto shares fell and debt
default risk jumped after the Group agreed to the US$19.5 billion
transaction.

"We don't like this deal," Bloomberg News cited Goldman Sachs
JBWere Pty analysts led by Neil Goodwill in a report dated Feb.
12.  "Rio is still in a weak position in terms of its balance
sheet and would be unable to easily participate in expansions,
acquisitions or increase dividend payments for some time."

Bloomberg News relates Rio Tinto struck the deal with Chinalco to
reduce debt.

Rio Tinto, Bloomberg News notes, traded in Australia and London,
dropped 3.4 percent to AU$50.23 in Sydney trading at 2:05 p.m.,
Feb. 13, 2009.

Citing Citigroup Inc. prices, Bloomberg News adds, contracts
protecting Rio Tinto's bonds for five years from default jumped 25
basis points to 560.

            Missed Asset-Sale Targets, May Sell Shares

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

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

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

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

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

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

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

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

To reduce costs, Rio said it will:

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

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

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

   -- Defer exploration and evaluation expenditure.

                         About Rio Tinto

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

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


RWC DEVELOPMENTS: Declares First and Interim Dividend
-----------------------------------------------------
RWC Developments Pty Limited declared the first and interim
dividend to unsecured creditors on January 9, 2009.

Only creditors who were able to file their proofs of debt by
December 3, 2008, were included in the company's dividend
distribution.


SOUTH EASTERN: Directors Appoint Receivers
------------------------------------------
Ruth Williams at The Age reports that South Eastern Secured
Investments (SESI) was placed in receivership by its directors.
Mark Korda and Craig Shepard of KordaMentha were appointed
receivers to the company.

SESI, the report relates, owes debenture holders NZ$178 million.

According to the report, the decision followed a large default
from a major debtor, looming write-downs on $17 million of
collateralised debt obligations (CDOs) and a spate of fund
withdrawals after the Federal Government's bank deposit guarantee.

In a statement posted on SESI's Website, Mr. Shepard said that
SESI would no longer be accepting deposits and that the existing
deposits of debenture holders would be frozen from February 11.

Mr. Shepard also indicated the receivers would be calling for
immediate expressions of interest in the sale of the business as a
going concern and that the business would continue to operate on a
"business as usual basis" while the sale process is conducted.

South Eastern Secured Investments (SESI) is a Gippsland-based
rural finance company.  SESI's headquarters are in Korumburra and
regional offices are located in Sale, Leongatha, Wonthaggi, Cowes
and Yarram.  SESI was established in 1995 to lend to the local
market.  It has issued 10 prospectuses, most recently in September
2008.


STUART BRUTON: Commences Wind-Up Proceedings
--------------------------------------------
During a general meeting held on October 24, 2008, the members of
Stuart Bruton Pty Limited resolved that the company be wound up
voluntarily.

The company's liquidator is:

          Bruce Gleeson
          c/o Jones Partners
          Insolvency & Business Recovery
          Telephone: (02) 9251 5222


TEAGIN PTY: Members and Creditors Receive Wind-Up Report
--------------------------------------------------------
The members and creditors of Teagin Pty Limited met on Dec. 11,
2008, and received the liquidator's report on the company's wind-
up proceedings and property disposal.

Geoffrey Mcdonald is the company's liquidator.


THOMSON REAL: Members and Creditors Hold Meetings
-------------------------------------------------
The members and creditors of Thomson Real Estate Services Pty
Limited held their final meeting on December 18, 2008.

The company's liquidator is:

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


TRADEON PTY: Members and Creditors Hear Wind-Up Report
------------------------------------------------------
The members and creditors of Tradeon Pty Limited met on Nov. 11,
2008, and received the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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


UPSCALE PTY: Supreme Court Enters Wind-Up Order
-----------------------------------------------
On October 31, 2008, the Supreme Court of New South Wales made an
Order that Upscale Pty Limited be wound up.

The company's liquidator is:

           D. I. Mansfield
           Moore Stephens Chartered Accountants
           460 Church Street, Level 6
           Parramatta NSW 2150


WARATAH POOLS: Placed Under Voluntary Wind-Up
---------------------------------------------
At an extraordinary general meeting held on October 30, 2008, the
members of Waratah Pools Pty Limited resolved that the company be
wound up voluntarily.

The company's liquidator is:

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



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

COUNTRY GARDEN: Moody's Reviews 'B1' Rating for Likely Cuts
-----------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade the Ba1 corporate family and senior unsecured
convertible bond ratings of Country Garden Holdings Co Ltd.

"The review has been prompted by Moody's concern that the weak
Chinese property market and softening property prices will
pressure Country Garden's profitability and cash flow," says Peter
Choy, a Moody's Vice President and Senior Credit Officer, adding,
"This would in turn impair the company's credit metrics to the
extent that they may not support its current ratings."

"In view of the tightening availability of offshore bank credit,
the company's increased reliance on domestic borrowings at project
and subsidiary level could increase the risk of structural
subordination for its senior unsecured convertible bondholders at
the holding company," says Choy.

In its review, Moody's will evaluate (a) Country Garden's sales
strategy under the current weak property market and its ability to
maintain profitability; (b) its liquidity profile in light of the
tight credit environment; and (c) the level of subsidiary and
project debts in the next 1 -2 years and the potential risk of
structural subordination for the convertible bondholders.

The last rating action on Country Garden was taken on 19 February,
2008, when a Ba1 rating was assigned to its US$600 million
convertible bonds with a stable outlook.

Founded in 1997 in China and listed in Hong Kong in April 2007,
Country Garden Holdings Co Ltd is one of the leading integrated
property developers in China.


SANLU GROUP: Chinese Court Declares Firm Bankrupt
-------------------------------------------------
Sanlu Group Co. was declared bankrupt by a Chinese local court on
Thursday, China Daily reports.

According to the Daily, the Intermediate People's Court of
Shijiazhuang, capital of the northern Hebei Province, accepted the
bankruptcy petition for Sanlu, who faced a 1.1 billion yuan (161
million US dollars) debt, last December.

It was fined last month 49.37 million yuan by the Shijiazhuang
court, which also handed down life sentence to Sanlu's board
chairwoman Tian Wenhua.

On December 19, the group borrowed 902 million yuan to pay the
medical fees of children sickened by its melamine-tainted baby
formula and to compensate the victims.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 29, 2008, People's Daily Online said according to Wang
Jianguo, spokesman for the city government of Hebei provincial
capital Shijiazhuang, the petition was made by the Heipingxi Road
branch of Shijiazhuang City Commercial Bank - a creditor of Sanlu.

Citing the spokesman, the Daily Online noted that as of Oct. 31,
the group's total assets were worth CNY1.56 billion while its
total debts were CNY1.76 billion.

Sanlu, according to the Daily Online, stopped production on
Sept. 12.  As of Oct. 31, the group recalled more than 10,000
tonnes of baby formula products worth nearly CNY1 billion.

Shanghai Daily reported that Fonterra, which has a 43 percent
stake in Sanlu, said Sanlu will be managed by a court-appointed
receiver to monitor the orderly sale of the company's assets and
payment of creditors within six months.

"We were aware that Sanlu was in a very difficult situation and
faced mounting debts as a result of the melamine contamination
crisis," Shanghai Daily quoted Fonterra Chief Executive Officer
Andrew Ferrier as saying.

On September 25, 2008, the Troubled Company Reporter-Asia Pacific
reported that the number of children in China affected by
melamine-contaminated milk has reached 53,000, with Sanlu's
products found to contain the highest levels of the chemical.
Melamine is used to make plastics and fertilizer, and can cause
kidney stones and lead to kidney failure when consumed.

                      About Sanlu Group

Sanlu Group is a Chinese dairy products company based in
Shijiazhuang, the capital city of Hebei Province.  The state-owned
company is one of the oldest and most popular brands of infant
formula in China.  Sanlu is 43% owned by Fonterra.



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

AURORA OFFICE: Creditors' Meeting Set for February 27
-----------------------------------------------------
The creditors of Aurora Office Furniture Limited will meet on
February 27, 2009, at 3:00 p.m., for the purposes of Section 241,
242, 242, 243, 244, 251, 251A and 283 of the Companies Ordinance.

The meeting will be held at the 8th Floor of Richmond Commercial
Building, 109 Argyle Street, Mongkok, in Kowloon, Hong Kong.


CHINA PROVIDENT ET AL: Members' Final Meeting Set for March 9
-------------------------------------------------------------
On March 9, 2009 at 10:00 a.m., Ying Hing Chiu will give a report
on the companies' wind-up proceedings and property disposal to the
members of:

   -- China Provident Company, Limited; and
   -- Hutchison International Finance Limited.

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


CORGI INTERNATIONAL: Receives Delisting Notice from NASDAQ
----------------------------------------------------------
Corgi International Limited disclosed that it received notice on
February 5, 2009 from the staff of The Nasdaq Stock Market Inc.
indicating that the company's ADSs are to be delisted due to its
non-compliance with the minimum US$10 million stockholder's equity
requirement.

In addition, the company was also notified that it currently did
not meet its requirement of maintaining three independent
directors, due to the recent resignation of two of its independent
Directors located in the United Kingdom.  The Company's non-
compliance with the director composition serves as an additional
basis for delisting.

Unless the Company requests an appeal of these determinations,
trading of Corgi's American Depositary Shares will be suspended at
the opening of business on February 17, 2009, and a Form 25-NSE
will be filed with the Securities and Exchange Commission (the
"SEC"), which will remove the Company's securities from listing
and registration on The Nasdaq Stock Market.

At present, Corgi plans to appeal the delisting determination by
Nasdaq staff to a Nasdaq Listings Qualifications Panel.  In
addition, the Nasdaq Marketplace Rules may permit the Company to
transfer its ADSs to the Nasdaq Capital Market if the Company
satisfies the continued inclusion requirements for that market.
If Corgi submits a transfer application and pays the applicable
listing fees by March 29, 2009 the initiation of the delisting
proceedings will be stayed pending the staff's review of the
application.  If the Nasdaq staff does not approve Corgi's
transfer application, the Nasdaq staff will provide written
notification that its securities will be delisted.

In the event of a delisting, the Company's securities may become
eligible to trade on the OTC Bulletin Board or in the "Pink
Sheets", if a market maker makes application to register in and
quote the security in accordance with SEC Rule 15c2-11, and such
application (a "Form 211") is cleared.

                   About Corgi International

Headquartered in Hong Kong, Corgi International Limited is a
global Pop Culture company, which develops and markets innovative
and high-quality licensed and non-licensed toys, gifts and
collectables distributed via direct, specialty, hobby, collector
and mass retail channels worldwide.  Marketed under the brand
names Master Replicas, PopCo and H2go, the Company's line of
products range from premium entertainment prop replicas and
limited edition memorabilia to traditional toys and gift
merchandise.

The Company holds varying licenses for many of entertainment's
highest grossing franchises including Disney Classics, Harry
Potter, James Bond, Star Trek, Nintendo, Halo and The Beatles,
amongst others. Corgi International Limited also has partnerships
with cutting edge technology innovators around the world.

The Company has operations in Walnut Creek, California, USA and in
Watford and Leicester, UK.

                       Going Concern Doubt

Corgi's Independent Registered Accounting Firm, Burr, Pilger &
Mayer, LLP, noted in their report with respect to its consolidated
financial statements for the year ended March 31, 2008, that the
Company has suffered reoccurring losses from operations, has a
working capital deficiency, an accumulated deficit and negative
cash flows, which raise substantial doubt about the Company's
ability to continue as a going concern. The consolidated financial
statements do not include any adjustments that might result from
the outcome of this uncertainty.


FINE LAND: Placed Under Voluntary Liquidation
---------------------------------------------
At an extraordinary general meeting held on February 2, 2009, the
members of Fine Land Development Limited resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

          Cheung Fong Ming
          Two International Finance Centre, 72-76th Floor
          8 Finance Street
          Central, Hong Kong


GALLEX TECHNOLOGY: Inability to Pay Debts Prompts Wind-Up
---------------------------------------------------------
At an extraordinary general meeting held on January 21, 2009, the
shareholders of Gallex Technology Limited resolved to voluntarily
wind up the company's operations due to its inability to pay debts
when it fall due.

The company's liquidator is:

          Bernie Fuk Yuen Suen
          Adamsmiller Consultancy Limited
          Hong Kong Trade Center, 10th Floor
          161 Des Veoux Road
          Central, Hong Kong


GC-LINE ET AL: Members and Creditors to Meet on March 10
--------------------------------------------------------
On March 10, 2009, Lai Kar Yan (Derek) and Darach E. Haughey will
present the companies' wind-up report and property disposal to the
members and creditors of:

   -- GC-Line Limited at 10:00 a.m., and 10:30 a.m. for the
      creditors; and
   -- Geis Cargo Logistics Limited at 11:00 a.m., and 11:30 a.m.,
      for the creditors.


HONG KONG STATIONERY: Placed Under Voluntary Liquidation
--------------------------------------------------------
At an extraordinary general meeting held on January 24, 2009, the
members of Hong Kong Stationery Manufacturing Co., Limited
resolved to voluntarily wind up the company's operations.

The company's liquidators are:

         Lui Wan Ho
         To Chi Man
         The Gateway
         Suite 1912, 19th Floor, Tower 1
         25 Canton Road
         Tsimshatsui, Hong Kong


ITXC GLOBAL: Members to Receive Wind-Up Report on March 9
---------------------------------------------------------
The members of ITXC Global Hong Kong Limited will meet on March 9,
2009, at 10:00 a.m., at the Level 28 of Three Pacific, Hong Kong.

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


NM AGENCY: Members and Creditors to Meet on March 13
----------------------------------------------------
The members and creditors of NM Agency Leaders Association Limited
will meet on March 13, 2009, at 3:30 p.m., at Room A, 19th Floor
of Tung Hip Commercial Building, 248 Des Voeux Road, in Central,
Hong Kong.

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


SANYO OPTRONICS: Creditors' Proofs of Debt Due on March 6
---------------------------------------------------------
The creditors of Sanyo Optronics (Hong Kong) Company 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 Feb. 2, 2009.

The company's liquidator is:

         Leung Mei Fan
         Allied Kajima Building, Room 1005
         138 Gloucester Road
         Wanchai, Hong Kong


SPEEDMAX INVESTMENTS: Members to Hear Wind-Up Report on March 9
---------------------------------------------------------------
On March 9, 2009, Cheng Faat Ting Gary and Lau Stanley Po Shing,
will present the companies' wind-up report and property disposal
to the members of:

   -- Speedmax Investments Limited; and
   -- Sky Billion International Limited.

The meeting will be held at the 8th Floor of Richmond Commercial
Building, 109 Argyle Street, Mongkok, in Kowloon, Hong Kong.


WHS HONG KONG: Members to Receive Wind-Up Report on March 9
-----------------------------------------------------------
The members of WHS Hong Kong Limited will meet on March 9, 2009,
at 10:00 a.m., at the 7th Floor of Alexandra House, 18 Chater
Road, in Central, Hong Kong.

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


WINVIEW (HK): Members to Receive Wind-Up Report on March 6
----------------------------------------------------------
The members of Winview (HK) Limited will meet on March 6, 2009, at
10:00 a.m., at the 8th Floor of A T Tower, 180 Electric Road, in
North Point, Hong Kong.

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



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

ANKUR CHEMFOOD: CRISIL Rates Rs.210.00MM Cash Credit Limit at 'BB'
------------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the various
bank facilities of Ankur Chemfood Ltd (Ankur Chemfood).

   Rs.210.00 Million Cash Credit Limit    BB/Stable (Assigned)
   Rs.8.70 Million Term Loan              BB/Stable (Assigned)
   Rs.2.50 Million Forward Purchase       BB/Stable (Assigned)
   Rs.2.00 Million Bank Guarantee         P4 (Assigned)

The ratings reflect Ankur Chemfood's stretched financial risk
profile, and exposure to risks relating to the highly fragmented
nature of the salt industry, with limited scope for value
addition.  These rating weaknesses are, however, partially
mitigated by the benefits that Ankur Chemfood derives from the
established track record of its promoters, diversified customer
base, and steady demand.

Outlook: Stable

CRISIL believes that Ankur Chemfood will maintain its credit
profile on the back of steady demand for edible and industrial
salt, and established relationships with customers.  The outlook
may be revised to 'Positive' if the company's capital structure
improves, and it stabilizes its expanded capacities.  Conversely,
the outlook may be revised to 'Negative' if Ankur Chemfood
undertakes significant debt-funded capital expenditure, leading to
deterioration in debt protection measures and operating margins.

                     About Ankur Chemfood

Incorporated in 1993, Ankur Chemfood manufactures edible and
industrial salts.  It sells its products under the brand names,
Ankur, Master Cook, and Anna Purti.  The company has a well-
diversified distribution network.  Ankur Chemfood is India's first
ISO 9001:2000 certified salt refinery accredited by BVQIUKAS.  For
2007-08 (refers to financial year, April 1 to March 31), Ankur
Chemfood reported a profit after tax (PAT) of Rs.13.73 million on
net sales of Rs.933.07 million, as against a PAT of Rs.5.75
million on net sales of Rs.800.02 million for 2006-07.


KAVCON ENGINEERS: CRISIL Puts 'BB-' Rating on Cash Credit Facility
------------------------------------------------------------------
CRISIL has assigned its rating of 'BB-/Stable' to the cash credit
facility of Kavcon Engineers Pvt Ltd (Kavcon).

   Rs.110.00 Million Cash Credit Limits   BB-/Stable (Assigned)

The rating reflects Kavcon's small scale of operations in the
fragmented tower fabrication industry, and limited financial
flexibility due to low net worth and the working capital intensive
nature of its operations.  These weaknesses are, however,
partially offset by Kavcon's status as an established player, with
healthy growth prospects.

Outlook: Stable

CRISIL believes that Kavcon will maintain its moderate business
risk profile over the medium term, backed by steady revenues and
accruals.  The outlook may be revised to 'Positive' if Kavcon's
operating margins improve on account of product diversity.
Conversely, the outlook may be revised to 'Negative' if the
financial risk profile deteriorates owing to substantial debt
taken to fund capital expenditure.

                         About Kavcon

Established in 1982 as a partnership firm, Kavcon was converted to
a private limited company, and got its present name in October
2002.  The company is engaged in fabrication and galvanisation of
power transmission and telecommunication towers used by state
electricity boards, Indian Railways, and telecom companies.  For
2007-08 (refers to financial year, April 1 to March 31), Kavcon
reported a profit after tax (PAT) of Rs.6.7 million on net sales
of Rs. 341.1 million, as against a PAT of Rs.3.9 million on net
sales of Rs. 337.3 million for 2006-07.


MACROTECH: CRISIL Lowers Rating on Rs.2050MM LT Bank Loan to 'BB'
-----------------------------------------------------------------
CRISIL has downgraded its rating on the Rs.2050 million Long-Term
Bank Loan long-term bank loans of Macrotech Constructions Pvt Ltd
(Macrotech) to 'BB/Negative' from 'BBB/Negative'.

   Rs.2050 Million Long-Term Bank Loan   BB/Negative (Downgraded
                                      from 'BBB/Negative')

The downgrade is driven by the existing and potential fund flows
between Macrotech and other Lodha group companies, rendering
Macrotech vulnerable to the group's stretched liquidity, and by
the substantial decline in the company's sales because of the
downswing in the real estate sector. These factors have adversely
affected Macrotech's liquidity.

The revision in rating is also based on Macrotech's moderate
financial risk profile marked by higher-than-anticipated gearing,
the project concentration risk that the company faces, and the
aggressive growth plans of the Lodha group. The group has an
aggressive growth strategy, with investments aggregating Rs.120
billion planned over the next four years, requiring huge amounts
of funding. The rating is, however, supported by the robust
profitability potential of Macrotech's Bellissimo project and the
strong track record of the company's promoters.

Outlook: Negative

CRISIL expects Macrotech to remain vulnerable to the tight
liquidity position of the Lodha group and to the slowdown in the
real estate sector. The rating could be downgraded in case of any
continued strain on the company's project sales or increased
financial support to the group companies. Conversely, the outlook
could be revised to 'Stable' in case of a significant improvement
in the group's liquidity and reversal in the financial flows
provided to group companies by Macrotech.

                    About Macrotech

Macrotech was promoted by Lodha Developers Pvt Ltd, the flagship
company of the Lodha group.  Macrotech has a single project, Lodha
Bellissimo, at Apollo Mills in central Mumbai; the project is
under construction.  The site covers a saleable area of 1.1
million square feet, with residential development of 0.84 million
square feet.


OMAXE LTD: Fitch Downgrades National Long-Term Rating to 'BB-'
--------------------------------------------------------------
Fitch Ratings has downgraded India's Omaxe Ltd's National Long-
term rating and the rating on its INR3000 million Long-term debt
program to 'BB-(ind)' (BB minus(ind)) from 'A-(ind)/Negative' (A
minus(ind)).  The ratings have been placed on Rating Watch
Negative.

The downgrade reflects the change in the real estate sector's
fundamentals and the expectation that real estate developers in
India will face a challenging operating environment and financial
pressures in 2009.  The fundamentals of the industry have
deteriorated due to the volatile external environment, weak
economic/consumer sentiment, high interest rates, reduced consumer
affordability and rising construction costs.  The agency's outlook
for the Indian real estate sector in 2009 continues to remain
negative.  The downgrade also reflects Fitch's expectation that
Omaxe's profitability and operational cash flow generation will be
significantly impacted by the challenging industry environment.
In Q309 Omaxe reported a significant fall in operating performance
with revenue and net income falling by 73% and 96%, respectively,
as against Q308.

The rating action also relates to heightened concerns over Omaxe's
short-term liquidity position, which has shown signs of weakening
over recent months and has therefore created a degree of short-
term refinancing risk.  Fitch notes that the company is under
negotiation with its banks regarding the extension of its current
outstanding maturity profile and further refinancing.  Successful
refinancing of its existing debt with the extension of its
maturity profile of debt would be a positive for Omaxe, as it
would reduce the immediate liquidity pressures.

The RWN reflects that the ratings may be downgraded or remain at
the current level.  The timeliness of servicing payments due in
the coming months is key to resolving the RWN.

Omaxe, having started as a construction company, is now engaged in
real estate development in the northern region of India.  Omaxe
made a primary offering of INR5770 millin in July 2007.  The
promoter and promoter group together own an 89% stake in the
company.  It made INR6.5 billion in operating EBITDA on revenue of
INR22.8 billion in FYE08, versus INR1.7 billion and INR7.3
billion, respectively, for 9M09.  At FYE08, Omaxe's total adjusted
debt net of cash was 2.8x operating EBITDAR, whereas total
adjusted debt was 60% of total adjusted capitalisation.  As at
December 31, 2008, Omaxe had approximately INR20.5 billion of
consolidated debt.


SAHDEV JEWELLERS: CRISIL Rates Various Bank Facilities at 'P4'
--------------------------------------------------------------
CRISIL has assigned its ratings of 'P4' to the various bank
facilities of Sahdev Jewellers.

   Rs.132 Million Bills Discounting Facility    P4 (Assigned)
   Rs.232 Million Letter of Credit Facility  P4 (Assigned)
   Rs.186 Million Proposed Short Term Bank      P4 (Assigned)
                  Facilities

The ratings reflect Sahdev Jewellers' weak financial risk profile,
and exposure to risks relating to intense competition in the
jewellery industry, and customer and geographic concentration in
the firm's revenue profile.  These weaknesses are, however,
partially offset by the benefits that Sahdev Jewellers' derives
from the long-standing experience of its promoters in the
manufacture of hand-crafted jewellery.

                   About Sahdev Jewellers

Set up in 1998 by Mr. Vasudev Sahdev, Sahdev Jewellers
manufactures and exports gold jewellery, mostly to Dubai.  The
company has a manufacturing facility at Noida Special Economic
Zone (NSEZ) and is setting up another facility in the same SEZ.
For 2007-08 (refers to financial year, April 1 to March 31),
Sahdev reported a profit after tax (PAT) of Rs.3.8 million on net
sales of Rs.1194 million, as against a PAT of Rs.12.8 million on
net sales of Rs.899 million for 2006-07.


SAMBHAV ENERGY: CRISIL Places 'BB' Rating on Rs.630MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its rating of 'BB/Stable' to the term loan
facility of Sambhav Energy Ltd (Sambhav Energy).

   Rs.630 Million Term Loan   BB/Stable (Assigned)

The rating reflects Sambhav Energy's exposure to risks relating to
project implementation and customer concentration, and its below-
average financial risk profile.  These weaknesses are mitigated by
the benefits that Sambhav Energy derives from its flexible power
purchase agreement (PPA) with assured returns, vast experience of
its promoters in the biomass power segment, and adequate
availability of raw materials.

Outlook: Stable

CRISIL expects Sambhav Energy to commence commercial operations at
its Sirohi (Rajasthan) power plant without further time or cost
overruns, thereby supporting the company's cash flow requirements.
The outlook may be revised to 'Positive' if Sambhav Energy
generates more-than-expected cash flows as a result of higher
plant load factor (PLF) and reports strong operating efficiency.
Conversely, the outlook may be revised to 'Negative' if the
company faces time or cost overruns on its project, or if
unplanned plant outages result in low PLF, thus impacting the
company's cash flows.

                       About Sambhav Energy

Incorporated in October 2005, Sambhav Energy is setting up a 20
megawatt (MW) agri-residue combustion-based power plant at Sirohi,
with a capital expenditure of Rs.900 million.  Although the
project was scheduled to commence in September 2006, it received
approval from Rajasthan Renewable Energy Corporation Ltd only in
October 2007, resulting in a delay.  The project is now expected
to be completed by June 2009.  The company has entered into a PPA
for supply of grid quality energy/power to Jaipur Vidyut Vitran
Nigam Ltd, Ajmer Vidyut Vitran Nigam Ltd, and Jodhpur Vidyut
Vitran Nigam Ltd in the ratio of 36:36:28 for a period of 10 years
from the date of commencement of commercial operations.


SHREE BALAJI: CRISIL Assigns 'BB' Rating on Rs.91.60MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the various
bank facilities of Shree Balaji Engicons Pvt Ltd (Shree Balaji).

   Rs.32.50 Million Cash Credit Limits     BB/Stable (Assigned)
   Rs.4.80 Million Stand by Line of        BB/Stable (Assigned)
                   Credit
   Rs.91.60 Million Term Loan*             BB/Stable (Assigned)
   Rs.291 Million Bank Guarantee           P4 (Assigned)

   * Out of this Rs.22 million is proposed.

The ratings reflect Shree Balaji's limited geographical reach and
working capital intensive nature of operations and exposure to
risks relating to restricted customer base.  These weaknesses are
however partially offset by healthy growth in Shree Balaji's
revenues, owing to strong order book.

Outlook: Stable

CRISIL believes that Shree Balaji will maintain a stable business
risk profile, supported by a healthy order book.  The outlook may
be revised to 'Positive' if the company maintains steady
improvement in revenues, profitability, and net worth.
Conversely, the outlook may be revised to 'Negative' if the
company undertakes large, additional debt-funded capital
expenditure, leading to deterioration in its financial risk
profile.

                   About Shree Balaji

Shree Balaji was set up as a partnership firm in 1993 with Mr.
Anil Agarwal, his three brothers and mother as partners.  In 1998,
the firm's constitution changed to a private limited company.  The
company undertakes civil construction, road construction and
related jobs.  Its activities are restricted to Orissa; the
company is a super class contractor of Public Works Department,
Orissa.  The company also owns a petrol pump. For 2007-08, (refers
to financial year, April 1 to March 31) Shree Balaji reported a
profit after tax (PAT) of Rs. 10.3 million on revenues of Rs. 389
million, as against a PAT of Rs. 6.7 million on revenues of
Rs. 288 million for 2006-07.


SUNVIK STEELS: CRISIL Lowers Rating on LT Bank Loan to 'BB-'
------------------------------------------------------------
CRISIL has downgraded its rating on Sunvik Steels Pvt Ltd's
(SSPL's) long-term bank facilities to 'BB-/Negative' from
'BB/Stable'.  The rating on the company's short-term facilities
has been reaffirmed at 'P4'.

   Rs.130 Million Cash Credit Limit   BB-/Negative (Downgraded
                                               from 'BB/Stable')

   Rs.870 Million Term Loan           BB-/Negative (Downgraded
                                              from 'BB/Stable')

   Rs.80 Million Letter of Credit     P4 (Reaffirmed)
               and Bank Guarantee

The downgrade follows delay in the planned capital expenditure
(capex), resulting in delayed cash accrual benefits.  Also, in
light of the downturn in the steel industry, the incremental
benefits from the capex are expected to get marginalised.  CRISIL
expects SSPL's capital structure and debt protection indicators to
remain weak over the medium term because of large debt being
raised for the project and the incremental working capital
requirements.  The ratings also reflect SSPL's exposure to project
implementation risk, and the small scale of its operations.  The
ratings, nevertheless, continue to be supported by SSPL's moderate
operating efficiencies, primarily because of the proximity of its
facilities to iron ore mines.

Outlook: Negative

CRISIL expects SSPL's capital structure to remain highly leveraged
over the medium term because of ongoing large debt-funded capex.
Time and cost overruns on the expansion project could weaken the
company's financial risk profile further.  The rating could be
downgraded if there is more-than-expected deterioration in SSPL's
debt protection measures.  Conversely, the outlook may be revised
to 'Stable' if the company stabilises the operations of its new
capacities while maintaining its profitability at expected levels.

                   About Sunvik Steels

SSPL was incorporated in 2003 by Mr. Vivek Kejriwal, Mr. Mahendra
Kachchara, and Mr. Sandeep Shishodia.  The company manufactures
sponge iron, steel ingots, and thermo-mechanically treated bars.
In 2007-08 (refers to financial year, April 1 to March 31), the
company reported a profit after tax (PAT) of Rs.54 million on net
sales of Rs.1104 million, as against a PAT of Rs.25 million on net
sales of Rs.620 million in the preceding year.


TIRUPUR TEXTILES: CRISIL Rates Rs.480.7MM Long Term Loan at 'C'
---------------------------------------------------------------
CRISIL has assigned its ratings of 'C/P4' to the various bank
facilities of Tirupur Textiles Pvt Ltd (Tirupur Textiles).

   Rs.480.7 Million Long Term Loan        C (Assigned)
   Rs.36.0 Million Cash Credit Limits     C (Assigned)
   Rs.144.0 Million Working Capital       C (Assigned)
                    Demand Loan

   Rs.40.0 Million Packing Credit Limit  P4 (Assigned)

   Rs.20.0 Million Foreign Bill Purchase/ P4 (Assigned)
                   Foreign Usance Bill Limits  

   Rs.201.0 Million Letter of Credit      P4 (Assigned)
                    Limits  
   Rs.2.5 Million Bank Guarantee Limits   P4 (Assigned)

The ratings reflect the high likelihood of default on account of
stretched liquidity and high working capital requirements.  The
company has already applied for extension of moratorium on its
loan instalments.  It has met all debt obligations till December
2008.  The company has a weak financial risk profile, as indicated
by a gearing of more than 10 times as on March 31, 2008, owing to
large working capital requirements and debt-funded capital
expenditure.  These weaknesses are partially mitigated by Tirupur
Textiles established market position in the hosiery yarn market.

                About Tirupur Textiles

Incorporated in 1956, by Mr. G T Krishnaswamy Naidu and his son,
K Sivasubramaniam, Tirupur Textiles manufactures hosiery cotton
yarn.  Its 3 units have a combined spindlage of 59,376 nos.  For
2007-08, (refers to financial year, April 1 to March 31) Tirupur
Textiles reported a net loss of Rs.16.75 million on net sales of
Rs.723.31 million, as against a PAT of Rs.2.18 million on net
sales of Rs.862.95 million for 2006-07.


VIJAY TECHNNOCRATS: CRISIL Places 'B' Rating on Rs.34MM LT Loan
---------------------------------------------------------------
CRISIL has assigned its ratings of 'B/Stable/P4' to the various
bank facilities of Vijay Technnocrats Pvt Ltd (Vijay
Technnocrats).

   Rs.34.0 Million Long Term Loan          B/Stable (Assigned)
   Rs.35.0 Million Cash Credit Limits      B/Stable (Assigned)
   Rs.0.5 Million Letter of Credit Limits  P4 (Assigned)
   Rs.0.5 Million Bank Guarantee Limits    P4 (Assigned)

The ratings reflect Vijay Technnocrats' stretched financial risk
profile, marked by high gearing, low net worth, and weak debt
protection measures; the ratings also factor in the company's
small scale of operations, and exposure to customer concentration
risks.  These weaknesses are mitigated by the benefits that Vijay
Technnocrats derives from its established track record in the iron
castings business.

Outlook: Stable

CRISIL believes that Vijay Technnocrats will maintain its current
business profile over the medium term, backed by established
relations with customers, and stable demand.  The outlook may be
revised to 'Positive' if the company's financial risk profile
improves substantially due to scaling up of operations and
significant improvement in gearing and debt protection measures.
Conversely, the outlook may be revised to 'Negative' if the
company undertakes large, debt-funded capital expenditure, leading
to deterioration in its capital structure, or if there is a
considerable decline in its margins, resulting in a weaker
financial risk profile.

                    About Vijay Technnocrats

Vijay Technnocrats, formed in 1994, manufactures iron castings and
high chrome castings for the engineering, construction, and
automobile industries.  The company began commercial production in
1999, and has the capacity to manufacture 3000 tonnes of castings
per year.  Vijay Technocrats' group company, Shanthala Spherocast
Pvt Ltd, undertakes foundry job works, including casting and
machining of components.

For 2007-08 (refers to financial year, April 1 to March 31), Vijay
Technnocrats reported a profit after tax (PAT) of Rs.3 million on
net sales of Rs.175.6 million, as against a PAT of Rs.1.7 million
on net sales of Rs.122.1 million for the previous year.


VT IMPEX: CRISIL Rates Various Bank Facilities at 'B'
-----------------------------------------------------
CRISIL has assigned its ratings of 'B/Stable/P4' to the bank
facilities of VT Impex Ltd (VTIL).

   Rs.50.0 Million Long Term Loan         B/Stable (Assigned)
   Rs.80.0 Million Proposed Long
           Term Bank Facility             B/Stable (Assigned)
   Rs.60.0 Million Cash Credit Limits     B/Stable (Assigned)
   Rs.10.0 Million Letter of Credit       P4 (Assigned)

The ratings reflect VTIL's weak financial risk profile, exposure
to risk inherent to agriculture-based commodity business, and
small scale of operations.  These weaknesses are mitigated by
VTIL's established market presence and good operational
capabilities.

For arriving at the ratings, the business and financial risk
profiles of VTIL and its subsidiary VT Impex (Shangdong) Ltd,
China, have been combined.

Outlook: Stable

CRISIL believes that VTIL will maintain its stable business risk
profile, given steady demand for agricultural products in the
domestic market.  However, the company's financial risk profile
will remain constrained by low margins and net worth, and high
gearing. The outlook may be revised to 'Positive' if the company
scales up its operations and simultaneously improves its capital
structure and debt protection measures.  Conversely, the outlook
may be revised to 'Negative' in case of a steep fall in profit
margins, or if the company diversifies into unrelated areas or
undertakes huge debt-funded capital expenditure, thereby leading
to deterioration in its capital structure and debt protection
measures.

                    About VT Impex

Incorporated in 2004, VTIL is a closely held public company
promoted by Mr. Sundeep Kumar Gupta.  The company trades in
agricultural commodities, such as garlic, onion, and potato. It
also has a small presence in the iron ore crushing business in
Barbil, Orissa.  The company operates through six wholesale shops
- five shops in Chennai and one at Gondal, Gujarat - and has a
warehouse in Chennai.  It has recently introduced the Gubaki brand
of mixed condiments, and has also opened two retail outlets under
the Veg n Fruit brand in Chennai.

For 2007-08 (refers to financial year, April 1 to March 31), VTIL
reported a profit after tax (PAT) of Rs.7.67 million on net sales
of Rs.891.9 million, as against a PAT of Rs.6.92 million on net
sales of Rs.674.2 million in the previous year.


* INDIA: Companies Continue to Outperform AIM Listed Firms
----------------------------------------------------------
Indian companies listed on the London Stock Exchange (LSE)
continue to outperform both the AIM 100 and AIM all-share despite
the tough economic climate according to India Watch, a quarterly
review by the leading business and financial adviser Grant
Thornton.

India Watch tracks the collective performance of Indian listings
on the London markets and gives an update on the Indian economy.
Its latest figures indicate that the Indian Index has outperformed
the AIM 100 and the AIM all-share by 22% and 23% respectively
since January 1, 2007.

In Q4 2008, Elephant Capital Plc, Eredene Capital Plc and
Evolvence India Holdings Plc outperformed the AIM all-share with a
comparatively modest drop in their share prices (closing at -2.6%,
-4.9% and -10.1% respectively).  Having been the top performers of
the last 12 months, Elephant Capital ended the year with a market
capitalisation of GBP47.75 million, Eredene Capital's was GBP35.49
million, while Evolvence India Holdings boasted a market
capitalisation of GBP49.4 million.

"These results are increasingly positive given the current
economic backdrop.  Indian companies are not merely generating
economic growth; they are also proving to be companies that are
well-worth investing in, and are clearly starting to take on some
of the world's leading companies," says Anuj Chande, Head of Grant
Thornton's South Asia Group.

Fiona Owen, a Partner at Grant Thornton who heads South Asia Group
Capital Markets, adds: "It is not all doom and gloom on the stock
market, there are quite a few notable encouraging trends as well.
The prices of food and oil have fallen, inflation continues to
decline towards comfortable levels and interest rates have
softened.  Factors such as these may serve to provide the
necessary support in 2009, making the overall outlook more
positive for Indian companies."

              IPOs of Indian Firms Still to Pick Up

Despite the positive signs, London saw no new initial public
offerings (IPO) issued by Indian companies in the quarter to
December 2008.  Therefore AIM-listed KSK Emerging India Energy
Fund (KEF) continued to be the largest IPO by an Indian firm on a
British exchange in 2008, raising US$200 million in June.  Grant
Thornton UK LLP acted as nominated adviser.

"There is a backlog of more than 25 Indian firms waiting to float
in London when the market picks up," says Owen, who thinks some
may list later this year or in early 2010.

Owen adds that these are seeking to raise between $50 million and
$500 million and come from a range of sectors including
Infrastructure, infrastructure services, media, technology,
manufacturing, pharmaceuticals and telecommunications.



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

AOZORA BANK: Moody's Cuts Base Line Credit Assessment to 'Ba1'
--------------------------------------------------------------
Moody's Investors Service downgraded Aozora Bank Ltd's long-term
deposit and senior unsecured debt ratings to Baa1 from A3 and base
line credit assessment to Ba1 from Baa3.  In addition, Moody's
placed these ratings, as well as Aozora's D+ bank financial
strength rating, under review for possible further downgrade.  The
bank's Prime-2 short-term deposit rating is unaffected.

The downgrades have been prompted by Aozora's projections of
substantial net losses for FYE3/2009.  In addition, the downgrades
reflect Moody's increased concerns that Aozora will face
significant challenges before it can restore the confidence of the
market and its profitability in view of the difficult nature of
the operating environment for banking institutions funded by
wholesale funds.

In Moody's view, Aozora's higher dependency on the wholesale
business and resulting higher earnings volatility are also
pressuring its already weak franchise value.  Accordingly, it may
take longer for Aozora to generate solid revenue from a more
stable line of business in its domestic market as this approach
would mean the need for a turnaround in its strategy.

In addition, the rating review reflects the need to assess the
uncertainty surrounding the bank's revenue prospects for FYE
3/2010 after recent large balance sheet-related costs.

Aozora's recent operating performance has been negatively affected
by the turmoil in the global markets; in particular, the
profitability of its overseas-related investment businesses
remains under pressure.  The bank has already revised downwards
its earnings forecasts for FYE 3/2009 several times. According to
a recent announcement, it posted a JPY109.4 billion net loss for
the third quarter of FYE 3/2009.

This loss can be attributed in large part to additional write-
downs on its investment in GMAC LLC, valuation losses on hedge
funds, as well as increased credit-related expenses stemming from
the deteriorating economic climates in Japan and overseas.  As a
result, Aozora now expects to report a JPY196 billion net loss for
full year FYE 3/2009, compared to the bank's estimated previous
net loss of JPY 27 billion. It is also larger than Moody's
original estimation.

Most of these losses will derive from the bank's overseas-related
investment portfolio, the area in which it had previously aimed to
expand.  It has already entered the process of reducing exposures
related to these overseas investments.  It is also setting aside
reserves for further potential losses arising from these
investments.

Such initiatives could contribute to a reduced need for large
balance sheet costs in the future.  Also, Aozora still maintains a
high consolidated capital adequacy ratio compared to the major
Japanese banks.  The bank's tier 1 ratio declined to 14.8% in the
third quarter of FYE 3/2009 compared to 15.2% at the end of March
2008 as a result of a net loss.

In its review, Moody's will review the potential for further
losses from its diverse investment exposures outside Japan, its
ability to stabilize its earnings and liquidity position in a
timely manner, and management's strategy to strengthen its
domestic market franchise and capital strategy.

Moody's last rating action with respect to Aozora was taken on
October 29, 2008, when the bank's long-term ratings were
downgraded.

Aozora Bank Ltd, headquartered in Tokyo, had consolidated total
assets of about JPY6.4 trillion as of December 31, 2008.


PIONEER CORP: Posts JPY26.15 Tril. Net Loss in Q3 Ended Dec. 31
---------------------------------------------------------------
Pioneer Corporation disclosed its consolidated third-quarter and
nine month business results for the periods ended December 31,
2008.

For the third quarter of fiscal 2009, the three months ended
December 31, 2008, consolidated operating revenue decreased 37.8%
compared with the third quarter of fiscal 2008 to JPY131,231
million (US$1,442.1 million).  This was mainly the result of a
decline in sales of car audio products, plasma displays and DVD
drives, which largely reflected the sharp deterioration in
consumer spending worldwide in the wake of the U.S. financial
crisis as well as the impact of the Japanese yen's appreciation.

Pioneer reported an operating loss of JPY10,723 million (US$117.8
million), compared with operating income of JPY6,887 million in
the third quarter of fiscal 2008, due to lower operating revenue
and deterioration in the gross profit margin.

In addition, Pioneer recorded a write-down of marketable
securities of JPY5,098 million (US$56.0 million), business
restructuring expenses of JPY3,693 million (US$40.6 million) and
income taxes following an evaluation of deferred tax assets.
Consequently, Pioneer reported a net loss of JPY26,147 million
(US$287.3 million), compared with net income of JPY1,688 million
in the same period a year earlier.

During the third quarter of fiscal 2009, the average value of the
Japanese yen appreciated 17.5% and 29.3% against the U.S. dollar
and the euro, respectively, compared with the same period of the
previous fiscal year.

Car Electronics operating revenue decreased 28.4% year on year to
JPY66,340 million (US$729.0 million) because of lower sales of
both car audio products and car navigation systems, partly due to
lackluster auto sales worldwide.  In car navigation systems,
consumer-market sales declined year on year, mainly due to lower
sales in Japan and North America.  Meanwhile, OEM sales rose on
the back of higher sales in Japan and China, despite lower sales
in North America. In car audio products, consumer-market sales
decreased, mainly because of lower overseas sales.  OEM sales also
decreased due to lower sales in Japan and North America.  Total
OEM sales in this segment accounted for approximately 47% of Car
Electronics operating revenue, compared with approximately 40% in
the third quarter of fiscal 2008.

In terms of geographic operating revenue, operating revenue in
Japan decreased 11.7% year on year to JPY29,613 million (US$325.4
million), and overseas operating revenue declined 37.9% year on
year to JPY36,727 million (US$403.6 million).  This segment
recorded an operating loss of JPY1,213 million (US$13.3 million),
compared with operating income of JPY5,905 million in the third
quarter of fiscal 2008.  This chiefly reflected, in car audio
products, lower sales and deterioration in the gross profit margin
due to a drop in production volume and the impact of the stronger
yen.

Home Electronics operating revenue decreased 48.8% year on year to
JPY51,426 million (US$565.1 million).  This was largely as a
result of lower sales of plasma displays, DVD drives and audio
products.  Display product sales accounted for approximately 39%
of Home Electronics operating revenue in the third quarter of
fiscal 2009, compared with approximately 42% in the third quarter
of fiscal 2008.  In terms of geographic operating revenue,
operating revenue in Japan declined 30.4% year on year to
JPY10,233 million (US$112.5 million), and overseas operating
revenue fell 52.0% to JPY41,193 million (US$452.7 million).

This segment posted an operating loss of JPY9,752 million
(US$107.2 million), compared with operating income of JPY777
million in the same period of the previous fiscal year. This was
due to lower sales and deterioration in the gross profit margin
chiefly for plasma displays.

In the Others segment, operating revenue decreased 24.5% year on
year to JPY13,465 million (US$148.0 million) due principally to
lower sales of electronic devices and parts, and speaker units for
cellular phones.  In terms of geographic operating revenue,
operating revenue in Japan decreased 17.5% year on year to
JPY9,092 million (US$99.9 million), and overseas operating revenue
decreased 35.9% year on year to JPY4,373 million (US$48.1
million).

In line with lower sales, this segment posted an operating loss of
JPY624 million (US$6.9 million), compared with operating income of
JPY448 million in the same period of the previous fiscal year.
For the nine-month period ended December 31, 2008, consolidated
operating revenue decreased 22.9% year on year to JPY458,273
million (US$5,036.0 million).  Pioneer recorded an operating loss
of JPY23,814 million (US$261.7 million), compared with operating
income of JPY9,149 million in same period of the previous fiscal
year.  It also posted a net loss of JPY79,125 million (US$869.5
million), compared with net income of JPY11,624 million in the
corresponding period of fiscal 2008, which included a gain on sale
of all land and buildings at the Tokorozawa Plant and some at the
Omori Plant.

               Consolidated Financial Position

Total assets as of December 31, 2008 were JPY493,806 million
(US$5,426.4 million), a decrease of JPY82,310 million from March
31, 2008.  This mainly reflected decreases in cash and cash
equivalents, trade receivables, less allowance, investments and
long-term receivables, and noncurrent deferred tax assets, despite
an increase in inventories.

Inventories rose JPY19,118 million to JPY123,286 million
(US$1,354.8 million), due to the build-up of mainly plasma display
inventories as a result of lower sales.  Trade receivables, less
allowance declined JPY21,331 million to JPY71,737 million
(US$788.3 million), mainly reflecting lower sales.  Investments
and long-term receivables decreased JPY16,906 million to JPY19,491
million (US$214.2 million), mainly due to falling prices of shares
held by the Company.  Noncurrent deferred tax assets declined
JPY13,221 million to JPY26,694 million (US$293.3 million) in line
with an increase in the valuation allowance.

Total liabilities as of December 31, 2008 were JPY350,715 million
(US$3,854.0 million), up JPY23,356 million from March 31, 2008.
This mainly reflected an increase of JPY58,353 million in short-
term borrowings.

Total shareholders' equity was JPY141,788 million (US$1,558.1
million), a decrease of JPY105,607 million from March 31, 2008.
This mainly reflected an increase of JPY26,407 million in
accumulated other comprehensive loss due to the Japanese yen's
appreciation, as well as a decrease of JPY79,200 million in
retained earnings.

                           Cash Flows

During the nine-month period ended December 31, 2008, operating
activities used net cash of JPY64,598 million (US$709.9 million).
The main factors reducing cash were a net loss of JPY79,125
million (US$869.5 million) and an increase in inventories of
JPY33,262 million (US$365.5 million).  These factors outweighed
the addback of non-cash expenses, namely depreciation and
amortization of JPY20,338 million (US$223.5 million), deferred
income taxes of JPY17,670 million (US$194.2 million) and the
write-down of marketable securities and sundry investments of
JPY13,749 million (US$151.1 million), among other  factors
increasing cash.  Investing activities used net cash of JPY17,576
million (US$193.1 million), mainly for capital expenditures in the
Car Electronics business.  Financing activities provided net cash
of JPY49,771 million (US$546.9 million), mainly through an
increase in short-term borrowings.

Consequently, cash and cash equivalents at December 31, 2008 were
JPY43,322 million (US$476.1 million), down JPY37,858 million from
March 31, 2008.

                Business Forecasts for Fiscal 2009

Pioneer has revised its consolidated business forecasts for fiscal
2009, ending March 31, 2009, which were announced on October 30,
2008:

The Company has decided to change its accounting principles for
preparing consolidated financial statements from U.S. generally
accepted accounting principles (GAAP) to Japanese GAAP. This
change will take effect beginning with full-year business
results for fiscal 2009. The following "Revised forecasts for
fiscal 2009 (A)" are based on Japanese GAAP, while "Previous
forecasts for fiscal 2009 (B)" and "Results for fiscal 2008" were
based on U.S. GAAP.

Pioneer has lowered its operating revenue forecast from JPY700
billion to JPY560 billion.  This is because the Car Electronics
business and Home Electronics business are both expected to post
lower-than-projected operating revenue due to intensifying
competition involving our core products, as well as the impact of
the worsening global economic downturn and the Japanese yen's
rapid appreciation.

The company has revised its operating loss forecast from JPY17
billion to JPY69 billion mainly based on expectations of worsening
profitability due to lower sales.

Pioneer also revised its forecast for the loss before income taxes
from JPY54 billion to JPY110 billion.  This forecast primarily
reflects larger-than-projected operating loss and the recording of
an additional JPY5.1 billion write-down of marketable securities
and sundry investments.  For the aforementioned reasons, the
company has also revised the projected net loss from JPY78 billion
to JPY130 billion, despite a projected decrease of JPY4.0 billion
in income taxes.

                    About Pioneer Corporation

Headquartered in Tokyo, Japan, Pioneer Corporation --
http://www.pioneer.co.jp/-- manufactures and sells electronic
products.  The Company operates in four business segments.  The
Home Electronics segment offers plasma televisions, digital
versatile disc players/recorders/drives, blu-ray disc
players/drives, audio systems, telephones, cable television-
related machines and peripheral equipment.  The Car Electronics
segment offers navigation systems, stereos, audio systems,
speakers and peripheral products for automobile uses.  The Special
Permission segment offers license agreement for optical discs.
The Others segment offers electroluminescence (EL) displays,
factory automation (FA) equipment, electronic components and
commercial audio and visual (AV) systems.  The Company has a
global network. The Company merged with its subsidiary, Pioneer
Design Corporation and another Tokyo-based subsidiary, on Dec. 1,
2008.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
Feb. 2, 2009, Moody's Investors Service downgraded Pioneer
Corporation's local currency issuer rating to Ba1 from Baa2, and
continues its review for a further possible downgrade.

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

The TCR-AP reported on Nov. 7, 2008, that Standard & Poor's
Ratings Services revised to negative from stable its outlook on
the 'BB+' long-term corporate credit rating on Pioneer Corp.,
based on expectations that the company would suffer significant
losses in fiscal 2008 (ending March 31, 2009), which would lead to
a deterioration in its financial standing.  The outlook revision
also reflects increasing uncertainty over an earnings recovery in
Pioneer's core business and an improvement in its financial
profile.  At the same time, Standard & Poor's affirmed its 'BB+'
long-term corporate credit and senior unsecured ratings on the
company.


PIONEER CORP: To Exit from TV business by March 2010; Cuts Jobs
---------------------------------------------------------------
At a meeting held on Feb. 12, 2009, Pioneer Corporation's Board of
Directors approved the Company's new restructuring measures.

Pioneer said it has been implementing restructuring measures
mainly to improve profitability in the display business since
2008.  These measures have included termination of inhouse plasma
display panel production and implementation of early retirement
programs including personnel in administrative and sales
divisions.  Overseas, the company had started to streamline its
sales structures and have decided to close plasma display
production facilities.  Plans call for ending production at its
U.S. and U.K.  Display production facilities in April and February
2009, respectively.  Pioneer expects to complete these
restructuring measures within the first half of 2009.

Pioneer's consolidated workforce decreased by approximately 5,900
employees from March 31, 2008 to roughly 36,900 employees as of
December 31, 2008.  The number of temporary employees also
decreased by approximately 4,000 in the same period.

However, Pioneer has been affected significantly by dramatic
changes in economic conditions since the fall of 2008—an impact
that has far outweighed the benefits being generated by the
aforementioned restructuring measures.  Pioneer is now forecasting
a record net loss for fiscal 2009, the year ending March 31, 2009.

                    New Restructuring Measures

For these reasons, Pioneer said it will implement new
restructuring measures:

                  Business Portfolio Realignment

Pioneer will realign its business portfolio through further
drastic restructuring measures in the Home Electronics business,
an area where the Company has been unable to achieve improvements
in profitability despite implementing various initiatives.
Through this process, Pioneer aims to transform itself into an
enterprise centered on the Car Electronics business.

(1) Home Electronics Business

Pioneer will terminate any further in-house display product
development after its products currently available on the market,
and withdraw from the display business by March 2010.  Recent
market conditions have changed far more than initially
anticipated, and Pioneer has decided to withdraw from the display
business after concluding that there are no prospects for
improving profitability under current conditions.  However, the
Company will continue to provide after-sales services even
after the withdrawal.

In the optical disc business, the company is considering measures
for improving profitability, including forming a joint venture.

Looking ahead, Pioneer will develop Home Electronics business
centered on three areas, namely audio products, DJ equipment and
cable TV set-top box businesses.  The company will focus on its
specialization in "sound," as it take advantage of its extensive
audio technologies and expertise developed over the years to
develop new business domains.

(2) Car Electronics Business

The Car Electronics business, both in consumer and OEM business
areas, is currently severely affected by lower demand for
automobiles due to weakening economic conditions.  Lackluster auto
demand is expected to continue for some time, but should see signs
of recovery in fiscal 2011, the year ending March 31, 2011.
Looking to the future after this, Pioneer expects growing demand
for higher levels of environmental performance and energy
efficiency in the automotive field.  Pioneer will shift business
resources from display field into the Car Electronics business,
and leverage its market position and technological expertise, to
open up a range of new business opportunities.

First, Pioneer will expand new lineups, including Blu-ray Disc
compatible models and network-ready products, as well as
strengthen the telematics business.  In the medium term, the
company will aim to develop the telematics business into a key
growth engine for the Car Electronics business.

In the consumer business, Pioneer has been working to expand
business in emerging markets centered on the BRICs nations, and
these efforts are steadily producing results.  Although these
markets are currently experiencing stagnant growth due to
worsening economic conditions, the Company will strengthen its
efforts to stimulate demand in these markets in order to revive
growth in these markets  and to offset contraction in the
Japanese, U.S. and European consumer markets.

In the OEM business, Pioneer will work to win a broader range of
orders, especially in the car navigation business.  With this aim,
Pioneer will vigorously propose new valuegenerating solutions to
automobile manufacturers by leveraging its expertise in consumer
markets, where the Company has won high acclaim for its network
compatibility and introduction of high added-value products.

Pioneer will strive to enhance the operating structure of the Car
Electronics business primarily by reducing costs and reviewing its
business structure, in order to generate earnings in challenging
market conditions.  In software development for car navigation
systems, which is an area with burgeoning costs, the company will
simplify processes in order to raise development efficiency.  At
the same time, the company will promote the use of common
hardware platforms, thereby curbing development expenses related
to both hardware and software.  To this end, Pioneer is discussing
possible collaboration with other companies.

In other areas, Pioneer will also reduce costs to ensure that the
Company steadily improves profitability.  For example, the company
will work to lower distribution costs; raise production efficiency
by consolidating production facilities for the entire Pioneer
Group, and overhaul sales structures.

Although a difficult business environment is expected to persist
for some time, Pioneer will work to complete enhancing its
operating structure as early as possible and lay a firm foundation
for new growth after market conditions improve.

               Streamlining the Business Framework
                   of the Entire Pioneer Group

Pioneer will take action to streamline the business framework of
the entire Pioneer Group.  Pioneer will consolidate its network of
production facilities in Japan and overseas by taking the
following actions: the company will withdraw from the display
business; review its production system in the Car Electronics
business to achieve optimum efficiency; and consolidate production
facilities as part of ongoing efforts to integrate the speaker
business. Pioner intends to reduce its current 30 production
companies around the world by roughly 30% in number in order to
reduce production costs.

Regarding the company's sales structures, Pioner is currently
formulating detailed plans to adjust its sales framework to match
the business scale in line with restructuring measures in the Home
Electronics business.  These plans include an overhaul of sales
structures in Japan and overseas.  In addition, the company plans
to adjust headquarters and R&D functions to a scale that matches
the new business structure.

                             Job Cuts

Pioneer plans to reduce personnel by around 6,000 employees
worldwide compared with its workforce as of December 31, 2008,
including restructuring measures currently in progress.  To this
end, the company will begin discussions with labor unions in
various regions.  In addition, the company plans to reduce the
number of temporary employees by approximately 4,000.

                   Improving Financial Position

Pioneer said it will work to improve its financial position by
reducing inventories, accelerating trade receivables collections,
curbing capital expenditures, selling idle assets, and cutting
directors/executive officers' remuneration and employees'
salaries.

Basic portion of directors/executive officers' remuneration has
been reduced since July 2008, and beginning in February 2009 the
reduction will be some 20% to 50% until March 2011.  No bonus
payments for directors/executive officers will continue.  The
company is also considering financial partnerships for enhancing
its future financial position.

                    About Pioneer Corporation

Headquartered in Tokyo, Japan, Pioneer Corporation --
http://www.pioneer.co.jp/-- manufactures and sells electronic
products.  The Company operates in four business segments.  The
Home Electronics segment offers plasma televisions, digital
versatile disc players/recorders/drives, blu-ray disc
players/drives, audio systems, telephones, cable television-
related machines and peripheral equipment.  The Car Electronics
segment offers navigation systems, stereos, audio systems,
speakers and peripheral products for automobile uses.  The Special
Permission segment offers license agreement for optical discs.
The Others segment offers electroluminescence (EL) displays,
factory automation (FA) equipment, electronic components and
commercial audio and visual (AV) systems.  The Company has a
global network. The Company merged with its subsidiary, Pioneer
Design Corporation and another Tokyo-based subsidiary, on Dec. 1,
2008.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
Feb. 2, 2009, Moody's Investors Service downgraded Pioneer
Corporation's local currency issuer rating to Ba1 from Baa2, and
continues its review for a further possible downgrade.

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

The TCR-AP reported on Nov. 7, 2008, that Standard & Poor's
Ratings Services revised to negative from stable its outlook on
the 'BB+' long-term corporate credit rating on Pioneer Corp.,
based on expectations that the company would suffer significant
losses in fiscal 2008 (ending March 31, 2009), which would lead to
a deterioration in its financial standing.  The outlook revision
also reflects increasing uncertainty over an earnings recovery in
Pioneer's core business and an improvement in its financial
profile.  At the same time, Standard & Poor's affirmed its 'BB+'
long-term corporate credit and senior unsecured ratings on the
company.



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

ALL WORKS: Appoints Shephard and Dunphy as Liquidators
------------------------------------------------------
On December 5, 2008, the shareholders of All Works Ltd. appointed
Iain Bruce Shephard and Christine Margaret Dunphy as the company's
liquidators.

The Liquidators can be reached at:

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


ALLCO STRATEGIC: Commences Liquidation Proceedings
--------------------------------------------------
Allco Strategic Holdings No.3 Ltd. commenced liquidation
proceedings on December 24, 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:

          Michael Peter Stiassny
          Brendon James Gibson
          KordaMentha
          Tower Centre, Level 16
          45 Queen Street
          PO Box 982, Auckland
          Telephone: (09) 307 7865
          Facsimile: (09) 377 7794


ALPHA VITICULTURE: Court Hears Wind-Up Petition
-----------------------------------------------
On January 29, 2009, the High Court at Blenheim heard a petition
to have Alpha Viticulture Ltd.'s operations wound up.

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


ATLANTIS TRAWLING: Court Hears Wind-Up Petition
-----------------------------------------------
On February 2, 2009, the High Court at Hamilton heard a petition
to have Atlantis Trawling Co. Ltd.'s operations wound up.

The Commissioner of Inland Revenue filed the petition against the
company on December 2, 2008.


CAR TORQUE: Appoints Shephard and Dunphy as Liquidators
-------------------------------------------------------
Iain Bruce Shephard and Christine Margaret Dunphy were appointed
as liquidators of Car Torque Ltd. on December 23, 2008.

The Liquidators can be reached at:

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


K. T. INVESTMENTS: Commences Liquidation Proceedings
----------------------------------------------------
K. T. Investments Ltd. commenced liquidation proceedings on
December 22, 2008.

Only creditors who were able to file their proofs of debt by
February 4, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

         Kim S. Thompson
         PO Box 1027, Hamilton
         Telephone: (07) 834 6813
         Facsimile: (07) 834 6104
         e-mail: kim@kstca.co.nz


LOMBARD GROUP: IRD Applies to Wind-Up Unit
------------------------------------------
Lombard Group disclosed that the Inland Revenue Department has
made an application to wind up its subsidiary, Tasman Mortgage
Brokers Limited.

In a statement to the stock exchange, Lombard said the matter
principally relates to unpaid income tax for a period prior to it
acquiring its shareholding in the Tasman Mortgages Group.

According to the National Business Review, Lombard said the unpaid
tax that the IRD is chasing from its subsidiary is the
responsibility of former owner Blue Chip.

Lombard said on July 1, 2007, the Group acquired 70% of the shares
in the Tasman Mortgages Group from the Blue Chip Group of
Companies (now called Northern Crest Investments Limited) for
$50,000 in cash with the balance of the purchase price to be paid
on an earn out basis.  Subsequent to this and prior to March 31,
2008, an arrangement was made to acquire the remaining 30% of the
shares for no consideration.

The Business Review relates Lombard confirmed that the Tasman
Mortgage Group has lost a significant portion of its trail income
due to one of its major lenders, GE Money, taking over management
of their loans placed with Tasman.

Lombard, as cited by the Business Review, said it is in talks with
the IRD over the matter and it has made formal demands on the
vendor to settle the sum.

The Tasman group of companies includes two subsidiaries, Tasman
Mortgage Brokers and Tasman Mortgages (which is not subject to the
IRD's liquidation application), according to The Business Review.

                       About Lombard Group

Headquartered in Wellington, New Zealand, Lombard Group Limited
(NZE:LOM) -- http://www.lombardgroup.co.nz/-- is primarily
engaged in the business of investment in a portfolio of
mortgage-secured loan advances and other advances.  This is
carried out through the Company's principal subsidiary, Lombard
Finance & Investments Limited.  Lombard Finance provides
property finance to selected customers.  Lombard Group's lending
within the property sector is secured by property and includes
lending for residential and commercial property investment,
property development, bridging loans and mezzanine finance.  The
company's subsidiary, Lombard Asset Finance Limited, provides
loans to business customers, including hire purchase, lease
finance and general business funding.  In March 2008, the
company's wholly owned subsidiary, Lombard Mortgages Limited,
acquired the remaining 30% interest in Tasman Mortgages Limited.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 10, 2008, Lombard Group said that its financial performance
for the year ended March 31, 2008, has been dramatically affected
by the receivership of the Group's significant subsidiary, Lombard
Finance & Investments Limited, which occurred on April 10, 2008.
While the audited Group result is a loss of NZ$3.26 million, the
Board recognizes that does not reflect the full impact of the
receivership.


PATTERSON CONTRACTING: Appoints Crichton and Horne as Liquidators
-----------------------------------------------------------------
On December 18, 2008, the shareholders of Patterson Contracting
Ltd. appointed David Donald Crichton and Keiran Anne Horne as the
company's liquidators.

Only creditors who were able to file their proofs of debt by
January 18, 2009, will be included in the company's dividend
distribution.

The company's liquidators are:

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


SAFE SITE: Creditors' Proofs of Debt Due on February 27
-------------------------------------------------------
The creditors of Safe Site Systems Ltd. are required to file their
proofs of debt by February 27, 2009, to be included in the
company's dividend distribution.

The company's liquidators are:

          Stephen Mark Lawrence
          Anthony John McCullagh
          PKF Corporate Recovery & Insolvency (Auckland) Limited
          PO Box 3678, Auckland 1140
          Telephone: (09) 306 7424
          Facsimile: (09) 302 0536


SOKO HOLDINGS: Commences Liquidation Proceedings
------------------------------------------------
Soko Holdings Ltd. commenced liquidation proceedings on
December 19, 2008.

Only creditors who were able to file their proofs of debt by
February 5, 2009, will be included in the company's dividend
distribution.

The company's liquidators are:

          Henry Martin van Dyk
          Stephen Alan Dunbar
          Polson Higgs
          PO Box 5346, Dunedin


RMB TRUSTEE: Fitch Affirms 'BB' Ratings on NZD19.6 Mil. Notes
-------------------------------------------------------------
Fitch Ratings has affirmed the notes issued by RMB Trustee Limited
in its capacity as issuer of the Rated Mortgage RML 2006-2 Trust
due December 2050:

  -- NZ$19,600,000 Floating Rate Notes affirmed at 'BB'; Outlook
     Negative.

The rating affirmation and the Negative Outlook reflect the recent
affirmation of the underlying notes issued from a securitization
program, established by propertyfinance securities Limited.

Rating Outlooks have been published for all newly issued Asia
Pacific Structured Finance tranches since June 2008, and
concurrently with rating actions for tranches issued prior to June
2008.  Unlike a Rating Watch which notifies investors that there
is a reasonable probability of a rating change in the short term
as a result of a specific event, rating Outlooks indicate the
likely direction of any rating change over a one- to two-year
period.


ZENITH KITCHEN: Court to Hear Wind-Up Petition on February 20
-------------------------------------------------------------
A petition to have Zenith Kitchen & Joinery Ltd.'s operations
wound up will be heard before the High Court at Auckland on
February 20, 2009, at 12:15 p.m.

Beauty Craft Surfaces Limited filed the petition against the
company on November 27, 2008.

G. W. Hall is Beauty Craft's solicitor.



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

* Moody's Affirms Positive Outlook on 'B1' Government Ratings
-------------------------------------------------------------
Moody's Investors Service has affirmed the positive outlook on the
Philippines' B1 foreign and local currency government ratings and
the Ba3 country ceiling for foreign currency bonds and B1 country
ceiling for foreign currency bank deposits.

Moody's had in late-January 2008 changed the rating outlook to
positive from stable.

The rating agency notes that the Philippines has so far
demonstrated a remarkable degree of resiliency to the global
financial and economic crises, and has largely preserved gains
achieved in recent years in improving the country's economic,
external payments and fiscal fundamentals.

"The Philippines' balance of payments and banking system have held
up well to the global inflationary and credit market shocks of
2008, thereby placing the country's external payments in a
strengthened position to cope with the stresses likely to be
encountered in 2009," says Tom Byrne, a Moody's Senior Vice
President. The improving trend in external debt service capacity
will pause but it may not deteriorate.

"This situation, together with the current steady deceleration of
inflation towards the central bank's 2.5-4.5% formal targeting
range in 2009, should help ease pressure on the exchange rate this
year and provide the central bank with additional scope to relax
policy to cushion the effects of the global recession," says
Byrne.

Moody's considers that a stable peso is crucial for containing
budgetary debt service payments — more than 50% of public sector
debt is denominated in foreign currencies — and so allow for
budgetary resources to be channeled into infrastructure programs
and fiscal stimulus measures.

Furthermore, Moody's considers that the government's intention to
increase the national government deficit only moderately in 2009,
rather than adhering to its stated aim of balancing the budget
this year, would not necessarily permanently reverse the improving
trend in the government's debt metrics.  The Philippine's public
sector debt overhang remains greater than most its rating peers.
"Moody's believes that the country's long-term fiscal outlook
would improve with more progress in shoring up government
revenues, both through tightened administration and new tax
measures, several of which are now pending before Congress," says
Byrne.  "In addition, while expenditure control has improved in
recent years and Treasury debt management has been skilful, these
alone will not ensure fiscal sustainability."

"For the rating to move up, Moody's will assess the prospects for
the continued resiliency of the country's balance of payments and
the government's ability to limit revenue slippage.  In this
context, a key concern will be how overseas workers remittances
hold up.  These have grown by double digits since 2002 and
amounted to $15 billion in the first 11 months of 2008, or about
20% of current account receipts and equal to 10% of GDP, but may
decline in 2009.

The extremely volatile global economic conditions present
challenges to having a forward looking rating that attempts to see
through the crisis.  Nonetheless, in the immediate three to six
months ahead it should become more evident whether the improvement
in the Philippines' credit fundamentals can be preserved," says
Byrne.



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

ATOP HOLDINGS: Members and Creditors to Meet on February 19
-----------------------------------------------------------
The members and creditors of Atop Holdings Pte Ltd will meet on
February 19, 2009, at 4:00 p.m., at 100 Tras Street, in #16-01
Amara Corporate Tower, Singapore 079027.

At the meeting, the members and creditors will be asked to:

    -- provide an update on the liquidation administration; and
    -- to ascertain the wishes of the members and for the
       creditors to consider and approve the resolutions
       as set out in the notice of the meeting that has been
       mailed to all known creditors and members of the company.

The company's liquidators are:

          Yin Kum Choy
          Mok Wai Seng
          c/o K C Yin & Co Certified Public Accountants, Singapore
          100 Tras Street
          #16-01 Amara Corporate Tower
          Singapore 079027
          Tel: 6323 1613
          Fax: 6323 1763


CONTAINER BRIDGE: Contributories' Meeting Set for February 19
-------------------------------------------------------------
The contributories of Container Bridge Shipping Pte. Ltd. will
hold their meeting on February 19, 2009, at 9:30 a.m., at 19
Keppel Road #02-01, in Jit Poh Building Singapore 089058.

At the meeting, the contributories will be asked to:

   -- accept the resignation of Messrs. Chia Soo Hien and Leow
      Quek Shiong as liquidators of the company;
   -- to appoint new liquidator(s) for the company; and
   -- discuss other business.

The Liquidators can be reached at:

          Chia Soo Hien
          Leow Quek Shiong
          c/o 19 Keppel Road
          #02-01 Jit Poh Building
          Singapore 089058


PILOT PLANTS: Creditors' Proofs of Debt Due on Feb. 20
------------------------------------------------------
The creditors of Pilot Plants & Engineering Pte Ltd. are required
to file their proofs of debt by February 20, 2009, to be included
in the company's dividend distribution.

The company's liquidator is:

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


TRANS-ASIAN CONSTRUCTION: Creditors' Proofs of Debt Due on Feb. 20
------------------------------------------------------------------
The creditors of Trans-Asian Construction Pte Ltd. are required to
file their proofs of debt by February 20, 2009, to be included in
the company's dividend distribution.

The company's liquidator is:

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


TRIDEX CONSTRUCTION: Creditors' Proofs of Debt Due on Feb. 20
-------------------------------------------------------------
The creditors of Tridex Construction Pte Ltd. are required to file
their proofs of debt by February 20, 2009, to be included in the
company's dividend distribution.

The company's liquidator is:

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



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

* Middle East Hotel Performance Slows at End of 2008
----------------------------------------------------
Deloitte, the business advisory firm, confirms a five-year run of
double-digit revenue per available room (revPAR) growth for hotels
in the Middle East.  This growth was buoyed by strong hotel
performance at the beginning of 2008.  Growth started to
decelerate in September and dipped into the red during the month
of December – down 3.2%.

Commenting, Robert O'Hanlon, Tourism, Hospitality and Leisure
Partner at Deloitte Middle East, said: "The global economic
downturn has had an impact on inbound hotel activity in the Middle
East, but it is still too early to determine the full extent of
the impact.  The timing of Eid, when many expatriates took the
opportunity to return to their home countries, combined with the
backdrop of a global downturn makes it difficult to extrapolate
the trend from these figures alone.

"The Middle East has invested heavily in the tourism sector in
recent years and is probably better placed to remain sound during
a challenging time than other parts of the world and, with its
great product offering, may emerge faster than other regions when
there is an improvement in the world economy."

When looking at full year data, the region achieved the highest
occupancy and average room rates in the world.  Middle East revPAR
rose 18.3% to US$148, a notable US$44 ahead of the next best
performing region, Europe.  Much of this growth was driven by
average room rates, up 17.0% to US$215.  Meanwhile occupancy
increased by 1.2 to 68.8% while all other regions apart from South
America (up 1.7%) experienced drops in occupancy.

Beirut achieved the strongest growth in 2008 reporting a
staggering 101.1% leap in revPAR to US$95. The city saw strong
growth last year as it bounced back after suffering from political
tensions with Israel in 2006 and 2007.

In the United Arab Emirates (UAE), Dubai and Abu Dhabi continue to
share the league table for the highest occupancy, average room
rates and revPAR in the region.  Even though revPAR in Dubai only
grew 0.8% in 2008, the emirate still holds the title for the
highest average room rates and revPAR at US$300 and US$237
respectively.  On the flip side, revPAR growth in Abu Dhabi is
soaring and saw a 46.0% rise in 2008 to US$230.  Occupancy
increased 8.9% to 81.5% - one of the highest in the Middle East.

Commenting, Alex Kyriakidis, Global Managing Partner of Tourism,
Hospitality & Leisure at Deloitte said: "Hotels across the Middle
East performed well in 2008.  However, maintaining this growth in
2009 is going to be difficult.

"The first challenge facing Middle East hoteliers is the economic
crisis in Europe.  With European economies in recession and house
values declining, consumer confidence - the key measure of travel
demand - is in negative territory with little prospect of it
reversing before the end of 2009.  45% of hotel room bookings in
the UAE come from European visitors and 15% from the UK, so this
fall-out has a significant impact on UAE hotel bookings.

"The second challenge is that for the UK traveller, the UAE has
become 30% more expensive over the past three months as a result
of the strengthening US dollar (UAE currency is dollar pegged) so
the UK pound has gone from AED 7.5 to AED 5.  This makes Dubai
very expensive from the UK traveller perspective.

"The combination of the above, coupled with the drop in
construction and other capital project activity has meant that
both the leisure and business travel sectors are down.  I cannot
see an improvement until consumer confidence returns in the feeder
countries.

"Recent tourism developments in the region have been heavily
dependent on real estate residential developments.  New
developments will need to focus sharply on the tourism product
itself, its viability and its profitability as a tourism product."



                         *********

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.





                 *** End of Transmission ***