TCRAP_Public/090220.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Friday, February 20, 2009, Vol. 12, No. 36

                            Headlines

A U S T R A L I A

1300 ITGUYS: Commences Wind-Up Proceedings
A B T FABRICATION: Members Opt to Wind Up Operations
ASTILLS MANAGEMENT: Appoints Bettles and Carter as Liquidators
AUSTRALIAN DISCOUNT: Chickenfeed Unit Up for Sale
BRANDRILL LIMITED: Declares Second and Final Dividend

DEKA INVESTMENTS: Commences Wind-Up Proceedings
DJK SOLUTIONS: Members Opt to Liquidate Business
ELLANGOWAN PTY: Placed Under  Members' Voluntary Liquidation
EXPRESS BLUE: Placed Under Voluntary Wind-Up
FORTESCUE METALS: Hunan Valin Notes Firm's "High" Debt Level

IFRAHAM PTY: Members and Creditors Hear Wind-Up Report
JETZ TAVERN: Declares First and Final Dividend
KILKIVAN HOLDINGS: Commences Wind-Up Proceedings
MALBRO (QLD): Appoints Bettles and Carter as Liquidators
MCGINLAY DATA: Appoints Griffin and Khatri as Liquidators

MCLEANS REAL: Commences Liquidation Proceedings
MOBIUS NCM: S&P Affirms Junk Ratings on Four Classes of Notes
OTTOWAY SYSTEM: In Voluntary Liquidation; 40 Jobs Affected
PASTELSEA PTY: Placed Under Voluntary Wind-Up
PORTLAND MECHANICAL: Commences Wind-Up Proceedings

REDBANK CHILDCARE: Members Receive Wind-Up Report
REDS EHP: S&P Cuts Ratings on Two Classes to Low-B
STEFFENSEN SECURITIES: Commences Wind-Up Proceedings
STEFFENSEN SECURITIES: Declares First and Final Dividend
VLOLDCO AUSTRALIA: Appoints Griffin and Worrell as Liquidators

* AUSTRALIA: Sen. Joyce Calls for Inquiry on Chinese Investments
* AUSTRALIA: To Review Bank Debt Ratings on Weak Economic Outlook


C H I N A

CHINA EASTERN: To Trim Fuel Hedging Losses This Year


H O N G  K O N G

ABLE CENTURY: Placed Under Voluntary Wind-Up
ADVERTISING SERVICE ET AL: Court Enters Wind-Up Order
ALL VICTORY ET AL: Lam Kwong Chak, Zaloit Steps Down as Liquidator
CRYSTAL JADE: Pays Dividend
JOIN EAST: Placed Under Voluntary Wind-Up

PENTIX INVESTMENT: Commences Wind-Up Proceedings
SATISFACTORY PRINTING: Releases Liquidators
SEE YU: Commences Wind-Up Proceedings
SPRING DAY: Placed Under Voluntary Wind-Up
SUNITY ENTERPRISES: Placed Under Voluntary Wind-Up

TING CHEONG: Members and Creditors to Meet on March 13
UNITEX EAST: Creditors' Proofs of Debt Due on March 13
WIN ORIENT: Court to Hear Wind-Up Petition on March 18


I N D I A

CAV COTTON: Delays in Loan Payment Cues CRISIL's 'D' Ratings
CHENNAI RADHA: CRISIL Rates Rs.195.00 Mln. Long Term Loan at 'BB+'
COMPAGNIE INDO: CRISIL Places 'BB+' Rating on Rs.90MM Cash Credit
DASSNAGAR PRECISION: CRISIL Rates Rs.120MM Cash Credit at 'BB-'
DWARIKA PROJECTS: CRISIL Places 'BB' Ratings on Various Bank Loans

GAYATRI JHANSI: CRISIL Rates Rs.3410 Mln. Term Loan at BB+(so)'
GAYATRI LALITPUR: CRISIL Puts 'BB+(so)' Rating on Term Loan
KNITEX TEXTILES: CRISIL Rates Rs.140MM Bill Discounting at 'P4'
MARCK BIOSCIENCES: Debt Restructuring Spurs CRISIL's 'D' Ratings
MAYTAS INFRA: Gov't. Moved to Sack Boards of Maytas Firms

SAFARI INDUSTRIES: Fitch Assigns 'BB-' National Issuer Rating
SANGEETH TEXTILES: CRISIL Puts 'D' Ratings on Four Bank Facilities
SHRI MOOKAMBIGA: CRISIL Puts 'D' Ratings on Four Bank Facilities
SRI VASUDEVA: Delays in Loan Payment Cues CRISIL's 'D' Ratings


I N D O N E S I A

GAJAH TUNGGAL: Moody's Gives Negative Outlook; Retains 'B2' Rating
HUMPUSS INTERMODA: Moody's Withdraws 'B3' Corp. Family Rating


J A P A N

MITSUBISHI MOTORS: To End OEM Contract With Chrysler
SAPPORO HOLDINGS: Steel Partners Drops Bid for More Stake in Firm
SPANSION INC: Japan Affiliate Files Protection from Creditors
ZEPHYR CO: JCR Withdraws 'D' Ratings on Approved Revival Plan
* JAPAN: To Buy US$10.7 Billion in Corporate Bonds


M O Z A M B I Q U E

MOZAL: Posts US$115 Mln Full Year Loss, Mulls Job Cuts


N E W  Z E A L A N D

BUILDERS BY DESIGN: Appoints Brown and Rodewald as Liquidators
COTTLE ROOFING: Court Hears Wind-Up Petition
EZIDRIVE LTD: Court Hears Wind-Up Petition
LOADED HOG: Court Hears Wind-Up Petition
NUPLEX INDUSTRIES: Admits Breaching Debt Covenants; Shares Dive

OYSTER BAY: Posts Interim Loss of NZ$830,000 in 6 Mos. Ended Dec.
PUREDEPTH INC: Runs Restructuring Plan, to Affect N.Z. Operations
SEFTON MARINE: Court Hears Wind-Up Petition
STAR CURRY: Appoints Shephard and Dunphy as Liquidators
SUN VALLEY: Appoints Shephard and Dunphy as Liquidators

THE LOADED: Court Hears Wind-Up Petition
WASAN INTERNATIONAL: Court Hears Wind-Up Petition
WELLSFORD FARM: Court Hears Wind-Up Petition


S I N G A P O R E

ARMADA SINGAPORE: Creditor Opposes Chapter 15 Petition
HUK SENG: Court Enters Wind-Up Order
ROM METAL: Creditors' Proofs of Debt Due on March 13
TANG'S CONSTRUCTION: Declares Second and Final Dividend
VALEN OPTICOAT: Members Hold Final Meeting

WAH YUEN: Creditors' Meeting Set for February 25


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                         - - - - -


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

1300 ITGUYS: Commences Wind-Up Proceedings
------------------------------------------
During a general meeting held on October 28, 2008, the members of
1300 Itguys Pty Ltd resolved to voluntarily wind up the company's
operations.


A B T FABRICATION: Members Opt to Wind Up Operations
----------------------------------------------------
The members of A B T Fabrication Pty Ltd held a meeting on
Oct. 31, 2008, and resolved that the company be wound up
voluntarily.

The company's liquidators are:

           Nick Combis
           Peter Dinoris
           Vincents Chartered Accountants
           239 George Street, Level 27
           Brisbane Qld 4000
           Telephone: (07) 3854 4555
           Facsimile: (07) 3236 2452


ASTILLS MANAGEMENT: Appoints Bettles and Carter as Liquidators
--------------------------------------------------------------
During a general meeting held on October 24, 2008, the members of
Astills Management (No. 2) Pty Ltd appointed Jason Bettles and
Susan Carter as the company's liquidators.

The Liquidators can be reached at:

          Jason Bettles
          Susan Carter
          Worrells Solvency & Forensic Accountants
          Website: http://www.worrells.net.au


AUSTRALIAN DISCOUNT: Chickenfeed Unit Up for Sale
-------------------------------------------------
The Mercury reports that retailer Chickenfeed Bargain Stores, a
subsidiary of Australian Discount Retail Pty Ltd, is on the market
after its parent company's receivership.

General manager Ashley Wilson, the Mercury relates, said the
change was welcome because development had been stifled by capital
constraints in the past three years.

According to the report, Mr. Wilson said Chickenfeed was very
profitable and would be highly sought after.  It reported an AU$82
million turnover financial year, the report notes.

"This is a fantastic opportunity for an investor to purchase a
great Tasmanian business," the report quoted Mr. Wilson as saying.

The sale, the report says, is being handled by Credit Suisse
(Australia) Ltd.

Chickenfeed Bargain Stores is a 28-store discount chain.  It was
set up by brothers Rudie and Peter Sypkes in 1990 and was then
sold to Miller's Retail in 2001.  The company employs 550 staff.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 22, 2009, The Australian said Australian Discount Retail
("ADR"), the company behind bargain retailers Go-Lo, Crazy Clark's
and Sam's Warehouse, has gone into receivership.

According to the Australian, a syndicate of three banks called in
receiver James Stewart of Ferrier Hodgson after the company's
board appointed David Lombe and Simon Cathro of Deloitte as
voluntary administrators.

The Australian related that ADR has debts amounting to AU$96
million.  The company, the Australian said, also owes an estimated
AU$105 million to trade creditors, taking its total debt position
to AU$213 million, compared with gross assets of AU$270 million at
the end of July last year.

The ADR-owned Chickenfeed discount chain had not been placed in
receivership or administration.  Its 28 stores in Tasmania would
continue to trade normally.

ADR was formed by private equity firms Catalyst and Champ in 2005.
The pair held negotiations with ADR's banking syndicate, which
comprises of National Australia Bank, ANZ and HBOS in an attempt
to save the business.

Australian Discount Retail is a discount variety retailer in
Australia with over 400 stores across the country.  The business
operates four brands: Crazy Clark's, Go-Lo, Sam's Warehouse and
Chickenfeed.  The company employs 2,700 staff.


BRANDRILL LIMITED: Declares Second and Final Dividend
-----------------------------------------------------
Brandrill Limited Creditors Trust declared the second and final
fividend for its unsecured creditors on December 5, 2008.

Only creditors who were able to file their proofs of debt by
November 21, 2008, were included in the company's dividend
distribution.


DEKA INVESTMENTS: Commences Wind-Up Proceedings
-----------------------------------------------
The members of Deka Investments Pty. Ltd. met on October 21, 2008,
and passed a resolution that voluntarily wind up the company's
operations.

The company's liquidator is:

          Michael W. Mccann
          Bedfords Corporate Recovery & Advisory
          695 Burke Road, Level 3
          Camberwell VIC 3124
          Telephone: (03) 9804 0211
          Facsimile: (03) 9804 0311


DJK SOLUTIONS: Members Opt to Liquidate Business
------------------------------------------------
At an extraordinary meeting held on October 25, 2008, the members
of DJK Solutions Pty Ltd resolved to voluntarily liquidate the
company's business.


ELLANGOWAN PTY: Placed Under  Members' Voluntary Liquidation
------------------------------------------------------------
During a general meeting held on October 29, 2008, the members of
Ellangowan Pty Ltd resolved to voluntarily wind up the company's
operations.

David Macdonald Johnston was appointed as the company's
liquidator.


EXPRESS BLUE: Placed Under Voluntary Wind-Up
--------------------------------------------
On October 30, 2008, the sole member of Express Blue Air Freight
Pty Ltd resolved to voluntarily wind up the company's operations.

The company's liquidators are:

          John Park
          Kelly-Anne Trenfield
          KordaMentha (Qld)
          22 Market Street
          Brisbane QLD 4000
          Telephone: (07) 3225 4900
          Facsimile: (07) 3225 4999


FORTESCUE METALS: Hunan Valin Notes Firm's "High" Debt Level
------------------------------------------------------------
Hunan Valin Iron & Steel Group Co. Ltd. may invest AU$3 billion in
Fortescue Metals Group Limited, Bloomberg News reports citing the
Australian Financial Review.

The Chinese company confirmed talks to invest in Fortescue however
it said it has concerns about the Australian company's "high" debt
level.

"We do have concerns that they have rather high debt levels and
the financial risks are quite big," Valin's general manager Li
Jianguo told Bloomberg News in an interview in Beijing.  "We
haven't hired a banker on this because the talks are still in a
very initial stage."

Cameron Morse, a Perth-based spokesman for Fortescue, declined to
comment on specific talks, Bloomberg News says.

In a Feb. 19 statement to the Australian Securities Exchange,
Fortescue said "the company has had discussions with a range of
parties seeking to explore investment opportunities however all of
these are incomplete and do not warrant disclosure."

According to Bloomberg News, based on a Jan. 30 company report,
Fortescue has "non-current" borrowings of AU$4.9 billion as of
Dec. 31, 2008.

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.

The company, which has a market value of AU$8.1 billion, sold
shares in December to pay bills as the global recession slashed
asset values and commodity prices, Bloomberg News relates.

                        Investment Talks

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 19, 2009, Fortescue 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.

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 Hunan Valin

China-based Hunan Valin Iron & Steel Group Co. Ltd. --
http://www.chinavalin.com/-- makes steel pipes, bars, wires,
sectional products, and hot-rolled steel plates along with copper
plate pipes and inner-twisted pipes.  Its annual output is about 9
million tons of steel and 8 million tons of steel products; hot-
rolled steel plate is the company's biggest revenue generator.
Hunan Valin products are distributed in mainland China and
exported throughout much of Asia as well as to the US.  It was
formed in 1999.  In 2005, the company sold about a one-third stake
in publicly listed subsidiary Hunan Valin Steel Tube & Wire
Company to what is now ArcelorMittal.

                     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.


IFRAHAM PTY: Members and Creditors Hear Wind-Up Report
------------------------------------------------------
The members and creditors of Ifraham Pty Ltd met on Dec. 12, 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
          91 Upton Street, Level 1
          Bundall QLD 4217


JETZ TAVERN: Declares First and Final Dividend
----------------------------------------------
Jetz Tavern Pty Ltd declared the first and final dividend for its
priority creditors on January 20, 2009.

Only creditors who were able to file their proofs of debt by
December 10, 2008, were included in the company's dividend
distribution.


KILKIVAN HOLDINGS: Commences Wind-Up Proceedings
------------------------------------------------
During a general meeting held on October 27, 2008, the members of
Kilkivan Holdings Pty Ltd resolved to voluntarily wind up the
company's operations.

The company's liquidators are:

         Ginette Muller
         John Shanahan
         KordaMentha (Qld)
         22 Market Street
         Brisbane QLD 4000
         Telephone: (07) 3225 4900
         Facsimile: (07) 3225 4999


MALBRO (QLD): Appoints Bettles and Carter as Liquidators
--------------------------------------------------------
During a general meeting held on October 31, 2008, the members of
Malbro (QLD) Pty Ltd appointed Jason Bettles and Susan Carter as
the company's liquidators.

The Liquidators can be reached at:

          Jason Bettles
          Susan Carter
          Worrells Solvency & Forensic Accountants
          Website: http://www.worrells.net.au


MCGINLAY DATA: Appoints Griffin and Khatri as Liquidators
---------------------------------------------------------
During a general meeting held on October 28, 2008, the members of
Mcginlay Data Services Pty Ltd appointed Michael Griffin and
Raj Khatri as the company's liquidators.

The Liquidators can be reached at:

          Michael Griffin
          Raj Khatri
          Worrells Solvency & Forensic Accountants
          102 Adelaide Street, 8th Floor
          Brisbane QLD 4000
          Telephone: (07) 3225 4324
          Facsimile: (07) 3225 4311
          Website: http://www.worrells.net.au


MCLEANS REAL: Commences Liquidation Proceedings
-----------------------------------------------
During a general meeting held on October 27, 2008, the members of
Mcleans Real Estate Pty Ltd resolved to voluntarily liquidate the
company's business.

The company's liquidator is:

         Russell Laird
         c/o WHK
         22 Walker Street
         Townsville QLD 4810


MOBIUS NCM: S&P Affirms Junk Ratings on Four Classes of Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it has affirmed its
ratings on all classes of the Mobius NCM-04 subprime and
nonconforming residential mortgage-backed securities.  At the same
time, the Class C, D, and M notes were removed from CreditWatch
with developing implications, and the Class F notes were removed
from CreditWatch with negative implications.  The CreditWatch
placements on the four affected classes first occurred on Sept.26,
2008.

The ratings reflect that the performance of the portfolio is
within Standard & Poor's expectations at each rating level.

                         Related Research

This article is based in part on these criteria articles:

  -- Australian Residential Mortgage-Backed Securities Criteria,
     published Feb. 21, 2007.

  -- Principles-Based Rating Methodology For Global Structured
     Finance Securities, published May 2007

                         Ratings Affirmed

              Transaction              Class   Rating
              -----------              -----   ------
              Mobius NCM-04            A1      AAA
              Mobius NCM-04            A2      AAA
              Mobius NCM-04            B       AA
              Mobius NCM-04            C       BBB+
              Mobius NCM-04            D       CCC+
              Mobius NCM-04            M       CCC+
              Mobius NCM-04            E       CCC-
              Mobius NCM-04            F       CC


OTTOWAY SYSTEM: In Voluntary Liquidation; 40 Jobs Affected
----------------------------------------------------------
At least 40 people have lost their jobs following the liquidation
of Ottoway System Integration and its associate company Osimech,
ABC News reports.

Voluntary liquidator Chris Powell, the report relates, said the
companies have been forced to make the decision because of poor
returns.

"The directors advise that it's a combination of lack of work in
the pipeline and the rising costs and just general unprofitability
of the contracts that they've been undertaking," ABC News quoted
Mr. Powell as saying.  "We will be engaging some of those
employees to complete various contracts but essentially their jobs
were made redundant [now]."

Based in Wingfield, South Australia, Ottoway System Integration
Pty Ltd. --  http://www.ottowaysi.com.au-- provides engineering
systems and water management solutions.


PASTELSEA PTY: Placed Under Voluntary Wind-Up
---------------------------------------------
The shareholders of Pastelsea Pty Ltd met on October 26, 2008, and
resolved that the company be wound up voluntarily.

The company's liquidator is:

         Anthony Desmond Hoffman
         Hoffman Kelly Pty Ltd
         15 Harries Road, Level 1
         Coorparoo, Queensland


PORTLAND MECHANICAL: Commences Wind-Up Proceedings
--------------------------------------------------
During a general meeting held on October 28, 2008, the members of
Portland Mechanical & Electrical Services Pty Ltd resolved to
voluntarily wind up the company's operations.

The company's liquidators are:

          Geoff Ridgeway
          Sule Arnautovic
          Jenkins Peake
          PO Box 1570, Geelong VIC 3220
          Telephone: (03) 5223 1000
          Facsimile: (03) 5221 4938
          e-mail: mail@jenpeak.com.au


REDBANK CHILDCARE: Members Receive Wind-Up Report
-------------------------------------------------
The members of Redbank Childcare Pty Ltd met on Dec. 17, 2008, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Matthew L. Joiner
          PKF Chartered Accountants and Business Advisers
          10 Eagle Street, Level 6
          Brisbane QLD 4000


REDS EHP: S&P Cuts Ratings on Two Classes to Low-B
--------------------------------------------------
Standard & Poor's Ratings Services raised its ratings by one
rating notch on all subordinated classes of notes issued by Series
2005-1 REDS EHP Trust (REDS EHP 2005-1) and Series 2006-1 REDS EHP
Trust (REDS EHP 2006-1).  At the same time, Standard & Poor's
affirmed the 'AAA' ratings on the class A-2 notes of both
transactions.

The rating upgrades reflect the strong asset performance of the
transactions' portfolios and increases in the percentage of credit
support available for each class of notes.  This build-up of
credit support is sufficient at each rating level to cover S&P's
stressed loss assumptions, which include S&P's view of the current
softening in Australian economic conditions.  To date, the
cumulative net losses of the REDS EHP 2005-1 and REDS EHP 2006-1
portfolios are equal to 1.16% and 0.70% respectively, of their
original receivables balances.  For both transactions, a
significant portion of the losses to-date has been covered by
excess spread and there has been minimal charge-off to unrated
notes.  Furthermore, the portfolios are well seasoned. F or REDS
EHP 2005-1, 84% of the underlying receivables has been paid down
and the weighted average term to maturity of the remaining
receivables is 11 months.  In REDS EHP 2006-1, 69% of the
underlying receivables has been paid down and the weighted average
term to maturity of the remaining receivables is 18 months.

Series 2005-1 REDS EHP Trust issued A$474 million of floating-rate
notes in August 2005, while Series 2006-1 REDS EHP Trust issued
A$630 million of floating-rate notes in June 2006.  Each
transaction is backed by a portfolio of automotive and equipment-
backed receivables originated by BOQ Equipment Finance Ltd. and
serviced by Bank of Queensland Ltd.

                         Related Research

This article is based in part on these criteria articles:

  1. Principles-Based Rating Methodology For Global Structured
     Finance Securities (published in May 2007)

  2. Equipment Leasing Criteria (published in September 2004)

                          Ratings Raised

  Name                            Class    Rating to   Rating from
  ----                            -----    ------ --   ------ ----
Series 2005-1 REDS EHP Trust      B        AA+         AA
Series 2005-1 REDS EHP Trust      C        A+          A
Series 2005-1 REDS EHP Trust      D        BBB+        BBB
Series 2005-1 REDS EHP Trust      E        BB+         BB
Series 2006-1 REDS EHP Trust      B        AA+         AA
Series 2006-1 REDS EHP Trust      C        A+          A
Series 2006-1 REDS EHP Trust      D        BBB+        BBB
Series 2006-1 REDS EHP Trust      E        BB+         BB

                         Ratings Affirmed

          Name                            Class    Rating
          ----                            -----    ------
          Series 2005-1 REDS EHP Trust    A-2      AAA
          Series 2006-1 REDS EHP Trust    A-2      AAA


STEFFENSEN SECURITIES: Commences Wind-Up Proceedings
----------------------------------------------------
During a general meeting held on October 28, 2008, the members of
Steffensen Securities Pty Ltd resolved to voluntarily wind up the
company's operations.

The company's liquidators are:

          David James Hambleton
          Robert Eugene Murphy
          Chartered Accountants
          R.E. Murphy & Co, Chartered Accountants
          46 Edward Street, Level 9
          Brisbane Qld 4000


STEFFENSEN SECURITIES: Declares First and Final Dividend
--------------------------------------------------------
Steffensen Securities Pty Ltd declared the first and final
dividend on December 10, 2008.

Only creditors who were able to file their proofs of debt by
December 4, 2008, were included in the company's dividend
distribution.


VLOLDCO AUSTRALIA: Appoints Griffin and Worrell as Liquidators
--------------------------------------------------------------
During a general meeting held on November 3, 2008, the members of
Vloldco Australia Pty Ltd appointed Michael Griffin and Ivor
Worrell as the company's liquidators.

The Liquidators can be reached at:

          Michael Griffin
          Ivor Worrell
          Worrells
          02 Adelaide Street, 8th Floor
          Brisbane Qld 4000
          Telephone: (07) 3225 4324
          Facsimile: (07) 3225 4311
          Website: http://www.worrells.net.au


* AUSTRALIA: Sen. Joyce Calls for Inquiry on Chinese Investments
----------------------------------------------------------------
Bloomberg News reports Australia's Senate may hold an inquiry as
early as next week to scrutinize investments by Chinese state-
owned companies in the country's mining firms.

"This is an economic question about giving another government a
stake in Australian resources, our biggest wealth generator,"
Opposition Nationals Senator Barnaby Joyce told the news agency in
a phone interview.  "This is not being parochial about foreign
investment, it is about the ownership of Australian resources
being handed to another government."

The report relates Senator Joyce called for an inquiry to consider
tightening Foreign Investment Review Board rules and Chinese
sovereign investment in Australian resources.  The committee, the
report notes, has the power to summon executives from companies
and to block investments.

"The global financial crisis is hurting mining companies and we
need to know the ramifications of an increase in overseas
sovereign ownership in Australian mines,"
Bloomberg News quoted Senator Joyce as saying.  "No one is against
foreign ownership, but if you have a dispute with a company it is
very different from having a dispute with a government."

According to Bloomberg News, minerals demand has helped extend 17
years of economic growth in Australia.  The news agency says China
was the biggest buyer of Australian minerals in 2007, purchasing
one-fifth of the AU$68.5 billion (US$44 billion) worth of exports,
however, according to the Reserve Bank of Australia, waning demand
from its biggest trading partners may cut income from exports by
20 percent this year.

                       Chinese Investments

A. Fortescue

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 19, 2009, Fortescue Metals Group Limited 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.

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.

According to Bloomberg News, based on a Jan. 30 company report,
Fortescue has "non-current" borrowings of AU$4.9 billion as of
Dec. 31, 2008.

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.

B. OZ Minerals

A TCR-AP report on Feb. 18, 2009 said OZ Minerals Limited has
entered into a Scheme Implementation Agreement with China
Minmetals Non-ferrous Metals Company Limited for the proposed
acquisition through a scheme of arrangement of all outstanding
shares in OZ Minerals by Minmetals at a cash price of 82.5 cents
per share.

In January, OZ Minerals said it secured a bridging finance
facility of up to AU$140 million which will terminate on
February 27, 2009, and is repayable by that date.

OZ Minerals previously disclosed it is working to achieve a
refinancing of its debt facilities by February 27, 2009, with the
agreement of its lenders and, in that context, is actively
pursuing both an asset sale program and other initiatives.

C. Rio Tinto

On Feb. 17, 2009, the TCR-AP reported Rio Tinto disclosed it would
form a US$19.5 billion strategic partnership with Aluminium
Corporation of China ("Chinalco").

Rio Tinto has asked the Australian government to approve the
US$19.5 billion takeover bid of 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.

The Australian said 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.

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.

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.


* AUSTRALIA: To Review Bank Debt Ratings on Weak Economic Outlook
-----------------------------------------------------------------
Moody's Investors Service said it will review the credit ratings
of Australia's banks as it expects a 0.4 percent contraction in
the country's economy for 2009 and a peak in unemployment of 7.2
percent in the third quarter of 2010, Bloomberg News reports.

"The outlook for the Australian economy continues to weaken," the
rating agency
said in a statement obtained by Bloomberg News.  "Moody's will
consider the potential impact on asset quality and earnings -- and
how this may affect Australian bank financial strength ratings."

The report relates Moody's however noted that Australian banks'
Tier 1 ratios, a key measure of financial strength, now "compare
better to their international peers than pre-crisis."

The government's flexibility to support the financial system and
stimulate the economy is "strong," Moody's said in the statement
cited by Bloomberg News.

A more detailed Moody's report is scheduled for release next
month.

Bloomberg News meanwhile relates Fitch Ratings said it will hold a
briefing on Australian banks on Feb. 23.

"While Australian banks have performed well throughout the credit
crisis and are likely to report solid first-half profits in 2009,
the economy is deteriorating and impaired assets are on the rise,"
Fitch said in a statement cited by Bloomberg News.

According to Bloomberg News, Australia's banks have so far avoided
the losses posted by global competitors including Citigroup Inc.
Local lenders are benefiting from demand for sales of government-
guaranteed bonds, the report says citing
Australia's central bank.

Data compiled by Bloomberg showed the nation's biggest banks have
sold more than $45 billion of state-guaranteed notes since Nov.
28, when the government first backed their funding in a bid to
thaw credit markets frozen by Lehman Brothers Holdings Inc.'s
bankruptcy.



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

CHINA EASTERN: To Trim Fuel Hedging Losses This Year
----------------------------------------------------
China Eastern Airlines Corp will cut fuel-hedging positions this
year after losses from wrong-way bets on prices widened, Shanghai
Daily reports citing a company executive who declined to be
identified as he isn't authorized to reveal the information.

The carrier expects to reduce fair-value hedging losses to below
CNY6 billion as it closes contracts and because crude prices may
climb to US$50 a barrel.

"It's an active move to reduce risk," Shanghai Daily quoted said
Jack Xu, an analyst at Sinopac Securities Asia Co., as saying.
"Still, carriers will face a more difficult situation in the air-
travel market this year."

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 13, 2009, China Eastern Airlines warned it will post a
"significant" loss for 2008 due to fuel hedging contracts and
fewer passengers.  The carrier estimated a loss of around
CNY6.2 billion (US$906 million) on fuel hedging contracts.

In a Hong Kong stock exchange statement cited by Shanghai Daily,
China Eastern's fair-value hedging losses totaled US$14.2 million
in December alone.

According to Shanghai Daily's source, China Eastern hedges 36
percent of jet-fuel needs.  Its paper losses grew after oil fell
below US$35 a barrel this month, the news agency said.

Headquartered in Shanghai, China, China Eastern Airlines
Corporation Limited's -- http://www.ce-air.com– principal
activity is operation of domestic and international commercial air
transportation.  The Group also is involved in the common aircraft
industry.  Other activities include general aviation, air
catering, advertisement, import and export, equipment
manufacturing, real estate, hotel business, finance and training.
The fleet includes more than 60 large and medium size airplanes,
Airbus and Boeing mostly.  Its operation centering
from Shanghai to the whole People's Republic of China and linking
to Asia, Europe, America and Australia.

                          *     *     *

China Eastern continues to carry Fitch Ratings' B+ foreign
currency and local currency issuer default ratings, and Xinhua Far
East China Ratings' BB+ issuer credit rating with a stable
outlook.



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

ABLE CENTURY: Placed Under Voluntary Wind-Up
--------------------------------------------
On February 6, 2009, the sole member of Able Century Limited
passed a resolution that voluntarily wind up the company's
operations.

The company's liquidator is:

         Fung Kit Yee
         Wong On Centre, Room 1601
         111 Connaught Road
         Central, Hong Kong


ADVERTISING SERVICE ET AL: Court Enters Wind-Up Order
-----------------------------------------------------
The High Court of Hong Kong entered an order to wind up the
operations of:

   -- Advertising Service and Production Limited on Dec. 12,
      2008; and
   -- Elegance Textiles (Hong Kong) Limited on Dec. 16, 2008.

Wong Sun Keung and Tsui Mei Yuk Janice are the company's
liquidators.


ALL VICTORY ET AL: Lam Kwong Chak, Zaloit Steps Down as Liquidator
------------------------------------------------------------------
On January 29, 2009, Lam Kwong Chak, Zaloit stepped down as
liquidator of:

   -- All Victory Development Limited;
   -- Ever Field Enterprise Limited;
   -- Kui Yip Company Limited;
   -- Profit Rays Limited;
   -- Ring Star Limited;
   -- Star Guide Limited;
   -- Sun Right Investment Limited;
   -- Wileader Limited; and
   -- World Master Development Limited.


CRYSTAL JADE: Pays Dividend
---------------------------
Crystal Jade Restaurant Limited paid dividend on Feb. 20, 2009 to
preferential creditors.

The company paid 4.84% of dividend to the received claims.


JOIN EAST: Placed Under Voluntary Wind-Up
-----------------------------------------
On February 6, 2009, the sole member of Join East Investment
Limited passed a resolution that voluntarily wind up the company's
operations.

The company's liquidator is:

         Fung Kit Yee
         Wing On Centre, Room 1601
         111 Connaught Road Central
         Hong Kong


PENTIX INVESTMENT: Commences Wind-Up Proceedings
------------------------------------------------
At an extraordinary general meeting held on February 13, 2009, the
members of Pentix Investment Limited resolved to voluntarily wind
up the company's operations.

The company's liquidator is:

         Pang Lai Yan
         HSH Mongkok Plaza
         Room 1209, 12th Floor
         794-802 Nathan Road, Kowloon
         Hong Kong


SATISFACTORY PRINTING: Releases Liquidators
-------------------------------------------
On January 6, 2009, Kennic Lai Hang Lui and Lau Wu Kwai King
Lauren were released as liquidators of Satisfactory Printing &
Dyeing Factory Limited.


SEE YU: Commences Wind-Up Proceedings
-------------------------------------
On February 6, 2009, See Yu Enterprise Limited commenced wind-up
proceedings.

Law Yui Lun was appointed as the company's provisional liquidator.


SPRING DAY: Placed Under Voluntary Wind-Up
------------------------------------------
On February 6, 2009, the sole member of Spring Day Investments
Limited passed a resolution that voluntarily wind up the company's
operations.

The company's liquidator is:

         Fung Kit Yee
         Wing On Centre, Room 1601
         111 Connaught Road Central
         Hong Kong


SUNITY ENTERPRISES: Placed Under Voluntary Wind-Up
--------------------------------------------------
At an extraordinary general meeting held on February 11, 2009, the
shareholders of Sunity Enterprises Limited passed a resolution
that voluntarily wind up the company's operations.

The company's liquidator is:

         Ho Wai Chi
         Golden Centre, 20th Floor
         No. 188 Des Voeux Road Central
         Hong Kong


TING CHEONG: Members and Creditors to Meet on March 13
------------------------------------------------------
The members and creditors of Ting Cheong Metal Ware Factory
Limited will hold meetings on March 13, 2009, at 3:30 p.m., at
Room 203, 2nd Floor of Duke of Windsor Social Service Building, 15
Hennessy Road, in Wanchai, Hong Kong.

At the meeting, Au Kwok Yee Benjamin and Liu Chi Tat Stephen will
give a report on the company's wind-up proceedings and property
disposal.


UNITEX EAST: Creditors' Proofs of Debt Due on March 13
------------------------------------------------------
The creditors of Unitex East Asia Limited are required to file
their proofs of debt by March 13, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Feb. 9, 2009.

The company's liquidator is:

         Lam Ying Sui
         Allied Kajima Building, 10th Floor
         138 Gloucester Road
         Wanchai, Hong Kong


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

Yeung Hung Tim filed the petition against the company on Jan. 12,
2009.



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

CAV COTTON: Delays in Loan Payment Cues CRISIL's 'D' Ratings
------------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to the bank facilities
of CAV Cotton Mills Limited, a part of the Sangeeth group.

   Rs.173.10 Million Long Term Loan       D (Assigned)
   Rs.120.00 Million Cash Credit Limits   D (Assigned)
   Rs.40.00 Million Letter of Credit      P5 (Assigned)
   Rs.7.50 Million Bank Guarantee         P5 (Assigned)

The ratings reflect the delays in payment of term loan
installments and interest payments, and frequent overdrawals in
working capital facilities because of stretched liquidity, by
Sangeeth group companies.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Sangeeth Textiles Ltd, Shri Mookambiga
Spinning Mills Ltd, CAV Cotton Mills Ltd and Sri Vasudeva Textiles
Ltd collectively referred to as the Sangeeth group.  This is
because all group companies are engaged in the same line of
business, have close intra-group operational and financial
linkages, including fungible cash flows, and are under a common
management.

                      About CAV Cotton

Based in Coimbatore, the Sangeeth group is engaged in the business
of manufacturing and trading in cotton and melange yarn.  The
group has a total installed capacity of 128,552 spindles and 2,208
rotors.  It also has 51 windmills in Tamil Nadu, with a combined
installed capacity of 20.4 megawatts.  CAV Cotton Mills Ltd was
founded in 1987.  For 2007-08 (refers to financial year, April 1
to March 31), at a consolidated level, the group reported a profit
after tax (PAT) of Rs.42 million on net sales of Rs.1.70 billion,
as against a PAT of Rs.104 million and net sales of Rs.1.54
billion in the previous year.


CHENNAI RADHA: CRISIL Rates Rs.195.00 Mln. Long Term Loan at 'BB+'
------------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4' to the various
bank facilities of Chennai Radha Engineering Works Pvt Ltd
(Chennai Radha).

   Rs.195.00 Million Long Term Loan         BB+/Stable (Assigned)
   Rs.100.00 Million Cash Credit Limits     BB+/Stable (Assigned)
   Rs.100.00 Million Letter of Credit       P4 (Assigned)
                     Limits
   Rs.250.00 Million Bank Guarantee Limits  P4 (Assigned)

The ratings reflect Chennai Radha's exposure to risks relating to
low net worth, small scale of operations, and customer
concentration in its revenue profile.  These weaknesses are,
however, partially offset by Chennai Radha's established presence
in the bulk material handling business, and expertise in technical
operations.

Outlook: Stable

CRISIL believes that Chennai Radha's financial risk profile will
weaken over the short to medium term due to its high debt-funded
capital expenditure (capex).  The outlook may be revised to
'Negative' if the company undertakes larger-than-anticipated debt-
funded capex programmes in the medium term.  Conversely, the
outlook may be revised to 'Positive' if the company sustains its
growth and operating margins.

                     About Chennai Radha

Chennai Radha was established as a proprietorship firm, Radha
Engineering Works, in 1985, and became a private limited company
in 2005.  Chennai Radha undertakes operations and maintenance of
bulk material handling systems, dealing mainly in coal and ash
handling for thermal power stations and captive power plants.

The company also undertakes turnkey projects for design, erection
and testing of bulk material handling systems and has completed
two such projects till date.  It manufactures customer-specific
equipment for electricity boards and captive power plants. It also
sells equipment procured from other manufacturers.


COMPAGNIE INDO: CRISIL Places 'BB+' Rating on Rs.90MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4' to the bank
facilities of Compagnie Indo Francaise De Commerce Pvt Ltd (CIFC).

   Rs.90 Million Cash Credit            BB+/Stable (Assigned)
   Rs.970 Million Letter of Credit*     P4 (Assigned)

   *Including a sub limit of Rs.50 million Bank guarantee.

The ratings reflect the company's low net worth and its customer
concentration risk.  These weaknesses are mitigated by the
longstanding experience of CIFC's promoters in the fertilizer
trading business and the company's balanced approach towards risk
management.

Outlook: Stable

CRISIL expects CIFC to maintain its business risk profile, with
continued focus on improving the contribution from exports and
diversifying its product mix, backed by its established
relationships with clients.  The outlook may be revised to
'Positive' if CIFC enhances its scale of operations, adding more
diversity in its sourcing tie-ups and clientele, resulting in
stability in the company's profitability.  Conversely, the outlook
may be revised to 'Negative' in case of any large debt-funded
capital investment and/or increased pressure on profitability,
significantly deteriorating its capital structure.

                        About CIFC

CIFC was promoted by the late Mr. Amir Ali Rahimtula, father of
the present Managing Director Mr. H N Rahimtula, in 1967.  The
company is wholly owned by the Rahimtula family.  CIFC has been
running an agency for import of fertilizers on commission basis
for the past 42 years.  Since 2004, the company started trading in
fertilizer.  The company has long-term contracts with its
suppliers and buyers for these products.  The buyers of CIFC
include IFFCO and Indian Potash Limited, which together
contributed about 60% to the operating income of CIFC in 2007-08
(refers to financial year, April 1 to March 31)

For 2007-08, CIFC reported a profit after tax (PAT) of Rs.6.9
million on net sales of Rs.3815 million, as against a PAT of
Rs.2.6 million on net sales of Rs.1730 million in the previous
year.


DASSNAGAR PRECISION: CRISIL Rates Rs.120MM Cash Credit at 'BB-'
---------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4' to the various
bank facilities of Dassnagar Precision Engineering Pvt Ltd
(DPEPL).

   Rs.120 Million Cash Credit       BB-/Stable (Assigned)
   Rs.80 Million Bank Guarantee     P4 (Assigned)

The ratings reflect DPEPL's weak financial risk profile, large
working capital requirements, and exposure to risks relating to
cyclicality in the end-user sheet metal processing industry.
These weaknesses are, however, partially offset by the benefits
that DPEPL derives from the vast experience of its promoters, and
its established customer base.

Outlook: Stable

CRISIL believes that DPEPL will maintain a stable business risk
profile, backed by the experience of its promoters and its
established customer base.  The outlook may be revised to
'Positive' in case the company reports substantial increase in
revenues, or improvement in net worth on account of equity
infusion.  Conversely, the outlook may be revised to 'Negative' if
DPEPL reports lower-than-expected profitability, or undertakes
significant debt-funded capital expenditure.

                    About Dassnagar Precision

Incorporated in 1965, DPEPL provides coil processing lines on
turnkey basis – it designs, manufactures, erects, commissions and
services coil processing lines and equipment for the sheet metal
processing industry.  The company has three manufacturing
facilities at Howrah (West Bengal).  For 2007-08 (refers to
financial year, April 1 to March 31), DPEPL reported a profit
after tax (PAT) of Rs.6 million on net sales of Rs.116 million, as
against a PAT of Rs.5 million on net sales of Rs.97 million for
2006-07.


DWARIKA PROJECTS: CRISIL Places 'BB' Ratings on Various Bank Loans
------------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the various
bank facilities of Dwarika Projects Ltd (Dwarika).

   Rs.85.00 Million Long Term Loan     BB/Stable (Assigned)
   Rs.30.00 Million Proposed Long      BB/Stable (Assigned)
                    Term Loan

   Rs.50.00 Million Cash Credit        BB/Stable (Assigned)
   Rs.40.00 Million Proposed Cash      BB/Stable (Assigned)
                    Credit
   Rs.245.00 Million Bank Guarantee      P4 (Assigned)
   Rs.50.00 Million Proposed Bank        P4 (Assigned)
                    Guarantee

The ratings reflect Dwarika's modest scale of operations, limited
financial flexibility, and exposure to risks relating to
geographical concentration in revenue profile, and slowdown in the
real estate industry.  These weaknesses are, however, partially
offset by the benefits that Dwarika derives from the vast
experience of its management.

Outlook: Stable

CRISIL believes that Dwarika will maintain stable business and
financial risk profiles over the medium term. The outlook may be
revised to 'Positive' in case the company reports more-than-
expected improvement in operating margins, and substantial equity
infusion by promoters.  Conversely, the outlook may be revised to
'Negative' if Dwarika undertakes large, debt-funded capital
expenditure, or faces slowdown in projects, or instances of
disputes/litigations which could affect the company's performance.

                          About Dwarika

Dwarika was promoted in 2005 by Mr. Raj Kishore Verma and his
brother Mr. Brij Kishore Verma to take over the business of Raj &
Associates, the partnership firm of family members of the Verma
family. The firm started its operations in 1981 and was engaged in
construction activity catering mainly to industrial and
infrastructure sectors. Dwarika is based in Noida, Uttar Pradesh
(UP) and its projects are mainly in UP and Uttaranchal. For 2007-
08 (refers to financial year, April 1 to March 31), Dwarika
reported a profit after tax (PAT) of Rs.14.0 million on net sales
of Rs.368.2 million, as against a PAT of Rs.7.6 million on net
sales of Rs.368.6 million for 2006-07.


GAYATRI JHANSI: CRISIL Rates Rs.3410 Mln. Term Loan at BB+(so)'
---------------------------------------------------------------
CRISIL has assigned its bank loan rating of 'BB+(so)/Stable' to
the term loan facility of Gayatri Jhansi Roadways Limited (GJRL).

   Rs.3410 Million Term Loan     BB+(so)/Stable (Assigned)

The rating reflects the fact that GJRL's project, the 50-
kilometre, Jhansi-Lalitpur stretch of National Highway (NH) 25 and
26 in Uttar Pradesh, is still in the initial construction phase.
The ratings also factor in GJRL's aggressive funding and debt
repayment structure.  These weaknesses are, however, partly offset
by the annuity nature of the build-operate-transfer (BOT) project,
and the strong counterparty, National Highways Authority of India
(NHAI).

Outlook: Stable

CRISIL believes that GJRL will complete work on the Jhansi-
Lalitpur stretch of NH 25 and 26 without time and cost overruns,
backed by the low technical complexities involved in the project,
and the fixed-time-and-cost nature of GJRL's engineering,
procurement and construction (EPC) contract with Gayatri Projects
Ltd (GPL).  The outlook may be revised to 'Positive' if the
project is completed ahead of schedule, or if NHAI awards an
extension on construction time to GJRL.  Conversely the outlook
may be revised to 'Negative' if there are delays in project
completion, or if GJRL bears the impact of cost overruns.

                         About GJRL

GJRL is a special purpose vehicle, promoted by GPL and
Infrastructure Development Finance Company Limited (IDFC) to
design, develop, construct, operate and maintain the 50-kilometer
stretch between Jhansi and Lalitpur, on National Highway 25 and 26
as part of the North–South Corridor in Uttar Pradesh.  The project
involves strengthening and widening of the existing two-lane
highway, construction of additional two lanes, and provision of
service roads in specific urban and semi-urban areas to cater to
local traffic.  The project was awarded on annuity basis by NHAI
to the IDFC-GPL consortium. NHAI has a 20-year Concession
Agreement (CA) with the consortium, with GJRL as the
concessionaire for implementation, operation and maintenance of
the project.


GAYATRI LALITPUR: CRISIL Puts 'BB+(so)' Rating on Term Loan
-----------------------------------------------------------
CRISIL has assigned its bank loan rating of 'BB+(so)/Stable' to
the term loan facility of Gayatri Lalitpur Roadways Limited
(GLRL).

   Rs.2520 Million Term Loan   BB+(so)/Stable (Assigned)

The rating reflects the fact that GLRL's project, the 49-
kilometre, Jhansi-Lalitpur stretch of National Highway (NH) 26 in
Uttar Pradesh, is still in the initial construction phase.  The
ratings also factor in GLRL's aggressive funding and debt
repayment structure.  These weaknesses are, however, partly offset
by the annuity nature of the build-operate-transfer (BOT) project,
and the strong counterparty, National Highways Authority of India
(NHAI).

Outlook: Stable

CRISIL believes that GLRL will complete work on the Jhansi-
Lalitpur stretch of NH 26 without time and cost overruns, backed
by the low technical complexities involved in the project, and the
fixed-time-and-cost nature of GLRL's engineering, procurement and
construction (EPC) contract with Gayatri Projects Ltd (GPL).  The
outlook may be revised to 'Positive' if the project is completed
ahead of schedule, or if NHAI awards an extension on construction
time to GLRL.  Conversely the outlook may be revised to 'Negative'
if there are delays in project completion, or if GLRL bears the
impact of cost overruns.

                         About GLRL

GLRL is a special purpose vehicle, promoted by GPL and
Infrastructure Development Finance Company Limited (IDFC) to
design, develop, construct, operate and maintain the 49-kilometer
stretch between Jhansi and Lalitpur, on National Highway 26 as
part of the North–South Corridor in Uttar Pradesh.  The project
involves strengthening and widening of the existing two-lane
highway, construction of additional two lanes, and provision of
service roads in specific urban and semi-urban areas to cater to
local traffic.  The project was awarded on annuity basis by NHAI
to the IDFC-GPL consortium.  NHAI has a 20-year Concession
Agreement (CA) with the consortium, with GLRL as the
concessionaire for implementation, operation and maintenance of
the project.


KNITEX TEXTILES: CRISIL Rates Rs.140MM Bill Discounting at 'P4'
---------------------------------------------------------------
CRISIL has assigned its rating of 'P4' to the various bank
facilities of Knitex Textiles Pvt Ltd (Knitex Textiles).

   Rs.140 Million Bill Discounting*   P4 (Assigned)

   * Includes sublimit of Rs.55 million for packing credit.

The rating reflects Knitex Textiles' weak financial risk profile,
and exposure to risks related to supplier concentration.  These
weaknesses are, however, partially offset by the benefits that the
company derives from its promoters' experience in the textile yarn
industry, and its strong relationships with suppliers and
customers.

                     About Knitex Textiles

Incorporated in 1999, Knitex Textiles is promoted by Mr. Hiten
Sheth and Mr. Gunvantrai Sheth.  It is primarily a trader of
cotton yarns and fabrics.  The company also manufactures and sells
cotton knitted undergarments, and garments in the kids wear and
outsize wear segments.  Its manufacturing plant at Tirupur, Tamil
Nadu, has a capacity to produce around 1.25 million pieces per
annum.

For 2007-08, (refers to financial year, April 1 to March 31),
Knitex Textiles reported profit after tax (PAT) of Rs.5.30 million
on gross sales of Rs.880.5 million, as against a PAT of Rs.2.92
million on gross sales of Rs.698.8 million in 2006-07.


MARCK BIOSCIENCES: Debt Restructuring Spurs CRISIL's 'D' Ratings
----------------------------------------------------------------
CRISIL has downgraded its ratings on the term loan and bank
facilities of Marck Biosciences Ltd (Marck Biosciences) to 'D/P5'
from 'B+/Stable/P4' because repayments on the term loans are
overdue, and the company's debt is being restructured.

   Rs.617.50 Million Long-Term Loans    D (Downgraded from
                                           B+/Stable)
   Rs.187.50 Million Cash Credit*       D (Downgraded from
                                           B+/Stable)

   Rs.72.50 Million Letter of Credit**  P5 (Downgraded from P4)

   *Interchangeable with working capital demand loan, foreign
    bill purchase, export packing credit-packing credit in
    foreign currency and inland bill purchase/discounting up
    to specified limits.

   ** Interchangeable with bank guarantee upto specified limits.

                     About Marck Biosciences

Marck Biosciences, which began operations as a parenteral
manufacturer in 1995, is a closely-held, unlisted company.  In the
domestic market, the company sells fluid therapy products,
injectables, formulations, and diluents to hospitals.  In the
contract manufacturing segment, Marck Biosciences manufactures
injectables, formulations, ophthalmic and respiratory solutions,
nebulae, and diluents, for Indian pharmaceutical companies.  Marck
also sells fluid therapy products in more than 60 countries.  Its
products are registered in 23 countries, and registration for 48
products is being processed in 16 countries.  The company's
facility, at Kheda, Gujarat, manufactures large-volume parenterals
(LVPs) and small-volume parenterals (SVPs).  The company has
expanded its current line of business, and initiated production of
nasal drops, wound care products, respiratory and ophthalmic
solutions, and diluents from January 2008.

For 2007-08 (refers to financial year, April 1 to March 31), Marck
Biosciences reported a profit after tax (PAT) of Rs.39.5 million
on net sales of Rs.463.3 million, as against a PAT of Rs.24.9
million on net sales of Rs.324.5 million for 2006-07.


MAYTAS INFRA: Gov't. Moved to Sack Boards of Maytas Firms
---------------------------------------------------------
The Financial Express reports India's government has called on the
Company Law Board (CLB) to supercede the present boards of Maytas
Infra Ltd and Maytas Properties Ltd, the two firms promoted by the
kin of Satyam Computer B. Ramalinga Raju.

"In order to prevent further acts of fraud against the said
companies (two Maytas companies) and to safeguard operations of
these companies in public interest, the government has moved the
CLB to remove the existing directors of these companies," the
Financial Express quoted Corporate Affairs Minister Prem Chand
Gupta as saying.

The government, Financial Express says, has also requested to
"nominate government directors on boards of each company."

The Minister, as cited by the Financial Express, said the
government also requested CLB to restrain all the current
directors of these companies from disposing properties and bar
them from becoming directors in any other company.

The government's application is up for hearing on February 24.

The Hindu Busines Line relates the application to the CLB was
based on the information given by the Serious Fraud Investigation
Office (SFIO), which showed that the present management of the two
companies had worked with fraudulent intent, breached
stakeholders' trust, persistently neglected its obligations and
functions 'to the serious detriment of the business and operations
of these two companies and stakeholders'.

According to the Hindu Business Line, the board of Maytas Infra
comprises Dr. R. P. Raju (Independent director), Mr. B. Teja Raju
(Vice- Chairman and son of Mr B. Ramalinga Raju), and Mr. B.
Narasimha Rao (who was inducted on January 30, 2009).

                     Receivership Application

As reported in Troubled Company Reporter-Asia Pacific on Feb. 18,
2009, India Infoline, citing a report, said the Bombay High Court
has rejected an application made by IDBI Bank and ICICI Bank
seeking appointment of a court receiver to oversee the
administration of Maytas Infra Limited.

According to Infoline, Maytas is carrying out 62 infrastructure
projects and has Rs40.45 billionn debt outstanding, in term loans
and working capital facilities from various banks.

Infoline said Maytas's financial health and its ability to
complete the ongoing projects is crucial for the banks.

On February 9, Infoline said a High Court judge had refused to
grant ad-interim relief sought by the two banks.

                       About Maytas Infra

Maytas Infra Limited -- http://www.maytasinfra.com/--  is an
India-based construction and infrastructure developer.  The
Company is primarily engaged in the business of construction of
roads, irrigation projects, buildings, industrial structures, oil
and gas infrastructure, railway infrastructure, power transmission
and distribution lines, including rural electrification, power
plants, and development of airports and seaports.  The Company's
construction business is classified into four sub-segments:
transportation, which includes roads and railways; water projects;
buildings and structures, and energy. Its infrastructure business
is also classified into four sub-segments: power, ports, roads and
airports.


SAFARI INDUSTRIES: Fitch Assigns 'BB-' National Issuer Rating
-------------------------------------------------------------
Fitch Ratings has assigned India's Safari Industries (India)
Limited a 'BB-(ind)' (BB minus(ind)) National Issuer Rating.
Fitch has also assigned a rating of 'BB-(ind)' (BB minus(ind)) to
SIIL's INR5.87 million long-term bank loans, and a rating of
'F4(ind)' to its INR75 million short-term bank loan facility.  The
Outlook is Stable.

The rating reflects SIIL's established brand name with a market
share of 12% in FY08 in the organised luggage market, its well
established position in the hard-luggage segment and a
distribution network in domestic Tier II and Tier II cities.  It
also derives a significant (35% of the revenues) and stable part
of its revenue from sales to Canteen Stores Department.

The rating remains constrained by the fact that demand for the
hard luggage has been declining steadily (75% of SIIL revenue is
derived from this segment).  SIIL has been a late entrant in the
soft-luggage segment (where demand is growing at 20% per annum),
and its success has been limited on account of well-established
competitors.  Fitch expects additional investments on brand
building and exclusive retail outlet chain development.

The low margins of the hard luggage business and high competition
in the premium and soft-luggage segments will put pressure on
SIIL's profitability in the short-to-medium-term.  The scope for
carrying out these investments would however, be limited due to
the weak financial position of the group (including its retail
arm) which exposes the company to risks of loss of market share in
the organised soft-luggage market.

As the main raw material for hard luggage is a derivative of crude
oil and its price volatility cannot be passed on easily due to
stiff competition, this places margin pressures on SIIL.  The
company remains exposed to forex risk given the increase in the
proportion of soft luggage sales imported from China.

In Fitch's opinion, net debt/EBITDA above 3.0x and EBITDA/net
fixed charges below 2.0x on a consistent basis would act as a
potential negative ratings trigger for SIIL.

In FY08 revenue was INR624 million with a growth of 11% YoY and
EBITDA margins increased to 7% in FY08 from 4.6% in FY07, mainly
due to higher proportion of the soft luggage in the revenue mix.
The leverage (Net Debt/EBITDA) increased to 3.2x in FY08 from 1.4x
in FY07.  Interest cover (EBITDA/Net fixed charges) was at 3.4x in
FY08 compared to 4.3x in FY07.

SIIL is involved in the manufacturing and selling of travel
luggage; it has a hard-luggage manufacturing facility in the state
of Gujarat and sources soft-luggage from China.  The company has
an extensive distribution network and it sells its goods through
its group marketing company Safari Sales Pvt Ltd (SSPL), while
sales to CSD are direct.


SANGEETH TEXTILES: CRISIL Puts 'D' Ratings on Four Bank Facilities
------------------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to the bank facilities
of Sangeeth Textiles Ltd, the flagship company of the Sangeeth
group.

   Rs.167.10 Million Long Term Loan       D (Assigned)
   Rs.30.00 Million Foreign Currency      D (Assigned)
                    Term Loan  
   Rs.50.00 Million Cash Credit Limits    D (Assigned)
   Rs.30.00 Million Overdraft Facility    D (Assigned)
   Rs.10.00 Million Bills Discounting     P5 (Assigned)
                     facility  
   Rs.30.00 Million Letter of Credit      P5 (Assigned)

The ratings reflect the delays in payment of term loan
installments and interest payments, and frequent overdrawals in
working capital facilities because of stretched liquidity, by
Sangeeth group companies.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Sangeeth Textiles Ltd, Shri Mookambiga
Spinning Mills Ltd, CAV Cotton Mills Ltd and Sri Vasudeva Textiles
Ltd collectively referred to as the Sangeeth group.  This is
because all group companies are engaged in the same line of
business, have close intra-group operational and financial
linkages, including fungible cash flows, and are under a common
management.

                      About Sangeeth Textiles

Based in Coimbatore, the Sangeeth group is engaged in the business
of manufacturing and trading in cotton and melange yarn.  The
group has a total installed capacity of 128,552 spindles and 2,208
rotors.  It also has 51 windmills in Tamil Nadu, with a combined
installed capacity of 20.4 megawatts.  Sangeeth Textiles Ltd was
founded in 1983.  For 2007-08 (refers to financial year, April 1
to March 31), at a consolidated level, the group reported a profit
after tax (PAT) of Rs.42 million on net sales of Rs.1.70 billion,
as against a PAT of Rs.104 million and net sales of Rs.1.54
billion in the previous year.


SHRI MOOKAMBIGA: CRISIL Puts 'D' Ratings on Four Bank Facilities
----------------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to the bank facilities
of Shri Mookambiga Spinning Mills Ltd, a part of the Sangeeth
group.

   Rs.196.40 Million Long Term Loan       D (Assigned)
   Rs.40.00 Million Foreign Currency      D (Assigned)
                     Term Loan  
   Rs.50.00 Million Cash Credit Limits    D (Assigned)
   Rs.15.00 Million Overdraft Facility    D (Assigned)
   Rs.50.00 Million Letter of Credit      P5 (Assigned)

The ratings reflect the delays in payment of term loan
installments and interest payments, and frequent overdrawals in
working capital facilities because of stretched liquidity, by
Sangeeth group companies.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Sangeeth Textiles Ltd, Shri Mookambiga
Spinning Mills Ltd, CAV Cotton Mills Ltd and Sri Vasudeva Textiles
Ltd collectively referred to as the Sangeeth group.  This is
because all group companies are engaged in the same line of
business, have close intra-group operational and financial
linkages, including fungible cash flows, and are under a common
management.

                       About Sangeeth group

Based in Coimbatore, the Sangeeth group is engaged in the business
of manufacturing and trading in cotton and melange yarn.  The
group has a total installed capacity of 128,552 spindles and 2,208
rotors.  It also has 51 windmills in Tamil Nadu, with a combined
installed capacity of 20.4 megawatts.  Shri Mookambiga Spinning
Mills Ltd was founded in 1983.  For 2007-08 (refers to financial
year, April 1 to March 31), at a consolidated level, the group
reported a profit after tax (PAT) of Rs.42 million on net sales of
Rs.1.70 billion, as against a PAT of Rs.104 million and net sales
of Rs.1.54 billion in the previous year.


SRI VASUDEVA: Delays in Loan Payment Cues CRISIL's 'D' Ratings
--------------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to the bank facilities
of Sri Vasudeva Textiles Limited, a part of the Sangeeth group.

   Rs.189.50 Million Long Term Loan        D (Assigned)
   Rs.120.00 Million Cash Credit Limits    D (Assigned)
   Rs.30.00 Million Letter of Credit       P5 (Assigned)
   Rs.8.00 Million Bank Guarantee          P5 (Assigned)

The ratings reflect the delays in payment of term loan
installments and interest payments, and frequent overdrawals in
working capital facilities because of stretched liquidity, by
Sangeeth group companies.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Sangeeth Textiles Ltd, Shri Mookambiga
Spinning Mills Ltd, CAV Cotton Mills Ltd and Sri Vasudeva Textiles
Ltd collectively referred to as the Sangeeth group.  This is
because all group companies are engaged in the same line of
business, have close intra-group operational and financial
linkages, including fungible cash flows, and are under a common
management.

                     About Sangeeth group

Based in Coimbatore, the Sangeeth group is engaged in the business
of manufacturing and trading in cotton and melange yarn.  The
group has a total installed capacity of 128,552 spindles and 2,208
rotors.  It also has 51 windmills in Tamil Nadu, with a combined
installed capacity of 20.4 megawatts.  Sri Vasudeva Textiles Ltd
was founded in 1956 and became part of the group in 1990.  For
2007-08 (refers to financial year, April 1 to March 31), at a
consolidated level, the group reported a profit after tax (PAT) of
Rs.42 million on net sales of Rs.1.70 billion, as against a PAT of
Rs.104 million and net sales of Rs.1.54 billion in the previous
year.



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

GAJAH TUNGGAL: Moody's Gives Negative Outlook; Retains 'B2' Rating
------------------------------------------------------------------
Moody's Investors Service has revised the rating outlook for PT
Gajah Tunggal Tbk to negative from stable.  The B2 ratings remain
unchanged for the company's corporate family rating and senior
unsecured rating for the US$420 million bonds issued by GT 2005
Bonds BV, and guaranteed by GT.

"This rating action is based on Moody's view that GT's operating
performance is likely to come under pressure as a result of the
extremely challenging market environment," says Wonnie Chu, a
Moody's Analyst, adding, "The depreciating Indonesian Rupiah and
its impact on GT's US dollar liabilities and profitability could
add further pressure on GT's financial profile."

"The rating action also captures Moody's concerns over GT's
ability to refinance its sizable debt obligations associated with
its US$420 million bonds maturing in July, 2010, in light of the
tight credit markets and elevated risk aversion among lenders,"
says Chu.

On the other hand, the B2 rating is supported by GT's dominant and
competitive position in the Indonesian domestic tire market, its
focus on the replacement market (which tends to be more resilient
to economic downturns), and lowering raw material costs.

Upward rating pressure is unlikely in the near term, given the
current negative outlook. However, the establishment of an
adequate refinancing plan for its US$420 million bonds could
change the outlook back to stable.

On the other hand, GT's ratings could be downgraded if 1) its
liquidity profile weakens, such that there is little or no buffer
against its debt repayment obligations, while no appropriate
refinancing plan is put in place; and/or 2) the downturn in the
auto parts sector is worse than expected, leading to further
deterioration in GT's financial profile, such that adjusted
retained cash flow (post working capital)/adjusted net debt stays
below 8% and EBITDA interest coverage falls below 1.5x.

The last rating action was taken on June 11, 2007, when the
company's rating was revised to stable from negative following the
completion of its US$95 million bond re-tap.

PT Gajah Tunggal Tbk is Southeast Asia's largest integrated tire
manufacturer.  Its key products include tires for motorcycles,
passenger cars and commercial and heavy equipment vehicles.
GT has been listed on the Jakarta and Surabaya stock exchanges
since 1990.  Giti Tire, a Chinese tire manufacturer, is a 27.9%
shareholder in GT through its subsidiary, Denham Pte Ltd.


HUMPUSS INTERMODA: Moody's Withdraws 'B3' Corp. Family Rating
-------------------------------------------------------------
Moody's Investors Service has withdrawn its B3 corporate family
rating of PT Humpuss Intermoda Transportasi, Tbk.

Moody's has withdrawn this rating for business reasons.

The last rating action on HIT was on 23 December 2008 when the
corporate family rating was downgraded to B3 from B2, and the
rating outlook was changed to negative.

Established on 21 December 1992, PT Humpuss Intermoda Transportasi
Tbk is Indonesia's national shipping company for Liquefied Natural
Gas, crude oil, coal, chemicals and other cargos.  The company
also provides vessel crews and management services to vessel
owners.



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

MITSUBISHI MOTORS: To End OEM Contract With Chrysler
----------------------------------------------------
Mitsubishi Motors Corporation has decided to end its original-
equipment manufacturer contract with Chrysler LLC in 2010 due to
slumping sales, The Wall Street Journal reports citing a
Mitsubishi spokesman.

According to WSJ, the spokesman said Mitsubishi decided not to
renew the contract, under which Chrysler produces a pickup truck
called Raider.

WSJ relates that the alliance between Mitsubishi and Chrysler
started in 1971, when Chrysler took a 15% stake in the Japanese
company.  Chrysler, which at one point had a 24% stake in
Mitsubishi, dissolved their capital alliance in 1993 but the
companies decided to continue their joint operations, WSJ notes.

                       About Chrysler LLC

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- a unit of Cerberus Capital Management
LP, produces Chrysler, Jeep(R), Dodge and Mopar(R) brand vehicles
and products.  The company has dealers worldwide, including
Canada, Mexico, U.S., Germany, France, U.K., Argentina, Brazil,
Venezuela, China, Japan and Australia.

                     About Mitsubishi Motors

Mitsubishi Motors Corporation (TYO:7211) -- http://www.mitsubishi-
motors.co.jp/ -- is a Japan-based automobile manufacturer.  The
Company, along with its subsidiaries and associated companies, is
engaged in the development, production, purchase, sale, import and
export of general and small-sized passenger vehicles, mini-
vehicles, sport utility vehicles (SUVs), vans, trucks and
automobile parts, as well as industrial machines.  It is also
engaged in the checking and maintenance of new vehicles, as well
as the provision of automobile sales financing and leasing
services.  As of March 31, 2008, the Company had 54 subsidiaries
and 21 associated companies located in both domestic and overseas
markets.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 23, 2008, Moody's Investors Service changed to negative from
positive the outlook for its Ba2 long-term debt ratings of
Mitsubishi Motors Corporation and its supported subsidiaries,
Mitsubishi Motors Credit of America, Inc., and MMC International
Finance (Netherlands) B.V.

Moody's said the outlook change reflects the increasingly
worsening outlook for the global automotive markets for 2009 and
the negative impact on MMC's operating performance.


SAPPORO HOLDINGS: Steel Partners Drops Bid for More Stake in Firm
-----------------------------------------------------------------
Steel Partners has withdrawn its offer to raise its stake in
Sapporo Holdings Limited to 33.3 percent due to the firm's poor
performance and refusal to negotiate, various reports say.

The Financial Times relates Steel Partners said it was withdrawing
its proposal to increase its stake in Sapporo from 18.6 per cent
to 33.3 per cent at JPY875 a share, which would have cost it
JPY50.7 billion (US$550 million).

Steel Partners, as cited by the FT, said its decision on Sapporo
was made "due to the company's ever-worsening financial and
operational performance and continued refusal to negotiate the
terms of an acceptable offer to shareholders."

According to FT, Warren Lichtenstein, Steel Partners's founder,
cited as "management mis-steps" Sapporo's fall from third to
fourth largest brewery in Japan, its loss of market share in the
"super premium" beer segment and the termination of its contract
with Diageo to distribute Guinness in Japan.

Prior to the announcement, Reuters relates shares of Sapporo fell
9.7 percent to JPY381.  When Steel Partners made its initial offer
two years ago to increase its stake in Sapporo to 66.6 per cent at
JPY825 per share, FT notes Sapporo's share price was trading at
JPY791.

                      About Sapporo Holdings

Sapporo Holdings Limited -- http://www.sapporoholdings.jp/--
formerly known as Sapporo Breweries, brews beer and operates
more than 200 beer halls and restaurants.  Sapporo is one of
Japan's oldest brewers, and is Japan's third largest brewing
company, with brews ranging from its flagship Black Label to the
pricier Yebisu.  Sapporo also makes the low-malt happoshu brew.
The company sells Guinness beer in Japan through its Sapporo
Guinness Company and owns a beverage company that makes canned
coffee, bottled water, and soft drinks.

                          *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
October 21, 2008, Fitch Ratings affirmed Sapporo Holdings
Limited's Long-term foreign and local currency Issuer Default
ratings as well as the Senior Unsecured debt rating at 'BB' and
its Short-term foreign and local currency IDRs at 'B'.  The
Outlook remains Stable.


SPANSION INC: Japan Affiliate Files Protection from Creditors
-------------------------------------------------------------
Spansion Japan Limited, an indirect subsidiary of Spansion Inc.,
entered into a proceeding under the Corporate Reorganization Law
(Kaisha Kosei Ho) of Japan to obtain protection from Spansion
Japan's creditors while it continues restructuring efforts.

The Spansion Japan Proceeding constitutes an event of default
causing automatic acceleration of the outstanding obligations
without further action under these debt instruments of Spansion
LLC and Spansion Japan:

  -- The Senior Facility Agreement, dated March 30, 2007, among
     Spansion Japan, GE Capital Leasing Corporation and the
     other financial institutions party thereto, which resulted
     in all obligations under the GE Facility (approximately
     US$285 million as of the Proceeding Date) becoming
     automatically due and payable.

  -- The Revolving Credit Facility Agreement, dated as of
     Dec. 28, 2007, among Spansion Japan, The Bank of Tokyo-
     Mitsubishi UFJ, Ltd., and the other financial institutions
     party thereto, which resulted in all obligations under the
     BTMU Revolver (approximately US$98 million as of the
     Proceeding Date) becoming automatically due and payable.

  -- The Credit Line Account Application and Agreement for
     Organizations and Business, dated as of Dec. 29, 2008,
     between Spansion LLC and UBS Bank USA, which resulted in
     all obligations under the UBS Credit Line (approximately
     US$75 million as of the Proceeding Date) becoming
     automatically due and payable.

  -- The Indenture, dated as of June 12, 2006, among Spansion
     LLC, the Company and Spansion Technology LLC, as
     guarantors, and HSBC Bank USA, National Association, as
     successor Trustee, governing Spansion LLC's issued and
     outstanding 2.25% Senior Subordinated Exchangeable
     Debentures due 2016, which resulted in all obligations
     under the Exchangeable Debentures Indenture (approximately
     US$208 million as of the Proceeding Date) becoming
     automatically due and payable.

In addition, the Spansion Japan Proceeding constitutes an event of
default, which may result in acceleration of the outstanding
obligations thereunder if the Agent or Trustee, as applicable,
takes the prescribed steps under the following debt instrument to
cause such acceleration:

  -- The Credit Agreement, dated as of Sept. 19, 2005, among
     Spansion LLC, Bank of America, N.A. and the other financial
     institutions party thereto, as amended, under which there
     were approximately US$10 million of obligations outstanding
     as of the Proceeding Date.

  -- The Indenture, dated as of Dec. 21, 2005, among Spansion
     LLC, the Company and Spansion Technology LLC, as
     guarantors, and HSBC Bank USA, National Association, as
     successor Trustee, governing Spansion LLC's issued and
     outstanding 11.25% Senior Notes due 2016, under which there
     were approximately US$266 million of obligations outstanding
     as of the Proceeding Date.

  -- The Indenture, dated as of May 18, 2007, among Spansion
     LLC, the Company and Spansion Technology LLC, as
     guarantors, and HSBC Bank USA, National Association, as
     successor Trustee, governing Spansion LLC's issued and
     outstanding Senior Secured Floating Rate Notes due 2013,
     under which there were approximately US$632 million of
     obligations outstanding as of the Proceeding Date.

              Progress on U.S. Restructuring Efforts

Spansion also disclosed that it is in active discussions with an
ad hoc committee representing holders of its US$625 million Senior
Secured Floating Rate Notes due 2013 about restructuring the
company's balance sheet as well as potential strategic
transactions.

"We are making progress in our constructive discussions with an ad
hoc committee of secured noteholders, to find a mutually
beneficial agreement as we seek to resolve Spansion's capital
structures," John Kispert, Spansion's president and CEO said.

                          About Spansion

Spansion (NASDAQ: SPSN) -- http://www.spansion.com-- is a leading
Flash memory solutions provider, dedicated to enabling, storing
and protecting digital content in wireless, automotive, networking
and consumer electronics applications.  Spansion, previously a
joint venture of AMD and Fujitsu, is the largest company in the
world dedicated exclusively to designing, developing,
manufacturing, marketing, selling and licensing Flash memory
solutions.

As reported by the Troubled Company Reporter on Jan. 19, 2009,
Fitch Ratings downgraded these ratings for Spansion Inc.:

-- Issuer Default Rating to 'C' from 'CCC';

-- US$175 million senior secured revolving credit facility (RCF)
    due 2010 to 'CC/RR3' from 'CCC+/RR3';

-- US$625 million senior secured floating rating notes due 2013
    to 'CC/RR3' from 'CCC+/RR3';

-- US$225 million of 11.25% senior unsecured notes due 2016 to
    'C/RR6' from 'CC/RR6';

-- US$207 million of 2.25% convertible senior subordinated
    debentures due 2016 to 'C/RR6' from 'CC/RR6'.

According to the TCR on Jan. 19, 2009, Moody's Investors Service
downgraded Spansion's corporate family rating and probability of
default rating to Ca from Caa2, senior secured floating rate notes
to Caa2 from B3 and senior unsecured notes to Ca from Caa3.

The TCR reported on Jan. 19, 2009, that Standard & Poor's Ratings
Services lowered its corporate credit rating on Spansion Inc. to
'D' from 'CCC', and the issue-level rating on Spansion LLC's
11.25% senior unsecured notes due 2016 to 'D' from 'CC'.


ZEPHYR CO: JCR Withdraws 'D' Ratings on Approved Revival Plan
-------------------------------------------------------------
Japan Credit Rating Agency, Ltd. (JCR) has withdrawn the D ratings
on senior debts and each of the outstanding bonds of Zephyr Co.
Limited .

Senior Debts D

Issues      Amount(bn) Issue Date   Due Date  Coupon   Rating
------      ---------  ----------   --------  ------   ------

bonds no.2  JPY12       08/22/06    08/02/08   2.47%     D
bonds no.3  JPY8        06/21/07    06/21/10   2.94%     D

JCR announced the downgrade of the ratings on senior debts and
outstanding bonds of Zephyr to "D" on July 18, 2008, upon its
filing of a petition for proceedings under protection of Civil
Rehabilitation Law with the Tokyo District Court.  Its revival
plan was resolved at the creditors' meeting held on February 18,
2009.  The plan was approved by the Court on the same date.  The
plan comes into force now.  JCR withdraws the ratings on senior
debts and the outstanding bonds of Zephyr because the approval of
the revival plan by the Court brings changes to the right to claim
in respect of the bonds.


* JAPAN: To Buy US$10.7 Billion in Corporate Bonds
--------------------------------------------------
The Bank of Japan will buy for the first time as much as JPY1
trillion (US$10.7 billion) in corporate bonds rated A or higher
from March 4 to Sept. 30, Bloomberg News reports.

The country's economy will remain in a "severe" state next quarter
and companies will continue to struggle to obtain financing as
investors shun risk, the report cited Governor Masaaki Shirakawa
as saying.

According to the report, the central bank said it will extend
programs in place to buy JPY3 trillion of commercial paper and
provide unlimited collateral-backed loans to financial
institutions until September.  It will also continue accepting
lower-rated assets as collateral until December, the report says.
The report recalls the bank said earlier this week it will buy as
much as JPY1 trillion of stocks owned by lenders on Feb. 23 to
help them replenish capital.

As of Feb. 10, the central bank's assets expanded 15 percent since
Sept. 10 to JPY124.1 trillion, the report notes citing the BOJ's
Web site.



===================
M O Z A M B I Q U E
===================

MOZAL: Posts US$115 Mln Full Year Loss, Mulls Job Cuts
------------------------------------------------------
Aluminium smelter Mozal incurred a US$115 million loss for the
2008 financial year as declining price of the commodity hits the
company's profits, Reuters reports citing a central bank document.

According to the report, aluminium for delivery in three months on
the London Metal Exchange MAL3 dropped to a low of US$1,314 a
tonne, a price last seen more than six years ago.  It edged up to
close at US$1,336, against US$1,330 on Tuesday, Reuters notes.

Mozal also plans to make 90 workers redundant this year, the
report says citing Prime Minister Luisa Diogo during an interview
with Radio Mozambique on Wednesday.

"Mozambique will also feel the pinch of this (global) financial
crisis as Mozal will have to cut down its labour force," Reuters
quoted Minister Diogo as saying.

Based in Mozambique, Mozal produces standard aluminium ingots.  It
is a partnership between BHP Billiton Limited, Mitsubishi Corp.,
South Africa's Industrial Development Corporation and the
Mozambican government.  BHP Billiton owns 47.1 per cent of the
joint venture while Mitsubishi owns 25 per cent.



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

BUILDERS BY DESIGN: Appoints Brown and Rodewald as Liquidators
--------------------------------------------------------------
Kenneth Peter Brown and Thomas Lee Rodewald were appointed as
liquidators of Builders by Design Ltd.

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

The Liquidators can be reached at:

         Kenneth Peter Brown
         Thomas Lee Rodewald
         c/o Rodewald Hart Brown Limited
         The Hub, Level 1
         525 Cameron Road
         PO Box 15660, Tauranga 3144


COTTLE ROOFING: Court Hears Wind-Up Petition
--------------------------------------------
A petition to have Cottle Roofing Ltd.'s operations wound up was
heard before the High Court at Wellington on Jan. 26, 2009.

The Commissioner of Inland Revenue filed the petition against the
company on November 17, 2008.


EZIDRIVE LTD: Court Hears Wind-Up Petition
------------------------------------------
A petition to have Ezidrive Ltd.'s operations wound up was heard
before the High Court at Auckland on Jan. 28, 2009.

The Commissioner of Inland Revenue filed the petition against the
company on November 11, 2008.


LOADED HOG: Court Hears Wind-Up Petition
----------------------------------------
A petition to have Loaded Hog Auckland (2005) Ltd.'s operations
wound up was heard before the High Court at Wellington on Jan. 26,
2009.

Accident Compensation Corporation filed the petition against the
company on November 28, 2008.


NUPLEX INDUSTRIES: Admits Breaching Debt Covenants; Shares Dive
---------------------------------------------------------------
Tracy Withers at Bloomberg News reports that Nuplex Industries
Limited fell to a 16-year low in Wellington trading after saying
it is in talks with bankers after breaching debt covenants.

According to Bloomberg News, Nuplex stock fell 19 percent to
NZ$1.50 at the 5:00 p.m. market close on Feb. 19 in Wellington,
the lowest finish since July 1992 and extending its drop this week
to 38 percent.

In response to an NZX query over a decrease in its share price,
Nuplex said it is aware of speculation from First NZ Capital that
the company may not be in compliance with its Senior Debt Cover
Ratio (SDCR) required under its banking facilities.

Nuplex said First NZ Capital's speculation that there may be a
breach of bank facility covenant is not, in fact, inaccurate, so
the market is not misinformed.

The company said it is in discussions with its banks around
loosening the SDCR covenant which was last measured in terms of
its bank facilities as at December 31, 2008.

"Unless the SDCR is loosened Nuplex will not comply with its
covenant at December 31," Nuplex said in a statement.

As reported by the Troubled Company Reporter-Asia Pacific on
Feb. 5, 2009, The National Business Review said that after
cutting its earnings forecast, Nuplex is in danger of breaching
its debt covenant.

The Business Review said based on the company's revised full year
ebitda guidance of NZ$85 million, First NZ Capital is warning that
Nuplex's debt cover covenant may be breached.

According to the Business Review, analyst Jason Familton said its
covenant requires the company's net debt to be no more than three
times its ebitda.  Nuplex, according to Mr. Familton, would have
to reduce its net bank debt by about NZ$45 million to get back in
line with the covenant, the Business Review related.

However, the Business Review added Mr. Familton said Nuplex's two
other covenants relating to interest cover and quasi-equity ratios
showed little danger of being breached.  Mr. Familton notes there
is increasingly less room to move in the interest cover covenant,
the Business Review said.

The Business Review noted First NZ Capital is now forecasting a
full year ebitda (excluding non-recurring items) of $93.4 million,
slightly up on the company's prediction of $90.3 million.

                          About Nuplex

Nuplex Industries Limited -- http://www.nuplex.co.nz/-- was
founded in 1956 and is incorporated in New Zealand.  The company
is listed on both the New Zealand (NZX) and Australian (ASX)
Stock Exchange.

Nuplex produces and supplies technical materials used as inputs
to a broad range of manufacturing processes.  It also provides
specialist building products.  Nuplex has operations in
Australia, China, Malaysia, Brazil, United Kingdom, Netherlands,
the U.S., among others and reports in four business segments.

According to Reuters, Nuplex is New Zealand and Australia's
largest maker and distributor of resins and polymers for the
paint, paper, and textile industries.  It also bought a coating
resins business in Holland.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on its
Feb. 17, 2009 Distressed Bonds Column that Nuplex Industries
Ltd.'s bond with a 9.300% coupon and which matures on Sept. 15,
2012, traded at NZ$12.72.


OYSTER BAY: Posts Interim Loss of NZ$830,000 in 6 Mos. Ended Dec.
-----------------------------------------------------------------
Oyster Bay Marlborough Vineyards Limited has reported a net loss
after tax of NZ$830,000 for the six months ended December 31,
compared with a net loss of NZ$707,000 for the same period in
2007.  Revenue from ordinary activities increase 17% to
NZ$4,094,000.

The company said the main drivers of this change were a decrease
in the fair value of interest rate hedges of NZ$183,400 and a tax
adjustment of NZ$148,000 – both partially offset by lower interest
costs over the period of NZ$214,000.

In a filing with the New Zealand Stock Exchange, Oyster Bay said
its interim report is prepared partway through the growing season
and consequently the results reflect the seasonality of the
business, with mainly outgoings incurred in the first six months.
The company's revenue and profitability is determined in the
following six months, once the grape harvest yield and price are
known, the filing said.

"Your Directors are pleased to report that spring growing
conditions have been favourable resulting in excellent December
fruit set.  The ongoing investment in frost protection mechanisms
has significantly mitigated the frost risk in the vineyards,"
Oyster Bay said.

           Chairman and Independent Director Appointed

Oyster Bay has appointed Mr. Sandy Maier as Chairman of its Board
of Directors with effect from February 11, 2009.  Mr. Maier
initially joined the board in April 2007.

The company has also appointed Mr. Mark Peters as Independent
Director with effect from February 11, 2009.

Mr. Peters is the senior partner of a Marlborough accountancy
practise and has a long history of involvement with viticulture in
the district.  Mr. Peters was previously the Chairman of 'The NZ
Wine Company Limited' for a period of 15 years.  Mr. Peters
currently serves as a director of the New Zealand Rugby Union, as
well as holding a number of private directorships.

Mr. Bill Falconer has retired as a director of the company.  Mr.
Falconer was the inaugural Chairman of the company since it was
formed in April 1999 and was instrumental in the initial
acquisition and development of the vineyards.  He worked
tirelessly and developed a great rapport with the shareholders.

Mr. Falconer had previously indicated his intention to retire at
Oyster Bay's annual meeting of shareholders in November last year.

                        About Oyster Bay

Oyster Bay Marlborough Vineyards Limited (NZE:OBV) --
http://www.obmvl.co.nz/--  produces grapes in New Zealand.  The
company's vineyards are located in the Marlborough region within
New Zealand.  At June 30, 2008, the company had approximately 539
productive hectares of land.  During the fiscal year ended
June 30, 2008, the company harvested approximately 7,193 tons of
grapes.  The company owns three vineyard properties: Oyster Bay
State Highway 63 vineyard, Oyster Bay Fault Lake and Oyster Bay
Wairau River.


PUREDEPTH INC: Runs Restructuring Plan, to Affect N.Z. Operations
-----------------------------------------------------------------
On February 8, 2009, PureDepth Inc. implemented a restructuring
plan to better align resources with its strategic plans.  The
restructuring will result in a realignment and reduction affecting
personnel in its Auckland, New Zealand offices.

The Company did not disclose further details.

Headquartered in Redwood City, Calif., PureDepth Inc. (OTC BB:
PDEP) -- http://www.puredepth.com/-- and its subsidiaries
engage in the development, marketing, licensing, and support of
Multi-Layer Display (MLD) technology and related products and
services.  The company's MLD technology provides a method of
displaying multiple windows on which different data or images
can be overlapped displaying 3D content.  Its technology has
applications in location-based entertainment devices; computer
monitors; public information display systems; mobile devices; flat
panel televisions; and automotive, defense, and other vertical
markets.  The company also manufactures prototype MLD-enabled
display devices.  PureDepth has operations in the United States
and New Zealand.

                      Going Concern Doubt

Stonefield Josephson Inc., in San Francisco, expressed substantial
doubt about PureDepth Inc.'s ability to continue as a going
concern after auditing the company's consolidated financial
statements for the year ended Jan. 31, 2008.

As of October 31, 2008, the company's balance sheet showed total
assets of US$12,025,034 and total liabilities of US$17,262,631,
resulting in total stockholders' deficit of US$5,237,597.

For the three months ended October 31, 2008, the company reported
net losses of US$2.3 million which is consistent when compared to
the US$2.3 million reported in the three months ended October 31,
2007.  For the nine months ended October 31, 2008, the company
reported net losses of US$5.3 million representing a decrease in
its
net loss of US$1.8 million when compared to the US$7.1 million
reported in the nine months ended October 31, 2007.  PureDepth's
net losses are primarily derived from total operating expenses and
will continue to be so until its licensing revenues become
significant.  Its operations have not generated net income to date
and are not expected to do so in the year ending 2009.


SEFTON MARINE: Court Hears Wind-Up Petition
-------------------------------------------
A petition to have Sefton Marine Ltd.'s operations wound up was
heard before the High Court at Auckland on Feb. 4, 2009.

The Commissioner of Inland Revenue filed the petition against the
company on October 14, 2008.


STAR CURRY: Appoints Shephard and Dunphy as Liquidators
-------------------------------------------------------
On January 7, 2009, the shareholders of Star Curry Village Ltd.
appointed Iain Bruce Shephard and Christine Margaret Dunphy as the
comapny'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
          Telephone: (04) 473 6747
          Facsimile: (04) 473 6748


SUN VALLEY: Appoints Shephard and Dunphy as Liquidators
-------------------------------------------------------
On December 15, 2008, the High Court at Wellington appointed Iain
Bruce Shephard and Christine Margaret Dunphy as the liquidators of
Sun Valley Developments Ltd.

The Liquidators can be reached at:

          Iain Bruce Shephard
          Christine Margaret Dunphy
          Shephard Dunphy Limited
          Zephyr House, Level 2
          82 Willis Street, Wellington
          Telephone: (04) 473 6747
          Facsimile: (04) 473 6748


THE LOADED: Court Hears Wind-Up Petition
----------------------------------------
A petition to have The Loaded Hog Ltd.'s operations wound up was
heard before the High Court at Wellington on Jan. 26, 2009.

Grant Plumbing Limited filed the petition against the company on
November 19, 2008.


WASAN INTERNATIONAL: Court Hears Wind-Up Petition
-------------------------------------------------
A petition to have Wasan International Construction & Development
Ltd.'s operations wound up was heard before the High Court at
Auckland on Feb. 4, 2009.

The Commissioner of Inland Revenue filed the petition against the
company on November 18, 2008.


WELLSFORD FARM: Court Hears Wind-Up Petition
--------------------------------------------
A petition to have Wellsford Farm Trustees Ltd.'s operations wound
up was heard before the High Court at Auckland on Jan. 22, 2009.

The Commissioner of Inland Revenue filed the petition against the
company on August 28, 2008.



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

ARMADA SINGAPORE: Creditor Opposes Chapter 15 Petition
------------------------------------------------------
Armada (Singapore) Pte, received an objection to its Chapter 15
petition from Transfield ER Capt Ltd.

According to Bloomberg's Bill Rochelle, Transfield, which has
claims of US$209 million, questioned whether Armada's corporate
nerve center is located in Singapore.  If it isn't, the bankruptcy
proceedings in Singapore wouldn't be the "foreign main
proceeding," and the broadest form of Chapter 15 relief
wouldn't be allowed, Transfield said, according to the report.

Transfield, according to Mr. Rochelle, also contends there are
procedural defects in how Armada is moving ahead with the Chapter
15 papers.

The Troubled Company Reporter, citing Bloomberg News, reported on
January 19 that Judge James Peck of the U.S. Bankruptcy Court for
the Southern District of New York granted interim approval to
Armada's petition for protection from creditors under Chapter 15.

Approval of the Chapter 15 petition would allow Armada to
reorganize in Singapore and protects it from U.S. lawsuits.

Armada announced January 6 that it has been granted leave to
convene a creditors' meeting to vote on a proposed Scheme of
Arrangement pursuant to Section 210 of the Companies Act of the
Republic of Singapore that will protect its assets and maximize
funds available to creditors as it restructures its business
operations.

                     About Armada Singapore

Armada (Singapore) Pte. Ltd. -- http://www.armadagroup.com/-- is
a privately owned holding company incorporated and based in
Singapore.  It is one of the world's leading dry bulk shipping
companies.  It provides ocean transportation services to a variety
of major raw material and commodity shippers and consumers located
throughout the globe.

Armada filed for bankruptcy protection under Chapter 15 of the
U.S. Bankruptcy Code on January 7, 2009, to seek recognition of
its bankruptcy proceedings in Singapore and imposition of the
automatic stay to protect its assets while it restructures (Bankr.
S.D. N.Y. Case No. 09-10105).  The petitioner's counsel is Barbra
R. Parlin, Esq., at Holland & Knight, LLP, in New York.  In its
bankruptcy petition, Armada estimated assets and debts of US$100
million to US$500 million.


HUK SENG: Court Enters Wind-Up Order
------------------------------------
On February 6, 2009, the High Court of Singapore entered an order
to have Huk Seng Marketing Pte Ltd's operations wound up.

Global Fruits Pte Ltd filed the petition against the company.

The company's liquidator is:

         The Official Receiver
         care of URA Centre (East Wing)
         45 Maxwell Road, #05-11/#06-11
         Singapore 069118


ROM METAL: Creditors' Proofs of Debt Due on March 13
----------------------------------------------------
The creditors of Rom Metal Work 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 liquidators are:

         Chee Yoh Chuang
         Lim Lee Meng
         8 Wilkie Road
         #03-08 Wilkie Edge
         Singapore 228095


TANG'S CONSTRUCTION: Declares Second and Final Dividend
-------------------------------------------------------
Tang's Construction Pte Ltd. declared the second and final
dividend on February 6, 2009.

The company paid 1.598% to the received claims.

The company's liquidator is:

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


VALEN OPTICOAT: Members Hold Final Meeting
------------------------------------------
The members of Valen Opticoat Pte. Ltd. will hold their final
meeting on March 16, 2009, at 9:30 a.m., at 10 Jalan Besar, in
#11-05 Sim Lim Tower, Singapore 208787.

The company'a liquidator is:

          Akber Ali S/O Thajudeen, CPA
          Tel: 6392 0021


WAH YUEN: Creditors' Meeting Set for February 25
------------------------------------------------
The creditors of Wah Yuen Electrical Engineering Pte Ltd will hold
their meeting on February 25, 2009, at 9:30 a.m., at 13A Mackenzie
Road, Singapore 228676.

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



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

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

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


AUSTRALIA

ADVANCE HEAL-NEW           AHGN      16933460.19     -8226075.95
ADVANCE HEALTHCA            AHG      16933460.19     -8226075.95
ALLSTATE EXPLORA            ALX      22019608.10    -67492223.10
ALLSTATE EXPL-PP          ALXCC      22019608.10    -67492223.10
ANTARES ENERGY L            AZZ      14174189.76     -6756494.56
ARC EXPLORATION             ARX      62773963.21    -15883874.97
AUSTAR UNITED               AUN     532170837.87   -302028033.28
BIRON APPAREL LT            BIC      19706738.17     -2220069.83
BISALLOY STEEL G            BIS     197903755.89    -11548524.69
CHEMEQ LIMITED              CMQ      25194855.59    -24254413.72
ERG LIMITED                 ERG     180731676.67    -11205963.43
ETW CORP LTD                ETW      83708786.34    -58673955.65
FORTESCUE METALS            FMG    4293524492.00   -378456209.91
FULCRUM EQUITY L            FUL      19209266.15     -3664831.35
INTELLECT HLDGS             IHG      18245003.37    -15487781.92
JAMES HARDIE NV           JHXCC    2357299968.00   -237600000.00
JAMES HARDIE-CDI            JHX    2357299968.00   -237600000.00
LAFAYETTE MIN               LAF     105239389.93   -190859526.77
LIFE THERAPEUTIC            LFE      56034000.00     -3684000.00
MAC COMM INFR-CD            MCGCD  8104415200.76   -103343256.49
MACQUARIE COMMUN            MCG    8104415200.76   -103343256.49
METAL STORM LTD             MST      14309243.10     -5126410.11
TOOTH & CO LTD              TTH     143720715.19    -94300033.83
VERTICON GROUP              VGP      31280242.69    -12391531.59


CHINA

AMOI ELECTRONICS         600057     414934259.50    -30399649.61
ANHUI KOYO GROUP         000979      60298626.62    -47685854.30
CHANG LING GROUP         000561      49675731.32   -115810769.64
CHENGDU UNION-A          000693      59526570.13      -188881.87
CHINA KEJIAN-A           000035      65124488.98   -167311537.11
CHINA LIAONING-A         000638      15426138.26     -5698465.09
CHINESE.COM LOGI         000805      12721114.23    -20567498.78
CHONGWING INTL-A         000736      24753183.26    -13379849.30
DANDONG CHEM F-A         000498     115942688.34    -91597754.91
FUJIAN CFC IND-A         000592      24196604.92    -19615146.80
FUJIAN SANNONG-A         000732      64417775.39    -90239301.91
FUJIAN START-A           600734     105659572.63    -14337777.19
GUANGDONG KEL-A          000921     710500493.66    -81769686.15
GUANGDONG MEIYA          000529      66438321.52    -62407433.87
GUANGMING GRP FU         000587      62369338.74    -12083332.13
GUANGXIA YINCH-A         000557      53463085.53    -61325483.02
HEBEI BAOSHUO CO         600155     313380313.25   -212285683.69
HEBEI JINNIU C-A         600722     379299949.84     -2890480.98
HISENSE ELEC-H              921     710500493.66    -81769686.15
HUATONG TIANXI-A         600225      73838152.81    -41138558.42
HUDA TECHNOLOG-A         600892      18459084.32     -1904039.85
HUNAN ANPLAS CO          000156      83999120.28    -81350940.74
HUNAN AVA HOLDIN         000918     176943487.87    -11256248.54
JIAOZUO XIN'AN-A         000719      50815905.85    -25450082.53
LAN BAO TECH INF         000631      29435531.87    -22701113.38
MIANYANG GAO-A           600139      30657523.00    -12436839.12
QINGHAI SALT L-A         000578     105635944.61     -4914371.18
QINGHAI SUNSHI-A         600381      52481259.62    -33816335.98
SHANG WORLDBES-A         600094     327982181.09   -175167931.11
SHANG WORLDBES-B         900940     327982181.09   -175167931.11
SHENZ CHINA BI-A         200017      29379003.11   -244527119.11
SHENZ CHINA BI-B         200017      29379003.11   -244527119.11
SHENZ SEG DASH-A         000007     101024087.57     -1144993.15
SHENZHEN DAWNC-A         000863      36847332.84   -142582249.37
SHENZHEN KONDA-A         000048     155014461.99    -24446764.56
SHENZHEN SHENXIN         000034      44989232.03   -113368102.97
SICHUAN DIRECT-A         000757     128549383.42   -102619767.95
STELLAR MEGAUNIO         000892      64925448.82   -162463426.22
SUCCESS INFORMAT         000517      30118378.44    -14826121.30
SUNTEK TECHNOLOG         600728      44691434.84    -22949595.64
SUNTIME INTERN-A         600084     355378023.17   -100009910.49
TAIYUAN TIANLON          600234      12693007.72    -51581680.70
TIANJIN MARINE           600751      75440814.59    -26602770.52
TIANJIN MARINE-B         900938      75440814.59    -26602770.52
TIBET SUMMIT IND         600338      73500256.4     -16424030.52
TOPSUN SCIENCE-A         600771     232677660.69   -131983172.54
WINOWNER GROUP C         600681      21498115.00    -81284231.50
XIAMEN OVERSEAS          600870     433188523.84    -13781679.05
YUEYANG HENGLI-A         000622      40266532.05    -14337174.21
ZHANGJIAJIE TO-A         000430      51011060.62     -8247159.63


HONG KONG

APTUS HLDGS LTD            8212      54183295.49     -5233351.51
ASIA TELEMEDIA L            376      16618871.08     -5369335.42
CHIA TAI ENTERPR            121     313740803.76    -49562387.78
CHINA GRAND PHAR            512      23135825.94     -7596740.75
CHINA HEALTHCARE            673      29513119.73     -7815705.47
CORE HEALTHCARE            8250      27890609.26    -11660364.96
EGANAGOLDPFEIL              48      557892423.39   -132858951.98
EMPEROR ENTERTAI          8078       35493733.40     -2976735.60
NEW CITY CHINA             456      113178595.41     -9932226.54
PALADIN LTD                495      186461196.61     -9780904.71
PALADIN LTD -PRE           642      186461196.61     -9780904.71
SANYUAN GROUP LT           140       17768260.98     -2131329.68


INDIA

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


INDONESIA

BUKAKA TEKNIK UT           BUKK      64091324.54    -99365767.69
DAYA SAKTI UNGGU           DSUC      29016063.42     -8041060.32
ERATEX DJAJA               ERTX      22390016.89     -5709537.72
JAKARTA KYOEI ST           JKSW      37212505.22    -39286774.25
KARWELL INDONESI           KARW      22659332.94     -1923983.20
MULIA INDUSTRIND           MLIA     390764740.82   -411484148.40
PANCA WIRATAMA             PWSI      30758367.68    -30598686.04
POLYSINDO EKA PE           POLY     547415431.67   -779982804.73
PRIMARINDO ASIA            BIMA      12520821.69    -19874326.35
STEADY SAFE TBK            SAFE      15620539.46     -3202860.09
SURABAYA AGUNG             SAIP     266838941.8     -80136284.80
TEIJIN INDONESIA           TFCO     265725344.00    -23100500.00
UNITEX TBK                 UNTX      16404917.89    -11637278.20


JAPAN

APRECIO CO LTD             2460      15981315.82     -2395526.71
L CREATE CO LTD            3247      42344509.56     -9146496.90
LINK CONSULTING            4798      20858257.56    -22890695.36
LINK ONE                   2403      12290544.83     -5772835.00
MOC CORP                   2363      56468378.86    -18149241.94
OPEN INTERFACE I           4302      32715547.40     -5699491.16
PACIFIC HD CO              8902    2822421445.26    -55823540.44
PION CO LTD                2799      50289757.53     -4685410.43
PLACO CO LTD               6347      26260220.44      -997325.51
SOWA JISHO CO LT           3239      54007939.02    -15643863.67


KOREA

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


MALAYSIA

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

NEW ZEALAND

DOMINION FINANCE           DFH      258902749.12    -55312405.88


PHILIPPINES

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


SINGAPORE

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


TAIWAN

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


THAILAND

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



                         *********

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

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

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


                            *********


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

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

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

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

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





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