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        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, November 13, 2008, Vol. 11, No. 226

                            Headlines

A U S T R A L I A

AUTOSATAUSTRALIA PTY: Members Receive Wind-Up Report
BUSINESS REWARDS: Members and Creditors Receive Wind-Up Report
CP1 LIMITED: Posts AU$109 Mil. Net Loss in Year Ended June 2008
DUPAINE PTY: Inability to Pay Debts Prompts Wind-Up
FACTORY DIRECT: Placed Under Voluntary Liquidation

FLECK PTY: Commences Liquidation Proceedings
GMAC AUSTRALIA: Fitch Junks Short-Term Issuer Default Rating
KELLOHEAL PTY: Declares Dividend to Unsecured Creditors
KING BROS: Placed Under Voluntary Liquidation
LIBERTY GROVE: Placed Under Voluntary Liquidation

LIND SECURITY: Members and Creditors Receive Wind-Up Report
MEYLRA INVESTMENTS: Members and Creditors Receive Wind-Up Report
MORRISSONS DESIGN: Members and Creditors Receive Wind-Up Report
NEDWICH HOLDINGS: Members Receive Wind-Up Report
NEWCASTLE TOTAL: Members and Creditors Receive Wind-Up Report

OSWELL TRADING: Members and Creditors Receive Wind-Up Report
PIVOTAL PROPERTY: Placed Under Voluntary Liquidation
SIMRAN & COMPANY: Placed Under Voluntary Liquidation
STEPHANIE PTY: Members and Creditors Receive Wind-Up Report
SYSTEM & NETWORK: Members to Receive Wind-Up Report

WESTFORM CONSTRUCTIONS: Members and Creditors Hear Wind-Up Report
THE EQUIPMENT: Placed Under Voluntary Liquidation


C H I N A

BANK OF CHINA: To Boost Credit to Property Developers
FUYAO GLASS: Halts Two Production Lines Due to Weaker Demand
SEMICONDUCTOR MANUFACTURING: Sells US$172 Mil. Shares to Datang


H O N G K O N G

CHINA RAILWAY: Court to Hear Wind-Up Petition on December 17
CLASSTEX INTERNATIONAL: Wind-Up Petition Hearing Set for Dec. 31
FAIRLITE INDUSTRIES: Creditors' Meeting Set for November 22
FULL RANGE: Court to Hear Wind-Up Petition on December 24
GLORY RISE: Appoints Hung and Keng as Liquidators

GLORYFIELD INDUSTRIAL: Court Enters Wind-Up Order
HUNG FOOK: Tong and Fun Cease to Act as Liquidators
ROBLEEN LIMITED: Placed Under Voluntary Liquidation
SUN MICRO: Wind-Up Petition Hearing Set for December 31
THE WHITNEY: Creditors' Meeting Set for November 20


I N D I A

ARSS INFRASTRUCTURE: CRISIL Lowers Ratings on Bank Loans to 'BB'
DELPHI CORP: Opens Manufacturing Facility in India
SEWRI ENGINEERING: CRISIL Assigns 'BB' Ratings on Bank Loans
TATA MOTORS: To Receive Rs.95 Billion Aid from Government
* CRISIL Sees Sharp Decline in NBFC Business Volumes


I N D O N E S I A

PAKUWON JATI: Fitch Downgrades Issuer Default Ratings to 'B-'
PT PERTAMINA: To Start Supplying Biodiesel to Industrial Consumers


J A P A N

BTMU: Faces Tokyo Star Bank Lawsuit Over Termination of ATM Deal
GODO KAISHA: Moody's Downgrades Rating on Class D Notes to 'B2'
SHINSEI BANK: Posts JPY19.2 Billion First Half Loss, CEO Quits
* Fitch Releases Rating Stress Test Report on Japanese CMBS
* Moody's Reports Impact of Capital Rules Relaxation on Ratings


K O R E A

DAEWOO CAPITAL: Fitch Changes 'BB+' Rating Outlook to Negative


M A L A Y S I A

MALAYAN BANKING: First Qtr. Ended Sept. 2008 Profit Falls 22%


N E W  Z E A L A N D

4 PEAKS ET AL: Commences Liquidation Proceedings
AGAPE- HOLISTIC: Court to Hear Wind-Up Petition on December 15
DYNASTY METHVEN ET AL: Fixes Nov. 28 as Last Day to File Claims
FUTURE UNKNOWN: Shareholders Appoint Gibson as Liquidator
G & LM TERRY: Court to Hear Wind-Up Petition on December 15

GENERAL MOTORS ACCEPTANCE NZ: Fitch Junks Short-Term IDR
KRUKZIENER PROPERTIES: Court to Hear Wind-Up Petition on Dec. 15
LEADER CONTRACTING: Creditors' Proofs of Debt Due on Nov. 28
LIGHT HOUSE ET AL: Fixes December 24 as Last Day to File Claims
NEW LEAF ET AL: Appoints Brown and Rodewald as Liquidators

PROPERTY & COMPANY: Court Hears Wind-Up Petition


P H I L I P P I N E S

BANK OF THE PHILIPPINE ISLANDS: Fitch Assigns 'BB' Long-Term IDR
* PHILIPPINES: Domestic Liquidity Growth Accelerates in September


S I N G A P O R E

EMPORIUM HOLDINGS: Court Enters Wind-Up Order


T A I W A N

* TAIWAN: Cuts Interest Rate to 2.75% Amid Global Economic Crisis


                         - - - - -


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

AUTOSATAUSTRALIA PTY: Members Receive Wind-Up Report
----------------------------------------------------
The members of Autosataustralia Pty Ltd met on October 30, 2008,
and heard the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Arthur Yip
          Arthur Yip & Associates
          Regis Towers
          Suite 140, Level 3
          418 Pitt Street
          Sydney NSW 2000


BUSINESS REWARDS: Members and Creditors Receive Wind-Up Report
--------------------------------------------------------------
The members and creditors of Business Rewards Pty Limited met on
November 5, 2008, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          D. A. Hurst
          Armstrong Wily Chartered Accountants
          75 Castlereagh Street, Level 5
          Sydney NSW 2000


CP1 LIMITED: Posts AU$109 Mil. Net Loss in Year Ended June 2008
---------------------------------------------------------------
CP1 Limited disclosed its annual report for the year ended
June 30, 2008.  CP1 Limited reported a net loss of AU$109,050,931
on net revenues of AU$33,415,938 for the year ended June 30, 2008,
compared with a net income of AU$36,839,422 on net revenues of
AU$138,849,792 in the prior year.

At June 30, 2008, the company's balance sheet showed
AU$336,858,182 in total assets, AU$315,141,631 in total
liabilities and AU$21,716,551 in total stockholders' equity.  The
company's balance sheet at June 30, 2008, showed strained
liquidity with AU$104,561,755 in total current assets available to
pay AU$308,266,291 in total current liabilities.

                          Going Concern Doubt

During the second half of the year ended June 30, 2008, as a
result of the ongoing global credit and liquidity crisis
and its impact on the Australian property markets, CP1 said:

   -- the Group did not achieve budgeted sales at Marina
      Cove, resulting in below budgeted operating results
      and cash flows for the company and the Group;

   -- certain purchasers of land at Martha Cove to whom
      the Group had provided vendor financing were unable
      to repay or refinance existing vendor finance loans
      due for repayment in the period to June 30, 2008,
      resulting in expected cash inflows to the company
      and the Group not being received as anticipated;

   -- the Group did not comply with the financial covenants
      in respect of a AU$99,795,071 facility and did not meet
      a required "step down" repayment of AU$15,000,000 of
      the same facility which was due for payment on June 30,
      2008;

   -- the Group did not comply with financial covenants in
      respect of a finance facility of AU$76,221,017 at
      June 30, 2008;

   -- the company did not comply with financial covenants
      in respect of a finance facility of AU$12,000,000 at
      June 30, 2008;

   -- the company and the Group reviewed the carrying value
      of a number of assets as at June 30, 2008, resulting
      in significant impairment losses and write downs being
      incurred; and

   -- the company and the Group recorded a financial guarantee
      expense and liability in relation to a guarantee
      provided to a financier of an associate.

For the year ended June 30, 2008, the company and the Group
incurred losses of approximately AU$89 million and AU$109 million
respectively, primarily as a result of impairment losses and write
downs.  As at June 30, 2008, the company and the Group had net
assets of approximately AU$7 million and AU$22 million
respectively, however, they had a deficiency in net current assets
of approximately AU$48 million and AU$203 million respectively.

Subsequent to year end, the Group has:

   -- extended the terms of a AU$99,795,071 million facility
      to February 27, 2009;

   -- extended the terms of a AU$12,000,000 million facility
      to February 27, 2009;

   -- extended the terms of the City Pacific First Mortgage
      Fund facility of AU$76,221,017 to February 28, 2009;

   -- extended the terms of the City Pacific Limited facility
      of AU$32,000,000 to June 30, 2011; and

   -- appointed marketing agents to sell the Paradise Resort
      site.

CP1 said directors and management of the company have prepared the
financial statements on the going concern basis, as it is their
intention to:

   -- sell or refinance the Paradise Resort site;

   -- complete the orderly realization of the Martha Cove
      development;

   -- obtain the repayment of vendor financing provided to
      certain property owners at Martha Cove;

   -- meet the trigger dates in relation to the achievement
      of certain milestones attached to a AU$12,000,000
      facility and a AU$99,795,071 facility;

   -- repay, refinance or extend existing finance arrangements;
      and

   -- meet other payment obligations from the asset
      realizations detailed above, as well as cash flows
      received in the normal course of business.

CP1 said the company and the Group are critically dependent upon
the continued supported of their financiers during the period
required to realize sufficient assets to repay existing debt
obligations.  This support will be required for a period
significantly in excess of the financiers' current undertakings.
The Directors are of the opinion that it is not unreasonable to
expect the financiers will extend their support beyond the period
of their current undertakings.

In addition, to continue as a going concern, CP1 said it will be
necessary for the company and the Group to:

   -- sell or refinance the Paradise Resort site to retire
      existing debt of AU$45,000,000 due for repayment on
      March 29, 2009, and AU$8,389,733 due for repayment on
      March 31, 2009;

   -- complete the orderly realization of the Martha Cove
      development;

   -- meet the trigger dates in relation to the achievement
      of certain milestones attached to a AU$12,000,000
      facility and a AU$99,795,071 facility;

   -- repay, refinance or renegotiate a AU$99,795,071
      facility which is due for repayment on February 27,
      2009;

   -- repay, refinance or renegotiate a AU$12,000,000
      facility which is due for repayment on February 27,
      2009;

   -- repay, refinance or renegotiate the terms of the
      AU$76,221,017 City Pacific First Mortgage Fund facility
      which is due for review on February 28, 2009; and

   -- generate sufficient cash flow from ongoing business
      operations to meet operating cash flow requirements.

In the event that the company and the Group continue as a going
concern, subsequent to the sale of the assets described, the Group
will hold the Martha Cove development and the Lake Views Estate
development, both located in Victoria.

In the event that the company and the Group cannot continue as a
going concern, they may not realize their assets or settle their
liabilities in the normal course of operations and at the amounts
stated in the financial report.

Due to this matters, its auditor, KMPG, casts significant doubt
about the company's and the Group's ability to continue as a going
concern.

                   Breach of Financial Covenants

CP1 said it has a finance facility with a limit of AU$12,000,000
comprising of a bill discount facility to be applied for working
capital purposes.  The finance arrangement is a variable interest
only facility (rate 8.36%) due for repayment on November 27, 2008.

At June 30, 2008, the company was in breach of financial covenants
attached to its AU$12,000,000 bill facility as a result of lower
than forecast results and the impact of the impairment losses.
The covenants breached were:

   -- Debt cover ratio; and

   -- Gearing ratio.

Subsequent to year end, the terms of the AU$12,000,000 facility
have been renegotiated.

Marina Cove Pty Ltd, a wholly owned subsidiary of CP1, has a
finance facility with a limit of AU$99,795,071 comprising of a
bill discount facility (limit of AU$94,000,000) and a contingent
liability facility (limit of AU$5,795,071) to be applied for the
purpose of property development at Martha Cove.  The finance
arrangement was a fixed interest only facility (7.66%).  The
facility had a staged repayment schedule involving repayment in
full by August 2009.  As at June 30, 2008, the facility was drawn
to AU$89,321,794, comprising a discount bill facility of
AU$84,879,204 and a contingent liability facility of AU$4,492,590.

At June 30, 2008, Marina Cove Pty Ltd was in breach of financial
covenants attached to the facility as follows:

   -- Marina Cove failed to meet a facility 'step down'
      of AU$15 million which was due for repayment on
      June 30, 2008;

   -- Marina Cove was in breach of the loan to valuation
      covenant.

Subsequent to year end, the terms of the AU$99,795,071 facility
have been renegotiated.

Azzura Pacific Resort Pty Ltd, a wholly owned subsidiary of CP1,
has a bill facility with a limit of AU$45,000,000 for
the purpose of funding working capital, and was fully drawn at
June 30, 2008.  The bill facility is fixed interest only
(6.75%) and is due for repayment on March 29, 2009.

At June 30, 2008, Azzura Pacific Resort Pty Ltd was compliant with
all financial covenants attached to its AU$45,000,000 finance
facility.

             Loan - City Pacific First Mortgage Fund

Marina Cove Pty Ltd, a fully owned subsidiary of CP1, has a
development loan facility for which the facility limit is
80% of independent valuation of the subject property.  As at
June 30 2008, the facility limit was AU$76,221,017.  The
loan is fixed interest (current rate 12.00%) with interest
capitalising and has an annual review date of June 30 each year.
The loan is secured by first ranking registered mortgage over
property the subject property and a second ranking fixed and
floating charge of the assets of Marina Cove.

As at June 30, 2008, Marina Cove was in breach of the loan to
value ratio covenant on the loan.  Subsequent to year end, the
terms of the loan have been renegotiated.

                     Loan - Related Parties

CP1 said it has a finance facility of AU$32,000,000 with City
Pacific Limited to be used for working capital purposes.  The
draw downs from the facility have predominantly been on-lent to
Marina Cove Pty Ltd to fund the development of the Martha Cove
project.  At June 30, 2008, the loan was drawn to AU$28,945,262.
Interest on the facility is variable (current rate 13.00%) with
interest capitalizing.  The facility matured on November 1, 2008.
Subsequent to year end, the terms of the loan have been
renegotiated.

Azzura Pacific Resort Pty Ltd, a fully owned subsidiary of CP1,
has a development loan facility of AU$8,100,000, excluding
provision for interest with City Pacific Limited.  At June 30,
2008, the loan was drawn to AU$8,389,733 and has a fixed interest
rate of 20.00% with interest capitalizing.  The facility matures
on March 31, 2009.

CP1 has a finance facility of AU$2,107,017 with Lake Views Estate
Pty Ltd to be used to working capital purposes.  At June 30, 2008,
the loan was drawn to AU$2,107,017.  Interest on the facility is
variable (current rate 13.00%) with interest capitalizing.  The
facility has no fixed repayment date.

                             Dividend

On February 21, 2008, CP1 said it had announced that it would pay
an interim dividend of 3 cents per share partially franked to
33.33% on 30 May 2008.  On May 2, 2008, the Board announced that
the interim dividend for 2008 was cancelled due to a delay in
repayment of vendor finance facilities and below-projected land
sales at Martha Cove.

The Board of Directors has resolved that a final dividend would
not be paid for the 2008 financial year, having consideration to
the following factors:

   -- the ongoing global credit and liquidity crisis and
      its impact on the Australian property markets;

   -- the company's strategy to reduce its gearing level;
      and

   -- to allow for the completion of the company's
      consolidation phase.

                          Board Changes

The Board of CP1 Limited disclosed that Executive Director
Phil Sullivan, after 6 years with CP1, has decided to resign
effective November 12, 2008.

The CP1 Board also disclosed the appointment of Theo Axarlis as
Chief Executive Officer.  Mr. Axarlis has been performing the role
of Chief Operations Officer of CP1 since June 2008.

Mr. Sullivan resigned from the role as Chief Executive Officer of
CP1 in October 2007 as part of measures to initiate the separation
of CP1 from City Pacific Limited.

Mr. Axarlis has significant experience in the property sector.
Prior to joining City Pacific, Mr. Axarlis was Manager (Commercial
and Legal) with Melbourne property developer, Baron Corporation,
for eight years.  In this role, Mr. Axarlis was instrumental in
the successful delivery of major projects in the commercial,
residential, retail and industrial sectors, including the
Melbourne landmark development of Southern Cross Towers.

A former solicitor with leading Melbourne law firm Macpherson and
Kelley, Mr. Axarlis has a strong background in construction,
commercial, banking and finance and property law.

In addition, the CP1 Board also disclosed the appointment of
Caroline Lamshed as Chief Financial Officer.  Ms. Lamshed has been
performing the role of Financial Controller of CP1 since July
2008.

Ms. Lamshed was formerly an Associate Director of Equity &
Advisory Limited, a corporate advisory firm, where she provided
commercial advice in relation to mergers and acquisitions,
divestments, valuations and corporate restructures to an array of
industries in both the public and private sectors.

A Chartered Accountant and former employee of Ernst & Young in the
Audit and Advisory Business Services division, Miss Lamshed also
has a strong background in financial reporting and compliance.

Meanwhile, the CP1 Board has also accepted the resignation of CP1
Company Secretary, Lee Danahay.  Ms. Danahay has resigned to
concentrate on her responsibilities as Group Executive - Investor
Relations for City Pacific Limited.

Consequently, the Board said it has appointed Caroline Lamshed to
the position of company Secretary for CP1.  Ms. Lamshed will
perform the role of company Secretary in conjunction with her
appointment as Chief Financial Officer.

                         About CP1 Limited

Based in Australia, CP1 Limited -- http://www.cp1.com.au/--
engages in property development and hotel operations.  The
company's hotel activities are carried on by its subsidiaries and
associates.  CP1 holds a 100% shareholding in Marina Cove Pty Ltd
which owns, and is in the process of developing, premium land at
Mount Martha on the Mornington Peninsula in Victoria.  The company
holds a 51% shareholding in Danimel Pty Ltd, which owns an
amalgamated site in Surfers Paradise in Queensland.  It holds a
50% shareholding in Lake Views Estates Pty Ltd, which owns and is
in the process of developing land at Braeside in Victoria for
industrial and residential uses.  CP1 holds a 50% shareholding in
Cira International Pty Ltd, which acquired the Gold Coast
International Hotel and adjoining land during the fiscal year
ended June 30, 2007.


DUPAINE PTY: Inability to Pay Debts Prompts Wind-Up
---------------------------------------------------
The members of Dupaine Pty Limited met on September 24, 2008, and
resolved to voluntarily liquidate the company's business due to
its inability to pay its debts.

The Liquidator can be reached at:

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


FACTORY DIRECT: Placed Under Voluntary Liquidation
--------------------------------------------------
Factory Direct Offroad Bikes & Home Gyms Pty Limited commenced
liquidation proceedings on September 25, 2008.

The company's liquidators are:

          David Anthony Hurst
          Andrew Hugh Jenner Wily
          Armstrong Wily Chartered Accountants
          Level 5, 75 Castlereagh Street
          Sydney NSW 2000


FLECK PTY: Commences Liquidation Proceedings
--------------------------------------------
On September 25, 2008, Fleck Pty Limited commenced liquidation
proceedings.

The company's liquidator is:

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


GMAC AUSTRALIA: Fitch Junks Short-Term Issuer Default Rating
------------------------------------------------------------
Fitch Ratings has downgraded GMAC LLC's Issuer Default Rating and
senior unsecured debt:

-- IDR to 'CCC' from 'B+';
-- Senior unsecured debt to 'CC' from 'B+'.

Concurrently, GMAC's ratings have been placed on Rating Watch
Negative, indicating that ratings may be lowered or affirmed at
current levels.  Approximately $72 billion of unsecured debt is
affected by this action.

This action follows a number of developments for the company,
including continued operating losses, consideration of a debt
exchange, and exploration of becoming a bank holding company.
These developments reflect, in part, the ongoing dislocations in
the capital markets as well as developing problems in the
macroeconomy.

GMAC has announced that it is exploring becoming a bank holding
company and has filed an application in this regard.  Should the
company be successful, GMAC would have greater access to various
options under the Troubled Asset Repurchase Program, including
direct capital contributions.  The company has a number of hurdles
to overcome, in order to become a BHC, namely changes in current
ownership as well as raising additional capital to meet BHC
requirements.  If successful, Fitch would view this positively;
however, it remains uncertain just how likely this will be, and it
may not result in an immediate rating change.

GMAC is also considering a debt exchange to alleviate mounting
financial pressures.  A debt exchange, if executed, would have the
effect of generating capital for the company as well as reducing
its financing burden.  Under Fitch's criteria, any such exchange
could be considered a distressed debt exchange, and ratings would
be lowered to 'D' or default upon execution if this were the case.
Fitch's downgrade also reflects continued operating losses, mainly
as a result of continued losses at Residential Capital LLC
(ResCap, rated 'D/D' by Fitch).  Fitch anticipates that GMAC's
operating performance will remain pressured, particularly as the
core auto finance business has begun to generate losses due to
lower General Motors sales volumes and weakening consumer and
dealer finances.  In addition, Fitch expects that GMAC may divest
non-core assets, as opportunities present themselves, making the
company's financial profile even more closely correlated to that
of GM.

GMAC has continued to provide financial support to ResCap;
however, Fitch expects that GMAC's ability and willingness to
continue to provide support is nearing an end.  Fitch believes a
bankruptcy filing by ResCap would not have any direct or immediate
implications on GMAC as the two entities are structurally
separate.

The ratings of GMAC's foreign subsidiaries covered under its Euro
medium term note program primarily reflect the unconditional and
irrevocable guarantee of GMAC.

The Rating Watch Negative indicates that ratings may be lowered or
remain the same.  Should GMAC receive BHC status without a debt
exchange, ratings could be maintained.  However, absent additional
financial support, Fitch believes GMAC's financial pressures would
intensify and ratings could be lowered.  In resolving the Rating
Watch, Fitch will evaluate GMAC's efforts to become a BHC and any
necessary actions needed to achieve this status.  In addition, the
execution of debt exchange could result in downgrade to 'D'.

Fitch has downgraded and placed on Rating Watch Negative GMAC and
its subsidiaries' ratings:

GMAC LLC
General Motors Acceptance Corp. of Canada Ltd.
GMAC International Finance B.V.
GMAC Bank GmbH

-- Long-term IDR to 'CCC' from 'BB-';
-- Short-term IDR to 'C' from 'B';
-- Senior unsecured debt to 'CC' from 'B+';
-- Short-term debt to 'C' from 'B'.

General Motors Acceptance Corp of Australia
General Motors Acceptance Corp. (N.Z.) Ltd.

-- Long-term IDR to 'CCC' from 'BB-';
-- Short-term IDR to 'C' from 'B';
-- Short-term debt to 'C' from 'B'.

GMAC Australia (Finance) Ltd.
General Motors Acceptance Corp. (U.K.) Plc

-- Short-term IDR to 'C' from 'B';
-- Short-term Debt to 'C' from 'B'.


KELLOHEAL PTY: Declares Dividend to Unsecured Creditors
-------------------------------------------------------
Kelloheal Pty Limited, which is in liquidation, has declared the
second and final dividend for its unsecured creditors on Nov. 11,
2008.

Only creditors who were able to file their proofs of debt by
Oct. 24, 2008, will be included in the company's dividend
distribution.

The company's liquidator is:

          M. F. Cooper
          c/o Frasers Insolvency Advisory
          Level 5, 99 Elizabeth Street
          Sydney NSW 2000
          Telephone:(02) 9223 2300
          Facsimile:(02) 9223 3855


KING BROS: Placed Under Voluntary Liquidation
---------------------------------------------
During a general meeting held on September 24, 2008, the members
of King Bros. Builders Pty Limited resolved to voluntarily
liquidate the company's business.

The company's liquidator is:

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


LIBERTY GROVE: Placed Under Voluntary Liquidation
-------------------------------------------------
The creditors of Liberty Grove Management Pty Limited met on
September 25, 2008, and resolved to voluntarily liquidate the
company's business.

The company's liquidators are:

          Ken Whittingham
          John Frederick Lord
          PKF
          1 Margaret Street, Level 10
          Sydney NSW 2000


LIND SECURITY: Members and Creditors Receive Wind-Up Report
-----------------------------------------------------------
The members and creditors of Lind Security Services Pty Limited
met on November 7, 2008, and heard the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Brent Kijurina
          c/o Hall Chadwick
          31 Market Street, Level 29
          Sydney, NSW 2000


MEYLRA INVESTMENTS: Members and Creditors Receive Wind-Up Report
----------------------------------------------------------------
The members and creditors of Meylra Investments Pty Ltd met on
November 5, 2008, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


MORRISSONS DESIGN: Members and Creditors Receive Wind-Up Report
---------------------------------------------------------------
The members and creditors of Morrissons Design and Construction
Pty Limited met on November 7, 2008, and received the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


NEDWICH HOLDINGS: Members Receive Wind-Up Report
-------------------------------------------------
The members of Nedwich Holdings Pty Ltd met on November 3, 2008,
and received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          P. V. Nevell
          WHK Camerons
          107 West High Street
          Coffs Harbour NSW 2450


NEWCASTLE TOTAL: Members and Creditors Receive Wind-Up Report
-------------------------------------------------------------
The members and creditors of Newcastle Total Security Pty Limited
met on October 24, 2008, and received the liquidator's report on
the company's wind-up proceedings and property disposal.

Steven Kugel is the company's liquidator.


OSWELL TRADING: Members and Creditors Receive Wind-Up Report
------------------------------------------------------------
The members and creditors of Oswell Trading Pty Limited met on
November 7, 2008, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


PIVOTAL PROPERTY: Placed Under Voluntary Liquidation
-----------------------------------------------------
The creditors of Pivotal Property Care Pty Limited met on
Sept. 25, 2008, and agreed to voluntarily liquidate the company's
business.

The company's liquidators are:

          Ken Whittingham
          John Frederick Lord
          PKF
          1 Margaret Street, Level 10
          Sydney NSW 2000


SIMRAN & COMPANY: Placed Under Voluntary Liquidation
----------------------------------------------------
The members of Simran & Company Pty Limited met on September 22,
2008, and agreed to voluntarily liquidate the company's business.

The company's liquidator is:

          Trajan Kukulovski
          Paladin Partners
          120 Sussex Street, Level 3
          Sydney NSW 2000
          Telephone:(02) 9290 5300
          Facsimile:(02) 9290 5399


STEPHANIE PTY: Members and Creditors Receive Wind-Up Report
-----------------------------------------------------------
The members and creditors of Stephanie Pty Limited met on Nov. 7,
2008, and heard the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Geoffrey Mcdonald
          Hall Chadwick
          Level 29, 31 Market Street
          Sydney NSW 200


SYSTEM & NETWORK: Members to Receive Wind-Up Report
---------------------------------------------------
The members of System & Network Integration Consulting and
Services Pty Ltd will meet on November 14, 2008, to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.


WESTFORM CONSTRUCTIONS: Members and Creditors Hear Wind-Up Report
-----------------------------------------------------------------
The members and creditors of Westform Constructions Pty Ltd met on
November 5, 2008, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


THE EQUIPMENT: Placed Under Voluntary Liquidation
-------------------------------------------------
During a general meeting held on September 24, 2008, the members
of The Equipment Repair Company Pty Limited resolved to
voluntarily liquidate the company's business.

The company's liquidators are:

          Schon G. Condon
          David Watson
          Condon Associates
          87 Marsden Street, Level 6
          Parramatta NSW 2150



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

BANK OF CHINA: To Boost Credit to Property Developers
-----------------------------------------------------
Shanghai Daily reported that Bank of China will increase credit to
builders of infrastructure projects and property developers as a
follow-up to China's massive stimulus plan.

According to the report, the bank's "10-support" measures included
more loans for the construction of urban and rural infrastructure,
hospitals, schools, small and medium businesses and corporations
expanding overseas.

Shanghai Daily related that Bank of China will also boost credit
to property developers with good assets and to low-rent property
and affordable housing projects.

The bank will scrap lending quotas on corporate clients at all
branches and give regional outlets more say on granting credit to
developers of affordable housing, the report cited Wang Zhaowen, a
bank spokesman.

Bank of China, the report added, will also offer financial
services to earthquake-hit areas in Sichuan Province.

                      About Bank Of China

Headquartered in Beijing, China, the Bank of China
-- http://www.boc.cn-- provides corporate banking, retail banking
and investment banking.  Other activities include provision of
corporate deposits, corporate loans, foreign exchange business,
savings deposits, consumer credit and bankcards.  It has 12,967
domestic branches and 559 overseas branches.  The bank received a
US$22.5 billion capital injection from the Government in 2003 to
restructure state-owned banks.  The state-owned lender has been
offloading bad loans and increasing capital since 2003 in
preparation for an overseas share sale, part of government plans
to prepare the industry for increased foreign competition,
starting at the end of this year.

                          *     *     *

The bank continues to carry Moody's Investors Service Ratings'
'D' Bank Financial Strength Rating and Fitch Ratings' 'D'
Individual Rating.


FUYAO GLASS: Halts Two Production Lines Due to Weaker Demand
------------------------------------------------------------
Fuyao Glass Industry Group Co. will stop two building glass
production lines due to weaker demand from the construction
market, Fu Chenghao of Shanghai Daily reports.

According to the Daily, the company said the two lines in Fujian
Province's Fuqing and Jilin Province's Shuangliao have a combined
daily glass melting capacity of 1,060 tons.

The company did not say how long the suspension would last, the
Daily relates.

Headquartered in Fuqing, Fujian Province, Fuyao Group Glass
Industries Co., Ltd. -- http://www.fuyaogroup.com/-- is a
manufacturer of automotive and industrial safety glass.  The
company provides laminated and tempered glass for automobiles,
encapsulation products, bulletproof glass, laminated and
tempered glass for buildings, furniture and decorative glass
products, front panel glass for electrical appliances and panel
glass for other specialty industrial applications.  The Company
has seven production bases in the People's Republic of China and
two wholly owned subsidiaries in the United States.  FYG mainly
exports to North America and Asia Pacific.

                       *     *     *

The company continues to carry Xinhua Far East China Ratings'
BB+ issuer credit rating.


SEMICONDUCTOR MANUFACTURING: Sells US$172 Mil. Shares to Datang
---------------------------------------------------------------
Semiconductor Manufacturing International Corp. will sell US$172
million worth of shares to Datang Telecom Technology & Industry
Holdings Co. Ltd., PCWorld reports.

PCWorld relates that the sell proceeds will allow SMIC to repay
loans that come due next year.

As reported in the Troubled Company Reporter-Asia Pacific on
July 30, 2008, citing Bloomberg News, the company forecasted that
it will end losses in the fourth quarter on demand for
customized chips used in consumer electronics.

Chief Executive Officer Richard Chang, as cited by Bloomberg News,
said the company expects to post a net profit in the
three months ended December, reiterating an earlier forecast.

The company, Bloomberg News noted, stopped production of dynamic
random access memory chips in April to focus on making
customized chips used in electronics such as music players and
network equipment.

However, PCWorld says, whether the tie-up with Datang Holdings and
focus on TD-SCDMA will bring in the revenue that the company
expects remains to be seen.

According to Reuters, the company posted a loss of US$45.6 million
for the second quarter, compared with a loss of US$2.05 million a
year earlier, and revenue declined 8.5% to US$342.9 million.

The loss was 12 cents per American Depositary Share, compared with
a loss of about 1 cent a year earlier, Reuters related.

Six analysts polled by Reuters Estimates had forecast, on average,
a loss of US$65.3 million.

The company posted a net loss of US$44, 109 million for the year
ended December 31, 2006, and a net loss of US$19, 468 million
for the same period in 2007.

                      About Datang Telecom

Headquartered in Beijing, China, Datang Telecom Technology Co.,
Ltd (Datang Telecom) -- http://www.datang.com-- is principally
engaged in communications technology industry.  The company
provides microelectronics, software, communication access,
communication terminals, communication application and services.
The company operates its businesses mainly in northern China and
southern China.  As of December 31, 2007, the company had six
major subsidiaries.

                 About Semiconductor Manufacturing

Headquartered in Shanghai, China, Semiconductor Manufacturing
International Corporation -- http://www.smics.com/ --  is one
of the leading semiconductor foundries in the world and the
largest and most advanced foundry in Mainland China, providing
integrated circuit (IC) manufacturing service at 0.35 micron to
65 nanometer and finer line technologies.  SMIC has a 300-
millimeter wafer fabrication facility (fab) and three 200mm
wafer fabs in its Shanghai mega-fab, two 300mm wafer fabs in its
Beijing mega-fab, a 200mm wafer fab in Tianjin, a Shenzhen
facility under construction, and an assembly and testing
facility in Chengdu. SMIC also has customer service and
marketing offices in the U.S., Europe, and Japan, and a
representative office in Hong Kong.

In addition, SMIC manages and operates a 200mm wafer fab in
Chengdu owned by Cension Semiconductor Manufacturing Corporation
and a 300mm wafer fab in Wuhan owned by Wuhan Xinxin
Semiconductor Manufacturing Corporation.



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

CHINA RAILWAY: Court to Hear Wind-Up Petition on December 17
------------------------------------------------------------
A petition to have China Railway Investments Group (Hong Kong)
Limited's operations wound up will be heard before the High Court
of Hong Kong on December 17, 2008, at 9:30 a.m.

Best Time Far East Limited filed the petition against the company
on October 9, 2008.

Best Time's solicitors are:

          Hau, Lau, Li & Yeung
          Tower 1, Admiralty Centre
          Unit 1302, 13th Floor
          18 Harcourt Road
          Admiralty, Hong Kong
          Telephone: 2586 1881
          Facsimile: 2596 0909


CLASSTEX INTERNATIONAL: Wind-Up Petition Hearing Set for Dec. 31
----------------------------------------------------------------
A petition to have Classtex International Company Limited's
operations wound up will be heard before the High Court of
Hong Kong on December 31, 2008, at 9:30 a.m.

The petitioner's solicitor is:

          Knight & Ho
          Admiralty Centre, Tower 1
          Room 904B, 9th Floor
          No. 18 Harcourt Road
          Admiralty, Hong Kong


FAIRLITE INDUSTRIES: Creditors' Meeting Set for November 22
-----------------------------------------------------------
The creditors of Fairlite Industries Limited will meet on Nov. 22,
2008, at 10:00 a.m., for the purposes mentioned in sections 241,
242, 243, 244 and 255A of the Companies Ordinance.

The meeting will be held at Unit 403, 4th Floor of Golden Centre,
in No. 188 Des Voeux Central, Hong Kong.


FULL RANGE: Court to Hear Wind-Up Petition on December 24
---------------------------------------------------------
A petition to have Full Range Machinery Company Limited's
operations wound up will be heard before the High Court of
Hong Kong on December 24, 2008, at 9:30 a.m.

MM Powerplus Busway (Hong Kong) Limited filed the petition against
the company on October 17, 2008.

MM Powerplus' solicitors are:

          Sit Fung Kwong & Shum
          Gloucester Tower, 18th Floor
          The Landmark
          11 Pedder Street, Central
          Hong Kong


GLORY RISE: Appoints Hung and Keng as Liquidators
-------------------------------------------------
On October 22, 2008, Lau Siu Hung and Liang Yang Keng were
appointed liquidators of Glory Rise Limited.

The Liquidators can be reached at:

          Lau Siu Hung
          Liang Yang Keng
          Wing Yee Commercial Building, 2nd Floor
          5 Wing Kut Street
          Central, Hong Kong


GLORYFIELD INDUSTRIAL: Court Enters Wind-Up Order
-------------------------------------------------
On September 26, 2008, Lau Siu Hung was appointed liquidator of
Gloryfield Industrial Limited.


HUNG FOOK: Tong and Fun Cease to Act as Liquidators
---------------------------------------------------
Lo Yip Tong and Lau Kwai Fun were released as liquidators of
Hung Fook International Industrial Limited on September 23, 2008.

The company's former Liquidators can be reached at:

          Lo Yip Tong
          Lau Kwai Fun
          On Hong Commercial Building, 22nd Floor
          141-147 Hennessy Road, Wanchai
          Hong Kong


ROBLEEN LIMITED: Placed Under Voluntary Liquidation
---------------------------------------------------
At an extraordinary general meeting held on October 29, 2008, the
members of Robleen Limited resolved to voluntarily liquidate the
company

The company's liquidators are:

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


SUN MICRO: Wind-Up Petition Hearing Set for December 31
-------------------------------------------------------
A petition to have Sun Micro Motor Technology Limited's operations
wound up will be heard before the High Court of Hong Kong on
December 31, 2008, at 9:30 a.m.

So Chi Chung filed the petition against the company on October 27,
2008.

So Chi Chung's solicitors are:

          Y.S. Lau & Partners
          Club Lusitano, 10th Floor
          16 Ice House Street, Central
          Hong Kong


THE WHITNEY: Creditors' Meeting Set for November 20
---------------------------------------------------
The creditors of The Whitney Group (Asia) Limited will meet on
November 20, 2008, at 10:30 a.m., for the purposes provided for in
Sections 241, 242, 243, 244 and 255A of the Companies Ordinance.

The meeting will be held at the 5th Floor of Ho Lee Commercial
Building, 38-44 D' Aguilar Street, in Central, Hong Kong.



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

ARSS INFRASTRUCTURE: CRISIL Lowers Ratings on Bank Loans to 'BB'
----------------------------------------------------------------
CRISIL has revised its rating on the bank loans of ARSS
Infrastructure Projects Ltd to 'BB/Stable/P4' from
'BBB+/Stable/P2'.

  Rs.570.8 Million Term Loan        BB/Stable
                                    (Revised from BBB+/Stable)

  Rs.180 Million Working            BB/Stable
  Capital Demand Loan              (Revised from BBB+/Stable)

  Rs.150 Million Bank Guarantee*  BB/Stable
                                    (Revised from BBB+/Stable)

  Rs.2200 Million Bank Guarantee*  P4 (Revised from P2)

  Rs.50 Million Standby Line        P4 (Revised from P2)
  of Credit

  Rs.50 Million Letter of Credit  P4 (Revised from P2)

* The bank guarantee limit from SBI is convertible to working
capital limit to an extent of Rs.150 million and hence, is long
term in nature.

The rating downgrade has been on account of ARSS Infrastructure's
weakened liquidity, owing to delays in receipt of payments from
clients, and increased working capital requirements.  These
factors have constrained ARSS Infrastructure's liquidity, leading
to an almost complete utilization of its bank limits.

The rating continues to be supported by the company's healthy
order book position which provides revenue visibility.

Outlook: Stable

CRISIL expects ARSS Infrastructure's liquidity to remain weak over
the medium term due to increasing working capital requirements and
high bank limit utilization.  The outlook may be revised to
'Positive' if the company's liquidity improves on account of
substantial equity infusion or otherwise.  Conversely, the outlook
may be revised to 'Negative' if pressure on ARSS Infrastructure's
liquidity leads to delays in payment on maturing debt obligations.

                   About ARSS Infrastructure

Incorporated in 2000, ARSS Infrastructure undertakes construction
of railway infrastructure, roads, highways, bridges and irrigation
projects.  The company has, over the years, developed expertise in
railway construction projects, which include earthwork, major and
minor bridges, supply of ballast, sleepers, laying of sleepers and
rails, and linking of tracks.  Over the past seven years the
company has executed more than 60 projects, constructing over 300
kilo metres (km) of roads and highways, 200 km of rail tracks, 10
minor and major bridges, and other general civil engineering
works. For 2007-08 (refers to financial year, April 1 to March
31), the company reported a net profit of Rs.259.5 million on
sales of Rs.3125.8 million, as against a net profit of Rs.94.7
million and sales of Rs.1338.3 million, the previous year.


DELPHI CORP: Opens Manufacturing Facility in India
--------------------------------------------------
Delphi Corporation disclosed the start of construction of a new
electronics manufacturing facility in Chennai, India and
commemorated the event by unveiling the foundation stone at a
traditional ceremony, with the participation of senior Tamil Nadu
government officials.

The foundation stone for Delphi's new Chennai facility was
unveiled by Jeff Owens, President, Delphi Electronics & Safety and
President, Delphi Asia Pacific, and Ashok B. Ramaswamy, President
& Managing Director, Delphi India. Senior government officials
including Mr. M.F. Farooqui, Principal Secretary to the Industries
Department in Tamil Nadu and Mr. M. Velmurugan, Director -
Guidance Bureau, Industries Department, Government of Tamil Nadu
were present on the occasion, as were senior officials from SIPCOT
(State Industries Promotion Corporation of Tamil Nadu) and Tamil
Nadu Investment Board.

Delphi will be investing close to Rs.250 crores in the new Chennai
plant which is planned to be built in three phases and is expected
to be operational toward the end of 2009.  This is an important
investment for Delphi that expands its product portfolio and
manufacturing footprint to more effectively meet the needs of the
growing automotive market in India.

Speaking at the ceremony, Mr. Owens said, "The Indian auto sector
is an exciting market and has experienced significant growth in
the last few years.  In the future Delphi is expecting continued
growth.  As one example the Indian small car segment volume is
expected to triple in the next five years and continue strong
growth after that.  India is a key market for Delphi and with new
technologies becoming a reality every day, Delphi believes that
providing a range of safety and electronics products will be the
way forward in the Indian automobile industry."

Ashok B. Ramaswamy, President & Managing Director, Delphi India,
said, "Delphi believes in being close to its customers.  Chennai
is a hub for both the auto and the electronics industries and
several major automotive OEMs are based here.  Delphi is already
bringing the entire value stream to its customers in India, with
local capabilities in–sales, advanced development, product
development including project management, hardware and software
design, validation, manufacturing and supply chain management.
Our new plant in Chennai extends the Electronics and Safety
manufacturing footprint to India and increases the Delphi local
product portfolio to meet market needs."

From this 10-acre site, Delphi can manufacture products in the
areas of controls and security, safety, and entertainment and
communications.  In phase one, the plant will produce
immobilizers, body computers, instrument clusters and driver
information systems, followed by safety and entertainment
products.

                       About Delphi Corp.

Based in Troy, Michigan, Delphi Corporation (PINKSHEETS: DPHIQ)
-- http://www.delphi.com/-- is the single supplier of vehicle
electronics, transportation components, integrated systems and
modules, and other electronic technology.  The company's
technology and products are present in more than 75 million
vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil and France.

The company filed for Chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represent the Official Committee of Unsecured Creditors.  As of
June 30, 2008, the Debtors' balance sheet showed US$9,162,000,000
in total assets and US$23,742,000,000 in total debts.

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the
solicitation of votes on the First Amended Plan on Dec. 20,
2007.  The Court confirmed the Debtors' First Amended Plan on
Jan. 25, 2008.  The Plan has not been consummated after a group
led by Appaloosa Management, L.P., backed out from their
proposal to provide US$2,550,000,000 in equity financing to
Delphi.

(Delphi Bankruptcy News, Issue 148; Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000)


SEWRI ENGINEERING: CRISIL Assigns 'BB' Ratings on Bank Loans
------------------------------------------------------------
CRISIL has assigned its bank loan ratings of 'BB/Stable/P4' to the
various bank facilities of Sewri Engineering Construction Company
Pvt Ltd.

   Rs.41.0 Million Cash Credit  BB/Stable (Assigned)

   Rs.6.4 Million Term Loan     BB/Stable (Assigned)

   Rs.63.6 Million Proposed Long    BB/Stable (Assigned)
   Term Bank Loan Facility

   Rs.39.0 Million Bank Guarantee  P4(Assigned)

The ratings are supported by Sewri Engineering's established
business presence and experienced management.  These strengths
are, however, partially offset by Sewri Engineering's small scale
of operations, and limited financial flexibility.

Outlook: Stable

CRISIL expects Sewri Engineering to maintain a stable business and
financial risk profile over the near to medium term.  The outlook
may be revised to 'Positive' in case of a substantial equity
infusion by the promoters and a material improvement in debt
metrics.  Conversely, the outlook may be revised to 'Negative' in
the event of large debt funded capex, slowdown in orders, or
instances of disputes and litigations, which may adversely impact
the company's performance.

                     About Sewri Engineering

Sewri Engineering started its operations in 1938 and later on
converted to a limited company in 1951. In 2005, there was a
change in management of Sewri Engineering when a group of
employees led by Mr. Sushil Singh took over the company.  The
company undertakes civil engineering contracts, especially
involving power stations, bridges, aqueducts and irrigation
structures, mostly for government departments.  The company
proposes to venture into mechanical and other turnkey projects
over the near to medium term. For 2007-08 (refers to financial
year, April 1 to March 31), Sewri Engineering reported a profit
after tax (PAT) of Rs.4.5 million on an operating income of
Rs.92.1 million as against a PAT of Rs.2.1 million on an operating
of income Rs.56.3 million during the previous year.


TATA MOTORS: To Receive Rs.95 Billion Aid from Government
---------------------------------------------------------
Tata Motors Limited, which is developing small car Nano project in
Gujarat's Sanand, will get benefits worth Rs.95 billion from the
state government for developing infrastructure around the project
area, Times of India reports citing sources.

According to the report, sources said Tata Motors will get 20
years from the commencement of the project to repay the amount at
an interest rate of 0.1 percent.  The amount will be repaid by
adjusting value added tax dues of the company.

The Times relates that the company would use the fund to build a
township and a 'transport nagar' near the plant location in
Charodi village near Sanand to meet the logistics support needed
by the project.

The government had also pledged to provide 100 acres for Tata for
developing the proposed township, the report adds.

As reported in the Troubled Company Reporter-Asia Pacific on
October 8, 2008, Tata Motors finally decided to move its Nano car
project out of Singur in the State of West Bengal.  The move was
driven by heightened level of agitation and hostility by
opposition party, Trinamool Congress, led by Ms. Mamata Banerjee.

The automaker said the threats, intimidation and instances of
assault and general obstruction resulted in a concern for the
physical security of their staff, contractors and vendors.

Tata Motors said it has displayed immense patience and had
sincerely hoped that the situation would improve, however, the
unfortunate conditions prompted the company to take the hard
decision of moving the project out of the State.

Tata Motors thanked the State Government's efforts to facilitate
and support the Nano project.

                       About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- 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
July 9, 2008, 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 implications.

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 has paid about US$2.3 billion in cash for Jaguar and Land
Rover (comprising brands, plants, and intellectual property
rights).  Ford has contributed US$600 million to the Jaguar-Land
Rover (JLR) pension plans.

As reported in the Troubled Company Reporter-Asia Pacific on
June 4, 2008, Moody's Investors Service downgraded the
corporate family rating of Tata Motors Ltd to Ba2 from Ba1
following the completion of its acquisition of Ford's Jaguar
Land Rover.  The rating outlook is negative.


* CRISIL Sees Sharp Decline in NBFC Business Volumes
----------------------------------------------------
CRISIL has observed a sharp decline in the disbursement levels of
non banking financial companies (NBFCs) over the past two months,
as NBFCs have focused on repaying their maturing short-term
obligations to mutual funds (Mfs).

The decline in disbursements was as high as 70 per cent in one
case, with the average at around 50 per cent for CRISIL-rated
NBFCs, pointing to the severity of the business shrinkage.  While
the going has been difficult for the sector, CRISIL nevertheless
sees NBFCs' business and financial profiles generally stronger
today than they were during the crisis of the late 1990s.  In
addition, many NBFCs have strong parentage, enhancing their credit
strength.

According to Ms. Roopa Kudva, Managing Director and Chief
Executive Officer, CRISIL "Despite increased delinquencies in NBFC
portfolios, cash flows from existing assets will allow maturing
debt obligations to be met on time.  However, the decline in
business volume will mean a further marginalization of the sector,
a trend that has been accelerating over the past few years as
banks have taken over the traditional NBFC stronghold of retail
lending."

CRISIL believes that the NBFC business model will change over the
long term, with a focus on product innovation, and a move
towards the originate-and-sell model.

NBFCs' balance sheets have a significant asset-liability mismatch;
more than 50 per cent of NBFCs' borrowings have maturities of less
than one year, while most of the assets have tenures of about
three years.  Further, the dependence on MFs for short-term
funding has been high: CRISIL-rated NBFCs' estimated borrowings
from MFs have increased to more than 45 per cent of total
borrowing as of September 30, 2008, from 30 per cent as on March
31, 2006.  Increasingly facing redemption pressures, MFs are no
longer lending to the NBFC sector, and are withdrawing their
existing exposures as these mature.  The recent measures announced
by the Reserve Bank of India (RBI), allowing NBFCs increased
access to funding, will indeed ease their debt servicing
pressures, but will not address the longer-term issue of business
growth.

CRISIL has analyzed the disbursement pattern of its 33 rated
NBFCs, which represent 30 per cent of the total NBFC sector.  Most
of these NBFCs, especially asset finance companies, have
significantly slowed down disbursements because of a lack of
funds: the average monthly disbursements during September and
October are estimated to be half of disbursements during August.
NBFCs' share in the overall retail finance space has reduced over
the past few years as banks, with their superior size and
resource diversity, have achieved dominance: banks today make more
than two-thirds of retail finance disbursements, up from about 20
per cent in 2002.  CRISIL does not expect this trend to reverse.



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

PAKUWON JATI: Fitch Downgrades Issuer Default Ratings to 'B-'
-------------------------------------------------------------
Fitch Ratings has downgraded PT Pakuwon Jati Tbk's foreign curren
cy and local currency Issuer Default Ratings to 'B-' from 'B', its
National Long-term rating to 'BB(idn)' from 'BBB-(idn)' (BBB mi
nus(idn)) and placed all ratings on Rating Watch Negative (RWN).
At the same time, the rating of the USD110m senior notes due 2011,
issued by Pakuwon Jati Finance B.V. and guaranteed by Pakuwon and
its subsidiaries, has been downgraded to 'B-' (B minus) from 'B'
and placed on RWN.  The notes recovery rating is affirmed at
'RR4'.  Fitch has also downgraded the rating of Pakuwon's Senior
Bond I due 2011 (outstanding IDR74.1 billion) to 'BB(idn)' from
'BBB-(idn)' (BBB minus(idn)) and placed it on RWN.

The rating action reflects a significant delay in the completion
of the development of Superblock Gandaria, a mixed-use development
in Jakarta which has achieved weak pre-sale rates to date.  In ad
dition, the company's liability is increasing due to the Indone
sian Rupiah's continued depreciation against the US Dollar, given
the bulk of its debt is US Dollar denominated while its income
sources are primarily in Rupiah.

At end-October 2008, pre-sales of the condominium towers at
Gandaria were at 65% for the first tower and 39% for the second
tower; while only 28% of the office tower was pre-sold.  These
pre-sale rates are weaker than projected by its management prior
to its launch, and appear to have slowed significantly due to the
prevailing economic uncertainties.  In addition, given the
uncertainties, potential tenants of the mall at Gandaria have
requested to delay the commencement of their tenancies to the
second quarter of 2010.

Fitch notes that whilst Pakuwon's interest payments can be
adequately serviced by its recurring cashflow from Superblock
Tunjungan City, its mature retail mall in Surabaya, more than 50%
of Gandaria's capex and principal repayment on the US Dollar
notes, which will be amortized starting November 2009, are reliant
mainly on Gandaria's pre-sale cashflows.  Fitch notes that the
first principal repayment of US$13.75 million due in November 2009
can be almost entirely met by accruals in the escrow account set
up for interest payment which also can be used for principal
repayment of the notes (current balance of US$13.29 million).
However, Pakuwon's ability to meet the subsequent amortisation
payments of US$27.5 million in 2010 may be adversely affected by a
sustained delay and a weak pre-sales of Gandaria.

Fitch will resolve the RWN following a more detailed review of
Pakuwon's financial plans that take into consideration the delays
in the Gandaria project, with a particular focus on options to
meet the scheduled debt amortization in 2010, especially given the
increased difficulty of obtaining bank funding.  The agency notes
that Pakuwon has financial flexibility from its land bank
inventory of 345 hectares in Surabaya, although the ability to
monetise real estate assets is usually constrained during periods
of stress.

Pakuwon is a listed property company in Indonesia with a presence
in commercial property investment and development (retail, hotel
and office segments) and residential property development,
primarily in Surabaya but expanding into Jakarta.  Pakuwon
achieved revenues of IDR444bn and EBITDA of IDR234 billion in
2007.  Founder Alexander Tedja's family has a 72.7% beneficial
interest in Pakuwon.


PT PERTAMINA: To Start Supplying Biodiesel to Industrial Consumers
-----------------------------------------------------------------
PT Pertamina will start supplying biodiesel to 28 industrial
consumers in Jakarta, Banten and West Java, on Tuesday,
November  17, 2008, Antara News reports citing Maulanatazi HZ,
general manager for fuel marketing of Pertamina's Region III.

According to Antara, Mr. Maulanatazi HZ said the operation would
constitute the first phase of a plan to supply biodiesel to 436
industrial consumers in the three provinces after the
implementation of a similar program for consumers in the
transportation sector.

"The biodiesel will have a FAME (fatty acid methyl ester) content
of five percent," Antara News quoted Maulanatazi HZ as saying.

Mr. Maulantari said Pertamina would on Tuesday also raise the FAME
content of biodiesel at gas stations to five percent.

Antara News notes that the start of the biodiesel supply to
industrial consumers would be done at Peramina's Plumpang fuel oil
depot in North Jakarta witnessed by Energy and Mineral Resources
Minister Purnomo Yusgiantoro and Pertamina Managing Director Ari
Soemarno.

The program was in line with the Energy and Mineral Resources
Minister's Regulation No 32/2008 on mandatory minimum biofuel
usage, the report says.

                       About PT Pertamina

PT Pertamina (Persero) -- http://www.pertamina.com/-- is a
wholly state-owned enterprise.  The enactment of Oil and Gas Law
No. 22/2001 in November 2001 and Government Regulation
No.31/2003 has changed its legal status from a special state
owned enterprise into a Limited Liability Company.  In carrying
out its activities, PT Pertamina implements an integrated system
from upstream to downstream.  Pertamina operates seven oil
refineries with a total output capacity of around 1 million
barrels per day.  However, these refineries only cover about
three-quarters of domestic oil demand, the rest is supplied by
imports.

                         *     *     *

In August 2005, Pertamina's debt to United States firm Karaha
Bodas Company rose from IDR2.54 trillion to IDR2.99 trillion.
The debt had increased when, in 2003, a U.S. court ordered the
Company to pay compensation to KBC, relating to an international
arbitration decision, when the Indonesian Government halted a
geothermal project in Karaha Bodas, East Java.  Since that time,
the debt has steadily risen due to the Company's failure to pay
the compensation immediately.

A report by the Troubled Company Reporter-Asia Pacific on
Aug. 21, 2008, said the company owes more than IDR300 billion
(US$32.72 million) to Indonesian Steel Cylinder Producers
Association (Asitab), and the Indonesian Gas Stove Producers
Association (Apkogi).



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

BTMU: Faces Tokyo Star Bank Lawsuit Over Termination of ATM Deal
----------------------------------------------------------------
Japan Today reported that Bank of Tokyo-Mitsubishi UFJ (BTMU)
faces a lawsuit filed by Tokyo Star Bank with the Tokyo District
Court.

According to the report, Tokyo Star Bank filed the suit on the
grounds that BTMU unilaterally ended an agreement regarding the
sharing of each other's automated teller machine networks.

Japan Today related that Tokyo Star is demanding that BTMU abide
by the contract and compensate Tokyo Star for revenue loss
incurred since November 4, 2008, when BTMU terminated the
contract.  Tokyo Star is seeking damages of JPY217,400 per day,
the report added.

Established on June 11, 2001, Tokyo Star Bank provides retail and
corporate banking services in Japan.  It offers various deposit
and lending products, investment banking services, and credit
cards. As of March 31, 2006, the company operated 32 branches, 2
sub-branches, and 738 non-branch ATM locations.

                 About Bank of Tokyo-Mitsubishi

Based in Japan, Bank of Tokyo-Mitsubishi UFJ, Ltd. --
http://www.bk.mufg.jp/index.html-- mainly engages in the banking
business.  The Bank is involved in the banking business, including
deposits, foreign exchange and others; credit card business, as
well as the provision of other financial services such as leasing,
security brokerage, investment trust, life insurance and housing
loans.  Through subsidiaries and associated companies, the Bank is
also engaged in the commercial banking, investment, consumer
banking, credit guarantee, online banking institution research,
defined contribution pension operation and management, venture
investment, as well as investment trust evaluation and commission.
The Bank has 165 subsidiaries and 48 associated companies.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
November 6, 2008, Fitch Ratings affirmed Bank of Tokyo-Mitsubishi
UFJ's (BTMU) and Mitsubishi UFJ Trust and Banking Corporation's
(MUTB) individual ratings at 'B' following the announcement by
parent Mitsubishi UFJ Financial Group (MUFG) that it plans to
issue JPY390 billion of preferred stocks and up to JPY600 billion
of common shares.


GODO KAISHA: Moody's Downgrades Rating on Class D Notes to 'B2'
---------------------------------------------------------------
Moody's Investors Service has downgraded the rating of a Class D
Note issued by Godo Kaisha JLOC38.  The note's final maturity date
falls in April 2016.

  -- Prior Rating: Ba2
  -- Prior Rating Action Date: 10/24/2008
  -- Current Rating: B2

JLOC38, effected in September 2007, represents the securitization
of 34 non-recourse loans originated by Morgan Stanley Japan
Securities Co., Ltd.

The two loans backing the JLOC38 Notes were accelerated and have
become Specially Serviced Loans.

The rating action is based on the Special Servicing Report
prepared by the Servicer as of Nov. 10, 2008.  The rating action
reflects further uncertainty of the collateral recovery from a
specially serviced loan.


SHINSEI BANK: Posts JPY19.2 Billion First Half Loss, CEO Quits
--------------------------------------------------------------
Shinsei Bank Ltd President and CEO Thierry Porte submitted his
resignation to the Board of Directors yesterday, November 12,
2008, the bank said in a statement.

The company said Masamoto Yashiro, previously Shinsei Bank's non-
executive chairman of the Board, will assume the position of
chairman of the Board and president and CEO.

                   First Half Financial Results

Shinsei Bank Ltd disclosed a consolidated net loss of JPY19.2
billion against a consolidated net loss forecast of JPY15.0
billion for the first half ended September 30, 2008, compared to a
net income of JPY23.1 billion in the first half ended
September 30, 2007.  On a cash-basis, Shinsei Bank recorded a
consolidated net loss of JPY14.3 billion in the first half,
compared to a net income of JPY28.7 billion in the first half of
the previous fiscal year.

Continued turmoil in global markets led to losses in Shinsei
Bank's institutional banking operations.  This was partly offset
by improved results in the Individual Group, comprising retail
banking and consumer finance.  Ordinary business profit for the
Individual Group jumped nearly 50% to JPY24.1 billion in the first
half.  Retail banking returned to profitability and posted its
best quarter in over two years, sustaining the momentum of the
previous quarter.

While it has made significant progress in retail banking and
consumer finance businesses, Shinsei Bank said it recognizes that
overall results are disappointing.  The operating environment
looks set to remain challenging as severe disruption persists in
international markets.  However, management is confident that by
maintaining its clear focus on the customer, Shinsei can return to
a strong growth trajectory.

The Individual Group's progress is especially encouraging, with
newly acquired GE Consumer Finance expected to add about JPY30
billion to earnings in the second half.  Shinsei Bank said it
announced the completion of the acquisition of GE Consumer Finance
on September 22, 2008, a bold move that has positioned it as a
major player in retail financial services in Japan.  Scheduled to
be renamed Shinsei Financial Co., Ltd., on April 1, 2009, the new
subsidiary started contributing to Shinsei Bank's earnings from
October 2008.  Shinsei Bank believes the acquisition is an
important step toward becoming a leading responsible credit
provider to Japanese consumers.

Shinsei Bank's total revenue in the first half ended September 30,
2008, was 102.3 billion yen, down 26.2% compared to the same
period of the previous fiscal year, as stronger results for the
Individual Group were not able to offset the weaker results in
institutional banking operations.  Revenues from Shinki were
accretive after the company became a consolidated subsidiary in
the second half of the previous fiscal year, boosting revenue in
the Individual Group.  In the Institutional Group, Shinsei Bank's
non-recourse real estate finance business outperformed its capital
markets business while the principal investment and securitization
businesses underperformed as a result of the bankruptcy of Lehman
Brothers Holdings, Inc. as well as losses related to European
asset-backed investments and to other investments in Europe.

           Completion of Acquisition of GE Consumer Finance

On September 22, 2008, Shinsei Bank announced the completion of
the acquisition of GE Consumer Finance (scheduled to be renamed
Shinsei Financial Co., Ltd. on April 1, 2009). GE Consumer Finance
started contributing to Shinsei Bank's earnings from October,
2008, and is expected to contribute about JPY30 billion to
earnings in the second half of this fiscal year.  The acquisition
also gave the Shinsei Bank Group an additional 1,100 outlets, more
than JPY800 billion in assets and the highly regarded Lake brand.
This will allow the Individual Group to deliver the Shinsei
experience to a customer base that now well exceeds 12 million
accounts.  At the same time, Shinsei minimized its risk exposure
in a comprehensive purchase agreement that effectively contained
"grey zone" liabilities through substantial reserves and a robust
seller's indemnity.

Shota Umeda, who has over 20 years experience in GE in Japan, was
appointed as the president and representative director (CEO) of
this new Shinsei Bank Group subsidiary.

                           Dividend

In light of these financial results, Shinsei Bank said it has
decided not to pay a dividend in the first half of this fiscal
year.

                      About Shinsei Bank

Headquartered in Tokyo, Japan, Shinsei Bank Ltd --
http://www.shinseibank.com/-- is a financial institution
providing a full range of financial products and services to
both institutional and retail customers based on a three-pillar
strategic business model comprising institutional banking,
consumer and commercial finance and retail banking.  The Bank
has total assets of JPY11.5 trillion (US$115 billion) on a
consolidated basis (as of March 2008) and a network of 41
outlets that includes 35 Shinsei Financial Centers, 2 Platinum
Centers and 4 BankSpots in Japan.

                          *     *     *

The bank continues to carry Fitch Ratings affirmed Shinsei Bank
Ltd's Short-term foreign and local currency IDRs at 'F2',
Individual 'C', Support '3', and Support Rating Floor 'BB+'.

Shinsei Bank Ltd also continues to carry a "BB" Subordinated
Debt rating, which was placed by Mikuni Credit Ratings on
October 25, 2006.


* Fitch Releases Rating Stress Test Report on Japanese CMBS
-----------------------------------------------------------
Fitch Ratings has released a special report, in which the agency
performed stress tests on Japanese commercial mortgage-backed
securities it rates and analyzed, tranche by tranche, the impact
of various stress scenarios, where decreased net cash flow from
collateral properties and increased cap rates are applied on the
principal repayment of CMBS.

Fitch adopted several stress scenarios for both NCF and cap rates,
factoring in the development and performance of the Japanese
property market.  Assuming that all outstanding underlying loans
default as of their maturity date, the agency calculated recover
able loan amounts based on hypothetical collateral value with
decreased NCF and increasing cap rate.  Loss severities of all
CMBS tranches were then calculated assuming that the recovered
amount from underlying loans will be applied to the principal
payment based on the prescribed payment waterfall.

Under the severest scenario assumed in the report, the recoverable
loan amount was calculated with collateral value decline using NCF
lower by 20% and cap rate multiplied by 1.5. In this case, while
losses on investment-grade tranches were 21.0%, 'AAA' tranches,
comprising about 60% of the outstanding balance of Fitch-rated
CMBS, suffered no loss.

The report also provides the comparison of loss severities between
transactions that include liquidation-type loans in their
underlying loan portfolios, and transactions that do not include
these loans.  Furthermore, stress test results by year of issue
are presented.


* Moody's Reports Impact of Capital Rules Relaxation on Ratings
---------------------------------------------------------------
Moody's Investors Service has published a Special Comment on the
latest announcement by Japan's Financial Services Agency regarding
the possible relaxation of regulated capital rules.

According to Kyosuke Kaji, Moody's analyst and author of the
Special Comment, "relaxation of the rules would affect only the
calculation for regulatory capital, meaning that banks' financial
accounting would not be affected.  Moody's consider this an
example of regulatory forbearance."

According to the FSA's announcement, banks using the domestic
standard -- most regional financial institutions have adopted this
-- may not be required to deduct unrealized losses on securities
from the calculation of their Tier 1 capital amount.  Banks
applying the international standard can exclude losses from those
securities with risk weights equal to zero under the standard
method when they calculate their Tier 1 capital amounts.

"Of the 15 regional banks Moody's rate, 11 use the domestic
standard, 4, the international. Moody's think that the
'relaxation' may have little impact on most of the rated banks,
because their financial/economical realities are likely to be
unaffected solely by its application," according to Kyosuke Kaji.
"Thus, in Moody's rating considerations, Moody's will continue to
focus on the impact of unrealized losses from securities on Tier 1
capital."

In Moody's view, the reason for the FSA's move is the current
trend in the global risk asset markets, which has downwardly
pressured all investment asset classes, and thus invalidated the
premise of a diversified investment strategy.  These developments
have affected not just the regional banks, however -- all the
Japanese banks with strong liquidity investing in various types of
securities are being affected.

"We also think that the Japanese government is seriously concerned
about the possible risk of a systemic credit crunch, particularly
for the weak regional economies," writes Kyosuke Kaji.  "Growing
downward pressure on Tier I capital would likely affect the risk
asset management of not just the regional but also the major
banks, leading to a credit crunch for domestic SMEs -- despite
abundant yen liquidity.  The change in the calculation would be
more significant for those weak regional banks applying the
domestic standard."



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

DAEWOO CAPITAL: Fitch Changes 'BB+' Rating Outlook to Negative
--------------------------------------------------------------
Fitch Ratings has revised Outlooks to Negative from Stable to the
Long-term Foreign Currency Issuer Default Ratings of various Kore
an financial institutions:

Policy Institutions:

  -- Export-Import Bank of Korea: IDR 'A+'; Outlook revised to
     Negative from Stable;

  -- Korea Development Bank: IDR 'A+'; Outlook revised to Negative
     from Stable;

  -- Industrial Bank of Korea: IDR 'A+'; Outlook revised to
     Negative from Stable;

  -- National Agricultural Cooperative Federation: IDR 'A+';
     Outlook revised to Negative from Stable; and

  -- Small Business Corporation: IDR 'A+'; Outlook revised to
     Negative from Stable.

Commercial Banks:

  -- Shinhan Bank: IDR 'A'; Outlook revised to Negative from
     Stable;

  -- Woori Bank: IDR 'A-' (A minus); Outlook revised to Negative
     from Stable;

  -- Woori Financial Group: IDR 'BBB+'; Outlook revised to
     Negative from Stable;

  -- Hana Bank: IDR 'A-' (A minus); Outlook revised to Negative
     from Stable;

  -- Korea Exchange Bank: IDR 'A-' (A minus); Outlook revised to
     Negative from Stable;

  -- Pusan Bank: IDR 'BBB+'; Outlook revised to Negative from
     Stable;

  -- Kyongnam Bank: IDR 'BBB+'; Outlook revised to Negative from
     Stable; and

  -- Kwangju Bank: IDR 'BBB+'; Outlook revised to Negative from
     Stable.
Fitch has also affirmed Kookmin Bank's IDR at 'A+' with a Negative
Outlook.

Securities Companies:

  -- Woori Investment & Securities Co Ltd (WIS): IDR 'BBB+';
     Outlook revised to Negative from Stable;

  -- Korea Investment & Securities Co., Ltd (KIS): IDR 'BBB';
     Outlook revised to Negative from Stable; and

  -- Korea Investment Holdings Co. Ltd: IDR 'BBB'; Outlook revised
     to Negative from Stable.

Finance Companies:

  -- Daewoo Capital Co., Ltd.: IDR 'BB+'; Outlook revised to
     Negative from Stable.

Fitch has also changed the Outlook of Hyundai Card Co., Ltd.'s IDR
'BBB' to Stable from Positive.

The revision of Outlooks of the policy institutions, Korea
Development Bank, Export-Import Bank of Korea, Industrial Bank of
Korea, National Agricultural Cooperative Federation, and Small
Business Corporation to Negative from Stable is in line with
Fitch's recent Outlook revision of the Korean sovereign to
Negative from Stable, given that these institutions' IDRs are
based on the potential of support from the sovereign.

The revision to the Outlooks of the commercial banks reflects
concerns that credit costs could rise considerably over the medium
term due to economic slowing and tight system-wide liquidity in
both foreign currency and local won as well as the potential for
other losses such as on securities holdings.

The revision to the Outlooks of the Fitch-rated securities
companies takes into account their higher risk business models,
and reflects the potential for significant losses on investments,
due to the dramatic movement in markets in recent times.  It also
factors in the likelihood of notably higher funding costs and
possible funding constraints given their reliance on wholesale
markets.  At the same time, the agency recognizes the securities
companies' significant capitalization levels; KIS's net capital
ratio stood at 493% while WIS's was at 390% at June 30, 2008,
against a harsh regulatory minimum of 300%.

Hyundai Card's revised Outlook to Stable from Positive takes into
account the company's prudent growth in outstandings in recent
years; its focus on transactional customers should limit credit
costs going forward.  It also recognizes Hyundai's very
substantial capitalization (total CAR of 26.8% at June 30, 2008).
Together, these factors should ensure ongoing satisfactory access
to wholesale funding at a reasonable, although higher than usual,
cost.  As a result, the agency expects Hyundai will remain
profitable, albeit considerably down on the high levels of recent
years when it typically achieved an underlying return on assets of
3% or more.

Finally, Fitch has revised Daewoo Capital's IDR 'BB+' Outlook to
Negative from Stable following the company's strong asset growth
of 79% over the 18 months to June 30, 2008.  This has increased
the likelihood of higher credit costs going forward, whilst
reducing its capitalization with its CAR declining to around 12.3%
at June 30, 2008, from 19.0% at December 31, 2006.  Higher funding
costs and access are also a concern given the company's reliance
on wholesale markets.

In line with the Outlook changes, several associated rating
Outlooks have also been revised to Negative:

Export-Import Bank of Korea:

  -- Long-term Local Currency IDR 'AA'; Outlook revised to
     Negative from Stable; and
  -- Support Rating Floor of 'A+'.

Korea Development Bank:

  -- Support Rating Floor of 'A+'.

Industrial Bank of Korea:

  -- Support Rating Floor of 'A+'.

Small Business Corporation:

  -- Long-term Local Currency IDR 'AA'; Outlook revised to
     Negative from Stable.

Shinhan Bank:

  -- Support Rating Floor of 'A-' (A minus);
  -- Short-term IDR of 'F1'; and
  -- Support Rating of '1'.

Woori Bank:

  -- Support Rating Floor of 'A-' (A minus); and
  -- Support Rating of '1'.

Woori Financial Group:

  -- Short-term IDR of 'F2'.

Hana Bank:

  -- Support Rating Floor of 'A-' (A minus); and
  -- Support Rating of '1'.

Korea Exchange Bank:

  -- Support Rating Floor of 'BBB+'.

Pusan Bank:

  -- Support Rating Floor of 'BBB'; and
  -- Short-term IDR of 'F2'.

Kyongnam Bank:

  -- Support Rating Floor of 'BBB'; and
  -- Short-term IDR of 'F2'.

Kwangju Bank:

  -- Support Rating Floor of 'BBB'; and
  -- Short-term IDR of 'F2'.

Woori Investment & Securities Co.:

  -- Short-term IDR of 'F2'.



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

MALAYAN BANKING: First Qtr. Ended Sept. 2008 Profit Falls 22%
-------------------------------------------------------------
Malayan Banking Berhad said its first quarter ended September 30,
2008, profit fell 22 per cent from the same period in 2007 due to
higher loan loss provisions and impairment losses in an associated
company.

The company reported a profit after tax and minority interest of
MYR572.2 million for the three months ended September  30, 2008,
compared with MYR735.4 million net profit in the same period last
year.  The results include a maiden profit contribution of MYR23.1
million from its 20% associate company, MCB Bank Ltd, Pakistan.

The company's profit before tax for the period was MYR881.8
million compared with MYR1.01 billion in the corresponding
quarter.

                          Performance Overview

Maybank Chairman Tan Sri Mohamed Basir Ahmad said, "Despite the
lower profit recorded for the quarter, the Group remains strong in
terms of its total asset quality which improved steadily, clearly
reflecting its strong fundamentals and resilience in all economic
cycles.  The net non-performing loan ratio for the Group
strengthened to 1.84% from 1.92% in June 2008.  In addition, loan
loss coverage improved to 100.2% as at September 2008 compared
with 99.2% in June 2008.

Net interest income for the quarter was marginally lower by
MYR46.6 million or 3.6% to MYR1.27 billion compared to the
previous corresponding quarter.  The lower net interest income was
due mainly to lower income from deposits placed with financial
institutions and securities portfolio, and recoveries from non-
performing loans which were lower by MYR196.0 million (-18%) and
MYR23.4 million (-31.3%) respectively.  However, these were partly
offset by an increase of MYR120.5 million (+6.78%) in interest
income from loans, advances and financing.  Interest income was
also affected by a slight drop in average lending rates. Net
interest margin for the quarter was 2.5%, lower than the 2.8%
recorded in June 2008.

Non-interest income for the quarter (including marked to market
gain/loss of derivatives and securities held for trading) was
lower by MYR131.5 million or 21.5% compared to that of the
previous corresponding quarter. For the period under review, the
lower non-interest income was impacted by foreign exchange loss of
MYR125.2 million compared to a profit of MYR123.2 million in the
previous corresponding quarter.  This was mainly attributable to
the reversal of the foreign exchange gain of MYR193 million
reported in the previous financial year from the Singapore Dollar
placement in relation to the purchase consideration of PT Bank
Internasional Indonesia Tbk (BII).  The gain on foreign exchange
is now recognized as part of acquisition cost following the
successful acquisition of BII.

Excluding the reversal of the MYR193 million, the Group's foreign
exchange activities would have recorded a gain of MYR68.2 million.
The lower foreign exchange gain was due to losses in exchange
arising from general foreign currency funding activities.

Notwithstanding this, income from the Group's strong consumer
banking franchise continued to show a rise, with income from
transactional banking for the quarter under review growing to
MYR651.3 million from MYR642.7 million previously.

Overheads for the quarter just ended increased by MYR207.3 million
or 20.5% over that of the previous corresponding period due to
higher personnel and marketing costs as well as administration and
general expenses.

Personnel costs increased by MYR115.8 million or 26% mainly due to
salary revisions, including adjustments for previous quarters, for
officers and clerical staff under the respective finalized
collective agreements, while marketing costs increased by MYR11.2
million or 11% as a result of higher provisions made for credit
card sales and promotions.  Administration and general expenses
increased by MYR66.1 million, from MYR281.4 million to MYR347.5
million or 23.5%, mainly due to increase in claims incurred and
other administrative and general expenses such as cash processing
fees and royalties paid for the increased cards and treasury
businesses and higher utility bills due to increase in tariff
rates.

As a result, operating profit for the period decreased from
MYR1.12 billion to MYR809.3 million, or a reduction of 27.9%.


In the period under review, the Group's profit before tax was
impacted by impairment losses in an associated company of MYR242
million and higher allowance for losses on loans, advances and
financing of MYR84.1 million due mainly to the lower specific
allowance written back.  However, this was partly offset by the
write-back of allowance for the non-refundable deposit of MYR483.8
million in the financial statements arising from the completion of
the acquisition of Sorak Financial Holdings Pte Ltd, the
controlling shareholder of BII.

Among the business groups, the investment banking group recorded a
lower pre-tax profit of MYR16.1 million compared to MYR40.7
million previously, largely due to lower contribution from the
stock broking business and the one-off exceptional recoveries that
were recorded in the previous corresponding quarter.  The
insurance & takaful group also recorded lower pre-tax profit of
MYR15.4 million compared to MYR66.8 million previously, mainly due
to higher group insurance claims and provisions for diminution in
value of investments.

For the quarter, Consumer Banking revenue grew by 2.1% while
Corporate, Business and Treasury registered revenue growth of
6.3%. International Banking showed revenue growth of 6.0%.  The
Group's Islamic banking operations recorded steady growth of
34.6%.

Excluding BII, the Group registered overall loan growth year-on-
year of about 16.4%.  For the Malaysian operations, loan growth
year-on-year was about 13.4%, led by business loans, which rose
19.5% and consumer loans, which increased 7.3%. Strong growth was
also seen in automobile financing of 27.5% and card receivables
which grew by 21.1%.

The Group's international operations contributed 34.8% of total
Group loans, higher than the 27.2% recorded previously.  Maybank
Singapore saw loans grow by 14.2% on Singapore Dollar basis.

Total assets of the Group increased to MYR304.4 billion, higher by
13.1% compared to MYR269.1 billion recorded in June 2008.
Customer deposits rose 9.5% to MYR204.9 billion compared to
MYR187.1 billion in June 2008.  These were mainly attributable to
the inclusion of BII assets and deposits, which stood at MYR23.3
billion and MYR16.7 billion respectively, as well as growth in
assets and deposits of Maybank, which rose by MYR14.1 billion and
MYR1.6 billion respectively.

The risk weighted capital ratio of the Bank as at September 2008
stood at 10.76% compared to 12.09% as at June 2008.

                             Prospects

The deteriorating financial and economic situation in the
United States has raised the risk of a more pronounced downturn in
other industrialised and developing economies.  As a result,
Malaysia's economic growth could be slower than previously
expected due to sluggish growth in exports and more cautious
consumer spending, despite moderating domestic inflationary
pressures following the reduction in fuel prices.  The Government
has recently lowered the GDP forecast of 3.5% for 2009,
notwithstanding its introduction of various measures to cushion
the economic slowdown.

Against the backdrop of a worsening economic scenario, the
operating environment for the domestic banking sector is expected
to become more challenging with prospects for slower loans growth
and increasing risk of greater non-performing loans.

Maybank President and CEO Dato' Sri Abdul Wahid Omar said,
"Challenges in the domestic market intensified following the
global financial meltdown.  As a Group, we are adopting a
conservative outlook for the financial year ahead, focusing on
strengthening our core areas of business to drive growth and
building on our regional footprint to set the foundation for
future growth."

The Group is implementing its LEAP 30 performance improvement
programme, which was announced in August, to contend with the more
competitive environment ahead. This will include initiatives to
upgrade the commercial banking model, strengthen domestic
corporate and investment banking products and reduce procurement
costs.

Maybank Chairman Tan Sri Mohamed Basir added, "In the last
financial crisis of 1998, Maybank remained profitable and
continued to strengthen during that period. With a stronger
balance sheet and better asset quality, we are in a much stronger
position to remain profitable and ride through the impending
economic slowdown."

                         About Maybank

Maybank, a trade name for Malayan Banking Berhad is the largest
bank and financial group in Malaysia, with significant personal
banking operations in Brunei, Singapore and the Philippines as
well.  The bank also has large interests in Islamic banking and
insurance via its Etiqa subsidiary.  Maybank is the largest bank
in Malaysia with 361 domestic branches and 88 international
branches.  Maybank is the second largest listed company on the
Malaysian Stock Exchange, Bursa Malaysia, with a market
capitalisation of over MYR46.3 billion as of mid-December 2007.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on March 31,
2008, that Moody's Affirmed 'C' Bank Financial Strength Rating
but its outlook has been changed to negative from stable.



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

4 PEAKS ET AL: Commences Liquidation Proceedings
------------------------------------------------
The official assignee advises the liquidation of:

   -- 4 Peaks Lodge (2007) Ltd.; and
   -- Sumo Holdings Limited.


AGAPE- HOLISTIC: Court to Hear Wind-Up Petition on December 15
--------------------------------------------------------------
A petition to have Agape- Holistic Retreat Corporation Ltd.'s
operations wound up will be heard before the High Court of
Auckland on December 15, 2008, at 10:00 a.m.

Bank of New Zealand filed the petition against the company on
September 22, 2008.

Bank of New Zealand's solicitor is:

          T. J. G. Allan
          c/o Grove Darlow & Partners
          WHK Gosling Chapman Tower, Level 10
          51-53 Shortland Street, Auckland


DYNASTY METHVEN ET AL: Fixes Nov. 28 as Last Day to File Claims
---------------------------------------------------------------
The creditors of these companies are required to file their proofs
of debt by November 28, 2008, to be included in the dividend
distribution:

   -- Dynasty Methven Limited;
   -- Dynasty Property Developments Limited; and
   -- Down Under (NZ) Limited.

The company commenced liquidation proceedings on Oct. 21, 2008.

The company's liquidator is:

          John Whittfield
          McDonald Vague, PO Box 6092
          Wellesley Street, Auckland 1141
          Telephone:(09) 303 0506
          Facsimile:(09) 303 0508
          Website: http://www.mvp.co.nz


FUTURE UNKNOWN: Shareholders Appoint Gibson as Liquidator
---------------------------------------------------------
On October 15, 2008, Alastair James Gibson was appointed
liquidator of Future Unknown Ltd.

The company commenced liquidation proceedings on Oct. 15, 2008.

The Liquidator can be reached:

          Alastair James Gibson
          c/o Iles Casey, Chartered Accountants
          1081 Hinemoa Street
          PO Box 1346, Rotorua
          Telephone:(07) 348 7066
          Facsimile:(07) 347 6617


G & LM TERRY: Court to Hear Wind-Up Petition on December 15
-----------------------------------------------------------
A petition to have G & LM Terry Investments Ltd.'s operations
wound up will be heard before the High Court of Auckland on
December 15, 2008, at 10:45 a.m.

Body Corporate No. 358048 filed the petition against the company
on September 25, 2008.

The Petitioner's solicitor is:

          Nicholas Carter
          Carter & Partners, Barristers & Solicitors
          West Plaza Tower, 9th Floor
          1-3 Albert Street, Auckland


GENERAL MOTORS ACCEPTANCE NZ: Fitch Junks Short-Term IDR
--------------------------------------------------------
Fitch Ratings has downgraded GMAC LLC's Issuer Default Rating and
senior unsecured debt:

-- IDR to 'CCC' from 'B+';
-- Senior unsecured debt to 'CC' from 'B+'.

Concurrently, GMAC's ratings have been placed on Rating Watch
Negative, indicating that ratings may be lowered or affirmed at
current levels.  Approximately $72 billion of unsecured debt is
affected by this action.

This action follows a number of developments for the company,
including continued operating losses, consideration of a debt
exchange, and exploration of becoming a bank holding company.
These developments reflect, in part, the ongoing dislocations in
the capital markets as well as developing problems in the
macroeconomy.

GMAC has announced that it is exploring becoming a bank holding
company and has filed an application in this regard.  Should the
company be successful, GMAC would have greater access to various
options under the Troubled Asset Repurchase Program, including
direct capital contributions.  The company has a number of hurdles
to overcome, in order to become a BHC, namely changes in current
ownership as well as raising additional capital to meet BHC
requirements.  If successful, Fitch would view this positively;
however, it remains uncertain just how likely this will be, and it
may not result in an immediate rating change.

GMAC is also considering a debt exchange to alleviate mounting
financial pressures.  A debt exchange, if executed, would have the
effect of generating capital for the company as well as reducing
its financing burden.  Under Fitch's criteria, any such exchange
could be considered a distressed debt exchange, and ratings would
be lowered to 'D' or default upon execution if this were the case.
Fitch's downgrade also reflects continued operating losses, mainly
as a result of continued losses at Residential Capital LLC
(ResCap, rated 'D/D' by Fitch).  Fitch anticipates that GMAC's
operating performance will remain pressured, particularly as the
core auto finance business has begun to generate losses due to
lower General Motors sales volumes and weakening consumer and
dealer finances.  In addition, Fitch expects that GMAC may divest
non-core assets, as opportunities present themselves, making the
company's financial profile even more closely correlated to that
of GM.

GMAC has continued to provide financial support to ResCap;
however, Fitch expects that GMAC's ability and willingness to
continue to provide support is nearing an end.  Fitch believes a
bankruptcy filing by ResCap would not have any direct or immediate
implications on GMAC as the two entities are structurally
separate.

The ratings of GMAC's foreign subsidiaries covered under its Euro
medium term note program primarily reflect the unconditional and
irrevocable guarantee of GMAC.

The Rating Watch Negative indicates that ratings may be lowered or
remain the same.  Should GMAC receive BHC status without a debt
exchange, ratings could be maintained.  However, absent additional
financial support, Fitch believes GMAC's financial pressures would
intensify and ratings could be lowered.  In resolving the Rating
Watch, Fitch will evaluate GMAC's efforts to become a BHC and any
necessary actions needed to achieve this status.  In addition, the
execution of debt exchange could result in downgrade to 'D'.

Fitch has downgraded and placed on Rating Watch Negative GMAC and
its subsidiaries' ratings:

GMAC LLC
General Motors Acceptance Corp. of Canada Ltd.
GMAC International Finance B.V.
GMAC Bank GmbH

-- Long-term IDR to 'CCC' from 'BB-';
-- Short-term IDR to 'C' from 'B';
-- Senior unsecured debt to 'CC' from 'B+';
-- Short-term debt to 'C' from 'B'.

General Motors Acceptance Corp of Australia
General Motors Acceptance Corp. (N.Z.) Ltd.

-- Long-term IDR to 'CCC' from 'BB-';
-- Short-term IDR to 'C' from 'B';
-- Short-term debt to 'C' from 'B'.

GMAC Australia (Finance) Ltd.
General Motors Acceptance Corp. (U.K.) Plc

-- Short-term IDR to 'C' from 'B';
-- Short-term Debt to 'C' from 'B'.


KRUKZIENER PROPERTIES: Court to Hear Wind-Up Petition on Dec. 15
----------------------------------------------------------------
A petition to have Krukziener Properties Ltd.'s operations wound
up will be heard before the High Court of Auckland on Dec. 15,
2008, at 11:45 a.m.

Maltbys Limited filed the petition against the company on Oct. 7,
2008.

Maltbys Limited's solicitor is:

          T. J. G. Allan
          Grove Darlow & Partners
          WHK Gosling Chapman Tower, Level 10
          51-53 Shortland Street, Auckland


LEADER CONTRACTING: Creditors' Proofs of Debt Due on Nov. 28
------------------------------------------------------------
The creditors of Leader Contracting Ltd. are required to file
their proofs of debt by November 28, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Oct. 23, 2008.

The company's liquidators are:

          Stephen Kim Bennett
          Timothy John Hoyle
          c/o Steve Bennett Associates
          PO Box 627, Whangarei
          Telephone:(09) 438 2312
          Facsimile:(09) 438 2912
          e-mail: info@sba.net.nz


LIGHT HOUSE ET AL: Fixes December 24 as Last Day to File Claims
---------------------------------------------------------------
The creditors of these companies are required to file their proofs
of debt by December 24, 2008, to be included in the dividend
distribution:

   -- Light House Cinema (Upper Hutt) Ltd; and
   -- Optimum Cinema Systems (Australasia) Limited.

The companies' liquidator is:

          Craig Alexander Sanson
          c/o PricewaterhouseCoopers
          113-119 The Terrace
          PO Box 243, Wellington
          Telephone:(04) 462 7238
          Facsimile:(04) 462 7492


NEW LEAF ET AL: Appoints Brown and Rodewald as Liquidators
----------------------------------------------------------
On October 21, 2008, Kenneth Peter Brown and Thomas Lee Rodewald
were named as liquidators of:

   -- New Leaf Design Ltd; and
   -- MCC Engineering (2007) Limited.

The Liquidators can be reached at:

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


PROPERTY & COMPANY: Court Hears Wind-Up Petition
------------------------------------------------
A petition to have Property & Company Management Ltd.'s operations
wound up was heard before the High Court of Auckland on Nov. 10,
2008.

The Commissioner of Inland Revenue filed the petition against the
company on October 7, 2008.



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

BANK OF THE PHILIPPINE ISLANDS: Fitch Assigns 'BB' Long-Term IDR
----------------------------------------------------------------
Fitch Ratings has assigned these ratings to Bank of the Philippine
Islands: 'BB' Long-term foreign currency Issuer Default Rating,
'BB+' Long-term local currency IDR, 'AAA(phl)' National Long-term
Rating and 'BB-' Support Rating Floor.  The Outlook is Stable.
Concurrently, the agency has affirmed BPI's Individual Rating at
'C' and Support Rating at '3'.

The ratings reflect BPI's diversified business profile, good
franchise and satisfactory balance sheet strength.  While the
credit profile of Philippine banks will generally weaken amid the
more difficult operating environment, BPI, as one of the better-
rated Philippine banks, is believed to be more resilient than its
peers.  A rating downgrade may however stem from a significant
deterioration in BPI's financial health, including a much reduced
capital position following a significant cash acquisition,
although this is expected to be unlikely.

BPI's good franchise is reflected in its strong market shares in
residential mortgages, auto loans and remittance markets, which in
turn render its loan portfolio and revenue base quite well-
diversified.  This is expected to provide some resilience to its
earnings, which has moderated amid the slower economic outlook;
ROA was down from 1.7% in 2007 to 1.2% in 9M08 due to weaker
trading profits and rising provisions.

Its asset quality indicators are also likely to slightly
deteriorate although Fitch notes that they have so far remained
stable.  At end-September 2008, BPI's gross NPL ratio stood at
4.3% while its special-mention loan ratio - an indicator of new
delinquency - was low at 0.9%.  Reserve for foreclosed properties
was above average at 21% while that of NPLs was below average at
58% at end-September 2008, albeit improved from 49% at end-2007 on
the back of higher provisions.  On balance, the bank's strong Tier
1 CAR of 13% has some buffer to absorb fresh markdowns that may be
required under the present challenging conditions, and is indeed
one of the factors that underpins its ratings.

BPI is reportedly interested in acquiring Philippine American Life
and General Insurance Co, the largest insurance company in the
Philippines.  In the event the acquisition materialises, Fitch
believes that BPI - given its prudent track record - will take the
necessary steps to preserve its credit profile, which include
raising various capital instruments to maintain its satisfactory
balance sheet strength.

Established in 1851, BPI is the oldest Philippine bank with 830
branches and 1,485 ATMs and is the third-largest bank accounting
for 13% of banking system assets.  Its main shareholders are the
conglomerate Ayala group (33%), Singapore's DBS Bank ('AA-' (AA
minus), 20%) and the Roman Catholic Archdiocese of Manila (8.5%).


* PHILIPPINES: Domestic Liquidity Growth Accelerates in September
-----------------------------------------------------------------
The growth of domestic liquidity or M3 accelerated further in
September, expanding by 13.5 percent year-on-year from 9.8 percent
in the previous month, according to Bangko Sentral ng Pilipinas.
M3 growth in the same month a year ago was 11.5 percent.  On a
deseasonalized basis, M3 increased by 3.3 percent in September
from 1.3 percent in the previous month.

BSP said the expansion in domestic liquidity was due to the build-
up of both net domestic assets (NDA) and net foreign assets (NFA).
NDA grew by 10.8 percent, due mainly to the sustained growth in
credit extended to the private sector.  Credit extended to the
public sector grew moderately by 4.0 percent on the back of
increased lending to the National Government.  Credit to local
government units and other public entities also increased.
Meanwhile, NFA grew by 11.1 percent from 5.4 percent in August,
due mainly to the increase in the foreign assets of the BSP. By
contrast, foreign assets of banks declined by 10.1 percent
following lower investments in foreign securities.

The level of domestic liquidity is an important indicator of
monetary conditions and future economic activity.  BSP Officer-In-
Charge Armando L. Suratos said that the BSP continues to watch
liquidity conditions closely to ensure that the financing
requirements of the economy are met and that the Philippine
financial system is not adversely affected by the current credit
squeeze in global financial markets.



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

EMPORIUM HOLDINGS: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Singapore entered on October 31, 2008, an order
to have Emporium Holdings (Singapore) Ltd's operations wound up.

The wind-up petition was filed by:

          1. Chew Kia Ngee
          2. Ramasamy Subramaniam Iyer @ Rajendran
          3. Goh Thien Phong

Goh Thien Phong and Chan Kheng Tek at M/s PricewaterhouseCoopers
were appointed liquidators of the company.

The Liquidators can be reached at:

          c/o 8 Cross Street
          #17-00 PWC Building
          Singapore 048424

Engelin Teh Practice LLC serve as the plaintiffs' solicitors.



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

* TAIWAN: Cuts Interest Rate to 2.75% Amid Global Economic Crisis
-----------------------------------------------------------------
Taiwan has lowered its benchmark interest rate for the fourth time
in two months, adding to a series of cuts in the United States,
Europe and Asia aimed at preventing a prolonged global recession,
Chinmei Sung of Shanghai Daily reports.

According to the report, Perng Fai-nan, head of Taiwan's banking
authorities, said Taiwan has reduced the discount rate on 10-day
loans to banks to 2.75 percent from 3 percent, effective
November 10, 2008.

The move, Shanghai Daily relates, follows two similar-sized
reductions last month and a 0.125-percentage-point cut announced
on September 25.

Citing trade figures released last Friday, the report says
Taiwan's exports, which are equivalent to about half of the
island's gross domestic product, dropped 8.3 percent from a year
earlier last month, the biggest decline in more than three years.



                         *********

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

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

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


                            *********


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

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

Copyright 2008.  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 ***