TCRAP_Public/090304.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Wednesday, March 4, 2009, Vol. 12, No. 44

                            Headlines

A U S T R A L I A

GPT GROUP: Posts AU$3.25BB Net Loss in Year Ended Dec. 31
STORM FINANCIAL: AU$5.45 Mln Claims for Damages Filed Against Firm
STRATHFIELD GROUP: Administrator Seeks Advice on AU$5.5 Mln Loan


C H I N A

MOTOROLA INC: To End Hangzhou Cellphone Production Line
* CHINA: Some Real Estate Developers Could Default, S&P Says


H O N G  K O N G

AMERICAN INT'L: China Life Chairman Says Not to Bid for AIA
ASIA ALUMINUM: Seeks Discounted Debt Buyback to Deter Bankruptcy
B.T. SHIPPING: Placed Under Voluntary Wind-Up
BTS INTERNATIONAL: Commences Wind-Up Proceedings
CAREER CABLES: Appoints Chan Man Chung as Liquidator

CHINA STAR: Liquidator to Present Wind-Up Report oon March 27
ELITE VIEW: Members to Receive Wind-Up Report on March 31
EIRLES TWO: Moody's Junks Ratings on US$15 Mil Series 311 Notes
EISENBERG AND COMPANY: Creditors' Proofs of Debt Due on March 31
FIRM STEP: On and Hoosang Step Down as Liquidators

HONGKONG TECHNICAL: Tang and Man Step Down as Liquidators
ING SECURITIES: Appoints Egressy as Liquidator
JACK MOON: Creditors' Meeting Set for March 9
JD DEVELOPMENT: Members' Meeting Set for March 30
JET RIVER: Appoints Chan Kin Hang, Danvil as Liquidator

LONG WINNER: Members and Creditors to Meet on March 31
RICOH ELEME: Commences Wind-Up Proceedings
SALISBURY INTERNATIONAL: Moody's Junks Rating on US$15 Mil. Notes
SALISBURY INTERNATIONAL: Moody's Junks Rating on 2005-9 Notes
U.D.I. LIMITED: Creditors' Proofs of Debt Due on March 31

WOTTA COMPANY: Creditors' Proofs of Debt Due on March 27
* Fitch Says Banks' Robust Fin'l Standing to Whither Slow Economy


I N D I A

PRINCE ROLLER: CRISIL Rates Rs.70MM Cash Credit Facility at 'BB'
PRINCE ROLLINGS: CRISIL Puts 'BB' Ratings on Various Bank Loans
PRINCE TMT: CRISIL Rates Rs.3.9MM Long Term Loan at 'BB'
SATYAM COMPUTER: Sale Process Delay May Cause Firm to Liquidate
SIDHI VINAYAK: CRISIL Assigns 'BB' Rating on Rs.108.6MM Term Loan

SPICEJET LTD: Mulls Acquiring Low-cost Carrier, Diluting Stake


I N D O N E S I A

INDIKA ENERGY: Fitch Affirms Issuer Default Rating at 'B'


J A P A N

CORSAIR NO 3: Moody's Junks Rating on JPY1 Bil. 2021 Notes
RADIA HOLDINGS: To Slash 4,500 Jobs; To Sell Unit in June
RESONA HOLDINGS: To Pay Back JPY45-Bil. Gov't. Loans This Month
SANYO ELECTRIC: Panasonic Delays Tender Offer
SEA CDO: Moody's Junks Ratings on JPY1.3 Billion 2010 Notes

YAMATO LIFE: Prudential Unit to Acquire Firm
* JAPAN: Manufacturing Output Fell 10% in January
* JAPAN: Vehicle Sales Plunged 32.4% in February


K O R E A

* KOREA: FSC to Launch KRW20 Tril. Recapitalization Fund


N E W  Z E A L A N D

NINOX TELEVISION: Calls In Receivers


S I N G A P O R E

ASIANALYSIS INVESTMENT: Placed Under Voluntary Wind-Up
FRASER THERMAL: Court Enters Wind-Up Order
JAFD MARINE: Court Enters Wind-Up Order
THE ORACLEWORKS: Court Pays First and Final Dividend
THIS MOBILE: Court to Hear Wind-Up Petition on March 13


T A I W A N

CONCORD SECURITIES: Fitch Affirms Issuer Default Ratings at 'BB+'
CHUNGHWA PICTURE: Seeks Repayment Extension on Bank Loans
SHIN KONG FINANCIAL: To Raise Capital Through Asset Sale


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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

GPT GROUP: Posts AU$3.25BB Net Loss in Year Ended Dec. 31
---------------------------------------------------------
GPT Group reported a net loss of AU$3.25 billion for the year
ended December 31, 2008, compared with a net profit of AU$1.18
billion in the prior year.

The loss for the 12 months to December 31, 2008 of AU$3.25
billion, primarily as a result of noncash adjustments, included:

   -- AU$393.5 million net reduction in Australian core asset
      valuations;

   - AU$1.76 nillion net reduction in the value of non-core
      investments; and

   - AU$839 million mark to market of derivative positions.

The company's revenue dropped 75 percent to AU$470.2 million from
AU$1.85 billion it reported in 2007.

As at December 31, 2008, the company's balance sheet showed total
assets of AU$13.03 billion, total liabilities of AU$6.22 billion
and total stockholders' equity of AU$6.81 billion.  The company's
balance sheet at December 31, 2008, also showed strained liquidity
with AU$1.74 billion in total current assets available to pay
AU$1.75 billion in total current liabilities.

                      Gearing / Liquidity

In October 2008, GPT raised AU$1.6 billion through an entitlement
offer and a placement of perpetual exchangeable securities to an
affiliate of GIC Real Estate.

According to GPT, the proceeds were used to reduce the Group's
debt and strengthen the balance sheet, resulting in net debt of
AU$4.1 billion at December 31, 2008, and gearing of 33.7% (net of
cash), well below the Group's covenant level of 40%.  Look-through
gearing, of 46.6% (net of cash), is well below the Group's 55%
covenant.

GPT's gearing of 33.7% (net of cash) on a headline basis provides
AU$1.9 billion in headroom under gearing-related loan covenants.

A number of capital management initiatives are underway to further
assist this position, including:

   * The potential deconsolidation of approximately AU$324
     million of non-recourse debt related to European
     warehoused assets, which GPT is seeking to sell or
     rescind control of (approximate gearing reduction of 2%).
     The deconsolidation is within GPT's control and subject
     only to regulatory process.

   * Reactivation of the Distribution Reinvestment Plan to
     apply from the March quarter 2009 with the ability to
     consider underwriting on a quarterly basis.  The
     decision to underwrite the DRP will be dependent on
     the progress of asset sales.

   * A continuing focus on non core asset sales.

Given the current market environment, the Group has reduced its
capital requirements, having deferred development projects not
already under construction.

Following the capital raising in October, GPT said it has repaid a
number of existing finance facilities and has only AU$475 million
of funding requirements over the next 12 months (maturing drawn
debt facilities and capital expenditure requirements).  These
requirements will be funded via cash on hand and other committed
funding sources available to the Group.

                        Valuations / NTA

The reduction in GPT's total assets to AU$13 billion at
December 31, 2008, was the result of non cash asset value
movements and the non cash mark to market of derivative
instruments.

Net tangible assets (NTA) per stapled security fell to $1.43. This
reflects the mark to market in value of GPT's assets and the
impact of a substantially higher number of securities on issue as
a result of GPT's distribution reinvestment programme through 2008
and the October capital raising.

"We are committed to improving our balance sheet strength and
maintaining varied funding sources in light of ongoing constraints
in credit markets, and what we see as a material and long-term
change in the investment market.  The capital management policies
we have in place are designed to enhance GPT's long-term prospects
and contribute to a simplified and more conservative financial
model moving forward," Michael O'Brien, GPT's Acting Chief
Executive Officer said.

                         About GPT Group

Listed on the Australian Stock Exchange since 1971, the GPT Group
-- http://www.gpt.com.au-- is today one of Australia's largest
diversified listed property groups, with total assets of AU$13.9
billion.  The Group has a substantial investor base, with
approximately 50,000 investors and is one of the top 100 stocks by
market capitalisation.


STORM FINANCIAL: AU$5.45 Mln Claims for Damages Filed Against Firm
------------------------------------------------------------------
Storm Financial Limited clients have started lodging legal claims
against the company less than a month after its collapse, Colin
Kruger at The Age reports.

Ten claims for "potential professional negligence" had been lodged
for damages totalling AU$5.45 million as of February 4, the report
says citing court documents.

Storm's administrators, Worrells' Raj Khatri and Ivor Worrell, say
they have not been able to assess the validity of the claims yet,
the report relates.

According to the report, Storm has about 3000 clients who lost
more than AU$1 billion.

The Australian Securities and Investments Commission, which is
investigating Storm, may also launch legal action on behalf of
former clients, ASIC Chairman Tony D'Aloisio was cited by the
report as saying.

The law firm Slater & Gordon is also organising legal action, the
report adds.

                      About Storm Financial

Storm Financial Limited -- http://www.stormfinancial.com.au/--
operates in the Australian wealth management industry that manages
over one trillion dollars in investment fund assets for over nine
million investors, distributed through investment administration
providers and financial advisers.  These funds are invested
through different investment products and structures, including
superannuation, nonsuperannuation managed funds and life insurance
products.  Non-superannuation managed funds, which form the
majority of Storm's products, total approximately 26.5% of total
investment fund assets in Australia, as of June 30, 2007.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 14, 2009, Storm appointed Worrells as voluntary
administrators after the Commonwealth Bank of Australia Ltd (CBA)
demanded debt repayment of around AU$20 million.

Storm later closed its business and fired all of its 115 staff.

The closure, the company's administrators said, was due to the
significant reduction in Storm's income resulting in trading
losses being incurred "at a rate which the company could no longer
absorb."


STRATHFIELD GROUP: Administrator Seeks Advice on AU$5.5 Mln Loan
----------------------------------------------------------------
The Australian reported that Strathfield Group Limited's
administrator plans to seek advice on a decision by the company's
former board to forgive AU$5.5 million owed to the company by its
founder, Andrew Kelly.

According to the report, administrator BRI Ferrier said it can
find no evidence that shareholders backed the board decision to
settle the debt with Mr. Kelly.

"We were unable, in our investigation, to obtain any documentation
relating to shareholder support for this proposal, or whether they
had any prior knowledge of it," the Australian cited the
administrator as saying in the second creditor's report.

The Australian recalls that in 2003, the company loaned AU$7.8
million to interests associated with Mr. Kelly so they could buy
certain company assets.

In November 2005, the report relates, shareholders approved an
agreement under which the loan was reduced to AU$5.5 million,
which Mr. Kelly agreed to repay in January last year.

The report says that a company associated with Mr. Kelly
transferred 25 million Strathfield shares to former Strathfield
chairman Richard Poole's private consulting firm Arthur Phillip as
security for the reduced loan.

According to the creditors' report cited by the Austrlaian, Mr.
Kelly threatened legal action in 2007 against Strathfield for,
among other things, the loss of value of his shares.

On November 15, 2007, the report states a settlement was discussed
by the board and agreement, ending all hostilities, was reached
with Mr. Kelly in July 2008.

As part of the settlement, the Australian says, Strathfield
accepted the 25 million shares held by Arthur Phillip as the final
payment for the debt.

Meanwhile, the report says BRI Ferrier will recommend creditors
accept a rescue bid from Tony Hakim's Clear Communications, which
last year emerged with a 70 per cent stake in Strathfield after
selling five businesses to the troubled company in an all-share,
AU$115 million deal.

BRI Ferrier said in the report that the deed of company
arrangement put forward by Clear -- which is working with
Strathfield's major secured creditor GE Commercial -- offered a
better outcome for creditors than liquidation of the 62-store
chain.

The administrator said, however, that it planned to seek advice
"as to whether there are any legal remedies available to either
Strathfield or a liquidator" in relation to the transaction with
Mr Kelly, who founded Strathfield in 1980, the Australian relates.

The Troubled Company Reporter-Asia Pacific reported on Jan. 28,
2009, that Strathfield Group has been placed in voluntary
administration.  The Group appointed Brian Silvia & Andrew Cummins
of BRI Ferrier as voluntary administrators to the company.

In a regulatory filing with the Australian Securities Exchange,
Strathfield said being mindful of the worsening economic
conditions, consumer demand and generally falling asset values,
the Board has carried out a recent review of the company's affairs
which has revealed a substantial impairments of goodwill,
receivables and inventory values that, subject to final directors'
and auditor review, will be recognized in its half year accounts,
which is likely to result in a negative net assets and
shareholders' funds position as at Dec. 31, 2008.

Subject to a report and recommendation from the administrators,
the company said it is hopeful to emerge from voluntary
administration under a Deed of Company Arrangement ("DOCA") which
may be put up by the company with the funding support of its
largest shareholder.

                     About Strathfield Group

Based in Sydney, Australia, Strathfield Group Limited (ASX:SRA) --
http://www.strathfield.com/ -- is engaged in retail sales of car
entertainment, home entertainment, home office and mobile phone
products.  The Company also provides telephone connection services
to mobile carrier network and installation of car audio products
and mobile telephones.  Its subsidiaries include Strathfield Group
Wholesale Pty Ltd, Multimedia Universe Pty Ltd, Planet Strathfield
Pty Ltd, Strathfield Installations Pty Ltd, Hi Fi Corporation
Australia Pty Ltd, Cellphone Pty Limited, Mobiletronics Pty Ltd,
Strathfield Ventures Pty Ltd, Strathfield Investments Pty Ltd,
Ozbuy.com Pty Ltd, and Zoon Sound and Vision Pty Ltd.



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

MOTOROLA INC: To End Hangzhou Cellphone Production Line
-------------------------------------------------------
Hangzhou Motorola Cellular Equipment Co Ltd, a joint venture
between Motorola Inc and Hangzhou Eastern Communications Co Ltd,
will end cellphone production after the first quarter of 2009,
China Daily reports.

According to the report, Motorola China spokesperson Chen Lei said
the Hangzhou joint venture will switch to producing TV set-top
boxes in the future.

"The employees of cell phone production in Hangzhou will be
directly transferred to the production line of TV set-top boxes,
and so far, we haven't got any plan to cut staff or enroll new
employees," China Daily quoted Mr. Chen as saying.

The report says all Motorola cell phones in the Chinese market
will come from production lines in Tianjin after the first
quarter.

                          About Motorola

Based in Schaumburg, Illinois, Motorola Inc. (MOT) --
http://www.motorola.com/-- develops communications
infrastructure, enterprise mobility solutions, digital set-tops,
cable modems, mobile devices and Bluetooth accessories. A Fortune
100 company with global presence and impact, Motorola had sales of
$36.6 billion in 2007.

In December 2008, Standard & Poor's Ratings Services lowered its
ratings on three Motorola Inc.-related transactions to "BB+" and
removed them from CreditWatch, where they were placed with
negative implications on Jan. 28, 2008.


* CHINA: Some Real Estate Developers Could Default, S&P Says
------------------------------------------------------------
Some of China's biggest real estate developers could be at risk of
defaulting this year due to liquidity problems and the challenging
market environment.  That's according to two reports that Standard
& Poor's Ratings Services recently released.

"If, as seems probable, the real estate market remains volatile
with a low transaction volume and falling sales prices in 2009,
S&P is likely to see more defaults among developers -- including
rated companies -- as many players have tight liquidity," said
Standard & Poor's credit analyst Bei Fu.  "We also expect the
developers' 2008 results to be weak and that their financial
performances in 2009 could be even worse."

The outlook article says that the biggest players will have
greater access to funding, as the government has introduced a
series of measures aimed at stabilizing the real estate market.
However, smaller peers may struggle for cash unless the operating
environment significantly improves soon.  Standard & Poor's
rankings for 2008 show which rated developers have adapted best to
the difficult conditions by altering their growth strategies.

"After a cash-burning 2008, and a good amount of financing coming
due in the next 12 months, many companies lack the resources to
hold on and consolidation will undoubtedly accelerate," said
Ms. Fu.

Given the extremely challenging global economic conditions and a
large buildup of inventory, Standard & Poor's outlook for the
Chinese real estate sector remains negative for the remainder of
2009.  However, S&P stands by its longer-term positive outlook,
given the industry's strong fundamentals.

       2009 Rankings Of Rated Chinese Real Estate Developers

Rank     Company                                 Rating
----     -------                                 ------
1        China Overseas Land & Investment Ltd.   BBB-/Stable/--
2        Country Garden Holdings Co. Ltd.        BB+/Stable/--
3        Agile Property Holdings Ltd.            BB/Stable/--
4        Shimao Property Holdings Ltd.           BB/Negative/--
5        Road King Infrastructure Ltd.           BB/Negative/--
6        Greentown China Holdings Ltd.           BB-/Negative/--
7        Hopson Development Holdings Ltd.        BB-/Negative/--
8        Lai Fung Holdings Ltd.                  B+/Stable/--
9        Shanghai Zendai Property Ltd.           B+/Stable/--
10       SRE Group Ltd.                          B+/Negative/--
11       Coastal Greenland Ltd.                  B/Negative/--
12       China Properties Group Ltd.             B/Negative/--
13       Neo-China Land Group (Holdings) Ltd.    CC/Negative/--



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H O N G  K O N G
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AMERICAN INT'L: China Life Chairman Says Not to Bid for AIA
-----------------------------------------------------------
China Life Insurance Company Ltd. (China Life)  will not bid for
the assets of American International Assurance Company Ltd. (AIA),
the Asian life insurance unit of American International Group Inc.
(AIG), China Daily reports citing China Life chairman Yang Chao.

Speaking on the sidelines of the ongoing annual session of China's
top advisory body, China Daily relates, chairman Yang said China
Life made the decision because AIA's asset quality, business
conditions and staff as well as the perception of its brand had
changed greatly.

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 American International

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 $22.76 on Sept. 8, 2008, to $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 $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 $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, $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 $1.022 trillion in total consolidated
assets and $950.9 billion in total debts.  Shareholders' equity
was $71.18 billion, including the addition of $23 billion of
consideration received for preferred stock not yet issued.


ASIA ALUMINUM: Seeks Discounted Debt Buyback to Deter Bankruptcy
----------------------------------------------------------------
The Wall Street Journal reports the chairman of Asia Aluminum
Holdings Ltd. pleaded with investors Monday to allow the company
to buy back US$1.2 billion in debt at a substantial discount.

According to the Journal, Chairman Kwong Wui Chun said unless
investors take the deal, the company's suppliers and creditors on
the mainland will move to push the company into bankruptcy.

The Journal relates Mr. Kwong said he approached several entities
about a rescue but hasn't received the support needed to avoid the
buyback.

Bank of China Ltd. and China Construction Bank have agreed to
extend a lifeline, provided foreign debt holders comply with the
existing offer, the company said as cited by the Journal.

Bloomberg News relates Mr. Kwong on Feb. 27 sent a letter to
investors offering his shares in Asia Aluminum's parent if
investors accept the bond buyback offer.

As reported in the Troubled Company Reporter-Asia Pacific, on Feb.
13, Asia Aluminum and its parent AA Investments Company Limited
("AAI") said they intend to commence a tender offer and consent
solicitation for:

   -- any and all of Asia Aluminum's outstanding
      US$450,000,000 8.00% Senior Notes due 2011
      (the "AAH Notes");

   -- any and all of AAI's outstanding US$355,000,000 12.00%
      Senior PIK Notes due 2012 and AAI's outstanding
      US$180,000,000 14.00% Senior PIK Notes due 2012
      together, the "PIK Notes") as well as 1,706,987 Warrants
      originally issued with the PIK Notes ("Warrants"); and

   -- solicitation of consents to a one-time waiver of, and
      amendments to, certain of the provisions of, the indentures,
      as amended and supplemented, under which the AAH Notes and
      the PIK Notes were issued.

The Group expects to offer up to US$275 per US$1,000 principal
amount for AAH Notes and up to US$135 per US$1,000 principal
amount of PIK Notes including Warrants.

The AAH Notes and the PIK Notes are listed on the Singapore
Exchange Securities Trading Limited.

Currently, there are US$450,000,000 principal amount of AAH Notes
outstanding and US$727,529,000 principal amount of PIK Notes
outstanding (which amount includes PIK Notes issued as payment-in-
kind for interest).

Meanwhile, the Journal relates bondholders will receive an extra
five cents if they tender their bonds before an early-bird
deadline of March 10.

On Feb. 26, Trade association EMTA and Aberdeen Asset Management
Plc hosted a call for holders of the 8 percent notes in which all
participants agreed not to sell at the offer price, Bloomberg News
says citing Bondcritic.com analyst Warut Promboon.

Since the tender offer was made, the Journal says investors have
been arguing that they don't have adequate information about the
company's financial health.

The company hasn't provided specific earnings figures for the six
months ended Dec. 31, the Journal notes.

For the offer to succeed, 100% of the PIK holders and 90% of the
high-yield bondholders must participate in the buyback, the
Journal says.

The International Herald Tribune states Asia Aluminum has been
hit, like most resources companies, by falling demand.  But unlike
most, the news agency says
the company bears a mountain of debt dating from a leveraged
management buyout.

In a statement last month, Asia Aluminum said "due largely to
adverse global macroeconomic conditions, the Group have
experienced declining revenues and cash flow as well as increasing
pressure on available working capital facilities at a
time when the Group need increased financing to enable their
aluminum rolled products manufacturing facility to begin
commercial production."

According to the statement, the deteriorating conditions have
adversely affected the Group's business in various ways,
including:

   -- a decline of approximately 20% in sales volume for the
      six months ended December 31, 2008 as compared to the same
      period in 2007;

   -- higher cost of sales per tonne;

   -- increased overall expenses as a result of preparing their
      aluminum rolled products manufacturing facility for
      commercial production;

   -- significantly longer accounts receivable days as many of
      their customers have also experienced constraints on
      working capital; and

   -- increasing difficulties maintaining sufficient sources
      of working capital financing.

Based in Kowloon, Hong Kong, Asia Aluminum Holdings Limited ---
http://www.asiaalum.com/--- makes aluminum extrusion and
stainless steel products serving the construction, transportation,
industrial, and home-improvement sectors.  It also provides design
and testing services for aluminum products and is building its
capabilities in the aluminum flat-rolled products sector.  Asia
Aluminum has five aluminum extrusion plants in Nanhai and another
in Zhaoqing.  Though it once was publicly traded, the company was
taken private by founder and chairman Kwong Wui Chun in 2006.
Asia Aluminum announced plans to go public again in 2009.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 18, 2009, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on Asia Aluminum Holdings Ltd.
to 'CC' from 'B'.  The outlook is negative.  At the same time,
Standard & Poor's lowered its issue rating on the company's US$450
million senior unsecured notes due 2011 to 'C' from 'B-'.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 18, 2009, Moody's Investors Service downgraded to Caa1 from
B2 the corporate family rating (CFR) and to Ca from B3 the senior
unsecured note ratings of Asia Aluminum Holdings Ltd's.  The
outlook for the ratings remains negative.


B.T. SHIPPING: Placed Under Voluntary Wind-Up
---------------------------------------------
At an extraordinary general meeting held on February 19, 2009, the
members of B.T. Shipping & Enterprises Limited passed a resolution
that voluntarily wind up the company's operations.

The company's liquidator is:

          Wong Kwok Hong
          Sun Hung Kai Centre
          Room 301, 3rd Floor
          30 Harbour Road
          Wanchai, Hong Kong


BTS INTERNATIONAL: Commences Wind-Up Proceedings
------------------------------------------------
On February 19, 2009, the members of BTS International Limited
passed a resolution that voluntarily wind up the company's
operations.

The company's liquidator is:

         Lau Hin Chi
         Hopewell Centre, Suite 5008
         183 Queen's Road East
         Wanchai, Hong Kong


CAREER CABLES: Appoints Chan Man Chung as Liquidator
----------------------------------------------------
On February 11, 2009, the creditors of Career Cables & Connectors
Limited appointed Chan Man Chung as the company's liquidator.

The Liquidator can be reached at:

          Chan Man Chung
          Room 2401, 280 Portland Street
          Mongkok, Kowloon


CHINA STAR: Liquidator to Present Wind-Up Report oon March 27
-------------------------------------------------------------
On March 27, 2009, Fok Hei Yu, the liquidator of China Star
Engineering Limited will present the company's wind-up report and
property disposal to the company's members.

The meeting will be held at the 14th Floor of The Hong Kong Club
Building, 3A Chater Road, in Central, Hong Kong,


ELITE VIEW: Members to Receive Wind-Up Report on March 31
---------------------------------------------------------
The members of Elite View International Limited will meet on
March 31, 2009, at 3:00 p.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The meeting will be held at the G/F, Block 8 of Ping Wu Garden,
Sheung Cheung Wai, Ping Shau, in Yeung Long, N.T.


EIRLES TWO: Moody's Junks Ratings on US$15 Mil Series 311 Notes
---------------------------------------------------------------
Moody's Investors Service announced it has downgraded its rating
of Series 311 notes issued by Eirles Two Limited.

Moody's explained that the rating action taken is the result of
(i) the application of revised and updated key modeling parameter
assumptions that Moody's uses to rate and monitor ratings of
Corporate Synthetic CDOs and (ii) the deterioration in the credit
quality of the transaction's reference portfolio.  The revisions
affect key parameters in Moody's model for rating Corporate
Synthetic CDOs: default probability, asset correlation, and other
credit indicators such as ratings reviews and outlooks. Moody's
announced the changes to these assumptions in a press release
published on January 15, 2009.

Moody's initially analyzed and continues to monitor this
transaction using primarily the methodology for Corporate
Synthetic CDOs as described in Moody's Special Report below:

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

The rating action is:

Eirles Two Limited :

(1) US$15,000,000 Floating-Rate Credit-Linked Notes due 2014,
Series 311

  -- Current Rating: Ca

  -- Prior Rating: Caa3

  -- Prior Rating Date: 30 October 2008, downgraded to Caa3 from
     A2


EISENBERG AND COMPANY: Creditors' Proofs of Debt Due on March 31
----------------------------------------------------------------
The creditors of Eisenberg and Company (Hong Kong) Limited are
required to file their proofs of debt by March 31, 2009, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Feb. 16, 2009.

The company's liquidators are:

          Kong Chi How, Johnson
          Wing On Centre, 25th Floor
          111 Connaught Road Central
          Hong Kong


FIRM STEP: On and Hoosang Step Down as Liquidators
--------------------------------------------------
On February 16, 2009, Li Kwok On and Gilbert Washington Hoosang
stepped down as liquidators of Firm Step Toys Manufacture Limited.

The company's former Liquidators can be reached at:

         Li Kwok On
         Gilbert Washington Hoosang
         Chun Wo Commercial Centre, 10th Floor
         23-29 Wing Wo Street
         Central, Hong Kong


HONGKONG TECHNICAL: Tang and Man Step Down as Liquidators
---------------------------------------------------------
On February 20, 2009, Alan Chung Wah Tang and Wong Kwok Man
stepped down as liquidators of Hongkong Technical Services
Limited.

The company's former Liquidators can be reached at:

          Alan Chung Wah Tang
          Wong Kwok Man
          Gloucester Tower, 13th Floor
          The Landmark
          15 Queen's Road Central
          Hong Kong


ING SECURITIES: Appoints Egressy as Liquidator
----------------------------------------------
On February 13, 2009, Barthold Jakob Duco Egressy was appointed as
liquidator of ING Securities (Overseas) Limited.

The Liquidator can be reached at:

          Barthold Jakob Duco Egressy
          One International Finance Centre, 39th Floor
          1 Harbour View Street
          Central, Hong Kong


JACK MOON: Creditors' Meeting Set for March 9
---------------------------------------------
The creditors of Jack Moon Inc. (H.K.) Limited will hold their
meeting on March 9, 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 3, 8th Floor of Yue Xiu Building,
160 Lockhart Road, in Wan Chai, Hong Kong.


JD DEVELOPMENT: Members' Meeting Set for March 30
-------------------------------------------------
The members of JD Development Limited will hold their meeting on
March 30, 2009, at 10:30 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The meeting will be held at Room 1311, 13th Floor of Olympia
Plaza, 255 King's Road, in North Point, Hong Kong.


JET RIVER: Appoints Chan Kin Hang, Danvil as Liquidator
-------------------------------------------------------
During the creditors' first meeting on February 20, 2009, Chan Kin
Hang, Danvil was appointed as liquidator of Jet River Limited.

The Liquidator can be reached at:

          Chan Kin Hang, Danvil
          Ginza Square, Room 2301, 23rd Floor
          565-567 Nathan Road, Yaumatei
          Kowloon, Hong Kong


LONG WINNER: Members and Creditors to Meet on March 31
------------------------------------------------------
The members and creditors of Long Winner Trading Limited will hold
their meetings on March 31, 2009, at 10:00 a.m. and 10:15 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The meeting will be held at Unit 2, 8th Floor of Kingsford
Industrial Centre, No. 13 Wang Hoi Road, in Kowloon Bay, Kowloon.


RICOH ELEME: Commences Wind-Up Proceedings
------------------------------------------
On February 13, 2009, a resolution that voluntarily wind up the
operations of Ricoh Eleme Office Machine (HK) Limited was passed
by the members.

The company's liquidators are:

          Rainier Hok Chung Lam
          John James Toohey
          Prince's Building, 22nd Floor
          Central, Hong Kong


SALISBURY INTERNATIONAL: Moody's Junks Rating on US$15 Mil. Notes
-----------------------------------------------------------------
Moody's Investors Service announced it has downgraded its rating
of one class of notes issued by Salisbury International
Investments Ltd.

Moody's explained that the rating action taken is the result of
(i) the application of revised and updated key modeling parameter
assumptions that Moody's uses to rate and monitor ratings of
Corporate Synthetic CDOs and (ii) the deterioration in the credit
quality of the transaction's reference portfolio.  The revisions
affect key parameters in Moody's model for rating Corporate
Synthetic CDOs: default probability, asset correlation, and other
credit indicators such as ratings reviews and outlooks.  Moody's
announced the changes to these assumptions in a press release
published on January 15, 2009.

Moody's initially analyzed and continues to monitor this
transaction using primarily the methodology for Corporate
Synthetic CDOs as described in Moody's Special Report below:

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

The rating action is:

Salisbury International Investments Ltd:

(1) US$15,000,000 Floating-Rate Portfolio Credit-Linked Notes due
2014, Series 2006-18

  -- Current Rating: Ca

  -- Prior Rating: Caa3

  -- Prior Rating Date: 30 October 2008, downgraded to Caa3 from
     Baa1


SALISBURY INTERNATIONAL: Moody's Junks Rating on 2005-9 Notes
-------------------------------------------------------------
Moody's Investors Service announced it has downgraded its rating
of one class of notes issued by Salisbury International
Investments Ltd.

Moody's explained that the rating action taken is the result of
(i) the application of revised and updated key modeling parameter
assumptions that Moody's uses to rate and monitor ratings of
Corporate Synthetic CDOs, (ii) the deterioration in the credit
quality of the transaction's reference portfolio and (iii) the
final price of the reference entities subject to credit events
(Lehman Brothers Holdings Inc., Washington Mutual Inc., Fannie Mae
and Freddie Mac).  The revisions affect key parameters in Moody's
model for rating Corporate Synthetic CDOs: default probability,
asset correlation, and other credit indicators such as ratings
reviews and outlooks.  Moody's announced the changes to these
assumptions in a press release titled "Moody's Updates its Key
Assumptions for Rating Corporate Synthetic CDOs," published on
January 15, 2009.

Moody's initially analyzed and continues to monitor this
transaction using primarily the methodology for Corporate
Synthetic CDOs as described in Moody's Special Report below:

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

The rating action is:

Salisbury International Investments Ltd:

(1) Series 2005-9 US$15,000,000 Floating Rate Portfolio Credit
Linked Notes due 2012

  -- Current Rating: Ca

  -- Prior Rating: Ba3

  -- Prior Rating Date: 17 October 2008, downgraded to Ba3 from
     Baa1


U.D.I. LIMITED: Creditors' Proofs of Debt Due on March 31
---------------------------------------------------------
The creditors of U.D.I. Limited are required to file their proofs
of debt by March 31, 2009, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Feb. 16, 2009.

The company's liquidators are:

          Kong Chi How, Johnson
          Wing On Centre, 25th Floor
          111 Connaught Road Central
          Hong Kong


WOTTA COMPANY: Creditors' Proofs of Debt Due on March 27
--------------------------------------------------------
The creditors of Wotta Company Limited are required to file their
proofs of debt by March 27, 2009, to be included in the company's
dividend distribution.

The company's liquidator is:

          Philip Brendan Gilligan
          Alexandra House, 7th Floor
          18 Chater Road
          Central, Hong Kong


* Fitch Says Banks' Robust Fin'l Standing to Whither Slow Economy
-----------------------------------------------------------------
Fitch amends final paragraph and listing to include all ratings
also affirmed by Fitch on February 27, 2009.

Fitch has said in a just released report that it believes Hong
Kong's banks are generally well placed to withstand the
significant level of asset quality stress that is likely to arise
over the next couple of years as the Hong Kong economy slows on
the back of weakening growth globally, and in particular, in
China.

The agency stressed the profitability and balance sheet strength
of the banks it rates, assuming credit costs at around 7% of the
banks' loan books over the two and half years to end-December 2010
(versus negligible credit costs in recent years); significant
impairment and valuation losses on the banks' holdings of equity,
corporate bonds, and structured investment securities; lower
levels of net interest and non-interest income; nil dividend
payouts and nil growth in loans and assets.

The results highlight the generally robust financial standing of
the Hong Kong banks; while most of these banks incur losses and
therefore see a reduction of their capitalization under the stress
test, the effect was mostly limited with the banks still
maintaining generally quite good levels of capitalization, even by
the increasingly demanding standards.  This in turn is attributed
to the banks' generally strong starting points in terms of both
asset quality and capitalization, generally low level of loans to
total assets, and satisfactory level of pre-provision or
underlying profitability.

As such, Fitch has affirmed the long-term and short-term Issuer
Default Rating and the Support Ratings of these Hong Kong banks.
At the same time, the agency has downgraded the Individual ratings
on a number of banks, and revised the Outlooks on certain banks
(as detailed below), as there remain downside risks that economic
conditions may turn out worse than the stress test conditions,
coupled with the fact that certain Hong Kong banks' Individual
ratings were relatively high versus international peers
(particularly given their relatively small and geographically
concentrated nature).  Also, over recent years the banks have
increased their risk profiles by gradually lowering their
previously very high levels of capitalization, while at the same
time growing their exposure to higher-risk borrowers in China.

Bank of China (Hong Kong) Limited:

  -- Long-term Issuer Default Rating affirmed at 'A';
  -- Short-term IDR affirmed at 'F1';
  -- Individual Rating affirmed at 'B';
  -- Support Rating affirmed at '2';
  -- Support Rating Floor affirmed at 'BBB+';
  -- Outlook on the long-term IDR remains 'Stable'.

Chong Hing Bank Limited:

  -- Long-term IDR affirmed at 'BBB+';

  -- Short-term IDR affirmed at 'F2';

  -- Individual Rating affirmed at 'C';

  -- Support Rating affirmed at '3';

  -- Support Rating Floor affirmed at 'BB';

  -- Outlook on the long-term IDR revised to 'Negative' from
     'Stable';

  -- The Rating on Chong Hing Bank Limited's Subordinated notes is
     affirmed at 'BBB'.

CITIC Ka Wah Bank:

  -- Long-term IDR affirmed at 'BBB+';

  -- Short-term IDR affirmed at 'F2';

  -- Individual Rating affirmed at 'C';

  -- Support Rating affirmed at '3';

  -- Support Rating Floor affirmed at 'BB';

  -- Outlook on the long-term IDR revised to 'Stable' from
     'Positive';

  -- CITIC Ka Wah Bank's Senior Unsecured notes are affirmed at
     'BBB+', subordinated notes affirmed at 'BBB', and junior
     subordinated notes affirmed at 'BBB-'.

Dah Sing Bank:

  -- Long-term IDR affirmed at 'A-';

  -- Short-term IDR affirmed at 'F2';

  -- Individual Rating downgraded to 'B/C' from 'B';

  -- Support Rating affirmed at '3';

  -- Support Rating Floor affirmed at 'BB';

  -- Outlook on the long-term IDR revised to 'Negative' from   --
     'Stable';

  -- Dah Sing Bank's Senior Unsecured notes are affirmed at 'A-',
     and its subordinated notes are affirmed at 'BBB+'.

DBS Bank (Hong Kong) Limited:

  -- Long-term IDR affirmed at 'AA-';
  -- Short-term IDR affirmed at 'F1';
  -- Individual Rating downgrade to 'B/C' from 'B';
  -- Support Rating affirmed at '1';
  -- Outlook on the long-term IDR remains at 'Stable'.

Hang Seng Bank Limited:

  -- Individual Rating downgraded to 'B' from 'A/B';
  -- Support Rating affirmed at '1';

Industrial & Commercial Bank of China (Asia) Ltd:

  -- Individual Rating affirmed at 'C';
  -- Support Rating affirmed at '2';

Nanyang Commercial Bank, Limited

  -- Individual Rating affirmed at 'B/C';
  -- Support Rating affirmed at '2';

Shanghai Commercial Bank

  -- Individual Rating downgraded to 'B/C' from 'B';
  -- Support Rating affirmed at '3';

Wing Hang Bank Limited

  -- Long-term IDR affirmed at 'A-';

  -- Local currency long-term IDR affirmed at 'A-';

  -- Short-term IDR affirmed at 'F2';

  -- Individual Rating affirmed at 'B/C';

  -- Support Rating affirmed at '3';

  -- Support Rating Floor affirmed at 'BB';

  -- Outlook on the foreign currency and local currency long-term
     IDR revised to 'Negative' from 'Stable';

  -- Wing Hang Bank Limited's subordinated notes are affirmed at
     'BBB+'.



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

PRINCE ROLLER: CRISIL Rates Rs.70MM Cash Credit Facility at 'BB'
----------------------------------------------------------------
CRISIL has assigned its rating of 'BB/Stable' to the Rs.70 million
cash credit facility of Prince Roller Flour Mills Pvt Ltd (Prince
Mills), a Prince Group entity.  The rating reflects the group's
below-average financial risk profile, exposure to fluctuations in
raw material prices, and the commodity nature of its products.
These weaknesses are mitigated by the extensive industry
experience of the group's promoters.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Prince Mills, and its group companies
Prince TMT Steels Pvt Ltd (Prince TMT), Prince Alloys Pvt Ltd
(Prince Alloys), and Prince Rollings Pvt Ltd (Prince Rollings).
This is because all these entities, collectively referred to as
the Prince group, are under common promoters and management teams,
and have intra-group financial linkages, including fungible funds.

Outlook: Stable

CRISIL believes that the Prince group will maintain its stable
business risk profile on the back of its established market
position in Kerala and long track record.  The outlook may be
revised to 'Positive' in case of a substantial improvement in the
group's financial risk profile, on the back of improved gearing
and margins. Conversely, the outlook may be revised to 'Negative'
in case of a decline in margins or cash flows or if the capital
structure deteriorates, due to large, debt-funded capital
expenditure or acquisitions.

                          About the Group

The Kerala-based Prince group comprises Prince TMT, which
manufactures thermo-mechanically treated (TMT) bars and trades in
mild steel (MS) rounds; Prince Alloys and Prince Rollings, which
produce MS ingots; and Prince Mills, which manufactures wheat
flour and trades in raw wheat. For 2007-08 (refers to financial
year, April 1 to March 31), the group reported a profit after tax
(PAT) of Rs.36.4 million on a turnover of Rs.1.78 billion, as
against loss of Rs.15.5 million on a turnover of Rs.1.13 billion
in the previous year.

Prince Mills, set up in 1989, is the oldest company in the Prince
group.  The company manufactures wheat flour, sooji, atta, and
bran from raw wheat, and also trades in raw wheat.  For 2007-08,
Prince Mills reported a PAT of Rs.2.83 million on a turnover of
Rs.344.3 million, as against a PAT of Rs.1.75 million on a
turnover of Rs.285.0 million in the previous year.


PRINCE ROLLINGS: CRISIL Puts 'BB' Ratings on Various Bank Loans
---------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the various
bank facilities of Prince Rollings Pvt Ltd (Prince Rollings), a
Prince group entity.

   Rs.3.8 Million Long Term Loan     BB/Stable (Assigned)
   Rs.50 Million Cash Credit Limit   BB/Stable (Assigned)
   Rs.10 Million Letter of Credit    P4 (Assigned)
   Rs.7.5 Million Bank Guarantee     P4 (Assigned)

The ratings reflect Prince group's below-average financial risk
profile, and exposure to risks relating to fluctuations in the
prices of raw material, the current economic slowdown, and
cyclicality in the steel industry.  These weaknesses are mitigated
by the extensive experience of the group's promoters and its
partially integrated operations.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Prince TMT, and its group companies
Prince Alloys Pvt Ltd (Prince Alloys), Prince Rollings Pvt Ltd
(Prince Rollings), and Prince Roller Flour Mills Pvt Ltd (Prince
Mills).  This is because all the entities, collectively referred
to as the Prince group, are under common promoters and management
teams, and have intra-group financial linkages, including fungible
funds.

Outlook: Stable

CRISIL believes that the Prince group will maintain its stable
business risk profile on the back of its established market
position in Kerala and long track record.  The outlook may be
revised to 'Positive' in case of a substantial improvement in the
group's financial risk profile, on the back of improved gearing
and margins.  Conversely, the outlook may be revised to 'Negative'
in case of a decline in margins or cash flows or if the capital
structure deteriorates, due to large, debt-funded capital
expenditure or acquisitions.

                         About the Group

The Kerala-based Prince group comprises Prince TMT, which is
engaged in the business of manufacturing thermo-mechanically
treated (TMT) bars, and trading in mild steel (MS) rounds; Prince
Alloys and Prince Rollings, which produce MS ingots; and Prince
Mills, which manufactures wheat flour and trades in raw wheat. For
2007-08 (refers to financial year, April 1 to March 31), the
Prince group reported a profit after tax (PAT) of Rs.36.4 million
on a turnover of Rs.1.78 billion, as against loss of Rs.15.5
million on a turnover of Rs.1.13 billion in the previous year.

Prince Rollings has the installed capacity to produce around
22,000 tonnes per annum (tpa) of MS ingots.  For 2007-08, Prince
Rollings reported a PAT of Rs.4.7 million on a turnover of
Rs.380.2 million, as against PAT of Rs.0.5 million on a turnover
of Rs.275.5 million in the previous year.


PRINCE TMT: CRISIL Rates Rs.3.9MM Long Term Loan at 'BB'
--------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the bank
facilities of Prince TMT Steels Pvt Ltd (Prince TMT), a Prince
group entity.

   Rs.3.9 Million Long Term Loan     BB/Stable (Assigned)
   Rs.90 Million Cash Credit         BB/Stable (Assigned)
   Rs.20 Million Letter of Credit    P4 (Assigned)
   Rs.5 Million Bank Guarantee       P4 (Assigned)

The ratings reflect the group's below-average financial risk
profile, and its exposure to fluctuations in the prices of raw
material, the current economic slowdown, and cyclicality in the
steel industry.  These weaknesses are mitigated by the extensive
experience of the group's promoters, and its partially integrated
operations.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Prince TMT, and its group companies
Prince Alloys Pvt Ltd (Prince Alloys), Prince Rollings Pvt Ltd
(Prince Rollings), and Prince Roller Flour Mills Pvt Ltd (Prince
Mills).  This is because all the entities, collectively referred
to as the Prince group, are under common promoters and management
teams, and have intra-group financial linkages, including fungible
funds.

Outlook: Stable

CRISIL believes that the Prince group will maintain its stable
business risk profile on the back of its established market
position in Kerala and long track record.  The outlook may be
revised to 'Positive' in case of a substantial improvement in the
group's financial risk profile, on the back of improved gearing
and margins.  Conversely, the outlook may be revised to 'Negative'
in case of a decline in margins or cash flows, or if the capital
structure deteriorates, due to large, debt-funded capital
expenditure or acquisitions.

                         About the Group

The Kerala-based Prince group comprises Prince TMT, which is
engaged in the business of manufacturing thermo-mechanically
treated (TMT) bars, and trading in mild steel (MS) rounds; Prince
Alloys and Prince Rollings, which produce MS ingots; and Prince
Mills, which manufactures wheat flour and trades in raw wheat.
For 2007-08 (refers to financial year, April 1 to March 31), the
Prince group reported a profit after tax (PAT) of Rs.36.4 million
on a turnover of Rs.1.78 billion, as against loss of Rs.15.5
million on a turnover of Rs.1.13 billion in the previous year.

Prince TMT has the installed capacity to produce around 45,000
tonnes per annum of TMT. For 2007-08, the company reported a PAT
of Rs.26.4 million on a turnover of Rs.1.47 billion, as against
loss of Rs.13.7 million on a turnover of Rs.713.0 million in the
previous year.


SATYAM COMPUTER: Sale Process Delay May Cause Firm to Liquidate
---------------------------------------------------------------
A delay in completing the sale process of Satyam Computer Limited
may cost the company to liquidate, the Economic Times reports
citing Spice Corp Chairman BK Modi.

Mr. Modi, the Economic Times relates, said the stake sale process
may get delayed if the board goes for an open offer of 20%.

"We are in touch with many clients in Malaysia and here (in US).
Many are waiting till March end.  If things don't materialise by
then, the clients might shift to other companies.  Already there
are other IT companies waiting to prowl on Satyam's clients.
Since CLB has already given a go ahead for issuance of 51% new
shares, issuing only 31% new shares may delay the process by
another 2-3 months.  It has already lost some clients and a
further delay may cost it more, even to the point of liquidation,"
Mr. Modi told ET.

According to the Economic Times, apart from Spice Corp, L&T,
Hinduja Group and Tech Mahindra are considered to be in the fray
for buying a stake in Satyam.

                           Market Value

In a separate report, the Economic Times says the market value of
the assets of Satyam Computer has been estimated at around
Rs 4,000 crore after netting out the current and long-term
liabilities.  The company's fixed assets, the report notes, have
been valued at around Rs 5,000 crore.

The Economic Times states that the major current assets and
liabilities of the firm have been projected at Rs 700-800 crore
each.  Long-term liabilities, the report says, have been estimated
at around Rs 1,000 crore and the amount includes a bridge loan of
Rs 600 crore for meeting working capital requirements.

"Prospective bidders are set to be furnished with the gross market
value of assets that is roughly around Rs 3,500-4,000 crore," the
Economic Times quoted an unknown source as saying.

However, the Economic Times notes that potential bidders may have
to independently estimate legal liabilities arising from the class
action suits filed in the US.  The company is also locked in a
legal tussle with a UK-based mobile services provider Upaid, the
Economic Times adds.

"The valuation of Satyam will be a challenge for prospective
bidders given that the actual amount of receivables and payables
will remain uncertain till the time the accounts of the company
are re-stated.  Besides, the uncertainty on liabilities arising
from the US action suits could make it more difficult for
potential bidders to come close to the actual valuation of the
firm," the Economic Times quoted Nishith Desai Associates head M&A
Nishchal Joshipura as saying.

According to the Economic Times, KPMG and Deloitte have been given
the mandate to re-state Satyam's accounts over the seven years or
so, but the process could take a while.  The Economic Times notes
that the board cannot wait for a re-statement of the accounts to
arrive at an enterprise valuation, as it could lead to further
loss of clients and employees.

The Troubled Company Reporter-Asia Pacific, citing Bloomberg News,
reported on Feb. 26, 2009 that Satyam Computer Chairman Kiran
Karnik said the company hopes to be "ready to invite expressions
of interest" from bidders as soon as its sale plan is approved by
regulators.

According to Bloomberg News, Satyam's stake sale plan was approved
by India's Company Law Board last month and the company's board
said on Feb. 21 it would seek regulatory approval for the plan.

The CLB, the Economic Times says, has already authorised the
Satyam board to make a minimum 26% preferential allotment of
equity shares to a strategic investor.

As reported in the Troubled Company Reporter-Asia Pacific, on
January 7, 2009, former Satyam Chairman Ramalinga Raju resigned
after saying he manipulated the company's accounts.  Specifically,
Mr. Raju said that as of September 30, 2008, the company's balance
sheet carries:

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

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

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

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

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

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

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

                           About Satyam

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


SIDHI VINAYAK: CRISIL Assigns 'BB' Rating on Rs.108.6MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its rating of 'BB+/Stable' to the bank
facilities of Sidhi Vinayak Metcom Ltd (SVML).

   Rs.66.4 Million Cash Credit Limits *    BB+/Stable (Assigned)
   Rs.108.6 Million Term Loan              BB+/Stable (Assigned)

   * Includes proposed limit of Rs 18.9 million

The rating reflects SVML's marginal market share and exposure to
cyclicality in the steel industry, and pressure on margins on
account of the non-integrated nature of its operations.  These
weaknesses are, however, partially offset by the company's average
business risk profile.

Outlook: Stable

CRISIL believes that SVML will maintain an average business risk
profile.  The outlook may be revised to 'Positive' if SVML reports
a substantial increase in revenues and profitability, or
significant integration in operations.  Conversely, the outlook
may be revised to 'Negative' if low capacity utilisation levels
result in deterioration in operating margins, or if the company
takes on large debt to fund its capital expenditure.

                            About SVML

SVML was set up by Mr. Manoj Kumar Agrawal, Mr. Vijay Kumar
Mittal, Mr. Shivjee Singh, and Mr. Shankar Lal Agarwal in
Jamshedpur (Jharkhand) in 2004, SVML produces sponge iron; it has
two sponge iron kilns with a combined capacity of 60,000 tonnes
per annum. SVML reported a profit after tax (PAT) of Rs.4 million
on net sales of Rs.262 million for 2007-08 (refers to financial
year, April 1 to March 31), as against a PAT of Rs.3 million on
net sales of Rs.182 million for the previous year.


SPICEJET LTD: Mulls Acquiring Low-cost Carrier, Diluting Stake
--------------------------------------------------------------
Spicejet Limited is seeking to acquire a domestic low-cost carrier
(LCC) and plans to dilute minority stake to a foreign carrier, The
Economic Times reports citing SpiceJet CEO Sanjay Aggarwal

"We would like to buy a low fare domestic carrier, as the company
is expected to break even next fiscal.  SpiceJet is also open to
equity dilution to a foreign strategic player," CEO Aggarwal told
ET.  Mr. Aggarwal said the equity dilution to a foreign carrier is
aimed at achieving a global footprint, the report relates.

However, the report notes, analysts are uncertain about the
company's financial strength since the company incurred a net loss
of Rs 18 crore in the October-December quarter and is expected to
be breakeven in the June quarter.

SpiceJet Limited -- http://www.spicejet.com/-- is an airline
carrier in India.  During the fiscal year ended May 31, 2007
(fiscal 2007), the company increased its fleet size to 11
aircrafts covering 14 destinations and operating 83 daily
flights.  The aircrafts acquired during fiscal 2007, were the
next generation Boeing737-800.  The company has also integrated
with Tata AIG Insurance Company Limited to commence travel
insurance sales, which was launched in May 2007.

                          *     *     *

SpiceJet Limited booked annual net losses of Rs. 707.43 million in
2007 and Rs. 1,335.07 million in 2008.



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

INDIKA ENERGY: Fitch Affirms Issuer Default Rating at 'B'
---------------------------------------------------------
Fitch Ratings has affirmed PT Indika Energy Tbk's Long-term
foreign and local currency Issuer Default Ratings at 'B',
following the company's announcement on February 26, 2009 that it
plans to acquire a 81.95% stake in PT Petrosea Tbk (an engineering
and construction contractor with mining capability) for an
indicative purchase price of US$83.8 million.  The Outlook remains
Positive.  Fitch has also affirmed its 'B' senior unsecured rating
on Indika's US$250 million senior notes due in 2012, with a
recovery rating of 'RR4'.

The acquisition is in line with Indika's strategy for expansion in
the energy sector in the areas of resources, infrastructure and
service businesses.  Petrosea's business, which complements
Indika's existing businesses, could result in greater synergies
across the company's major business activities.  Funding for the
acquisition will come from Indika's internal cash reserves; as at
September 30, 2008, Indika had cash and cash equivalent of
IDR2.7 trillion and the company also retained around IDR1 trillion
of the proceeds of its US$250 million notes issue in May 2007.
The transaction is subject to Indika's satisfactory due diligence
and shareholder approval, and will likely achieve closure by
mid-2009.  The agency will continue to monitor the progress of the
transaction.

A positive rating action may only be taken upon the successful
acquisition and implementation of new investment plans, and if
Tripatra (a leading engineering, procurement and construction and
operations and maintenance service provider with a focus energy
and infrastructure projects) continues to demonstrate the ability
to secure new orders.  Conversely, an Outlook revision may be
warranted if dividend flows from Kideco (Indonesia's third-largest
coal producer and operates under a 30-year Coal Contract of Work)
is reduced, new investment projects produce weak returns, and/or
Tripatra fails to obtain new orders.

Established in 2002, Indika is a privately-owned investment
holding company with two major investment assets - a 46% stake in
Kideco and a 100% stake in Tripatra.  Indika reported revenues and
net income of IDR1.95 trillion and IDR724 billion, respectively
for the first nine months in 2008.



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

CORSAIR NO 3: Moody's Junks Rating on JPY1 Bil. 2021 Notes
----------------------------------------------------------
Moody's Investors Service announced it has downgraded the rating
of credit-linked notes issued by Corsair (Jersey) No. 3 Limited.
This note is a synthetic CDO that references primarily global
corporate entities.

The rating action taken is the result of (i) deterioration in the
credit quality of the transaction's reference portfolio and (ii)
the application of revised and updated key modeling parameter
assumptions that Moody's uses to rate and monitor ratings of
Corporate Synthetic CDOs.

Moody's announced changes to these assumptions in a press release
on January 15, 2009.  These revisions affect key parameters --
default probability, asset correlation, and other credit
indicators such as ratings reviews and outlooks -- in Moody's
model for rating Corporate Synthetic CDOs.

On November 13, 2008, Moody's had downgraded the rating on the
notes to Baa2 from Baa1 and kept the rating under review for
possible downgrade because ratings of the significant portion of
reference entities were being reviewed for possible downgrade.
This rating action reflects updated ratings of those entities.

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

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

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

The rating action follows:

Corsair (Jersey) No. 3 Limited

(1) Series 23 JPY1,000,000,000 Credit-Linked Notes due
2021(Scheduled Termination Date: 20 December 2021)

  -- Current Rating: Caa3

  -- Prior Rating: Baa2, on review for possible downgrade

  -- Prior Rating Action Date: November 13, 2008, downgraded to
     Baa2 from Baa1 and retained under review for possible
     downgrade

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


RADIA HOLDINGS: To Slash 4,500 Jobs; To Sell Unit in June
---------------------------------------------------------
Radia Holdings Inc., formerly known as Goodwill Group Inc., said
Monday it will be cutting 4,500 regular employees, or a quarter of
its full-time group workforce, effective April 15, to address a
rapid deterioration in its financial standing, Japan Today
reports.

The reduction, Japan Today says, will affect 4,000 standby
engineers and 500 administrative workers at three group companies.

According to the report, the company attributed the decision to a
sharp increase in dismissals of dispatched workers especially
among major manufacturers.

Radia, as cited by the report, also said it plans to sell a plant-
worker dispatch unit with 2,400 full-time employees and 4,500
contract workers by June.

                      About Goodwill Group

The Goodwill Group Inc. is a Japan-based company mainly engaged
in manpower dispatching and contracting business.  The company
operates in three business segments. The Manpower Dispatching
and Contracting segment provides manpower dispatching services
and contracting services that address customer needs.  The
Nursing-care and Medical Support segment is engaged in the
provision of home-care services, care services in facilities and
dental examination services at home, as well as the sale of
nursing-care goods and equipment, among others.  The Others
segment is engaged in the senior residence business, restaurant
business, recruitment support business, employee assistance
program (EAP) business, pet care business such as the planning,
designing and management of pet care facilities and the
operation of pet care shops, as well as child-care business such
as the operation and management of nurseries and the provision
of baby-sitting services.

Goodwill Group Inc. is a pure holding company of Goodwill Group.
The company has been rebuilding the operations with the support
of Promontoria Investments I B.V. (consortium of Cerberus and
Morgan Stanley).

                         *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
July 24, 2008, JCR downgraded its rating on senior debts of
Goodwill Group Inc. from BB-/Negative to B+/Negative, continuing
placing it under Credit Monitor with Negative direction.

JCR downgraded its rating on the company to BB- and decided to
continue the Negative direction to the Credit Monitor on June 2,
2008 in order to grasp the impact of the lowered trustworthiness
on the performance of the engineer-dispatch operation in
addition to the more-than-expected deterioration in earnings of
the subsidiary, Goodwill Inc.


RESONA HOLDINGS: To Pay Back JPY45-Bil. Gov't. Loans This Month
---------------------------------------------------------------
Resona Holdings Inc disclosed that it will repay perpetual
subordinated loans worth JPY45 billion to the Japanese government
by March 31, Japan Today reports.

The report notes that the payment will wipe out all the firm's
public loans totaling JPY300 billion.

The holding firm will also pay back as soon as possible the
remaining JPY2.26 trillion in debts it owes to the government,
which is held by the government in the form of preferred and
common stock, the report relates.

                      About Resona Holdings

Japan-based Resona Holdings Inc. -- http://www.resona-gr.co.jp/--
is a holding company.  Through its subsidiaries and associated
companies, the Company is engaged in general banking, trust
operation, credit card and financial services.  The company is
comprised of 15 domestic subsidiaries and 21 overseas
subsidiaries, as well as two associated companies.  It has
operations in Japan, the United Kingdom, Indonesia, Thailand and
the Cayman Islands.


SANYO ELECTRIC: Panasonic Delays Tender Offer
---------------------------------------------
Panasonic Corp. is postponing its US$9 billion public tender offer
to buy Sanyo Electric Co. due to legal process in the U.S. and
other countries, Japan Today reports.

"Pursuant to domestic and foreign competition laws and
regulations, all procedures in Japan, the U.S., Europe, China and
other countries required for the launch of the tender offer are in
progress," a joint company statement obtained by the news agency
said.

The report says the timing of the launch will be announced "around
late April."

                           About Sanyo

Headquartered in Osaka, Japan, Sanyo Electric Co. Ltd. --
http://www.sanyo.com/-- is one of the world's leading
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
November 14, 2008, Fitch Ratings placed Sanyo Electric Co. Ltd.'s
'BB+' Long-term foreign and local currency IDRs and senior
unsecured ratings on Rating Watch Positive.


SEA CDO: Moody's Junks Ratings on JPY1.3 Billion 2010 Notes
-----------------------------------------------------------
Moody's Investors Service announced it has downgraded the rating
of credit-linked notes issued by SEA CDO Limited.  This note is a
Synthetic CDO which references a static portfolio of 12 global
corporate entities.

This rating action is based on the deterioration in the credit
quality of the reference pool.  As the corporate names which are
included in the reference pool could continue to deteriorate in
the current economic environment, this may further weigh on the
rating of the note.

The revised and updated key modeling parameter assumptions that
Moody's uses to rate and monitor ratings of Corporate Synthetic
CDOs were also applied in the process of the rating action.
Moody's announced the changes to these assumptions in a press
release published on January 15, 2009.

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

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

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

The rating action is:

SEA CDO Limited

(1) Series 2005-10 JPY1,300,000,000 Non-Callable Fixed Rate Notes
due 2010 (Scheduled Termination Date: 29 December 2010)

  -- Current Rating: Caa2

  -- Prior Rating: Baa3

  -- Prior Rating Action Date: 10 November 2008, downgraded to
     Baa3 from A3, possible downgrade

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


YAMATO LIFE: Prudential Unit to Acquire Firm
--------------------------------------------
Prudential Financial Inc. has agreed to acquire Yamato Life
Insurance Co., Reuters reports citing a financial receiver.

Citing bankruptcy administrator Hideo Seto in a statement posted
on Yamato Life's Web site, Japan Times relates the Prudential unit
Gibraltar Life Insurance Co. agreed to become the sponsor of
Yamato Life.  The administrator, the report notes, did not
disclose the terms of the deal.

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

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

                        About Yamato Life

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

                          *     *     *

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


* JAPAN: Manufacturing Output Fell 10% in January
-------------------------------------------------
Bloomberg News reported Japan's manufacturers cut production by a
record 10 percent in January as household spending plunged 5.9
percent from a year earlier.

According to the report, the Trade Ministry said Feb. 27 the
month-on-month decline in factory output exceeded December's
record decline of 9.8 percent.

The report meanwhile said competition for jobs intensified as the
number of positions on offer slid the most in more than 16 years.

The ratio of positions available to each applicant slid the most
since 1992 in January, dropping to 0.67 from 0.73, the report said
citing data from the Labor Ministry.

Japan's gross domestic product shrank at an annual 12.7 percent
pace in the final three months of 2008, and exports plunged a
record 45.7 percent last month, the report said.


* JAPAN: Vehicle Sales Plunged 32.4% in February
------------------------------------------------
Domestic sales of new vehicles in Japan plunged 32.4% in February,
the largest drop since May 1974, as demand continues to fall amid
the deepening global economic slump, Japan Today reports citing
the Japan Automobile Dealers Association.

Citing data compiled by the industry body, Japan Today relates
that there were 218,212 new cars sold during the month and the
seventh consecutive monthly decline in domestic sales of cars,
buses and trucks.



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

* KOREA: FSC to Launch KRW20 Tril. Recapitalization Fund
--------------------------------------------------------
Korea's Financial Services Commission will launch a bank
recapitalization fund worth KRW20 trillion to boost capital flows
into the ailing South Korean economy, The Chosun Ilbo reports
citing Arirang News.

The financial regulator, the report relates, will raise the money
partly from the Bank of Korea and Korea Development Bank and the
rest will be raised from institutional and retail investors.

The report says the fund will then provide financial support to
commercial lenders through purchases of bank bonds and shares.
This is to push risk-averse banks to restart lending to troubled
small- and medium-sized enterprises, help corporate restructuring
and write off bad debts held by companies, the report adds.

According to the Chosun Ilbo, the commission said the
recapitalization fund will allocate an initial KRW12 trillion to
banks after receiving applications from lenders for funds by the
end of this month.

Analysts, as cited by the report, said the fund will re-open the
capital route from the banking to the manufacturing sectors, and
alleviate worsening sentiment in the real economy.



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

NINOX TELEVISION: Calls In Receivers
------------------------------------
Ninox Television Limited has been placed in receivership, The New
Zealand Herald reports.  Stephen Lawrence of PKF Insolvency and
Recovery was appointed receiver to the company.

According to the report, company director John McEwan said the
receivership was part of a restructuring exercise and did not
affect the operations of the company.

The report says receiver Stephen Lawrence declined to give details
about the company and the status of creditors.

Ninox, the Herald recalls, launched a David and Goliath copyright
battle with United States and Australian television channels over
the format for its long-running show Dream Home, sponsored by
Mitre 10.

The company also lodged an unsuccessful claim in Australian courts
against the Australian Channel 9 and its house renovation
programme The Block, the Herald relates.

New Zealand On Air chief executive Jane Wrightson, as cited by the
report, said NZ$50,000 of public money would be frozen in the
receivership.

Based in Wellington, New Zealand, Ninox Television Limited --
http://www.ninoxtv.com/-- provides television programming for the
New Zealand and international marketplaces.



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

ASIANALYSIS INVESTMENT: Placed Under Voluntary Wind-Up
------------------------------------------------------
At an extraordinary general meeting held on February 23, 2009, the
members of Asianalysis Investment Management Pte Ltd resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

          Dan Yock Hian
          c/o 55 Market Street
          #06-01 Singapore 048941


FRASER THERMAL: Court Enters Wind-Up Order
------------------------------------------
On February 20, 2009, the High Court of Singapore entered an order
to have Fraser Thermal Technology Pte Ltd's operations wound up.

The company's liquidator is:

          Buthahir Abdul Gafoor
          c/o ELTICI Financial Advisory Services Pte Ltd
          1 Raffles Place, #20-02 OUB Centre
          Singapore 048616


JAFD MARINE: Court Enters Wind-Up Order
---------------------------------------
On February 13, 2009, the High Court of Singapore entered an order
to have Jafd Marine Petroleum & Tankers Pte Ltd's operations wound
up.

The company's liquidator is:

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


THE ORACLEWORKS: Court Pays First and Final Dividend
----------------------------------------------------
The Oracleworks Pte Ltd, which is in liquidation, paid the first
and final dividend to preferential creditors on March 3, 2009.

The company paid 28 percentum to all admitted claims.

The company's liquidators are:

          Chee Yoh Chuang
          Lim Lee Meng
          c/o Stone Forest Corporate Advisory Pte Ltd
          8 Wilkie Road, #03-08, Wilkie Edge
          Singapore 228095


THIS MOBILE: Court to Hear Wind-Up Petition on March 13
-------------------------------------------------------
A petition to have This Mobile Pte Ltd's operations wound up will
be heard before the High Court of Singapore on March 13, 2009, at
10:00 a.m.

Standard Chartered Bank filed the petition against the company on
February 17, 2009.

The Petitioner's solicitors are:

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



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

CONCORD SECURITIES: Fitch Affirms Issuer Default Ratings at 'BB+'
-----------------------------------------------------------------
Fitch Ratings has affirmed Taiwan's Concord Securities
Corporation's Long-term foreign currency Issuer Default Rating at
'BB+', Short-term foreign currency IDR at 'B', National Long-term
rating at 'A-(twn)' (A minus(twn)), National Short-term rating at
'F2(twn)', Individual rating at 'C/D', Support rating at '5', and
Support rating floor at 'NF'. The Outlook is Stable.

CSC's ratings reflect its low leverage, good asset quality, and
adequate capitalization.  They also take into account its
relatively small franchise and its volatile profitability.  In
affirming its ratings, Fitch expects CSC to maintain adequate
capital and liquidity positions even in the event of a prolonged
equity market slump.

CSC reported a return on equity of -4.7% in 2008 as a result of
proprietary trading losses and lower brokerage income resulting
from poor stock market turnover and index performance.  While
CSC's profitability will remain challenging in 2009, Fitch notes
that CSC markedly reduced its equity proprietary trading, the main
source of risks faced by the company, to less than 1% of net worth
at end-2008 and this will limit any negative impact caused by a
possible market decline.  CSC operates with reasonably strong
capitalization with a high equity-to-asset ratio at 57% at
end-2008.

Its regulatory capital adequacy ratio was high at 671% at
end-2008.  Funding and liquidity are actively managed with credit
lines with banks being maintained.  In fact, the company's funding
needs have been reduced as its margin lending declines. Its
shareholders' equity comfortably covers its less liquid assets by
about 1.8x.

Established in 1990, CSC is 28%-owned by the Cheng family.  CSC is
the 17th-largest fully-licensed securities firm in terms of equity
in Taiwan.  It holds a 1.4% brokerage market share and operates
through 22 branches.


CHUNGHWA PICTURE: Seeks Repayment Extension on Bank Loans
---------------------------------------------------------
Chunghwa Picture Tubes Ltd. is seeking repayment extension of its
NT$40 billion (US$1.1 billion) loans to bolster its working
capital, the China Post reports.

According to the report, Chief Financial Officer James Wu said the
company will need to soon repay NT$10 billion in one-year loans
and more than NT$30 billion over the longer term to several banks.

Mr. Wu, the report relates, said the company would like to repay
part of the loans while asking its creditors to allow the company
to extend repayments of the remaining loans by up to two years.

The report says Chunghwa Picture creditors include state-owned
Bank of Taiwan, Land Bank of Taiwan and Taiwan Cooperative Bank.

The company, however, insisted it was not seeking for a government
bailout, the Post states.

According to the Post, Chunghwa Picture posted a loss of NT$11.98
billion in the fourth quarter of 2008 and a net loss of NT$11.68
billion for the year.

Based in Taipei, Taiwan, Chunghwa Picture Tubes Ltd. is
principally engaged in the development and production of thin film
transistor-liquid crystal display (TFT-LCD) panels, LCD module
assemblies and cathode ray tubes (CRTs).  The company's products
include small and medium size monitor panels, desktop personal
computer (PC) monitor panels, laptop PC monitor panels and LCD
television (TV) panels.  Its TFT-LCDs are applied for consumption
and industrial products, including TVs, computer monitors, laptop
computers, mobile phones, personal digital assistants (PDAs),
portable digital video disc (DVD) players, portable videos,
measurement devices, analysis devices, medical equipment, driving
meters and radars, among others.  During the year ended
December 31, 2007, the company obtained approximately 90% of its
total revenue from its TFT-LCD business.


SHIN KONG FINANCIAL: To Raise Capital Through Asset Sale
--------------------------------------------------------
Taipei Times reported that Shin Kong Life Insurance Co., the
insurance arm of Shin Kong Financial Holdings Co Ltd, will sell a
department store building in Taipei's Xinyi District to raise
capital and strenghten its financial structure.

According to Taipei Times, the move followed a statement last week
by its parent company that it would consider liquidating
investments in properties or equities for one-time capital gains
after incurring a record NT$21 billion (US$598.4 million) in
losses last year.

An auction of its Shin Kong Mitsukoshi A11 department store
building is scheduled on April 3, Taipei Times cited
Sunny Hsu, an acting spokesperson at Shin Kong Financial in a
telephone interview.

"We expect more than NT$10 billion in final transaction from the
planned auction," Taipei Times quoted Mr. Hsu as saying.

Shin Kong Life, the report related, will also securitize two
office buildings in the Neihu Technology Park.

The company, as cited by the report, said proceeds from the
securitization offering would be used to invest in high-yield
quality commercial real estate from which it could draw fixed
annual rental income.

Citing Shin Kong Financial in a statement, Taipei Times said, the
deal is also expected to boost the company's capital adequacy
ratio to 110 percent from 102 percent at the end of last year, and
lower its debt-to-equity ratio to 43 percent from 48 percent as of
December.

                        About Shin Kong

Based in Tapei, Taiwan, Shin Kong Financial Holding Co., Ltd is an
investment holding company engaged in the financial sector.  The
company provides banking, note financing, credit card, trust,
insurance, securities, futures, venture capital investment and
other financial related services.  The company is comprised of a
number of operating subsidiaries, such as Shin Kong Life
Insurance, Shin Kong Securities, and Shin Kong Insurance
Brokerage, Shin Kong Bank and Shin Kong Investment Trust.

                         *    *     *

As reported by the Troubled Company Reporter-Asia Pacific on
Jan. 23, 2009, Standard & Poor's Ratings Services placed its 'BBB'
long-term and 'A-3' short-term counterparty credit ratings
on Shin Kong Financial Holding Co. Ltd. on CreditWatch with
negative implications.  At the same time, Standard & Poor's also
placed the ratings on Shin Kong FHC's two core subsidiaries on
CreditWatch with negative implications: The 'BBB+' local-currency
insurer financial strength and long-term counterparty credit
ratings on Shin Kong Life Insurance Co. Ltd.; and the 'BBB+' long-
term and 'A-2' short-term counterparty credit rating on Taiwan
Shin Kong Commercial Bank.  The 'D+' bank financial strength
rating on the bank was affirmed.



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

* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Mar. 13, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Bankruptcy Battleground West
       Beverly Wilshire, Beverly Hills, California
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 14-16, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Conrad Duberstein Moot Court Competition
       St. John's University School of Law, New York City
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 1-4, 2009
AMERICAN BANKRUPTCY INSTITUTE
    27th Annual Spring Meeting
       Gaylord National Resort & Convention Center,
       National Harbor, Md.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 16-19, 2009
COMMERICAL LAW LEAGUE OF AMERICA
    2009 Chicago/Spring Meeting
       Westin Hotel on Michigan Ave., Chicago, Ill.
          Contact: (312) 781-2000; http://www.clla.org/

Apr. 17-18, 2009
NATIONAL ASSOCIATION OF BANKRUPTCY TRUSTEES
    NABT Spring Seminar
       The Peabody, Orlando, Florida
          Contact: http://www.nabt.com/

Apr. 20, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Consumer Bankruptcy Conference
       John Adams Courthouse, Boston, Massachusetts
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 27-28, 2009
TURNAROUND MANAGEMENT ASSOCIATION
    Corporate Governance Meetings
       Intercontinental Hotel, Chicago, Illinois
          Contact: www.turnaround.org

Apr. 28-30, 2009
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Spring Conference
       Intercontinental Hotel, Chicago, Illinois
          Contact: www.turnaround.org

May 1, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Nuts and Bolts for Young Practitioners
       Alexander Hamilton Custom House, New York City
          Contact: 1-703-739-0800; http://www.abiworld.org/

May 4, 2009
AMERICAN BANKRUPTCY INSTITUTE
    New York City Bankruptcy Conference
       New York Marriott Marquis, New York City
          Contact: 1-703-739-0800; http://www.abiworld.org/

May 7-8, 2009
RENASSANCE AMERICAN MANAGEMENT, INC.
    6th Annual Conference on
    Distressted Investing - Europe
       The Le Meridien Piccadilly Hotel, London, U.K.
          Contact: 1-903-595-3800 or
                   http://www.renaissanceamerican.com/

May 7-10, 2009
AMERICAN BANKRUPTCY INSTITUTE
    27th Annual Spring Meeting
       Gaylord National Resort & Convention Center
       National Harbor, Maryland
          Contact: http://www.abiworld.org/

May 12-15, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Litigation Skills Symposium
       Tulane University, New Orleans, La.
          Contact: http://www.abiworld.org/

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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



                         *********

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

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

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


                            *********


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

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

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

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

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





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