TCRAP_Public/090219.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

           Thursday, February 19, 2009, Vol. 12, No. 35

                            Headlines

A U S T R A L I A

AUSSIE GAME ET AL: Liquidator Presents Wind-Up Report
BIRCHMILL PTY: Members and Creditors Receive Wind-Up Report
BURNT GUM: Declares Final Dividend
COMPASS RESOURCES: HNC (Australia) Appoints Receivers
DA CONNOR: Placed Under Voluntary Wind-Up

DESIGN REPERTOIRE: Members and Creditors Receive Wind-Up Report
F. J. HOUSE: Declares First and Final Dividend
FIVE STAR: Placed Under Voluntary Wind-Up
FORTESCUE METALS: Confirms Talks with Anglo and China Investment
KIRRIBILLI FURNITURE: Declares First and Final Dividend

LEEDS & PARTNERS ET AL: Members and Creditors Hear Wind-Up Report
LOTS OF CUDDLES: Declares First and Final Dividend
LQ16 (BEV) ET AL: Commences Wind-Up Proceedings
M.B.L. INDUSTRIES: Placed Under Voluntary Wind-Up
MACPLUS RETAIL: Members and Creditors Receive Wind-Up Report

NGX PTY: Placed Under Voluntary Wind-Up
NOVADALE ENTERPRISES: Commences Wind-Up Proceedings
PANAFER PTY: Placed Under Voluntary Wind-Up
PARADOX GRP: Members and Creditors Receive Wind-Up Report
RENARAS PTY ET AL: Liquidator Presents Wind-Up Report

RIO TINTO: Warns Gov't. of Job Losses if Deal with Chinalco Fails
SCIENTIFIC INSTRUMENT: Placed Under Voluntary Wind-Up
TOP NOTCH ET AL: Liquidator Presents Wind-Up Report
WINDIMURRA VANADIUM: Calls In Administrators


B A H R A I N

INVESTCORP BANK: Moody's Downgrades Ratings to 'Baa3/Prime-3/D+'


C H I N A

CHINA CONSTRUCTION: To Sell CNY30 Billion Bonds
GENERAL MOTORS: Sichuan Auto Wants to Buy Hummer Vehicle Unit


H O N G  K O N G

CHAMPION CONTAINER: Court Enters Wind-Up Order
CITIC PACIFIC: Moody's Upgrades Corporate Family Rating to 'Ba1'
GOLDEN CROWN: Court Enters Wind-Up Order
HONG KONG EFFECTUAL: Court Enters Wind-Up Order
KWONG YUEN: Creditors' Proofs of Debt Due on February 27

LUNG HING: Court Enters Wind-Up Order
MEDICAL ALLIANCE: Court Enters Wind-Up Order
NEW GENERATION: Court Enters Wind-Up Order
NICS ENGINEERING: Court Enters Wind-Up Order
SPI INTERNATIONAL: Court Enters Wind-Up Order

STEINBOCK ORIGINAL: Court Enters Wind-Up Order
THEMATIC ADVERTISING: Court Enters Wind-Up Order
UNIROSS BATTERIES: Appoints Lui & Yuen as Provisional Liquidators
VIEWS ENG: Court to Hear Wind-Up Petition on March 4
WAI KEE: Court Enters Wind-Up Order

YUN CHOY: Court Enters Wind-Up Order


I N D I A

EUREKA TILES: Overdrawn Bank Facilities Spur 'D' CRISIL Ratings
ICICI BANK: Incurs Rs11.47cr Loss on Credit Card Frauds
MAKTEL SYSTEMS: CRISIL Places 'BB' Rating on Rs.8.5MM Term Loan
PERSANG ALLOY: CRISIL Rates Rs.44.50MM Cash Credit Limit at 'B-'
SO-EX INVESTMENT: RBI Scraps Registration Certificate

STATE INDUSTRIES: RBI Cancels Certificate of Registration
VIMAL INTERTRADE: CRISIL Puts 'BB+' Ratings on Various Bank Loans
* INDIA: 5 Major Airlines Post Rs3,195.27cr Losses in 2007-08


I N D O N E S I A

ANEKA TAMBANG: Acquires Cibaliung Gold Mine
BANK DANAMON: To Increase Stake in Adira by 20%


J A P A N

PIONEER CORP: Won't Hire New Recruits for Spring 2010
VICTOR COMPANY: Moody's Cuts Rating to 'Ba3' on JVC Kenwood Woes


K O R E A

MAGNACHIP SEMICONDUCTOR: Moody's Withdraws 'Ca' Corporate Rating


M A L A Y S I A

UBG BERHAD: Merrill Lynch Files Appeal on Conditional Leave Order


N E W  Z E A L A N D

AA BUILDERS: Court Hears Wind-Up Petition
AEL GROUP ET AL: Commence Liquidation Proceedings
AIR NEW ZEALAND: Number of Passengers Down 8.0% in January
ANCHOR AUDIO: Court Hears Wind-Up Petition
CARE SERVICES: Court Hears Wind-Up Petition

DAVEY FARMS: Court Hears Wind-Up Petition
DORCHESTER PACIFIC: Escapes Liquidation
MULTI V: Court Hears Wind-Up Petition
PROSPERITY BAY: Intends to Declare Dividend
RAPID MINERALS: Court Hears Wind-Up Petition

STEREO WORLD: Appoints Whittfield and Finnigan as Liquidators
TARARUA BREWING: Court Hears Wind-Up Petition


P H I L I P P I N E S

PRYCE PLANS: Has Php56.17 Million Trust Fund Deficit, SEC Says


S I N G A P O R E

SEVAN DRILLING: Court to Hear Wind-Up Petition on February 27
TOMOE SHOKAI: Creditors' Proofs of Debt Due on March 13
STREAMEZZO PTE: Creditors' Proofs of Debt Due on March 16
WATER & INDUSTRIAL: Court Enters Wind-Up Order
WILMAR HOLDINGS: Creditors' Proofs of Debt Due on March 3


U N I T E D  A R A B  E M I R A T E S

EMAAR PROPERTIES: Posts Quarterly Loss; Halts Projects


                         - - - - -


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

AUSSIE GAME ET AL: Liquidator Presents Wind-Up Report
-----------------------------------------------------
On December 12, 2008, R. A. Sutcliffe presented the companies'
wind-up report and property disposal to the members and creditors
of:

   -- Aussie Game Exporters Pty Ltd;
   -- Castaldi Industries Pty Ltd;
   -- Redback Procurement Pty Ltd; and
   -- Tailored Interactive Learning Pty Ltd.

The Liquidator can be reached at:

          R. A. Sutcliffe
          Ground Floor
          192-198 High Street
          Northcote VIC 3070
          Telephone: (03) 9482 6277


BIRCHMILL PTY: Members and Creditors Receive Wind-Up Report
-----------------------------------------------------------
The members and creditors of Birchmill Pty Ltd held a joint
meeting on December 16, 2008, and received the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Stephen R. Dixon
          BDO Kendalls Business Recovery & Insolvency
          (NSW-VIC) Pty Ltd Chartered Accountants
          The Rialto, Level 30
          525 Collins Street
          Melbourne VIC 3000


BURNT GUM: Declares Final Dividend
----------------------------------
Burnt Gum Pty. Ltd. declared final dividend for its priority and
unsecured creditors on December 16, 2008.

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


COMPASS RESOURCES: HNC (Australia) Appoints Receivers
-----------------------------------------------------
The Age reports that receivers have been appointed to Compass
Resources Ltd.

According to the report, HNC (Australia) Resources Pty Ltd on
Tuesday, Feb. 17, appointed Keiran Hutchison, Philip Campbell-
Wilson and Chris Munday at Ernst & Young as receivers and managers
to Compass Resources and its subsidiary, Compass Mining Pty
Limited.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 30, 2009, The Australian said Compass Resources is in
voluntary administration.  The company has appointed Steven
Sherman, Darren Weaver and Martin Jones of Ferrier Hodgson as
voluntary administrators.

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

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


DA CONNOR: Placed Under Voluntary Wind-Up
-----------------------------------------
At an extraordinary general meeting held on October 30, 2008, the
members of DA Connor Pty Ltd resolved that the company be wound
up voluntarily.

The company's liquidators are:

         DG Cameron
         NK Cuthbert
         64 Jolimont Street
         East Melbourne


DESIGN REPERTOIRE: Members and Creditors Receive Wind-Up Report
---------------------------------------------------------------
The members and creditors of Design Repertoire Pty Ltd held a
final meeting on December 8, 2008, and received the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Leonard A. Milner
          Boardroom, Venn Milner & Co Chartered Accountants
          Suite 1, 43 Railway Road
          Blackburn, Vic.


F. J. HOUSE: Declares First and Final Dividend
----------------------------------------------
F. J. House Pty Ltd declared the first and final dividend for
priority creditors on December 4, 2008.

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


FIVE STAR: Placed Under Voluntary Wind-Up
-----------------------------------------
At an extraordinary general meeting held on October 28, 2008, the
members of Five Star Metal Polishing Centre Pty Ltd resolved that
the company be wound up voluntarily.

The company's liquidator is:

          Christopher Fawcett
          WHK Armitage Downie
          31 Grey Street
          Traralgon, Victoria


FORTESCUE METALS: Confirms Talks with Anglo and China Investment
----------------------------------------------------------------
Fortescue Metal Group confirmed it held talks with two foreign
companies over investment opportunities.

In a response to a query from the Australian Securities Exchange,
the company said "Fortescue can confirm that there have been
recent meetings and site visits with representatives of these
companies to explore investment opportunities."

According to The Age, the ASX had asked Fortescue to comment on
recent press reports that it was in talks with Anglo American PLC
and China Investment Corp, a US$200 billion ($313 billion)
sovereign wealth fund.

Fortescue Metals said it has appointed advisory specialists JP
Morgan Australia, Grant Samuel & Associates Pty and Azure Capital
Pty to evaluate the proposals and to act as strategic corporate
advisors to the company.

"These discussion are preliminary and incomplete and do not
warrant disclosure," the company said in a statement.

                     About Fortescue Metals

Headquartered in West Perth, Western Australia, Fortescue Metals
Group Limited (ASX: FM) -- http://fmgl.com.au/-- is involved in
the exploration of iron ore through a project to mine iron ore
in the Chichester Ranges, in the Pilbara region of Western
Australia and exporting it from Port Hedland.

                          *     *     *

Fortescue reported consecutive net losses for the past three
fiscal years.  Net loss for the year ended June 30, 2008, was
AU$2.52 billion, while net losses for FY2007 and FY2006 were
AU$192.26 million and AU$2.15 million, respectively.


KIRRIBILLI FURNITURE: Declares First and Final Dividend
-------------------------------------------------------
Kirribilli Furniture Pty Ltd declared the first and final dividend
for preferential  creditors on December 1, 2008.

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


LEEDS & PARTNERS ET AL: Members and Creditors Hear Wind-Up Report
-----------------------------------------------------------------
On December 5, 2008, G. A. Crisp presented the companies' wind-up
report and property disposal to the members and creditors of:

   -- Leeds & Partners Pty Ltd;
   -- Palace Hall Pty Ltd;
   -- Troy White Engineering Pty Ltd;
   -- David Britten Nominees Pty Ltd; and
   -- Brooklyn Ttransport Company Pty Ltd.

The Liquidator can be reached at:

          G. A. Crisp
          RSM Bird Cameron Partners
          Level 8, Rialto South Tower
          525 Collins Street
          Melbourne


LOTS OF CUDDLES: Declares First and Final Dividend
--------------------------------------------------
Lots of Cuddles Child Care Pty Ltd declared the first and final
dividend on December 21, 2008.

Only creditors who were able to file their proofs of debt by
December 5, 2008, were included in the company's dividend
distribution.


LQ16 (BEV) ET AL: Commences Wind-Up Proceedings
-----------------------------------------------
On October 28, 2009, the members resolved to voluntarily wind up
the operations of:

   -- LQ16 (BEV) PTY LTD;
   -- LQ42 (PAPCO) PTY LTD;
   -- LQ43 (TIX) PTY LTD;
   -- LQ44 (FPH) PTY LTD;
   -- LQ45 (PLAS) PTY LTD;
   -- LQ47 (WAD) PTY LTD;
   -- LQ48 (LIG) PTY LTD;
   -- LQ49 (NEV) PTY LTD;
   -- LQ50 (FPA) PTY LTD;
   -- LQ51 (WAI) PTY LTD; and
   -- A.C.N. 110 194 235 LQ52 (SEA) PTY LTD.

The companies' liquidators are:

          John Georgakis
          Kathryn Warwick
          Ernst & Young
          8 Exhibition Street, Level 26
          Melbourne VIC 3000


M.B.L. INDUSTRIES: Placed Under Voluntary Wind-Up
-------------------------------------------------
At an extraordinary general meeting held on October 29, 2008, the
members of M.B.L. Industries Pty Ltd resolved that the company be
wound up voluntarily.

The company's liquidator is:

          Richard Herbert Judson
          Judson & Co Chartered Accountants
          Level 1, Suite 4
          10 Park Road
          Cheltenham VIC 3192
          Telephone: (03) 9585 4155


MACPLUS RETAIL: Members and Creditors Receive Wind-Up Report
------------------------------------------------------------
The members and creditors of Macplus Retail Group Pty Ltd held a
final meeting on December 15, 2008, and received the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Bruno A. Secatore
          Cor Cordis Chartered Accountants
          406 Collins Street
          Melbourne, VIC 3000


NGX PTY: Placed Under Voluntary Wind-Up
---------------------------------------
At an extraordinary general meeting held on October 27, 2008, the
members of NGX Pty Ltd resolved that the company be wound up
voluntarily.

The company's liquidators are:

          Rod Slattery
          Warren White
          PPB, Chartered Accountants
          Level 10, 90 Collins Street
          Melbourne, Victoria


NOVADALE ENTERPRISES: Commences Wind-Up Proceedings
---------------------------------------------------
The members of Novadale Enterprises Pty Ltd met on October 27,
2008, and resolved that the company be wound up voluntarily.

The company's liquidator is:

          Barry Keith Taylor
          B. K. Taylor & Co.
          8th Floor, 608 St. Kilda Road
          Melbourne


PANAFER PTY: Placed Under Voluntary Wind-Up
-------------------------------------------
At an extraordinary general meeting held on October 30, 2008, the
members of Panafer Pty Ltd resolved that the company be wound
up voluntarily.

The company's liquidator is:

          Andrew Poulter
          Brighton Corporate Recovery
          440 Collins Street, Level 9
          Melbourne VIC 3000


PARADOX GRP: Members and Creditors Receive Wind-Up Report
---------------------------------------------------------
The members and creditors of Paradox GRP Pty Ltd held a joint
meeting on December 12, 2008, and received the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Barry Keith Taylor
          B. K. Taylor & Co.
          8th Floor, 608 St. Kilda Road
          Melbourne


RENARAS PTY ET AL: Liquidator Presents Wind-Up Report
-----------------------------------------------------
On December 15, 2008, David Coyne presented the companies' wind-up
report and property disposal to the members and creditors of:

   -- Renaras Pty Ltd; and
   -- Maintenance & Painting Pty Ltd.

The Liquidator can be reached at:

          David Coyne
          Lowe Lippmann, Chartered Accountants
          5 St. Kilda Road
          St. Kilda Vic 3182


RIO TINTO: Warns Gov't. of Job Losses if Deal with Chinalco Fails
-----------------------------------------------------------------
Rio Tinto has asked the Australian government to approve the
US$19.5 billion takeover bid of Aluminium Corporation of China
("Chinalco") to save thousand of jobs in the country.

According to The Australian, Rio Tinto has told the Rudd
Government that failure to approve the contentious Chinalco rescue
package could cost 2,150 jobs and 750 planned ones, almost all in
Queensland, the home state of Prime Minister Kevin Rudd and
Treasurer Wayne Swan.

The reports says the contractor and employee cuts would be in
addition to Rio's 14,000 targeted global job cuts, meaning as many
as 5,000 could be cut from its Australian workforce if the deal
fell through.

Last week, the Australian recalls Rio said it had reached half its
targeted global cuts but refused to say how many had been cut from
Australia and how many had been planned.

The Australian notes that Rio has so far announced 660 job cuts at
mines in NSW, Queensland and Western Australia, and is understood
to have cut about 200 more computer contractors nationally.

As reported by the Troubled Company Reporter-Asia Pacific on
Feb. 17, 2009, Rio Tinto disclosed that it would form a US$19.5
billion strategic partnership with Chinalco.

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 subject to approval by the shareholders of Rio
Tinto, governments and other regulators.

           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.


SCIENTIFIC INSTRUMENT: Placed Under Voluntary Wind-Up
-----------------------------------------------------
At an extraordinary general meeting held on October 9, 2008, the
members of Scientific Instrument Services Australia Pty Ltd
resolved that the company be wound up voluntarily.

The company's liquidator is:

          Adrian Brown
          Ferrier Hodgson
          600 Bourke Street, Level 29
          Melbourne VIC 3000
          Telephone: (03) 9600 4922
          Facsimile: (03) 9642 5887


TOP NOTCH ET AL: Liquidator Presents Wind-Up Report
---------------------------------------------------
On December 12, 2008, Paul Vartelas presented the companies' wind-
up report and property disposal to the members and creditors of:

   -- Top Notch Cabinets & Shopfitters Pty Ltd;
   -- Trade Investors Pty Ltd;
   -- Barrett & Gilchrist Builders Pty Ltd;
   -- Fawkner Blues Soccer Club Inc; and
   -- Northern All Stars Inc.

The Liquidator can be reached at:

          Paul Vartelas
          B. K. Taylor & Co.
          Meeting Room, Level 9
          608 St. Kilda Road
          Melbourne, Vic. 3004


WINDIMURRA VANADIUM: Calls In Administrators
--------------------------------------------
Windimurra Vanadium Ltd has appointed administrators to the
company and its subsidiary MidWest Vanadium Pty Ltd.

In a statement to the Australian Securities Exchange, Windurra
Vanadium said it has appointed Martin Jones, Darren Weaver and
Andrew Saker as joint and several administrators of the company
and its 90 per cent owned subsidiary, MidWest Vanadium.

ABC Perth reports that subsequent to the appointment of
administrators, the company's secured creditors have called in
Martin Maden and Brian McMaster of corporate recovery firm
KordaMentha as joint receivers and managers to the company.

According to ABC Perth, the company has spent millions of dollars
redeveloping its vanadium mine, which was shut down by the
previous owner, Xstrata.

The Investment bank Merrill Lynch is part of a syndicate of banks
with investments in the firm, the report notes.

Windimurra Vanadium Limited (ASX:WVL) -- http://www.pmal.com.au
-- is an Australian company engaged in mining and mineral
exploration.  The principal commercial activity of the Company is
the exploration and commercial development of its Windimurra
Vanadium mine site.  Windimurra Vanadium Limited owns the
Windimurra Vanadium mine, located some 600 kilometers north east
of Perth and 80 kilometers south east of Mt Magnet in Western
Australia.  The Windimurra Vanadium mine hosts proven reserves of
vanadium in the world.  The Company's wholly owned subsidiaries
include Midwest Coal Pty Ltd and PMAL Investments Pty Ltd.



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

INVESTCORP BANK: Moody's Downgrades Ratings to 'Baa3/Prime-3/D+'
----------------------------------------------------------------
Moody's Investors Service said that Investcorp's half year 2009
losses of US$511.0 million are in line with expectations and that
the Baa3/Prime-3 deposit ratings remain on review for possible
downgrade.

On November 12, 2008, Moody's downgraded Investcorp's ratings to
Baa3/Prime-3/D+ from Baa2/Prime-2/C- and put the Baa3/Prime-3
deposit ratings on review for possible further downgrade.  These
actions reflected near-term pressures on the bank's financial
strength as well as Moody's view on some of the longer-term
challenges for the alternative investment sector.  At that time,
Moody's also took note of Investcorp's commitment to raising new
capital and deleveraging its balance sheet but also recognized the
challenges the bank was likely to face in implementing these plans
within the context of a difficult operating environment.

Moody's notes that in the months following its November 2008
rating actions, Investcorp has reduced its volume of risk assets
to US$2.35 billion by successfully redeeming a portion of fund of
hedge fund investments but has also recognized marked-to-market
losses that have reduced capital levels by another 30% to
US$708.0 million.

Moody's expects to conclude its review of Investcorp's ratings
over the next few weeks and will primarily focus on the bank's
capital-raising efforts.  The rating agency will also continue to
assess the impact of the stressed capital markets environment on
the bank's franchise quality and earnings prospects.

Moody's reiterates that one of the factors that would determine
whether Investcorp retains an investment grade rating is leverage,
and more specifically the ratio of risk assets (private equity and
fund of hedge fund investments) to capital.  Moody's view is that
in the current operating environment, a financial institution with
Investcorp's franchise and earning profile should maintain a ratio
of risk assets to capital of close to two-to-one.

Headquartered in Manama, Bahrain, Investcorp Bank B.S.C. had total
assets of US$3.67 billion as at end-December 2008.



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

CHINA CONSTRUCTION: To Sell CNY30 Billion Bonds
-----------------------------------------------
China Construction Bank Corp. plans to issue CNY30 billion worth
of subordinated bonds between Feb. 24 and March 2, 2009, to
improve its capital adequacy ratio, China Daily reports citing the
bank in a statement.

China Construction, the report relates, will sell CNY15 billion of
10-year bonds as well as CNY15 billion of 15-year bonds.  The bank
said it may float another CNY10 billion of bonds if required, the
report notes.

Citing a Shanghai Daily report, the Troubled Company Reporter-Asia
Pacific on Feb. 5, 2009, said the bank received regulatory
approval to raise as much as CNY40 billion (US$5.8 billion)
selling subordinated bonds to boost capital.

According to the Daily, the bank said the sale was approved by the
China Banking Regulatory Commission and the People's Bank of
China.

China Construction Bank Corporation (HKG:0939) --
http://www.ccb.com/-- operates in three business segments:
corporate banking, personal banking and treasury business.  Its
corporate banking products and services include corporate loans,
trade financing, deposit taking activities, agency services,
consulting and advisory services, cash management services,
remittance and settlement services, custody services, and
guarantee services.  The Company's personal banking products and
services comprise personal loans, deposit taking activities, card
business, personal wealth management services, remittance services
and securities agency services.  The Bank operates principally in
Mainland China with branches located in 31 provinces, autonomous
regions and municipalities directly under the central government,
and two subsidiaries located in the Bohai Rim.  It also has bank
branch operations in Hong Kong, Singapore, Frankfurt,
Johannesburg, Tokyo and Seoul, and subsidiaries operating in Hong
Kong.

                          *     *     *

China Construction Bank continues to carry Moody's 'D-' bank
financial strength rating.  Moody's Bank Financial Strength
Ratings (BFSRs) represent Moody's opinion of a bank's intrinsic
safety and soundness and, as such, exclude certain external credit
risks and credit support elements that are addressed by Moody's
Bank Deposit Ratings.


GENERAL MOTORS: Sichuan Auto Wants to Buy Hummer Vehicle Unit
-------------------------------------------------------------
Sichuan Auto Industry Group Co. wants to buy General Motor Corp.'s
Hummer sport-utility vehicle unit, Shanghai Daily reports, citing
people familiar with the matter.

According to Shanghai Daily, GM CEO Rick Wagoner has said that GM
was considering options for Hummer, including a sale.  Shanghai
Daily quoted GM's Shanghai-based spokesperson Henry Wong as
saying, "Meetings and discussions with potential investors are
ongoing.  We will not discuss whom the potential investors are."

Citing sources, Bloomberg News relates that Sichuan Auto may pay
up to $500 million for the Hummer.  The sources said that Sichuan
Auto will get financing from state-owned banks, Shanghai Daily
states.

Shanghai Daily reports that Sichuan Auto sales official Zhou Liya
has denied any knowledge of the firm's bidding for Hummer.

                       Bankruptcy Option

Josh Mitchell at Dow Jones Newswires relates that Rep. Sander
Levin said on Monday that the government has told GM to address
the possibility of firm's eventually filing for bankruptcy
protection in its progress report, which would also describe will
restructure to ensure its long-term viability.  The report quoted
Rep. Levin as saying, "They've been asked to address the issue of
bankruptcy in their plan but not to have that as an alternative
plan.  That's my understanding."

According to Dow Jones, Rep. Levin said that he and other auto-
industry allies in the Congress believe that a bankruptcy filing
by an automaker would be disastrous to the auto industry and the
economy.

      GM Won't Leave Saab Unprotected, Says Swedish Gov't

Citing a Swedish senior government official, Love Liman at Reuters
reports that the Swedish government is confident that GM won't
leave its Swedish carmaker Saab unprotected under the terms of a
restructuring plan it will submit to the U.S. government.

Reuters relates that the Swedish government is offering GM state
support as the company plans to sell its Saab unit as part of a
possible Chapter 11 bankruptcy filing that would create a new
firm.  According to Reuters, the Swedish government is in talks
with GM to stop the sale.

According to Reuters, Swedish Industry Ministry state secretary
Joran Hagglund said that he didn't expect GM's restructuring plan
to include a proposal for Saab and other non-core assets to be
liquidated or sold under protection of a bankruptcy court.

Mr. Hagglund, Reuters says, has denied a report from public
service broadcaster SVT that talks between the government and GM
had collapsed.  "It is of course the case that GM has a fair bit
on its hands back home, which affects how much time and effort
they can put into this.  But we are continuing the discussions and
we will have to see how they formulate the plan that they are to
present tomorrow [Tuesday]," Reuters quoted Mr. Hagglund as
saying.

      U.S. Gov't Urged to Push Carmakers Into Bankruptcy

Michael J. de la Merced at The New York Times relates that Edward
I. Altman, a Max L. Heine professor of finance at New York
University's Stern School of Business, is calling for the Obama
administration to push the automakers into bankruptcy, which could
ensure that taxpayers remain first in line for repayment.

Citing a person familiar with the matter, The NY Times states that
the Treasury Department has hired Rothschild, and two law firms,
Cadwalader, Wickersham & Taft and Sonnenchein, Nath & Rosenthal,
as advisers to ensure that taxpayers would be the first ones to
get repaid.

According to The NY Times, Mr. Altman proposes that the government
force GM into bankruptcy, then provide debtor-in-possession
financing for the firm, probably through a bank or finance firm
like General Electric's GE Capital.

                   About General Motors

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries.  In 2007, nearly 9.37 million GM cars and
trucks were sold globally under the following brands: Buick,
Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security and
information services.

General Motors Latin America, Africa and Middle East, with
headquarters in Miramar, Florida, is one of GM's four regional
business units.  GM LAAM employs approximately 37,000 people in
18 countries and has manufacturing facilities in Argentina,
Brazil, Colombia, Ecuador, Egypt, Kenya, South Africa and
Venezuela.  GM LAAM markets vehicles under the Buick,
Cadillac, Chevrolet, GMC, Hummer, Isuzu, Opel, Saab and
Suzuki brands.

As reported in the Troubled Company Reporter on Nov. 10, 2008,
General Motors Corporation's balance sheet at Sept. 30, 2008,
showed total assets of US$110.425 billion, total liabilities of
$170.3 billion, resulting in a stockholders' deficit of
$59.9 billion.

                       *     *     *

As reported in the Troubled Company Reporter on Nov. 11, 2008,
Standard & Poor's Ratings Services lowered its ratings, including
the corporate credit rating, on General Motors Corp. to 'CCC+'
from 'B-' and removed them from CreditWatch, where they had been
placed with negative implications on Oct. 9, 2008.  S&P said that
the outlook is negative.

Fitch Ratings, as reported in the Troubled Company Reporter on
Nov. 11, 2008, placed the Issuer Default Rating of General Motors
on Rating Watch Negative as a result of the company's rapidly
diminishing liquidity position.  Given the current liquidity level
of US$16.2 billion and the pace of negative cash flows, Fitch
expects that GM will require direct federal assistance over the
next quarter and the forbearance of trade creditors in order to
avoid default.  With virtually no further access to external
capital and little potential for material asset sales, cash
holdings are expected to shortly reach minimum required operating
levels.  Fitch placed these on Rating Watch Negative:

-- Senior secured at 'B/RR1';
-- Senior unsecured at 'CCC-/RR5'.

As reported in the Troubled Company Reporter on June 24, 2008,
DBRS has placed the ratings of General Motors Corp. and General
Motors of Canada Limited Under Review with Negative Implications.
The rating action reflects the structural deterioration of the
company's operations in North America brought on by high oil
prices and a slowing U.S. Economy.



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

CHAMPION CONTAINER: Court Enters Wind-Up Order
----------------------------------------------
On January 21, 2009, the High Court of Hong Kong entered an order
to have Champion Container Services Limited's operations wound up.

The petition was presented on November 26, 2008.


CITIC PACIFIC: Moody's Upgrades Corporate Family Rating to 'Ba1'
----------------------------------------------------------------
Moody's Investors Service has upgraded to Ba1 from Ba2 CITIC
Pacific Ltd's corporate family rating and CITIC Pacific Finance
(2001) Ltd's US$450m bond rating.  The outlook on these ratings is
negative.

This action concludes the rating review with direction uncertain
initiated in November 2008 following the company's report of
material losses from leveraged foreign exchange contracts (FX
contracts) and that CITIC Group (Baa2/negative) had provided it
with a standby facility, agreed to subscribe to a convertible
bond, and would take over some of the outstanding FX contracts.

"The rating upgrade primarily reflects Moody's view of the
presence of strong potential financial support from CITIC Group
for CITIC Pacific," says Elizabeth Allen, a Moody's VP/Senior
Credit Officer.  "CITIC Group's recent actions, including the
offer of a US$1.5bn stand-by liquidity arrangement, equity
injection and its take-over of the majority of the loss-making FX
contracts are clear demonstrations of its willingness and ability
to support CITIC Pacific in time of difficulties."

"Furthermore, CITIC Group's ownership in CITIC Pacific has
increased to 57.6% from 29% before," adds Allen, also Moody's lead
analyst for the company.  "Such support from CITIC Group -- which
is wholly owned by the Chinese State Council -- not only
stabilizes CITIC Pacific's financial profile, but also helps
instill confidence in it.  Without these benefits, the standalone
rating of CITIC Pacific is Ba3."

The Ba3 stand-alone rating also reflects the company's high level
of leverage and the significant challenges faced by its core
business segments -- specialty steel, iron ore mining and property
development.  The operating environments across these sectors are
inherently cyclical.  Their performance visibility is low but it
will likely remain weak in light of the current economic outlook.
However, this situation is mitigated, to some extent, by stable
cash flows from its investment properties and infrastructure
projects, mainly in Hong Kong.

Overall, CITIC Pacific's profit and cash flow generation is
expected to be weaker than that of previous years, while its debt
level is expected to increase, resulting in a deteriorated
financial profile -- with estimated FFO/debt of below 10% and FFO
interest coverage of around 3x in the next 12 months. Such credit
metrics are on the weak side for its stand-alone Ba3 rating.

The rating further captures the weaknesses seen in CITIC Pacific's
internal control system, and which resulted in the reportedly
unauthorized FX contracts.  The rating also incorporates the
weakening state of CITIC Pacific's liquidity profile, resulting
from its large capex plan.  However, Moody's draws comfort from
its relationship with CITIC Group and the assessment that this
will help with access to funding.

The negative outlook reflects the trends of increasing leverage
and weakening liquidity as the company goes through its peak
investment period in the next 12-18 months.  As a result, a rating
upgrade in the near term is unlikely.

The outlook could revert to stable if CITIC Pacific i)
demonstrates its ability to generate sustainable returns, in
particular in the property development, specialty steel and iron
ore sectors; ii) improves its liquidity profile, and/or iii)
strengthen its financial profile, such that FFO/debt is above 10%
and FFO interest coverage is above 3x on a sustained basis.

On the other hand, downward rating pressure could evolve if i) the
company's investments do not generate satisfactory returns,
resulting in declines in cash flow and profit generation; ii) its
liquidity profile continues to deteriorate.  Financial indicators
Moody's will look for are FFO/debt staying below 10% and FFO
interest coverage staying below 2.5-3x. Should there be a
downgrade of CITIC Group's rating, its support level and hence the
rating uplift for CITIC Pacific would also be revisited.

The last rating action with respect to CITIC Pacific was on
November 14, 2008 when the direction of the rating review was
changed to uncertain from a possible downgrade.

CITIC Pacific Ltd, listed in Hong Kong, is a conglomerate 57.6%
owned by CITIC Group.  It was one of the first Chinese companies
to list and invest outside of China.  It is engaged in a range of
businesses, including special steel manufacturing, iron ore
mining, property development and investment, power generation,
aviation, infrastructure, communications and distribution.

CITIC Group, headquartered in Beijing, is a conglomerate
investment company wholly owned by the State Council of the
Chinese government.  As of end-2007, it had total consolidated
total assets of RMB 1,322 billion (US$180.7bn).


GOLDEN CROWN: Court Enters Wind-Up Order
----------------------------------------
On January 21, 2009, the High Court of Hong Kong entered an order
to have Golden Crown Optical Limited's operations wound up.

The petition was presented on November 19, 2008.


HONG KONG EFFECTUAL: Court Enters Wind-Up Order
-----------------------------------------------
On January 21, 2009, the High Court of Hong Kong entered an order
to have Hong Kong Effectual Holdings Company Limited's operations
wound up.

The petition was presented on November 19, 2008.


KWONG YUEN: Creditors' Proofs of Debt Due on February 27
--------------------------------------------------------
The creditors of Kwong Yuen Construction Company Limited 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 Briscoe
          Nicholas Timothy
          Cornforth Hill
          1801 Wing On House, 18th Floor
          71 Des Voeux Road
          Central, Hong Kong


LUNG HING: Court Enters Wind-Up Order
-------------------------------------
On January 21, 2009, the High Court of Hong Kong entered an order
to have Lung Hing Knitting Factory Limited's operations wound up.

The petition was presented on November 20, 2008.


MEDICAL ALLIANCE: Court Enters Wind-Up Order
--------------------------------------------
On January 21, 2009, the High Court of Hong Kong entered an order
to have Medical Alliance Networks Limited's operations wound up.

The petition was presented on November 5, 2008.


NEW GENERATION: Court Enters Wind-Up Order
------------------------------------------
On January 21, 2009, the High Court of Hong Kong entered an order
to have New Generation Computer Technology Limited's operations
wound up.

The petition was presented on November 21, 2008.


NICS ENGINEERING: Court Enters Wind-Up Order
--------------------------------------------
On January 21, 2009, the High Court of Hong Kong entered an order
to have NICS Engineering Limited's operations wound up.

The petition was presented on November 4, 2008.


SPI INTERNATIONAL: Court Enters Wind-Up Order
---------------------------------------------
On January 21, 2009, the High Court of Hong Kong entered an order
to have SPI International Limited's operations wound up.

The petition was presented on October 30, 2009.


STEINBOCK ORIGINAL: Court Enters Wind-Up Order
----------------------------------------------
On January 21, 2009, the High Court of Hong Kong entered an order
to have Steinbock Original German Sausages Limited's operations
wound up.

The petition was presented on November 24, 2008.


THEMATIC ADVERTISING: Court Enters Wind-Up Order
------------------------------------------------
On January 21, 2009, the High Court of Hong Kong entered an order
to have Thematic Advertising Limited's operations wound up.

The petition was presented on November 24, 2008.


UNIROSS BATTERIES: Appoints Lui & Yuen as Provisional Liquidators
-----------------------------------------------------------------
On January 29, 2009, Kennic Lai Hang Lui and Yuen Tsz Chun, Frank
were appointed as provisional liquidators of Uniross Batteries
(HK) Limited.

The Provisional Liquidators can be reached at:

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


VIEWS ENG: Court to Hear Wind-Up Petition on March 4
----------------------------------------------------
A petition to have Views Eng. Limited will be heard before the
High Court of Hong Kong on March 4, 2009, at 9:30 a.m.

Cheung Shuk Yee filed the petition against the company on Dec. 30,
2008.


WAI KEE: Court Enters Wind-Up Order
-----------------------------------
On January 21, 2009, the High Court of Hong Kong entered an order
to have Wai Kee (Lee's) Engineering Company Limited's operations
wound up.

The petition was presented on November 19, 2008.


YUN CHOY: Court Enters Wind-Up Order
------------------------------------
On January 21, 2009, the High Court of Hong Kong entered an order
to have Yun Choy Limited's operations wound up.

The petition was presented on November 5, 2008.



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

EUREKA TILES: Overdrawn Bank Facilities Spur 'D' CRISIL Ratings
---------------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to the various bank
facilities of Eureka Tiles Ltd (Eureka Tiles).

   Rs.72.50 Million Cash Credit Limit    D (Assigned)
   Rs.124.20 Million Term Loan           D (Assigned)
   Rs.8.00 Million Bank Guarantee        P5 (Assigned)
   Rs.4.00 Million Letter of Credit      P5 (Assigned)

The ratings reflect the fact that the bank facilities are
regularly overdrawn.

                       About Eureka Tiles

Eureka Tiles, incorporated in 2003 by Mr. J B Patel, was closed
down in November 2005 on account of inefficient operations.  In
October 2006, Mr. Prafulla Gattani took over the company, and
began manufacturing vitrified tiles in October 2007.  Eureka Tiles
has capacity to manufacture 4800 square metres of vitrified tiles
per day.  It realises around 50 per cent of its revenues from
Maharashtra and Karnataka, and the remainder mainly from Gujarat,
Kerala and Delhi.  For 2007-08 (refers to financial year, April 1
to March 31), Eureka Tiles reported a profit after tax (PAT) of
Rs.0.73 million on net sales of Rs.124 million.


ICICI BANK: Incurs Rs11.47cr Loss on Credit Card Frauds
-------------------------------------------------------
The Times of India reports that the ICICI Bank Ltd lost more than
Rs11 crore due to over 8,000 cases of credit card frauds in 2008.

The minister of state for Home, Shakeel Ahmad, as cited by the
report, said ICICI Bank lost Rs11.47 crore between April and
December 2008 on 8,280 cases it reported to the Reserve Bank of
India.

Headquartered in Mumbai, India, ICICI Bank Limited (NYSE:IBN) --
http://www.icicibank.com/-- is a private sector bank with
consolidated total assets of US$121 billion as of March 31,
2008.  ICICI Bank's subsidiaries include India's leading private
sector insurance companies and among its largest securities
brokerage firms, mutual funds and private equity firms.  ICICI
Bank's presence currently spans 19 countries, including India.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
November 21, 2008, Fitch Ratings affirmed ICICI Bank Ltd.'s Long-
term Foreign Currency Issuer Default Rating at 'BBB-, Short-term
Foreign Currency IDR at 'F3' and Support Rating Floor at 'BBB-'.
Simultaneously the Individual rating and Support ratings were
affirmed at 'C' and '2', respectively, although both these ratings
face downward pressure.  The agency also affirmed its Long-
term senior debt rating at 'BBB-' and Long-term rating of its
perpetual hybrid debt and Upper Tier 2 subordinated debt at 'BB'.
The Outlook is Stable.


MAKTEL SYSTEMS: CRISIL Places 'BB' Rating on Rs.8.5MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the various
bank facilities of Maktel Systems (Maktel).

   Rs.40.0 Million Cash Credit Limit    BB/Stable (Assigned)
   Rs.8.5 Million Term Loan             BB/Stable (Assigned)
   Rs.30.0 Million Letter of Credit     P4 (Assigned)
   Rs.65.0 Million Bank Guarantee       P4 (Assigned)

The ratings reflect Maktel's exposure to risks relating to
moderate financial risk profile, small scale of operations and low
net worth.  These weaknesses are, however, partially offset by
Maktel's established presence in the electrical equipments
industry, and diverse customer base.

Outlook: Stable

CRISIL believes that Maktel will maintain stable financial and
business risk profiles over the medium term.  The outlook may be
revised to 'Positive' if Maktel increases its scale of operations
while maintaining a stable financial risk profile.  Conversely,
the outlook may be revised to 'Negative' if the company undertakes
aggressive, debt-funded capital expenditure, or reports lower-
than-expected profitability, leading to deterioration in financial
risk profile.

                       About Maktel Systems

Maktel is a partnership firm set up by Mr. N M Patel and Mr. A K
Nandi in 1982.  The firm manufactures electrical equipment such as
control and relay panel transformers, low tension distribution
boxes and medium voltage switchgear.  The firm's plant in Baroda
has capacity to manufacture 1320 control and relay panels per
annum on a single shift basis, and 144,000 kilo volt ampere (KVA)
of switch board and distribution boxes per annum.  The firm
proposes to set up a new factory in Baroda, which will double its
existing capacity.  The new plant is expected to begin operations
by March 31, 2010. For 2007-08 (refers to financial year, April 1
to March 31), Maktel reported a profit after tax (PAT) of Rs.7.7
million on net sales of Rs.269 million, as against a PAT of Rs.6.6
million on net sales of Rs.180 million for 2006-07.


PERSANG ALLOY: CRISIL Rates Rs.44.50MM Cash Credit Limit at 'B-'
----------------------------------------------------------------
CRISIL has assigned its ratings of 'B-/Stable/P4' to the various
bank facilities of Persang Alloy Industries Pvt Ltd (PAIPL).

   Rs.44.50 Million Cash Credit Limit *   B-/Stable (Assigned)
   Rs.40.00 Million Term Loan             B-/Stable (Assigned)
   Rs.0.50 Million Bank Guarantee         P4 (Assigned)
   Rs.40.00 Million Letter of Credit      P4 (Assigned)

   * Interchangeable with bill discounting, export packing
     credit, and stock limit

The ratings reflect PAIPL's exposure to risks relating to weak
financial risk profile, and small scale of operations.  These
weaknesses are, however, partially offset by the benefits that
PAIPL derives from the extensive experience of its promoters, and
its diversified product portfolio and customer base.

Outlook: Stable

CRISIL believes that PAIPL will maintain its position and benefit
from the new solder paste manufacturing facility.  The outlook may
be revised to 'Positive' if it reports more than expected
profitability or if its capital structure improves.  Conversely,
the outlook may be revised to 'Negative' if the company undertakes
large, debt-funded capital expenditure, leading to deterioration
in debt protection measures.

                       About Persang Alloy

PAIPL, established in 1991 as a partnership firm, converted to a
private limited company in February 2007.  It manufactures solder
products such as tin-predominant solder, lead-predominant solder
sticks, wire, foils, fluxes, and flux-cored solder wire.  PAIPL
recently also set up a facility to manufacture solder paste
through a technological collaboration with Shenmao Technology Inc,
Taiwan.  The company derives around 40 per cent of its revenues
from the electronics industry, and 30 per cent each from the
electrical and automobile industries.  For 2007-08 (refers to
financial year, April 1 to March 31), PAIPL reported a profit
after tax (PAT) of Rs.5 million on net sales of Rs.228.1 million,
as against a PAT of Rs.3.9 million on net sales of Rs.180 million
for 2006-07.


SO-EX INVESTMENT: RBI Scraps Registration Certificate
-----------------------------------------------------
The Reserve Bank of India cancelled the certificate of
registration granted to M/s. SO-EX Investment & Finance Pvt. Ltd.
for carrying on the business of a non-banking financial
institution as the company has opted to exit from the business of
a non-banking financial institution.

Following cancellation of the registration certificate,
M/s. SO-EX Investment & Finance Pvt. Ltd., cannot transact the
business of a non-banking financial institution.

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

M/s. SO-EX Investment & Finance Pvt. Ltd.'s registered office is
at Nirmal, 21st Floor, Nariman Point, in Mumbai.


STATE INDUSTRIES: RBI Cancels Certificate of Registration
---------------------------------------------------------
The Reserve Bank of India cancelled the certificate of
registration granted to State Industries Promotion Corporation of
Tamilnadu Ltd. for carrying on the business of a non-banking
financial institution as the company has opted to exit from the
business of a non-banking financial institution.

Following cancellation of the registration certificate,
State Industries Promotion Corporation of Tamilnadu Ltd., cannot
transact the business of a non-banking financial institution.

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

State Industries Promotion Corporation of Tamilnadu Ltd.'s
registered office is at No.19A Rukmani Lakshmipathy Road, in
Egmore, Chennai-600008.


VIMAL INTERTRADE: CRISIL Puts 'BB+' Ratings on Various Bank Loans
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable' to the various
bank facilities of Vimal Intertrade Pvt Ltd (Vimal Intertrade).

   Rs.225.0 Million Cash Credit           BB+/Stable (Assigned)
   Rs.175.0 Million Proposed Cash Credit  BB+/Stable (Assigned)

The ratings reflect the company's strong sourcing capabilities
backed by established relationships with suppliers, and long-
standing presence in the chemical trading business.  These rating
strengths are, however, partially offset by Vimal Intertrade's
weak financial risk profile, and low operating margins owing to
the trading nature of its operations.

Outlook: Stable

CRISIL believes that Vimal Intertrade will maintain its healthy
market position on the back of its promoters' long-standing
presence in the chemical trading business.  The outlook may be
revised to 'Positive' if significant improvement in cash accruals
or fresh equity infusions result in improvement in the company's
capital structure.  Conversely, the outlook may be revised to
'Negative' if reduced profitability and cash accruals result in a
sharp deterioration in the company's financial risk profile;
adverse developments in relationships with key suppliers and
customers may also lend a negative bias to the outlook.

                     About Vimal Intertrade

Established in 2004 by brothers, Mr. Bimal Shah, Mr. Mayur Shah,
Mr. Paras Shah and Mr. Hiren Shah, Vimal Intertrade is in the
business of trading and distribution of chemicals, primarily
specialty chemicals.  It primarily imports its chemicals from
established chemical manufacturers like Dow Chemicals, BASF,
Evonik(Degussa), Air Products and Ashland Etc.


* INDIA: 5 Major Airlines Post Rs3,195.27cr Losses in 2007-08
-------------------------------------------------------------
The Hindu Business Line reports that India's five major domestic
airlines have reported a combined loss of Rs 3,195.27 crore during
2007-08.

According to the report, the airlines which reported losses during
the year are:

   -- Air India
   -- Kingfisher
   -- Jet Airways
   -- Go Air
   -- SpiceJet

Citing Minister for Civil Aviation, Mr. Praful Patel, the Business
Line relates Air India posted a loss of Rs 2,226.16 crore,
Kingfisher Airlines posted losses of Rs 408.91 crore, Jet Airways'
loss was at Rs 253.06 crore, Go Air's at Rs 174.76 crore while the
Spicejet was at Rs 132.38 crore.

The Minister, as cited by the report, said the spiralling cost of
Aviation Turbine Fuel (ATF), coupled with the economic slowdown,
contributed greatly to the losses of the airlines.  The rising
fuel prices resulted in ATF constituting almost 45-50 per cent of
the operating cost of most airlines, the report notes.



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

ANEKA TAMBANG: Acquires Cibaliung Gold Mine
-------------------------------------------
PT Aneka Tambang (Antam) disclosed that it has signed a Heads of
Agreement (HOA) with ANZ Bank and Arc Exploration Limited to
arrange for the transfer of ownership of PT Cibaliung Sumber Daya
(CSD), which operates the Cibaliung gold mine at Pandeglang
regency, Banten province, Indonesia.

Antam acquired Cibaliung in order to continue the gold project
after it incurred cost over-runs and PT CSD experienced funding
difficulty to continue mining acivities at the project and service
its obligations.  Prior to this transaction, ARC Exploration is
the majority shareholder of PT CSD with 95% ownership and Antam
holds the remaining 5%.

The completion of the transaction is conditional upon several
factors such as the completion of arrangements between related
parties before the Sunset Date of July 31, 2009 and the approval
from the shareholders' meeting of ARC Exploration which is
expected in late March 2009.  Antam expects the transaction will
be completed within 4 to 6 months.

The Cibaliung gold project has a mine life of 6 years with annual
ore production of 220,000 tonnes and production of gold equivalent
of around 2.2 tons (70,700 oz.) and estimated gold reserves of
around 12.8 tons (412,000 oz.).

                      About ARC Exploration

Arc Exploration Limited (ASX:ARX) --
http://www.arcexploration.com.au/-- formerly Austindo Resources
Corporation N.L., is engaged in the exploration and development of
the Cibaliung Gold Project in Banten Province, Indonesia.  The
Company also has Indonesian exploration interests in Pekalongan
(Central Java), in Trenggalek (East Java), and in Aisasjur
(Papua).

                       About Aneka Tambang

PT Aneka Tambang Tbk (JAK:ANTM) -- http://www.antam.com/ -- is an
Indonesia-based diversified mining and metals company.  The
Company is engaged in the mining of natural deposits,
manufacturing, trading, transportation and other related
activities.  The Company undertakes activities from exploration,
excavation, processing to marketing of nickel ore, ferronickel,
gold, silver, bauxite and iron sands.  Its nickel operations are
located in Southeast Sulawesi and North Maluku, its gold mine is
in Pongkor in West Java, while its precious metal refinery is in
Jakarta, its bauxite mine is in Riau province and its iron sands
mine is in Central Java.  Its largest bauxite deposit is located
at Tayan, West Kalimantan and its largest nickel deposit is at
Buli, North Maluku.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 17, 2008, Moody's Investors Service upgraded PT Aneka
Tambang (Persero) Tbk's corporate family rating to Ba3 from B1.
The action concluded the review for possible upgrade which
commenced on October 22, 2007.


BANK DANAMON: To Increase Stake in Adira by 20%
-----------------------------------------------
As based on a 2004 purchase agreement, Bank Danamon will exercise
its rights to increase its share holdings in PT Adira Dinamika
Multi Finance by 20 percent this year, resulting to a 95%
ownership of Adira, The Jakarta Post reports.

"We intend to exercise out rights to call up 20 percent of Adira
in 2009, the deadline year," Danamon President Director Sebastian
Paredes was quoted by The Post as saying.

The report, citing Mr. Paredes, said that the acquisition will be
funded from internal cash, as the bank had enough funds to do so,
amounting to US$460 million at the end of 2008.  Mr. Paredes
howerver refused to disclose the total value of the deal as it was
still under calculation, The Post relates.

                        About Bank Danamon

Headquartered in Jakarta, Indonesia, PT Bank Danamon Indonesia
Tbk provides a range of products and services, including
Consumer Banking, Small to Medium-Sized Enterprise and
Commercial, Trade Finance, Treasury Product, Cash Management,
Other Services, Financial Planning and e-Banking.  Danamon
Syariah is the Bank's business unit that provides its customers
with syariah banking products and services.  The bank also
operates Danamon Simpan Pinjam, which caters to micro banking
customers.  DSP is divided into two groups: DSP to serve and
help enterprises in micro and small-scale banking, and DSP for
individual customers with fixed income.  Bank Danamon is
supported by 86 domestic branch offices, 325 domestic supporting
branch offices, 25 domestic cash office, 739 supporting branches
for DSP, six personal banking branch offices, 10 syariah branch
offices and one overseas branch.

                         *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
July 28, 2008, Fitch Ratings affirmed the ratings of PT Bank
Danamon Indonesia Tbk as: Long-term foreign currency Issuer
Default Rating at 'BB' with a Stable Outlook, Short-term foreign
currency IDR at 'B', National Long-term Rating at 'AA(idn)' with
a Stable Outlook, Individual Rating at 'C/D', Support Rating at
'3', Support Rating Floor at 'BB-'.



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

PIONEER CORP: Won't Hire New Recruits for Spring 2010
-----------------------------------------------------
Pioneer Corporation said it won't hire any new recruits for Spring
2010 due to poor business, the Japan Times reports citing company
officials.

The move, the report notes, will be its first since relevant data
became available in 1983.

According to the report, the plan is in line with recently
announced downsizing program that includes pulling out from
television production and cutting 10,000 jobs both at home and
abroad by March 2010.

                    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. 17, 2009, Moody's Investors Service downgraded Pioneer
Corporation's local currency issuer rating to Ba3 from Ba1.  At
the same time, Moody's continues its review for a further possible
downgrade.

The rating action was prompted by the rapid deterioration in
Pioneer's profitability and financial flexibility under the severe
conditions surrounding the consumer electronics markets.

The TCR-AP also reported on Feb. 17, 2009, that Standard & Poor's
Ratings Services lowered to 'BB-' from 'BB+' its long-term
corporate credit and senior unsecured ratings on Pioneer
Corporation due to rapid capital erosion experienced by the
company in fiscal 2008 (ending March 31, 2009).  The ratings
action also reflects the risk of further deterioration in the
company's financial profile due to expected net losses through
fiscal 2009, related to the cost burden of structural reform.  At
the same time, Standard & Poor's placed the long-term corporate
credit and senior unsecured debt ratings on the company on
CreditWatch with negative implications.


VICTOR COMPANY: Moody's Cuts Rating to 'Ba3' on JVC Kenwood Woes
----------------------------------------------------------------
Moody's Investors Service has downgraded the long-term debt rating
of Victor Company of Japan, Limited to Ba3 from Baa3 as well as
the company's short-term rating to Not Prime from Prime-3.  The
ratings outlooks are negative.

These rating actions conclude the review initiated on December 3,
2008.

JVC is a consolidated subsidiary of JVC KENWOOD Holdings, Inc.
(JVC Kenwood HD, unrated), and JVC's ratings are based on the
credit profile of JVC Kenwood HD.

The downgrade was triggered by the rapid deterioration in JVC
Kenwood HD's financial performance due in turn to the severe
market conditions for car and home electronics products.

Moody's is concerned that the company's profitability will remain
pressured and vulnerable.  In addition, the weak state of
profitability and the implementation of restructuring measures
will adversely affect JVC Kenwood HD's balance sheet.

The negative outlook reflects Moody's concerns that the
increasingly challenging market conditions could further damage
JVC Kenwood HD's financial flexibility over the medium term.

A rapid and significant slowdown in demand for JVC Kenwood HD's
major products, such as car audio and navigation systems, flat-
panel display TVs and camcorders, continues to pressure its
revenue and earnings.  Although JVC's efforts to restructure its
loss-making display business, such as withdrawing from the flat
panel display TV business in Japan, has helped mitigate the
negative impacts on earnings, fierce competition in the overseas
FPD TV market is still pressuring the business's profit.

JVC Kenwood HD now forecasts a net loss of Yen 15 billion for
FYE03/2009, mainly because of a weak operating performance and
restructuring charges.

JVC Kenwood HD plans to implement additional restructuring
measures, focusing on the display and car electronics OEM
businesses.  However, Moody's is concerned that difficult market
conditions may nullify any positive impact from restructuring
measures as well as synergies from the management integration
between JVC and Kenwood.  The company may require a considerable
amount of time to restore its overall profitability and cash
flows, although some of the businesses, such as camcorders and
communications equipment, remain relatively solid.

JVC Kenwood HD's balance sheet will also be damaged by the net
loss and weak cash flow projected for FYE03/2009.  The additional
restructuring measures could further constrain the company's
financial flexibility in FYE03/2010.  Moody's believes that one of
the company's key rating factors will be strong and continued
financial support from its major lenders.

The last rating action for JVC was on December 3, 2008, when
Moody's placed the Baa3 senior unsecured debt rating and the
Prime-3 short-term rating on review for possible downgrade.

Victor Company of Japan, Limited, headquartered in Kanagawa,
Japan, is a leading manufacturer of consumer electronics products.

Kenwood Corporation, headquartered in Tokyo, Japan, is a leading
manufacturer of car electronics and communication products.

JVC KENWOOD Holdings, Inc., headquartered in Kanagawa, Japan, is a
leading manufacturer of car electronics and home and mobile
electronics products.



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

MAGNACHIP SEMICONDUCTOR: Moody's Withdraws 'Ca' Corporate Rating
----------------------------------------------------------------
Moody's Investors Service has withdrawn the Ca corporate family
rating of MagnaChip Semiconductor LLC and these ratings for debt
issued by MagnaChip Semiconductor Finance Co and MagnaChip
Semiconductor SA:

  1) US$100 million 5-year senior secured credit revolver, Caa3

  2) US$500 million aggregate floating and fixed-rate second-
     priority senior secured notes due 2011, Ca

  3) US$250 million senior subordinated notes due 2014, C

Moody's has withdrawn the ratings follows the company's default on
the coupon payment for its senior and subordinated notes, and has
entered into a business reorganization.

MagnaChip's ratings were assigned by evaluating factors Moody's
believes are relevant to its credit profile, such as i) business
risk and competitive position versus others within its industry;
ii) capital structure and level of financial risk; iii) projected
performance over the near to intermediate term; and iv)
management's track record and tolerance for risk.

These attributes were compared against other issuers both within
and outside of MagnaChip's core industry; MagnaChip's ratings are
believed to be comparable to those of other issuers of similar
credit risk.

The last rating action with respect to MagnaChip was taken on
January 15, 2009, when the corporate family rating was downgraded
to Ca with a negative outlook.

MagnaChip Semiconductor LLC, headquartered in Korea, designs,
develops and manufactures mixed-signal and digital multimedia
semiconductors and flat panel display drivers.

The company was the system integrated circuit division of Hynix
before its carve-out acquisition by financial sponsors, including
CVC, Francisco Partners and CVC Asia Pacific in October 2004.



===============
M A L A Y S I A
===============

UBG BERHAD: Merrill Lynch Files Appeal on Conditional Leave Order
-----------------------------------------------------------------
On February 3, UBG Berhad disclosed in a filing with the Bursa
Stock Exchange that the Singapore High Court granted the company
leave to defend a suit filed by Merrill Lynch (Singapore) Pte Ltd
(MLS) against UBG.

The leave granted was on the condition that the company provides
security for the quantum of MLS's claim less any sum withheld for
tax purposes within 28 days of the order failing which judgment
may be entered by Merrill Lynch against the company with interest
on the judgment sum at the rate of 5.33% per annum and costs to be
agreed or taxed.

In an update, UBG said Merrill Lynch filed on February 13, 2009, a
Notice of Appeal to the Judge-in-chambers, against the whole
decision of the Assistant Registrar in refusing to enter judgment
against the company.  The appeal has been fixed for hearing before
a Judge-in-chambers on March 5, 2009.

In view of the said appeal filed by Merrill Lynch, the company
said it filed on February 16, 2009 a cross-appeal against the
decision of the Assistant Registrar in order to seek unconditional
leave to defend the suit.

As reported by the Troubled Company Reporter-Asia Pacific on
September 26, 2008, UBG disclosed that MLS served the company with
a Writ of Summons and Statement of Claim for a sum of
MYR14,898,104.84 in respect of the Suit No. 681 of 2008/A in the
High Court of the Republic of Singapore on September 24, 2008.

The action arises from the same dispute with MLS in which UBG had
disclosed as a contingent liability in its 4th quarter's interim
report for the financial period ended December 31, 2007, released
through Bursa Securities on February 22, 2008, as well as its
audited financial statements for the financial year ended
December 31, 2007.

Formerly known as Utama Banking Group Berhad, UBG Berhad's
principal activities are banking and related financial services.
Other activities include investment holding and provision of
nominees services.  Operations of the Group are carried out in
Malaysia.

                          *     *     *

The company is classified under Amended Practice Note 17 of the
Bursa Malaysia Securities Bhd's Listing Requirements after it
completed the disposal of its entire investment in Rashid
Hussain Berhad, leaving UBG with no significant business
operations.



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

AA BUILDERS: Court Hears Wind-Up Petition
-----------------------------------------
A petition to have AA Builders Ltd.'s operations wound up was
heard before the High Court at Auckland on January 28, 2009.

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


AEL GROUP ET AL: Commence Liquidation Proceedings
-------------------------------------------------
The official assignee advises the liquidations of:
   -- AEL Group Limited;
   -- Sydney Productions (No.4) Limited;
   -- Sydney Productions (No.5) Limited;
   -- Sydney Productions (No.6) Limited;
   -- Cetra Contracts Limited;
   -- Eastside Trustee Limited;
   -- Luggate Road Vineyards Limited;
   -- Nutrimax International NZ Limited;
   -- Sydney Productions (No.10) Limited;
   -- Sydney Productions (No.7) Limited;
   -- Sydney Productions (No.9) Limited; and
   -- Sydney Productions Limited.

The Official Assignee can be reached at:

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


AIR NEW ZEALAND: Number of Passengers Down 8.0% in January
----------------------------------------------------------
Air New Zealand Ltd said that in January, the airline carried
923,000 passengers, down 8.0% on the same month last year.  During
the month, the airline's capacity was reduced by 6.6% on last
January and the Group's passenger load factor declined by 1.7
percentage points.

The Short Haul airline's passenger load factor was down 3.1
percentage points on the same month last year as passenger numbers
declined by 7.2%.  In response, Air New Zealand said it has
reduced capacity by 2.0% and announced the suspension of
international services from Hamilton and reduced Tasman services
from Dunedin.

In the Long Haul market, passenger numbers decreased by 11.0%.  On
North America / UK routes passenger numbers fell by 12.7% and Asia
/ Japan / UK by 8.9% on the same month last year.  As a result of
proactive capacity management available seats were reduced 9.3% by
down gauging aircraft size and reducing frequency.

Group-wide yields for the year-to-date were up 8.1% on the
comparable period last financial year.  Short Haul and Long Haul
yields were up by 3.8% and 13.4% respectively.  Removing the
impact of foreign exchange, group-wide yields were up 4.4%.

                     Dunedin Tasman Services

Air New Zealand confirmed that the company is suspending its
Dunedin-Sydney service from April 16 to October 24, 2009, while
retaining its scheduled services to Brisbane.

Air New Zealand currently operates two services a week between
Dunedin and Sydney, and two services a week between Dunedin and
Brisbane.  Dunedin-Brisbane will be reduced to one service a week
during the traditionally low demand months of May and June before
returning to two flights per week in July.

                     Hamilton-Brisbane Route

Air New Zealand said that it is suspending its remaining trans-
Tasman service into and out of Hamilton.

The airline announced in October last year that it was suspending
services between Hamilton to Sydney and the Gold Coast during the
traditionally lower demand period from March 29 to October 24 this
year.

                         Jetstar's Entry

On budget carrier Jetstar entry to the New Zealand domestic
market, Air New Zealand stated it will compete vigorously with
everyday low fares and a high level of service.

                         Interim Results

Air New Zealand will announce its interim results for the six
months ending December 31, 2008, prior to the market opening on
February 26, 2009.

                      About Air New Zealand

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

                          *     *     *

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


ANCHOR AUDIO: Court Hears Wind-Up Petition
------------------------------------------
A petition to have Anchor Audio Ltd.'s operations wound up was
heard before the High Court at Auckland on January 22, 2009.

The Commissioner of Inland Revenue filed the petition against the
company on August 25, 2008.


CARE SERVICES: Court Hears Wind-Up Petition
-------------------------------------------
A petition to have Care Services Ltd.'s operations wound up was
heard before the High Court at New Plymouth on January 28, 2009.

Accident Compensation Corporation filed the petition against the
company on November 24, 2008.


DAVEY FARMS: Court Hears Wind-Up Petition
-----------------------------------------
A petition to have Davey Farms 1976 Ltd.'s operations wound up was
heard before the High Court at Hamilton on February 2, 2009.

The Commissioner of Inland Revenue filed the petition against the
company on November 12, 2008.


DORCHESTER PACIFIC: Escapes Liquidation
---------------------------------------
The New Zealand Herald reports that the shareholders of Dorchester
Pacific Limited have voted against putting the company into
liquidation.

At the annual and extraordinary general meeting held Wednesday,
Feb. 17, the report relates, only 0.23 per cent voted for the
company's liquidation.

According to the Herald, directors Barry Graham, John Gosney and
Paul Byrnes were re-elected while Nikolaos Zahariadis, who
nominated himself for a director's post, failed to get on the
board with just 13 per cent voting for him.

                     About Dorchester Pacific

Headquartered in Auckland, New Zealand, Dorchester Pacific Limited
(NZE:DPC) -- http://www.dorchester.co.nz/-- is a financial
solutions provider, offering complementary products and services
across finance, insurance, savings, reverse mortgage and debt
recovery.  The Finance division provides investment opportunities
through secured debenture stock and subordinated unsecured notes
and financing solutions for the property, business, equipment,
motor vehicle and personal finance sectors.  Its insurance and
savings, and reverse mortgage division provides a range of
savings, life insurance, reverse annuity mortgages, home equity
release loans and other financial products and services.  The debt
recovery division provides debt recovery services across a range
of debt classes and values.  Dorchester Pacific holds a 25%
shareholding in St Laurence Limited, the holding company for a
property-based investment and finance group of companies, which
manages assets for over 16,000 investors.

                          *     *     *

For the 12 months ended March 31, 2008, Dorchester Pacific Limited
recorded a net loss after tax of NZ$18.1 million on total revenue
of NZ$64.4 million compared to net profit after tax of NZ$3.8
million on total revenue of NZ$71.0 million.

As of March 31, 2008, the company had NZ$208.6 million in Secured
Debenture Stock and Subordinated Unsecured Notes on total assets
of NZ$308.3 million.


MULTI V: Court Hears Wind-Up Petition
-------------------------------------
A petition to have Multi V Ltd.'s operations wound up was heard
before the High Court at Christchurch on January 19, 2009.

The Commissioner of Inland Revenue filed the petition against the
company on November 5, 2008.


PROSPERITY BAY: Intends to Declare Dividend
-------------------------------------------
Prosperity Bay Realty Ltd. intends to declare dividend.

Only creditors who were able to file their proofs of debt by
February 13, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          D. C. Parsons
          Indepth Forensic Limited
          PO Box 278, Hamilton
          Telephone: (07) 957 8674
          Facsimile: (07) 957 8677


RAPID MINERALS: Court Hears Wind-Up Petition
--------------------------------------------
A petition to have Rapid Minerals Ltd.'s operations wound up was
heard before the High Court at Hamilton on February 2, 2009.

Roadstar Transport Limited filed the petition against the company
on November 27, 2008.


STEREO WORLD: Appoints Whittfield and Finnigan as Liquidators
-------------------------------------------------------------
On December 19, 2008, the High Court at Auckland appointed John
Trevor Whittfield and Peri Micaela Finnigan as the liquidators of
Stereo World Ltd.

The Liquidators can be reached at:

         John Trevor Whittfield
         Peri Micaela Finnigan
         McDonald Vague
         PO Box 6092, Wellesley Street
         Auckland 1141
         Facsimile: (09) 303 0508
         Website: http://www.mvp.co.nz


TARARUA BREWING: Court Hears Wind-Up Petition
---------------------------------------------
A petition to have Tararua Brewing Ltd.'s operations wound up was
heard before the High Court at Wellington on January 26, 2009.

Accident Compensation Corporation filed the petition against the
company on November 12, 2008.



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

PRYCE PLANS: Has Php56.17 Million Trust Fund Deficit, SEC Says
--------------------------------------------------------------
Pryce Plans Inc. remains solvent but its trust fund is illiquid,
ABS-CBN News reports citing the Philippine Securities and Exchange
Commission (SEC).

According to the report, SEC acting director for Non-Traditional
Securities and Instruments Department Jose Aquino said the
conclusion is based on trust fund reports submitted by Pryce
Plans' trustees, ChinaBank and Asiatrust Bank.

The report states the commission noted that Pryce Plans has a
trust fund deficiency of Php56.17 million.  The company has
reserves of only Php113.23 million, short of the required 20
percent reserve of Php168.4 million, the report notes.

As of the end of 2008, ABS-CBN News relates Pryce Plans' trustee
banks reported a total trust fund equity of Php846.99 million.
However, the report says the cash portion of these trust funds
amounted to only Php106,839.00 since the bulk of these trust funds
have been invested in real estate, primarily condominium units and
memorial, as well as some in listed equities.

The report says that Pryce Plans has assets of Php1.28 billion and
total liabilities of Php974.56 million.  The company's assets have
depleted by 31.7 percent from Php1.87 billion in 2004.

                         Swapping Option

ABS-CBN News says Mr. Aquino noted that the firm has chosen to
deal with its obligations to plan holders by giving them the
option to avail of a cash settlement, which includes liquefied
petroleum gas (LPG) from sister company Pryce Gases Inc., medicine
from another sister company Pryce Pharmaceuticals Inc., and
memorial lots provided by other Pryce companies.

According to the report, the SEC said that the maturity benefits
of those availing the swapping option are in effect converted into
capital for dealership of LPG or medicines.

Due to the illiquidity of the assets of its trust fund, the SEC
said Pryce Plans is implementing a "queuing program" for those who
want settlement in cash, the report relates.

                  Pre-Need Firms' Collapse

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 13, 2009, the Philippine Daily Inquirer, citing Philip
Piccio, president of the Parents-Enabling Parents Coalition (PEP),
said four more pre-need firms including Pryce Plans are reportedly
nearing financial collapse.

Mr. Piccio, the Inquirer related, refused to name the three other
troubled pre-need firms but he challenged the SEC to make the
public disclosure to warn plan-holders and protect the public from
buying plans from them.

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

According to a list obtained by the Inquirer, the SEC has licensed
27 pre-need corporations as of end-January 2009.  Last year,
pre-need corporations sold more than 250,000 educational, life and
pension plans totaling Php15 billion.



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

SEVAN DRILLING: Court to Hear Wind-Up Petition on February 27
-------------------------------------------------------------
A petition to have Sevan Drilling Pte. Ltd.'s operations wound up
will be heard before the High Court of Singapore on Feb. 27, 2009,
at 10:00 a.m.

China National Aero-Technology IMP & EXP. Xiamen Corporation filed
the petition against the company on February 5, 2009.

The Petitioner's solicitors are:

         Messrs. Rajah & Tann LLP
         4 Battery Road
         #15-01 Bank of China Building
         Singapore 049908


TOMOE SHOKAI: Creditors' Proofs of Debt Due on March 13
-------------------------------------------------------
The creditors of Tomoe Shokai Holding Asia Pte. Ltd. are required
to file their proofs of debt by March 13, 2009, to be included in
the company's dividend distribution.

The company's liquidator is:

         Chua Keng Yang
         89 Short Street
         #04-01 Golden Wall Centre
         Singapore 188216


STREAMEZZO PTE: Creditors' Proofs of Debt Due on March 16
---------------------------------------------------------
The creditors of Streamezzo Pte. Ltd. are required to file their
proofs of debt by March 16, 2009, to be included in the company's
dividend distribution.

The company's liquidators are:

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


WATER & INDUSTRIAL: Court Enters Wind-Up Order
----------------------------------------------
On January 9, 2009, the High Court of Singapore entered an order
to have Water & Industrial Engineering Pte Ltd's operations wound
up.

Wie Pty Ltd filed the petition against the company.

The company's liquidator is:

          The Official Receiver Insolvency & Public Trustee's
          Office
          The URA Centre, East Wing
          45 Maxwell Road #05-11/#06-11
          Singapore 069118


WILMAR HOLDINGS: Creditors' Proofs of Debt Due on March 3
---------------------------------------------------------
The creditors of Wilmar Holdings Pte Ltd are required to file
their proofs of debt by March 3, 2009, to be included in the
company's dividend distribution.

The company's liquidator is:

          Chang See Hiang
          c/o Chang See Hiang & Partners
          1 Kim Seng Promenade #16-07
          Great World City West Tower
          Singapore 237994



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

EMAAR PROPERTIES: Posts Quarterly Loss; Halts Projects
------------------------------------------------------
Emaar Properties PJSC reported a fourth-quarter loss and placed
new real-estate projects on hold due to writedowns at its U.S.
units and falling property prices in Dubai, Haris Anwar at
Bloomberg News reports.

According to Bloomberg News, Emaar Properties posted a net loss of
1.77 billion dirhams (US$481 million) compared with a profit of
1.74 billion dirhams a year earlier.

The Wall Street Journal relates the company's full-year profit
dropped 54% to 3.06 billion dirhams from 6.58 billion dirhams a
year earlier.  The company's revenue, WSJ discloses, declined 10%
to 16.02 billion dirhams.

Emaar Properties, WSJ notes, wrote down 1.77 billion dirhams in
goodwill in its John Laing Homes unit amid the financial crisis,
and a further 919 million dirhams in properties owned by the
company during the quarter.

"Emaar has shown a very dismal performance, and investors were not
expecting losses of this magnitude," Vyas Jayabhanu, head of Al
Dhafra Financial Brokerage LLC, told Bloomberg News in an
interview from Abu Dhabi.  "There should be some more selling
pressure with the stock bottoming out at around 1.5 dirhams."

According to WSJ, Emaar Properties said it is putting future real-
estate projects on hold to stem the oversupply of units in Dubai.
The company, WSJ states, said it will concentrate on completing
all construction projects that are under way.  The company has
projects in countries such as India, Turkey, Syria, Saudi Arabia
and Morocco, according to WSJ.

"If the current real-estate downturn continues then Emaar may have
to write down the value of its domestic assets," Bloomberg News
quoted Siju Mathew, analyst at HC Securities in Dubai, as saying.
"That is a potential danger I can see for the next quarter."

Meanwhile, TradeArabia Business News Information reports that
according to a resolution adopted by Emaar Properties' board of
directors, the company will not pay a dividend for 2008.  The
company paid a 20 percent dividend for 2007, TradeArabia says.

Emaar Properties PJSC -- http://www.emaar.com/-- is a United Arab
Emirates-based company engaged in property investment and
development, property management services, education, healthcare,
retail and hospitality sectors, as well as investing in financial
service providers.  The Company operates domestically and
regionally covering India, Egypt, Turkey, Morocco, Syria,
Pakistan, Tunisia and Saudi Arabia.  Its domestic projects include
Burj Dubai, Dubai Marina, Arabian Ranches, Emirates Hills, The
Meadows, The Springs, The Greens, The Lakes and The Views.  The
Company has four wholly owned subsidiaries, Emaar Misr for
Development S.A.E., Egypt; WL Homes LLC, the United States of
America; Hamptons Group Limited, the United Kingdom, and Raffles
Campus Pte Ltd, Singapore.  It also holds capital shares in
associated companies throughout the region.  Emaar Properties PJSC
is headquartered in Dubai.



                         *********

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.

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