TCRAP_Public/090305.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

           Thursday, March 5, 2009, Vol. 12, No. 45



ANGLO COAL: Axes 1,100 Queensland Jobs to Cut Costs
MARINER FINANCIAL: Late Results Filing Prompts Trading Suspension


AGILE PROPERTY: S&P Changes Outlook to Negative; Holds 'BB' Rating
DORNIER AVIATION: Court Okays Final Settlement With Hainan


* Fitch Changes Outlook on 'B+' Rating on Republic of Ghana

H O N G  K O N G

AWELL PROPERTIES ET AL: Creditors' Proofs of Debt Due on March 30
BOMA INVESTMENT: Seng and Lo Step Down as Liquidators
CHAODA MODERN: S&P Puts 'BB-' Corporate Rating on Negative Watch
CHARMING UNION: Annual Meetings Set for March 20
FUTEC PACKAGING: Members' Meeting Set for March 27

GALOP TRADING: Members' Meeting Set for March 27
GLAWIN INTERNATIONAL: Members' Meeting Set for March 27
HBS SHANGHAI: Members' Meeting Set for March 31
HSBC HOLDINGS: May Use Part of Fund Raising for Asian Buyout
JADA BIOTECH: Creditors' Meeting Set for March 9

JOY FORCE: Inability to Pay Debts Prompts Wind-Up
KENSON PROPERTIES: Liquidator to Give Wind-Up Report on March 17
LOK SIN: Members' Meeting Set for April 3
MARCOTEX LIMITED: Members' Meeting Set for March 27
MERLION CDO: Moody's Downgrades Ratings on Four Classes of Notes

PEAK FORCE: Appoints Chau Siu Kiu as Liquidator
POWER PACIFIC: Placed Under Voluntary Wind-Up
RYODEN FIRE: Sole Member's Meeting Set for March 30
SGS HONG KONG: Creditors' Proofs of Debt Due on April 3


PACIFICA CHENNAI: CRISIL Rates Rs.790.0 Mln Term Loan at 'B+'
ROLEX RINGS: CRISIL Downgrades Bank Loan Ratings to 'BB+'
TATA MOTORS: May Sell Stake in Tata Technologies to Raise $100MM
TATA STEEL: Taps COO Nerurkar as Director
* INDIA: Lower Growth Reflects Poor Performance in Agri & Mfg.


ANEKA TAMBANG: Net Profit Down by 74% to IDR1,313 Bil. in 2008
BANK NEGARA: Wants BI to Issue New Shariah Banking Rules
DAVOMAS ABADI: S&P Puts 'B+' Corporate Rating on Negative Watch
* INDONESIA: Exports Fell 36% to US$7.15 Billion in January


BILLION COUPONS: SEC Files Fraud Suit; Court Freezes Assets
CITIGROUP INC: Gives Up Plans to Open New Branches in Japan
ORSO FUNDING: S&P Downgrades Rating on Class E Certs. to 'B+'
SANYO: Panasonic May Sell US$4.1BB Bonds to Finance Purchase
TOYOTA MOTOR: Financing Unit Seeking Loan from Japanese Bank


CNLT: Reprimanded for Breach of Bursa's Listing Requirements
LITYAN HOLDINGS: High Court Extends Restraining Order to August 1
MECHMAR CORP: Classified as Affected Listed Issuer Under PN17

N E W  Z E A L A N D

CER GROUP: Posts NZ$0.8MM Unaudited Preliminary Loss in FY2008
PACIFIC BRANDS: Mulls Job Cuts at Two NZ Factories
PLUS SMS: To Raise NZ$5 Mln as Half-Year Loss Widens
* NEW ZEALAND: Economy May Shrink 2.9% This Year, Economist Says


ECOBANK TRANSNATIONAL: Fitch Cuts Issuer Default Rating to 'B'


C&S CONSTRUCTION: Pays First and Final Dividend
CHARTERED SEMICONDUCTOR: Moody's Cuts Corp. Family Rating to 'Ba2'

S O U T H  A F R I C A

NEW RECLAMATION: Moody's Junks Corporate Family Rating from 'B3'


ALBIDON LTD: Suspends Production at Zambia Nickel Mine


* Passenger Demand in Asia Drops 8.4% yoy in January, IATA Says

                         - - - - -


ANGLO COAL: Axes 1,100 Queensland Jobs to Cut Costs
Anglo Coal Australia, a coal unit of Anglo American Plc, will
slash a further 650 staff and contractors in Australia, The Sydney
Morning Herald reports.

The job losses, the Herald relates, include 60 voluntary and 120
other redundancies among ACA staff and a reduction of 470
contractor positions.

According to the Herald, the company said the redundancy program
was in response to a review that found it must cut labour and
contractor costs by 20 per cent.

The cuts followed the closures of the Aquila and Dawson North coal
mines, the report says.

The report recalls the company had already axed 450 contractor
positions earlier this year, bringing the total reductions from
Australian coal operations to about 1,100 workers.

Anglo Coal Australia is a wholly owned division of Anglo American

As reported in the Troubled Company Reporter-Europe on Feb. 24,
2009,  Anglo American plc has suspended dividend payments as it
faces a year end net debt of US$11.0 billion.  The company paid
total dividend of 44 cents per share for the year ended Dec. 31,

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

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

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

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

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

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

MARINER FINANCIAL: Late Results Filing Prompts Trading Suspension
Mariner Financial Limited has been suspended from trading after
failing to submit half-year accounts on Friday, Feb. 27, the
Australian reports.

According to the report, Bill Ireland, founder and executive
chairman of Mariner Finance, said he expects to lodge half-yearly
results this week.

"We are in the process of finalizing our half-yearly accounts,"
the report quoted Mr. Ireland as saying.  "We have cut our staff
from 70 to 10 and have sold off a lot of our assets.

Mr. Ireland, as cited by the report, said the past 18 months had
been "devastating" for the company.  "Unwinding some of our assets
is a complicated transaction.  We've had write-downs and managed
to retire all of our bank debt."

The Australian says Mariner is one of 18 companies which have been
suspended by the Australian Securities Exchange for failing to
provide half-yearly results by the end of February.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 28, 2008, the Australian said Mariner Financial has been
under considerable financial distress.  Its share price plunged 91
per cent from AU$2.15 in February 2007 to just 19c on Nov. 26,
2008.  Mariner's shares closed at 1c last Friday, Feb. 27.

The company has slashed two-thirds of its staff and has been
conducting a fire sale of assets and management rights this year.

Mariner Financial, according to a TCR-AP report on October 9,
2008, appointed receivers and managers to its wholly owned
subsidiary, Mariner Treasury Limited.

                     About Mariner Financial

Based in Australia, Mariner Financial Limited -- focuses on originating,
structuring and distributing investment products for Australian
investors.  During the fiscal year ended June 30, 2008, its
activities included property investment and development;
retirement and superannuation investment, and infrastructure
investment.  The company predominantly distributes its investment
products through independent advisory intermediaries.  In April
2008, Mariner Financial Limited announced the sale to APA Group of
its remaining units in the Mariner Pipeline Income Fund.


AGILE PROPERTY: S&P Changes Outlook to Negative; Holds 'BB' Rating
Standard & Poor's Rating Services said that it had revised its
outlook on China-based property developer Agile Property Holdings
Ltd. to negative from stable.  At the same time, it affirmed the
'BB' long-term corporate credit rating on Agile and its 'BB' issue
rating on Agile's outstanding US$400 million unsecured notes due

"The outlook revision reflects a weaker-than-expected
profitability performance that is highly likely to see Agile's
credit-protection measures deteriorate to a weaker level than its
comparable peers'.  The weakening profitability reflects Agile's
lower sales volume and greater pricing discount.  Agile has
limited financial headroom to face an unfavorable economic outlook
in 2009 for the current rating," said Standard & Poor's credit
analyst Bei Fu.

Agile's profit margin in 2009 may benefit from a declining cost of
construction relating to the price decline in construction
materials.  However, S&P believes that Agile's future performance
is highly reliant on the return of a stable pricing environment,
and purchase sentiment in its operating region aligning with the
cost of sales.  Agile's heavy exposure in Guangdong leaves it
exposed to concentration risk.

Standard & Poor's continues to view Agile's strategic flexibility
on the part of management as supportive of the rating.
Management's decision to scale back land expansion in early 2008
should provide a level of protection for cash flow.  An ongoing
focus on controlling capital expenditure through reducing property
developments is expected to reduce pressure on financing needs.

"We acknowledge that Agile's dispute with Aetos Capital Asia II
Ltd. and ACA II Co-Investment Fund LP [Aetos] over the Egret Lake
Huizhou Project has somewhat weakened Agile's financial
flexibility," said Ms. Fu.  "Nevertheless, S&P does not expect the
dispute to have an immediate impact on the rating, and expect
Agile's cash position and future cash flow to be sufficient to
refund Aetos on demand with the RMB1.2 billion deposit and
interest accrued for Agile's cancellation on a 25% equity interest
in the Huizhou Project."

The outlook is negative.  Agile's credit metrics could deteriorate
further for the next 12 months given the difficult property sale
environment, which has been affected by weak market conditions.
The rating could be lowered if sale price drops further without
the support of a sufficient sale volume to sustain a sound level
of cash inflow, if EBTIDA coverage falls below 3x, and/or if total
debt to EBITDA exceeds 4x for 2009.  The outlook maybe revised
on evidence demonstrating a sustainable improvement in financial

DORNIER AVIATION: Court Okays Final Settlement With Hainan
Wiley Rein partner H. Jason Gold, the court-authorized liquidating
trustee for the bankruptcy estate of Dornier Aviation (North
America), Inc. (DANA), said that the bankruptcy court has approved
a full and final settlement of all litigation and disputes with
Hainan Airlines, a major international airline based in China.

Hainan has paid the trustee US$14,950,000 in consideration of the
settlement and Mr. Gold is now moving to dismiss all legal actions
filed against Hainan.  The trustee had brought suit back in
December 2003 and final judgment was obtained in August of last
year to recover unpaid accounts.  U.S. Bankruptcy Judge Steven S.
Mitchell presided over the case and approved the settlement.

"We are pleased to have reached this compromise and settlement
with Hainan.  The funds recently paid will now allow us to pay in
full the claims asserted by the creditors of the bankrupt company
Dornier Aviation of North America, including numerous individuals
and American companies, large and small," said Mr. Gold.

Mr. Gold is head of Wiley Rein's Bankruptcy & Financial
Restructuring Practice.  The firm served as Mr. Gold's counsel in
the DANA/Hainan Airlines litigation.

Dornier Aviation (North America) is a U.S. subsidiary of German
aircraft manufacturer Fairchild Dornier GMBH.  Some of the
Company's former employees filed an involuntary Chapter 7
bankruptcy petition on April 25, 2002 (Bankr. E.D.Va. Case No. 05-
1930).  The case was subsequently converted to a Chapter 11
reorganization.  The Debtor failed to reorganize and a liquidation
plan was proposed and confirmed in 2003.


* Fitch Changes Outlook on 'B+' Rating on Republic of Ghana
Fitch Ratings has revised the Outlook on the Long-term foreign and
local currency Issuer Default Ratings of the Republic of Ghana to
Negative from Stable.  At the same time, the agency has affirmed
the Long-term foreign and local currency IDRs and the Country
Ceiling at 'B+', respectively, and affirmed the Short-term IDR at

"The revision of the Outlook on Ghana's ratings to Negative
reflects new data pointing to twin fiscal and current account
deficits of 15% and 24% of GDP respectively in 2008 and double-
digit inflation.  The magnitude of these macroeconomic imbalances
leaves Ghana poorly placed to navigate adverse global economic
conditions and presents Ghana's newly elected National Democratic
Congress government with some formidable challenges," says Paul
Rawkins, Senior Director in Fitch's London-based sovereign rating

Parallels drawn by commentators between the dire state of the
economy at the end of the 1990s and 2008 are somewhat overdone;
nonetheless, left unaddressed Fitch believes that current
imbalances could rapidly erode the benefits Ghana has gained from
external debt relief.  External shocks have played their part in
derailing Ghana's relatively short track record of macroeconomic
stability, but fiscal deterioration has been evident since 2006
with fiscal outcomes far in excess of budgeted shortfalls.
Revenues were broadly on target in 2008, but expenditure overran
by 24% reflecting higher wages and salaries, increased energy
subsidies and pre-election spending.

Public debt rose to an estimated 56% of GDP in 2008 - twice the
peer group median - from a low of 37% in 2006.  Fiscal funding was
met from a drawdown of the proceeds from a sovereign bond issued
in 2007, privatisation receipts and increased domestic debt
issuance.  Rising inflation has shortened investors' horizons and
the share of short-dated paper in the outstanding stock of
government securities had risen to 46% by end-2008 from 20% at
end-2007, raising roll-over risks significantly.

With the economy displaying clear signs of overheating - annual
credit growth was running at 44% in 2008 and inflation rose to
19.9% year-on-year in January 2009 - the Bank of Ghana raised
interest rates to 18.5% on February 24 .  Fitch expects tighter
monetary policy to be matched by fiscal retrenchment: the 2009
budget is due to be announced within the next two weeks.
Nonetheless, it will take time to rebuild a track record of fiscal
discipline and the 2009 fiscal deficit is unlikely to fall much
below 8-9% of GDP without real expenditure constraint.  In the
absence of private capital inflows on the scale of 2008, Ghana
will have to revisit more traditional sources of funding from
bilateral and multilateral institutions, coupled with higher
domestic borrowing.

As one of the first countries in sub-Saharan Africa to champion
the cause of structural reform, Ghana continues to enjoy a
reservoir of goodwill among the international community, while the
smooth transition of power in the 2008 presidential/parliamentary
elections, the second since 2000, has cemented the country's
reputation as one of the few genuinely functioning democracies in
Africa.  However, the new NDC administration's mandate is weak -
it holds only 114 out of 228 parliamentary seats - potentially
complicating its pursuit of macroeconomic stabilization.

Fitch acknowledges that the recent discovery of oil in Ghana, if
properly managed, could enhance sovereign creditworthiness over
time.  However, considerable uncertainty surrounds the timing of
production start-up - early indications point to late 2010 - and
the agency cautions against continued fiscal laxity in
anticipation of new oil-related revenues.  In the near term, Ghana
is facing tight fiscal financing constraints, exacerbated by the
global credit crunch, while a weak balance of payments threatens
to put further downward pressure on its currency and international
reserves.  Stronger fiscal discipline will be essential if Ghana's
sovereign creditworthiness is not to be put at greater risk.

H O N G  K O N G

AWELL PROPERTIES ET AL: Creditors' Proofs of Debt Due on March 30
Pang Siu Chik, Alick fixed March 30, 2009, as the last day to file
proofs of debt for the creditors of:

   -- Awell Properties Limited;
   -- Westein International Limited;
   -- Dansell Industries Limited; and
   -- Merity Limited.

The companies commenced liquidation proceedings on Feb. 19, 2009.

The Liquidator can be reached at:

          Pang Siu Chik, Alick
          China Merchants Building, Room 804
          152-155 Connaught Road Central
          Hong Kong

BOMA INVESTMENT: Seng and Lo Step Down as Liquidators
On February 14, 2009, Natalia K M Seng and Susan Y H Lo stepped
down as liquidators of Boma Investment Management Limited.

The company's former Liquidators can be reached at:

         Natalia K M Seng
         Susan Y H Lo
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong

CHAODA MODERN: S&P Puts 'BB-' Corporate Rating on Negative Watch
Standard & Poor's Ratings Services said that it had placed its
'BB-' long-term corporate credit rating on Chaoda Modern
Agriculture (Holdings) Ltd. on CreditWatch with negative
implications.  At the same time, Standard & Poor's also placed the
'BB-' issue ratings on the company's US$225 million senior notes
due February 2010 and Hong Kong 1.34 billion convertible bond due
May 2011 on CreditWatch with negative implications.

"The CreditWatch action reflects S&P's view that the immediate
risk to liquidity associated with the upcoming put date of
Chaoda's convertible bond has been heightened.  The company's plan
to finance the potential put option exercise remains unclear to
us, with less than three months until the put date of May 8,
2009," said Standard & Poor's credit analyst Bei Fu.  "In our
opinion, Chaoda's cash position may not be sufficient to meet the
convertible bond redemption, its planned capital expenditure, or
its working capital requirements.  This view is based on S&P's
analysis of the historical trend in the company's cash flow from
operations and its reported cash position of Chinese renminbi
(RMB) 1.3 billion at the end of June 2008. In addition, Chaoda
faces a further repayment on its US225 million senior notes in
less than 12 months."

In S&P's view, there is reasonable chance that the put option on
the convertible bond will be exercised, given the weak investor
sentiment in the equity markets and the fact that the company's
shares are trading below the exercise price of Hong Kong dollar
5.08.  The redemption would cost HK$1.55 billion, inclusive of a

Chaoda's recent share placement and top-up subscriptions raised
net proceeds of HK$391 million, providing some support for the
company's liquidity position.  However, according to the "use of
proceeds" stipulation, the funds raised will be used mainly for
expansion of operations, such as the acquisition of farmland and
working capital.

The CreditWatch is likely to be resolved within the next three
months after S&P gain more clarity about Chaoda's plans and its
financial and liquidity standing following its interim result
announcement in the next few weeks.  The ratings could be lowered
by more than one notch if the company is unable to clearly
identify its refinancing strategy and if S&P does not believe
management is able to improve Chaoda's liquidity position and that
its financial performance materially deteriorates.

CHARMING UNION: Annual Meetings Set for March 20
The members and creditors of Charming Union Investments Limited
will hold their annual meetings on March 20, 2009, at 10:30 a.m.
and 11:00 a.m., respectively, at the 27th Floor of Alexandra
House, 18 Chater Road, in Central, Hong Kong.

At the meeting, Jacky CW Muk, the company's liquidator, will give
a report on the company's wind-up proceedings and property

FUTEC PACKAGING: Members' Meeting Set for March 27
The members of Futec Packaging Limited will hold the final general
meeting on March 27, 2009, at 11:00 a.m., at the 26th Floor of
Citicorp Centre, 18 Whitfield Road, in Causeway Bay, Hong Kong.

At the meeting, Leong Ting Kwok, David, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.

GALOP TRADING: Members' Meeting Set for March 27
The members of Galop Trading Limited will hold the final general
meeting on March 27, 2009, at 10:00 a.m., at 3806 Central Plaza,
18 harbour Road, in Wanchai, Hong Kong.

At the meeting, Chiu Soo Ching, Katherine, the company's
liquidator, will give a report on the company's wind-up
proceedings and property disposal.

GLAWIN INTERNATIONAL: Members' Meeting Set for March 27
The members of Glawin International (H.K.) Limited will hold the
final general meeting on March 27, 2009, at 10:00 a.m., at Flat B,
16th Floor of Kwong On Bank (Mongkok Branch) Building, 728-730
Nathan Road, in Mongkok, H.K.S.A.R.

At the meeting, Chu Chi Wa, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.

HBS SHANGHAI: Members' Meeting Set for March 31
The members of HBS Shanghai 2003 Limited will hold their meeting
on March 31, 2009, at 10:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Sin Mee Yu, Meonne
          Tai Yau Building, 22nd Floor
          181 Johnston Road
          Wanchai, Hong Kong

HSBC HOLDINGS: May Use Part of Fund Raising for Asian Buyout
Bloomberg News reports HSBC Holdings Plc may use part of the
GBP12.5 billion (US$17.7 billion) it is raising in a rights
offering to fund acquisitions in Asia and other emerging markets.

The bank will pursue "opportunities" for growth, including
takeovers, the news agency cited Chairman Stephen Green as saying
during a press conference in London on Monday.  "They are more
likely to be bolt-on or incremental acquisitions" in emerging
markets, Mr. Green said.

According to the report, HSBC may be interested in Royal Bank of
Scotland Group Plc's assets in Asia.

RBS plans to abandon or sell retail and commercial banking
operations in 13 Asian countries, including the Philippines and
Vietnam, the report says.

"Organically, we can grow as our competitors withdraw, we can put
our capacity to work so that means you don't have to be quick to
buy something to do that," Sandy Flockhart, HSBC's chief executive
officer for Asia-Pacific, told Bloomberg News in an interview in
Hong Kong.  The company is still open to making purchases in
markets such as China and South Korea, Mr. Flockhart said as cited
by the report.

                          New Capital

As reported in the Troubled Company Reporter-Europe on March 3,
2009, The New York Times said HSBC was seeking to raise GBP12.5
billion, or about US$18 billion, in a rights issue of shares.

According to The Times, HSBC is offering investors five new shares
at 254 pence, or US$2.08 each, for every 12 they own already,
marking a substantial discount to the 491 pence at which the
shares closed Friday last week.

The move comes after HSBC said its 2008 net income fell to US$5.73
billion from US$19.1 billion the previous year, prompting the bank
to cut its 2008 dividend by 29 percent to 64 cents a share and
halt 2008 bonuses for its executive directors.

Goldman Sachs Group Inc. and JPMorgan Chase & Co. are leading a
group of banks that have underwritten the share sale, guaranteeing
they will buy any shares investors may not order, according to
Bloomberg News.

Bloomberg News said HSBC reported a pretax loss of US$15.5 billion
from North American operations, compared with a profit of US$91
million in 2007.  In Europe, the news agency said HSBC's pretax
profit rose to US$10.9 billion from US$8.6 billion.  Profit from
Hong Kong fell to US$5.46 billion from US$7.34 billion, while
earnings from the rest of Asia rose to US$6.47 billion from
US$6.01 billion, Bloomberg News said.

In 2003, The Times and Bloomberg News recalled, the bank became
the first European lender to post subprime losses after it paid
US$15.5 billion for U.S.-based Household International, now named
HSBC Finance, and has since had to inject billions of dollars into
the unit to keep it afloat after the subprime market soured.

Bloomberg News and The Times related HSBC said it would shut down
the U.S. unit's HFC and Beneficial arms in five to seven years and
cut 6,100 jobs.

HSBC's U.S. retail bank and credit card businesses won't be
affected by the shut down and job cut.

                 "Worsening Capital Shortfall"

As reported in the Troubled Company Reporter-Europe on Jan. 21,
2009, shareholder Knight Vinke Asset Management LLC said HSBC has
a substantial and worsening capital shortfall.

Knight Vinke noted recent research reports issued by Morgan
Stanley and Goldman Sachs regarding HSBC's need for a very
substantial rights' issue, which "could be the largest rights'
issue ever made in the United Kingdom."

Bloomberg News said Goldman Sachs Group Inc. and CLSA Asia-Pacific
Markets earlier predicted HSBC will be forced to sell shares for
the first time since the financial crisis began in 2007.

According to Bloomberg News, Goldman analysts said Jan. 16 HSBC
may post a US$1.5 billion loss, raise US$17 billion in a share
issue, and pay no dividend in 2009, citing a deteriorating U.S.
economy and falling property prices.

As it predicted in early 2007, Knight Vinke said Household
International, HSBC's sub-prime lending business in the United
States, has turned out to be an unmitigated disaster.

"This is a depreciating business, the fair value of whose assets
is US$20 billion less than its liabilities (by HSBC's own
admission)," the long term HSBC shareholder said in a January 18

Eric Knight, CEO of Knight Vinke, pointed out that if Household is
not restructured, shareholders will bear all of the pain because
Household's debt is not guaranteed by HSBC.

"HSBC should stop pretending that a restructuring of Household is
inconceivable: all major banks with similar problems are now
thinking what was previously unthinkable," Mr. Knight said.

Knight Vinke also noted that HSBC's capital structure is much
weaker than would be suggested by the Tier 1 ratio, adding that
having a strong Tier 1 ratio is absolutely no guarantee that
additional capital will not be required.

                HSBC Denies Need for Gov't Funding

The London-based lender refuted Knight Vinke's projection saying
it is one of the world's most strongly capitalized banks.

The bank is one of the world's most "strongly capitalized" lenders
and hasn't sought capital support from the U.K. government, HSBC
said in a statement obtained by Bloomberg News.  The bank "cannot
envisage circumstances" where it would need government funding,
HSBC added.

                       Madoff Exposure

On December 15, 2008, HSBC confirmed it provided financing to a
small number of institutional clients who invested in funds with
Madoff Investment Securities LLC.

HSBC said its potential exposure under these financing
transactions is in the region of US$1 billion.

HSBC also has custody clients who have invested with Madoff,
however, it does not believe that these custodial arrangements
should be a source of exposure to the group.

                    Likely Fitch Downgrade

Fitch Ratings, according to Bloomberg News, warned it may cut
HSBC's credit rating as the global recession undermines its

Bloomberg News discloses Fitch cut its outlook on HSBC's debt to
"negative" from "stable" and said the bank's long-term issuer
default rating may be lowered over the "medium term".

HSBC's profitability in the fourth quarter was probably "weak" and
the bank is increasingly likely to need to raise funds to support
the U.S. unit, Bloomberg News cited Fitch as saying.

                          About HSBC

Headquartered in London, England, HSBC Holdings plc (NYSE:HBC) -- is a banking and financial services
organization.  Its international network comprises over 10,000
properties in 83 countries and territories in Europe; Hong Kong;
rest of Asia-Pacific, including the Middle East and Africa; North
America and Latin America.  HSBC Holdings together with its
subsidiaries (HSBC) provides a range of financial services to more
than 128 million customers.  HSBC manages its business through two
customer Groups: Personal Financial Services and Commercial
Banking, and two global businesses: Global Banking and Markets,
and Private Banking.  Personal Financial Services incorporates the
Company's consumer finance businesses.  The largest of these is
HSBC Finance Corporation (HSBC Finance), a consumer finance
company in the United States.  On March 26, 2007, the company
acquired the remaining 50.01% of Erisa S.A. and Erisa I.A.R.D.  In
September 2008, Lehman Brothers sold its entire 2.09% stake in
Amtek Auto Ltd. to HSBC Holdings PLC.

JADA BIOTECH: Creditors' Meeting Set for March 9
The creditors of Jada Biotech Limited will hold their meeting on
March 9, 2009, at 10:30 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.

JOY FORCE: Inability to Pay Debts Prompts Wind-Up
At an extraordinary general meeting held on February 13, 2009, the
members of Joy Force Limited resolved to voluntarily wind up the
company's operations due to its inability to pay debts when it
fall due.

The company's liquidators are:

         Chen Yung Ngai Kenneth
         Wong Tak Man Stephen
         Caroline Centre, 29th Floor
         Lee Gardens Two, 28 Yun Ping Road
         Hong Kong

KENSON PROPERTIES: Liquidator to Give Wind-Up Report on March 17
On March 17, 2009, Ng Hoi Yue Herman will give a report on Kenson
Properties Limited's wind-up proceedings and property disposal to
the company's members.

LOK SIN: Members' Meeting Set for April 3
The members of Lok Sin Tong Chan Cho Chak Primary School Parents'
and Teachers' Association Limited will hold the final general
meeting on April 3, 2009, at 11:30 a.m., at 2 Jat Min Chuen
Street, Jat Min Chuen, in Shatin, New Territories.

At the meeting, Quinnie Sau Hing Lau, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.

MARCOTEX LIMITED: Members' Meeting Set for March 27
The members of Marcotex Limited will hold the final general
meeting on March 27, 2009, at 10:00 a.m., at Room 609 of Century
Centre, 44-46 Hung To Road, in Kwun Tong, Kowloon.

At the meeting, Tse Wing Sing, Victor, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.

MERLION CDO: Moody's Downgrades Ratings on Four Classes of Notes
Moody's Investors Service announced it has downgraded its ratings
of four classes of notes issued by Merlion CDO 1 Limited.

Moody's explained that the rating actions taken are 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 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 actions are:

Merlion CDO 1 Limited:

(1) US$50,000,000 Class A Floating Rate Mezzanine Notes due

  -- Current Rating: Aa1
  -- Prior Rating: Aaa
  -- Prior Rating Date: 23 May 2003, assigned Aaa

(2) US$15,000,000 Class B Floating Rate Mezzanine Notes due 2010

  -- Current Rating: A2
  -- Prior Rating: Aa2
  -- Prior Rating Date: 23 May 2003, assigned Aa2

(3) US$10,000,000 Class C Floating Rate Mezzanine Notes due 2010

  -- Current Rating: Baa2
  -- Prior Rating: A2
  -- Prior Rating Date: 23 May 2003, assigned A2

(4) US$20,000,000 Class D Floating Rate Mezzanine Notes due 2010

  -- Current Rating: B1
  -- Prior Rating: Baa2
  -- Prior Rating Date: 23 May 2003, assigned Baa2

PEAK FORCE: Appoints Chau Siu Kiu as Liquidator
On February 27, 2009, a special resolution was passed appointing
Chau Siu Kiu as the liquidator of Peak Force Investment Limited.

The Liquidator can be reached at:

         Chau Siu Kiu
         Fee Tat Commercial Centre, 21st Floor
         No. 613 Nathan Road, Kowloon
         Hong Kong

POWER PACIFIC: Placed Under Voluntary Wind-Up
At an extraordinary general meeting held on February 27, 2009, the
members of Power Pacific Development Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Tang Chi Man
         Fee Tat Commercial Centre, 21st Floor
         No. 613 Nathan Road, Kowloon
         Hong Kong

RYODEN FIRE: Sole Member's Meeting Set for March 30
The sole member of Ryoden Fire Engineering Company Limited will
hold the final general meeting on March 30, 2009, at 10:00 a.m.,
at the 10th Floor of Manulife Tower, 169 Electric Road, in
North Point, Hong Kong.

At the meeting, Yeung Kwok-leung, the company's liquidator, will
give a report on the company's wind-up proceedings and property

SGS HONG KONG: Creditors' Proofs of Debt Due on April 3
The creditors of SGS Hong Kong Automotives Services Limited are
required to file their proofs of debt by April 3, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on February 16, 2009.

The company's liquidator is:

         Yue Tit Woon
         Granville House, 13th Floor
         41C Granville Road
         Tsimshatsui, Kowloon
         Hong Kong


PACIFICA CHENNAI: CRISIL Rates Rs.790.0 Mln Term Loan at 'B+'
CRISIL has assigned its rating of 'B+/Negative' to the Rs.790.0
million term loan of Pacifica (Chennai Old Mahabalipuram Road
project) Infrastructure Company Pvt. Ltd. (Pacifica Chennai).

The rating reflects Pacifica Chennai's weak financial risk
profile, marked by very low accruals from business as compared to
the repayment liabilities over the near term; and expected low
occupancy levels because of sluggish demand from information
technology (IT) and related sectors and excess commercial real
estate supply in the Chennai market.  These rating weaknesses are
mitigated by the financial support from the promoters.

Outlook: Negative

CRISIL believes that Pacifica Chennai's financial risk profile
will continue to depend on the promoters' ability to repay debt
maturing in the near term.  While CRISIL expects an improvement in
Pacifica Chennai's occupancy levels in 2009-10 (refers to
financial year, April 1 to March 31), the increase in cash
accruals will be gradual, given the over-supply situation in the
Chennai commercial real estate segment and slowdown in demand from
IT and IT-related companies.  The outlook could be revised to
'Stable' in case of earlier-than-expected recovery in the
company's financial risk profile on the back of higher-than-
anticipated cash accruals.  Conversely, the rating could be
downgraded in case of any adverse impact on saleability of the
project or if the company aggressively undertakes new projects,
which may deteriorate its overall capital structure and debt
protection indicators.

                      About Pacifica Chennai

Pacifica Chennai is part of the Pacifica group's Indian
operations.  The company has executed an Information Technology
(IT) park project in Chennai, on the Old Mahabalipuram road. The
project is spread over 6.98 acres, with a saleable area of 814,926
square feet at a project cost of Rs.1.45 billion.  Besides this
project, the group is undertaking residential projects and one
hotel project in Ahmedabad.  The Pacifica group was founded by
Mr. Ashok Israni in 1978 and is headquartered in San Diego,

ROLEX RINGS: CRISIL Downgrades Bank Loan Ratings to 'BB+'
CRISIL has revised its bank loan ratings on Rolex Rings Pvt Ltd
(RRPL) to 'BB+/Negative/P4' from 'BBB-/Stable/P3'.

   Rs.2080.0 Million Term Loan   BB+/Negative (Downgraded from

   Rs.519.9 Million Cash Credit  BB+/Negative (Downgraded from

   Rs.729.9 Million Packing      P4 (Downgraded from 'P3')

   Rs.1220.1 Million Foreign     P4 (Downgraded from 'P3')
           Usance Discounted
           Bills of Purchase

   Rs.500.1 Million Letters      P4 (Downgraded from 'P3')
             of Credit

The rating downgrade has been on account of delay in the
commissioning and stabilisation of the company's Hatebur project
and weakening of financial risk profile due to slowdown in the
demand from the end user segments, pricing pressures and
increasing working capital requirements.  Owing to pressures on
its financial risk profile, RRPL has proposed to reschedule the
term debt taken to fund the project.

The ratings continue to be driven by RRPL's established presence
in the bearing race segment, and high operating efficiency,
translating into healthy operating margins.  These rating
strengths are, however, partially offset by RRPL's weak financial
risk profile, and large working capital requirements.

Outlook: Negative

CRISIL believes that RRPL's revenues and profitability will remain
under pressure on account of sluggish off-take and high dependence
on the export market for revenues.  The rating may be downgraded
if the off-take declines more than expected, or if the company is
unable to reschedule its term loan repayments.  Improved business
performance and successful stabilisation of operations at the
Hatebur project leading to more than expected improvement in
revenues and profitability are among factors that can drive a
revision in outlook to 'Stable'.

                        About Rolex Rings

Rolex Rings, which was started as a partnership firm in 1978 by
Mr. Rupeshdesai D Madeka, is engaged in the business of
manufacturing forged bearing races.  It was converted to a private
limited company on February 13, 2003.

For 2007-08, it reported a net loss of Rs.126 million (loss of
Rs.11 million for 2006-07) on gross sales of Rs.2.2 billion
(Rs.1.7 billion).

TATA MOTORS: May Sell Stake in Tata Technologies to Raise $100MM
Tata Motors Limited is planning to raise up to $100 million by
selling a significant stake in Tata Technologies, the Economic
Times reports citing a person familiar with the situation.

According to the report, the proceeds will be used for the
company's funding requirements.

Citing another person aware of this development, the Economic
Times relates that several private equity funds, including General
Atlantic, are in talks with the Tata Group for picking up equity
in Tata Technologies, an engineering and design company that
provides software for automotive, aerospace, industrial and
consumer goods, and engineering industries.

                       Nano Cars Launching

Meanwhile, the Times of India reports that Tata Group Chairman
Ratan N. Tata said the Tata Nano will hit European market by 2011
after launching in India on March 23.

"We hope to launch the Nano Europa in 2010-11," the Times of India
cited Ratan Tata in a news conference at the Geneva Auto Show.

Mr. Tata, as cited by the Times, refused to disclosed the cost of
the European version of the car, saying a lot of factors needed to
be looked at before the price could be decided.

As reported by the Troubled Company Reporter-Asia Pacific on
Jan. 14, 2008, Tata Motors unveiled the much-hyped world's
cheapest car, which Mr. Tata hopes will get India's masses off
motorbikes and into cars.

The four-door People's Car or the Tata 'NANO,' can seat four
persons and measures 3.1 meters in length, 1.5 meters in width
and stands 1.6 meters.

The TCR-AP on Sept. 22, 2008, reported that the plan to introduce
the world's smallest car on September 2008 was derailed after Tata
Motors suspended operations at Singur in response to violent
protests conducted by Trinamool Congress at the site.  The party,
who is representing farmers affected by the Nano project, demanded
return of 400 acres of land out of the 997 acres Tata Motors

On Oct. 8, 2008, the TCR-AP reported that after a month-long work
suspension, Tata Motors finally decided to move its Nano car
project out of Singur in the State of West Bengal citing
heightened level of agitation and hostility by opposition party,
Trinamool Congress, led by Ms. Mamata Banerjee.  The company then
relocated the mother plant for its Nano car project to Sanand in

                        About Tata Motors

India's largest automobile company, Tata Motors Limited -- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the company.  The company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.  TML is listed on the Bombay Stock
Exchange, the National Stock Exchange of India and New York
Stock Exchange.  It was ultimately 33.4% owned by the Tata Group
as of December 2007.

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 2, 2008, Moody's Investors Service downgraded the corporate
family rating of Tata Motors Ltd to B1 from Ba2.  The outlook
remains negative.

"The rating change reflects the slowdown in demand seen in both
Tata Motors Ltd's domestic and overseas markets.  This translates
into pressure on profitability, and happens at a time when the
company has increased its leverage.  Tata Motors Ltd's financial
flexibility is therefore significantly weakened," Elizabeth Allen,
a Moody's Vice President/Senior Credit Officer said.

The TCR-AP reported on July 9, 2008, that Standard & Poor's
Ratings Services kept its 'BB' corporate credit rating on India's
Tata Motors Ltd. On CreditWatch with negative implications,
pending finalization of the long-term financing plans for funding
the company's purchase of Jaguar and Land Rover from Ford Motor
Co. (B/Watch Neg/--).  At the same time, Standard & Poor's ratings
on all Tata Motors' rated debt remain on CreditWatch with negative

The rating on Tata Motors was lowered on April 4, 2008, to 'BB',
from 'BB+', after the announcement of the agreement with Ford
Motor Co. for the purchase of Jaguar and Land Rover.  Tata Motors
paid about US$2.3 billion in cash for Jaguar and Land
Rover (comprising brands, plants, and intellectual property
rights).  Ford  contributed US$600 million to the Jaguar-Land
Rover (JLR) pension plans.

TATA STEEL: Taps COO Nerurkar as Director
Tata Steel Limited said it has appointed Mr. Hemant M. Nerurkar,
Chief Operating Officer, as a member of the Board of Directors of
the company.  He has been inducted as the Executive Director for
India in South East Asia Operations with effect from April 9,

Mr. H M Nerurkar joined Tata Steel in February 1, 1982 and has
held various positions including Chief Metallurgist, Senior
Divisional Manager (LD-2 Projects), Deputy General Manager (Steel
& Primary Mills), General Manager (Marketing), Senior General
Manager (Supply Chain), Vice President (Flat Products), Vice
President (Kalinganagar Project, Orissa & Technology), and Chief
Operating Officer (Steel), until he was appointed Chief Operating
Officer of Tata Steel Ltd. in November 2007, the company said in a

Meanwhile, the Hindu Business Line reports that Mr. Kirby Adams,
who will be the CEO of Corus from April 6, has also been appointed
as an Additional Director of the company from April 9.

Mr. Adams, the report says, will oversee the operations of Tata
Steel, Europe.  He will also be responsible for the global raw
material pursuits of Tata Steel aimed to secure raw material
ownerships to the company's European operations, the report

The Hindu Business Line meanwhile discloses that Dr. T. Mukherjee,
Director, Technology and Integration, Tata Steel Group, will
retire on March 31, 2009.

                    About Tata Steel Limited

Headquartered in Mumbai, India, Tata Steel Limited --  is a diversified steel producer.
It has operations in 24 countries and commercial presence in
over 50 countries.  Its operations predominantly relate to
manufacture of steel and ferro alloys and minerals business.
Other business segments comprises of tubes and bearings.  Tata
Metaliks Limited, which is engaged in the business of
manufacturing and selling pig iron, became a subsidiary of the
Company with effect from Feb. 1, 2008.

                        *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 9, 2009, Standard & Poor's Ratings Services lowered its long-
term corporate credit rating on India-based steelmaker Tata Steel
Ltd. to 'BB-' from 'BB' and that of its wholly owned subsidiary,
Tata Steel U.K. Ltd., to 'B+' from 'BB-'.  The outlook for both
ratings is negative.  Standard & Poor's also affirmed the 'B'
short-term rating on TSUK.

At the same time, Standard & Poor's lowered its rating on Tata
Steel's senior unsecured bank loans to 'BB-' from 'BB'.  The issue
rating on TSUK's GBP3.67 billion senior secured debt was also
lowered to 'BB', from 'BB+', and placed on CreditWatch with
negative implications, pending a review of S&P's recovery analysis
to consider how the weakened demand environment may affect
recovery prospects.

The TCR-AP reported on Jan. 14, 2009, that Moody's Investors
Service placed Tata Steel Ltd's Ba1 corporate family rating on
review for possible downgrade.

The rating action follows the rating downgrade of Tata Steel UK's
rating (formerly Corus) to B1, which remains on review for
possible downgrade, and reflects the close linkages between the
credit profiles of the two entities.

* INDIA: Lower Growth Reflects Poor Performance in Agri & Mfg.
Reacting on 6.9% GDP growth recorded in first 9 months of current
fiscal against 9% of last year, The Associated Chambers of
Commerce and Industry of India (ASSOCHAM) said that the slip in
GDP is a reflextion of global meltdown which has severely hit the
demand of Indian produce and that one should not read too much in

In a statement, ASSOCHAM President, Mr. Sajjan Jindal said that
manufacturing has grown by extremely poorer pace of 3.4% from
April to December 2009 as against 8.9% last year during the same
period.  Its reflextion on lower GDP is natural.  Likewise,
agriculture recorded 0.6% growth in first 9 months as against 5.5%
same period last year, sufficiently reveal that Indian economy is
in for trouble for some time.

According to Mr. Jindal, stimulus packages announced by the
government in succession will definitely come to rescue of
industry in course of time and one does not need to grow extremely
pessimist about growth story of India.

According to ASSOCHAM, despite slower growth in manufacturing and
almost negative growth in agriculture, the GDP for current fiscal
would be close to 7%, which cannot be described as a bad
performance as slowdown is intensifying.


ANEKA TAMBANG: Net Profit Down by 74% to IDR1,313 Bil. in 2008
PT Aneka Tambang (Antam) disclosed that it has posted an unaudited
consolidated net profit of IDR1,313 billion and Earnings per Share
(EPS) of IDR137.76 in full year 2008.  Antam's net profit in 2008
was 74% lower compared to IDR5,132 billion of net profit and EPS
of IDR538,08 in 2007.

The decrease is attributed to lower revenue from the nickel
segment as well as higher costs related to higher fuel prices,
pushing higher materials, mining services and transportation

"As a price taker, our financial performance in 2008 was impacted
negatively from lower commodities prices.  We have put cash
preservation as our top priority as well as refocus on key growth
projects to optimise the use of our cash position," Antam's
President Director Alwin Syah Loebis said in a company statement.

Antam's revenue in 2008 decreased by 21% to IDR9,538 billion
compared to IDR12,008 billion in 2007.  The decrease was
attributed to lower ferronickel and nickel ore sales volume as
well lower average selling prices of both commodities.

Antam's cost of sales rose 52% to IDR7,030 billion inline with
higher fuel prices, hence raising materials and mining services
costs.  As well, both higher trading activities by Logam Mulia
unit as well as lower value of ferronickel inventory which, as a
result  of marked to market had significant impact towards cost of

Antam's production cost rose by 36% to IDR7,033 billion, including
materials cost from gold and silver trading activities at Logam
Mulia which amounted to Rp1,962 billion.  Approximately 86% of
Antam's total production cost was attributed to five largest
components: materials, fuel, salary and depreciation.

Inline with lower revenue and higher cost of sales, Antam's gross
profit decreased by 66% to IDR2,508 billion.  As such, Antam's
gross margin decreased by 57% to 26% in 2008 compared to 61% in

Antam's operating expenses rose 56% to IDR892 billion inline with
54% higher general and administrative expenses to IDR611 billion,
21% higher sales and marketing expenses to IDR151 billion and 115%
increased exploration expenses to IDR130 billion.

Antam's operating profit decreased by 76% to IDR1,616 billion.  As
such, operating margin dropped significantly to 17% in 2008
compared to 57% in 2007.

In 2008, Antam booked other income of IDR205 billion compared to
IDR506 billion in 2007.  The decrease in other income was due to a
loss on currency hedging for IDR263 billion, Dual Currency Deposit
of IDR192 billion, and foreign exchange gains of IDr226 billion.

                          Balance Sheet

Antam's total consolidated assets in 2008 decreased 15% to
IDR10,173 billion mainly contributed from lower current assets

Antam's current assets decreased IDR2,273 billion or 28% to
IDR5,774 billion or contributed 57% of total current assets mostly
attributed to lower cash and cash equivalents position by 30% to
IDr3,314 billion and lower account receivables by 67% to
IDR546 billion.  Increase in allowance of doubtful accounts to
IDR20 billion also contributed in lower account receivables.
Antam believes allowance for doubtful accounts is sufficient to
cover losses from the non-collection of the accounts.

Antam's non-current assets increased 10% from IDR3,989 billion in
2007 to IDR4,398 billion mostly due to  increases in estimated
claims for tax refund and deferred exploration and development

Antam's total consolidated liabilities decreased 34% to
IDR2,167 billion due to lower current liabilities by 60% to
IDR712 billion or contributed 49% of total consolidated
liabilities.  Antam's non-current liabilities slightly changed to
IDR1,457 billion.

Antam's current liabilities decreased to IDR712 billion mainly due
to lower taxes payables which decreased 97% to IDR22 billion as
net income dropped in 2008 resulted in over payment on estimated
corporate income tax.  Accrued expenses decreased 55% to IDR201
billion mostly due to lower mining and transportation services
fees amounted to IDR76 billion or fell 42% as nickel ore
production and transportation reduced in 2008.

In 2008, Antam's non-current liabilities was at IDR1,457 billion
or similar to 2007.  The total investment loans (posted in current
and non-current liabilities) decreased 24% from US$97.7 billion to
US$74.3 billion.  The facilities have interest rate of SIBOR 3
months plus 1.5%.

Antam's total consolidated stockholders' equity decreased 9% to
IDR7,959 billion mainly due to payment of dividend that reached
IDR2,053 billion based on 2007 performance and it was more than
2008 net income of IDR1,313 billion.  Antam posted IDR13.4 billion
of treasury stock due to share buyback program on market that
reached 15,460,000 shares.

                       About Aneka Tambang

PT Aneka Tambang Tbk (JAK:ANTM) -- -- is an
Indonesia-based diversified mining and metals company.  The
Company is engaged in the mining of natural deposits,
manufacturing, trading, transportation and other related
activities.  The Company undertakes activities from exploration,
excavation, processing to marketing of nickel ore, ferronickel,
gold, silver, bauxite and iron sands.  Its nickel operations are
located in Southeast Sulawesi and North Maluku, its gold mine is
in Pongkor in West Java, while its precious metal refinery is in
Jakarta, its bauxite mine is in Riau province and its iron sands
mine is in Central Java.  Its largest bauxite deposit is located
at Tayan, West Kalimantan and its largest nickel deposit is at
Buli, North Maluku.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 17, 2008, Moody's Investors Service upgraded PT Aneka
Tambang (Persero) Tbk's corporate family rating to Ba3 from B1.
The action concluded the review for possible upgrade which
commenced on October 22, 2007.

BANK NEGARA: Wants BI to Issue New Shariah Banking Rules
PT Bank Negara Indonesia Tbk (BNI) is asking for Bank Indonesia
(BI) to quickly issue new Shariah banking rules, as BNI wants to
spin off its unit, The Jakarta Globe reports.

According to the report, BNI said it Saudi Arabia-based Islamic
Corporation for the Development of the Private Sector has
expressed interest to invest in the unit.

"We will spin off our unit as soon as the regulation is issued by
Bank Indonesia because we already have the minimum IDR500 billion
in capital," BNI's President Director Gatot Suwondo was quoted by
the news agency as saying.

Bank Indonesia has made several announcements regarding the new
regulations for Shariah units since November but has yet to act on
them, the report recounts.

At the end of 2008 Shariah lenders' total assets made up less than
3 percent of the total market -- below BI's 5 percent target, the
report notes.

Headquartered in Jakarta, Indonesia, PT Bank Negara Indonesia
(Persero) Tbk -- is a financial
institution with products and services that include: Individual,
Business, Syariah, Micro Banking, and Online Feature.  The Bank
has approximately 700 correspondent banks, 914 local branches
and five oversea branches located in New York, London, Tokyo,
Hong Kong and Singapore.  The bank has five subsidiaries: PT BNI
Multi Finance, a financial services company; PT BNI Securities,
securities company; PT BNI Life Insurance, an insurance
provider; PT BNI Nomura Jafco Manajemen Ventura, a venture
capital company, and PT BNJI Ventura Satu, a venture capital

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
Dec. 11, 2008, Fitch Ratings affirmed PT Bank Negara Indonesia
Tbk's Long- term foreign and local currency Issuer Default Ratings
at 'BB' with a Stable Outlook, Short-term foreign currency IDR at
'B', National Long-term Rating at 'AA-(idn)' (AA minus(idn)) with
a Stable Outlook, Individual rating at 'D', Support rating at '3',
and Support rating floor at 'BB-' (BB minus).

DAVOMAS ABADI: S&P Puts 'B+' Corporate Rating on Negative Watch
Standard & Poor's Ratings Services placed its 'B+' long-term
corporate credit rating on Indonesia-based PT Davomas Abadi Tbk.
on CreditWatch with negative implications.  At the same time, S&P
also placed the 'B+' issue rating on the senior secured notes due
2011 on CreditWatch with negative implications.

The notes were issued by Davomas International Finance Co. Ltd., a
special purpose financing vehicle wholly owned by PT Davomas

"The CreditWatch placement reflects our expectation that Davomas'
credit measures are likely to weaken as a result of pressure on
its profitability margin due to the significant fall in demand and
prices of cocoa products," said Standard & Poor's credit analyst
Wee Khim Loy.  In addition, S&P expects Davomas' utilization rate
in the near term to be significantly lower than its average of 80%
in fiscal 2008.

"We consider the company's capital structure to be aggressive,
with total debt to capitalization exceeding 60% consistently since
2006. Its debt to annualized EBITDA was 2.6x as of September
2008," Ms. Loy said.

"Given the weak economic outlook, S&P understand the company has
slowed down its capital expenditure plans and has put its new debt
issuance plans on hold," she said.  Nevertheless, given the
potential pressure on its profitability, debt to EBITDA is likely
to weaken moderately.

The rating on the company takes into consideration the risks of
operating at a single site in Tangerang, West Java, limited
product range, and customer concentration risk as its top five
customers account for about 70% of sales.

In S&P's view, these weaknesses are partially mitigated by
Davomas' established export-oriented business, leading position in
Indonesia's cocoa grinding market, and low-cost position due to
its direct access to cocoa beans from farmers in Indonesia.  The
company has maintained its margins for the past three years by
taking advantage of the higher cocoa butter prices and low cocoa
beans procurement prices.

* INDONESIA: Exports Fell 36% to US$7.15 Billion in January
Indonesia recorded a US$7.15-billion export sale in January, a 36%
drop from the recorded figure in the same period last year,
Jakarta Post reports.

According to the report, national exports have been continuously
declining for the last four months.

Oil exports dropped by almost 24 percent to around US$947 million
from US$1.25 billion in the previous month while non-oil exports
also declined by 16.7% to US$6.2 billion from US$7.4 billion, the
report said citing a data from the Central Statistics Agency

"Demand for our products internationally has been declining
because most countries are prioritizing their domestic goods
during the crisis," Sri Adiningsih, an economist from the
University of Gadjah Mada, was quoted by the news agency as

Export-oriented industries have so far laid off around 25,000
workers by January, and are planning to lay off another 25,000
more in the coming months, the news agency discloses.


BILLION COUPONS: SEC Files Fraud Suit; Court Freezes Assets
The Securities and Exchange Commission on February 19, 2009,
obtained a court order halting a Ponzi scheme that specifically
targeted members of the Deaf community in the United States and

The SEC alleges that Hawaii-based Billion Coupons, Inc., and its
CEO Marvin R. Cooper raised US$4.4 million from 125 investors
since at least September 2007 by, among other things, holding
investment seminars at Deaf community centers.  The SEC also
alleges that Mr. Cooper misappropriated at least US$1.4 million in
investor funds to pay for a new home and other personal expenses.
The order obtained by the SEC freezes the assets of BCI and
Mr. Cooper.

"This emergency action shows that the Commission will act quickly
and decisively to help victims of affinity fraud," said Linda
Chatman Thomsen, Director of the SEC's Division of Enforcement.

"A Ponzi scheme targeting members of the Deaf community is
particularly reprehensible," said Rosalind R. Tyson, Regional
Director of the SEC's Los Angeles Regional Office.  "This case is
an example of successful coordination between federal and state
agencies to protect vulnerable investors."

The SEC's complaint, filed in federal court in Honolulu, alleges
that BCI and Mr. Cooper represented to the investors that their
funds would be invested in the foreign exchange markets, that
investors would receive returns of up to 25 percent compounded
monthly from such trading, and that their investments were safe.
According to the complaint, BCI and Mr. Cooper actually used only
a net US$800,000 -- cash deposits minus cash withdrawals -- of
investor funds for Forex trading, and they lost more than
US$750,000 from their Forex trading.  The complaint further
alleges that BCI and Mr. Cooper failed to generate sufficient
funds from their Forex trading to pay the promised returns, and
instead operated as a Ponzi scheme by paying returns to existing
investors from funds contributed by new investors.

The SEC alleges that BCI and Mr. Cooper have violated the
registration and antifraud provisions of the federal securities
laws.  In its lawsuit, the SEC obtained an order temporarily
enjoining BCI and Mr. Cooper from future violations of these
provisions. The SEC also obtained an order: (1) freezing the
assets of BCI and Mr. Cooper; (2) appointing a temporary receiver
over BCI; (3) preventing the destruction of documents;
(4) granting expedited discovery; and (5) requiring BCI and Mr.
Cooper to provide accountings.  The Commission also seeks
preliminary and permanent injunctions, disgorgement, and civil
penalties against both defendants.

A hearing on whether a preliminary injunction should be issued
against the defendants and whether a permanent receiver should be
appointed was scheduled for March 2, 2009, at 9 a.m. HST.

The Commodity Futures Trading Commission also filed an emergency
action against BCI and Mr. Cooper, alleging violations of the
antifraud provisions of the Commodity Exchange Act.  The State of
Hawaii's Department of Commerce and Consumer Affairs (DCCA),
Office of the Commissioner of Securities, issued a preliminary
order to cease and desist against BCI and Cooper.

CITIGROUP INC: Gives Up Plans to Open New Branches in Japan
Citigroup Inc. abandoned plans to open new branches in Japan as it
seeks to trim costs there, Bloomberg News reports citing two
people with knowledge of the matter.

The company, which obtained a third bailout from the U.S.
government on Feb. 27, canceled plans to build new branches in
Otemachi in central Tokyo, Jiyugaoka in the city's southwest, and
Nagoya, the new agency's sources said.

Last week, the company closed two branches of its Nikko Cordial
Securities Inc. brokerage arm and may consider finding partners
for its local brokerage and asset management units or selling them
in a public share sale, Bloomberg News relates.

Based in New York, Citigroup (NYSE: C) --
-- is organized into four major segments -- Consumer Banking,
Global Cards, Institutional Clients Group, and Global Wealth
Management.  Citigroup had US$2.0 trillion in total assets on
US$1.9 trillion in total liabilities as of Sept. 30, 2008.

ORSO FUNDING: S&P Downgrades Rating on Class E Certs. to 'B+'
Standard & Poor's Ratings Services lowered to 'B+' from 'BB' its
rating on ORSO Funding CMBS 2005-3 Trust's class E trust
certificates, the rating on class F to 'B' from 'BB-', and the
rating on class G to 'B-' from 'B'.  At the same time, Standard &
Poor's kept its ratings on classes E, F, G, and M on CreditWatch
with negative implications, and placed the rating on class D on
CreditWatch with negative implications.  In addition, Standard &
Poor's affirmed its ratings on classes A to C and X.

On Sept. 4, 2008, Standard & Poor's placed its ratings on the
class E to G and M trust certificates on CreditWatch with negative
implications to reflect mounting uncertainty over repayment of the
transaction's underlying loan by the final maturity date in
October 2008 and the likely collection amount from the sale of
collateral properties backing that loan.

The aforementioned loan (extended to one borrower) recently
defaulted. The rating actions reflect continuing uncertainty over
the likely collection amount from the sale of collateral
properties backing the loan.  Standard & Poor's understands from
the trustee and the servicer that the sale of the collateral
properties and collection procedures are in progress, in
accordance with this transaction's trust and servicing agreements.
Standard & Poor's will review its ratings on the class D to G and
M trust certificates after reviewing information contained in the
reports procured from the servicer and the trust bank, in
particular, information pertaining to progress in the sale of the
underlying collateral properties and estimates of the collection
amount from their sale.

This is a single-borrower CMBS transaction.  The trust
certificates are backed by one nonrecourse loan extended to one
borrower, which was originally secured by an initial number of 26
real estate properties.  This transaction was arranged by Bear
Stearns (Japan) Ltd. Tokyo Branch.  Premier Asset Management Co.
acts as the servicer for this transaction.

          Ratings Lowered, Kept On Creditwatch Negative

                 ORSO Funding CMBS 2005-3 Trust
     JPY20.8834 billion commercial real estate-backed trust
                 certificates due October 2010

   Class   To             From            Initial Issue Amount
   -----   --             ----            --------------------
   E       B+/Watch Neg   BB/Watch Neg    JPY2.4 bil.
   F       B/Watch Neg    BB-/Watch Neg   JPY0.8 bil.
   G       B-/Watch Neg   B/Watch Neg     JPY1.8 bil.

              Rating Kept On Creditwatch Negative

          Class   Rating         Initial Issue Amount
          ----    ------         --------------------
          M       B-/Watch Neg   JPY0.4834 bil.

              Rating Placed On Creditwatch Negative

      Class   To              Rating   Initial Issue Amount
      -----   --              ------   --------------------
       D       BBB/Watch Neg   BBB      JPY1.9 bil.

                        Ratings Affirmed

               Class   Rating   Initial Issue Amount
               -----   ------   --------------------
               A       AAA      JPY10.0 bil.
               B       AA       JPY1.8 bil.
               C       A        JPY1.7 bil.
               X       AAA      JPY20,883,400,000*

                      * Notional principal

The issue date was Dec. 2, 2005.

SANYO: Panasonic May Sell US$4.1BB Bonds to Finance Purchase
Panasonic Corp. may sell JPY400 billion (US$4.1 billion) in bonds
to finance its proposed purchase of Sanyo Electric Co., Bloomberg
News reports citing three people familiar with the matter.

According to the news agency's sources, Panasonic plans to split
the sale into JPY200 billion of five-year notes, JPY100 billion of
three-year bonds and JPY100 billion of 10-year securities.

"We'll use funds procured from a bond sale for M&A and for working
capital," Panasonic spokesman Makoto Mihara told Bloomberg News in
a phone interview declining to comment on the sale's timing or

Panasonic hired Nomura Securities Co., Goldman Sachs, Daiwa
Securities, Nikko Citigroup Ltd. and Mizuho Securities Co. to
manage its bond sale, Bloomberg News says citing a banker involved
in the transaction.

Bloomberg News recalls Panasonic on Dec. 19 said it will pay as
much as JPY806.7 billion to buy Sanyo.

According to Bloomberg News, Panasonic gained Sanyo's endorsement
on Nov. 7 to take over the company.  Goldman Sachs Group Inc.,
Daiwa Securities Group Inc. and Sumitomo Mitsui Financial Group
Inc., Sanyo's three biggest shareholders, bailed out the company
for JPY300 billion in 2006 and agreed to hold their shares until
March 2009, the new agency discloses.

The takeover requires antitrust clearance in 11 countries,
including Japan and China, Panasonic said as cited by Bloomberg

As reported in the Troubled Company Reporter-Asia Pacific on March
4, 2009, Japan Today said Panasonic is postponing its US$9 billion
public tender offer to buy Sanyo due to legal process in the U.S.
and other countries.

"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 Japan Today said.

According to Japan Today, the timing of the launch will be
announced "around late April."

                           About Sanyo

Headquartered in Osaka, Japan, Sanyo Electric Co. Ltd. -- 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.

TOYOTA MOTOR: Financing Unit Seeking Loan from Japanese Bank
Toyota Motor Corp.'s financing unit is in talks with a Japanese
government-backed bank on possible lending, The Associated Press

According to the AP, Kyodo News and NHK TV had reported, without
identifying sources, that Toyota's auto loan unit, Toyota
Financial Services, had asked for a JPY200 billion (US$2 billion)
government loan.

A spokesman for the unit, as cited by the AP, said the talks with
the Japan Bank for International Cooperation were among the
various ways being studied to gain funding.

Bloomberg News relates Toyota is seeking loans from the Japanese
government as private investors demand up to 50 percent more in
interest for the company's debt.

The carmaker, Bloomberg News says, expects a net loss of JPY350
billion after vehicle sales in the U.S., traditionally Toyota's
most profitable market, plunged 31 percent last quarter.

The Toyota City, Japan-based company has JPY2.34 trillion in loans
and bonds maturing this year, according to data compiled by

                          About Toyota

Toyota Motor Corporation (TYO:7203) --
primarily conducts automobile, financial and other businesses.
Its business segments are automotive operations, financial
services operations and all other operations.  Its automotive
operations include the design, manufacture, assembly and sale of
passenger cars, minivans and trucks and related parts and
accessories.  Toyota's financial services business consists
primarily of providing financing to dealers and their customers
for the purchase or lease of Toyota vehicles.  Its financial
services also provide retail leasing through the purchase of lease
contracts originated by Toyota dealers.  Related to Toyota's
automotive operations is its development of intelligent transport
systems (ITS).  Toyota's all other operations business segment
includes the design and manufacture of prefabricated housing and
information technology related businesses, including an e-commerce
marketplace called  The Company acquired CENTRAL MOTOR
CO., LTD. on October 1, 2008.


CNLT: Reprimanded for Breach of Bursa's Listing Requirements
On February 20, 2008, Bursa Malaysia Securities Berhad publicly
reprimanded CNLT (Far East) Berhad for breaching Paragraphs
9.22(1), 9.23(a) and 9.26(3) of Bursa Securities Listing

According to Bursa Securities, CNLT has breached:

  (1) Paragraph 9.23(a) of the LR for failing to submit the AR
      2007 to Bursa Securities on or before June 30, 2008;

  (2) Paragraph 9.22(1) of the LR for failing to submit the
      quarterly report for the financial period ended June 30,
      2008, and September 30, 2008, to Bursa Securities on
      or before August 31, 2008, and November 30, 2008,
      respectively; and

  (3) Paragraph 9.26(3) of the LR for failing to:

      (a) make an announcement on June 30, 2008, August 31,
          2008 and November 30, 2008, of the company's failure
          and reasons for the failure to submit the AR 2007,
          QR 2/2008 and QR 3/2008 respectively; and

      (b) make the monthly announcements on the status of the
           issuance of the AR 20007, QR 2/2008 and QR 3/2008.

In addition, Bursa Securities has decided to de-list CNLT pursuant
to paragraphs 9.26 and 16.17 of the Listing Requirement as:

   (i) the company has failed to submit the annual report for
       the financial year ended December 31, 2007, within the
       timeframe stipulated by Bursa Securities in paragraph
       9.23(a) of the Listing Requirements; and

  (ii) more than 6 months have lapsed from the expiry of the
       stipulated timeframe in paragraph 9.23(a) of the Listing
       Requirements and the AR 2007 has still not been issued.

Bursa Securities had commenced de-listing procedures against the
company on January 2, 2009 for failing to submit the AR 2007 by
December 31, 2008.

After due consideration of all facts and circumstances of the
matter including that CNLT has failed to submit the AR 2007, QR
1/2008 and QR 2/2008 as at to-date and a winding-up order has been
made against CNLT on January 19, 2009, Bursa Securities has
decided to de-list the securities of CNLT from the Official List
of Bursa Securities.

Accordingly, the securities of CNLT will be removed from the
Official List of Bursa Securities at 9:00 a.m. on Wednesday,
March 4, 2009, unless an appeal is made to Bursa Securities within
5 market days from February 27, 2009.

                      About CNLT (Far East)

CNLT (Far East) Berhad is engaged in the manufacture and sale of
yarn.  Its subsidiary includes Indosen S.A., which is engaged in
the manufacture and sale of textiles and apparel.  The company
operates in Malaysia and Senegal.

                          *     *     *

The company was admitted into the Amended PN17 listing criteria
of the Bursa Malaysia Securities Bhd as it has triggered
Paragraph 2.1(e) of the bourse's listing requirements:

     (i) Based on the unaudited quarterly results of CNLT for
         the first quarter ended March 31, 2007, as announced
         to Bursa Securities, the shareholders' equity on a
         consolidated basis is less than 50% of the issued and
         paid up capital of the company ; and

    (ii) The auditors of CNLT have expressed a modified opinion
         with emphasis on the Company's going concern in its
         latest audited accounts for the financial year ended
         December 31, 2005.

LITYAN HOLDINGS: High Court Extends Restraining Order to August 1
Lityan Holdings Berhad has been informed by its solicitors that
the High Court of Malaya has granted an extension of Restraining
Order for a period of 180 days effective from February 3 to
August 1, 2009, pursuant to Section 176(10) of the Companies
Act, 1965 covering Lityan and its subsidiaries, namely:

   a) Lityan Systems Sdn. Bhd.;
   b) Imageword (M) Sdn. Bhd.;
   c) Integrated Telecommunication Technology Sdn. Bhd.;
   d) Konsortium Jaya Sdn. Bhd;
   e) Impianas Sdn. Bhd.;
   f) Sistem Komunikasi Gelombang Sdn. Bhd.;
   g) Lityan Marketing Sdn. Bhd.;
   h) Lityan Management Sdn. Bhd.;
   i) Digital Transmission Systems Sdn. Bhd.;
   j) Imagebase Sdn. Bhd.;
   k) Slam Atomised Metal Sdn. Bhd.;
   l) Hi Pro Edar (M) Sdn. Bhd.;
   m) Lityan Foreign Equities Sdn. Bhd.;
   n) Advanced Business Solutions (M) Sdn. Bhd.;
   o) Teem Business Solutions Sdn. Bhd.;
   p) Lityan Applications Sdn. Bhd.;
   q) Kirium Solutions Sdn. Bhd.;
   r) KJ Telecommunications Sdn. Bhd.; and
   s) KJ Mobidata Sdn. Bhd.

The Restraining Order was applied in order to facilitate the
Proposed Restructuring Scheme.

The company does not expect the Restraining Order to have a
material effect on the financial and operational matters of
Lityan and its subsidiaries.

In addition, Lityan also obtained an order from the High Court
to convene meetings with its creditors and members in relation
to the Proposed Restructuring Scheme pursuant to Section 176(1)
of the Act with a period of 180 days from February 3 to
August 1, 2009.

Headquartered in Selangor Darul Ehsan, Malaysia, Lityan Holdings
Berhad -- sells and provides
maintenance services and rental of computer equipment,
peripherals, telecommunication equipment and related services.
The Company's other activities include provision of building
maintenance and management services, developing and marketing of
new client-server programming tools and application software,
operation of public mobile data network, property investment and
investment holding.  The Group carries out its operations in
Malaysia and the Philippines.

On May 10, 2005, the company was classified as an affected
listed issuer pursuant to Bursa Malaysia Securities Berhad's
Practice Note 17 category.  On January 16, 2006, the Company
entered into a conditional Restructuring Agreement to undertake
the Proposed Restructuring Scheme with the intention of
restoring itself onto stronger financial footing via an
injection of new viable businesses.

MECHMAR CORP: Classified as Affected Listed Issuer Under PN17
Mechmar Corporation (Malaysia) Berhad has been considered as an
Affected Listed Issuer under Practice Note No. 17/2005 of the
Bursa Malaysia Securities Berhad as:

   -- the company's major subsidiary, Independent Power of
      Tanzania (IPTL) has stop payment on its scheduled
      instalment to its lender; and

   - the company was unable to provide a solvency declaration.

Mechmar's obligations as an Affected Listed Issuer are to:

   (a) submit a plan to regularize the company's condition
       to the relevant authorities for approval within eight

   (b) implement the Regularisation Plan within the timeframe
       stipulated by the relevant authorities;

   (c) announce the status of its Regulation Plan on a monthly
       basis until further notice from Bursa Securities;

   (d) announce the company's compliance or non-compliance with
       a particular obligation imposed pursuant to PN17 on an
       immediate basis; and

   (e) announce the details of the Regularisation Plan as
       referred to in Paragraph 8.14C (3) of the Listing

Mechmar Corporation (Malaysia) Berhad is an investment holding
company providing management services to its subsidiaries.
Through its subsidiaries, the company is engaged in the
manufacture and marketing of industrial boilers, burners, steam
generating plant, vessels, fabrication and associated product
support activities; operating of a power generation plant;
retailing of solar-heaters, and retailing and leasing of ice
machines, and investment holding.  Its manufacturing and trading
activities are located in Malaysia, Great Britain, Hong Kong,
Indonesia, Sri Lanka and Singapore.  Its power generation activity
is based in Tanzania, whereas its property development and
financing activities are located in Malaysia.  In April 2008, the
company announced that Mekmore Sdn Bhd has a 100% interest in the

N E W  Z E A L A N D

CER GROUP: Posts NZ$0.8MM Unaudited Preliminary Loss in FY2008
CER Group has released its unaudited preliminary results for the
12 months to December 31, 2008.

Subject to completion of regulatory consents, CER said it is
changing its Balance Date to March 31.  Accordingly, CER will
provide further preliminary results for the fifteen months to
March 31, 2009, which will form the base for the 2008/9 Annual

                          Group Summary

The CER Group recorded a NZ$0.8 million pre-tax trading loss for
the year, similar to the loss recorded in 2007.

In addition to the trading loss, the Group has established
impairment provisions against its investment in its Biological
Control and Remediation businesses VRM and Certified Organics.
At December 2008, these provisions amounted to NZ$3.8 million.

In the 12 month result, the provision against VRM has been reduced
to NZ$2.2 million, from the NZ$4.3 million provision established
in the June 2008 Interim Result.  This improvement is in line with
the outcome expected from the imminent re-sale of the VRM

                     Multi-channel Marketing

New Zealand Nature sales fell back slightly in 2008 to NZ$5

During 2008, the business implemented a complete replacement of
its website, e-commerce and inventory management systems.  This
infrastructure will provide a competitive platform that will
support the business's plans for revenue growth.

Sales for January and February 2009 show small growth over the
same months of 2008, with margins holding well, showing some
exchange rate benefit on overseas sales.

             Biological Control and Remediation

VRM has reported experiencing significant difficulties with
computerised financial record-keeping due to system failures, such
that the results it has reported are currently provisional.

The Certified Organics operation (which, together with VRM
comprises this segment) struggled for sales during 2008 and
returned to loss.

The CER Board has been exploring options for Certified Organics
and expects to announce the outcome of these to the market in the
near future.

Unallocated Group overheads dropped from NZ$1.7 million in 2007 to
NZ$1.2 million in the 2008 year.

               Non-executive Director Resignation

The company disclosed that Mr. Chris Alpe has resigned as non-
executive Director with immediate effect.

                         About CER Group

Auckland, New Zealand-based CER Group Ltd. -- formerly Certified
Organics Limited, is engaged in the development, manufacture and
marketing of naturally based biological control, hygiene and
health products for use in agriculture, industry and
domestically, both within New Zealand and for export.  The
company is also involved in the sale of Internet catalogue goods
both within New Zealand and for export.  The company's
subsidiaries include New Zealand Nature Company Limited, Organic
Interceptor Products Limited, Certified Organics (Aust) Pty
Limited and Certified Organics Inc.

                          *     *     *

In a statement to the New Zealand Stock Exchange on Feb. 29,
2008, the Group posted a pre-tax loss of NZ$225,000 as
preliminary results for the 2007 financial year.  This loss was
calculated after charging NZ$30,000 for the time apportioned
imputed cost of untraded share options issued during the year.

Following a further review, the Audit Committee deemed it
appropriate to charge the full imputed, non-cash, cost of these
options to the 2007 trading result, increasing the pre-tax loss
for the year to NZ$903,000.

The Troubled Company Reporter-Asia Pacific, citing a report
from ShareChat News, said on March 5, 2007, that CER Group's
December 2006 full-year loss narrowed to NZ$53,000 from
NZ$327,000 in 2005.

PACIFIC BRANDS: Mulls Job Cuts at Two NZ Factories
Pacific Brands Ltd is proposing to sell its Palmerston North
factory and close its Christchurch sock factory with the loss of
98 jobs, Tina Law at the Press reports.

Workers at both plants, the Press relates, were told of the
company's plans at a meeting yesterday.  The company employs 46
staff in Christchurch and 52 in Palmerston North.

The Press says the company's two factories are due to close
between July and September.

According to the Press, Chief executive Sue Morphet said the
strategy was designed to restructure and sharpen the focus of the

Pacific Brands, the Press notes, was formally beginning a
consultation process as required by the collective employment

The Press relates that the National Distribution Union president,
Robert Reid, meanwhile said, New Zealanders must join the chorus
of opposition from across the Tasman at the decision of Pacific
Brands to cease its manufacturing in Australia and New Zealand and
move operations to China and other low waged countries.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 26, 2009, Bloomberg News said Pacific Brands obtained a six-
month extension to repay AU$330 million (US$215 million) of debt.

The extended debt is part of the company's AU$550 million debt due
in February 2010, Bloomberg News related.

Bloomberg News said with the extension, the company aims to save
AU$150 million by cutting a total of 1,850 jobs, with 1,200
positions to go from its Australian factories.  The company had
8,126 employees at June 30, according to data compiled by

The company also plans to either shut down or sell as going
concerns some of its seven plants subject for elimination.

In addition, Pacific Brands will cull more than 200 brands that
contribute less than 2 percent of revenue, Bloomberg News

In the six months ended December 2008, Pacific Brands incurred a
loss of AU$149.8 million after writing down the value of its
assets by AU$206 million.

                      About Pacific Brands

Pacific Brands Limited (ASX:PBG) --  is engaged in the
manufacturing, sourcing, marketing and distribution of consumer
lifestyle brands across the underwear, socks, hosiery, intimate
apparel, footwear, bed linen, bedding accessories, bedding, foams,
corporate uniforms, workwear, streetwear, lifestyle apparel and
sporting goods markets.  All products are sold predominantly
throughout the Asia-Pacific region.  The company also markets and
distributes underwear, intimates, footwear and bed linen in the
United Kingdom and Europe.  The company's segments comprise
Underwear & Hosiery, Outerwear & Sport, Home Comfort, Footwear and
Other.  In June 2008, the company sold its New Zealand foams,
flooring and bedding business.

PLUS SMS: To Raise NZ$5 Mln as Half-Year Loss Widens
The National Business Review reports that Plus SMS Holdings Ltd
made a NZ$2.7 million loss for the half year to December 31, 2008.
Revenue fell 11 percent to NZ$2.4 million.

The company, the report relates, said its half-year loss was
largely funded by an issue of $2.3 million of convertible notes
last June.

Plus SMS shareholders' equity has dropped to NZ$4.7 million and
cash on hand is under the NZ$1 million mark, the report says.

According to the Business Review, Plus SMS directors said although
the result was disappointing, the company's prospects remain
positive, "subject to having sufficient capital and shareholders
support to complete the business plans and objectives."

Meanwhile, the Business Review says the company is planning to
raise NZ$5 million through a convertible notes issue and is
considering an issue to existing shareholders.

Citing an auditor's note on the company's last annual report, the
Business Review states that if Plus SMS did not meet its operating
targets it would need to raise extra funds to remain a going

                        About Plus SMS

Plus SMS Holdings Ltd. (NZX: PLS) --
-- along with its subsidiaries, is principally engaged in the
provision of mobile entertainment and network services.  Some of
its wholly owned subsidiaries include CRE8 Limited, which is
engaged in content and network services; Content Technology, S A
De C V, which is engaged in content services, and CRE8
Consultoria, which is engaged in administration services.

                          *     *     *

The company incurred three consecutive net losses of NZ$6.96
million, NZ$11.89 million, and NZ$4.49 million for the financial
years ended March 31, 2008, 2007 and 2006, respectively.

* NEW ZEALAND: Economy May Shrink 2.9% This Year, Economist Says
Bloomberg News reports Goldman Sachs JBWere Ltd said New Zealand's
economy will contract 2.9 percent this year as the global
recession and a slump in domestic confidence hits spending and

The forecast contraction is twice Goldman's previous estimate,
Bloomberg News says citing Auckland-based economist Shamubeel
Eaqub in an e-mailed report.

Bloomberg News relates Mr. Eaqub also forecast that this year, the
combined economies of New Zealand's 14 largest trading partners
will contract 1.4 percent, residential investment will contract 41
percent while jobless rate will rise to 7.6 percent by the fourth
quarter of this year from 4.6 percent at the end of 2008.


ECOBANK TRANSNATIONAL: Fitch Cuts Issuer Default Rating to 'B'
Fitch Ratings has downgraded Ecobank Transnational Incorporated's
Long-term Issuer Default Rating to 'B' from 'B+'.  At the same
time, the Outlook for ETI's Long-term IDR was revised to Negative
from Stable.  Fitch has also downgraded ETI's subsidiary, Ecobank
Nigeria Plc to 'B-'(B minus) from 'B' as a result of the downgrade
of ETI's IDR.  The Outlook on Ecobank Nigeria's IDR remains
Stable. The rationale for the rating actions will follow in a
subsequent press release.

Rating Actions taken:


  -- Long-term foreign currency IDR: downgraded to 'B' from 'B+';
     Outlook revised to Negative

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Individual Rating: affirmed at 'D'

  -- Support Rating: affirmed at '5'

  -- Support Rating Floor: affirmed at 'NF'

Ecobank Nigeria

  -- Long-term foreign currency IDR: downgraded to 'B-'(B minus)
     from 'B'; Outlook remains Stable

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Individual Rating: affirmed at 'D/E'

  -- Support Rating: downgraded to '5' from '4'.

  -- National Long-term: downgraded to 'BBB-(nga)(BBB minus)' from

  -- National Short-term: downgraded to 'F3(nga)' from 'F2(nga)'

ETI was established in Togo in 1985.  Its main activity is
wholesale and SME banking, although the bank is seeking to expand
its personal banking activities.  ETI's shares are listed in
Ghana, Ivory Coast and Nigeria.  There is no controlling interest;
the largest shareholder, an institutional investor, holds 14.2%.


C&S CONSTRUCTION: Pays First and Final Dividend
C&S Construction Pte Ltd, which is in liquidation, paid the first
and final dividend to its preferential creditors.

The company paid 100 percent to of all admitted claims.

The company's liquidators are:

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

CHARTERED SEMICONDUCTOR: Moody's Cuts Corp. Family Rating to 'Ba2'
Moody's Investors Service has downgraded to Ba2 from Ba1 the
corporate family and senior unsecured bond ratings of Chartered
Semiconductor Manufacturing Limited.  The rating continues to be
on review for possible downgrade.

"The rating action reflects Moody's expectation that Chartered's
already strained financial metrics -- 4Q annualized debt/EBITDA of
7x -- will weaken further amid the deepening economic recession
and declining demand for semiconductors across all applications,"
says Wonnie Chu, a Moody's Analyst.

"Given the expected slow recovery in the semiconductor industry,
Chartered's debt/EBITDA should remain over 10x in the next 1-2
years, in line with its mid to low single B peers," says Chu.

As Chartered is indirectly 60% owned by Temasek Holdings (Private)
Limited, its Ba2 rating also benefits from a 3-notch rating uplift
to encapsulate the likelihood of support from Temasek.

The downgrade further reflects Chartered's tight financial
covenant and liquidity profile driven by the company's on-going
capex investment to keep pace with technology migration.
Furthermore, the company has two major bullet debt repayments in
August 2010 US$250 million of preferred shares and
US$375 million of senior notes.

The review will focus both on the steps taken by Chartered to
deleverage its balance sheet and on Temasek's involvement in such
a process.

The last rating action with respect to Chartered was taken on
December 22, 2008, when its corporate family and senior unsecured
bond ratings were downgraded to Ba1 from Baa3, and put on review
for possible further downgrade.

Chartered's ratings have been assigned by evaluating factors
Moody's believes are relevant to the company's credit profile,
such as its i) business risk and competitive position compared
with others within the industry; ii) capital structure and
financial risk; iii) projected performance over the near to
intermediate term; and iv) management's track record and tolerance
for risk.

These attributes were compared against other issuers both within
and outside of Chartered's core industry; its ratings are believed
to be comparable to those of other issuers of similar credit risk.

Singapore-based Chartered Semiconductor Manufacturing Limited
provides wafer fabrication services and technologies to
semiconductor suppliers and system companies.  The company ranked
third as measured by total sales in the global semiconductor
foundry sector.

The Singapore government owns approximately 60% of the company
through Temasek Holdings (Private) Limited.

S O U T H  A F R I C A

NEW RECLAMATION: Moody's Junks Corporate Family Rating from 'B3'
Moody's Investors Service has downgraded The New Reclamation Group
Ltd's Corporate Family Rating and Probability of Default Rating to
Caa1 from B3.  Moody's also lowered the rating on the
EUR 253 million Senior Secured Notes due 2013 to Caa1 from B3.
The outlook on all ratings remains negative.

The action reflects Moody's view that the current trading
prospects and economic environment in the metals industry will
continue to adversely affect EBITDA levels and free cash flow
generation, resulting in accelerated cash burn and liquidity
levels that could become insufficient to meet future debt service
obligations.  Reliance on continued availability under lines of
credit is also seen as a source of concern in the current
environment, though the company recently successfully negotiated
increased lines and revised covenants.

Reclam recently released its quarterly results for the period
ended 31 December 2008, noting weaker operating performance and
continued lack of visibility on a potential turnaround in its core
ferrous markets.  The company is highly exposed to cyclicality in
commodities markets and has experienced a severe deterioration in
sales and EBITDA levels.  It is the company's expectation that
some recovery may occur in the next few months as a result of
destocking and the need to replenish inventory levels.

The downgrades and negative outlook reflect Moody's concern that a
more prolonged downturn and cash burn will eat into existing
liquidity levels going into this downturn.  Notwithstanding cash
balances reported at December 31, 2008, of approximately
R1.3 billion and a relatively small revolving facility of
R250 million, providing some cushion, the absence of a recovery in
ferrous demand in the short-term, may result in rapid cash
depletion and ultimately an inability by Reclam to meet its debt
servicing obligations.

The outlook on Reclam's ratings is negative.  Further downward
pressure could be exerted on the rating if the dislocation of the
steel markets and related demand extends beyond the current year.
An inability to further cut back on non-essential capex
investments to preserve cash and execute further cost cuts and
efficiency improvements , will also lead to further downward
pressure on the rating.

Pressure to return the negative outlook to a stable outlook could
occur once Reclam demonstrates that it can implement a business
plan that addresses the deterioration in financial and operating
performance, which in Moody's view could also require a capital
injection to avoid default.

For the assignment of this rating, Moody's has evaluated factors
Moody's believe are relevant to the credit profile of the issuer,
such as i) the business risk and competitive position of the
company versus others within its industry, ii) the capital
structure and financial risk of the company, iii) the company's
exposure to volatile ferrous and non-ferrous markets and the
limited visibility over how the recent drop in demand will impact
the projected performance of the company over the near to
intermediate term, and iv) management's track record and tolerance
for risk.  These attributes were compared against other issuers
both within and outside the company's core industry subsector and
Moody's ratings are believed to be comparable to those of other
issuers of a similar credit risk.

Prior to this rating action, on December 5, 2008 Moody's
downgraded Reclam's Corporate Family Rating and Probability of
Default Rating to B3 from B1.  Moody's also dropped the rating on
the EUR 253 million Senior Secured Notes due 2013 to B3 from B1.
This action concluded the review for a possible downgrade
commenced on November 6, 2008.  The rating outlook was negative.

Headquartered in Melrose North, Johannesburg, Reclam is one of the
leading producers of recyclable ferrous and non-ferrous metal
products in South Africa with market leading positions in its key
product lines.


ALBIDON LTD: Suspends Production at Zambia Nickel Mine
Bloomberg News reports Albidon Ltd suspended output at its biggest
nickel mine in Munali, Zambia after the price of the metal slumped
56 percent since its July opening.

"Depressed nickel prices have made ongoing operations at Munali
unsustainable," Albidon said in a stock exchange statement
obtained by Bloomberg News.

Reuters relates Albidon said it has received a conditional
financing proposal from its largest shareholder, China's Jinchuan
Group Ltd, but its ability to continue was subject to the
completion of the deal.

According to Reuters, Albidon would receive US$1.8 million as an
accelerated payment for nickel concentrate, US$7 million in equity
before March 20, and a later convertible note, under the proposed
funding from Jinchuan.

Jinchuan owns 18.4 percent of Albidon, Bloomberg News says.

Australia-based Albidon Limited (ASX:ALB) --- is engaged in the exploration and
evaluation of mineral interests.  The Company's development
activities is focussed on the Munali Nickel project in Zambia,
which comprises the Enterprise deposit and a number of other
nickel prospects in the Munali Intrusion, the most advanced of
which is the Voyager prospect along strike to the north of
Enterprise.  Its licence holdings in southern and eastern Zambia
also have potential for substantial uranium deposits.  Its other
properties include Selebi-Phikwe Nickel Project, Botswana; Songea
Nickel and Luwumbu Platinum Joint Ventures, Tanzania, and Nefza
Zinc Project, Tunisia.  The Selebi-Phikwe project comprises 20
contiguous prospecting licences covering approximately 17,466
square kilometers in the eastern part of the Central District of
Botswana.  The project covers prospective ground to the west,
south and east of the Selebi-Phikwe Nickel Mining District and
includes nickel-copper occurrences, including the Lipadi Hill


* Passenger Demand in Asia Drops 8.4% yoy in January, IATA Says
The International Air Transport Association (IATA) disclosed
international scheduled traffic results for January showing a
deepening year-on-year demand slump.

According to IATA, international passenger demand fell by 5.6% in
January 2009 compared to the same month in 2008.  It is also a
full percentage point worse than the 4.6% year-on-year drop
recorded in December.  The January fall in demand is the fifth
consecutive month of contraction.

The 5.6% drop in passenger demand outpaced capacity cuts of 2.0%
driving the load factor to 72.8% - 2.8% below what was recorded
for January 2008.

The alarming collapse in cargo markets in December (-22.6%)
worsened in January 2009 with a 23.2% year-on-year demand drop.
This is the eighth consecutive month of contraction for freight

"Alarm bells are ringing everywhere. Every region's carriers are
reporting big drops in cargo. And, aside from the Middle East
carriers, passenger demand is falling in all regions.  The
industry is in a global crisis and we have not yet seen the
bottom," said Giovanni Bisignani, IATA's Director General and CEO.


   * Asian carriers led the decline in passenger demand with an
     8.4% year-on-year drop in January.  While this is slightly
     better than the 9.7% contraction in December, this is
     positively skewed by Chinese New Year which fell at the end
     of January 2009 (and which was in February the year before).
     Capacity in the region contracted 4.3%.  With Japan, the
     region's largest market for air travel, expected to see its
     economy contract by an unprecedented 5% in 2009, the
     prospects for traffic in the region remain dismal.

   * North American carriers posted the second largest passenger
     decline at 6.2% led by a decline in Trans-Pacific travel.
     In response, carriers withdrew 2.6% of their international
     capacity, clawing back some of the expansion of 2008.

   * European carriers offset a 5.7% decline in demand with a
     3.6% decrease in capacity. Demand decreased sharply from
     the 2.7% fall in December as European economies move into
     deep recession.

   * Latin American carriers saw a modest decline of 1.4%.  Even
     against a 0.5% increase in capacity, the region turned in
     the highest load factors at 74.9%.

   * African carriers saw the demand decline slow from an average
     4.0% in 2008 to 2.6% in January.

   * The Middle East was the only region with a positive traffic
     growth of 3.1%. This is far below both the double-digit
     traffic growth in 2008 and the 10.8% expansion in capacity.


   * Asia Pacific carriers, representing 43% of the market, led
     the cargo decline with a 28.1% year-on-year drop.  This was
     followed closely by the other major market players: European
     carriers (-23.0%) and North American carriers (-19.3%).

   * While this may appear to be relatively stabilised compared
     to the precipitous December drop, it is too soon to call a
     bottom in the air freight market. Manufacturers are still
     shedding inventory and cutting production which is expected
     to lead to further falls in freight volumes.

"The only good news is that fuel prices remain well below last
year's level.  But the drop in demand is much more harmful.  The
industry is shrinking with revenues expected to fall by US$35
billion to US$500 billion, delivering a loss of US$2.5 billion
this year," Mr. Bisignani said.

"Airlines remain in intensive care, but while others ask for
government bailouts, our demands on Governments are much more
modest.  First, don't tax us to death in order to pay for
investments in the banking industry.  This includes the UK
government's plans to increase its multi-billion pound Air
Passenger Duty and the Dutch Government's misguided departure
tax," said Bisignani.  In 2008, even as governments delivered tax
breaks to stimulate economic growth, the airline industry took on
an additional tax burden of US$6.9 billion.

"Second, give airlines the commercial freedoms that every other
business takes for granted.  With the world's capital markets in
disarray, archaic ownership restrictions are an unnecessary burden
that must be lifted.  Today's crisis highlights the need to change
the structure of this hyper-fragmented and fragile industry," said
Mr. Bisignani, referring to IATA's Agenda for Freedom initiative.


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

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

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


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

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

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

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

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

                 *** End of Transmission ***