TCRAP_Public/090227.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Friday, February 27, 2009, Vol. 12, No. 41



FAIRFAX MEDIA: Mulls Raising AU$500 Million Capital
LEND LEASE: Posts Half-year Loss; To Shed 1,700 Jobs Globally
MGIC AUSTRALIA: Moody's Pares Insurer Strength Rating to 'Ba2'
SUNCORP-METWAY: First Half Profit Drops 32.8%

H O N G  K O N G

AMERICAN INT'L: In Talks with China Life on Asian Unit
EPIPHANY CAPITAL: Members' Meeting Set for March 23
GOLDIAN LIMITED: Members to Receive Wind-Up Report on March 23
HANRICH COMPANY: Members to Receive Wind-Up Report on March 23
HOPSON DEVELOPMENT: S&P Puts 'BB-' Corporate Credit Rating

JET BILLION: Creditors' Meeting Set for March 6
MAXPRO INDUSTRIES: Members' & Creditors' Meeting Set for March 23
MICHINOKU FINANCE: Members' Meeting Set for March 23
NAVA SC ET AL: Liquidator to Present Wind-Up Report March 20
ORIENT NETWORKS ET AL: Tang and Ying Cease to Act as Liquidators

RICHFIELD ESTABLISHMENTS: Final General Meeting Set for March 27
RYOSHIN INTERNATIONAL: Member to Hear Wind-Up Report on March 20
SUITABLE INVESTMENTS: Members to Hear Wind-Up Report on March 20
SW MANDARIN: Creditors' Proofs of Debt Due on March 23
U-RIGHT ENTERPRISES: Creditors' Meeting Set for March 5

UOB FINANCE: Creditors' Proofs of Debt Due on March 10
WOOLWORTHS INTERNATIONAL: Commences Wind-Up Proceedings
* HONG KONG: Economy to Shrink up to 3% in 2009, Gov't Says


ANSAL PROPERTIES: Fitch Cuts Long-Term Issuer Rating to 'BB-'
BRIGHT POWER: CRISIL Rates Rs.80.0 Mln Cash Credit at 'BB'
DEVELOPMENT CREDIT: Fitch Affirms Individual Rating at 'D/E'
DSM SOFT: CRISIL Assigns 'D' Ratings on Various Bank Facilities


PT EXCELCOMINDO: Moody's Changes 'Ba2' Rating Outlook to Negative
PT INDOSAT: Fitch Upgrades Issuer Default Rating to 'BB+'


ADVANTEST CORP: To Cut Jobs, Dividends on Expected JPY78 Bln Loss
ALL NIPPON: Plans to Apply for Public Loan
ORSO ABS: S&P Junks Ratings on Class E Notes From 'B'
PEGASUS FUNDING: S&P Puts Low-B Rating on Classes B on WatchNeg.
SEIKO EPSON: Two Latin American Units Falsified Earnings Report


HYUNDAI MOTOR: Idles Production Lines at Local Plant


ALCATEL-LUCENT: Appoints New Managing Director for Malaysia

N E W  Z E A L A N D

AIR NEW ZEALAND: Half-Year Profit Drops 79%
NUPLEX INDUSTRIES: Profit Fell 76%; Suspends Dividend
* NEW ZEALAND: Building Consent Drops to Record Low in 17 Years
* NEW ZEALAND: Imports Fell 0.9% in Jan.'09, NZ Statistics Says


CHARTERED SEMICONDUCTOR: S&P Downgrades Corporate Rating to 'BB'
CHINA AVIATION: Full Year Profit Drops 77%
COLUMBUS INVESTMENTS: Creditors' Proofs of Debt Due on March 20
HESLEY COCOA: Court Enters Wind-Up Order
INTERMILLING: Creditors' Proofs of Debt Due on March 23

JURONG TECHNOLOGIES: Court Enters Judicial Management Order

S O U T H  A F R I C A

BLUE GRANITE: Fitch Affirms National Ratings on RMBS Transactions
SAPPI LTD: S&P Changes Outlook to Negative; Affirms 'BB' Rating


PROMOS TECHNOLOGIES: Gets One-year Reprieve on Loan Repayments

U N I T E D  A R A B  E M I R A T E S

NATIONAL BANK: Moody's Assigns 'D' Bank Financial Strength Rating


* Large Companies with Insolvent Balance Sheets

                         - - - - -


FAIRFAX MEDIA: Mulls Raising AU$500 Million Capital
Fairfax Media had its shares halted from trading yesterday,
Feb. 26, as the company solicits interest in a capital raising for
as much as AU$500 million, various reports say.

According to The Australian, the move comes just three days after
the media group denied it needed extra funds.

"The reason for the trading halt is that Fairfax is currently
considering capital management initiatives," the Australian cited
Fairfax in a statement to the Australian Securities Exchange.

The Australian says investment banks UBS and ABN Amro are
currently in talks with major shareholders and other institutional
investors about an "entitlement" or rights issue at between
70 cents and 80c a share - a 14 per cent-plus discount to its last
traded price.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 24, 2009, Bloomberg News said Fairfax Media reported its
first loss on record after advertising revenue fell and the
company wrote down the value of newspapers and media licenses.
The loss, Bloombeg News said, was Fairfax's first loss since its
initial share sale in 1992.

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

Fairfax Media, the Australian relates, said it did not have debt
due for repayment until 2011 and was comfortably within debt

However, the Australian says, analysts have pointed out that a
further deterioration in Fairfax's trading performance would put
it in danger of breaching debt covenants.

                    About Fairfax Media Limited

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

LEND LEASE: Posts Half-year Loss; To Shed 1,700 Jobs Globally
Lend Lease Corporation Limited is cutting 1,700 jobs over the next
six months as the company reports a loss of almost $600 million
for the first half, various reports say.

The Heraldsun reports that Lend Lease posted a net loss of $596.4
million for the half year ended December 31, down from net profit
of $250.9 million in the prior corresponding period.

Revenue meanwhile increased 3.1 per cent to $7828.6 million from
the previous corresponding period, the Heraldsun says.

Lend Lease, the Heraldsun relates, said the reported net loss
reflected writedowns and charges previously announced, and was due
to deteriorating economic conditions.

According to the Heraldsun, Lend Lease pointed to a "strong
operating profit" during the first half of $185.4 million, down 27
per cent on the prior corresponding period, "primarily due to
lower profit from capital recycling and tough market conditions in
our Communities businesses".

The company, as cited by the Heraldsun, said that it remains on
track to achieve net operating profit after tax for fiscal 2009 of
between $380 million and $400 million, representing a 10-15 per
cent reduction to the (fiscal 2008) reported net operating profit
after tax of $447.1 million.

Meanwhile, the Associated Press reports that Lend Lease said it
will cut 1,700 jobs over the next six months, about 340 of which
would be in Australia.

According to the AP, Lend Lease chief executive Steve McCann said
most of the job reductions would be project-related staff who
would not be re-employed.

As of Dec. 31, Lend Lease had 11,700 staff in the United States,
Europe, Asia, Africa and the Middle East as well as Australia.

Following the announcement of the results of the six months ending
Dec. 31,  AP adds, Lend Lease also said that its managing director
Greg Clarke will step down after six years at the company's helm.

                        About Lend Lease

Lend Lease Corporation Limited, headquartered in Sydney,
Australia, is involved in various property related activities in
Asia Pacific, USA and Europe.  The company's operations are
diversified into retail and residential property development,
construction activities and funds management.

MGIC AUSTRALIA: Moody's Pares Insurer Strength Rating to 'Ba2'
Moody's Investors Service has downgraded to Ba2 from A2 the
insurance financial strength rating of MGIC Australia Pty Limited.
The rating outlook is stable.

This rating action concludes the review for a possible downgrade
initiated on October 10, 2008 and reflects the impact of the
downgrade of MGIC Australia's US parent -- Mortgage Guaranty
Insurance Corporation (IFSR Ba2/developing) and tougher operating
environment in Australia given the slowing economy, weakening
housing market conditions and rising unemployment level.

"As MGIC Australia is highly reliant on its parent's support to
grow its business and to remain adequately capitalized, the rating
and outlook of MGIC Australia are highly linked to that of its
parent.  Therefore, the recent rating action on the parent
resulted in rating downgrade of the company," says Wing Chew, a
Moody's VP/Senior Analyst.

"The downgrade also considers the possibility of higher
delinquencies in light of the current market conditions.  This
will in turn exert pressure on its profitability and capital
strength," says Chew.

"The company has stopped writing low doc and high LTV business.
This will help improve the quality of its book of business.
However, it will have a negative impact on revenue," adds Chew.

The stable outlook allows for the possibility of further
deterioration in its insured portfolio in the current economic
environment.  However, the company remains well capitalized to
comply with the regulator's stringent capital requirements.

The last rating action related to MGIC Australia occurred on
October 10, 2008, when Moody's placed the company's rating on
review for possible downgrade.

MGIC Australia, based in Sydney, is a wholly-owned subsidiary of
Mortgage Guaranty Insurance Corporation, a leading lender's
mortgage insurer in the US.  Its ultimate parent is MGIC
Investment Corporation, which is the listed holding company on the
New York Stock Exchange.

SUNCORP-METWAY: First Half Profit Drops 32.8%
Suncorp-Metway Limited's half year profit fell 32.8% due to higher
bad debts and claims surged because of severe weather events, WA
Today reports.

According to WA Today, the insurer reported a net profit of AU$258
million for the six months ended December 31, down from AU$384
million in the previous corresponding period.  Revenue grew 8.1%
to AU$7.48 billion for the six months to December 31.

Suncorp, the report relates, said its banking unit's first-half
profit before tax and impairment losses grew 39% to AU$448
million, while profit before tax slumped 68% to AU$97 million.

For its wealth management unit, profit before tax for the first
half declined eight percent to AU$115 million, the report states.

According to WA Today, gross written premiums for the six months
to December grew 5.9%, as profit before tax for the insurance unit
increased 47% to AU$253 million.

The insurance business, the report notes, was likely to be hit by
AU$180 million of costs before reinsurance recoveries for the
Victorian bushfires and flooding in North Queensland.

Meanwhile, WA Today states that Chief Executive Officer
John Mulcahy will step down on March 2, and will receive a AU$2
million payment, equivalent to 12 months remuneration.

According to WA Today, Chief financial officer Chris Skilton will
be acting chief executive until a successor to Mr. Mulcahy is
found but would also leave after the new CEO appoints a
replacement CFO.

                       About SunCorp-Metway

Brisbane, Australia-based Suncorp-Metway Ltd. -- is engaged in retail and
business banking, general insurance, life insurance,
superannuation and funds management with a focus on retail
consumers and small to medium businesses.  Its brand offering
includes Suncorp and GIO, with GIO being the main insurance
brand outside of Queensland.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 11, 2009, Fitch Ratings affirmed and removed from Rating
Watch Evolving Suncorp-Metway Limited's and Suncorp Metway
Insurance Limited's ratings.

These rating actions have been taken:

     -- Individual rating: affirmed at 'B', removed from RWE

     -- Support Rating Floor affirmed at 'BB+'; removed from RWE

At the same time, Fitch placed Suncorp's 'A+' Long- term Issuer
Default Rating on Negative Outlook, and SMIL's Insurer Financial
Strength Rating on Stable Outlook.  The actions follow Suncorp's
announcement that there has been a significant increase in bad
debts, which will affect H109 profits.  With signs that the
Queensland and Australian economies are facing significant
challenges, risks to asset quality are clearly on the downside.

H O N G  K O N G

AMERICAN INT'L: In Talks with China Life on Asian Unit
American International Group Inc. and China Life Insurance Co.
are in talks over the sale of AIG's Asian unit, Bloomberg News
reports citing the country's insurance regulator.

According to the report, China Insurance Regulatory Commission
Vice Chairman Li Kemu said AIG visited China looking for interest
to buy its Asian subsidiary, American International Assurance Co.

Vice Chairman Kemu said, as cited by the report, China Life is in
talks over a possible bid for the company.

"This is still under discussion," Bloomberg News cited Mr. Kemu in
a briefing in Beijing.  "We feel AIA is a very good company. At
least, its China and Hong Kong operations are not bad."

                        About China Life

China Life Insurance Company Limited (China Life) is an insurance
company in the People's Republic of China.  The company's main
businesses include individual life insurance, group life insurance
and short term insurance.  Its products and services include
individual life insurance, group life insurance, accident and
health insurance.  The company is a provider of annuity products
and life insurance for both individuals and groups, and a provider
of accident and health insurance in China.  As of December 31,
2007, the company had over 93 million individual and group life
insurance policies and annuities, and long-term health insurance
policies in force.  It also provides both individual and group
accident and short-term health insurance policies, as well as
services.  The company's main business segments are Individual
life insurance business; Group life insurance business; Accident
and health insurance business, and Corporate and other.

                            About AIG

Based in New York, American International Group, Inc. (AIG) is the
leading international insurance organization with operation in
more than 130 countries and jurisdictions.  AIG companies serve
commercial, institutional and individual customers through the
most extensive worldwide property-casualty and life insurance
networks of any insurer.  In addition, AIG companies are leading
providers of retirement services, financial services and asset
management around the world.  AIG's common stock is listed on the
New York Stock Exchange, as well as the stock exchanges in Ireland
and Tokyo.

During the third quarter of 2008, requirements to post collateral
in connection with AIG Financial Products Corp.'s credit default
swap portfolio and other AIGFP transactions and to fund returns of
securities lending collateral placed stress on AIG's liquidity.
AIG's stock price declined from US$22.76 on Sept. 8, 2008, to
US$4.76 on Sept. 15, 2008.  On that date, AIG's long-term debt
ratings were downgraded by Standard & Poor's, a division of The
McGraw-Hill Companies, Inc., Moody's Investors Service and Fitch
Ratings, which triggered additional requirements for liquidity.
These and other events severely limited AIG's access to debt and
equity markets.

On Sept. 22, 2008, AIG entered into an US$85 billion revolving
credit agreement with the Federal Reserve Bank of New York and,
pursuant to the Fed Credit Agreement, AIG agreed to issue 100,000
shares of Series C Perpetual, Convertible, Participating Preferred
Stock to a trust for the benefit of the United States Treasury.
At Sept. 30, 2008, amounts owed under the facility created
pursuant to the Fed Credit Agreement totaled US$63 billion,
including accrued fees and interest.

Since Sept. 30, AIG has borrowed additional amounts under the
Fed Facility and has announced plans to sell assets and businesses
to repay amounts owed in connection with the Fed Credit Agreement.
In addition, subsequent to Sept. 30, 2008, certain of AIG's
domestic life insurance subsidiaries entered into an agreement
with the NY Fed pursuant to which the NY Fed has borrowed, in
return for cash collateral, investment grade fixed maturity
securities from the insurance subsidiaries.

On Nov. 10, 2008, the U.S. Treasury agreed to purchase, through
its Troubled Asset Relief Program, US$40 billion of newly issued
AIG perpetual preferred shares and warrants to purchase a number
of shares of common stock of AIG equal to 2% of the issued and
outstanding shares as of the purchase date.  All of the proceeds
will be used to pay down a portion of the Federal Reserve Bank of
New York credit facility.  The perpetual preferred shares will
carry a 10% coupon with cumulative dividends.

AIG and the Fed also agreed to revise the existing FRBNY credit
facility.  The loan terms were extended from two to five years to
give AIG time to complete its planned asset sales in an orderly
manner.  The equity interest that taxpayers will hold in AIG,
coupled with the warrants, will total 79.9%.

At Sept. 30, 2008, AIG had US$1.022 trillion in total consolidated
assets and US$950.9 billion in total debts.  Shareholders' equity
was US$71.18 billion, including the addition of US$23 billion of
consideration received for preferred stock not yet issued.

EPIPHANY CAPITAL: Members' Meeting Set for March 23
The members of Epiphany Capital Management Limited will hold their
meeting on March 23, 2009, at 10:00 a.m., at the 26th Floor of
Citicorp Centre, 18 Whitfield Road, in Causeway Bay, Hong Kong.

At the meeting, Leung Hok Lim, the company's liquidator, will give
a report on the company's wind-up proceedings and property

GOLDIAN LIMITED: Members to Receive Wind-Up Report on March 23
The members of Goldian Limited will hold their meeting on
March 23, 2009, at 10:00 a.m., to hear the liquidator's report on
the company's wind-up proceedings and property disposal.

The meeting will be held at the 5th Floor of Dah Sung Life
Building, 99-105 Des Voeux Road, in Central, Hong Kong.

HANRICH COMPANY: Members to Receive Wind-Up Report on March 23
The members of Hanrich Company Limited will hold their meeting on
March 23, 2009, at 10:00 a.m., to hear the liquidators' report on
the company's wind-up proceedings and property disposal.

The meeting will be held at 1001 Admiralty Centre, Tower I, in 18
Harcourt Road, Hong Kong.

HOPSON DEVELOPMENT: S&P Puts 'BB-' Corporate Credit Rating
Standard & Poor's Ratings Services said that it had placed its
'BB-' long-term corporate credit rating on Hopson Development
Holdings Ltd. and the 'B+' issue ratings on the company's
US$350 million senior unsecured notes due 2012 and Chinese
renminbi 1.83 billion zero-coupon convertible bond due Feb. 2,
2010 on CreditWatch with negative implications.

The CreditWatch action follows Hopson's announcement on Feb. 20,
2009 that confirmed a land acquisition in December 2008.  The
consideration totals more than RMB859 million, the majority of
which is expected to be settled in 2009.

"The rating action reflects the increasing pressure on Hopson's
liquidity position, given the currently challenging conditions in
the Chinese real estate market and the company's payment needs in
the next 12 months, including an expected high land premium, and
short-term debt, such as the convertible bond which requires
RMB1.91 billion of U.S.-dollar equivalent payment (including
interest) at maturity," said Standard & Poor's credit analyst
Bei Fu.

"In our opinion, Hopson's land acquisition strategy for the second
half of 2008 remained aggressive, despite the market downturn.
S&P believes such a strategy added further pressure to Hopson's
thin liquidity," said Ms. Fu.

Hopson's cash holding of Hong Kong dollar 1.6 billion at the end
of June 2008 was low when compared with its short-term
obligations.  Given the sluggish market in the second half of
2008, S&P don't expect Hopson's cash sales level to have
substantially improved, which would have helped to significantly
increase its cash balance.  S&P is awaiting information about the
company's performance for full-year 2008.

In a separate announcement, Hopson has denied allegations
contained in an article in the Feb. 20, 2009 edition of "Apple
Daily", a Hong Kong newspaper.  The article said Mr. Chu Mang Yee,
the chairman and executive director of Hopson, is being
investigated by a Chinese law enforcement agency and an exit
restriction has been imposed on him.  Depending on how the matter
of this investigation is perceived, it may affect Hopson's
reputation with local banks and potential buyers.  The effect is
yet to be discovered.

JET BILLION: Creditors' Meeting Set for March 6
The creditors of Jet Billion Limited will hold their meeting on
March 6, 2009, at 11:30 a.m., for the purposes mentioned in
Sections 241, 242, 243, 244 and 255A of the Companies Ordinance.

The meeting will be held at Room 201 of Duke of Windsor Social
Service Building, 15 Hennessy Road, in Wanchai, Hong Kong.

MAXPRO INDUSTRIES: Members' & Creditors' Meeting Set for March 23
The members and creditors of Maxpro Industries Limited will hold
their final meeting on March 23, 2009, at 3:00 p.m., at the
19th Floor of Beverly House, Nos. 93-107 Lockhart Road, in
Wanchai, Hong Kong.

At the meeting, Chin Wing Lok, Ambrose, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.

MICHINOKU FINANCE: Members' Meeting Set for March 23
The members of Michinoku Finance (Hong Kong) Limited will hold
their meeting on March 23, 2009, at 11:00 a.m., at the 20th Floor
of Prince's Building, in Central Hong Kong.

At the meeting, Rainier Hok Chung Lam, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.

NAVA SC ET AL: Liquidator to Present Wind-Up Report March 20
On March 20, 2009, Joanne Oswin, the liquidator, will present the
companies' wind-up report and property disposal to the members of:

   -- Nava SC Securities Limited at 10:00 a.m.;
   -- Nava SC Securities Finance Limited at 10:30 a.m.;
   -- Nava SC Nominees Limited at 11:00 a.m.;
   -- Nava SC Securities Holdings Limited at 11:30 a.m.; and
   -- Nava SC Securities Investment Limited at 12:00 p.m.

ORIENT NETWORKS ET AL: Tang and Ying Cease to Act as Liquidators
On February 5, 2009, Alan C W Tang and Alison Wong Lee Fung Ying
stepped down as liquidators of:

   -- Orient Networks (HK) Limited; and
   -- Orient Telecommunication Networks (HK) Limited.

RICHFIELD ESTABLISHMENTS: Final General Meeting Set for March 27
Lai Chung Man, the liquidator of Richfield Establishments Limited
summoned a final general meeting on March 27, 2007, at 3:00 p.m.,
to present the company's wind-up report and property disposal to
the company's members.

RYOSHIN INTERNATIONAL: Member to Hear Wind-Up Report on March 20
The sole member of Ryoshin International (Hong Kong) Limited will
receive the liquidator's report on the company's wind-up
proceedings and property disposal on March 20, 2009, at 10:00 a.m.

The meeting will be held at the 8th Floor of Gloucester Tower, The
Landmark, in 15 Queen's Road Central, Hong Kong.

SUITABLE INVESTMENTS: Members to Hear Wind-Up Report on March 20
The members of Suitable Investments Hong Kong Limited will hold
their meeting on March 20, 2009, at 11:00 a.m., at Rooms 1801-05
of Hua Qin International Building, in 340 Queen's Road, Central
Hong Kong.

At the meeting, Fong Ting Hoi, the company's liquidator, will give
a report on the company's wind-up proceedings and property

SW MANDARIN: Creditors' Proofs of Debt Due on March 23
The creditors of SW Holdings Limited are required to
file their proofs of debt by March 23, 2009, to be included in the
company's dividend distribution.

The company's liquidator is:

         Au Yeung Huen Ying
         Shum Tower, 8th Floor
         268 Des Voeux Road Central
         Hong Kong

U-RIGHT ENTERPRISES: Creditors' Meeting Set for March 5
The creditors of U-Right Enterprises Limited will hold their
meeting on March 5, 2009, at 2:00 p.m., for the purposes mentioned
in Sections 241, 242, 243, 244 and 255A of the Companies

The meeting will be held at the 32nd Floor of One Pacific Place,
in 88 Queensway, Hong Kong.

UOB FINANCE: Creditors' Proofs of Debt Due on March 10
The creditors of UOB Finance (H.K.) Limited are required to file
their proofs of debt by March 10, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Feb. 9, 2009.

The company's liquidator is:

         Lee, Ho Yiu Thomas
         Catic Plaza, 21st Floor
         8 Causeway Bay
         Hong Kong

WOOLWORTHS INTERNATIONAL: Commences Wind-Up Proceedings
On February 12, 2009, a special resolution was passed that
voluntarily wind up the operations of Woolworths International

Lai Kar Yan (Derek) and Darach E. Haughey were appointed as

The Liquidators can be reached at:

         Lai Kar Yan (Derek)
         Darach E. Haughey
         One Pacific Place, 35th Floor
         88 Queensway
         Hong Kong

* HONG KONG: Economy to Shrink up to 3% in 2009, Gov't Says
Hong Kong's economy will likely shrink between 2 percent and 3
percent in 2009, Jeremiah Marquez at the Associated Press reports
citing Financial Secretary John Tsang in an annual budget address.
The Chinese territory, the report notes, will likely post its
first full year contraction since the Asian crisis in 1998.

According the report, Sec. Tsang said that Hong Kong's economy is
expected to face more pain as job losses mount, exports slump and
property prices tumble.

"This once-in-a-century financial turmoil has spread from the
financial markets to the real economy, leading to a synchronized
global recession," the AP quoted Mr. Tsang as saying.  "Being a
small open economy, Hong Kong will inevitably be hit."

Sec. Tsang said Hong Kong's economy, which slipped into recession
in the third quarter, contracted 2.5 percent in the fourth quarter
of 2008 from a year earlier, the report relates.

Sec. Tsang, as cited by the report, also said that the current
budget deficit -- Hong Kong's first in four years -- was expected
to run to HK$4.9 billion and balloon to HK$39.9 billion the coming
year.  Hong Kong, AP states, will likely run deficits for four
more years.


ANSAL PROPERTIES: Fitch Cuts Long-Term Issuer Rating to 'BB-'
Fitch Ratings has downgraded India's Ansal Properties &
Infrastructure Limited's Long-term Issuer Rating to 'BB-(ind)'
(BB minus(ind)) from 'BBB-(ind)' (BBB minus(ind)).  The agency has
also downgraded the rating of API's INR1,000 million long-term
debt program to 'BB-(ind)' (BB minus(ind)) from 'BBB-(ind)' (BBB
minus(ind)), and its INR1,000 million short-term debt rating to
'F4(ind)' from 'F3(ind)', of which INR500 million is to be carved
out of fund-based working capital limits.

Fitch has also downgraded the rating of API's long-term bank loans
aggregating INR710 million and fund-based working capital limits
of INR1721.5 million, consisting of cash credit and overdraft, to
'BB-(ind)' (BB minus(ind)) from 'BBB-(ind)' (BBB minus(ind)) and
its short-term bank loans aggregating INR200 million and its non-
fund based working capital limits of INR1,500 million to 'F4(ind)'
from 'F3(ind)'.  All ratings have been placed on Rating Watch

The ratings reflect the current difficult housing environment, as
well as Fitch's expectations that housing activity will be even
more challenging throughout 2009 than previously anticipated.  The
agency's outlook for the Indian real estate sector in 2009
continues to remain negative.  The sector has witnessed a
significant slowdown in demand in the last 12 months to end
January 2009, both in the residential and commercial real estate
segments.  The rating downgrades also reflect the adverse impact
by the slump in demand for the real estate segment on API's
operating performance.  API's revenues fell 21% during Q3FYE09
while EBITDA margins for the quarter declined 1520 bp to 14.3%
compared with 29.5% yoy.  API also reported a consolidated loss of
INR156 million for Q309 as against profit of INR522 million in
Q308.  For the first nine months of FYE09 revenues are down 22%
while EBITDA margins fell to 20.4%, compared with 30% yoy.

The rating downgrades reflect API's limited financial flexibility,
as well as the company's weaker ability to meet its financial
obligations on time.  API's liquidity profile continues to tighten
due to challenging operating conditions in conjunction with high
short-term debt.  Fitch notes that the company is under
negotiation with its banks regarding the extension of its current
outstanding maturity profile and further refinancing.  Successful
refinancing of its existing debt with the extension of its
maturity profile of debt would be a positive for API, as it would
reduce the immediate liquidity pressures.

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

API, founded in 1967, is a real estate development company based
in Delhi.  In FY08, on a consolidated basis it API had revenue of
INR9.7 billion with EBIDTA of INR2.4 billion and net income of
INR1.7 billion.  The net adjusted debt/EBIDTA in FY08 was 4.4x,
with total debt/equity of 1x.  In the nine months ended December
2008, API had revenue of INR5.7 billion and net income of INR0.3
billion.  As at 31 December 2008, API had approximately INR14.6
billion of consolidated debt.

BRIGHT POWER: CRISIL Rates Rs.80.0 Mln Cash Credit at 'BB'
CRISIL has assigned its ratings of 'BB/Stable/P4' to the various
bank facilities of Bright Power Projects (India) Pvt Ltd (Bright

   Rs.80.0 Million Cash Credit          BB/Stable (Assigned)
   Rs.140.0 Million Bank Guarantee *    P4 (Assigned)

   * Fully interchangeable with Letter of Credit

The ratings reflect Bright Power's stretched financial risk
profile marked by low net worth, high gearing and moderate debt
protection measures.  The ratings are also constrained by its
exposure to risks inherent to the tender-based contract jobs
business, and to the company's small scale of operations.  These
weaknesses are, however, partially offset by Bright Power's
established track record in the electrical contracts business, and
long-standing customer relationships.

Outlook: Stable

CRISIL believes that Bright Power will maintain a stable business
profile, backed by its project execution abilities and its long
track record in the electrical contracts business.  The outlook
may be revised to 'Negative' if the company's financial risk
profile deteriorates materially, led by liquidity constraints or
further increase in gearing. Conversely, the outlook may be
revised to 'Positive' if the company's financial risk profile
improves substantially, led by sustained improvement in
profitability, and fresh infusions of equity.

                       About Bright Power

Incorporated in 1993 by Mr. B R Poonja and Mr. U V Kamath, Bright
Power undertakes electrical contracts for erection, installation,
commissioning and maintenance of overhead lines, transformers and
other equipment for the Railways, Bhabha Atomic Research Centre
(BARC) and other clients.

For 2007-08 (refers to financial year, April 1 to March 31),
Bright Power reported a profit after tax (PAT) of Rs.8.4 million
on revenues of Rs.366 million, as against a PAT of Rs.6.4 million
on revenues of Rs.342 million for 2006-07.

DEVELOPMENT CREDIT: Fitch Affirms Individual Rating at 'D/E'
Fitch Ratings has downgraded India's Development Credit Bank
Limited's National Long-term rating to 'BBB(ind)' from 'A-(ind)'
(A minus(ind)) and affirmed its Individual Rating at 'D/E' and
Support Rating at '5'.  Simultaneously, the agency has downgraded
its INR1bn Lower Tier 2 subordinated debt programme rating to
'BBB(ind)' from 'A-(ind)' (A minus(ind)).  The Outlook for the
Long-term ratings has been revised to Negative from Stable.

The downgrade of DCB's Long-term rating reflects Fitch's
expectation of a further deterioration in its financial profile
given DCB's high exposure to the vulnerable retail and small
business segment, as well as the expectation that the bank's core
capital could be depleted by a sustained increase in credit
losses.  The Negative Outlook reflects that a sustainable
turnaround in performance would be challenging given an
increasingly difficult operating environment and constraints in
developing its franchise.

Given DCB's limited franchise, successive senior managements have
frequently shifted focus on business mix and its long-term
strategy is still evolving.  Due to aggressive pricing of credit
risk, its retail lending strategy failed by FY08 and the bank now
plans to grow in the small- and-medium size corporate segment and
to fund its activity in these segments from retail deposits.
DCB's positioning of branches in urban and metro regions is less
suitable for mobilizing deposits as banking penetration in these
areas is already high.  This would require the bank to offer
above-market deposit rates and hence competitive strength in
lending would remain inferior to those of larger banks.

Delinquencies in the secured (37% of loans) as well as unsecured
(14% of loans) retail portfolio are likely to worsen because they
were sourced through external agents whose incentive to recover
dues will likely diminish with the discontinuation of fresh
lending in this segment.  Further pressures are likely to emanate
from the small-and-medium size corporate portfolio (49% of loans),
as most of these are lower rated corporates whose repayment
capability is likely to weaken further due to the slowing economy.

Fitch expects NPL's (gross NPL ratio: Q309 4.67%, FY08 1.55%) to
increase significantly over the next 12 to 18 months.  The ability
of equity to absorb such an increase in credit losses is likely to
be depleted as the bank may not be able to raise equity due to
subdued capital markets and regulatory limitations, in the past,
on the principal shareholder to infuse equity.

Profitability was severely impacted in 9M09 due to the increase in
specific loan loss provisions, arising mainly from the unsecured
retail portfolio.  While the bank may benefit from cutting
operating costs (linked to retail businesses), these would not be
sufficient to offset the decrease in interest income (due to the
shrinking balance sheet) and the increase in provisions.
Therefore, profitability will likely remain weak over the medium
term, with the likelihood that DCB will report losses.

DCB is a small private sector bank and is 25% owned by the Aga
Khan Fund for Economic Development.  Its shares are listed on the
local bourses.

DSM SOFT: CRISIL Assigns 'D' Ratings on Various Bank Facilities
CRISIL has assigned its ratings of 'D/P5' to the various bank
facilities of DSM Soft Pvt Ltd (DSM).

   Rs.20 Million Cash Credit Facility       D (Assigned)
   Rs.37.5 Million Long Term Loan           D (Assigned)
   Rs.32.5 Million Bank Guarantee           P5 (Assigned)
   Rs.12.5 Million Standby Line of Credit   P5 (Assigned)
   Rs.67.5 Million Packing Credit           P5 (Assigned)

The ratings reflect the overdrawals in its working capital
facilities for more than 30 consecutive days, owing to stretched

                         About DSM

Incorporated in 1991, DSM provides IT services in the field of
engineering data conversion and geographic information systems. It
has a wholly owned subsidiary, DSM Geodata Ltd in UK, which was
taken over in 2002 to penetrate the European market.

For 2007-08 (refers to financial year, April 1 to March 31), the
company reported a profit after tax (PAT) of Rs.9 million on net
sales of Rs.238 million, as against a PAT of Rs.34 million and net
sales of Rs.219 million in the previous year.


PT EXCELCOMINDO: Moody's Changes 'Ba2' Rating Outlook to Negative
Moody's Investors Service has changed the outlook on PT
Excelcomindo Pratama Tbk's Ba2 local currency issuer rating and
senior unsecured foreign currency rating to negative from stable.

Concurrently, PT Moody's Indonesia has changed the outlook on the
company's national scale rating to negative.

"The rating action follows XL's weaker-than-expected results for
4Q2008, combined with Moody's concerns that this weakness is
likely to continue in 2009 so that XL's key financial metrics
could exceed the tolerance level set for the rating over the next
12 months ", says Ivan Palacios, a Moody's AVP/Analyst.

"Although the full-year numbers reported by XL were broadly in
line with management's guidance -- due to a robust first nine
months -- its performance in 4Q2008 reflected a material slowdown
from the previous quarter in terms of subscribers, revenue and
EBITDA generation, as a result of the global economic downturn and
the challenging nature of the competitive environment," adds

XL's weak performance in 4Q2008 was due to a combination of
factors. These were a slowdown in subscriber growth to only
900,000 additional users -- against 9.7 million in the first nine
months of 2008 -- declining ARPU, increased network costs, and
unfavorable exchange rate movements relative to its US$-
denominated debt towards end-2008, thereby leading to a higher
reported debt figure.

As a result, revenue and EBITDA fell 11% and 32% respectively
compared to 3Q2008, while reported EBITDA margin declined to 34%
and Adjusted Debt/EBITDA increased to 3.8x.

Moody's notes that given the challenging nature of the operating
environment, XL's management intends to be more cautious in terms
of capex deployment and expects a cash outflow for capex during
2009 in the range of US$600-700 million, compared to capex of
around US$1.2 billion in 2008.

In addition, Moody's understands that the company is looking at
alternative ways of improving its capital structure, including the
possibility of a rights issue later this year.

In this context, Moody's notes that the rating outlook could
revert to stable if its operating performance returns to a path of
sustainable growth and at the same time leverage is reduced, such
that retained cash flow ("RCF")/Adjusted Debt remains above 15% on
a consistent basis and Adjusted Debt/EBITDA improves to below

Conversely, further downward rating pressure may evolve if XL does
not strengthen its financial metrics to offset its expected weaker
operating performance. Financial metrics indicative of such a
development would be Adjusted Debt/EBITDA exceeding 4.0x and
RCF/Adjusted Debt dropping below 15% on a sustained basis.

The last rating action with respect to XL was taken on June 2,
2008, when the company's ratings were affirmed with a stable

XL is the third largest cellular provider in Indonesia; as at
December 2008, it had a market share of approximately 18% and 26.0
million subscribers, of which approximately 98% were prepaid.

PT INDOSAT: Fitch Upgrades Issuer Default Rating to 'BB+'
Fitch Ratings has upgraded PT Indosat Tbk's Long-term foreign
currency Issuer Default Rating to 'BB+' from 'BB-' (BB minus) and
Long-term local currency IDR to 'BBB-' (BBB minus) from 'BB-' (BB
minus).  The Outlook is Stable.  At the same time, the ratings on
Indosat's senior unsecured notes programme have been upgraded to
'BB+' from 'BB-' (BB minus).

The rating actions follow the completion of Qatar Telecom's ('A+'/
Stable) tender offer for an additional 24.19% stake in Indosat.
"The rating upgrades reflect strong operational and strategic ties
between Indosat and Qtel, which will beneficially own 65% of
Indosat upon settlement to the tendering shareholders," says Priya
Gupta, Director with Fitch's Telecommunications, Media and
Technology team.

As its largest overseas investment with good growth prospects,
Indosat is of considerable strategic importance to Qtel.  Fitch
estimates that Indosat will account for about a third of group
EBITDA when consolidated in 2009, and although there has been no
track record of explicit support, the agency believes that Qtel
would likely provide some form of financial support should the
need arise.  Consequently Indosat's rating now factors assumed
parent support, in line with Fitch's criteria for parent and
subsidiary rating linkages.

While Fitch believes the two entities are closely linked via a
'strong parent-weak subsidiary' relationship, part of the reason
for a five notch differential between Indosat's 'BBB-' (BBB minus)
rating and Qtel's 'A+' rating is to reflect the absence of strong
legal ties (such as a guarantee) between the two entities; however
the support rationale draws some comfort from Indosat's position
as a potential cross-default party according to clauses in Qtel's
bank documentation.  Moreover, while Fitch understands that Qtel
would consider providing financial support by means of parent
loans and/or cash injections, a track record is yet to be
established.  The agency notes that another factor influencing the
notching difference is Indonesia's local currency rating,
currently at 'BB'/Stable.

Fitch notes that Qtel's majority ownership could imply potential
changes to Indosat's existing business or financial policies,
which might pressure its stand-alone credit profile.  With the
backing of a strong parent, Fitch believes that Indosat might make
a more aggressive bid for market share in 2009, which may entail
substantial capex and/or more aggressive promotional activity.
However, with Indosat's net adjusted leverage at 1.7x at end
September 2008, there is presently considerable headroom at the
current stand-alone rating level.

Fitch highlights that the rating upgrades assume no material
change to Indosat's existing business profile; specifically, that
Indosat will not have to dispose of its fixed-wireless and
international direct dialling businesses as a consequence of Qtel
raising its stake to 65%.  Any material divergence from the
information currently available to the agency could result in a
negative rating action or a revision in the Outlook.

Indosat is Indonesia's second largest diversified operator with
operations spanning wireless, international direct dialling and
fixed-data services, while its new parent Qtel is Qatar's
diversified incumbent with a portfolio of overseas investments in
the Middle East, North Africa and South-East Asia.

The Stable Outlook for Indosat's ratings is based on Fitch's
expectation that the company will maintain, and perhaps
strengthen, its operating position in the medium term with support
from Qtel.  In terms of its foreign currency IDR, Indosat is now
constrained by the sovereign Country Ceiling at 'BB+'.  On the
other hand, Indosat's Long-term local currency IDR is not
constrained, and at 'BBB-' (BBB minus)/Stable exceeds that of the
Republic of Indonesia's by two notches.


ADVANTEST CORP: To Cut Jobs, Dividends on Expected JPY78 Bln Loss
Advantest Corp. forecast a JPY78 billion (US$802.6 million) net
loss in the year ending March 31, its first in six years, compared
with JPY16.6 billion profit a year earlier, Bloomberg News reports
citing a company statement.

The company also forecast its operating loss to reach JPY50
billion this fiscal year, compared with a JPY22.7 billion profit a
year earlier, and sales is expected to drop 59 percent to JPY75
billion, the report says.

"Demand will continue to slump in 2009, exceeding the decline last
year, and it's difficult to expect a speedy recovery next year,"
the news agency quoted Advantest President Toshio Maruyama as
saying during a briefing in Tokyo.

To shore up its balance sheet, the report relates the company
plans to cut 26 percent of its workforce by March, to 3,400
employees from about 4,600, eliminating almost all of its
temporary jobs.  The company also expects about 450 full-time
employees to accept early retirement in the period, the report

In addition, the report discloses the company will discontinue
unprofitable product lines, curtail some research spending, cut
executive and managerial salaries and cancel bonuses.

The company will also lower its second-half dividend by 80 percent
to JPY5, according to the report.

Japan-based Advantest Corp. (NYSE:ATE) --- is a manufacturing company.  The
Company operates in three business segments.  The Semiconductor
and Components Test System segment offers test systems for
semiconductor and electronic component manufacturers.  The
Mechatronics System segment offers test handlers, device
interfaces and nanotechnology-related products.  The Service and
Others segment provides customer solution, support and equipment
leasing services.  The Company has 40 subsidiaries and one
associated companies.  In August 2008, Advantest Corporation
announced that it had completed its buyout of Credence Systems
GmbH (CSG), a manufacturer of test systems for automotive

ALL NIPPON: Plans to Apply for Public Loan
The China Post reports that All Nippon Airways Co Ltd may apply
for public loans in an effort to boost its finances.

According to the Post, company spokesman Yoshifumi Miyake said the
airline is considering requesting loans from various lenders
including the state-backed Development Bank of Japan.

The Post quoted Mr. Miyake as saying "Fund-raising is extremely
important for us."

Local media, as cited by the Post, said that ANA is considering
asking for several tens of billions of yen (several hundred
million U.S. dollars) and has already notified the transport

                      Annual Loss Expected

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 3, 2009, Bloomberg News said ANA may incur a JPY9 billion
(US$101 million) net loss for the year ending March 31, compared
with an earlier projected profit of JPY17 billion.  The carrier
also lowered its operating profit forecast and revenue estimates.

Bloomberg News related the airline also lowered its full-year
operating profit forecast to JPY8 billion from JPY55 billion
predicted earlier.  ANA, Bloomberg News said, reduced its full-
year revenue forecast to JPY1.4 trillion compared with an earlier
forecast of JPY1.46 trillion.

All Nippon Airways Co. Ltd. --  is a
Japan-based company engaged in three business segments.  Its Air
Transportation segment is engaged in the air transportation
business, as well as the provision of services at airports, the
provision of reservation services through telephones and the
maintenance of aircrafts in the country and overseas markets.  The
Traveling segment develops, plans and sells tour packages under
the brand names ANA Hello Tour and ANA Sky Holiday.  This segment
also offers services to travelers and sells travel products and
air tickets.  The Others segment is involved in the information
communications, real estate, building management, land
transportation and airplane fixture repair businesses, among
others.  The Company has 112 subsidiaries and 40 associated

ORSO ABS: S&P Junks Ratings on Class E Notes From 'B'
Standard & Poor's Ratings Services lowered its ratings on ORSO ABS
Funding Trust1-SFFC's class A to class E-Deferral beneficiary
interests issued in September 2007.  At the same time, Standard &
Poor's kept the ratings on the class A to class D beneficiary
interests on CreditWatch with negative implications, removed the
rating on the class E-Deferral beneficiary interests from
CreditWatch with negative implications, and affirmed its 'AAA'
rating on the class XIO beneficiary interests.

On Aug. 29, 2008, Standard & Poor's placed its ratings on the
class A to class E-Deferral beneficiary interests on CreditWatch
with negative implications.  On Nov. 26, 2008, Standard & Poor's
lowered the ratings and kept them on CreditWatch with negative

The rating action on the class A to class E-Deferral beneficiary
interests reflects Standard & Poor's view that the decline in
recovery amount from collateral real estate has been greater than
expected due to the recent severe real estate market conditions.

Standard & Poor's kept its ratings on the class A to class D
beneficiary interests on CreditWatch with negative implications
due to these: 1) The need to consider the execution of the sale
plan for collateral real estate, and 2) The need to consider the
impact on the transaction from the filing by SFCG Co. Ltd. for
civil rehabilitation proceedings. SFCG filed for commencement of
proceedings on Feb. 23, 2009, which were commenced on the same

In this transaction, predetermined cash reserves allow dividend
payments on beneficiary interests during a certain period even if
recovery from the sale of collateral real estate stops.  However,
Standard & Poor's regards it necessary to consider the timing of
the recovery from the sale of the collateral real estate, because:
1) The cash reserve could be exhausted if there is a delay in the
recovery from the sale of collateral real estate, and 2) Concern
over negative carry risk that arises when a portion of principal
collections are allocated to payment of dividends and transaction
costs prior to principal payment of beneficiary interests, thus
decreasing the amount allocated to principal payment.

Standard & Poor's will resolve the CreditWatch after considering
the execution of the sale plan for collateral real estate and the
impact on the transaction from the filing by SFCG for civil
rehabilitation proceedings.  A greater than one-notch downgrade
may be possible depending on the level of the impact that the
difficult factors referred to above may have on the transaction.

Currently only class A beneficiary interests are being repaid and
the outstanding balances as of are approximately JPY8.0 billion
for the class A beneficiary interests and approximately
JPY22.1 billion for the sum of the class A to E-Deferral
beneficiary interests.

The class A to E-Deferral and X-IO beneficiary interests are
ultimately backed by: 1) Real estate-backed loan receivables
originated by Real Estate Credit Co. Ltd. (the former SF Real
Estate Credit Co. Ltd.), a newly established company that took
over the real estate-backed loan business of SFCG Co. Ltd. through
a company spin-off; and 2) Real estate-backed loans originated by
SFCG prior to the company spin-off.

                          Ratings Lowered

                   ORSO ABS Funding Trust 1-SFFC

      JPY30 billion beneficiary interests due September 2012

Class  To             From            Initial Issue Amount
Coupon Type
-----  --             ----            --------------------
A      A/Watch Neg    AA/Watch Neg    JPY15.9 bil.
B      BBB/Watch Neg  A/Watch Neg     JPY4.6 bil.
C      BB/Watch Neg   BBB/Watch Neg   JPY3.1 bil.
D      B-/Watch Neg   BB/Watch Neg    JPY2.8 bil.
E*     CCC            B/Watch Neg     JPY3.6 bil.

                          * Deferral

                          Rating Affirmed

       Class       Rating      Initial Amount   Coupon Type
       -----       ------      --------------   -----------
       X-IO**      AAA         JPY30 bil.***      Floating

                * Conditional deferred dividends
                ** Performance-linked dividends
  *** Notional principal of interest-only beneficiary interests
                   Issue date Sept. 21, 2007.

PEGASUS FUNDING: S&P Puts Low-B Rating on Classes B on WatchNeg.
Standard & Poor's Ratings Services placed its ratings on Pegasus
Funding's class A1, A2, and class B asset-backed loans issued in
September 2006 on CreditWatch with negative implications.

On Feb. 23, 2009, the servicer for the transaction filed for
commencement of proceedings under the Civil Rehabilitation Law,
which were commenced on the same day.  The CreditWatch placements
reflect the increasing risks that the civil rehabilitation
proceedings may negatively impact servicing activities and thus
delay collection from collateral assets or recovery from the sale
of collateral real estate.

In this transaction, predetermined liquidity reserves have been
set aside to cover interest payments on the ABLs for a certain
period, even if collection from collateral assets or the recovery
from sale of collateral real estate halt.  Nevertheless, Standard
& Poor's believes that liquidity risk or a delay in interest
payments for this transaction will rise if the delay in collection
from collateral assets or the recovery amount from the sale of
collateral real estate causes a drawdown from the liquidity
reserve and the reserve amount falls below the required amount to
cover future interest payments.

Standard & Poor's will resolve the CreditWatch listings after
considering the servicing structure and the recovery amount and
timing of the sale of collateral real estate.  A greater than one-
notch downgrade may be possible depending on the level of the
impact that these factors may have on the transaction.

The ratings address the full and timely payment of interest and
the full and timely payment of principal of the ABLs by December

                  Ratings On Creditwatch Negative

                         Pegasus Funding

     JPY120 billion total extendable amount due December 2014

   Class      To               From        Initial Issue Amount
   -----      --               ----        --------------------
   Class A1   BBB-/Watch Neg   BBB-        JPY40.0 bil.
   A2         BBB-/Watch Neg   BBB-        JPY51.9 bil.
   Class B    B/Watch Neg      B           JPY28.1 bil.

                    Issue date Sept. 29, 2006.

SEIKO EPSON: Two Latin American Units Falsified Earnings Report
Seiko Epson Corp.'s two Latin American units inflated profit by
about US$46 million, Bloomberg News reports citing a company

According to the statement cited by the news agency, a company
investigation found three employees in Brazil overstated accounts
receivable to cover up an error in reconciling local and U.S.
accounting standards, while one in Mexico inflated the receivables
to give the impression the amount of money overdue was declining.

"The direct cause of the improper accounting practices is believed
to be the desire of those involved to protect their positions,"
Seiko Epson said in the statement obtained by Bloomberg News.
"However this situation was made possible by the weakness of
internal controls at Epson companies in Brazil and Mexico."

The report relates the Brazilian subsidiary overstated profit by
US$42 million over a nine-year period, while its Mexico unit
improperly reported US$4.1 million in net income over four years.

The company will book a loss of JPY4.4 billion (US$45.4 million)
in the fiscal year ending March 31 to reflect the impact, the
report says.

Japan-based Seiko Epson Corporation (TYO:6724) --- is primarily involved in the development,
manufacture and sale of information equipment, electronic devices
and precision equipment.  The Company operates in four business
segments.  The Information Equipment segment offers printers,
liquid crystal display (LCD) projectors and personal computers,
among others.  The Electronic Devices segment provides thin-film
transistor (TFT) LCD panels, crystal devices and semiconductors.
The Precision Equipment segment offers watches and plastic lens
under the brand name Seiko, as well as factory automation (FA)
equipment.  The Others segment is engaged in the distribution and
transportation services, the provision of maintenance services for
facilities, as well as the insurance agency and travel agency


HYUNDAI MOTOR: Idles Production Lines at Local Plant
Yonhap News Agency reported that Hyundai Motor Co. has again idled
some of its production lines to cope with a rising inventory of
unsold vehicles.

According to the news agency, a company official said a Hyundai
factory in Ulsan, about 400 km southeast of Seoul, will close for
nine days from Feb. 26 until March 6.

Headquartered in Seoul, South Korea, Hyundai Motor Company
(SEO:005380) -- is an automobile
manufacturer in Korea.  The company markets the Atoz Prime, Getz,
Accent, Elantra, Hyundai Coupe, Sonata, Grandeur XG and Centennial
passenger cars; the Trajet, Terracan, Tucson, Santa Fe, H-1 and
Matrix recreational vehicles, and commercial vehicles, which
include trucks, buses, tractors, and specialty vehicles, such as
refrigerated vans, ready mixed concrete (remicon) mixers and oil
tankers.  It operates overseas plants in North America, India and
China, and research and development centers in North America,
Japan and Europe.  During the year ended December 31, 2007, the
company produced 1,706,727 vehicles sold around the globe.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
Jan. 16, 2009, Fitch Ratings downgraded Hyundai Motor's long-term
foreign currency Issuer Default Ratings to 'BB+' from 'BBB-' (BBB
minus), and the Short-term ratings to 'B' from 'F3'.  The agency
revised the Outlook to Negative from Stable.


ALCATEL-LUCENT: Appoints New Managing Director for Malaysia
Alcatel-Lucent has appointed Patrick Veron as managing director
and country senior officer for the company's operations in

In this capacity, the company said Mr. Veron assumes overall
responsibility for managing the day-to-day operations, as well as
taking the lead on strategic business directions for Alcatel-
Lucent in Malaysia.

Mr. Veron's previous appointment was as Chief Executive Officer of
the C-Dot Alcatel-Lucent Research Centre (CARC), a joint-venture
between Alcatel-Lucent and the Centre for Development of
Telematics (C-DOT), the Indian Government's telecom technology
development centre.

                      About Alcatel-Lucent SA

France-based Alcatel-Lucent SA (Euronext Paris and NYSE: ALU) -- provides product offerings that
enable service providers, enterprises and governments worldwide,
to deliver voice, data and video communication services to end
users.  In the field of fixed, mobile and converged broadband
networking, Internet protocol (IP) technologies, applications and
services, the company offers the end-to-end product offerings that
enable communications services for residential, business customers
and customers.  It has operations in more than 130 countries.  It
has three segments: Carrier, Enterprise and Services.  The Carrier
segment is organized into seven business divisions: IP, fixed
access, optics, multicore, applications, code division multiple
access networks and mobile access.  Its Enterprise business
segment provides software, hardware and services that interconnect
networks, people, processes and knowledge.  Its Services business
segment integrates clients' networks.  In October 2008, the
company completed the acquisition of Motive, Inc.

                         *     *     *

As reported in the Troubled Company Reporter-Europe on Dec. 17,
2008, Standard & Poor's Ratings Services placed its 'BB-' long-
term corporate credit rating on French telecom equipment and
services supplier Alcatel Lucent on CreditWatch with negative

S&P also placed the 'BB-' long-term corporate credit rating on
subsidiary Lucent Technologies Inc. and all issue ratings on both
companies on CreditWatch with negative implications.

At the same time, S&P affirmed the respective 'B' and 'B-1' short-
term ratings on Alcatel Lucent and Lucent Technologies.

N E W  Z E A L A N D

AIR NEW ZEALAND: Half-Year Profit Drops 79%
Air New Zealand Ltd reported a 79 percent decline in its half-year
net profit due to soaring fuel costs.

The company reported a normalised earnings before taxation of
NZ$26 million for the six months ended December 31, 2008, a
decrease of 84 percent on the same period in the prior year.  Net
profit after tax also declined 79 percent to NZ$24 million.

Operating revenue increased by 3.7 percent or NZ$87 million on the
same period last year to NZ$2.4 billion for the first half of the
year, with foreign exchange movements contributed to NZ$75 million
of this improvement.

The company has declared a fully imputed interim dividend of three
cents per share, lower than the 2008 interim dividend.

Air New Zealand Chairman John Palmer said the past six months has
been one of the toughest periods airlines have faced.

"Fuel costs reached unprecedented levels in 2008, with the average
spot price increasing 36% on the same financial period last year
adding an extra NZ$211 million to the fuel bill.  This combined
with the deterioration in both passenger and cargo demand, as the
global credit crisis intensified, has seen the airline deliver an
unsatisfactory financial result, despite the management team's
best efforts," Mr. Palmer said in a statement.

Air New Zealand said it is continuously reviewing all areas of
expenditure and has established a team who are well underway
identifying and reducing discretionary spend across all areas of
the business.

                     About Air New Zealand

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

                          *     *     *

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

NUPLEX INDUSTRIES: Profit Fell 76%; Suspends Dividend
Nuplex Industries Limited reported an after-tax profit of NZ$6.0
million for the six months to December 31, 2008, down 76 percent
from the NZ$24.6 million net profit reported in the previous
comparable period.

This result was after one-off costs totalling NZ$5.6 million of
which NZ$2.9 million related to acquisition due diligence and
NZ$2.7 million to site remediation at Seven Hills.

Nuplex said "Before these one-off costs, operating profit after
tax was down 53% from last year at NZ$11.6 million."

EBITDA was slightly ahead of recent market guidance at NZ$43.4
million (NZ$60.6 million) while operating cashflow of NZ$44.3
million was comparable with the prior year.

                         Covenant Breach

Under the group's multi-currency cash advance facility agreements
with banks, Nuplex is required to comply at all times with a
senior debt cover ratio to EBITDA of 3.00 times, however, as at
December 31, 2008, the company said it did not comply with this

Nuplex said it has been in discussion with its banks to seek an
amendment to the covenant ratio to enable the company to comply.
The facility agreements require that all banks agree to conditions
for an amendment.

"All banks have indicated a willingness to either amend the
covenant or give a waiver from compliance.  However as at today
conditions for an amendment or waiver have not been agreed to by
all parties," the company said.

The company said it is reviewing the group's funding arrangements
and the board is considering the merits of issuing ordinary

Mr. John Hirst, group managing director, said "This has been the
most difficult period in the company's history, with a drop in
global demand at a rate and to an extent we have never seen

"Against this backdrop, the result, although disappointing,
demonstrates that Nuplex remains a sound and profitable Company,
even in such adverse times.  While our operations have been
restructured in line with current trading the benefits of this
will not be realised until future periods.  However, as global
confidence returns, as it will inevitably do, a leaner and focused
Nuplex will be well positioned to profit from increased demand."

Nuplex said it suspended payment of 2009 interim dividend to
strengthen balance sheet and repay debt.

                          About Nuplex

Nuplex Industries Limited -- was
founded in 1956 and is incorporated in New Zealand.  The company
is listed on both the New Zealand (NZX) and Australian (ASX)
Stock Exchange.

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

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

* NEW ZEALAND: Building Consent Drops to Record Low in 17 Years
Building consent statistics show the seasonally adjusted number of
new housing units authorised, excluding apartment units, fell 8.2
percent in January 2009, Statistics New Zealand said today.  This
series has been falling in recent months and is now at its lowest
level since it began 17 years ago.

The trend indicates that the number of new housing units
authorised, excluding apartments, has been falling since June 2007
and is now less than half the level it was then.

In January 2009, there were 812 new housing units authorised
(including 67 apartment units), the lowest monthly total since
this series began in April 1965.

For the first time since June 1998, the value of consents issued
for non-residential buildings (NZ$362 million) exceeds the value
of consents issued for residential buildings (NZ$329 million).

* NEW ZEALAND: Imports Fell 0.9% in Jan.'09, NZ Statistics Says
The value of merchandise imports fell 0.9 percent (NZ$32 million)
in January 2009 compared with January 2008, Statistics New Zealand
said.  This fall is the first decrease in imports since
August 2007.  The value of merchandise exports increased 3.0
percent ($92 million) during the same period.

This month's fall in imports was led by a NZ$105 million decrease
in the value of passenger motor cars, with significantly fewer
cars being imported.  Over half of this decrease came from reduced
values of used cars with petrol engine capacities between 1500 and
3000cc.  The largest increase in imports was from a NZ$91 million
rise in petroleum and products, led by an increase in crude oil

This month's increase in exports was led by rises in the value of
preparations of cereals, flour and starch (up NZ$52 million); and
casein and caseinates (up NZ$50 million).  The largest offsetting
decrease was from a NZ$214 million fall in crude oil, resulting
from both decreased prices and quantities.

In January 2009, the monthly trade balance was a deficit of NZ$187
million, or 5.9 percent of exports.  This is the smallest deficit
for a January month since 2001.

The trend for merchandise imports has eased significantly since
June 2008, and now appears to be declining.  The trend for exports
continues to rise steadily.


CHARTERED SEMICONDUCTOR: S&P Downgrades Corporate Rating to 'BB'
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on Chartered Semiconductor
Manufacturing Ltd. to 'BB' from 'BB+'.  The outlook is negative.
At the same time, Standard & Poor's lowered the issue ratings on
all of Chartered's senior unsecured notes to 'BB' from 'BB+'.

"The downgrades reflect a further weakening of Chartered's
financial metrics as a result of the challenging foundry business
conditions, with a steep decline in demand and rising costs," said
Standard & Poor's credit analyst Wee Khim Loy.  "We continue to
factor in support from Chartered's parent, Temasek Holdings Pte.
Ltd. (AAA/Stable/--), into the rating on Chartered.  S&P believes
that Temasek could provide extraordinary support to Chartered if
it faces financial distress."

"We expect Chartered's financial performance to continue to weaken
in 2009, given the extremely volatile operating environment and
the fact that its customers are aggressively reducing orders as
they grapple with rising inventories and slowing demand," said Ms.

Chartered reported a pretax loss of US$97 million in fiscal 2008,
compared with US$10 million profit in fiscal 2007.  In fiscal
2008, the company's revenue grew by more than 20% year-on-year to
US$1.66 billion.  The growth was largely due to the strength of
the communications and consumer segments, but was partially offset
by weakness in the computer sector and the declining blended
average selling price of wafers.  Higher wafer cost led
Chartered's EBITDA margin to decline to 28.8% in 2008, compared
with 35.7% in fiscal 2007 and 41.2% in fiscal 2006.

The sharp deterioration in Chartered's financial performance in
2008 was particularly exacerbated in the last quarter of 2008 as
the decline in worldwide demand for semiconductors accelerated.
Chartered's capacity utilization slumped 59% in that quarter,
compared with 85% in the third quarter of 2008 and 81% in the
fourth quarter of 2007.

"If the industry downturn intensifies or is prolonged, S&P expects
Chartered's key ratios to face further pressure, pushing its ratio
of debt to EBITDA above 4.5x," said Ms. Loy.

CHINA AVIATION: Full Year Profit Drops 77%
China Aviation Oil (Singapore) Corp said profit plunged 77 percent
to US$38.3 million last year, Shanghai Daily reports.  The company
reported US$168.3 million net profit in 2007.

Citing China Aviation in a statement to the Singapore Exchange,
the Post relates that the company's profit in 2007 was boosted by
the sale of a stake in a Spanish fuel supplier.

The company's revenue for financial year 2008 rose to US$5.37
billion from US$2.96 billion in 2007.  The increase was mainly
attributable to higher volume of jet fuel procured and supplied as
well as the high fuel prices.

Incorporated in 1983, China Aviation Oil (Singapore) Corporation
Limited -- deals primarily in jet fuel
procurement, although it is also active in international oil
trading and oil-related investment.  The firm commands a near-
100% market share of the procurement of imported jet fuel for
China's civil aviation industry, and has expanded its market to
include ASEAN countries, the Far East and the United States.

COLUMBUS INVESTMENTS: Creditors' Proofs of Debt Due on March 20
The creditors of Columbus Investments Pte Ltd are required to file
their proofs of debt by March 20, 2009, to be included in the
company's dividend distribution.

The company's liquidators are:

         Kon Yin Tong
         Wong Kian Kok
         Aw Eng Hai
         c/o 47 Hill Street #05-01
         Singapore Chinese Chamber of Commerce &
         Industry  Building
         Singapore 179365

HESLEY COCOA: Court Enters Wind-Up Order
On February 6, 2009, the High Court of Singapore entered an order
to have Hesley Cocoa International Pte. Ltd.'s operations wound

Jurong Town Corporation filed the petition against the company.

The company's liquidator is:

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

INTERMILLING: Creditors' Proofs of Debt Due on March 23
The creditors of Intermilling Commodities 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:

         Lim Boon Cheng
         Abuthahir Abdul Gafoor
         Ebenezer John Lazarus
         c/o 1 Raffles Place
         #20-02 OUB Centre
         Singapore 048616

JURONG TECHNOLOGIES: Court Enters Judicial Management Order
On February 20, 2009, the High Court of Singapore entered a
judicial management order for Jurong Technologies Industrial
Corpn. Ltd.

The applicant's solicitors are:

          Rodyk & Davidson LLP
          80 Raffles Place
          #33-00 UOB Plaza 1
          Singapore 048624

S O U T H  A F R I C A

BLUE GRANITE: Fitch Affirms National Ratings on RMBS Transactions
Fitch Ratings has affirmed the National Ratings of Blue Granite
Investments' four South African RMBS transactions and revised the
Outlook to Negative from Stable for two tranches.

All four transactions are currently in their revolving period
during which no principal is paid to the noteholders and credit
enhancement levels have therefore remained the same since closing.
There are various triggers in place to mitigate a potential
deterioration in the credit quality of the portfolios, such as a
limit on the number of self-employed borrowers permitted in the
portfolio and the weighted average loan-to-value ratio of the pool
is not to exceed that at closing by more than 1%.  Fitch has been
informed by Standard Bank that it is repurchasing non-performing
loans from the Blue Granite transactions.  As a consequence, the
level of arrears in the transactions has been kept below the early
amortisation trigger levels of 0.80% in Blue Granite 1 and 2, and
1.20% in Blue Granite 3 and 4.  If Standard Bank were to stop
repurchasing loans this would, in the agency's opinion, lead to
the triggers being breached within a couple of quarterly interest
payment dates.  The triggers help protect the deals against an
increasing non-performing portfolio.  However, if the triggers
were breached, the higher arrears levels would suppress the levels
of excess spread.  The agency has assessed the loans that have
been repurchased and believes that the portfolio will see a
significant increase in arrears.  This expectation is reflected in
the Negative Outlook assigned to the sub-investment grade notes in
Blue Granite 2.

Each transaction has a further protective element in the form of
an arrears' reserve fund.  When loans in arrears by more than
three months exceed 0.80% of the outstanding collateral balance,
the transaction starts trapping excess spread up to the arrears
reserve required amount.  This provides additional protection
against losses.  This trigger has already been breached for Blue
Granite 4 and the arrears' reserve fund is currently R20.5m.  The
ability to create an arrears reserve is dependent on the level of
excess spread generated.  Given current excess revenue, Fitch
expects that all four transactions are capable of building an
arrears reserve over time.

Blue Granite Investments No. 1 (Pty) Limited (Blue Granite 1)
consists of loans originated by South African Home Loans, while
Blue Granite Investments No. 2 (Pty) Limited (Blue Granite 2),
Blue Granite Investments No. 3 (Pty) Limited (Blue Granite 3) and
Blue Granite Investments No. 4 (Pty) Limited (Blue Granite 4)
consist of loans originated by The Standard Bank of South Africa

The ratings are:

Blue Granite Investments No. 1 (Pty) Limited:

  -- Class A1 (ISIN ZAG000026824): affirmed at 'AAA(zaf)'; Outlook

  -- Class A2 (ISIN ZAG000026907): affirmed at 'AAA(zaf)'; Outlook

  -- Class A3 (ISIN ZAG000026832): affirmed at 'AAA(zaf)'; Outlook

  -- Class A4 (ISIN ZAG000026840): affirmed at 'AAA(zaf)'; Outlook

  -- Class B (ISIN ZAG000026857): affirmed at 'AA(zaf)'; Outlook

Blue Granite Investments No. 2 (Pty) Limited:

  -- Class A1 (ISIN ZAG000031246): affirmed at 'AAA(zaf)'; Outlook

  -- Class A2 (ISIN ZAG000031253): affirmed at 'AAA(zaf)'; Outlook

  -- Class A3 (ISIN ZAG000031261): affirmed at 'AAA(zaf)'; Outlook

  -- Class B (ISIN ZAG000031279): affirmed at 'AA(zaf)'; Outlook

  -- Class C (ISIN ZAG000031287): affirmed at 'A(zaf)'; Outlook

  -- Class D (ISIN ZAG000031311): affirmed at 'BBB(zaf)'; Outlook

  -- Class E (ISIN ZAG000031295): affirmed at 'BB(zaf)'; Outlook
     revised to Negative from Stable

  -- Class F (ISIN ZAG000031303): affirmed at 'B(zaf)'; Outlook
     revised to Negative from Stable

Blue Granite Investments No. 3 (Pty) Limited:

  -- Class AO (ISIN ZAG000034687): affirmed at 'AAA(zaf)'; Outlook

  -- Class A1 (ISIN ZAG000034638): affirmed at 'AAA(zaf)'; Outlook

  -- Class A2 (ISIN ZAG000034711): affirmed at 'AAA(zaf)'; Outlook

  -- Class A3 (ISIN ZAG000034703): affirmed at 'AAA(zaf)'; Outlook

  -- Class B (ISIN ZAG000034646): affirmed at 'AA(zaf)'; Outlook

Blue Granite Investments No. 4 (Pty) Limited:

  -- Class AO (ISIN ZAG000037276): affirmed at 'AAA(zaf)'; Outlook

  -- Class A1 (ISIN ZAG000038225): affirmed at 'AAA(zaf)'; Outlook

  -- Class A2 (ISIN ZAG000037284): affirmed at 'AAA(zaf)'; Outlook

  -- Class B (ISIN ZAG000037292): affirmed at 'AA(zaf)'; Outlook

SAPPI LTD: S&P Changes Outlook to Negative; Affirms 'BB' Rating
Standard & Poor's Ratings Services said it revised its outlook on
South Africa-based forest-product company Sappi Ltd. to negative
from stable.  At the same time, the 'BB' long-term and 'B' short-
term corporate credit ratings were affirmed.  The 'BB' issue
ratings on debt issued by Sappi Papier Holding GmbH and guaranteed
by Sappi and Sappi International S.A. were also affirmed.  The
recovery rating on this debt remains unchanged at '3', indicating
S&P's expectation of meaningful (50%-70%) recovery in the event of

"The outlook revision reflects the challenging operating
conditions in Sappi's key segments caused by the deterioration of
economic conditions, which has led to a decrease in demand for the
company's products," said Standard & Poor's credit analyst Jacob
Zachrison.  "Consequently, S&P see an increased risk that an
expected improvement in Sappi's financial profile could fail to
materialize or be significantly delayed."

Sappi's operating and financial results for the quarter ended
Dec. 31, 2008, were hurt by the severe drop in demand across all
its markets, lower prices for coated fine paper in the U.S., and
generally depressed chemical cellulose prices.  At the same time,
input costs remained relatively high, causing adjusted operating
margins to fall to about 11% year on year, compared with about

S&P expects Sappi's operating performance to remain under pressure
over the near term, owing to lower demand, falling prices in North
America, and a delay in realizing synergies in Europe through
assets recently acquired from M-real Corp. (CCC+/Negative/C).  A
reduction in capital expenditures and lower input costs and
dividend payments will mitigate the negative effects of lower
demand to some extent, allowing for positive free operating cash
flow generation.  Nevertheless, significant downside risks remain,
mainly relating to demand for graphic paper and the impaired
prospects for success in meaningful paper price hikes in Europe,
despite temporary and permanent capacity reductions.  A weaker
U.S. dollar and/or stronger South African rand could also exert
additional pressure on Sappi's earnings and cash flows.

"The outlook is negative because of the risk that Sappi's
financial performance will fail to adequately improve over the
near term," said Mr. Zachrison.  "This would most likely be
related to continued pressure on operating performance caused by
lower demand and/or a lack of adequate compensation in the form of
selling price increases."


PROMOS TECHNOLOGIES: Gets One-year Reprieve on Loan Repayments
ProMOS Technologies Inc said banks agreed to extend its credit
lines and repayment of loans for a year, The China Post reports.

Citing ProMOS in a stock exchange filing, the report says lenders
led by Bank of Taiwan agreed to extend the company's credit line
on short-term borrowings and repayment of principals on medium-
and long-term debts for a year.

Meanwhile, the Post relates ProMOS said a tender offer to buy back
bonds at a discount hadn't yet reached a "successful" level as of
Tuesday, Feb. 24.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 24, 2009, The China Post said ProMOS offered to buy back
convertible bonds for as little as 10 percent of the principal.

Bondholders who accept the offer before March 2 will get 20
percent of the principal, the Post said.

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

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

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

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

                          About ProMOS

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

U N I T E D  A R A B  E M I R A T E S

NATIONAL BANK: Moody's Assigns 'D' Bank Financial Strength Rating
Moody's Investors Service has assigned Baa2 long-term and Prime-2
short-term deposit ratings and a D bank financial strength rating
to National Bank of Umm Al-Qaiwain.  The outlook for these first-
time ratings is stable.

"NBQ's D BFSR -- which maps to a Ba2 Baseline Credit Assessment --
is derived from its strong overall financial metrics and
underscored by strong earning capacity, high capital adequacy
levels and good operational efficiency," says John Tofarides,
Dubai/DIFC-based Analyst in Moody's Financial Institutions group.
However, the rating is constrained by the bank's small market
shares and concentrations on both the asset and liability sides,
which are further intensified by a lack of international
diversification and a strong focus on wholesale banking.

In a fragmented banking system consisting of 52 banks, NBQ is one
of the smaller banking institutions operating in the UAE with
asset market shares of less than 1%.  Despite being based in Umm
Al-Qaiwain, the bank's operations are spread across all the
Emirates, but with a more significant presence in Dubai.  Since
its inception in 1982, the bank has maintained a wholesale banking
profile, focusing on offering trade finance services, working
capital lines and term loans to large corporations.  Moody's notes
that this has invariably resulted in high concentrations in NBQ's
loan book.  Although this is also a feature of other financial
institutions in the UAE, this risk is exacerbated by NBQ's small

Moody's believes that the bank's recent efforts towards expanding
its retail business, offering new products and upgrading its
services should have a positive effect on diversifying the bank's
core profitability in coming years.  "Despite its small market
share in the banking sector, NBQ has consistently demonstrated
interest spreads above the sector's average.  Indeed, this is the
main driver of its strong operating performance and is mainly the
result of a very low cost deposit base, which has been sustained
for at least the past five years," says Mr Tofarides.  However,
Moody's notes that NBQ exhibits a high degree of concentration in
the depositors' base due to its heavy reliance on corporate

Moody's additionally points out that NBQ's asset quality has been
good with high provision coverage levels, although some volatility
in the problem loans was observed during the past two years.
Going forward Moody's remains cautious as to the sustainability of
currently very good asset quality levels, due to rising challenges
in the UAE banking environment.  The capitalization of the bank is
particularly strong and exceeds the industry average.  Liquidity
levels are maintained at above-average levels, although
considerably on a declining trend due to the large increases in
the loan book, especially during the nine months to September of

NBQ's Baa2/Prime-2 deposit ratings enjoy a three-notch uplift from
the level of the bank's standalone financial strength.  This
uplift is based on Moody's assessment of a very high probability
of systemic support for NBQ in case of need based on (i) the
bank's 30% ownership by the government of Umm Al-Qaiwain; (ii) its
status as the sole national bank in its native Emirate; and (iii)
the evidence of systemic support that was provided to troubled UAE
banks in the past as part of the UAE's very high-support

Going forward, Moody's believes that NBQ's ratings could be
upgraded in the event of (i) a considerable expansion and
diversification of its franchise without jeopardising asset
quality and liquidity and (ii) a material reduction in single-name
borrowers' concentrations.  Conversely, Moody's cautions that the
ratings could be lowered in the case of (i) weakening
profitability along with a sharp increase in non-performing
assets; (iii) unexpected withdrawals from large depositors, thus
stressing the liquidity profile of the bank; and (iii) a severe
macro-economic slowdown or major geo-political instability.

Founded in 1982, National Bank of Umm AL-Qaiwain is headquartered
in the emirate of Umm Al-Qaiwain in the UAE and reported total
assets of AED13.373 billion (US$3.640 billion) as of
September 2008.


* Large Companies with Insolvent Balance Sheets

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


ADVANCE HEAL-NEW           AHGN      16933460.19     -8226075.95
ADVANCE HEALTHCA            AHG      16933460.19     -8226075.95
ALLSTATE EXPLORA            ALX      22019608.10    -67492223.10
ALLSTATE EXPL-PP          ALXCC      22019608.10    -67492223.10
ANTARES ENERGY L            AZZ      14174189.76     -6756494.56
ARC EXPLORATION             ARX      62773963.21    -15883874.97
AUSTAR UNITED               AUN     448602007.58   -261905005.38
BIRON APPAREL LT            BIC      19706738.17     -2220069.83
BISALLOY STEEL G            BIS     197903755.89    -11548524.69
CHEMEQ LIMITED              CMQ      25194855.59    -24254413.72
ELLECT HOLDINGS           EHG      18245003.37    -15487781.92
ERG LIMITED                 ERG     180731676.67    -11205963.43
ETW CORP LTD                ETW      83708786.34    -58673955.65
FORTESCUE METALS            FMG    4293524492.00   -378456209.91
FULCRUM EQUITY L            FUL      19209266.15     -3664831.35
JAMES HARDIE NV           JHXCC    2357299968.00   -237600000.00
JAMES HARDIE-CDI            JHX    2357299968.00   -237600000.00
LAFAYETTE MIN               LAF     105239389.93   -190859526.77
LIFE THERAPEUTIC            LFE      56034000.00     -3684000.00
MAC COMM INFR-CD            MCGCD  8104415200.76   -103343256.49
MACQUARIE COMMUN            MCG    8104415200.76   -103343256.49
METAL STORM LTD             MST      14309243.10     -5126410.11
TOOTH & CO LTD              TTH     143720715.19    -94300033.83
VERTICON GROUP              VGP      31280242.69    -12391531.59


AMOI ELECTRONICS         600057     414934259.50    -30399649.61
ANHUI KOYO GROUP         000979      60298626.62    -47685854.30
CHANG LING GROUP         000561      49675731.32   -115810769.64
CHENGDU UNION-A          000693      59526570.13      -188881.87
CHINA KEJIAN-A           000035      65124488.98   -167311537.11
CHINA LIAONING-A         000638      15426138.26     -5698465.09
CHINESE.COM LOGI         000805      12721114.23    -20567498.78
CHONGWING INTL-A         000736      24753183.26    -13379849.30
DANDONG CHEM F-A         000498     115942688.34    -91597754.91
FUJIAN CFC IND-A         000592      24196604.92    -19615146.80
FUJIAN SANNONG-A         000732      64417775.39    -90239301.91
FUJIAN START-A           600734     105659572.63    -14337777.19
GUANGDONG KEL-A          000921     710500493.66    -81769686.15
GUANGDONG MEIYA          000529      66438321.52    -62407433.87
GUANGMING GRP FU         000587      62369338.74    -12083332.13
GUANGXIA YINCH-A         000557      53463085.53    -61325483.02
HEBEI BAOSHUO CO         600155     313380313.25   -212285683.69
HEBEI JINNIU C-A         600722     379299949.84     -2890480.98
HISENSE ELEC-H              921     710500493.66    -81769686.15
HUATONG TIANXI-A         600225      73838152.81    -41138558.42
HUDA TECHNOLOG-A         600892      18459084.32     -1904039.85
HUNAN ANPLAS CO          000156      83999120.28    -81350940.74
HUNAN AVA HOLDIN         000918     176943487.87    -11256248.54
JIAOZUO XIN'AN-A         000719      50815905.85    -25450082.53
LAN BAO TECH INF         000631      29435531.87    -22701113.38
MIANYANG GAO-A           600139      30657523.00    -12436839.12
QINGHAI SALT L-A         000578     105635944.61     -4914371.18
QINGHAI SUNSHI-A         600381      52481259.62    -33816335.98
REAL GOLD MINING        000246      34172339.37      -299845.13
SHANG WORLDBES-A         600094     327982181.09   -175167931.11
SHANG WORLDBES-B         900940     327982181.09   -175167931.11
SHENZ CHINA BI-A         200017      29379003.11   -244527119.11
SHENZ CHINA BI-B         200017      29379003.11   -244527119.11
SHENZ SEG DASH-A         000007     101024087.57     -1144993.15
SHENZHEN DAWNC-A         000863      36847332.84   -142582249.37
SHENZHEN KONDA-A         000048     155014461.99    -24446764.56
SHENZHEN SHENXIN         000034      44989232.03   -113368102.97
SICHUAN DIRECT-A         000757     128549383.42   -102619767.95
STELLAR MEGAUNIO         000892      64925448.82   -162463426.22
SUCCESS INFORMAT         000517      30118378.44    -14826121.30
SUNTEK TECHNOLOG         600728      44691434.84    -22949595.64
SUNTIME INTERN-A         600084     355378023.17   -100009910.49
TAIYUAN TIANLON          600234      12693007.72    -51581680.70
TIANJIN MARINE           600751      75440814.59    -26602770.52
TIANJIN MARINE-B         900938      75440814.59    -26602770.52
TIBET SUMMIT IND         600338      73500256.4     -16424030.52
TOPSUN SCIENCE-A         600771     232677660.69   -131983172.54
WINOWNER GROUP C         600681      21498115.00    -81284231.50
XIAMEN OVERSEAS          600870     433188523.84    -13781679.05
YUEYANG HENGLI-A         000622      40266532.05    -14337174.21
ZHANGJIAJIE TO-A         000430      51011060.62     -8247159.63


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


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


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


APRECIO CO LTD             2460      15981315.82     -2395526.71
L CREATE CO LTD            3247      42344509.56     -9146496.90
LIFE STAGE CO LT           8991     140521332.90     -4256881.43
LINK CONSULTING            4798      20858257.56    -22890695.36
LINK ONE                   2403      12290544.83     -5772835.00
MOC CORP                   2363      56468378.86    -18149241.94
OPEN INTERFACE I           4302      32715547.40     -5699491.16
PACIFIC HD CO              8902    2822421445.26    -55823540.44
PION CO LTD                2799      50289757.53     -4685410.43
PLACO CO LTD               6347      26260220.44      -997325.51
SOWA JISHO CO LT           3239      54007939.02    -15643863.67


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


CNLT FAR EAST              CNLT      44967289.97     -8460479.41
ENERGREEN CORP             ECB       25339141.27    -43055041.82
LITYAN HLDGS BHD            LIT      20867100.91    -27979954.44
NIKKO ELECTRONIC          NIKKO      12072911.27     -7832098.21
PANGLOBAL BHD               PGL     166876683.58   -185014663.41
PECD BHD                   PECD     377122467.92   -295360985.56
WONDERFUL WIRE               WW      22721443.48     -1936371.54
WWE HOLDINGS BHD            WWE      67986614.2      -3400656.26


DOMINION FINANCE           DFH      258902749.12    -55312405.88


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


ADV SYSTEMS AUTO            ASA       18177825.52    -7877731.57
CHUAN SOON HUAT             CSH       39144678.93    -7539646.47
FALMAC LTD                  FAL       10907421.75    -5669361.14
HL GLOBAL ENTERP           HLGE      105185881.93    -8816485.24
INFORMATICS EDU            INFO       24731271.45    -5096073.27
LINDETEVES-JACOB             LJ      192873034.63   -73862882.72
SUNMOON FOOD COM           SMOON      50854971.18    -1574709.82


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


ABICO HOLDINGS            ABICO       16687406.79    -9849452.81
ABICO HOLD-NVDR         ABICO-R       16687406.79    -9849452.81
ABICO HLDGS-F           ABICO/F       16687406.79    -9849452.81
BANGKOK RUBBER              BRC       79432385.61   -69382388.28
BANGKOK RUB-NVDR          BRC-R       79432385.61   -69382388.28
BANGKOK RUBBER-F          BRC/F       79432385.61   -69382388.28
CENTRAL PAPER IN          CPICO       13252670.48  -241782725.56
CENTRAL PAPER-NV        CPICO-R       13252670.48  -241782725.56
CENTRAL PAPER-F         CPICO/F       13252670.48  -241782725.56
CIRCUIT ELEC PCL         CIRKIT       61295807.28   -25886476.66
CIRCUIT ELE-NVDR     CIRKIT-RTB       61295807.28   -25886476.66
CIRCUIT ELEC-FRN       CIRKIT/F       61295807.28   -25886476.66
DATAMAT PCL                 DTM       12690638.93    -6132014.29
DATAMAT PCL-NVDR          DTM-R       12690638.93    -6132014.29
DATAMAT PLC-F             DTM/F       12690638.93    -6132014.29
ITV PCL                     ITV       32184803.45   -75222598.62
ITV PCL-NVDR              ITV-R       32184803.45   -75222598.62
ITV PCL-FOREIGN           ITV/F       32184803.45   -75222598.62
K-TECH CONSTRUCT          KTECH       83204235.85    -5693045.29
K-TECH CONTRU-R         KTECH-R       83204235.85    -5693045.29
K-TECH CONSTRUCT        KTECH/F       83204235.85    -5693045.29
KUANG PEI SAN            POMPUI       18782550.85   -14068562.52
KUANG PEI-NVDR       POMPUI-RTB       18782550.85   -14068562.52
KUANG PEI SAN-F        POMPUI/F       18782550.85   -14068562.52
MALEE SAMPRAN             MALEE       62534877.53    -6947140.27
MALEE SAMPR-NVDR        MALEE-R       62534877.53    -6947140.27
MALEE SAMPRAN-F         MALEE/F       62534877.53    -6947140.27
NEW PLUS KNITT              NPK       10075187.17    -2034472.09
NEW PLUS KN-NVDR          NPK-R       10075187.17    -2034472.09
NEW PLUS KNITT-F          NPK/F       10075187.17    -2034472.09
PREMIER MARKET               PM       41958329.18    -2352192.28
PREMIER MAR-NVDR           PM-R       41958329.18    -2352192.28
PREMIER MARK-FOR           PM/F       41958329.18    -2352192.28
SAFARI WORLD PUB         SAFARI      105846131.92   -13361065.40
SAFARI WORL-NVDR     SAFARI-RTB      105846131.92   -13361065.40
SAFARI WORLD-FOR       SAFARI/F      105846131.92   -13361065.40
SAHAMITR PRESSUR           SMPC       27259301.93   -34589170.90
SAHAMITR PR-NVDR         SMPC-R       27259301.93   -34589170.90
SAHAMITR PRESS-F         SMPC/F       27259301.93   -34589170.90
SUNWOOD INDS PCL            SUN       29427364.98    -6703524.31
SUNWOOD INDS-NVD          SUN-R       29427364.98    -6703524.31
SUNWOOD INDS-F            SUN/F       29427364.98    -6703524.31
THAI-DENMARK PCL          DMARK       15715462.27   -10102519.69
THAI-DENMARK-F          DMARK/F       15715462.27   -10102519.69
THAI-DENMARK-NVD      DMARK-R         15715462.27   -10102519.69
UNIVERSAL STARCH            USC       86972750.14   -49004706.42
UNIVERSAL S-NVDR          USC-R       86972750.14   -49004706.42
UNIVERSAL STAR-F          USC/F       86972750.14   -49004706.42


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

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

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


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

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

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

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

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

                 *** End of Transmission ***