TCRAP_Public/090225.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

           Wednesday, February 25, 2009, Vol. 12, No. 39

                            Headlines

A U S T R A L I A

ACN 002 131 017: Supreme Court Enters Wind-Up Order
ACN 000 820 299: Placed Under Voluntary Wind-Up
AMW LAW: Supreme Court Enters Wind-Up Order
ANZER HOLDINGS: Placed Under Voluntary Wind-Up
BABCOCK & BROWN INFRA: Casts Doubts on Powerco Stake Sale

BABCOCK & BROWN WIND: Incurs AU$88.4 Million First-Half Loss
BNY TRUST: Moody's Junks Ratings on Three Classes of Notes
DAVIDSON INSTRUMENTS: Members Opt to Liquidate Business
DESIGNERS CHOICE: Appoints Clifford Sanderson as Liquidator
FIN ENG: Enters Wind-Up Proceedings

INDEPENDENT LITHO: Members Opt to Wind Up Operations
JIGSAW PROPERTY: Commences Wind-Up Proceedings
KOLDER INVESTCO: Members Pass Resolution to Wind Up Operations
LAKESIDE GOLF: Members Opt to Wind Up Operations
OZZIBIK PTY: Commences Wind-Up Proceedings

PAUL ENRIGHT: Placed Under Voluntary Wind-Up
SANDY BAY: Placed Under Voluntary Wind-Up
SINO GOLD: Receives AU$176 Mln Loan from China Construction Bank
STORM CUTS: Inability to Pay Debts Prompts Wind-Up
STYLUS BUILDING: Appoints Warner and Kugel as Liquidators

THE NIFTY: Appoints Kugel and Warner as Liquidators
VELKER PTY: Members Opt to Wind Up Operations
VIRTUAL COMMUNICATIONS: Appoints Warner and Kugel as Liquidators
WAYMARK PTY: Placed Under Voluntary Liquidation
* AUSTRALIA: Credit Applications Dropped in January 2009


C H I N A

CHINA CONSTRUCTION: Floats CNY30 Bln. Subordinated Bonds
EXPORT-IMPORT BANK: Fitch Affirms Individual Rating at 'D'
SHENZHEN DEV'T: Shares Suspended Amid Merger Reports


H O N G  K O N G

DICKSON CONSTRUCTION: Creditors' Proofs of Debt Due on February 27
FIRST NATURAL: Court to Hear Wind-Up Petition on March 18
ZENESIS SPC: Fitch Withdraws Ratings on 19 Classes of Notes
NORSTAR AUTOMOBILE: Court to Hear Wind-Up Petition on April 15
NORSTAR FOUNDERS: Court to Hear Wind-Up Petition on April 15

SUKOTHAI CDO: S&P Cuts Rating on US$18 Mil 2007-3 Notes to 'CC'
SUM FUNG: Court to Hear Wind-Up Petition on March 25
TOURO TESOURA: Court to Hear Wind-Up Petition on March 25
WING YIP: Appoints Toohey and Lam as Liquidators


I N D I A

ALPS INDUSTRIES: CARE Lowers Ratings on LT Bank Loans to 'CARE B'
ANUNAY FAB: CARE Places 'CARE BB' Rating on Long Term Bank Loan
CLASSIC DIAMONDS: CRISIL Lowers Rating on Term Loan to 'BB-'
HYDERABAD EXPRESSWAYS: CRISIL Puts 'BB+(so)' Rating on Term Loan
KRITI INDUSTRIES: CARE Revises Ratings on LT Loans to 'CARE BB+'

* INDIA: Forex Losses Hit 3.5% of GDP in Last 4 Mos, ASSOCHAM Says


I N D O N E S I A

MERPATI NUSANTARA: Cuts Capital Expenditure to Zero


J A P A N

NORINCHUKIN BANK: Mulls Raising Up to JPY2 Trillion in Funds
ORSO ABS: Moody's Comments on Low-B Rating Review on Three Notes
PEGASUS FUNDING: Moody's Comments on 'Ba3' Rating Review
SCUDETTO ABL: Moody's Comments on Rating Review for Likely Cut


K O R E A

* SOUTH KOREA: To Set Up Corporate Restructuring Fund


N E W  Z E A L A N D

A J PENNEY: Court Hears Wind-Up Petition
BLUE STAR: Warns Investors of Suspension on Interest Payments
BUSHPARK PROPERTY: Court Hears Wind-Up Petition
ENGINEERING & INDUSTRY: Court Hears Wind-Up Petition
JIREH HUKA: Court Hears Wind-Up Petition

J T SPRAYING: Court Hears Wind-Up Petition
KITCHEN HOUSE: Placed in Receivership
M S CABINETS: Court Hears Wind-Up Petition
MEDIA PRINTERS: Court Hears Wind-Up Petition
NETTEN FARM: Intends to Declare Dividend

REAL COMPUTERS: Court Hears Wind-Up Petition
STRICTLY PACKING: Court Hears Wind-Up Petition
TUSCANY SERVICES: Court Hears Wind-Up Petition
ZENITH KITCHEN: Court Hears Wind-Up Petition
ZION BUSINESS: Appoints Brown and Rodewald as Liquidators


P H I L I P P I N E S

ON-SITE SOURCING: Ayala Corp. Acquires Firm for US$9 Million


S I N G A P O R E

ACROPOLIS: Court to Hear Judicial Management Petition on March 11
C'D BZ: Creditors' Proofs of Debt Due on March 23
NACTIVE PTE: Creditors' Proofs of Debt Due on March 23
RECYCLE STANDARDS: Court to Hear Wind-Up Petition on March 6


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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

ACN 002 131 017: Supreme Court Enters Wind-Up Order
---------------------------------------------------
On October 31, 2008, the Supreme Court of New South Wales entered
an order to have ACN 002 131 017 Pty Limited's operations wound
up.

The company's liquidator is:

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


ACN 000 820 299: Placed Under Voluntary Wind-Up
-----------------------------------------------
During a general meeting held on November 7, 2008, the members of
ACN 000 820 299 Pty Ltd resolved to voluntarily wind up the
company's operations.

The company's liquidator is:

         Xavier Ugarte
         Hill Rogers Chartered Accountants
         No 1 Chifley Square, Level 5
         Sydney NSW 2000
         Telephone: (02) 9232 5111


AMW LAW: Supreme Court Enters Wind-Up Order
-------------------------------------------
On November 3, 2008, the Supreme Court of New South Wales entered
an order to have AMW Law Pty Ltd's operations wound up.

The company's liquidator is:


         Hugh C. Thomas
         Walker Wayland
         55 Hunter Street, 8th Floor
         Sydney NSW 2000


ANZER HOLDINGS: Placed Under Voluntary Wind-Up
----------------------------------------------
During a general meeting held on November 8, 2008, the members of
Anzer Holdings Pty Limited resolved to voluntarily wind up the
company's operations.

The company's liquidator is:

          Brian Anthony Poirrier
          1 James Street
          Hunters Hill NSW


BABCOCK & BROWN INFRA: Casts Doubts on Powerco Stake Sale
---------------------------------------------------------
Babcock & Brown Infrastructure Group (BBI) has requested a trading
halt of its shares citing uncertainty over completion of the sale
of an interest in Powerco Ltd.'s New Zealand operations.

"BBI is working to resolve the issues but is not yet in a position
to provide details of any outcomes," Babcock Infrastructure said
in a statement to the Australian Securities Exchange.

BBI said it expects to release the outcome by 10:00 a.m.,
Thursday, Feb. 26, 2009.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 5, 2008, BBI disclosed that following a competitive sales
process, a Sale and Purchase Agreement for 50% of Powerco's New
Zealand operations has been signed with Funds managed by
Queensland Investment Corporation (QIC).

The sale ascribes to an Enterprise Value (EV) of NZ$2.05 billion
for Powerco's New Zealand business.

Net proceeds from the sale of Powerco's New Zealand operations are
expected to total approximately NZ$400 million, with financial
close expected in Q1 Calendar Year 2009.  The capital raised will
be applied to reduce corporate debt as well as fund organic growth
opportunities across BBI's international portfolio of
infrastructure assets.

                          About Powerco

Powerco is New Zealand's second largest electricity and gas
distribution business with over 400,000 connected customers across
service areas of over 39,000 square kilometres in the North Island
of New Zealand.  Powerco also has a gas network and retail
business in Tasmania, Australia, which has been excluded from the
sale process.

             About Babcock & Brown Infrastructure

Based in Australian, Babcock & Brown Infrastructure Group (BBI)
specialist infrastructure company, which provides investors access
to a diversified portfolio of quality infrastructure assets.
BBI's investment focuses on acquiring, managing and operating
quality infrastructure assets in Australia and internationally.
BBI's portfolio is diversified across two asset class segments:
Energy Transmission and Distribution, and Transport
Infrastructure.  The company comprises of Babcock & Brown
Infrastructure Trust (BBIT) and Babcock & Brown Infrastructure
Limited (BBIL).  On July 12, 2007, Benelux Port Holdings S.A,
which is a 75% subsidiary of BBIL, acquired Manuport Group NV. On
August 2, 2007, Babcock & Brown Italian Port Holdings S.r.l, a
wholly owned subsidiary of BBIL, acquired an 80% interest in the
TRI (Estate) S.p.A group of companies.  On October 11, 2007, BBI
Finnish Ports Oy, a wholly owned subsidiary of BBIL, acquired the
companies Rauma Stevedoring and Botnia Shipping.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
Dec. 2, 2008, Moody's Investors Service downgraded the corporate
family rating of Babcock & Brown Infrastructure Group to B1 from
Ba2.  At the same time, the senior secured rating has been
downgraded to B2 from Ba3.  Both ratings are on review with
direction uncertain.

"The ratings downgrade reflects the strained liquidity position of
BBI and Moody's concerns that asset sale plans may not be
completed in time to alleviate the high liquidity challenges
facing BBI," says Ian ChanChong, Vice President and Senior
Analyst.


BABCOCK & BROWN WIND: Incurs AU$88.4 Million First-Half Loss
------------------------------------------------------------
Babcock & Brown Wind Partners (BBW) reported a net loss of
AU$88.40 million for the six months ended Dec. 31, 2008, compared
with a net loss of AU$4.39 million for the six months ended
Dec. 31, 2007.

During the six months ended December 31, 2008, BBW earned product
and lease revenues from continuing operations of AU$151.0 million
compared to AU$43.3 million in the previous corresponding period,
representing an increase of approximately 249%.  These numbers do
not include the revenues relating to the Spanish and Portuguese
assets, which have been classified within discontinued operations.

BBW said it will pay an interim distribution of 4.5 cents per
stapled security on March 18, 2009.  In September 2008, BBW paid a
final distribution of 7.25 cents per stapled security.  The
distribution that was paid on September 18, 2008 was fully tax
deferred, and the distribution that will be paid on March 18, 2009
is expected to be fully tax deferred.

                 Offer to Acquire Wind Energy Assets

In a separate statement, Babcock & Brown Wind said it has
submitted an offer to Babcock & Brown Ltd (B&B) to acquire its
Australian and New Zealand wind energy project development assets,
its US wind asset management business, and its minority
interests in three of BBW's existing wind farms.  The offer
involves a total cash consideration not exceeding AU$30 million.

              Australian and New Zealand Development Assets

B&B's Australian and New Zealand wind energy project development
assets comprise primarily 50% interests in a portfolio of
development opportunities in four Australian states and in
New Zealand.  With minor exceptions, the remaining interests in
the development assets is owned by National Power Partners ("NPP")
which has previously worked closely with B&B and BBW to
successfully develop and construct the Australian wind farms now
owned by BBW.

Miles George, Managing Director said, "As Australia's leading wind
farm owner and operator this proposal provides a significant
opportunity for BBW to secure attractive medium term growth
options at minimal upfront cost, with no material capital
expenditure commitments in a market where we have a clear
competitive advantage."

                 US Wind Asset Management Business

B&B's US wind asset management business provides on-site and
centralised wind farm management, regulatory compliance, and
accounting services for a range of wind farm investors in the US.
The business currently manages and operates all of BBW's
US based wind farms representing approximately 70% of B&B's US
wind asset management business.

Mr George said "The proposal to acquire B&B's US wind asset
management business is in line with BBW's strategy to build its
'in-house' asset management capability and would enable BBW to
capture further performance improvements and cost savings."

                       Minority Interests

B&B currently owns minority interests in BBW's Caprock and
Aragonne wind farms in the US and its Niederrhein wind farm in
Germany1.  BBW is also proposing to acquire these minority
interests in order to consolidate and simplify its portfolio and
to further separate BBW's business from B&B involvement.

                    About Babcock & Brown Wind

Babcock & Brown Wind Partners (BBW)--
http://www.bbwindpartners.com/-- is a global wind energy company,
which owns and operates a portfolio of wind farms.  In December
2007, the company completed the acquisition of a 50% interest in
the Enersis Portfolio of wind farms.  BBW's portfolio comprises
interests in 87 wind farms that have a total installed capacity of
approximately 3,360 megawatts (MW).  BBW is managed by Babcock &
Brown Wind Partners Management Pty Limited.  BBW's portfolio of
assets includes wind farms in Europe, North America and the Asia
Pacific.


BNY TRUST: Moody's Junks Ratings on Three Classes of Notes
----------------------------------------------------------
Moody's Investors Service has downgraded four classes of notes
issued by BNY Trust Company of Australia Limited in its role as
Trustee for the Mobius ELR-01 Trust.  Moody's has also placed the
senior notes on review for possible further downgrade.

The complete rating action is:

  -- Class A Notes, Downgraded to Ba1 and Placed Under Review for
     Possible Downgrade; previously on October 27, 2008, Dowgraded
     to A3.

  -- Class B Notes, Downgraded to Ca; previously on October 27,
     2008 Dowgraded to B3.

  -- Class C Notes, downgraded to C; previously on October 27,
     2008 Confirmed at Ca.

  -- Class D Notes, downgraded to C; previously on October 27,
     2008 Confirmed at Ca.

Moody's has on February 12, 2009 assigned a negative outlook on
the Australian asset-backed securities sector and believes the
current economic environment makes several elements of Mobius ELR-
01 Trust structure vulnerable to significant performance
volatility.  In particular, Moody's note a further deterioration
in the performance of the underlying receivables pool observed
over the recent past.  In addition, Moody's retain some concern
with regard to the financial pressures faced by the sub-
originators and primary servicers of the receivables securitised
through the transaction.

Moody's has taken previous rating actions with regard to Mobius
ELR-01 Trust on October 9, 2007; December 11, 2007; March 14,
2008; March 26, 2008; July 22, 2008 and October 27, 2008.

Moody's ratings address only the credit risks associated with the
transaction.  Other non-credit risks have not been addressed, but
may have significant effect on yield to investors.  Moody's
ratings are subject to revision, suspension or withdrawal at any
time at Moody's absolute discretion.  The ratings are expressions
of opinion and not recommendations to purchase, sell or hold
securities.


DAVIDSON INSTRUMENTS: Members Opt to Liquidate Business
-------------------------------------------------------
During a general meeting held on October 31, 2008, the members of
Davidson Instruments Co Pty Ltd resolved to voluntarily liquidate
the company's business.

The company's liquidator is:

          John Davidson
          Springbank
          Old Boxsells Road
          Beaumont NSW 2577


DESIGNERS CHOICE: Appoints Clifford Sanderson as Liquidator
-----------------------------------------------------------
During a general meeting held on October 28, 2008, the members of
Designers Choice Pty Limited appointed Clifford Sanderson as the
company's liquidator.

The Liquidator can be reached at:

         Clifford Sanderson
         Dissolve Pty Limited
         Website: http://www.dissolve.com.au


FIN ENG: Enters Wind-Up Proceedings
-----------------------------------
At an extraordinary general meeting held on October 15, 2008, the
members of Fin Eng Pty Limited passed a resolution that
voluntarily wind up the company's operations.

The company's liquidator is:

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


INDEPENDENT LITHO: Members Opt to Wind Up Operations
----------------------------------------------------
During a general meeting held on October 30, 2008, the members of
Independent Litho Pty Limited resolved that the company be wound
up voluntarily.

The company's liquidator is:

          Graham Dudley Short
          Chartered Accountant
          54 Sailors Bay Road
          Northbridge NSW 2063


JIGSAW PROPERTY: Commences Wind-Up Proceedings
----------------------------------------------
At an extraordinary general meeting held on November 5, 2008, the
members of Jigsaw Property Group Pty Limited resolved that the
company be wound up voluntarily.

The company's liquidator is:

          Barry Cook
          54 Beechwood Avenue
          Greystanes NSW 2145
          Telephone: (02) 9636 2845
          Facsimile: (02) 9636 2845


KOLDER INVESTCO: Members Pass Resolution to Wind Up Operations
--------------------------------------------------------------
During a general meeting held on November 3, 2008, the members of
Kolder Investco Pty Limited passed a resolution that voluntarily
the 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


LAKESIDE GOLF: Members Opt to Wind Up Operations
------------------------------------------------
During a general meeting held on November 3, 2008, the members of
Lakeside Golf Pty Ltd passed a resolution that voluntarily the
wind up the company's operations.

The company's liquidator is:

          G. J. Parker
          Parker Insolvency
          49 Market Street, Level 5
          Sydney NSW 2000


OZZIBIK PTY: Commences Wind-Up Proceedings
------------------------------------------
At an extraordinary general meeting meeting held on October 29,
2008, the members of Ozzibik Pty Limited resolved that the company
be wound up voluntarily.

The company's liquidator is:

         Peter Elligett
         35 Daphne Avenue
         Castle Hill NSW 2154


PAUL ENRIGHT: Placed Under Voluntary Wind-Up
--------------------------------------------
During a general meeting held on November 5, 2008, the members of
Paul Enright Productions Pty Limited resolved that the company
be wound up voluntarily.

The company's liquidators are:

          Michael Jones
          David Shannon
          c/o Jones Partners Insolvency & Business Recovery
          Telephone:(02) 9251 5222


SANDY BAY: Placed Under Voluntary Wind-Up
-----------------------------------------
During a general meeting held on October 30, 2008, the members of
Sandy Bay Projects (Aust.) Pty Ltd resolved that the company be
wound up voluntarily.

The company's liquidator is:

          D. M. Wyatt
          2A Hillview Road, 1st Floor
          Eastwood NSW 2122
          Telephone: (02) 9858 4399
          Facsimile: (02) 9804 6726


SINO GOLD: Receives AU$176 Mln Loan from China Construction Bank
----------------------------------------------------------------
Sino Gold Mining Limited disclosed that the China Construction
Bank has agreed to provide a Renminbi ("RMB") denominated loan
facility totalling RMB780 (AU$176) million for the company's
Jinfeng Gold Mine in Guizhou Province, China.

Commenting on the loan facility, Sino Gold Chief Executive Officer
Jake Klein said: "This is a significant breakthrough for Sino Gold
and further cements our long-standing relationship with one of
China's leading banks.  The China Construction Bank is a
participant in the original Jinfeng Project Loan as well as the
recent project loan for our White Mountain Gold Mine.

"The loan provides a big step towards optimizing the structure of
Sino Gold's borrowings.  The terms are very straight forward and
the interest rate compares very favourably internationally,
particularly in the current market.  Another advantage is that the
facility does not require any hedging of future gold sales.

"Sino Gold's gearing remains low and the company is in an
excellent position to take advantage of various growth
opportunities."

Initial drawdowns of the China Construction Bank facility will be
used to:

   -- Repay the current US$-denominated Jinfeng Project Loan in
      full, which had a principal amount outstanding of
       US$30 (AU$44) million at December 31, 2008; and

   -- Repay the current RMB-denominated Jinfeng Standby L/C
      Loan in full, which had a principal amount outstanding of
      RMB371 (AU$78) million at December 31, 2008.

Repayment of the Jinfeng Standby L/C Loan will enable the cash
currently held on deposit as collateral of approximately US$58
million to be released for general corporate purposes within
the Company.

The balance of the new facility will provide further available
credit.

The key terms of the loan facility are:

   -- Loan amount of RMB780 (A$176) million comprised of a
      six-year RMB680 (AU$154) million long-term facility and
      12-month RMB100 (A$22) million working capital facility.

   -- Floating interest rate in line with the People's Bank of
      China published rates, currently 5.94% pa for the
      long-term facility and 5.31% pa for the working capital
      facility.

   -- The long-term facility is repayable in five annual
      instalments ending in early 2015.

   -- No hedging required to be put in place.

   -- Sino Guizhou Jinfeng Mining Limited is the borrower and
      Sino Gold Mining Limited provides the joint liability
      guarantee throughout the loan life.

                          Annual Results

Alex Wilson at The Australian reports that Sino Gold reported a
net loss of AU$103.8 million, compared with a net loss of AU$23.5
million in the previous year.  Revenue for the year ended
December 31 climbed to AU$206.1 million from AU$33.6 million last
year.

According to the Australian, Sino Gold said its headline figure
was affected by pre-tax write-downs of AU$100.7 million, mostly
relating to impairment charges on assets acquired in the
acquisition of Golden China Resources in 2007, which the company
had highlighted at the time of its quarterly production report
last month.

The Australian notes that the company's operating profit for the
year, excluding the write-downs, climbed to AU$43.3 million from a
loss of $6.2 million last year.

Sino Gold, the report says, posted no final dividend.

                         About Sino Gold

Sino Gold Mining Limited -- http://www.sinogold.com.au -- is an
Australia-based company.  The principal activities of the
Company are mining and processing of gold ore, and sale of
recovered gold, and exploration and development of mining
properties.  The company mined 692,000 tons of ore through open-
cut mining during the year ended December 31, 2007.  At
December 31, 2007, Sino had acquired a 94% interest in Golden
China Resources Corporation.  The operation in Jinfeng Mine
achieved commercial production on September 1, 2007.  A total of
449,000 tons of ore were treated during 2007, with an overall
recovery of 71.9% producing 56,981 ounces of recovered gold.  In
2007, 43,483 ounces of gold were sold.  As of December 31, 2007
the 230 meter of underground development was achieved in White
Mountain.  Compulsory acquisition of Gold China Resource
Corporation was completed on January 16, 2008.

                          *     *      *

The company had incurred a net loss of AU$23.5 million for year
ended December 31, 2007, slightly higher from the AU$20.1 million
loss it incurred the year before.


STORM CUTS: Inability to Pay Debts Prompts Wind-Up
--------------------------------------------------
The members of Storm Cuts Pty Limited held a meeting on Oct. 29,
2008, and resolved to voluntarily wind up the company's operations
due to its inability to pay debts when it fall due.

The company's liquidator is:

          Steven Gladman
          c/o Hall Chadwick
          31 Market Street, Level 29
          Sydney NSW 2000


STYLUS BUILDING: Appoints Warner and Kugel as Liquidators
---------------------------------------------------------
During a general meeting held on November 14, 2008, the members of
Stylus Building Contractors Pty Limited appointed Anthony Warner
and Steven Kugel as the company's liquidators.

The Liquidators can be reached at:

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


THE NIFTY: Appoints Kugel and Warner as Liquidators
---------------------------------------------------
During a general meeting held on November 14, 2008, the members of
The Nifty Fifty Fifty Pty Limited appointed Steven Kugel and
Anthony Warner as the company's liquidators.

The Liquidators can be reached at:

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


VELKER PTY: Members Opt to Wind Up Operations
---------------------------------------------
During a general meeting held on November 3, 2008, the members of
Velker Pty Limited passed a resolution that voluntarily the 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


VIRTUAL COMMUNICATIONS: Appoints Warner and Kugel as Liquidators
----------------------------------------------------------------
During a general meeting held on November 4, 2008, the members of
Virtual Communications Network (Australia) Pty Limited appointed
Anthony Warner and Steven Kugel as the company's liquidators.

The Liquidators can be reached at:

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


WAYMARK PTY: Placed Under Voluntary Liquidation
-----------------------------------------------
During a general meeting held on November 3, 2008, the members of
Waymark Pty Ltd resolved to voluntarily liquidate the company's
business.

The company's liquidator is:

          Nevil Moreton Anderson
          5/9 Foamcrest Avenue
          Newport Beach NSW


* AUSTRALIA: Credit Applications Dropped in January 2009
--------------------------------------------------------
Credit applications have fallen in January 2009, with credit card
and personal loan applications falling almost 15% compared to the
same time last year, according to Veda Advantage's Consumer Credit
Demand Index.  Credit card enquiries for the month of January fell
by 13.5% and personal loans continued to fall by 16.8%.

This is the fourth consecutive monthly decrease in credit
applications.  In the October to December quarter of 2008 credit
applications fell by 9.1% or 149 000 fewer enquiries compared to
the same period last year.  Personal loans took the biggest fall
in the last quarter of 2008, dropping almost 15%, with 105 000
fewer enquiries - the largest quarterly decrease since Veda's
index started in 2004.  Credit cards also slumped in the final
quarter by 4.7%, in step with the previous June to October quarter
decline of 3.6%.

Veda Advantage CEO, Rory Matthews said the figures provide an
insight into the state of consumer sentiment and the consumer
credit market.  "Australians remain wary of taking on more debt in
this market, and our default data shows that 2008 was a difficult
year for consumers with defaults rising throughout the year.
Default rates increased throughout early 2008 and peaked mid year,
before dropping off slightly toward the end of the year.  Personal
loans had the highest rate of defaults, followed by credit cards
and then mortgages," Mr. Matthews said.

"Counter to the overall trend, while we've found applications for
credit cards and personal loans have decreased significantly,
mortgage enquiries for the four major banks have risen by 8.6% in
October to January this year.  However this trend was not
reflected amongst all financial institutions with enquiries for
mortgage applications decreasing by 6.4% overall," said Mr.
Matthews.

Mr. Matthews said the Consumer Credit Demand Index shows
Australians remain cautious.  "We had a difficult year in 2008 and
the financial crisis has hit many Australians hard.  Our results
indicate the mood of caution around credit throughout 2008,
increasing in the latter half of last year and into the early
parts of 2009."

Recent figures from Insolvency & Trustee Services Australia (ITSA)
indicate bankruptcy levels jumped 6% in the final quarter of 2008,
compared to the same period in 2007.  The results also show
insolvencies are 25% higher than they were in 1992 when
insolvencies peaked in the last recession.

Mr. Matthews said that further Veda Advantage analysis found there
are roughly 1.5 million Australians who are spending 50% of their
income repaying debt.  "The level of bankruptcies is significant.
We've seen people overextend themselves financially, and get
caught in a debt trap.  These are worrying statistics, and we urge
Australians to take steps to take control of their finances and
avoid defaults appearing on their credit file," Mr Matthews said.

"We are working with the Federal Government to develop a
comprehensive credit reporting system. This system will give
creditors the ability to see how well a person is managing their
current level of commitments when considering an application for a
new line of credit.  For the first time, creditors will be able to
see an applicant's current credit limit and most importantly their
repayment history over the past 24 months.  This can demonstrate
that a person has begun to struggle to meet repayments, and
importantly, it also means for those who have gone through a
financial rough patch, they will now be able to demonstrate they
are once again credit worthy.  This new information coupled with
responsible lending obligations is part of a condition from an
ASIC (Australian Securities and Investment Commissioned) issued
license required by all credit providers from July 1 2009,"
Mr. Matthews said.



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

CHINA CONSTRUCTION: Floats CNY30 Bln. Subordinated Bonds
--------------------------------------------------------
China Construction Bank Corp. started to float CNY30 billion
(US$4.39 billion) of subordinated bonds in the interbank bond
market from Tuesday, Feb. 24, to enhance its operational and
anti-risk capacities, People's Daily Online reports.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 19, 2009, China Daily said China Construction Bank planned to
issue CNY30 billion worth of subordinated bonds between Feb. 24
and March 2, 2009, to improve its capital adequacy ratio.

China Construction, China Daily related, will sell CNY15 billion
of 10-year bonds as well as CNY15 billion of 15-year bonds.  The
bank said it may float another CNY10 billion of bonds if required,
China Daily noted.

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

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

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

                         *     *     *

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


EXPORT-IMPORT BANK: Fitch Affirms Individual Rating at 'D'
----------------------------------------------------------
Fitch Ratings has affirmed the ratings of Export-Import Bank of
China and Industrial Bank Co., Ltd.:

  -- ExIm: Long-term foreign currency Issuer Default Rating at
     'A+' with Stable Outlook, Short-term IDR at 'F1', Support at
     '1', and Support Rating Floor at 'A+'.

  -- IB: Individual at 'D', and Support at '3'.

ExIm's Long-term foreign currency IDR of 'A+' is equivalent to
that of the Chinese sovereign, reflecting its quasi-sovereign
status as a state-owned policy bank and its important role in
national export and import development.  An Individual rating is
not assigned as it is not a commercial bank.

Driven by booming trade and economic growth, ExIm experienced
robust loan growth of 29% per annum from 2002-2007 (compounded).
Although the operating environment has shifted dramatically in
recent months, ExIm's growth is likely to remain quite strong as
it steps in to provide much-needed financing to ailing exporters,
among the hardest hit segments of the Chinese economy.  Given its
focus on policy over performance, ExIm's standalone financial
profile lags that of commercial bank peers - it reported an
equity/assets ratio of just 2.4% in 2007, while NIM and RoAA stood
at a low 0.87% and 0.03%, respectively.

Its weak performance is largely attributable to low preferential
interest rates extended on policy loans, as well as higher funding
costs resulting from a heavy reliance on bond issuance.  ExIm
receives an annual subsidy from the Ministry of Finance, its sole
shareholder, to compensate for losses on policy loans.  Details
about the government's plan to commercialize ExIm have not been
disclosed, but it is largely expected that the bank's policy
functions and close ties with the government will remain intact.
Hence, ExIm's ratings continue to equate to those of the Chinese
sovereign, though changes are possible should its quasi-sovereign
status or support mechanisms materially change.

IB's 'D' Individual Rating reflects its improved credit profile
post-IPO.  However, early indications of deteriorating asset
quality, high property exposure, and ongoing issues with capital
erosion arising from modest earnings relative to growth are
increasingly a concern, particularly in light of the more
difficult operating environment.  From 2002-2007, IB posted the
highest asset growth among listed Chinese banks of 33% annually
(compounded). Exposure to the property sector (inclusive of loans
for real estate, construction and mortgages) amounted to 43.8% at
end-H108, also the highest among listed peers.  Although 60% of
this exposure is comprised of lower risk retail mortgages, Fitch
is concerned about the future performance of this portfolio given
continued uncertainty about the domestic real estate market.  For
the time being, headline asset quality ratios continue to improve,
with five-tier NPLs/total loans falling to 1.04% at end-H108,
though early signs of a deterioration in asset quality are
emerging.

The amount of loans overdue by one day to one year grew 94% in
H108, and the ratio of Special Mention (SM) loans/total loans has
risen 67bp from end-2006 to H108.  IB's profitability has
strengthened noticeably in recent years, with NIM and RoAA
reaching 3.03% and 1.48% at end-H108, respectively.  However,
funding costs remain high, relative to peers, due to IB's lower
share of deposit funding resulting from its more concentrated
nationwide network.  IB's Individual rating could come under
downward pressure in the future should the increasingly difficult
operating environment result in a material deterioration in asset
quality and/or capital.


SHENZHEN DEV'T: Shares Suspended Amid Merger Reports
----------------------------------------------------
Trading in Shenzhen Development Bank (SDB) shares was suspended
Monday, February 23, because of media reports it might merge with
China Development Bank (CDB), Reuters reports.

According to Reuters, the bank's shares jumped their 10 percent
daily limit to CNY14.99 on Monday morning after the Economic
Observer Online news service quoted unnamed sources as saying CDB
was in talks to buy all or part of SDB.

Citing the Economic Observer Online, China Daily relates the two
banks were discussing details of a deal and had presented a
proposal to the China Banking Regulatory Commission.

China Daily discloses that the stock market has been speculating
for months that US private equity firm Newbridge Capital, who owns
nearly 18 percent stake in SDB, might sell all or part of its
stake to book a profit.

Meanwhile, Reuters relates China Development Bank said in a press
release it has no plans at present to buy Shenzhen Development
Bank or other banks.

China Development Bank was established by the Chinese government
to support the country's economic development.  The institution
provides financing for major projects in the nation, including the
construction of infrastructure, the advancement of basic
industries, and facilitating the growth of rural communities.
Customers include government agencies, large industrial concerns,
and (increasingly) foreign entities.  The bank has more than 30
offices located throughout the country.

                 About Shenzhen Development Bank

Headquartered in Shenzhen, Guangdong, People's Republic of
China, Shenzhen Development Bank Company Ltd.'s --
http://www.sdb.com.cn/-- provides local and foreign currency
deposits and loan services.  Other activities include foreign
currencies exchanging, foreign currency deposit and remittances,
acts as an agent for issuing foreign currency value-bearing
securities, management of letters of credit and operation of
both an international and a domestic discounting service.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
Sept. 1, 2008, Moody's Investors Service upgraded Shenzhen
Development Bank's (SZDB) bank financial strength rating (BFSR)
from E+ to D-.  At the same time, the rating agency upgraded the
bank's long-term foreign currency deposit rating from Ba3 to Ba2;
its short-term foreign currency deposit rating remains unaffected
at Not-Prime.  The outlook for all ratings is stable.



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

DICKSON CONSTRUCTION: Creditors' Proofs of Debt Due on February 27
------------------------------------------------------------------
The creditors of Dickson Construction (Maintenance) Limited are
required to file their proofs of debt by February 27, 2009, to be
included in the company's dividend distribution.

The company's liquidators are:

         Stephen Liu Yiu Keung
         Robert Armor Morris
         One Island East, 62nd Floor
         18 Westlands Road, Island East
         Hong Kong


FIRST NATURAL: Court to Hear Wind-Up Petition on March 18
---------------------------------------------------------
A petition to have First Natural Foods Holdings Limited's
operations wound up will be heard before the High Court of
Hong Kong on March 18, 2009, at 9:30 a.m.

The petitioner's solicitors are:

          Wilkinson & Grist
          Prince's Building, 6th Floor
          Chater Road, Central
          Hong Kong
          Telephone: 2524-6011
          Facsimile: 2520-2090


ZENESIS SPC: Fitch Withdraws Ratings on 19 Classes of Notes
-----------------------------------------------------------
Fitch Ratings has withdrawn the ratings on 19 notes issued by
Zenesis SPC due to early redemption:

  -- Zenesis SPC Series 2006-2 Class A Floating Rate Notes due
     2009 US$22.8 million: 'AAA'/Outlook Stable;

  -- Zenesis SPC Series 2006-2 Class A Floating Rate Notes due
     2011 US$26.1 million: 'AA'/Outlook Negative;

  -- Zenesis SPC Series 2006-4 Class A Floating Rate Notes due
     2009 US$6.7 million: 'AAA'/Outlook Stable;

  -- Zenesis SPC Series 2006-4 Class A Floating Rate Notes due
     2011 US$21.8 million: 'AA'/Outlook Negative;

  -- Zenesis SPC Series 2006-6 Class A Floating Rate Notes due
     2010 US$17.0 million: 'A'/Outlook Negative;

  -- Zenesis SPC Series 2006-6 Class A Floating Rate Notes due
     2012 US$46.2 million: 'A'/Outlook Negative;

  -- Zenesis SPC Series 2006-9 Class A Floating Rate Notes due
     2011 US$50.9 million: 'A'/Outlook Negative;

  -- Zenesis SPC Series 2006-9 Class A Floating Rate Notes due
     2013 US$34.4 million: 'BBB'/Outlook Negative;

  -- Zenesis SPC Series 2007-1 Class A Floating Rate Notes due
     2011 US$11.5 million: 'A'/Outlook Negative;

  -- Zenesis SPC Series 2007-1 Class A Floating Rate Notes due
     2013 US$11.3 million: 'BBB'/Outlook Negative;

  -- Zenesis SPC Series 2007-2 Class A Floating Rate Notes due
     2011 US$9.8 million: 'A'/Outlook Negative;

  -- Zenesis SPC Series 2007-2 Class A Floating Rate Notes due
     2014 US$13.6 million: 'BBB'/Outlook Negative;

  -- Zenesis SPC Series 2007-3 Class A Floating Rate Notes due
     2012 US$8.7 million: 'A'/Outlook Negative;

  -- Zenesis SPC Series 2007-3 Class A Floating Rate Notes due
     2014 US$13.6 million: 'BBB'/Outlook Negative;

  -- Zenesis SPC Series 2007-4 Class A Floating Rate Notes due
     2012 US$69.6 million: 'B'/Outlook Negative;

  -- Zenesis SPC Series 2007-5 Class A Floating Rate Notes due
     2012 US$8.0 million: 'B'/Outlook Negative;

  -- Zenesis SPC Series 2007-5 Class A Floating Rate Notes due
     2014 US$24.2 million: 'B'/Outlook Negative;

  -- Zenesis SPC Series 2007-7 Class A Floating Rate Notes due
     2012 US$5.9 million: 'CCC'; and

  -- Zenesis SPC Series 2007-7 Class A Floating Rate Notes due
     2014 US$12.6 million: 'B'/Outlook Negative.

These 19 transactions comprise 14 synthetic corporate CDO squared
and five synthetic corporate single tranche CDOs arranged and
managed by DBS Bank Ltd.  The sole note-holder of these notes has
resolved to call the early redemption of the notes by the issuer
and as a result these 19 notes were cancelled.


NORSTAR AUTOMOBILE: Court to Hear Wind-Up Petition on April 15
--------------------------------------------------------------
A petition to have Norstar Automobile Industrial Holding Limited's
operations wound up will be heard before the High Court of
Hong Kong on April 15, 2009, at 9:30 a.m.

Fullitech International Limited filed the petition against the
company on Feb. 6, 2009.

The Petitioner's solicitors are:

         Pang & Associates
         Cosco Tower, Unit 1406
         183 Queen's Road Central
         Hong Kong


NORSTAR FOUNDERS: Court to Hear Wind-Up Petition on April 15
------------------------------------------------------------
A petition to have Norstar Founders Group Limited's operations
wound up will be heard before the High Court of Hong Kong on
April 15, 2009, at 9:30 a.m.

Lilly Huang filed the petition against the company on Feb. 6,
2009.

The Petitioner's solicitors are:

         Pang & Associates
         Cosco Tower, Unit 1406
         183 Queen's Road Central
         Hong Kong


SUKOTHAI CDO: S&P Cuts Rating on US$18 Mil 2007-3 Notes to 'CC'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating to 'CC',
from 'CCC-', on Series 2007-3 US$18 million Sukothai CDO I credit-
linked notes due December 2014 issued by Queenstown CDO Ltd.  At
the same time, the rating was removed from CreditWatch with
negative implications, where it was initially placed on Feb. 12,
2009.  The rating was subsequently withdrawn at the request of the
issuer.

The withdrawal of the rating follows a cancellation of the notes,
which have been fully repaid.  The downgrade reflects a
deterioration in the underlying portfolio immediately prior to the
rating withdrawal, following the default of several reference
names in the portfolio.

The rating action on the affected transaction is:

Rating lowered:

          Name                  Rating To    Rating From
          ----                  ------ --    ------ ----
          Queenstown CDO Ltd.   CC           CCC-/Watch Neg
          Series 2007-3

Rating withdrawn:

          Name                  Rating To    Rating From
          ----                  ------ --    ------ ----
          Queenstown CDO Ltd.   NR           CC
          Series 2007-3


SUM FUNG: Court to Hear Wind-Up Petition on March 25
----------------------------------------------------
A petition to have Sum Fung International Trading Limited's
operations wound up will be heard before the High Court of
Hong Kong on March 25, 2009, at 9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company on Jan. 21, 2009.

The Petitioner's solicitors are:

          Chow, Griffiths & Chan
          South China Building, 6th Floor
          No. 1 Wyndham Street
          Central, Hong Kong


TOURO TESOURA: Court to Hear Wind-Up Petition on March 25
---------------------------------------------------------
A petition to have Touro Tesoura Manufactory Limited's operations
wound up will be heard before the High Court of Hong Kong on
March 25, 2009, at 9:30 a.m.

Chiu Kit Tsee filed the petition against the company on Jan. 13,
2009.

The Petitioner's solicitors are:

          Messrs. Leung Kin & Co.
          Hang Seng Yuen Building
          6th Floor & 9th Floor
          Nos. 91-93 Castle Peak Road
          Yuen Long, New Territories
          Hong Kong


WING YIP: Appoints Toohey and Lam as Liquidators
------------------------------------------------
On January 30, 2009, John James Toohey and Rainier Hok Chung Lam
were appointed as liquidators of Wing Yip Company Limited.

The Liquidators can be reached at:

          John James Toohey
          Rainier Hok Chung Lam
          Messrs. Pricewaterhouse-Coopers
          Prince's Building, 22nd Floor
          Central, Hong Kong



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

ALPS INDUSTRIES: CARE Lowers Ratings on LT Bank Loans to 'CARE B'
----------------------------------------------------------------
CARE has revised the rating assigned to long-term bank facilities
of Alps Industries Limited (AIL) from 'CARE BBB+' [Triple B plus]
to CARE B' [Single B].  This rating is applicable for facilities
having tenure of over one year.  Facilities with this rating are
considered to offer low safety for timely servicing of debt
obligations and carry very high credit risk.  Such facilities are
susceptible to default.

CARE has also revised its rating from 'PR2' [PR Two] to 'PR4' [PR
Four] for the short term bank facilities of AIL.  This rating is
applicable for facilities having tenure up to one year.
Facilities with this rating would have inadequate capacity for
timely payment of short-term debt obligations and carry vary high
credit risk.  Such facilities are susceptible to default.  The
short-term and long-term bank facilities aggregate Rs.951.02 cr.

The rating revision takes into consideration the substantial cash
losses incurred by the company on account of derivative
transactions in 9MFY09.  The rating revision also factors in the
potential losses on account of some of the derivative contracts
entered into by the company, details of which were not made
available at the time of initial rating and the possible impact of
these transactions on the financial risk profile of the company.

This along with the subdued industry environment characterized by
demand slow down, erosion of margins have resulted in stretched
cash flow prompting the company to approach banks/lenders for
restructuring under Corporate Debt Restructuring (CDR) forum.

AIL was set up in 1962 as a partnership concern in the name and
style of ALPS Textiles.  It was converted into a private limited
company in 1972, as ALPS Textiles (P) Ltd.  Subsequently, during
1994, it was converted into a public limited company under the
name ALPS Industries Ltd. AIL's business profile broadly includes
textile products & architectural products.  In textile business,
it primarily operates in home furnishings segment with made-ups
and fabrics contributing major portion to revenue together with
yarn and fashion accessories.  Architectural business lends
diversity to an otherwise textile concentrated business model. AIL
has eight manufacturing units across six locations i.e. three
units at Ghaziabad and one each at Sahibabad, Haridwar and
Pondicherry.  Also, AIL has taken on lease two spinning mills at
Kashipur & Jaspur at Uttaranchal.

During 9MFY09 total operating income grew by 40% in 9MFY09, higher
than the growth experienced in 9MFY08.  The sharp growth was
mainly on account of the growth in yarn sales which grew from
Rs.174.16 cr in 9MFY08 to Rs.310.89 cr in 9MFY09 aided by the
new capacities.  PBILDT margins were lower for 9MFY09 as compared
to 9MFY08 on account of unfavorable industry scenario
characterized by the sharp rise in prices of cotton during the
year.  The company reported a loss at PAT level of Rs.59 cr for
9MFY09 as against PAT of Rs.29 cr for 9MFY08 on the back of higher
depreciation and interest cost.  Further, as mentioned the MTM
losses assessed by auditors of the company have significantly
dented PAT levels.  AIL had issued 40 lakh Zero Coupon Convertible
(ZCC) warrants of Rs.65 each in FY08, against which Rs.2.60 cr had
been received as application money.  However, the subscribers have
expressed their intention of not subscribing to ZCC thereby
leading to forfeiture of application money and it has been
taken to capital reserve.


ANUNAY FAB: CARE Places 'CARE BB' Rating on Long Term Bank Loan
---------------------------------------------------------------
CARE assigned 'CARE BB' (double B) rating to the long term bank
facilities of Rs.101.40 crore and 'PR 4' (PR four) rating to the
short-term bank loans / facilities of Rs.14.00 crore of Anunay Fab
Ltd. including sanctioned term loan of Rs.17.20 crore, fund
based working capital limit of Rs.84.20 crore and non-fund based
working capital limit of Rs.14.00 crore.

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

The ratings take into account promoters experience in the textile
industry.  However, ratings were constrained by company's small
size of operations, low profitability margins, weak debt
protection measures as indicated by high total debt/GCA and
overall gearing, depressed working capital scenario which
restricts its overall financial flexibility especially in light of
overdrawing of limits, present difficult scenario in the textile
industry especially in the export market and risk associated with
the holographic film project, for which promoters lack experience
and project size is 1.4 times of existing Networth.

Anunay Fab Limited (Anunay) was incorporated in May'1992 by Shri
Rambhagat Saraogi and Anjani Agrawal as a Private Limited Company
in Gujarat.  It was converted into a closely held public limited
company in Nov'2005.  It is recognized as Two Star Export
House.

Anunay is engaged in the business of procuring the grey cloth from
the market, get it processed from process houses and sell it in
the export and domestic market after stitching according to the
specific order.  The company mainly deals in products like bed
sheets (80% of sales), pillow covers, linens etc. The major part
of the company's production is exported either directly or
indirectly in almost all the developed markets like Germany,
Switzerland, USA, UK, Europe etc.

During FY08, company has reported PAT (profit after tax) of
Rs.1.72 crore on total income of Rs.193.93 crore as compared to
PAT of Rs.3.03 crore on total income of Rs.153.07 crore during
FY07. In FY09, company has reported PAT of Rs.1.29 crore on
total income of Rs.101.36 crore for first six months (till
Sep.08).


CLASSIC DIAMONDS: CRISIL Lowers Rating on Term Loan to 'BB-'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank loan facilities of
Classic Diamonds (India) Ltd (Classic) to 'BB-/Negative/P4' from
'BBB+/Stable/P2'.

   Rs.400.0 Million Term Loan       BB-/Negative (Downgraded
                                    from 'BBB+/Stable')

   Rs.3.3 Billion Export Packing   P4 (Downgraded from 'P2')
    Credit/Post-Shipment Credit *

   Rs.40.0 Million Bank Guarantee  P4 (Downgraded from 'P2')

   * Interchangeable with packing credit and post-shipment credit.

The downgrade reflects Classic's stressed liquidity position
because of significant delays in collections from its overseas
customers.  Also the company has booked a net loss of Rs. 29.7
million in Q3 of FY 2008-09 (refers to financial year, April 1 to
March 31) because of low operating profitability on account of
slowing demand from key markets such as the US and Europe, and the
decline in market prices of polished diamond and high interest
costs.

Outlook: Negative

CRISIL expects Classic's financial risk profile and liquidity to
deteriorate further because of the depressed market conditions,
coupled with inventory build-up and rising receivable days.  The
rating could be downgraded in case of a steeper-than-expected
deterioration in its liquidity leading to inability to meet its
debt obligations maturing in March 2009.  Conversely, the outlook
could be revised to 'Stable' if the company is able to correct its
liquidity position by collecting its receivables, without further
delays, or through infusion of funds by the promoters.

                     About Classic Diamonds

Promoted by Mr. Kumar Bhansali and his father, Classic began
operations as a public limited company in 1986.  The company is in
the business of manufacturing low-value diamonds (between 0.01
carats to 0.05 carats) and diamond jewellery exports.  The
company's jewellery manufacturing facilities are located in Mumbai
and its diamond processing facilities are in Surat.

Classic reported a profit after tax (PAT) of Rs.311 million on net
sales of Rs.7.08 billion in FY 2007-08 (refers to Financial year
from April1 to March 31) , as against a PAT of Rs.226 million on
net sales of Rs.6.4 billion in FY 2006-07.  For the nine months
ended December 31, 2008, the company reported a PAT of Rs.61.5
million (Rs.256 million in the corresponding period of the
previous year) on net sales of Rs.5.43 billion (Rs.5.2 billion).


HYDERABAD EXPRESSWAYS: CRISIL Puts 'BB+(so)' Rating on Term Loan
----------------------------------------------------------------
CRISIL has assigned its rating of 'BB+(so)/Stable' to the term
loan facility of Hyderabad Expressways Ltd (Hyderabad
Expressways).

   Rs.2900.00 Million Term Loan    BB+(so)/Stable (Assigned)

The rating factors in Hyderabad Expressways' exposure to risks of
time and cost overruns on its project.  The rating also factors in
the uncertainty regarding the future of Maytas Infra Ltd (MIL), a
50 per cent shareholder in Hyderabad Expressways.  These
weaknesses are mitigated by the experience of the engineering,
procurement and construction (EPC) contractor, Gayatri Projects
Ltd (GP), in undertaking large construction projects, and the
fixed-cost nature of Hyderabad Expressways' contracts. CRISIL
believes that GP will infuse MIL's share of the equity if
necessary.

Outlook: Stable

CRISIL expects GP to bear the time and cost overruns on Hyderabad
Expressways' ongoing project.  The outlook may be revised to
'Positive' if the project is completed on time and starts
generating revenues.  The outlook could also be revised to
'Positive' if the corporate and financial status of MIL is
resolved in a manner that allows it to fulfil its obligations as a
stakeholder in Hyderabad Expressways.  Conversely, the outlook may
be revised to 'Negative' if Hyderabad Expressways has to bear the
impact of time and cost overruns on the project.

                      About Hyderabad Expressways

Hyderabad Expressways is a special-purpose vehicle promoted by GP
and MIL in 2006-07 (refers to financial year, April 1 to March 31)
to build the 13-kilometre Bongulur to Tukkuguda section of the
eight-lane Hyderabad outer ring road.  GP and MIL have a 50:50
joint venture arrangement in the project; the EPC contract has
been awarded to GP.  The project entails development of the
section on a build, operate, and transfer (BOT) basis, with an
annuity of Rs.304.9 million, payable semi-annually.  The annuity
is to be deposited in an escrow account, from which holders of the
rated debt will be paid.


KRITI INDUSTRIES: CARE Revises Ratings on LT Loans to 'CARE BB+'
----------------------------------------------------------------
CARE revised the ratings to the long-term bank loans / facilities
of Kriti Industries (India) Ltd. (KIL) from 'CARE BBB-' (triple B
minus) to 'CARE BB+' (double B plus) and shortterm bank loans /
facilities from 'PR 3' (PR three) to 'PR 4' (PR four) for an
aggregate amount of Rs.170.16 crore, including outstanding term
loan of Rs.32.46 crore, sanctioned fund-based working capital
limit of Rs.58 crore and non-fund based limit of Rs.79.70 crore.

Both the above ratings continue to be under 'Credit Watch' with
developing implications, as the company had informed stock
exchanges on May 27, 2008, that it had filed scheme of arrangement
with Hon. High Court of Madhya Pradesh (MP), for demerger of
solvent division and hiving off the auto engineering moulding
division.  CARE will take a view on the ratings once the scheme of
arrangement is approved by the Hon. High Court.

The revision in the ratings takes into account significant
deterioration in KIL's operational performance during 9MFY09 which
has stretched the financial risk profile affecting debt protection
ratios adversely and heightened concerns over short-term
liquidity position.  Financial risk profile mainly deteriorated on
account of volatile raw material prices and lower capacity
utilization during Q3FY09.

The ratings continue to draw strength from KIL's established
operations of PVC/HDPE pipe business plus solvent (soya
meal/refined soyabean oil) business.

KIL was promoted in 1990 by Shri Shiv Singh Mehta as a Kriti
Plastics Pvt. Ltd. to manufacture PVC/HDPE pipes & fittings at
Pithampur, MP. Later on, it diversified into agro business by
setting up solvent extraction and soya refining capacity at Dewas,
MP and set up auto engineering plastic unit at Pune.

KIL operates in two diverse industry segments:

   1. Solvent business (60% of total income for FY08):

      Manufacturing of soya meal and refined soya oil with the
      solvent extraction capacity of 1,200 tpd and refining
      capacity of 120 tpd. KIL has established brand 'Kriti' in
      refined soyabean oil segment having presence in central
      India, whereas soya meal (de-oiled cake) is mainly exported;

   2. Plastic business:

      Manufacturing of rigid/flexible polymer pipes,
      telecommunication ducts and gas pipes (capacity
      42,000MTPA), PVC/HDPE fittings (capacity 1,200 MTPA) and
      auto engineering plastic components (capacity 3,600 MTPA).

KIL reported total income of Rs.432 crore during 9MFY09 (ended
Dec.31, 2008).  The PBILDT and PAT were at Rs.13.45 crore and Rs.-
4.33 crore (net loss), respectively in 9MFY09 against Rs.22.54
crore and Rs.7.20 crore in 9MFY08.


* INDIA: Forex Losses Hit 3.5% of GDP in Last 4 Mos, ASSOCHAM Says
------------------------------------------------------------------
India is among worst affected emerging countries to have lost
foreign exchange reserves as much as 3.5 per cent of its GDP due
to currency imbalances in last four months triggered by global
financial crisis, second only to Russia in BRIC nations, according
to the Associated Chambers of Commerce and Industry of India
(ASSOCHAM) citing an ASSOCHAM Eco Pulse (AEP) Study.

The ASSOCHAM Study titled “BRIC: Forex reserves & Global currency
imbalances” found that, as an aftermath of global financial
crisis; exacerbated after collapse of Lehman Brothers in September
2008, international currency imbalances eroded foreign exchange
reserves of Russia by a whopping 10 % of GDP, India by 3.5 % of
GDP while Brazil managing a smaller decline of 0.4 % of GDP with
China actually adding by a magnitude of 1% of GDP, although at a
decelerating pace.

It further stated that in a bid to put breaks to depreciation and
devaluation in domestic currencies, monetary authorities'
intervention by flowing dollars to stem the downward pressure on
local currencies has led to massive drainage of international
reserves.

Foreign exchange reserves of Russia have fallen by a whopping
US$175 billion since September 2008 followed by India's decline of
US$43.2 billion.  Brazil recorded a moderate decline of US$6
billion in its international reserves position while China adding
US$4 billion again at a diminishing pace.  The BRIC together hold
about 41 percent of global foreign-exchange reserves.

     BRIC: FOREIGN EXCHANGE RESERVES AND CURRENCY MOVEMENTS

            Foreign Exchange Reserves (in USD billion)


                                             Currency depreciation
Country   Sept.-08   Jan.-09  Difference    against USD (in %)
                                             (Sep – Jan 2008-09)
-------   --------   -------  -----------   -------------------

Brazil     207.0    200.8       -6.2             41.46
Russia     563.6    388.1     -175.5             44.71
India      291.8    248.6      -43.2             12.58
China     1905.6   1946.0*      40.4              0.19

Source: respective Central Bank websites
*corresponds to December 2008 (latest available)

“Foreign exchange reserves have gained ever so greater importance
in the present global scenario in providing cushion to protect the
economy from speculative capital movements.  The financial crisis
led global currency imbalances are rapidly deteriorating the
international reserves position world over,” said Mr. D.S. Rawat,
Secretary General, ASSOCHAM.

Among the BRIC currencies, only Chinese Yuan Renminbi held strong
against the US dollar due to its twin surplus (Current as well as
Capital account) in the overall strong Balance of Payment (BoP).
During September – January 2008-09, the Chinese currency
depreciated by a miniscule 0.19 per cent.  Even as the Chinese
forex reserves swollen by US$40.4 billion to US$1.95 trillion
during the period in 2008, the growth rate in its forex reserves
took a dip for the first time since the year 2000.

In case of other BRIC countries, Russia's Ruble devalued by a
staggering 44.71 per cent during the same period.  The Russian
central bank expanded its trading range for the ruble 20 times
since mid-November before policy-makers switched policy to let
market forces help determine the exchange rate within a widened
limit.  Tumbling oil prices and an exodus of capital put pressure
on the Russian currency which led to a steep decline in its forex
reserves.

During September – January 2008-09, Brazilian real depreciated by
a massive 41.46 per cent against the US dollar.  However, robust
capital inflows as evident from a capital account surplus of
US$36 billion and an overall balance of US$8.6 billion (for
January – November 2008) resisted an otherwise possible steep
downfall in Brazil's foreign exchange reserves.

Ever since the global financial crisis emanated to take its toll
on the Indian economy, Indian Rupee has been under strong pressure
against the US dollar.  The rupee breached the psychological
Rs50/USD level in November 2008 and has been under sustained
pressure against the greenback that initiated the RBI to sell
dollars to resist the fall in domestic currency.  Indian Rupee
depreciated by 12.58 per cent during September 2008 – January
2009.

An indicative analysis of the Reserve Bank's policy stance to fend
off depressing forces on the Indian Rupee suggests that the heavy
volumes of dollar sold by the monetary authority to avoid exchange
rate depreciation has led to the rapid depletion of foreign
exchange reserves.

From a peak of US$315.6 billion in June 2008, a plunge of US$67
billion in India's foreign exchange reserves to US$248.6 billion
in January end 2009 has been a consequence of RBI's strong
measures to stem the global pressures on the Indian currency via
draining US dollars to support the domestic currency.

During April-November 2008, the RBI net sold US dollars to the
tune of 31.4 billion against net purchases of US$55.2 billion made
during the corresponding period in 2007.

In the three months to November 2008, RBI net sold US dollars to
the tune of whopping 25.5 billion to offset mounting pressure from
negative growth in Exports during October – November 2008 and FII
outflow of US$6.5 billion from the Indian equity markets.



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

MERPATI NUSANTARA: Cuts Capital Expenditure to Zero
---------------------------------------------------
PT Merpati Nusantara is cutting its capital expenditure to
practically zero in order to attain a IDR70 billion ($5.88
million) net profit this year, the Jakarta Post reports.
If materialized, the report says, the projected profit would
represent a gradual improvement for the company.

"We can only aim for so little because there are still a lot of
mandatory costs that we need to settle," the Post quoted president
director Bambang Bhakti as saying.

Mr. Bambang, as cited by the report, said the company would not
allocate any capital expenditure for this year as a practical
means to achieve its targeted growth in net profits and revenue.

Merpati, the Post relates, has been suffering from massive debts
and soaring costs, and is now under a restructuring program of the
Asset Management Company (PPA) — the state-sanctioned agency
tasked to restructure ailing state firms.

According to the report, the company has a total debt of IDR2.2
trillion to two other state firms, plus around IDR800 billion it
owes as part of employee layoff settlements, following the
dismissal of up to 1,300 workers on a voluntary basis.

Mr. Bambang said that the company was recovering from its critical
problems since the fourth quarter of last year, the Post relates.

                     About Merpati Nusantara

Headquartered in Jakarta, Indonesia, PT Merpati Nusantara
Indonesia -- http://www.merpati.co.id/-- is a state-owned
carrier that services predominantly international routes.  The
carrier is facing the threat of being declared bankrupt with
IDR1.6 trillion in accumulated losses.

According to reports, Merpati suffered from high fuel prices and
hurt by the weaker rupiah.  The bombings in Bali in October 2005
hit the airline pretty hard in its revenue flow.  The airline is
also struggling to cope with new competition within Indonesia,
both from domestic airlines and from other airlines coming into
Indonesia internationally.

The Troubled Company Reporter-Asia Pacific reported in January
2006 that the government promised to inject up to IDR400 billion
into the Company.  However, since it is also cash-strapped, the
government said it would disburse the amount in installments,
and initially meted out IDR75 billion for the company to
continue its business.

As of fiscal year end 2005, the company had an equity deficit of
IDR1.24 trillion.

On July 24, 2004, the Indonesian Government invited applications
from financial and legal advisers to help devise a privatization
scheme for the carrier.  The Government proposed a strategic
sale of the state's 51% stake in Merpati to help fund the
carrier's operations.



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

NORINCHUKIN BANK: Mulls Raising Up to JPY2 Trillion in Funds
------------------------------------------------------------
Norinchukin Bank plans to raise as much as JPY2 trillion to make
up for huge losses on investments, Reuters reports citing the
Nikkei financial daily.

The fundraising, Reuters notes, will be the largest by a Japanese
financial firm since the start of the global credit crisis.

According to The Japan Times, Norinchukin will raise the funds
from its members by the end of March.

Reuters says that the bank reported a 95 percent tumble in first-
half profit.  For the six months to Sept. 30, it reported non-
consolidated, unrealized losses of JPY1.6 trillion ($17.8 billion)
on securities including overseas stocks and bonds, Reuters notes.

Meanwhile, the Japan Times says Norinchukin would replace its
chief executive officer.  Deputy President Yoshio Kono, the Times
relates, will replace CEO Hirofumi Ueno effective April 1.

The Norinchukin Bank -- http://www.nochubank.or.jp/-- is the
central bank for Japan's agricultural, forestry and fishery
cooperative systems.  The bank is Japan's biggest agricultural
cooperative.  Based on constant funds procurement from member
cooperatives, the bank carries out efficient and flexible asset
management by investing in various financial products.  This is
carried out on a global scale.  The profits from these
activities are then continuously passed on to its members.  The
bank has branches in the world's major financial centers,
including New York, London, the Cayman Islands and Singapore.
Coupled with its Head Office in Tokyo, this network enables 24-
hour coverage of the global financial markets.


ORSO ABS: Moody's Comments on Low-B Rating Review on Three Notes
----------------------------------------------------------------
Moody's Investors Service has commented that it continues its
review of the ratings of Orso ABS Funding Trust 1 - SFFC Trust
Beneficial Interests and the Beneficial interests of LMP Loan
Master Trust.  The Beneficial Interests are backed by a pool of
real estate-backed SME loans originated by SFCG Co., Ltd. and its
subsidiary.

The details of these transactions follow:

Deal Name: Orso ABS Funding Trust 1 - SFFC Trust Beneficial
Interests

  -- Class A, Aaa (on Review for Possible Downgrade)
  -- Class B, Aa2 (on Review for Possible Downgrade)
  -- Class C, A3 (on Review for Possible Downgrade)
  -- Class D, Ba1 (on Review for Possible Downgrade)
  -- Class E, B2 (on Review for Possible Downgrade)
  -- Class X, Aaa (on Review for Possible Downgrade)

Deal Name: LMP Loan Master Trust

  -- Class A, Aaa (on Review for Possible Downgrade)
  -- Class B, A3 (on Review for Possible Downgrade)
  -- Class C, Ba2 (on Review for Possible Downgrade)

On February 23, 2009, SFCG filed for civil rehabilitation (minji
saisei).  The transaction's servicer and servicing arrangements
hereafter will be determined by civil rehabilitation procedures.
Regarding LMP Loan Master Trust, Moody's believes that possible
changes in the performance of the securitized pool could result
from any changes in servicer or servicing arrangements.  Moody's
will continue its review of the ratings for possible downgrade,
and, monitor the performance of the securitized pool, credit
enhancement, collection policies and actual results of servicing
and special servicing.

Regarding Orso ABS Funding Trust 1 - SFFC Trust Beneficial
Interests, Moody's will also continue its review of the ratings
for possible downgrade for the same reason, although the servicing
and special servicing of all the loans were transferred to Premier
Asset Management Company as of November 2008.

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


PEGASUS FUNDING: Moody's Comments on 'Ba3' Rating Review
--------------------------------------------------------
Moody's Investors Service has commented the continuation of its
review of the ratings of Pegasus Funding for possible downgrade.
The commitment line was established in September 2006 and is
backed by a pool of real estate-backed SME loans.

The details of the transaction follow:

Deal Name: Pegasus Funding

  -- Class A1, A2 on Review for Possible Downgrade
  -- Class A2, A2 on Review for Possible Downgrade
  -- Class B, Ba3 on Review for Possible Downgrade

On February 23, 2009, the servicer of this transaction filed for
civil rehabilitation (minji saisei).  The transaction's servicer
and servicing arrangements hereafter will be determined by civil
rehabilitation procedures.

Moody's believes that possible changes in the performance of the
securitized pool could result from any changes in servicer or
servicing arrangements.  Moody's will continue its review of the
ratings for possible downgrade, and monitor the performance of the
securitized pool, credit enhancement, collection policies and
actual results of servicing and special servicing.

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


SCUDETTO ABL: Moody's Comments on Rating Review for Likely Cut
--------------------------------------------------------------
Moody's Investors Service has commented the continuation of its
review of the rating of Scudetto ABL Program for possible
downgrade.  The Program was established in October 2006, and the
ABL issued out of the program is backed by a pool of real estate-
backed SME loans.

The details of the transaction follow:

  -- Deal Name: Scudetto ABL Program
  -- Ba1 on Review for Possible Downgrade

On February 23, 2009, the servicer of this transaction filed for
civil rehabilitation (minji saisei).  The transaction's servicer
and servicing arrangements hereafter will be determined by civil
rehabilitation procedures.

Moody's believes that possible changes in the performance of the
securitized pool could result from any changes in servicer or
servicing arrangements.  Moody's will continue its review of the
rating for possible downgrade, and monitor the performance of the
securitized pool, credit enhancement, collection policies and
actual results of servicing and special servicing.

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



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

* SOUTH KOREA: To Set Up Corporate Restructuring Fund
-----------------------------------------------------
The South Korean government has decided to set up a corporate
restructuring fund to buy bad loans from local financial firms,
KBS News reports.

Under the corporate restructuring policy, KBS News relates, the
government plans to launch a fund under the Korea Asset Management
Corporation (KAMCO) to purchase households' and companies'
nonperforming loans, including distressed property loans held by
domestic banks.

According to the report, the decision was made last week in an
Emergency Economic Council meeting chaired by President Lee Myung-
bak.  The plan, the report notes, is part of the government's
efforts to accelerate corporate restructuring.



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

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

The Commissioner of Inland Revenue filed the petition against the
company on November 10, 2008.


BLUE STAR: Warns Investors of Suspension on Interest Payments
-----------------------------------------------------------
Blue Star Print Group Limited has warned investors that it may
have to suspend interest payments on its capital bonds after the
company disclosed its parent was in danger of breaching debt
covenants, The National Business Review reports.

Blue Star, the report relates, is the guarantor of a senior
lending facility for its parent, Sirius NZ Finance Co Limited.

According to the report, if Sirius breaches its financial
covenants, Blue Star may become subject to a restriction under the
bank facility agreement which prevents Blue Star from paying
interest on the capital bonds.  If the interest payment is
suspended, the report says, interest will accrue on the bonds at a
rate of 13.1% a year.

The Business Review discloses that these bonds were issued to
3,700 New Zealand investors in 2005 with an initial interest rate
of 9.1% and are due to mature in 2012.

In addition, the report notes Blue Star also disclosed that its
gearing ratio as at June 30, 2008, may exceed the specified limit
for the capital bonds.  If this happens, the capital bonds attract
an interest rate of 11.1%.

Headquartered in Auckland, New Zealand, Blue Star Print Group
Limited provides commercial printing and complete outsourced print
management solutions for large corporates in Australia and New
Zealand.  The employs approximately 1,200 staff within three
divisions and a labels business.


BUSHPARK PROPERTY: Court Hears Wind-Up Petition
----------------------------------------------
A petition to have Bushpark Property Development Ltd.'s operations
wound up was heard before the High Court at Auckland on Jan. 28,
2009.

The Commissioner of Inland Revenue filed the petition against the
company on November 10, 2008.


ENGINEERING & INDUSTRY: Court Hears Wind-Up Petition
----------------------------------------------------
A petition to have Engineering & Industry Training Ltd.'s
operations wound up was heard before the High Court at Auckland on
January 22, 2009.

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


JIREH HUKA: Court Hears Wind-Up Petition
----------------------------------------
A petition to have Jireh Huka Ltd.'s operations wound up was heard
before the High Court at Auckland on February 4, 2009.

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


J T SPRAYING: Court Hears Wind-Up Petition
------------------------------------------
A petition to have J T Spraying Ltd.'s operations wound up was
heard before the High Court at Hamilton on February 2, 2009.

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


KITCHEN HOUSE: Placed in Receivership
-------------------------------------
Kitchen House, one of New Zealand's main kitchen design, build and
sale companies, has gone into receivership, The National Business
Review reports.

According to the report, Shaun Adams and Brian Mayo-Smith at BDO
Spicers Auckland were appointed joint receivers and managers of
the company on February 23.

"Softening of the residential housing market during the latter
part of 2007 and 2008 started to take its toll, ultimately leading
to cash flow difficulties, and the receivership," the report
quoted Mr. Adams as saying.

"Over the past 18 months, the working shareholders have attempted
a number of restructures and are understandably devastated that
after almost 20 years in business, these attempts have been
unsuccessful."

The Business Review says BDO Spicers is seeking interested buyers
for the company.

Kitchen House -- http://www.kitchenhouse.co.nz/-- is a privately
owned New Zealand company.  It manufactures cabinets, bench tops
and doors.  The company has seven wholly owned super stores, and a
discount factory in Auckland and other North Island shopping
areas.  It employs 33 staff at its retail outlets and  29 staff at
its head office and manufacturing facility.


M S CABINETS: Court Hears Wind-Up Petition
------------------------------------------
A petition to have M S Cabinets & Joinery Ltd.'s operations wound
up was heard before the High Court at Auckland on January 28,
2009.

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


MEDIA PRINTERS: Court Hears Wind-Up Petition
--------------------------------------------
A petition to have Media Printers Ltd.'s operations wound up was
heard before the High Court at Auckland on Jan. 30, 2009.

The Beacon Printing & Publishing Company Limited filed the
petition against the company on October 30, 2008.


NETTEN FARM: Intends to Declare Dividend
----------------------------------------
Netten Farm Lands Ltd. intends to declare dividend.

Only creditors who were able to file their proofs of debt by
February 12, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

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


REAL COMPUTERS: Court Hears Wind-Up Petition
--------------------------------------------
A petition to have Real Computers Ltd.'s operations wound up was
heard before the High Court at Auckland on January 30, 2009.

The Commissioner of Inland Revenue filed the petition against the
company on October 31, 2008.


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

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


TUSCANY SERVICES: Court Hears Wind-Up Petition
----------------------------------------------
A petition to have Tuscany Services Ltd.'s operations wound up was
heard before the High Court at Wellington on January 26, 2009.

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


ZENITH KITCHEN: Court Hears Wind-Up Petition
--------------------------------------------
A petition to have Zenith Kitchen & Joinery 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 August 21, 2008.


ZION BUSINESS: Appoints Brown and Rodewald as Liquidators
---------------------------------------------------------
On January 6, 2009, Kenneth Peter Brown and Thomas Lee Rodewald
were appointed as liquidators of Zion Business Ventures Ltd.

The Liquidators can be reached at:

         Kenneth Peter Brown
         Thomas Lee Rodewald
         Rodewald Hart Brown Limited
         The Hub, Level 1
         525 Cameron Road
         PO Box 15660, Tauranga 3144
         Telephone: (07) 571 6280
         Website: http://www.rhb.co.nz



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

ON-SITE SOURCING: Ayala Corp. Acquires Firm for US$9 Million
------------------------------------------------------------
Ayala Corporation, through BPO unit Integreon Managed Solutions
Inc., has acquired On-Site Sourcing Inc. for US$9 million as part
of a plan to beef up its business process outsourcing (BPO)
portfolio, the BusinessWorld Online reports citing Rufino Luis T.
Manotok, the conglomerate's chief finance officer.

Citing an Integreon statement, BusinessWorld relates Integreon had
completed the acquisition of On-Site's secure outstanding debt
before its bankruptcy and agreed to provide "debtor-in-possession
financing" to assure company's continued operations throughout the
reorganization process.

"The transaction will result in the creation of a $40-million
national electronic discovery division of Integreon with
industrial-scale processing centers in Washington, D.C. and New
York City, along with review centers in the US, India and the
Philippines," BusinessWorld cited Integreon Chief Executive
Officer Liam Brown in a statement.

The report recalls Ayala Corp. three years ago formed holding
company LiveIT Solutions, Inc. to handle its investments in the
BPO sector and a year after bought California-based knowledge
process outsourcing firm Integreon.

                     About Ayala Corporation

Ayala Corporation (PSE:AC) -- http://www.ayala.com.ph/-- is a
Philippines-based holding company, with business interests in real
estate and hotels, financial services and bancassurance,
telecommunications, electronics, information technology and
business process outsourcing services, utilities, automotives,
international and others.  The real estate and hotels segments
activities include planning and development of residential and
commercial communities; development and sale of residential and
commercial lots, and the development and leasing of retail and
office space and land in these communities.  Financial services
include universal banking operations; commercial, consumer,
mortgage and agribusiness loans; leasing; payment services, and
bancassurance operations.  Automotive is engaged in the
manufacture and sale of passenger cars and commercial vehicles.
International is engaged in investments in overseas property
companies and projects.  Others is engaged in air-charter
services, food and agri-business.

                     About On-Site Sourcing

Los Angeles California-based On-Site Sourcing Inc. is a
litigation-support provider.  The Company and two affiliates
(Bankr. E.D. Virg., Lead case No. 09-10816) filed for Chapter 11
on February 4, 2009.  In its bankruptcy petition, it estimated
assets and debts of $10 million to $50 million each.  Michael A.
Condyles, Esq., at Kutak Rock LLP, in Richmond, Virginia, handles
the case.



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

ACROPOLIS: Court to Hear Judicial Management Petition on March 11
-----------------------------------------------------------------
A petition to have Acropolis Electronics Pte Ltd's placed under
judicial management will be heard before the High Court of
Singapore on March 11, 2009, at 10:00 a.m.

United Overseas Bank Limited filed the petition against the
company on February 4, 2009.

The Petitioner's solicitors are:

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


C'D BZ: Creditors' Proofs of Debt Due on March 23
-------------------------------------------------
The creditors of C'D BZ Pte. Ltd. are required to file their
proofs of debt by March 23, 2009, to be included in the company's
dividend distribution.

The company's liquidators are:

         Low Sok Lee Mona
         Teo Chai Choo
         c/o Low, Yap & Associates
         4 Shenton Way
         #04-01 SGX Centre 2
         Singapore 068807


NACTIVE PTE: Creditors' Proofs of Debt Due on March 23
------------------------------------------------------
The creditors of Nactive Pte. Ltd. are required to file their
proofs of debt by March 23, 2009, to be included in the company's
dividend distribution.

The company's liquidators are:

         Low Sok Lee Mona
         Teo Chai Choo
         c/o Low, Yap & Associates
         4 Shenton Way
         #04-01 SGX Centre 2
         Singapore 068807


RECYCLE STANDARDS: Court to Hear Wind-Up Petition on March 6
------------------------------------------------------------
A petition to have Recycle Standards Pte Ltd's operations wound up
will be heard before the High Court of Singapore on March 6, 2009,
at 10:00 a.m.

The applicant's solicitors are:

          Jacob Mansur & Pillai
          49A Cantonment Road
          Singapore 089750



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

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---------------------------------------------

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    Litigation Skills Symposium
       Tulane University, New Orleans, La.
          Contact: http://www.abiworld.org/

May 14-16, 2009
ALI-ABA
    Chapter 11 Business Reorganizations
       Langham Hotel, Boston, Massachusetts
          Contact: http://www.ali-aba.org

June 11-14, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa
          Traverse City, Michigan
             Contact: http://www.abiworld.org/

June 21-24, 2009
INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY &
    BANKRUPTCY PROFESSIONALS
       8th International World Congress
          TBA
             Contact: http://www.insol.org/

July 16-19, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Mt. Washington Inn
          Bretton Woods, New Hampshire
             Contact: http://www.abiworld.org/

July 29-Aug. 1, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Westin Hilton Head Island Resort & Spa,
       Hilton Head Island, S.C.
          Contact: http://www.abiworld.org/

Aug. 6-8, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Conference
       Hotel Hershey, Hershey, Pa.
          Contact: http://www.abiworld.org/

Sept. 10-11, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Complex Financial Restructuring Program
       Hyatt Regency Lake Tahoe, Incline Village, Nevada
          Contact: http://www.abiworld.org/

Sept. 10-12, 2009
AMERICAN BANKRUPTCY INSTITUTE
    17th Annual Southwest Bankruptcy Conference
       Hyatt Regency Lake Tahoe, Incline Village, Nevada
          Contact: http://www.abiworld.org/

Oct. 2, 2009
AMERICAN BANKRUPTCY INSTITUTE
    ABI/GULC "Views from the Bench"
       Georgetown University Law Center, Washington, D.C.
          Contact: http://www.abiworld.org/

Oct. 5-9, 2009
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       Marriott Desert Ridge, Phoenix, Arizona
          Contact: 312-578-6900; http://www.turnaround.org/

Oct. 20, 2009
AMERICAN BANKRUPTCY INSTITUTE
    NCBJ/ABI Educational Program
       Paris Las Vegas, Las Vegas, Nev.
          Contact: http://www.abiworld.org/

Dec. 3-5, 2009
AMERICAN BANKRUPTCY INSTITUTE
    21st Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 29-May 2, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 17-20, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa, Traverse City, Michigan
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 7-10, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Ocean Edge Resort, Brewster, Massachusetts
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Ritz-Carlton Amelia Island, Amelia, Fla.
          Contact: http://www.abiworld.org/

Aug. 5-7, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 4-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Grande Lakes, Orlando, Florida
          Contact: http://www.turnaround.org/

Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
    22nd Annual Winter Leadership Conference
       Camelback Inn, Scottsdale, Arizona
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa
          Traverse City, Michigan
             Contact: http://www.abiworld.org/

Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    23rd Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/



                         *********

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

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

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



                            *********


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

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

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

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

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





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