TCRAP_Public/090224.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

           Tuesday, February 24, 2009, Vol. 12, No. 38

                            Headlines

A U S T R A L I A

ANIMAX INVESTMENTS: Members Receive Wind-Up Report
B & V PROPERTIES: Declares First and Final Dividend
BHP BILLITON: To Reduce Head Office Staff by 40%
EX DJM: Commences Wind-Up Proceedings
FAIRFAX MEDIA: Posts AU$365.3 Million First Half Loss

FORTESCUE METALS: Seeks Trading Halt on AU$500MM Shares Sale Plan
GLOBAL STAR: Commences Wind-Up Proceedings
INTERCOLOUR POST: Commences Wind-Up Proceedings
KRUGER INVESTMENTS: Members Receive Wind-Up Report
LD MANAGEMENT: Placed Under Creditors' Voluntary Liquidation

LONTIN PTY: Members Receive Wind-Up Report
MJR FARMING: Members and Creditors Hear Wind-Up Report
MONARO CONSULTANTS: Declares First and Final Dividend
OCEANIA PROTECTION: Appoints Louttit as Liquidator
RYDALMERE STORAGE: Enters Wind-Up Proceedings

SHADE & SHUTTER: Supreme Court Enters Wind-Up Order
STEDY PTY: Members Receive  Wind-Up Report
TRILLIANCE PTY: Declares First and Final Dividend
TUSCAN STONE: Members and Creditors Hear Wind-Up Report
VISSAS PTY: Commences Wind-Up Proceedings

WAMAR PTY: Members Receive Wind-Up Report
WILSON MARKETING: Placed Under Voluntary Wind-Up
YU'S INTERNATIONAL: Creditors Opt to Wind Up Operations


C H I N A

COASTAL GREENLAND: S&P Downgrades Corporate Credit Rating to 'B'
CHRYSLER LLC: Beijing Automotive Denies Asset Purchase Talks
NEO-CHINA LAND: Moody's Upgrades Corporate Family Rating to 'Caa3'


H O N G  K O N G

C.Y.I. CREATION: Court to Hear Wind-Up Petition on March 25
CASTLE FINANCE: Moody's Junks Ratings on Two Classes of Notes
CHAODA MODERN: Share Placement Won't Affect S&P's 'BB-' Rating
COXSON INDUSTRIES: Court to Hear Wind-Up Petition on April 1
EASTGLEN IMPORTS: Creditors' Proofs of Debt Due on March 6

GOOD HARVEST: Court to Hear Wind-Up Petition on April 8
HONOUR RIDER: Members to Receive Wind-Up Report on March 17
JOINT WELL: Creditors' Proofs of Debt Due on March 3
KAI TAI: Members to Receive Wind-Up Report on March 14
LAM KWOK: Placed Under Members' Voluntary Liquidation

LUCKYMAN DEVELOPMENT: Placed Under Members' Voluntary Wind-Up
NINE DRAGONS: Fitch Downgrades Issuer Default Ratings to 'B'
TITAN PETROCHEMICALS: Tight Liquidity Prompts S&P's Junk Rating
WIN FLASH ET AL: Appoint Wai and Kit as Liquidators


I N D I A

ADITYA VIDYUT: CRISIL Rates Rs.130 Mln Cash Credit at 'BB+'
AVENUES PHARMACEUTICALS: CRISIL Rates Rs.145MM Cash Credit at 'BB'
FORSTAR FROZEN: CRISIL Puts 'P4' Rating on Rs.173MM Packing Credit
KKP SPINNING: Delays in Loan Payment Spurs CRISIL 'C' Ratings
KKP TEXTILES: CRISIL Assigns 'C' Rating on Rs.230 Mln Cash Credit

KKP WEAVING: CRISIL Rates Rs.72.80 Mln Long Term Loan at 'C'
NAYAAGARH SUGAR: CRISIL Places 'B' Ratings on Various Bank Loans
SATYAM COMPUTER: PW Resigns as Statutory Auditor
SIDDHAYU AYURVEDIC: CRISIL Rates Rs.135.0 Mln Term Loan at 'BB-'


J A P A N

BRIDGESTONE CORPORATION: Net Income Plunges 92% in FY2008
SFCG CO: Seeks Bankruptcy Protection Over Scarce Funding
YAMATO LIFE: Prudential Insurance Likely to Acquire Firm
* Fitch Affirms Ratings on 15 Japanese Regional Banks


M A L A Y S I A

TALAM CORP: Regulator OKs Extending Redemption of Debt Securities


N E W  Z E A L A N D

CANTERBURY MORTGAGE: Winds Up Mortgage Fund
CERTIFIED ROOFING: Court Hears Wind-Up Petition
DOMINION FINANCE: Court Adjourns Liquidation Application to May 15
GERRY WILLIAM: Court Hears Wind-Up Petition
HUDSON GIFTS: Court Hears Wind-Up Petition

JIREH HOSTELS: Court Hears Wind-Up Petition
JIREH INVESTMENT: Court Hears Wind-Up Petition
OSCAR DECORATOR: Court Hears Wind-Up Petition
PROVENCOCADMUS: Seeks Debt Repayment Extension
SENOJAY PROPERTIES: Court Hears Wind-Up Petition

STONESCAPES LTD: Court Hears Wind-Up Petition
THE FOOD: Court Hears Wind-Up Petition
WHITEHAUS PRIVATE: Court Hears Wind-Up Petition


S O U T H  A F R I C A

ANGLO AMERICAN: Won't Pay Dividends, to Cut 19,000 Jobs
* SOUTH AFRICA: GDP May Fall 1.4% in 4th Qtr, Bloomberg Says


T A I W A N

PROMOS TECHNOLOGIES: To Buy Back Convertible Bonds at 90% Discount


T H A I L A N D

* THAILAND: Economy Shrinks 4.3% in Fourth Quarter 2008


U N I T E D  A R A B  E M I R A T E S

* DUBAI: UAE Subscribes 50% of Issued Bonds


X X X X X X X X

* BOND PRICING: For the Week February 23 to February 27, 2009


                         - - - - -


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

ANIMAX INVESTMENTS: Members Receive Wind-Up Report
--------------------------------------------------
The members of Animax Investments Pty Ltd met on Dec. 12, 2008,
and received the liquidator's report on the company's wind-up
proceedings and property disposal.

R. D. Ellinson is the company's liquidator.


B & V PROPERTIES: Declares First and Final Dividend
---------------------------------------------------
B & V Properties Pty Ltd declared the first and final dividend on
December 11, 2008.

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


BHP BILLITON: To Reduce Head Office Staff by 40%
------------------------------------------------
Rebecca Keenan at Bloomberg News reports that BHP Billiton Limited
will reduce the number of staff at its Melbourne headquarters by
about 40% as it moves some roles nearer to mining operations.

According to the report, spokeswoman Samantha Evans said BHP wants
to reduce staff at head office to 350 by the end of June, down
from 600 at the close of 2007.

"There would be some" job cuts, Bloomberg News quoted Ms. Evans as
saying.  "Most of this is a result of relocating roles to other
areas of our business."

Ms. Evans, Bloomberg News relates, said the company's steelmaking
coal business will shift to Brisbane, where most of its operations
are located while its energy coal unit will be relocated to
Sydney.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 28, 2009, Reuters said BHP Billiton would cut 6,000 jobs and
close its giant Ravensthorpe nickel mine in Australia amid slump
in commodity prices.

According to Reuters, the job cuts, about 70 percent of which
were connected with independent contractors, will affect 2,100
workers in BHP's Australian nickel mining and 4,000 from BHP's
global work force of 101,000.

"Clearly, their balance sheet is in a respectable position, but
they are not immune from the commodity price environment that
we're seeing, and earnings are going to suffer," Reuters quoted
Neil Boyd-Clark of Fortis Investment Partners as saying.

Reuters related BHP's chief financial officer, Alex Vanselow, has
warned that more mines could be closed, given the uncertainty in
commodity markets, with metallurgical coal mines in Australia
already scheduled to reduce output by 10 percent to 15 percent.

BHP, Reuters noted, also said it was reducing activity at its
Mount Keith nickel mine.

The price of nickel, Reuters said, has slumped about 80 percent
to $11,200 a ton from $51,650 in May 2007.

Australia-based BHP Billiton Limited (NYSE:BHP) --
http://www.bhpbilliton.com/-- is a diversified natural resources
company.  The company has businesses producing alumina and
aluminum, copper, energy (thermal) coal, iron ore, nickel,
manganese, metallurgical coal, oil and gas and uranium, as well as
gold, zinc, lead, silver and diamonds. The company operates in
nine customer sector groups (CSGs): petroleum, aluminum, base
metals, diamonds and specialty products, stainless steel
materials, iron ore; manganese, metallurgical coal, and energy
coal.  In July 2008, the company completed the acquisition of
Anglo Potash Ltd.


EX DJM: Commences Wind-Up Proceedings
-------------------------------------
During a general meeting held on October 24, 2008, the members of
EX DJM Pty Limited passed a resolution that voluntarily wind up
the company's operations.

The company's liquidators are:

          D. G. Martin
          D. Luscombe
          Martin & Luscombe Chartered Accountants


FAIRFAX MEDIA: Posts AU$365.3 Million First Half Loss
-----------------------------------------------------
Fairfax Media Limited reported its first loss on record after
advertising revenue fell and the company wrote down the value of
newspapers and media licenses, Andrea Tan of Bloomberg News
reports.  The loss, the report says, was Fairfax's first loss
since its initial share sale in 1992.

For the six months ended December 28, 2008, Fairfax Media reported
a net loss of AU$365.3 million, compared with a profit of AU$187.7
million in the previous corresponding period.  First half
underlying net profit was AU$157.61 million, down 23 per cent.

Significant items / non-cash impairment charges (all pre-tax)
comprise:

   -- Restructuring and redundancy charges of AU$62.4 million
      associated with the programs initiated in August 2008.

   -- Impairment of plant, equipment and software of $1.4 million.

   -- Impairment of goodwill of $30.1 million on the sale of the
      Southern Star television production and distribution
      Businesses.

   - Following an extensive review by the Board of carrying
      values based on the present value of future cash flows, a
      non-cash impairment of the value of mastheads, licenses
      and goodwill across all publishing and broadcast media
      properties of $447.5 million.

                      Key Areas of Activity

Online
(comprising Fairfax Digital in Australia and Trade Me in
New Zealand)

Fairfax Digital revenues increased over 12% with strong growth in
both display, classified and transaction revenue streams.  EBITDA
increased 14%.

Total traffic across all the Fairfax sites continues to grow
strongly and the business maintains its leadership in the
important news and information market, and maintains very
strong positions in both classifieds and its online transaction
businesses.

Trade Me

In local currency, Trade Me contributed NZ$38.2 million in EBITDA
to the group result, up 17% on the same period last year.  Trade
Me remains firmly the number one website in New Zealand in
auctions, real estate and cars.  Trade Me Jobs continued to
strengthen its number two position in online employment.

In January 2009 it served 90% of the domestic web pages of NZ's
largest jobs website, up from 68% in January 2008.

Australian Regional and Community Publications
(comprising The Canberra Times and all Australian Regional and
Community publications)

The strength and geographic diversity of our Regional and
Community publications was very apparent during the half.  While
Australian regional markets did feel the effects of deteriorating
economic conditions, the results reported were very credible with
total revenues and EBITDA falling only 4% and 9% respectively.
While advertising volume declines were experienced across the
majority of the advertising revenue categories, careful yield
management offset some of the volume effect.

Sydney and Melbourne Metropolitan Publications
(comprising of Sydney and Melbourne metropolitan newspapers and
magazines)

Total revenues were down 5%, with advertising revenues down 9% and
circulation revenues virtually flat.  The metro results were
particularly affected by weak economic conditions in Sydney and a
weakening market in Melbourne.  Classified employment advertising
volumes were down significantly, with sharper falls in Sydney.
Display advertising volumes were down slightly in Sydney and up
strongly in Melbourne.  Costs in its Metropolitan newspapers were
flat.

Fairfax Magazines revenues were relatively steady in a difficult
market sector.

Specialist Publications
(comprising Fairfax Business Media and Australian, NZ and USA
agricultural publications)

Fairfax Business Media had strong circulation revenue gains that
helped offset employment and property advertising declines
consistent with weaker national economic conditions.

Costs increases were experienced as investments in growth areas
such as Education and the AFR.com continued.

Agricultural Publishing revenues in Australia were in line with
those recorded last year despite continuing difficult trading
conditions.  The 30 US and NZ agricultural publishing units had
modest revenue and earnings declines.

Australian Printing

External printing revenues declined 6% as volume declines were
experienced.

Fairfax Media New Zealand

Revenues and earnings were down markedly in an extremely
recessionary environment across all markets.  In New Zealand
dollars, total revenues were down 11% and EBITDA down 26%.
Advertising revenues declined 15% with circulation revenues
increasing 3%.

Total costs were substantially reduced by over 4% during the
period.

Fairfax Radio Network
(comprising metropolitan and regional radio networks)

Metropolitan advertising markets, particularly in Sydney, remained
weak.  Lower revenues were partially offset by a significantly
lower cost base, which eased the decline in the unit's EBITDA
results.

Southern Star

While revenues declined as a result of production cycles,
production costs were well contained, with strong earnings growth
for the period.

                            Dividend

Consistent with the dividend policy announced in December 2008,
the interim dividend of 2.0 cents, 75% franked (2007: 10.0 cents)
has been declared by the Board.  Record date for the interim
ordinary dividend is March 5, 2009, and payable on March 19, 2009.
Given the reduction in dividend, Directors have resolved to
suspend the Dividend Reinvestment Plan for this interim dividend.

                    About Fairfax Media Limited

Headquartered in Sydney, Australia, Fairfax Media Limited
(ASX:FXJ) -- http://www.fxj.com.au/-- is engaged in publishing of
news, information and entertainment; advertising sales in
newspaper, magazine and online formats; radio broadcasting, and
film and television production and distribution.  In Australia,
the Company's mastheads include The Sydney Morning Herald, The
Age, BRW, The Sun-Herald and The Land.  Its New Zealand mastheads
include The Dominion Post, The Press and Cuisine.  Fairfax Media
online businesses include Fairfax Digital in Australia (including
the news sites, smh.com.au and theage.com.au, and classified and
transaction Websites), and Trade Me and stuff.co.nz in New
Zealand.  On November 9, 2007, it acquired the former Southern
Cross Broadcasting's radio business, (including metropolitan
stations 2UE in Sydney, 3AW and Magic 1278 in Melbourne, 4BC and
4BH in Brisbane, and 6PR and 96FM in Perth), the Southern Star
television production and distribution business, Satellite Music
Australia and associated businesses from Macquarie Media Group.


FORTESCUE METALS: Seeks Trading Halt on AU$500MM Shares Sale Plan
-----------------------------------------------------------------
Fortescue Metals Group Limited has requested a trading halt of its
shares pending a statement on a proposed capital raising, which
is expected to be released this week, Bloomberg News reports.

Citing the Australian Financial Review, Bloomberg News relates
Fortescue plans to sell AU$500 million ($321 million) in new
shares to investors.

"Fortescue is investigating a range of options with a range of
organizations but is yet to finalize any negotiations," Cameron
Morse, a Perth-based spokesman for the company told Bloomberg News
in a phone interview.

According to Bloomberg News, the Financial Review said JPMorgan
Chase & Co. and Southern Cross Equities Ltd. are likely to act as
managers for the sale.

Meanwhile, Bloomberg News relates that according to the Financial
Review, Hunan Valin Iron & Steel Group Co. Ltd. also is in talks
with Fortescue's second-largest shareholder Harbinger Capital
Partners, a U.S.-based hedge fund run by Philip Falcone, to buy
between five and 10 percent of the company.  Harbinger, Bloomberg
News notes, owns a 15.8 percent stake.

                        "High" Debt Level

The Troubled Company Reporter-Asia Pacific, citing Bloomberg News,
reported on Feb. 20, 2009, that Hunan Valin may invest AU$3
billion in Fortescue Metals.

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."

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 related.

                        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.


GLOBAL STAR: Commences Wind-Up Proceedings
------------------------------------------
During a general meeting held on November 5, 2008, the members of
Global Star Alliance Pty Limited passed a resolution that
voluntarily wind up the company's operations.


INTERCOLOUR POST: Commences Wind-Up Proceedings
-----------------------------------------------
The members of Intercolour Post Pty Limited met on Nov. 6, 2008,
and resolved to voluntarily wind up the company's operations.

The company's liquidator is:

          Christopher J. Palmer
          O'Brien Palmer
          23-25 Hunter Street, Level 4
          Sydney NSW 2000


KRUGER INVESTMENTS: Members Receive Wind-Up Report
--------------------------------------------------
The members of Kruger Investments Pty Ltd met on Dec. 12, 2008,
and received the liquidator's report on the company's wind-up
proceedings and property disposal.

R. D. Ellinson is the company's liquidator.


LD MANAGEMENT: Placed Under Creditors' Voluntary Liquidation
------------------------------------------------------------
At an extraordinary general meeting held on November 5, 2008, the
creditors of LD Management Solutions Pty Ltd resolved to
voluntarily liquidate the company's business.

The company's liquidator is:

          Grahame Hill
          c/o Hills Insolvency Services Pty Ltd
          PO Box 915
          Rockdale NSW 2216
          Telephone: (02) 9599 7945
          Facsimile: (02) 9599 7946


LONTIN PTY: Members Receive Wind-Up Report
------------------------------------------
The members of Lontin Pty Limited met on November 4, 2008, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.


MJR FARMING: Members and Creditors Hear Wind-Up Report
------------------------------------------------------
The members and creditors of MJR Farming Pty Ltd met on Dec. 16,
2008, and received the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          A. R. Nicholls
          Nicholls & Co
          459 Peel Street, Suite 6
          Tamworth NSW 2340


MONARO CONSULTANTS: Declares First and Final Dividend
-----------------------------------------------------
Monaro Consultants Pty Limited declared the first and final
dividend to priority (employee) creditors is on December 18, 2008.

Only creditors who were able to file their proofs by Dec. 11,
2008, were included in the company's dividend distribution.


OCEANIA PROTECTION: Appoints Louttit as Liquidator
--------------------------------------------------
The members and directors of Oceania Protection Services Pty
Limited held a meeting on November 6, 2008, and appointed
Jamieson Louttit as the company's liquidator.

The Liquidator can be reached at:

          Jamieson Louttit
          Jamieson Louttit & Associates
          Level 15, Suite 73
          88 Pitt Street
          Sydney NSW 2000
          Telephone: (02) 9231 0505
          Facsimile: (02) 9231 0303


RYDALMERE STORAGE: Enters Wind-Up Proceedings
---------------------------------------------
On October 30, 2008, it was duly resolved to voluntarily wind up
the operations of Rydalmere Storage Co Pty Limited.

The company's liquidator is:

          Susan Patricia Lindqvist
          58 Keeler Street
          Carlingford NSW 2118


SHADE & SHUTTER: Supreme Court Enters Wind-Up Order
---------------------------------------------------
On November 5, 2008, the Supreme Court of New South Wales entered
an order to have Shade & Shutter Pty Limited's operations wound
up.

The company's liquidator is:

         Christopher J. Palmer
         O'Brien Palmer
         23 Hunter Street, Level 4
         Sydney NSW 2000


STEDY PTY: Members Receive  Wind-Up Report
------------------------------------------
The members of Stedy Pty Ltd met on Dec. 12, 2008, and received
the liquidator's report on the company's wind-up proceedings and
property disposal.

R. D. Ellinson is the company's liquidator.


TRILLIANCE PTY: Declares First and Final Dividend
-------------------------------------------------
Trilliance Pty Limited declared the first and final dividend on
December 16, 2008.

Only creditors who were able to file their proofs of debt by
December 9, 2008, were included in the company's dividend
distribution.

The company's deed administrator is:

         Barry Anthony Taylor
         HLB Mann Judd
         207 Kent Street, Level 19
         Sydney NSW 2000


TUSCAN STONE: Members and Creditors Hear Wind-Up Report
-------------------------------------------------------
The members and creditors of Tuscan Stone (Sandgate) Pty Ltd met
on December 15, 2008, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          A. R. Nicholls
          Nicholls & Co
          459 Peel Street, Suite 6
          Tamworth NSW 2340


VISSAS PTY: Commences Wind-Up Proceedings
-----------------------------------------
During a general meeting held on October 29, 2008, the members of
Vissas Pty Limited passed a resolution that voluntarily wind up
the company's operations.

The company's liquidator is:

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


WAMAR PTY: Members Receive Wind-Up Report
-----------------------------------------
The members of Wamar Pty Limited met on December 22, 2008, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Philip G. Ryan
          7 Coranto Street
          Abbotsford NSW 2046


WILSON MARKETING: Placed Under Voluntary Wind-Up
------------------------------------------------
During a general meeting held on November 4, 2008, the members of
Wilson Marketing, Advertising and Promotions Pty Limited passed a
resolution that voluntarily wind up the company's operations.

The company's liquidator is:

          P. Ngan
          Ngan & Co Chartered Accountants
          49 Market Street, Level 5
          Sydney NSW 2000


YU'S INTERNATIONAL: Creditors Opt to Wind Up Operations
-------------------------------------------------------
On September 15, 2008, the creditors of Yu's International
Enterprises & Investments (Aust) Pty Limited passed a resolution
that terminates the Deed of Company Arrangement and resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

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



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

COASTAL GREENLAND: S&P Downgrades Corporate Credit Rating to 'B'
----------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its long-term
corporate credit rating on China-based real estate developer
Coastal Greenland Ltd. to 'B' from 'B+'.  The outlook remains
negative.  At the same time, Standard & Poor's lowered its issue
rating on CGL's US$150 million outstanding senior unsecured notes
due in November 2012 to 'B-' from 'B'.

"The downgrade reflects the deteriorating trend in CGL's financial
measures, which no longer support a 'B+' credit rating," said
Standard & Poor's credit analyst Bei Fu.  "The rating action also
reflects S&P's expectation of sluggish sales amid a weak and
competitive market, which will likely to put further pressure on
the company's vulnerable liquidity position."

CGL's sales performance in the current fiscal year has been
materially below S&P's expectation.  The developer's total
contracted sales for the nine months to Dec. 31, 2008, of CNY2.1
billion were significantly weaker than the company's revised
target in October 2008.

CGL's weak performance partially reflects the general slowdown in
the Chinese real estate market.  The greater underperformance
compared with its peers also reflects S&P's view of CGL's weaker
market position, Ms. Fu said.

In S&P's opinion, CGL's weak financial measures face greater
pressure in a deteriorating market environment.  The disappointing
sales are expected to erode CGL's profitability and cash flow
protection measures for the year ending March 2009.  S&P expects
EBITDA margin to decline well below 25% and EBTIDA interest
coverage to be about 1.0x, reflecting the lower earnings and
high debt.

CGL had curtailed capital expenditure by reducing property
development activities in fiscal 2009.  However, S&P does not
expect this to be enough to offset lower-than-expected sales.  As
a result, CGL's cash generation has weakened.  S&P believes the
company will have limited flexibility to meet its short-term debt
obligation.

"Although S&P expects CGL to be able to roll over a portion of its
short-term debt for 2009, if its cash sales performance
deteriorates further, forcing the company to cut development
again, it may face the risk of having to pay down some of its
project loans, exposing the company to greater liquidity risk,"
Ms. Fu said.

The termination of the planned injection of its core residential
real estate assets into Shanghai-listed company, Fenghwa Group
Ltd., has had limited impact on the rating on CGL, she added.


CHRYSLER LLC: Beijing Automotive Denies Asset Purchase Talks
------------------------------------------------------------
Reuters reports Beijing Automotive Industry Co denied a domestic
media report saying it held talks with Chrysler LLC about buying
assets or technology from the U.S. Company.

According to Reuters, the Chinese Business News, citing an unnamed
executive at Beijing Auto, reported on Monday that the Chinese
automaker had initial talks with Chrysler on buying assets and
technology as it seeks to expand globally via acquisitions.

Beijing Auto is interested in buying some of Chrysler's vehicle
and engine manufacturing facilities as well as technology to help
boost its development of its own brand of automobiles, the Chinese
Business News said in a report cited by Reuters.

Bloomberg News relates the Chinese Business News said Chrysler
exited a venture between Beijing Auto and Daimler AG last year
after Cerberus Capital Management LP took control of the U.S.
carmaker.

                About Beijing Automotive Industry

Beijing Automotive Industry Holding Co. Ltd. is one of China's
major auto production bases and among the 8 largest automobile
groups in China as well.  It comprises tens of production
factories and research institutes to produce 700,000 entire
vehicles per year in 3 major categories including jeeps, light-
duty trucks and travelling vans.

Beijing Automotive Industry Holding is the holding company of
Beijing Automotive Import & Export Corporation ("BAIEC") --
http://www.baiec.com/newEbiz1/EbizPortalFG/portal/html/index.html/
-- a supplier of automobiles in China with capabilities ranging
from auto manufacturing, parts supplies to technical solutions and
import and export business.

                        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.

                         *     *     *

As reported in the Troubled Company Reporter on Dec. 3, 2008,
Dominion Bond Rating Service downgraded the ratings of Chrysler
LLC, including Chrysler's Issuer Rating to CC from CCC (high).
Chrysler's First Lien Secured Credit Facility and Second Lien
Secured Credit Facility have also been downgraded to CCC and CC
(low) respectively.  All trends are Negative.  The ratings action
reflects Chrysler's challenge to maintain sufficient liquidity
balances amid severe industry conditions that have deteriorated
alarmingly over the past few months and are not expected to
improve in the near term.  With this ratings action, Chrysler is
removed from Under Review with Negative Implications, where it was
placed on Nov. 7, 2008.

As reported in the Troubled Company Reporter on Aug. 11, 2008,
Standard & Poor's Ratings Services lowered its ratings on Chrysler
LLC, including the corporate credit rating, to 'CCC+' from 'B-'.

On July 31, 2008, TCR said that Fitch Ratings downgraded the
Issuer Default Rating of Chrysler LLC to 'CCC' from 'B-'.  The
Rating Outlook is Negative.  The downgrade reflects Chrysler's
restricted access to economic retail financing for its vehicles,
which is expected to result in a further step-down in retail
volumes.  Lack of competitive financing is also expected to result
in more costly subvention payments and other forms of sales
incentives.  Fitch is also concerned with the state of the
securitization market and the ability of the automakers to access
this market on an economic basis over the near term, given the
steep drop in residual values, higher default rates, higher loss
severity being experienced and jittery capital market.

As reported in the TCR on Dec. 3, 2008, Dominion Bond Rating
Service downgraded on Nov. 20, 2008, the ratings of Chrysler LLC,
including Chrysler's Issuer Rating to CC from CCC (high).
Chrysler's First Lien Secured Credit Facility and Second Lien
Secured Credit Facility have also been downgraded to CCC and CC
(low) respectively.  All trends are Negative.  The ratings action
reflects Chrysler's challenge to maintain sufficient liquidity
balances amid severe industry conditions that have deteriorated
alarmingly over the past few months and are not expected to
improve in the near term.  With this ratings action, Chrysler is
removed from Under Review with Negative Implications, where it was
placed on Nov. 7, 2008.


NEO-CHINA LAND: Moody's Upgrades Corporate Family Rating to 'Caa3'
------------------------------------------------------------------
Moody's Investors Service has upgraded Neo-China Land Group
(Holdings) Limited's corporate family and senior unsecured ratings
to Caa3 from Ca.  The ratings outlook is negative.

"The rating action follows Neo-China's payment of the
US$19.5 million interest for its senior notes within the 30-day
grace period," says Kaven Tsang, Moody's lead analyst for Neo-
China.

"While the payment has prevented Neo-China from an immediate
default, the delay reflects Neo-China's very high liquidity and
financial risk" says Tsang.

"The Caa3 rating reflects Neo-China continued exposure to a high
risk of near-term default, as it faces a put option on the HK$1.1
billion convertible bonds in June 2009, as well as the next coupon
payment on the US$400 million bond, due in July 2009", Tsang says,
adding "there is high uncertainty surrounding Neo-China's ability
to meet this obligation, due to its very tight liquidity
position".

The negative outlook reflects these risks.  A failure to meet the
put option obligation - should it arise - or the interest payment
would result in a rating downgrade.

Moody's last rating action occurred on January 29, 2009, when Neo-
China's ratings were downgraded to Ca with negative outlook.

Neo-China Land Group (Holdings) Limited is a Chinese property
developer engaged in residential and mixed-use developments.  It
has 16 major projects under development in 12 cities in China and
a land bank of around 14.8 million sqm in gross floor area.



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

C.Y.I. CREATION: Court to Hear Wind-Up Petition on March 25
-----------------------------------------------------------
A petition to have C.Y.I. Creation Limited's operations wound up
will be heard before the High Court of Hong Kong on March 25,
2009, at 9:30 a.m.

Kwong Yuk Ling filed the petition against the company on Jan. 20,
2009.

The Petitioner's solicitors are:

          Chong & Partners
          BOCG Insurance Towers, 8th Floor
          134-136 Des Voeux Road Central
          Hong Kong


CASTLE FINANCE: Moody's Junks Ratings on Two Classes of Notes
-------------------------------------------------------------
Moody's Investors Service announced it has downgraded its ratings
of two series of notes issued by Castle Finance I Ltd.

The transaction is a synthetic CDO referencing global corporate
names.  According to Moody's, the rating actions are the result of
Moody's updated key assumptions for rating corporate synthetic
CDOs announced on January 15, 2009 combined with deterioration in
the credit quality of the reference portfolio, which includes but
is not limited to the exposure to Tribune Company.

The transaction also has a significant exposure to corporate names
which continue to deteriorate in the current economic environment.
This will weigh on the ratings of the tranches in this
transaction.

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

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

  -- Moody's updates key assumptions for rating corporate
     synthetic CDOs (January 2009)

The rating actions are:

Castle Finance I Ltd:

(1) Series 1 EUR132,903,226 Floating-Rate Secured Credit-Linked
Notes due 2011

  -- Current Rating: Caa3

  -- Prior Rating: Ba1

  -- Prior Rating Date: October 17, 2008, downgraded to Ba1 from
     A2

(2) Series 2 EUR154,838,710 Floating-Rate Secured Credit-Linked
Notes due 2011

  -- Current Rating: Ca

  -- Prior Rating: B1

  -- Prior Rating Date: October 17, 2008, downgraded to B1 from
     Baa2


CHAODA MODERN: Share Placement Won't Affect S&P's 'BB-' Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services said that the rating on Chaoda
Modern Agriculture (Holdings) Ltd. (BB-/Negative/--) is not
immediately affected by the company's announcement of a proposed
share placement.  In S&P's view, the targeted net proceeds of
HK$391 million will have a limited ability to ease the liquidity
pressure on Chaoda.  That's because, although the company's debt
repayment plan is still not clear, it may have to repay a total of
CNY2.9 billion in a convertible bond and senior unsecured notes
over the next 12 months.

If successful, the proposed share placement would signal that
Chaoda has marginally better financial flexibility than S&P had
expected.  S&P believes the company's aggressive growth appetite
and its large capital expenditure program will continue to put
additional pressure on liquidity unless Chaoda slows down its
expansion plan.


COXSON INDUSTRIES: Court to Hear Wind-Up Petition on April 1
------------------------------------------------------------
A petition to have Coxson Industries (Holdings) Limited's
operations wound up will be heard before the High Court of
Hong Kong on April 1, 2009, at 9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company on Jan. 22, 2009.

The Petitioner's solicitors are:

         Messrs. Wat & Co.
         Chuang's Tower, 12th Floor
         Nos. 30-32 Connaught Road
         Cenral, Hong Kong


EASTGLEN IMPORTS: Creditors' Proofs of Debt Due on March 6
----------------------------------------------------------
The creditors of Eastglen Imports & Exports Limited are required
to file their proofs of debt by March 6, 2009, to be included in
the company's dividend distribution.

The company's liquidators are:

          Ying Hing Chiu
          Chan Mi Har
          Three Pacific Place, Level 28
          1 Queen's Road East
          Hong Kong


GOOD HARVEST: Court to Hear Wind-Up Petition on April 8
-------------------------------------------------------
A petition to have Good Harvest Textiles Limited's operations
wound up will be heard before the High Court of Hong Kong on
April 8, 2009, at 9:30 a.m.

Wintex Agency Limited filed the petition against the company on
Feb. 4, 2009.

The Petitioner's solicitors are:

          Lo & Lo
          Gloucester Tower, The Landmark
          35th Floor
          15 Queen's Road Central
          Hong Kong


HONOUR RIDER: Members to Receive Wind-Up Report on March 17
-----------------------------------------------------------
The members of Honour Rider Limited will meet on March 17, 2009,
at 11:00 a.m., at Room 2008 of Melbourne Plaza, 33 Queen's Road,
in Central, Hong Kong.

At the meeting, Tsoi Hak Kong Herbert, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


JOINT WELL: Creditors' Proofs of Debt Due on March 3
----------------------------------------------------
The creditors of Joint Well Enterprises Limited are required to
file their proofs of debt by March 3, 2009, to be included in the
company's dividend distribution.

The company's liquidators are:

          Ho Hoi Lam
          Man Fung Ying
          Gold & Silver Commercial Building
          18th Floor, 12-18 Mercer Street
          Central, Hong Kong


KAI TAI: Members to Receive Wind-Up Report on March 14
------------------------------------------------------
The members of Kai Tai Cloth Hong Limited will meet on March 14,
2009, at 3:00 p.m., at Block E, 3rd Floor of Wang Cheong Building,
in 251 Reclamation Street, Kowloon.

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


LAM KWOK: Placed Under Members' Voluntary Liquidation
-----------------------------------------------------
At an extraordinary general meeting held on February 2, 2009, the
members of Lam Kwok Gymnasium Limited resolved to voluntarily
liquidate the company's business.

The company's liquidator is:

          Ngan Sim Sim
          Wing Hang Insurance Building
          Room B, 19th Floor
          11 Wing Kut Street
          Central, Hong Kong


LUCKYMAN DEVELOPMENT: Placed Under Members' Voluntary Wind-Up
-------------------------------------------------------------
At an extraordinary general meeting held on February 6, 2009, the
members of Luckyman Development Limited resolved to voluntarily
wind up the company's business.

The company's liquidator is:

           Tse Chor Fat
           Emperor Heights
           Flat D, 18th Floor
           No. 5 Cox's Road
           Kowloon


NINE DRAGONS: Fitch Downgrades Issuer Default Ratings to 'B'
------------------------------------------------------------
Fitch Ratings has downgraded Nine Dragons Paper (Holdings)
Limited's Long-term foreign currency Issuer Default Rating to 'B'
from 'BB-'.  At the same time, the agency has downgraded the
senior unsecured rating on the US$283.75 million notes due 2013 to
'CCC' with Recovery Rating of 'RR6' from 'B+'.  The ratings have
been placed on Rating Watch Negative.

The downgrade of Nine Dragons' ratings and the RWN assignment are
predicated upon the company's weaker operating performance and
financial metrics, reflected by tighter interest coverage and high
financial leverage based on its H1FY2009 financial performance.
In H1FY2009, interest coverage (as measured by Funds from
Operation/Gross Interest Expense) was 1.5x and financial leverage
(measured by adjusted debt net of cash to annualized operating
EBITDAR) was 8.8x, a substantial increase from the level of 5.2x
recorded at FY2008 (June) and from the guidance provided by
management at the time of the bond issue in April 2008.  The
interest coverage ratio in particular is below Fitch's previously
published negative rating factor of 2x.  An improved operational
performance in H2FY2009 is critical to ensure that Nine Dragons
maintains its credit metrics within the financial covenants that
were re-set by its lenders in H1FY2009.  Any further deterioration
could raise concerns over a potential breach of those covenants
and lead to a potential acceleration of the debt by lenders.

Furthermore, Fitch has ongoing concerns over the company's ability
to manage its capex plans with appropriate prudence in the context
of the current economic environment.  Capital expenditure in
H1FY2009 was RMB2.9 billion.  However, Fitch draws some comfort
from the company's decision to postpone its investment in Paper
Machines 27-30 to 2011.

Nonetheless, despite these concerns, the agency notes that Nine
Dragons' liquidity remained adequate as of December 31, 2008, with
cash and cash equivalents of RMB915 million against short-term
debt of RMB1.2 billion.  Liquidity is further supported by RMB5.3
billion of undrawn uncommitted facilities as of December 31, 2008.
Fitch notes that Nine Dragons is currently dependent on domestic
banks' willingness to extend funding to it.  However, the agency
expects the company to maintain its strong market position in
China's fragmented containerboard industry, which should continue
to support its access to domestic bank financing.  Also, Nine
Dragons is likely to benefit from any industry consolidation, as
smaller producers are forced to stop or scale down their
operations due to the slowdown in demand.

The downgrade of the senior unsecured rating on the US$283.75
million notes due 2013 is based on the agency's view that the
structural subordination of the notes has become significant and
will become more so after completion of the tender offer, with
Nine Dragons obtaining any necessary financing from onshore
sources.  Fitch expects that future funding will be provided by
domestic banks directly to the operating subsidiaries.  With the
replacement of the offshore syndicated loans and US$ notes with
domestic financing, the holders of the remaining US$ notes and
syndicated loans will become more structurally subordinated given
that they do not benefit from guarantees provided by the operating
subsidiaries.  The buy-back transaction is viewed by Fitch as
being opportunistic in nature, and while it stops short of
conforming to the agency's definition of a Distressed Debt
Exchange - which would have resulted in a 'D' rating - it would
clearly result in an economic loss for any investors that had
bought the notes in the primary market.

The RWN will be assessed when there is better clarity on the
company's operational performance, capex and financing plans in
H2FY2009.  Any breach of the company's loan covenants or any
evidence that the onshore banks' lending appetite has reduced
could result in a negative rating action.

Nine Dragons is China's largest manufacturer of containerboard
products.  In the financial half-year ended December 2008, the
company achieved revenue of CNY6.3 billion, EBITDA of CNY787.3
million and net income of CNY323.4 million.  Leverage, based on
Fitch's calculations, was 8.8x (annualized) and 5.2x at
December 2008 and June 2008, respectively.  Interest coverage in
H1FY2009 was 1.5x, compared to 5.3x in FY2008.


TITAN PETROCHEMICALS: Tight Liquidity Prompts S&P's Junk Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on Titan Petrochemicals Group
Ltd. to 'CCC' from 'B-'.  The outlook is negative.  At the same
time, Standard & Poor's also lowered the issue rating on the
US$400 million 8.5% senior unsecured notes due 2012 guaranteed by
Titan to 'CCC-' from 'CCC+'.

"The rating actions reflect our view that Titan's liquidity
position has become increasingly tight.  S&P expects the company's
cash flow generation from operations to have deteriorated in the
second half of 2008, given the challenging economic conditions.
In addition, Titan is likely to have a high level of debt coming
due in 2009 and funding pressure for key projects," said Standard
& Poor's analyst Lawrence Lu.  "The ratings also reflect execution
risk surrounding the company's business strategy and financial
policy because of the numerous changes to the senior management
team over the past 18 months."

The company's cash flow generation from operations was negative in
the first half of 2008 and may have remained so for the rest of
the year.  High volatility in oil product prices and weakening
demand are likely to have a negative impact on Titan's floating
and onshore storage business operations.  Its onshore storage
business, despite the company's efforts to increase its
utilization rate, is very likely to operate near or below
breakeven.  Its very large crude carrier business is likely to
have remained weak and volatile in the second half of 2008.  Due
to the disposal of vessels, the transportation business may have
made a lower contribution to profit in the last six months of 2008
compared with the first half of the year.

S&P believes the company's ability to secure new orders for its
shipbuilding business may be challenged amid the weakness in the
global shipping industry.  In addition, funding for the
construction of its shipyard and ship-repair projects does not
appear to have been obtained.  Even if Titan could find funding
from onshore banks, it is likely to be on a secured basis,
which may further distance bondholders from the assets.

The ratings are based on publicly available information as S&P had
no access to management.  S&P could withdraw its ratings if the
available information becomes inadequate for us to form a credit
opinion.


WIN FLASH ET AL: Appoint Wai and Kit as Liquidators
---------------------------------------------------
Ng Kwok Wai and Lui Chi Kit were appointed as liquidators of:

   -- Win Flash Industries Limited;
   -- Master Point (Far East) Limited;
   -- Wai Cheong Engineering Company Limited; and
   -- Man Cheong Engineering Company Limited.

The Liquidators can be reached at:

          Ng Kwok Wai
          Lui Chi Kit
          JCG Building, Unit A, 14th Floor
          16 Mongkok Road, Mongkok
          Kowloon, Hong Kong



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

ADITYA VIDYUT: CRISIL Rates Rs.130 Mln Cash Credit at 'BB+'
-----------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4' to the bank
facilities of Aditya Vidyut Appliances Ltd (AVAL).

   Rs.130 Million Cash Credit       BB+/Stable (Assigned)
   Rs.279 Million Term Loan         BB+/Stable (Assigned)
   Rs.40 Million Working Capital    BB+/Stable (Assigned)
                  Demand Loan
   Rs.100 Million Letter of Credit  P4 (Assigned)
   Rs.190 Million Bank Guarantee    P4 (Assigned)

The ratings reflect AVAL's low profitability because of intense
competition, and its high gearing.  These weakness are partially
mitigated by AVAL's expertise and presence in the power
transformers refurbishment business.

Outlook: Stable

CRISIL believes that AVAL will maintain its credit risk profile on
the back of its established market presence, and will continue to
benefit from the increasing investments in the power sector.  The
outlook may be revised to 'Positive' in case of more-than-expected
growth in AVAL's revenue and profitability.  Conversely, the
outlook may be revised to 'Negative' in case of significant delays
in receivables realisation, or if the company undertakes any large
debt-funded expansion, straining its debt protection measures.

                       About Aditya Vidyut

Incorporated in 1989, AVAL manufactures and repairs distribution
and power transformers.  The company ventured into power
transformers in 1997, as a part of its diversification process.
For 2007-08 (refers to financial year, April 1 to March 31), AVAL
reported a net profit of Rs.41 million on sales of Rs.673 million,
as compared with a net profit of Rs.44 million on sales of Rs.646
million in the previous year.


AVENUES PHARMACEUTICALS: CRISIL Rates Rs.145MM Cash Credit at 'BB'
------------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable' to the various bank
facilities of Avenues Pharmaceuticals Associates (Avenues Pharma).

   Rs.145 .0 Million Cash Credit       BB/Stable (Assigned)
   Rs.10.0 Million Standby Line        BB/Stable (Assigned)
           of Credit

The ratings reflect Avenues Pharma's established market presence
and the benefits that the firm derives from the vast experience of
its promoters, and its robust technological and logistics
infrastructure.  These rating strengths are, however, partially
offset by Avenues Pharma's weak financial risk profile.

Outlook: Stable

CRISIL believes that Avenues Pharma will maintain a stable
business risk profile on the back of established relationships
with key customers and suppliers, and steady growth in demand for
pharmaceutical products.  The outlook may be revised to 'Positive'
if the firm's gearing, operating margins, and debt protection
measures improve significantly.  The outlook may be revised to
'Negative' if Avenues Pharma undertakes any large debt-funded
capital expenditure, or reports sharp deterioration in operating
margins or debt protection measures.

               About Avenues Pharmaceuticals

Set up in 1978, by Mr. K. G. Subbaraj as a partnership firm,
Avenues Pharma is engaged in the distribution of pharmaceutical
products such as medicines and vaccines.  Avenues Pharma is the
stockist for major pharmaceutical companies such as
GlaxoSmithkline, MSD, Astrazeneca, Allergan India Pvt Ltd, Ranbaxy
Laboratories Ltd, Pfizer Ltd, Sanofi Aventis, Sanofi Pasteur,
Galderma, Wyeth and Johnson & Johnson Ltd.  The firm is also a
super stockist for Bio-med Ltd, and consignee agent for Albert
David Ltd. For 2007-08 (refers to financial year, April 1 to March
31), Avenues Pharma reported the net sales of Rs.739.1 million, as
against the net sales of Rs.570.7 million the previous year.


FORSTAR FROZEN: CRISIL Puts 'P4' Rating on Rs.173MM Packing Credit
------------------------------------------------------------------
CRISIL has assigned its ratings of 'P4' to the bank facilities of
Forstar Frozen Foods Pvt Ltd (Forstar).

   Rs.173.00 Million Packing Credit           P4 (Assigned)
   Rs.187.00 Million Foreign Bill Purchase    P4 (Assigned)

The ratings reflect Forstar's weak financial risk profile, and its
exposure to risks inherent to the seafood industry, such as
fluctuations in raw material prices and foreign exchange rates.
These weaknesses are mitigated by Forstar's integrated operations
and long track record in the seafood industry.

                    About Forstar Frozen

Established in 1992 by Mr. S G Nair and his associates, Forstar
came under the full control of Mr. Nair and his family in 2002.
The company processes and exports marine foods to Europe, the UK,
Japan, and the Middle East.  It also manufactures ready-to-eat sea
food under the brand 'Secrets of the Sea'.  Forstar's processing
facility at Maharashtra Industrial Development Corporation's
(MIDC's) industrial area at Taloja, Navi Mumbai, has an installed
capacity of around 92 tonnes per day.

For 2007-08 (refers to financial year, April 1 to March 31),
Forstar reported a profit after tax (PAT) of Rs.6.7 million on net
sales of Rs.971 million, as against a PAT of Rs.9 million on net
sales of Rs.1.04 billion for the previous year.


KKP SPINNING: Delays in Loan Payment Spurs CRISIL 'C' Ratings
-------------------------------------------------------------
CRISIL has assigned its ratings of 'C/P4' to the bank facilities
of KKP Spinning Mills Ltd (KKP Spinning), a KKP group entity.

   Rs.194.30 Million Long Term Loan      C (Assigned)
   Rs.180.00 Million Cash Credit         C (Assigned)
   Rs.20.00 Million Short Term Bank      P4 (Assigned)
            Loan Facility
   Rs.20.00 Million Letter of Credit     P4 (Assigned)
   Rs.15.90 Million Bank Guarantee       P4 (Assigned)

The ratings reflect the recent delays by the KKP group in payment
of interest and repayment of principal on its term loans.

The rating is constrained by the liquidity crisis that the group
faces due to fall in yarn realisations and delays in recovery of
receivables, resulting in a delay in meeting the interest and
principal obligations on its loans.  CRISIL believes that KKP
Textiles will remain exposed to liquidity pressures over the
medium term, owing to the current slowdown in the textile
industry.  The rating also factors in the deterioration in the
group's financial risk profile on account of its aggressive debt-
funded modernisation and acquisition initiatives, and its exposure
to volatile raw material prices.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of KKP Textiles, KKP Spinning Mills Ltd
(KKP Spinning), KKP Weaving and Processing Mills Ltd (KKP
Weaving), KKP Fine Linen Pvt Ltd (KKP Fine Linen), and Hitech
Fabrics (Hitech), collectively referred to as the KKP 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 KKP

Based in Namakkal, Tamil Nadu, the KKP group is engaged in
manufacturing of, and trading in, cotton yarn, grey and dyed
fabrics, made-ups, and home furnishings. The group has a total
installed capacity of 76,872 spindles and 48 looms. In 2007, the
KKP group closed down the operations of KKP Solvent and
Extractions Ltd and instead started KKP Weaving. Hitech acquired
Pothy's Cotton Pvt Ltd in 2008 for a consideration of Rs.75
million. 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.40.9 million on net sales of Rs.3.1 billion, as
against a PAT of Rs.90.2 million and net sales of Rs.2.2 billion
in the previous year.


KKP TEXTILES: CRISIL Assigns 'C' Rating on Rs.230 Mln Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'C/P4' to the bank facilities
of KKP Textiles Ltd (KKP Textiles), a KKP group entity.

   Rs.215.30 Million Long Term Loan     C (Assigned)
   Rs.230.00 Million Cash Credit        C (Assigned)
   Rs.50.00 Million Packing Credit      P4 (Assigned)
   Rs.50.00 Million Bill Purchase-      P4 (Assigned)
            Discounting Facility
   Rs.7.50 Million Bank Guarantee       P4 (Assigned)

The ratings reflect the recent delays by the KKP group in payment
of interest and repayment of principal on its term loans.

The rating is constrained by the liquidity crisis that the group
faces due to fall in yarn realisations and delays in recovery of
receivables, resulting in a delay in meeting the interest and
principal obligations on its loans.  CRISIL believes that KKP
Textiles will remain exposed to liquidity pressures over the
medium term, owing to the current slowdown in the textile
industry.  The rating also factors in the deterioration in the
group's financial risk profile on account of its aggressive debt-
funded modernisation and acquisition initiatives, and its exposure
to volatile raw material prices.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of KKP Textiles, KKP Spinning Mills Ltd
(KKP Spinning), KKP Weaving and Processing Mills Ltd (KKP
Weaving), KKP Fine Linen Pvt Ltd (KKP Fine Linen), and Hitech
Fabrics (Hitech), collectively referred to as the KKP 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 KKP group

Based in Namakkal, Tamil Nadu, the KKP group is engaged in
manufacturing of, and trading in, cotton yarn, grey and dyed
fabrics, made-ups, and home furnishings.  The group has a total
installed capacity of 76,872 spindles and 48 looms.  In 2007, the
KKP group closed down the operations of KKP Solvent and
Extractions Ltd and instead started KKP Weaving.  Hitech acquired
Pothy's Cotton Pvt Ltd in 2008 for a consideration of Rs.75
million.  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.40.9 million on net sales of Rs.3.1 billion, as
against a PAT of Rs.90.2 million and net sales of Rs.2.2 billion
in the previous year.


KKP WEAVING: CRISIL Rates Rs.72.80 Mln Long Term Loan at 'C'
------------------------------------------------------------
CRISIL has assigned its ratings of 'C' to the bank facilities of
KKP Weaving and Processing Mills Ltd (KKP Weaving), a KKP group
entity.

   Rs.72.80 Million Long Term Loan     C (Assigned)
   Rs.20.00 Million Cash Credit        C (Assigned)

The ratings reflect the recent delays by the KKP group in payment
of interest and repayment of principal on its term loans.

The rating is constrained by the liquidity crisis that the group
faces due to fall in yarn realisations and delays in recovery of
receivables, resulting in a delay in meeting the interest and
principal obligations on its loans.  CRISIL believes that KKP
Textiles will remain exposed to liquidity pressures over the
medium term, owing to the current slowdown in the textile
industry.  The rating also factors in the deterioration in the
group's financial risk profile on account of its aggressive debt-
funded modernisation and acquisition initiatives, and its exposure
to volatile raw material prices.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of KKP Textiles, KKP Spinning Mills Ltd
(KKP Spinning), KKP Weaving and Processing Mills Ltd (KKP
Weaving), KKP Fine Linen Pvt Ltd (KKP Fine Linen), and Hitech
Fabrics (Hitech), collectively referred to as the KKP 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 KKP group

Based in Namakkal, Tamil Nadu, the KKP group is engaged in
manufacturing of, and trading in, cotton yarn, grey and dyed
fabrics, made-ups, and home furnishings.  The group has a total
installed capacity of 76,872 spindles and 48 looms.  In 2007, the
KKP group closed down the operations of KKP Solvent and
Extractions Ltd and instead started KKP Weaving.  Hitech acquired
Pothy's Cotton Pvt Ltd in 2008 for a consideration of Rs.75
million.  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.40.9 million on net sales of Rs.3.1 billion, as
against a PAT of Rs.90.2 million and net sales of Rs.2.2 billion
in the previous year.


NAYAAGARH SUGAR: CRISIL Places 'B' Ratings on Various Bank Loans
----------------------------------------------------------------
CRISIL has assigned its ratings of 'B/Stable' to the various bank
facilities of Nayaagarh Sugar Complex Ltd (NSCL).

   Rs.108.6 Million Cash Credit     B/Stable (Assigned)
   Rs.84.1 Million Term Loan        B/Stable (Assigned)

The ratings reflect NSCL's constrained financial profile owing to
high gearing and weak debt protection measures and regulatory
risks related to the sugar industry.  These weaknesses are however
partly offset by the fact that the company enjoys logistical
advantages as its sugar factory is located in a cane growing
region.

Outlook: Stable

CRISIL believes that NSCL's financial risk profile will remain
constrained over the medium term because of large debts undertaken
by the company.  The outlook may be revised to 'Positive' if there
is significant improvement in the company's financial risk
profile.  Conversely, the outlook may be revised to 'Negative' if
the company's takes large debt, to fund its capital expenditure,
resulting in significant deterioration in its debt protection
measures.

                  Abouts Nayaagarh Sugar

NSCL was set up by the promoters of the ECP Industries, an Orissa-
based industrial house, by acquiring a sick sugar unit in 2004.
The company has an installed production capacity of 1250 tonnes
(of cane) crushed per day currently.  The ECP group has interests
in manufacture of valves, pressure regulators and domestic LPG
cylinders.

NSCL reported a profit after tax (PAT) of Rs.5.8 million on net
sales of Rs.200 million for 2007-08 (refers to financial year,
April 1 to March 31), as against a PAT of Rs.6.1 million on net
sales of Rs.153 million for 2006-07.


SATYAM COMPUTER: PW Resigns as Statutory Auditor
------------------------------------------------
The Financial Express reports that Price Waterhouse (PW) has
resigned as statutory auditor of Satyam Computer Services Ltd with
effect from February 12, 2009.

PW, Financial Express relates, said it would cooperate with the
ongoing investigations at the company.

The Satyam Computer board, the report recalls, last week proposed
the removal of its auditor Price Waterhouse to the Ministry of
Corporate Affairs.

"The Board had recommended to the Ministry of Corporate Affairs
the removal of Price Waterhouse (PW) as the statutory auditors of
the company and notified PW.  PW has tendered its resignation to
act as Statutory Auditors of the company.  The company is now
intending to appoint new statutory auditors," the report cited a
statement from Satyam.

In a separate report, the Financial Express says that the Company
Law Board ("CLB") Chairman S Balasubramanian said it has asked
three former directors of Satyam to disclose their assets to the
board by March 31.

The three former directors were Ram Mynampati, K G Palepu and V K
Dham, the report notes.

On January 7, 2009, Satyam Chairman Ramalinga Raju resigned after
saying he manipulated the company's accounts.  Specifically, Mr.
Raju said that as of September 30, 2008, the company's balance
sheet carries:

   (1) inflated (non existent) cash and bank
       balances of 50.40 billion rupees (US$1.04 billion)
       (as against 53.61 billion reflected in the books);

   (2) an accrued interest of 3.76 billion rupees which
       is non existent;

   (3) an understated liability of 12.30 billion rupees
       on account of funds arranged by Mr. Raju; and

   (4) an overstated debtors position of
       4.90 billion rupees (as against 26.51 billion
       reflected in the books).

Mr. Raju's confession prompted investigations into the company by
different entities including Andhra Pradesh state police, the U.S.
Securities and Exchange Commission and SEBI.  Several groups also
considered filing class action suits against the company.

A three-member board was subsequently created by the government
which appointed KPMG and Deloitte Touche Tohmatsu for re-
evaluation of the software company's books.

Mr. Raju was later found to have invented more than one quarter of
Satyam's workforce and used fictitious names to siphon Rs200
million (US$4.1 million) a month out of the company, The Financial
Times said in a report last month.

                          About Satyam

Headquartered in Secunderabad, India, Satyam Computer Services
Limited (BOM:500376) -- http://www.satyam.com/-- is a global
information technology (IT) services provider, offering a range of
services, including systems design, software development, system
integration and application maintenance.  It offers a range of IT
services to its customers, including application development and
maintenance, consulting and enterprise business solutions,
extended engineering solutions and infrastructure management
services. Satyam BPO Limited (Satyam BPO), a majority-owned
subsidiary of the Company, is engaged in providing business
process outsourcing (BPO) services.  Satyam operates in two
segments: IT services and BPO services.  On January 4, 2008, the
Company acquired Nitor global Solutions Ltd.  On April 4, 2008, it
acquired Bridge Strategy Group LLC.  In November 2008, it
announced the take over of Motorola Inc.'s software development
centre in Malaysia.


SIDDHAYU AYURVEDIC: CRISIL Rates Rs.135.0 Mln Term Loan at 'BB-'
----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Negative' to the bank
facilities of Siddhayu Ayurvedic Research Foundation Pvt Ltd
(Siddhayu).

   Rs.135.0 Million Term Loan       BB-/Negative (Assigned)
   Rs.27.0 Million Cash Credit      BB-/Negative (Assigned)
   Rs.4.0 Million Line of Credit    BB-/Negative (Assigned)

The ratings reflect Siddhayu's small scale of operations, customer
concentration risk, and large debt-funded diversifications into
unrelated businesses.  The ratings also factor in Siddhayu's
moderate financial risk profile.  These rating weaknesses are
mitigated by Siddhayu's established position in the ayurvedic
formulations contract manufacturing business.

Outlook: Negative

CRISIL believes that Siddhayu's financial risk profile will remain
constrained because of the large debt it has contracted to fund
its coal mining subsidiary; the subsidiary has not commenced
operations.  The rating may be downgraded in case of substantial
delays in full commissioning of the subsidiary's coal mine or if
Siddhayu's financial risk profile deteriorates further, because of
large, debt-funded diversifications or capital expenditure.
Conversely, the outlook may be revised to 'Stable' if the company
diversifies its customer base, while maintaining its current
profitability, and if its financial risk profile improves on the
back of fresh equity infusion.

                      About Siddhayu Ayurvedic

Incorporated in 1983, and promoted by Mr. Sureshkumar Sharma and
family, Siddhayu manufactures ayurvedic and lifestyle drugs.  The
company primarily undertakes contract manufacturing for Shri
Baidyanath Ayurved Bhawan Pvt Ltd (Shri Baidyanath), a company in
which Siddhayu's promoters have an equity stake.  Siddhayu also
manufactures its own products, such as Spirulina and Stresswin,
for sale in the domestic and export markets.

In 2004-05 (refers to financial year, April 1 to March 31),
Siddhayu set up a 4.75-megawatt (MW) windmill in Karnataka.  In
2007-08, the company acquired a 55 per cent stake in PT Equity
Commodities, an Indonesia-based company with a coal mining
licence.

For 2007-08, Siddhayu reported a profit after tax (PAT) of Rs.20.3
million on net sales of Rs.109.9 million, as against a PAT of
Rs.20.2 million on net sales of Rs.99.9 million for the previous
year.


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

BRIDGESTONE CORPORATION: Net Income Plunges 92% in FY2008
---------------------------------------------------------
Bridgestone Corporation has reported a 92 percent plunge in annual
profit due to the sharply declining global demand for tires, The
Japan Times reports citing The Associated Press.

Bridgestone, The Japan Times says, reported a JPY10.41 billion net
profit for the year ending Dec. 31, down from JPY131.63 billion
the previous year.

Net sales for the year dropped 5 percent to JPY3.23 trillion due
in part to the exchange impact of the stronger Japanese yen and a
decline in unit sales.  The company posted an operating income
JPY131.5 billion, down 47 percent while ordinary income decreased
66 percent to JPY74.4 billion.

According to Japan Times, the main cause for the poor results was
sliding demand for tires caused by stagnating auto markets around
the world crippled by the U.S. financial crisis and its fallout.

Meanwhile, Japan Times says the company projects profit for the
fiscal year ending next Dec. 31, 2009 to decline another 71
percent to JPY3 billion, as sales decline 22 percent to JPY2.53
trillion.

Bridgestone Corporation (TYO:5108) --
http://www.bridgestone.co.jp/-- is a Japan-based manufacturing
company.  The Company has two business segments.  The Tire segment
is engaged in the manufacture and sale of reclaimed material,
tires and tubes for passenger automobiles, trucks, buses,
industrial vehicles, agricultural machinery, aircrafts and
motorcycles, as well as the sale of tire-related products.  This
segment also provides automotive maintenance and repair services.
The Diversified Product segment provides automobile-related parts,
urethane foams, electronic precision parts, industrial material-
related products, construction-related products, sports products,
such as golf balls and golf clubs, bicycles, as well as financial
services.  Headquartered in Tokyo, Bridgestone has 449
subsidiaries and 182 associated companies.


SFCG CO: Seeks Bankruptcy Protection Over Scarce Funding
--------------------------------------------------------
SFCG Co Ltd has filed for bankruptcy protection listing JPY338
billion (US$3.6 billion) in liabilities, Bloomberg News reports.

"We can't get funding from almost any financial firm," the news
agency quoted SFCG Chairman Kenshin Ohshima as saying during a
press briefing in Tokyo.

Prior to seeking bankruptcy, data compiled by Bloomberg showed
SFCG had a market value of JPY15.8 billion.

SFCG owed Citigroup Inc. JPY71 billion as of July 31, the report
relates citing a company filing on Oct. 27.

The company's shares fell 92 percent in the past year and will be
delisted on March 24, the report discloses.

Japan-based SFCG Co Ltd (TYO:8597) -- http://www.sfcg-
ir.com/jp/index.htm/ -- is principally engaged in the finance and
investment business.  The Company has four business segments.  The
Finance and Investment segment is engaged in the corporate finance
business, flooring plan business, investment business, venture
capital and servicer business, among others.  The Real Estate
segment is involved in the sale, brokerage and management of real
estate, the provision of real estate-related information, as well
as the provision of real estate evaluation services.  The Sports
Product and Food segment manufactures and sells golf products,
foods and others.  The Others segment is engaged in the sale of
computer components, the development of systems and the provision
of system support, among others.  The Company has 67 subsidiaries
and four associated companies.


YAMATO LIFE: Prudential Insurance Likely to Acquire Firm
--------------------------------------------------------
Prudential Insurance Co. of America has likely been selected to
acquire Yamato Life Insurance Co., The Japan Times reports citing
Kyodo News.

Prudential, the report relates, was one of two participants in a
tender bid organized by lawyer Hideo Seto, who was named its
bankruptcy administrator last October by the Tokyo District Court.

"I have judged one of the two bidders to be appropriate" as the
acquirer of the time-honored life insurer, the report quoted
Mr. Seto as saying.  A final decision would be made in two weeks,
Mr. Seto added.

According to Japan Times, Mr. Seto did not reveal the names of the
bidders but sources said the bankruptcy administrator selected
Prudential, based on its past performance and the amount of
financial support it offered.

On October 13, 2008, the Troubled Company Reporter-Asia Pacific,
citing Bloomberg News, reported that Yamato Life filed for court
protection from creditors with debts exceeding assets by JPY11.5
billion (US$116 million).  The company went bust with debts of
US$2.7 billion, becoming the first Japanese insurer to go bankrupt
in seven years.

According to TCR-AP, citing Kyodo News, Yamato's financial profile
was hurt by losses from investing in subprime mortgage-backed
bonds and other securities like stocks, whose prices have plunged
amid the global financial crisis.

                        About Yamato Life

Based in Tokyo, Japan, Yamato Life Insurance Co. Ltd., formerly
known as Yamato Mutual Life Insurance Co., provides life insurance
services.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
October 15, 2008, JCR downgraded the rating on ability to pay
insurance claims of Yamato Life from B+p to Dp and then withdrew
the Dp rating.  Yamato Life reported to Financial Services Agency
that it can no longer stay in business and filed with the Tokyo
District Court for protection under the court-guided
rehabilitation law.


* Fitch Affirms Ratings on 15 Japanese Regional Banks
-----------------------------------------------------
Fitch Ratings has affirmed and withdrawn its ratings on 15
Japanese regional banks after conducting ongoing reviews of its
coverage of financial institutions taking into account, among
other factors, investor interest.  Fitch will no longer publish
ratings on these 15 banks but will continue to produce research on
the Japanese regional banking sector.

Except where indicated, "LT IDRs" indicates Long-term local
currency and foreign currency Issuer Default Ratings and "ST IDRs"
indicates Short-term local currency and foreign currency Issuer
Default Ratings.  The ratings below have been affirmed and
withdrawn:

  -- Aichi Bank Ltd.: 'BBB+' LT IDRs, 'F2' ST IDRs, 'C' Individual
     Rating, '4' Support Rating and 'B' Support Rating Floor;
     Outlook Negative;

  -- Akita Bank Ltd.: 'BBB+' LT IDRs, 'F2' ST IDR, 'C' Individual
     Rating, '2' Support Rating and 'BBB-' (BBB minus) Support
     Rating Floor; Outlook Negative;

  -- Aomori Bank Ltd.: 'D' Individual Rating and '3' Support
     Rating;

  -- Bank of Iwate Ltd.: 'A' LT IDRs, 'F1' ST IDRs, 'B/C'
     Individual Rating, '2' Support Rating and 'BBB-' (BBB minus)
     Support Rating Floor; Outlook Negative;

  -- Bank of Nagasaki Ltd.: 'D/E' Individual Rating and '3'
     Support Rating;

  -- Eighteenth Bank, Ltd.: 'BBB' LT IDRs, 'F2' ST IDRs, 'C'
     Individual Rating, '3' Support Rating and 'BB-' (BB minus)
     Support Rating Floor; Outlook Negative;

  -- Fukui Bank Ltd.: 'BBB-' (BBB minus) LT IDRs, 'F3' ST IDRs,
     'C/D' Individual Rating, '2' Support Rating and 'BBB-' (BBB
     minus) Support Rating Floor; Outlook Stable;

  -- Higashi-Nippon Bank Ltd.: 'BBB-' (BBB minus) LT IDRs, 'F3' ST
     IDRs, 'C/D' Individual Rating, '4' Support Rating and at 'B'
     Support Rating Floor; Outlook Negative;

  -- Hokuetsu Bank Ltd.: 'BBB-' (BBB minus) LT IDRs, 'F3' ST IDRs,
     'C/D' Individual Rating, '3' Support Rating, 'BB-' (BB minus)
     Support Rating Floor and 'BB+' subordinated notes; Outlook
     Stable;

  -- Kita-Nippon Bank Ltd.: 'BBB-' (BBB minus) LT IDRs, 'F3' ST
     IDRs, 'C/D' Individual Rating, '3' Support Rating, 'BB-' (BB
     minus) Support Rating Floor and subordinated notes at 'BB+';
     Outlook Negative;

  -- Miyazaki Bank Ltd.: 'BBB' LT IDRs, 'F2' ST IDRs, 'C/D'
     Individual Rating, '2' Support Rating, 'BBB-' (BBB minus)
     Support Rating Floor and 'BBB-' (BBB minus) subordinated
     notes; Outlook Negative;

  -- Shikoku Bank Ltd.: 'D' Individual Rating and '3' Support
     Rating;

  -- Shimizu Bank Ltd.: 'BBB-' (BBB minus) LT IDRs, 'F3' ST IDRs,
     'C/D' Individual Rating, '4' Support Rating and 'B' Support
     Rating Floor; Outlook Negative;

  -- Shinwa Bank Ltd.: 'D/E' Individual Rating and '2' Support
     Rating; and

  -- Tochigi Bank, Ltd, (The): 'BBB+' LT IDRs, 'F2' ST IDRs, 'C'
     Individual Rating, '2' Support Rating and 'BBB-' (BBB minus)
     Support Rating Floor; Outlook Negative.



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

TALAM CORP: Regulator OKs Extending Redemption of Debt Securities
-----------------------------------------------------------------
Talam Corporation Berhad disclosed that the Securities Commission
has approved the proposed extension of the redemption date for
Class B and Class C of the Asset-Backed Al-Bai Bithaman Ajil
Islamic Debt Securities ("BaIDS").

The SC's approval for the proposed extension to be completed no
later than March 31, 2009, is conditional upon:

   (i) RHB Investment Bank have undertaken all necessary due
       diligence in relation to the Proposed Extension;

  (ii) that all relevant parties for the BaIDS including, but
       not limited to, trustee and rating agency, are fully
       informed of the Proposed Extension, and where applicable,
       obtain their consents thereto;

(iii) prior to the implementation of the Proposed Extension,
       RHB Investment Bank to submit a soft copy of the executed
       supplemental trust deed;

  (iv) RHB Investment Bank and Ambang Sentosa Sdn Bhd to obtain
       all other regulatory approvals for the Proposed Extension,
       if applicable; and

   (v) RHB Investment Bank to submit a written confirmation on
       compliance with the above upon implementation of the
       Proposed Extension.

Headquartered in Kuala Lumpur, Malaysia, Talam Corporation
Berhad -- http://www.talam.com.my/-- is principally engaged in
property development.  Its other activities include trading
building materials, manufacturing of ready mixed concrete,
provision for higher educational programs, development and
management of hotel, golf and country club horticulturists,
agriculturists and landscaping designers and contractors and
investment holding.  Operations of the group are carried out in
Malaysia and China.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on
Sept. 11, 2006, that based on the Audited Financial Statements
of Talam Corporation for the financial year ended Jan. 31, 2006,
the Auditors Ernst & Young were unable to express their opinion
on the Company's Audited Accounts.  As such, the Company is an
affected listed issuer of the Amended Practice Note 17 category.
In accordance with PN 17, the company is required to submit and
implement a plan to regularize its financial condition.



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

CANTERBURY MORTGAGE: Winds Up Mortgage Fund
-------------------------------------------
The Canterbury Mortgage Trust has decided to wind up its frozen
mortgage fund with the aim of returning NZ$251 million owed to
4,500 investors, The National Business Review reports.

According to the report, trust manager chairman Don McBeath said
the Trust will repay investors a 40c in the dollar installment in
April.  The repayment process, Mr. McBeath said, may take up to
three years to fully repay investors.

The Business Review relates that some NZ$151 million of the
Trust's assets are still tied up in property loans.  The Trust has
also provided for NZ$15.66 million in possible losses as at
September 30 which would wipe about 6% off investors' funds if
realised, the report says.

As reported by the Troubled Company Reporter-Asia Pacific on
July 23, 2008, Canterbury Mortgage Trust advised its investors
that all withdrawals from the fund have been effectively suspended
until March 2009.

In a letter received by the fund's mainly Canterbury investors,
the Directors of the fund's management company said the action
was taken to secure and protect the fund from "an unprecedented
level" of withdrawal requests from investors.

Suspending withdrawals from the NZ$250 million fund until March
next year was completed with the notification to the fund's
Trustee and in terms of the Trust Deed, said the letter.

                    About Canterbury Mortgage

Formed in 1999 and with NZ$266 million of funds under
management, Canterbury Mortgage Trust offers an alternative
fixed interest investment.  The Trust provides managed mortgage
investments and mortgage finance throughout New Zealand.

In recent times, the Trust has experienced some contraction due to
a number of finance company collapses, and a softening property
market.


CERTIFIED ROOFING: Court Hears Wind-Up Petition
-----------------------------------------------
A petition to have Certified 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 Dec. 3, 2008.


DOMINION FINANCE: Court Adjourns Liquidation Application to May 15
------------------------------------------------------------------
The National Business Review reports that an application to put
Dominion Finance Group (DFG), a subsidiary of Dominion Finance
Holdings Limited, into liquidation has been put off until after
investors have had the chance to vote on the scheme.

The Business Review relates that the application, which was filed
by DFG's trustee Perpetual Trust, was adjourned until after an
investors meeting on April 17.

The liquidation application will be heard before the High Court in
Auckland on May 15.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 2, 2009, The National Business Review said that Perpetual
Trust applied for the liquidation of DFG.

Receiver Rod Partington of Deloitte said the liquidation
application will not affect the progress of the receivership, the
Business Review related.  "It's another step in the process."

                      About Dominion Finance

Based in Auckland, New Zealand, Dominion Finance Holdings
Limited (DFH:NZX) -- http://www.dominionfinance.co.nz/--engages
in the provision of financial services through the raising of
debenture stock.  The company operates through its wholly owned
subsidiaries Dominion Finance Group Limited and North South
Finance Limited, and investment vehicle Dominion Investment Fund
Limited.  Both Dominion Finance Group Limited and North South
Finance Limited accept debenture stock investments and apply
them (in conjunction with its own funds) towards the provision
of certain loans and other financial accommodation.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 11, 2008, the company's trustee Perpetual Trust Limited
appointed Rodney Gane Pardington and Barry Phillip Jordan, both
Chartered Accountants of Deloitte, as receivers and managers of
its subsidiary Dominion Finance Group (DFG), rather than allow DFG
to put its moratorium proposal to DFG stockholders for approval.

Dominion Finance Group owes 6,055 debenture holders NZ$224
million.

A TCR-AP report Oct. 17, 2008, said Dominion Finance Holdings
Limited appointed John Joseph Cregten and Andrew John McKay of
Corporate Finance Limited as the company's voluntary
administrators.

According to The National Business Review: "Dominion Finance
Holding went into voluntary administration after it was fined
NZ$65,000 by NZX Discipline for filing its annual report late.  At
that time, directors said the holding company had little cash to
its own name."

In addition, the TCR-AP on Dec. 3, 2008, reported that the debt
moratorium for Dominion Finance Holding's other subsidiary North
South Finance Ltd was approved by the stockholders on Dec. 2,
2008.


GERRY WILLIAM: Court Hears Wind-Up Petition
-------------------------------------------
A petition to have Gerry William Glass Co. 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 24, 2008.


HUDSON GIFTS: Court Hears Wind-Up Petition
------------------------------------------
A petition to have Hudson Gifts Ltd.'s operations wound up was
heard before the High Court at Auckland on Feb. 5, 2009.

Coutts Cars Limited filed the petition against the company on
November 24, 2008.


JIREH HOSTELS: Court Hears Wind-Up Petition
-------------------------------------------
A petition to have Jireh Hostels 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 September 26, 2008.


JIREH INVESTMENT: Court Hears Wind-Up Petition
----------------------------------------------
A petition to have Jireh Investment Trust 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 September 26, 2008.


OSCAR DECORATOR: Court Hears Wind-Up Petition
---------------------------------------------
A petition to have Oscar Decorator 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 July 21, 2008.


PROVENCOCADMUS: Seeks Debt Repayment Extension
----------------------------------------------
ProvencoCadmus Limited said it is seeking to extend its debt
facilities which are due to expire this week.

In a statement to the New Zealand Stock Exchange, the company said
the current level of debt remains a major concern, and the
recapitalization of the company, including its asset sales
programme, has been a major focus for the Board over the last six
months.

"Clearly we have been maintaining close contact with our bankers
over this time, as the group's facilities are currently scheduled
to expire at the end of February.  We are currently seeking to
extend the bank facilities to enable us to complete all the steps
involved in the recapitalization strategy," the company said in a
statement.

ProvencoCadmus also said it has decided to rollover the Capital
Notes for a lesser period of approximately 12 months from the
upcoming rollover date (to March 31, 2010) at a concessionary
interest rate of 2% per annum, with interest payments made
quarterly.

The company said it recognizes that the interest rate will
disappoint some Capital Note holders but it is one of the elements
required in order to ensure the business can continue to operate
through to the end of the recapitalisation process.

In order to somewhat mitigate the reduction in interest rate,
ProvencoCadmus said it intends to allow Noteholders that choose to
rollover their Capital Notes to convert their Capital Notes into
ProvencoCadmus shares at the lesser of the company's volume
weighted average sale price on the NZSX in the 20 business days
(VWAP) prior to April 15, 2009 or the VWAP prior to March 31,
2010.  This will allow Noteholders to retain priority to
shareholders, but to also benefit from any share price
appreciation that may occur following the recapitalisation (if a
Noteholder elects to convert to equity in March 2010).

At the March 2010 election, Noteholders will retain their right to
elect conversion into shares or have their Capital Notes rolled
over on new terms.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 4, 2008, ProvencoCadmus posted a net loss of NZ$36.3 million
after restructuring costs, IP impairment and write off of tax
losses for the year ended June 30, 2008.

The company said that merger between Provenco and Cadmus was
finalized on May 8, 2008, and the annual result includes a full
year for Provenco and the last two months of the 2008 financial
year for Cadmus.

The Group reported revenues of NZ$160.9 million and a positive
operating cash flow position of NZ$9.8 million for the 12 months
ended June 30, 2008.  In line with market guidance given in June
2008, the Group delivered a NZ$9.9 million deficit before
interest, tax, depreciation, amortization and impairment (EBITDA
and impairment).  NZ$3 million of this amount represents costs
associated with the merger, restructuring and acquisition
activity.  The balance of NZ$6.9 million represents the trading
deficit for the year.

Rick Christie, Chairman of ProvencoCadmus, said "the 2008
financial year has been challenging for the company and the
overall financial loss of NZ$36.3 million, after asset impairment
and adjustments to taxation assets, is very disappointing."

                       About ProvencoCadmus

Based in New Zealand, ProvencoCadmus Limited formerly Provenco
Group Limited (NZX:PVO)-- http://www.provencocadmus.com/ --
designs, builds, distributes and services payment and transaction
solutions.  In Australasia, the company supplies payments and
transaction technology, countertop, mobile and wireless retail
hardware, and globally it supplies transaction, forecourt and site
management systems for the retail oil industry.  It has operations
in 25 countries across five continents.  On May 8, 2008, Provenco
Group Limited (PVO) and Cadmus Technology Limited (CTL) completed
their merger, with the merged company adopting the interim name of
ProvencoCadmus.


SENOJAY PROPERTIES: Court Hears Wind-Up Petition
------------------------------------------------
A petition to have Senojay Properties Ltd.'s operations wound up
was heard before the High Court at Auckland on Jan. 30, 2009.

The Commissioner of Inland Revenue filed the petition against the
company on Aug. 13, 2008.


STONESCAPES LTD: Court Hears Wind-Up Petition
---------------------------------------------
A petition to have Stonescapes 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 Nov. 13, 2008.


THE FOOD: Court Hears Wind-Up Petition
--------------------------------------
A petition to have The Food Lovers Cafe & Catering Company Ltd.'s
operations wound up was heard before the High Court at New
Plymouth on Jan. 28, 2009.

The Commissioner of Inland Revenue filed the petition against the
company on September 22, 2008.


WHITEHAUS PRIVATE: Court Hears Wind-Up Petition
-----------------------------------------------
A petition to have Whitehaus Private 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 Nov. 10, 2008.



======================
S O U T H  A F R I C A
======================

ANGLO AMERICAN: Won't Pay Dividends, to Cut 19,000 Jobs
-------------------------------------------------------
Anglo American plc has suspended dividend payments as it faces a
year end net debt of US$11.0 billion.  The company paid total
dividend of 44 cents per share for the year ended Dec. 31, 2008.  

The suspension of dividends was necessary "given the horrendous
market conditions, which are likely to materially impact our 2009
earnings," Bloomberg News quoted Chief Executive Officer Cynthia
Carroll as saying during a presentation in London on Friday.
Paying a dividend "would have put the balance sheet under undue
pressure."

The company also suspended share buyback and will lay off 19,000
jobs as net profit  for 2008 decreased 29% to US$5.2 billion from
US$7.3 billion in 2007.

Anglo American employed about 100,000 people in 2007, with three-
quarters in South Africa, according to data compiled by Bloomberg.

Total revenue for the year ended Dec. 31, 2008, decreased 7.6% to
US$32.9 billion from US$35.6 billion in 2007.

Underlying earnings for the period also fell 9% to US$5.2 billion
while total operating profit including associates before special
items and remeasurements increased 0.3% to US$5.2 billion.

The company has committed undrawn bank facilities and cash of over
US$7 billion at December 31, 2008.

Based in London, England, Anglo American plc (NASDAQ:AAUK) ---
http://www.angloamerican.co.uk/--- is a mining and natural
resource company.  With its subsidiaries, joint ventures and
associates, it is a global player in platinum group metals and
diamonds, with interests in coal, base and ferrous metals, as well
as an industrial minerals business and a stake in AngloGold
Ashanti Limited.  The Company is geographically diverse with
operations in Africa, Europe, South and North America, Australia
and Asia.  On July 2, 2007, the Paper and Packaging business was
demerged from the Company.  On October 2, 2007, Anglo American
plc's holding in AngloGold Ashanti reduced from 41.6% to 17.3%.
The Company has subsequently reduced its shareholding in AngloGold
Ashanti, which as of December 31, 2007, was 16.6%.  In August
2008, the Company acquired a 63.3% shareholding in IronX, which
holds a 51% interest in the Minas-Rio iron ore project and a 70%
interest in the Amapa iron ore system.


* SOUTH AFRICA: GDP May Fall 1.4% in 4th Qtr, Bloomberg Says
------------------------------------------------------------
South Africa's gross domestic product fell an annualized 1.4
percent in the fourth quarter of 2008, its first time in a decade,
Bloomberg News reports citing median estimate of 18 economists it
surveyed.

The fourth quarter economic growth figure "will be negative" as a
result of the global slowdown and the delayed impact of previous
interest rate increases, the news agency cited Rian le Roux, chief
economist at Old Mutual Investment Group, as saying.

"If the numbers are quite bad" the central bank may cut rates by 1
percentage point before the next scheduled meeting of its Monetary
Policy Committee in April, the chief economist added.

According to Bloomberg News, the U.S., Europe and Japan, together
account for 60 percent of South African exports.  Recessions in
these regions are undermining mining and manufacturing production
and adding to job losses in a country where unemployment is 23
percent, Bloomberg News says.



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

PROMOS TECHNOLOGIES: To Buy Back Convertible Bonds at 90% Discount
------------------------------------------------------------------
ProMOS Technologies Inc. offered to buy back convertible bonds for
as little as 10 percent of the principal, The China Post reports.

Citing ProMOS in a filing to Singapore's stock exchange, the Post
relates the tender offer started Feb. 19 and ends on March 21.
Bondholders who accept the offer before March 2 will get 20
percent of the principal, the report says.

According to the Post, ProMOS said that if more than 82 percent of
bondholders accept the tender before March 2, they will receive an
extra US$30 per US$1,000 principal, and if the number is higher
than 86 percent, the extra payment is US$65.

ProMOS, as cited by the report, said the tender will fail if less
than 79 percent bondholders accept the offer.  However, ProMOS
said, creditors can still demand full payment if they apply by
May 14, the Post relates.

The report says the company would spend as little as US$33.5
million, less than half it has available, buying back US$335.6
million worth of zero-coupon convertible bonds listed in
Singapore, freeing it from a payment default.

ProMOS had an operating loss of NT$24.5 billion in 2008.  Its cash
dropped to NT$200 million as of Jan. 31 from NT$2.6 billion in
June 2008, according to the Post.

The Troubled Company Reporter-Asia Pacific reported on Feb. 23,
2009, that ProMOS Technologies offered to buy back US$335 million
worth of convertible bonds but said it would be unable to fully
meet its convertible bond obligations.

According to Taipei Times, ProMos said more than 97 percent of its
investors intended to redeem the bonds, bringing its estimated
obligations to US$327 million.  However, the Times related, the
company has only obtained initial approval for NT$3 billion
(US$86.65 million) in syndicated loans.

The company, Taipei Times related, has hired Citigroup Global
Markets Taiwan Ltd as its representative to negotiate for special
terms with its bondholders.

As reported in the TCR-AP on Feb. 18, 2009, AFP said a consortium
of Taiwanese banks have tentatively agreed to provide a new NT$3
billion (US$88.23 million) loan to the company.

According to AFP, the state Bank of Taiwan said "they had
reached a tentative agreement to grant a NT$3 billion loan to
ProMOS," -- two billion dollars short of the amount sought by the
company.

The agreement, the bank said, requires final approval of the
banks' separate boards, AFP related.

Without the loan, AFP noted, it was feared that ProMOS would not
have sufficient funds to pay its bondholders and sustain
operations, leading to a possible default.

The TCR-AP, citing Taipei Times, reported on Jan. 20, 2009, that
ProMos was facing mounting pressure to repay US$330 million in
overseas corporate debt that matured on Feb. 14.

For the first nine months of 2008, ProMOS lost NT$22.5 billion
amid a slump in demand for memory chips.  The company reported a
net loss of NT$7.32 billion for the year ended December 31, 2007.

                           About ProMOS

ProMOS Technologies Inc. -- http://www.promos.com.tw--  is a
semiconductor memory solution provider in Taiwan.  The Company is
principally engaged in the research, design, development,
manufacture and sale of synchronous dynamic random access memories
(SDRAMs), as well as the related import and export businesses.
The Company provides 64 megabytes (Mb), 128 Mb and 256Mb SDRAMs,
128Mb, 256Mb and 512Mb double data rate (DDR) SDRAMs and others.
The Company distributes its products within the domestic market
and to overseas markets.  As of December 31, 2007, the Company had
six wholly owned subsidiaries, including United Memories, Inc,
ProMOS Technologies Pte. Ltd, Flourishing Moment Limited, ProMOS
Technologies Japan Limited and ProImage Technologies Inc.



===============
T H A I L A N D
===============

* THAILAND: Economy Shrinks 4.3% in Fourth Quarter 2008
-------------------------------------------------------
Thailand's economy contracted 4.3 percent in the fourth quarter of
2008 from the same period in 2007, and may shrink by at least that
much in the first quarter, Bloomberg News reports citing the
country's government in a statement.

GDP contracted a seasonally adjusted 6.1 percent in the fourth
quarter from the previous three months, when it grew a revised 3.9
percent, the government statement obtained by the news agency
said.

GDP may shrink as much as 1 percent this year, the first annual
contraction in 11 years, Thailand's National Economic & Social
Development Board said as cited by Bloomberg News.

The report relates the country's finance ministry forecasts a
budget deficit of 349.5 billion baht in this fiscal year ending
Sept. 30.

Prime Minister Abhisit Vejjajiva has pledged immediate cash
handouts and long-term infrastructure projects to stem the
economy's slide, the news agency discloses.

According to the report, Thailand will start implementing a 116.7
billion-baht (US$3.3 billion) package of training programs, cash
handouts, property tax breaks and public works next month.

It has also approved measures to boost bank lending and plans to
spend 2 trillion baht on mainly infrastructure projects over three
to four years to increase investment and create jobs, the report
adds.



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

* DUBAI: UAE Subscribes 50% of Issued Bonds
-------------------------------------------
Babu Das Augustine at Gulf News reports Dubai announced Sunday a
US$20 billion long term bond program to fund its various financial
commitments and spending programs.

The first tranche of the issue amounting to US$10 billion or 50
per cent of the bonds program was fully subscribed by the United
Arab Emirates central bank, Gulf News says citing a press
statement from the city-state's Department of Finance.

The bond is an unsecured fixed rate paper yielding 4 per cent per
annum and has a five-year maturity, Gulf News cited Dubai's
Finance Department in an emailed statement.

"This issuance will provide Dubai Government with the necessary
liquidity to substitute the liquidity that has dried up globally
in the last 12 months and accordingly meet all upcoming financial
obligations.  This program will secure the necessary funding for
Dubai to meet its financial obligations and continue its
development program," Dubai said in the statement obtained by Gulf
News.

Gulf News recalls November last year, Dubai Advisory Council
estimated the city-state's sovereign debt obligations at US$10
billion, and sovereign assets of more than US$90 billion.  While
the debt obligations of government owned companies were placed at
US$70 billion, their combined assets were estimated at US$260
billion, Gulf News notes.

The Wall Street Journal relates according to an estimate by
Standard & Poor's, Dubai has some US$80 billion in government and
corporate obligations, or about 110% of the city-state's gross
domestic product.

Regional bank EFG-Hermes estimated that Dubai's principal and
interest payments due in 2009 would equal some US$14 billion, WSJ
says.

Bloomberg News recalls Moody's Investors Service said in October
that Dubai may need help from Abu Dhabi to pay for its debt.

The emirate may have to refinance US$15 billion this year in
maturing loans and bonds, Moody's said as cited by Bloomberg News.

The cost to protect Dubai debt against default jumped to 976 basis
points, the highest this year, on Feb. 17, Bloomberg News says
citing traders of credit-default swaps.

Morgan Stanley said in a Feb. 2 report real-estate prices have
fallen 25 percent in Dubai from September's peak, Bloomberg News
relates.

Dubai said it will run a budget deficit of 4.2 billion dirhams
this year as it boosts government spending by 42 percent to stoke
economic growth, Bloomberg News discloses.


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

* BOND PRICING: For the Week February 23 to February 27, 2009
-------------------------------------------------------------

   AUSTRALIA
   ---------
Ainsworth Game                8.000%   12/31/09   AUD       0.67
Alumina Finance               2.000%   05/16/13   USD      65.52
Antares Energy               10.000%   10/31/13   AUD       1.27
Babcock & Brown Pty           8.500%   11/17/09   NZD       8.20
Becton Property Group         9.500%   06/30/10   AUD       0.12
Bemax Resources               9.375%   07/15/14   USD      44.75
Bemax Resources               9.375%   07/15/14   USD      44.75
Bounty Industries Ltd        10.000%   06/30/10   AUD       0.01
Capral Aluminum              10.000%   03/29/12   AUD       1.00
China Century                12.000%   09/30/10   AUD       0.89
CSR Finance Ltd               7.700%   07/21/25   USD      24.25
Djerriwarrh Inv               6.500%   09/30/09   AUD       3.97
First Australian             15.000%   01/31/12   AUD       0.45
FMG Finance                   9.750%   09/01/13   EUR      69.25
FMG Finance                   9.750%   09/01/13   EUR      69.25
Griffin Coal Min              9.500%   12/01/16   USD      33.37
Griffin Coal Min              9.500%   12/01/16   USD      33.37
Heemskirk Consol              8.000%   04/29/11   AUD       2.25
Insurance Austra              5.625%   12/21/26   GBP      69.76
Jpm Au Enf Nom 1              3.500%   06/30/10   USD       1.12
Macquarie Bank                5.500%   09/19/16   GBP      70.82
Metal Storm                  10.000%   09/01/09   AUD       0.08
Minerals Corp                10.500%   03/31/09   AUD       0.80
Myer Group Fin               10.194%   03/15/13   AUD      61.10
Nylex Ltd.                   10.000%   12/08/09   AUD       0.84
Orchard Invest                9.000%   12/15/10   AUD      56.00
Paladin Energy                4.500%   12/15/11   USD      73.09
Paladin Energy                5.000%   03/11/13   USD      65.19
Resolute Mining              12.000%   12/31/12   AUD       0.65
Sun Resources NL             12.000%   06/30/11   AUD       0.30
Suncorp-Metway                6.625%   10/23/17   AUD      64.63
Timbercorp Ltd                8.900%   12/01/10   AUD      52.50
Westfield Fin                 3.625%   06/27/12   EUR      74.54
Westfield Fin                 5.500%   06/27/17   GBP      65.92


   CHINA
   -----
China Govt Bond                 4.860%  08/10/14     CNY     0.00
Chinatrust Comm                 5.625%  03/29/49     CNY    54.75
Jiangxi Copper                  1.000%  09/22/16     CNY    73.52


   HONG KONG
   ---------
Resparcs  Funding              8.000%  12/29/49     USD    24.45


   INDIA
   -----
Amtek Auto                     0.500%  06/03/10     USD    69.04
Canara Bank                    6.365%  11/28/21     USD    74.25
Gitanjali Gems                 1.000%  11/25/11     USD    69.00
Hindustan Cons                10.000%  10/25/09     INR    33.35
ICICI Bank Ltd                 6.375%  04/30/22     USD    55.67
ICICI Bank Ltd                 7.250%  08/30/22     USD    55.87
ICICI Bank Ltd                 7.250%  08/29/49     USD    43.00
JCT Ltd                        2.500%  04/08/11     USD    19.50
State BK India                 6.439%  02/28/49     USD    72.32
Strides Arcolab                0.500%  04/19/10     USD    72.00
Subex Azure                    2.000%  03/09/12     USD    12.25
Tata Motors Ltd                1.000%  04/27/11     USD    54.34
UTI Bank Ltd                   7.250%  05/16/13     USD    65.55
Videocon Indus                 4.500%  07/25/11     USD    35.75


   INDONESIA
   ---------
Bank Lippo TB PT               7.375%  11/22/16     USD    69.88
Indonesia Gov't                9.000%  09/15/18     IDR    74.55
Indonesia Gov't                9.500%  07/15/23     IDR    70.70
Indonesia Gov't               10.000%  09/15/24     IDR    73.05
Indonesia Gov't                9.000%  09/15/18     IDR    73.90
Indonesia Gov't               10.000%  02/15/28     IDR    72.18
Indonesia Gov't                9.750%  05/15/37     IDR    67.99
Indonesia Gov't               10.500%  07/15/38     IDR    72.85
Indonesia Gov't                6.625%  02/17/37     IDR    63.75
Indonesia Gov't                6.625%  02/17/37     IDR    65.81
Indonesia Gov't                7.750%  01/17/38     IDR    69.94
Indonesia Gov't                7.750%  01/17/38     IDR    70.37


   JAPAN
   -----
Aiful Corp                     1.220%  04/20/12     JPY    74.85
Aiful Corp                     1.630%  11/22/12     JPY    72.06
Aiful Corp                     1.990%  10/19/15     JPY    58.13
Aozora Bank                    1.400%  02/27/12     JPY    74.99
Aozora Bank                    1.300%  03/27/12     JPY    74.11
Aozora Bank                    1.400%  04/27/12     JPY    73.98
Aozora Bank                    0.560%  05/12/12     JPY    74.91
Aozora Bank                    1.400%  05/25/12     JPY    73.44
Aozora Bank                    0.560%  05/27/12     JPY    74.65
Aozora Bank                    0.560%  06/12/12     JPY    74.32
Aozora Bank                    0.560%  06/27/12     JPY    74.05
Aozora Bank                    1.600%  06/27/12     JPY    73.33
Aozora Bank                    0.660%  07/12/12     JPY    74.07
Aozora Bank                    0.600%  07/27/12     JPY    73.80
Aozora Bank                    1.700%  07/27/12     JPY    73.06
Aozora Bank                    0.660%  08/12/12     JPY    73.55
Aozora Bank                    0.660%  08/27/12     JPY    73.26
Aozora Bank                    0.660%  08/27/12     JPY    73.26
Aozora Bank                    1.700%  08/27/12     JPY    72.53
Aozora Bank                    0.660%  09/12/12     JPY    72.96
Aozora Bank                    0.660%  09/27/12     JPY    72.69
Aozora Bank                    1.400%  09/27/12     JPY    71.09
Aozora Bank                    0.660%  10/12/12     JPY    72.43
Aozora Bank                    1.600%  10/26/12     JPY    71.11
Aozora Bank                    0.660%  10/27/12     JPY    72.19
Aozora Bank                    0.660%  11/22/12     JPY    71.89
Aozora Bank                    0.660%  11/27/12     JPY    71.63
Aozora Bank                    1.350%  11/27/12     JPY    69.72
Aozora Bank                    0.660%  12/12/12     JPY    71.38
Aozora Bank                    0.660%  12/27/12     JPY    71.12
Aozora Bank                    1.450%  12/27/12     JPY    69.51
Aozora Bank                    0.660%  01/12/13     JPY    70.86
Aozora Bank                    1.250%  01/25/13     JPY    68.35
Aozora Bank                    0.660%  01/27/13     JPY    70.62
Aozora Bank                    0.560%  02/12/13     JPY    69.99
Aozora Bank                    0.560%  02/27/13     JPY    69.75
Aozora Bank                    1.300%  02/27/13     JPY    67.97
Aozora Bank                    0.560%  03/12/13     JPY    69.51
Aozora Bank                    0.560%  03/27/13     JPY    69.25
Aozora Bank                    1.250%  03/27/13     JPY    67.17
Aozora Bank                    0.560%  04/12/13     JPY    68.98
Aozora Bank                    1.300%  04/26/13     JPY    66.73
Aozora Bank                    0.560%  04/27/13     JPY    68.74
Aozora Bank                    0.560%  05/12/13     JPY    68.50
Aozora Bank                    0.560%  05/27/13     JPY    68.21
Aozora Bank                    1.600%  05/27/13     JPY    67.15
Aozora Bank                    0.560%  06/12/13     JPY    67.94
Aozora Bank                    0.560%  06/27/13     JPY    67.69
Aozora Bank                    1.650%  06/27/13     JPY    66.79
Aozora Bank                    0.560%  07/12/13     JPY    67.44
Aozora Bank                    1.700%  07/26/13     JPY    66.49
Aozora Bank                    0.560%  07/27/13     JPY    67.21
Aozora Bank                    0.560%  08/12/13     JPY    66.92
Aozora Bank                    0.560%  08/27/13     JPY    66.69
Aozora Bank                    1.600%  08/27/13     JPY    65.64
Aozora Bank                    0.560%  09/12/13     JPY    66.41
Aozora Bank                    0.560%  09/27/13     JPY    66.16
Aozora Bank                    1.800%  09/27/13     JPY    65.77
Aozora Bank                    0.560%  10/12/13     JPY    65.93
Aozora Bank                    0.560%  10/25/13     JPY    65.70
Aozora Bank                    0.560%  11/12/13     JPY    65.41
Aozora Bank                    0.560%  11/27/13     JPY    65.17
Aozora Bank                    0.400%  12/12/13     JPY    64.32
Aozora Bank                    0.400%  12/27/13     JPY    64.07
Aozora Bank                    0.400%  01/12/14     JPY    63.85
Aozora Bank                    0.400%  01/27/14     JPY    63.85
Aozora Bank                    0.400%  02/12/14     JPY    63.31
Aozora Bank                    0.400%  02/27/14     JPY    63.08
Belluna Co Ltd                 1.100%  03/21/12     JPY    59.15
CSK Corporation                0.250%  09/30/13     JPY    39.00
Daikyo Inc.                    1.800%  03/12/12     JPY    74.75
Ebara Corp                     1.700%  09/30/11     JPY    63.00
Ebara Corp                     1.300%  09/30/13     JPY    45.00
ES-Con Japan Ltd               3.360%  05/10/10     JPY    45.86
Hitachi Zosen                  1.500%  09/30/12     JPY    62.00
JACCS Co Ltd                   1.820%  09/28/15     JPY    74.96
Kenedix Inc                    2.090%  11/09/10     JPY    57.66
Nichiei Co Ltd                 1.750%  03/31/14     JPY    55.00
NIS Group                      2.730%  02/26/10     JPY    68.96
NIS Group                      8.060%  06/20/12     USD    68.87
Pacific Manageme               2.800%  03/16/11     JPY    20.05
Resona Bank                    3.750%  04/15/15     EUR    73.08
Resona Bank                    4.125%  09/29/49     EUR    37.00
Resona Bank                    5.986%  08/29/49     GBP    59.98
Resona Bank                    5.850%  09/29/49     USD    45.05
Shinsei Bank                   1.350%  11/27/12     JPY    74.19
Shinsei Bank                   1.450%  12/27/12     JPY    74.01
Shinsei Bank                   1.250%  01/25/13     JPY    72.91
Shinsei Bank                   1.300%  02/27/13     JPY    72.56
Shinsei Bank                   1.250%  03/27/13     JPY    71.94
Shinsei Bank                   1.350%  04/26/13     JPY    71.78
Shinsei Bank                   1.600%  05/27/13     JPY    72.14
Shinsei Bank                   1.650%  06/27/13     JPY    71.83
Shinsei Bank                   1.700%  07/26/13     JPY    71.58
Shinsei Bank                   1.600%  08/27/13     JPY    70.77
Shinsei Bank                   1.700%  09/27/13     JPY    70.66
Shinsei Bank                   1.960%  03/25/15     JPY    68.33
Shinsei Bank                   2.010%  10/30/15     JPY    65.93
Shinsei Bank                   3.750%  02/23/16     JPY    32.00
Shinsei Bank                   5.625%  12/29/49     JPY    26.00
Softbank Corp                  7.750%  10/15/13     EUR    67.54
Sumitomo Mitsui                4.375%  07/29/49     EUR    52.00
Sumitomo Mitsui                5.625%  07/29/49     EUR    71.00


SOUTH KOREA
-----------
GS Caltex Corp                 5.500%  08/25/15     USD    73.18
GS Caltex Corp                 5.500%  10/15/15     USD    70.95
GS Caltex Corp                 6.000%  08/08/16     USD    67.74
GS Caltex Corp                 5.500%  04/24/17     USD    63.49
GS Caltex Corp                 5.500%  04/24/17     USD    64.46
Hana Bank                      5.875%  09/14/16     USD    72.43
Hana Bank                      5.375%  04/12/17     USD    70.12
Hynix Semi Inc.                4.500%  12/14/12     USD    67.26
Hynix Semi Inc.                7.875%  06/27/17     KRW    39.21
Hynix Semi Inc.                7.857%  06/27/17     USD    39.21
Korea Dev Bank                 7.350%  10/27/21     KRW    49.21
Korea Dev Bank                 7.400%  10/27/21     KRW    49.21
Korea Dev Bank                 7.450%  10/31/21     KRW    49.18
Korea Dev Bank                 7.400%  11/02/21     KRW    49.17
Korea Dev Bank                 7.310%  11/08/21     KRW    49.12
Korea Dev Bank                 8.450%  12/15/26     KRW    72.63
Korea Elec Pwr                 6.000%  12/01/26     USD    69.65
LG-Caltex Oil                  5.500%  08/25/14     USD    73.18
NACF                           5.375%  04/26/17     USD    69.89
Shinhan Bank                   5.663%  03/02/35     USD    45.50
Shinhan Bank                   6.819%  09/20/36     USD    48.13
Woori Bank                     6.125%  05/03/16     USD    68.25
Woori Bank                     6.208%  05/02/37     USD    34.00


   MALAYSIA
   --------
Advance Synergy Berhad         2.000%  01/26/18     MYR     0.04
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     0.90
Berjaya Land Bhd               5.000%  12/30/09     MYR     3.02
Cagamas Berhad                 3.640%  05/05/09     MYR     2.87
Crescendo Corp B               3.750%  01/11/16     MYR     1.06
Huat Lai Resources             5.000%  03/28/10     MYR     0.21
Insas Berhad                   8.000%  04/19/09     MYR     0.27
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.10
Kretam Holdings                1.000%  08/10/10     MYR     1.04
Kumpulan Jetson                5.000%  11/27/12     MYR     0.44
Lion Diversified               4.000%  12/17/13     MYR     0.63
Mithril Bhd                    8.000%  04/05/09     MYR     0.10
Mithril Bhd                    3.000%  04/05/12     MYR     0.66
Nam Fatt Corp                  2.000%  06/24/11     MYR     0.16
Puncak Niaga Holdings Bhd      2.500%  11/18/16     MYR     0.73
Rubberex Corporation Berhad    4.000%  08/14/12     MYR     0.75
Tenaga Nasional                3.050%  05/10/09     MYR     0.92
Tradewinds Plant               3.000%  02/28/16     MYR     1.12
Wah Seong Corp                 3.000%  05/21/12     MYR     2.00
Wijaya Baru Glob               7.000%  09/17/12     MYR     0.52
YTL Cement Bhd                 4.000%  11/10/15     MYR     1.13


   MARSHALL ISLANDS
   ----------------

Navios Maritime                9.500%  12/15/14     USD    59.62


   NEW ZEALAND
   -----------
Allied Farmers                 9.600%  11/15/11     NZD    41.57
Allied Nationwid              11.520%  12/29/49     NZD    50.00
BBI Ntwrks NZ Ltd              8.000%  11/30/12     NZD    20.59
Blue Star Print                9.100%  09/15/12     NZD    26.78
Capital Prop NZ                8.500%  04/15/09     NZD    20.00
Capital Prop NZ                8.000%  04/15/10     NZD    22.50
Fidelity Capital               9.250%  07/15/13     NZD    51.06
Fletcher Buildin               7.800%  03/15/09     NZD    15.00
Fletcher Buildin               7.550%  03/15/11     NZD     9.40
Hellaby Holdings               8.500%  06/15/11     NZD    34.77
Infrastr & Util                8.500%  11/15/13     NZD    11.00
Infratil Ltd                  10.180%  12/29/49     NZD    57.00
Marac Finance                 10.500%  07/15/13     NZD     0.93
Nuplex Industrie               9.300%  09/15/12     NZD    63.74
NZ Finance Hldgs               9.750%  03/15/11     NZD    72.23
Orix Corp                      5.480%  11/2/11      USD    68.09
Pins Securities                9.250%  01/31/14     NZD    28.25
Sky Network TV                 9.370%  10/16/16     NZD    71.10
South Canterbury              10.430%  12/15/12     NZD     0.09
St Laurence Prop               9.250%  07/15/10     NZD    46.60
Trustpower Ltd                 8.500%  09/15/12     NZD     8.00
Trustpower Ltd                 8.500%  03/15/14     NZD     7.70
Vector Ltd                     8.000%  12/29/49     NZD     8.30


   PHILIPPINES
   -----------
First Gen Corp                 2.500%  02/11/13     USD    39.76
Rizal Comm Bank                9.875%  10/31/49     USD    75.00


   SINGAPORE
   ---------
Avago Tech Fin                11.875%  12/01/15     USD    74.74
Capitaland Ltd.                2.950%  06/20/22     SGD    62.13
Chartered Semico               6.250%  04/04/13     USD    74.40
Chartered Semico               6.375%  08/03/15     USD    59.86
Davomas Intl. Fin.            11.000%  05/19/11     USD    39.93
Empire Cap Res                 9.375%  12/15/11     USD    70.50
Giti Tire                     12.250%  01/26/12     USD    24.96


   SRI LANKA
   ---------
Rep of Sri Lanka              8.250%  10/24/12     USD     67.79
Sri Lanka Govt                6.850%  04/15/12     LKR     73.90
Sri Lanka Govt                6.850%  10/15/12     LKR     71.03
Sri Lanka Govt                8.500%  01/15/13     LKR     74.15
Sri Lanka Govt                8.500%  07/15/13     LKR     72.16
Sri Lanka Govt                7.500%  08/01/13     LKR     69.03
Sri Lanka Govt                7.500%  11/01/13     LKR     68.03
Sri Lanka Govt                8.500%  02/01/18     LKR     62.25
Sri Lanka Govt                8.500%  07/15/18     LKR     61.84
Sri Lanka Govt                7.500%  08/15/18     LKR     57.22
Sri Lanka Govt                7.000%  10/01/23     LKR     51.33


  THAILAND
  --------
Advance Agro Pub             11.000%  12/19/12     USD     44.87
G Steel                      10.500%  10/04/10     USD     39.98
Italian-Thai Dey              4.500%  06/10/13     USD     48.07



                         *********

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

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

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


                            *********


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

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

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

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

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





                 *** End of Transmission ***