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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

            Friday, November 14, 2008, Vol. 11, No. 227

                            Headlines

A U S T R A L I A

ACN 098 833 884: Members and Creditors to Hear Wind-Up Report
AUZQUIP PTY: Commences Liquidation Proceedings
BAJCO PTY: Members Receive Wind-Up Report
CAMLEC AUSTRALIA: Commences Liquidation Proceedings
DESTRA CORPORATION: Placed In Administration

EASTERN PROPERTIES: Placed Under Voluntary Liquidation
JAMES VISSER: Commences Liquidation Proceedings
JANEL PTY: Placed Under Voluntary Liquidation
LAKE EDGE: Placed Under Voluntary Liquidation
LARRY PETERSON: Placed Under Voluntary Liquidation

MORUYA MACHINERY: Placed Under Voluntary Liquidation
PALADIN ENERGY: Posts US$4.7MM Net Loss in Qtr. Ended Sept. 2008
PRECISION WIREFEED: Placed Under Voluntary Liquidation
REGIONAL MEDIA: Members and Creditors Receive Wind-Up Report
ROCA SERVICES: Placed Under Voluntary Liquidation

TEAM MAJESTIC: Members and Creditors Receive Wind-Up Report
UNIVERSAL HEATING: Commences Liquidation Proceedings


C H I N A

BANK OF CHINA: Cancels Proposed Bid for HBOS
ICBC: To Write Down HK$600 Mil. Iceland Bonds
SHANGHAI AUTOMOBILE: Sells 50% Stake to Pay Off Debts


H O N G K O N G

APEX COMPUTRONICS ET AL: Release Cornforth Hill as Liquidator
ART CONCORD: Court to Hear Wind-Up Petition on December 10
CHEUNG KEE: Court Enters Wind-Up Order
CITIC PACIFIC: Gets US$1.5 Bil. Bailout From Parent
DILIGENT WIN ET AL: Appoint Wai and Fun as Liquidators

KAMMY TOWN: Court Enters Wind-Up Order
KOLIN INTERNATIONAL: Subject to Bangkok Bank's Wind-Up Petition
KOON WAH: Court Enters Wind-Up Order
MAN LUNG: Appoints Cowley and Middleton as Liquidators
NGT HONG KONG: Court Enters Wind-Up Order

SZU LONG: Faces Choi Chi's Wind-Up Petition
WIN SMART: Court Enters Wind-Up Order
WINBEST INTERNATIONAL: Court Enters Wind-Up Order
YUET CHOI: Creditors' Proofs of Debt Due on November 21


I N D I A

TATA TELESERVICES: To Sell 26% Stake to DoCoMo for US$2.7 Bil.


I N D O N E S I A

BUANA TBK: Fitch Keeps Long-Term IDRs at 'BB' With Stable Outlook
NISP TBK: Fitch Maintains 'BB' Long-Term Foreign Currency Rating
TELEKOMUNIKASI SELULAR: Fitch Affirms 'BB+' Long-Term IDRs


J A P A N

ARSENAL ASSET: Moody's Reviews Bond Ratings for Possible Downgrade
HARAJUKU HOLDING: Moody's Puts Ba2 Rating on Review for Downgrade
JLOC 38: Fitch Downgrades Rating on Class D Notes Due April 2016
SANYO ELECTRIC: Fitch Puts 'BB+' Ratings on Rating Watch Positive
SMM AUTO: Sumitomo Mitsui Deal Cues Fitch to Upgrade 'B' Ratings

* Fitch Sees Widening Range of Hospital Ratings in Japan
* Moody's Reports Japan CMBS Market Update


K O R E A

SHINSUNG ENGINEERING: Seeks Court Receivership to Reschedule Debts


M A L A Y S I A

WELLI MULTI: Changes Name to Energreen Corporation Berhad


N E W  Z E A L A N D

BUYERS AGENT: Court Hears Wind-Up Petition
FCL ROADFREIGHT: Subject to South Pacific's Wind-Up Petition
ST KILDA FINANCE: Goes Into Receivership
MARINE PORTS: Subject to Hiway Stabilizers's Wind-Up Petition
NETTEN FARM: Subject to RD1 Limited's Wind-Up Petition

ROCKHAVEN INDUSTRIES: Subject to CIR's Wind-Up Petition
LIFE PHARMACY: Posts NZ$.415 Mil. Loss in 6-Months Ended Sept. 30
XEML LTD: Appoints Shephard and Dunphy as Liquidators
XCLUDER PEST: Appoints Kenneth Peter Brown as Liquidator
* NEW ZEALAND: Retail Sales Volumes Drop 0.9% in Sept. 2008 Qtr.


T A I W A N

* Fitch Says Taiwanese Life Insurers Face Tougher Challenges


X X X X X X X X

* Moody's Says Global Speculative Default Rate to Reach 10.4%
* Large Companies with Insolvent Balance Sheets


                         - - - - -


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

ACN 098 833 884: Members and Creditors to Hear Wind-Up Report
-------------------------------------------------------------
The members and creditors of ACN 098 833 884 Pty Limited will meet
today, November 14, 2008, at 10:00 a.m., to hear 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


AUZQUIP PTY: Commences Liquidation Proceedings
----------------------------------------------
During a general meeting held on September 29, 2008, the members
of Auzquip Pty Limited agreed to voluntarily liquidate the
company's business.

The company's liquidator is:

          Antony De Vries
          Riad Tayeh
          c/o de Vries Tayeh
          95 Macquarie Street, Level 3
          Parramatta NSW 2124


BAJCO PTY: Members Receive Wind-Up Report
-----------------------------------------
The members of Bajco Pty Limited met on November 10, 2008, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Riad Tayeh
          c/o de Vries Tayeh
          95 Macquarie Street, Level 3
          Parramatta NSW 2150


CAMLEC AUSTRALIA: Commences Liquidation Proceedings
---------------------------------------------------
During a general meeting held on September 29, 2008, the members
of Camlec Australia Pty Limited agreed to voluntarily liquidate
the company's business.

The company's liquidator is:

          John Charles York
          York Robertson Partners
          Suite 1, Level 1
          3-5 Railway Street
          Baulkham Hills NSW 2153


DESTRA CORPORATION: Placed In Administration
--------------------------------------------
In a regulatory filing with the Australian Stock Exchange, destra
Corporation Limited said it has appointed Tony Sims, Grant Sparks
and Andrew Smith of PPB as administrators of the company and its
subsidiaries.

The company said the appointment of a voluntary administrators
follows confirmation from Prime Media Group Limited and destra's
bankers that they are withdrawing future financial support.

According to destra, Prime has been providing working capital
assistance to the company via a short term loan facility over
recent weeks to allow the company time to attempt to find
solutions to its financial position in the best interests of all
stakeholders.  In addition to this support, destra stated, Prime
has also been working intensively with the company on a number of
proposals that have been put to the bank, but all of these have
been rejected.

destra said it has also been actively engaged in the process of
exiting all businesses within the Entertainment division for a
number of months, with the expectation that these sales, and in
particular the sale of its Vision business, would provide
significant cash flows and enable full repayment of the company's
bank debt.

Continued adverse trends in the consumer and advertising markets
and unprecedented capital market volatility have, however,
contributed to making assets sales difficult during this period.
In addition, the party with whom destra was negotiating the Vision
sale recently and unexpectedly indicated that it did not wish to
proceed with those negotiations.  These events have significantly
impacted the group's cash flow outlook, the company said.

Separately, Prime Media said that should a receiver or
administrator be appointed to destra and there is found to be no
value for equity holders, a likely consequence will be that Prime
will write off its entire investment in destra, which after
previous write downs, would be about AU$9 million.

                          About Prime Media

Based in Australia Prime Media Group Limited(ASX:PRT) --
http://www.primetv.com.au/-- formerly Prime Television Limited,
engages in the operation of commercial television and radio
stations; film exhibition and distribution under the Dendy
(disposed April 30, 2008) and Moonlight Cinema brands; outside
broadcast production, and television program productions.  During
the fiscal year ended June 30, 2008 (fiscal 2008), Prime Media
Group Limited acquired AMI Radio Pty Limited and controlled
entity, Hot 91 Pty Limited, Prime Media Group Services Pty Limited
and Prime Media Singapore Pte Ltd.  On February 22, 2008, the
company entered into a sale agreement to dispose of the Dendy Film
Distribution and Exhibition businesses.  The sale was completed on
April 30, 2008.

                           About destra

destra Corporation Limited (ASX:DES) -- http://www.destra.com--
is engaged in the business of advertising sales. The Company is
organized into two operating divisions: destra Media and destra
Entertainment. The destra Media segment provides advertising and
related services for clients and in respect of destra-owned media.
The destra Entertainment division sells music (online and compact
disc) and digital versatile disc. During the fiscal year ended
June 30, 2007, the Company disposed of its destra Business
segment, which provided Web hosting, data access, and voice
communications services.


EASTERN PROPERTIES: Placed Under Voluntary Liquidation
------------------------------------------------------
During a general meeting held on September 25, 2008, the members
of Eastern Properties (NSW) Pty Ltd agreed to voluntarily
liquidate the company's business.

The company's liquidator is:

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


JAMES VISSER: Commences Liquidation Proceedings
-----------------------------------------------
James Visser Pty Ltd commenced liquidation proceedings on
September 22, 2008.

The company's liquidator is:

          James Shaw
          Ferrier Hodgson, Chartered Accountants
          2 Market Street, Level 3
          Newcastle NSW 2300


JANEL PTY: Placed Under Voluntary Liquidation
---------------------------------------------
During a general meeting held on September 26, 2008, the members
of Janel Pty Ltd agreed to voluntarily liquidate the company's
business.

The company's liquidator is:

          S. O'Reilly
          10 Coonah Parade
          Riverview NSW 2066


LAKE EDGE: Placed Under Voluntary Liquidation
---------------------------------------------
At an extraordinary general meeting held on September 22, 2008,
the members of Lake Edge Security Pty Limited resolved to
voluntarily liquidate the company's business.

The company's liquidator is:

          Paul William Gidley
          Ferrier Hodgson
          2 Market Street, Level 3
          Newcastle NSW 2300
          Telephone:(02) 4908 4444
          Facsimile:(02) 4908 4499


LARRY PETERSON: Placed Under Voluntary Liquidation
--------------------------------------------------
At an extraordinary general meeting held on September 25, 2008,
the members of Larry Peterson & Associates Pty Limited resolved to
voluntarily liquidate the company's business.

The company's liquidators are:

          Scott Anthony Newton
          Paul William Gidley
          Ferrier Hodgson, Chartered Accountants
          Level 3, 2 Market Street
          Newcastle NSW 2300


MORUYA MACHINERY: Placed Under Voluntary Liquidation
----------------------------------------------------
During a general meeting held on September 29, 2008, the members
of Moruya Machinery Pty Limited agreed to voluntarily liquidate
the company's business.

The company's liquidator is:

          John Charles York
          York Robertson Partners
          Suite 1, Level 1
          3-5 Railway Street
          Baulkham Hills NSW 2153


PALADIN ENERGY: Posts US$4.7MM Net Loss in Qtr. Ended Sept. 2008
----------------------------------------------------------------
Paladin Energy Ltd disclosed its quarterly report for the three
months ended September 30, 2008.

For the quarter ended September 30, 2008, the company reported a
loss after tax of US$4.7 million, which was lower than the loss
after tax for 2007 of US$14.5 million reported in 2007.  The lower
loss was attributed to higher sales revenue as a consequence of
achieving nameplate production.

Revenue from continuing Operations increased to US$52.4 million in
2008 as a result of sales of uranium of US$51.0 million.  Total
sales volume for the quarter was 878,000lb and total production
for the quarter was 650,554lb.

Gross profit in 2008 of US$22.0 million is higher than in 2007 as
a consequence of LHUP achieving nameplate production during the
quarter ended 30 September 2008.

Exploration and evaluation expenditure of US$3.6 million remained
approximately the same in 2008 compared to 2007 as a result of
ongoing expenditure on the Valhalla/Skal, Isa North, Bigrlyi,
Langer Heinrich and Kayelekera Uranium Projects. Of this total,
US$2.2 million was spent on the Valhalla/Skal joint venture
project.

Other expenses and income increased in 2008 to US$10.1 million
mainly due to the recognition of an impairment of inventory
expense of US$3.7 million in 2008 as a result of the inventory
held for trading by Paladin Nuclear Ltd being reduced to net
realizable value at spot prices.  This is partly offset by a net
foreign exchange gain of US$2.3 million.  The foreign exchange
gain was attributable to the translation of monetary assets and
liabilities in Namibian dollars at LHUP and Australian dollars at
Paladin Energy Ltd.  This was offset by higher corporate/marketing
costs, employee benefits expense and share based payments.

Finance costs increased to US$9.2 million in 2008.  This relates
to interest payable on the US$250 million convertible bonds issued
December 15, 2006, the US$325 million convertible bonds issued
March 11, 2008, and the LHUP project finance facilities.

Income tax expense of US$4.2 million relates to the recognition of
Namibian tax expense on operations and the reversal of deferred
tax liabilities relating to the convertible bonds over the term
of the respective bonds.

Minority interests credit of US$0.4 million has been recorded in
2008 attributable to the 18.0% of Summit Resources Ltd not owned
by the Group.

                     About Paladin Energy

Headquartered in Subiaco, Australia, Paladin Energy Ltd --
http://www.paladinresources.com.au-- formerly Paladin
Resources, Ltd., operates in the resource industry, with a
principal business of evaluation and development of uranium
projects in Africa and Australia. Its wholly owned projects
include the Langer Heinrich Uranium Project, which is located in
Namibia, Southern Africa, and hosts surficial, calcrete type
uranium deposit; the Kayelekera Uranium Project, which is
located in northern Malawi, Southern Africa; the Manyingee
Uranium Project, which is located in the north west of Western
Australia, and hosts sandstone deposits, and the Oobagooma
Project, which is located in the West Kimberley region of
Western Australia, and hosts sandstone deposits. Its joint
venture with Quasar Resources Pty Ltd covers two exploration
licenses in the northern Frome Basin in South Australia. During
the fiscal year ended June 30, 2006, it completed resource
drilling programs at Langer Heinrich and Kayelekera Uranium
Projects. As of June 1, 2007, Paladin held an 81.82% interest in
Summit Resources Limited.

                         *     *     *

The company reported net losses of US$36.0 million, US$37.6
million and AU$7.49 million for the years ended June 30, 2008,
2007 and 2006.


PRECISION WIREFEED: Placed Under Voluntary Liquidation
------------------------------------------------------
The directors of Precision Wirefeed Welding Pty Limited met on
September 26, 2008, and agreed to voluntarily liquidate the
company's business.

The company's liquidators are:

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


REGIONAL MEDIA: Members and Creditors Receive Wind-Up Report
------------------------------------------------------------
The members and creditors of Regional Media Partners Pty Ltd met
on November 10, 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


ROCA SERVICES: Placed Under Voluntary Liquidation
-------------------------------------------------
During a general meeting held on September 29, 2008, the members
of Roca Services Pty Limited agreed to voluntarily liquidate the
company's business.

The company's liquidator is:

          M. F. Cooper
          Frasers Insolvency Advisory
          99 Elizabeth Street, Level 5
          Sydney NSW 2000


TEAM MAJESTIC: Members and Creditors Receive Wind-Up Report
-----------------------------------------------------------
The members and creditors of Team Majestic Panel & Paint Pty Ltd
met on November 3, 2008, and received the liquidator's report on
the company's wind-up proceedings and property disposal.

H. C. Thomas is the company's liquidator.


UNIVERSAL HEATING: Commences Liquidation Proceedings
----------------------------------------------------
During a general meeting held on September 29, 2008, the members
of Universal Heating Pty Limited agreed to voluntarily liquidate
the company's business.

The company's liquidator is:

          John Charles York
          York Robertson Partners
          Suite 1, Level 1
          3-5 Railway Street
          Baulkham Hills NSW 2153



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

BANK OF CHINA: Cancels Proposed Bid for HBOS
--------------------------------------------
The Scotsman reported that Bank of China Ltd has called off its
proposed bid for HBOS Plc.

Bank of China lost interest after being allegedly given the cold
shoulder by Britain's Treasury, the report said citing sources
close to the deal.

However, the Scotsman related, this has been denied by Treasury
officials who have claimed that their only interest is seeing a
package put forward which will provide financial stability.

According to Shanghai Daily, HBOS shareholders are due to vote
next month on an all-share takeover offer by Lloyds TSB Group Plc
after it came close to collapse.

                         About HBOS Plc

HBOS Plc (LON: HBOS) is a United-Kingdom based company.  It is the
holding company of the HBOS Group.  It operates through five
divisions: Retail, Corporate, Insurance & Investment,
International and Treasury & Asset Management.  The company's
Retail range of products includes personal and business banking
products and services to 23 million customers.

                       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.


ICBC: To Write Down HK$600 Mil. Iceland Bonds
---------------------------------------------
The Industrial and Commercial Bank of China's Hong Kong unit, The
Industrial and Commercial Bank of China (Asia) Ltd., said it will
write down in full the HK$600 million (US$77.4 million) it has
invested in bonds issued by three banks in Iceland, Shanghai Daily
reports.

Citing a bank's statement to the Hong Kong exchange, the report
relates that the impairment loss will be taken this year and is
the result of "the recent global financial turmoil."

However, the loss won't have a "significant" impact on the bank's
business and accounts for not more than 0.3 percent of total
assets at the lender and its subsidiaries as of June 30, 2008,
Shanghai Daily says citing ICBC.

                            About ICBC

The Industrial and Commercial Bank of China --
http://www.icbc.com.cn/-- is the largest state-owned commercial
bank, and is authorized by the State Council and the People's Bank
of China.  ICBC conducts operations across China as well as in
major international financial centers.

                          *     *     *

ICBC continues to carry Fitch Ratings' Individual D/E rating.

On May 4, 2007, Moody's Investors Service affirmed Industrial &
Commercial Bank of China Ltd's Bank Financial Strength Rating at
D-.  The outlook for BFSR is stable.  The outlook for the long-
term deposit rating is positive.

Net income for the second quarter of 2008 was US$0.8 million, down
66%.


SHANGHAI AUTOMOBILE: Sells 50% Stake to Pay Off Debts
-----------------------------------------------------
Jin Jing at Shanghai Daily reported that Shanghai Automobile
Industry Hudong Sales Co., Ltd., is selling a 50-percent stake due
to its inability to pay its debts.

According to the report, an official from Shanghai United Assets
and Equity Exchange said five potential buyers have expressed
interest to purchase the company's stake after a one-month bidding
period ended on Tuesday, November 11, 2008.

Hudong Sales total assets reached CNY47.15 million while its debts
total CNY47.58 million, Shanghai Daily added.

Shanghai Automobile Industry Hudong Sales Co., Ltd. sells cars
made by Shanghai Volkswagen Co Ltd.



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

APEX COMPUTRONICS ET AL: Release Cornforth Hill as Liquidator
-------------------------------------------------------------
Nicholas Timothy Cornforth Hill was released as liquidator of
these companies:

   Company Name                                    Date of Release
   ------------                                    ---------------
   * Apex Computronics Company Limited             Oct. 27, 2008
   * Ever Bright Construction and Engineering Ltd  Oct. 27, 2008
   * Wing Lee Wai Limited                          Sept. 29, 2008
   * World Bloom Limited                           Oct. 15, 2008


ART CONCORD: Court to Hear Wind-Up Petition on December 10
----------------------------------------------------------
A petition to have Art Concord Limited's operations wound up will
be heard before the High Court of Hong Kong on December 10, 2008,
at 9:30 a.m.

Chau Yuk Fan filed the petition against the company on Oct. 8,
2008.


CHEUNG KEE: Court Enters Wind-Up Order
--------------------------------------
On October 29, 2008, the High Court of Hong Kong entered an order
to have Cheung Kee Cleaning Company Limited's operations wound up.


CITIC PACIFIC: Gets US$1.5 Bil. Bailout From Parent
---------------------------------------------------
Citic Pacific Limited said it has reached an agreement that
provides critical financial support to meet certain liabilities
from the exposure to the leveraged foreign exchange contracts.

CITIC Group will provide a US$1.5 billion (approximately HK$11.6
billion) standby loan facility, to be replaced by the issuance of
a convertible bond of the same value.  This bond will convert into
shares at a price of HK$8 per share, Citic Pacific said in a
statement.

On conversion of the convertible bond, CITIC Group's shareholding
in CITIC Pacific will be around 57.6%.

After the arrangements, the company said, the AUD leveraged
foreign exchange contracts within CITIC Pacific will be used for
its Australian iron ore business.  CITIC Group will take on the
rest of the contracts and their corresponding liabilities.

As a result, CITIC Pacific said it will have a sound financial
platform and be able to continue its operations with an
appropriate level of debt.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct.  22, 2008, various reports said Citic Pacific may post a
nearly US$2 billion loss from unauthorized currency trade by two
of its executives.

The Wall Street Journal reported that the company's Group Finance
Director Leslie Chang and Group Financial Controller Chi Yin Chau
were fired from their post for neglecting to provide proper
oversight.  It was "regrettable that policies and procedures on
risk management were not followed," the same report cited Citic
Pacific Chairman Larry Yung, as saying.

Citic Pacific's bet that the Australian dollar would rise resulted
into losses as the currency tumbled about 30% against its U.S.
counterpart from a 25-year high reached in July, Bloomberg News
reported.  According to the WSJ, the hit to the company's bottom
line could reach HK$14.7 billion (US$1.89 billion), which is
roughly a third more than the company earned in 2007.

Moreover, Agence France-Presse said that the company also said it
had incurred loses of HK$808 million (US$104 million) in
terminating leveraged foreign exchange contracts.  The size of the
loss won't be known until December 31, when Citic Pacific plans to
mark to market its positions in currency-derivative contracts, WSJ
said.

Citic Pacific's state-owned parent, Citic Group, has agreed to
step in with a standing loan of US$1.5 billion.  Citic Group holds
a 29% stake in Citic Pacific.

                     About CITIC Pacific

Headquartered in Hong Kong, CITIC Pacific Ltd --
http://www.citicpacific.com/-- is engaged in a range of
businesses in China and Hong Kong, including steel manufacturing,
property development and investment, power generation, aviation,
infrastructure, communications and distribution.  It is 29%
indirectly owned by China International Trust & Investment
Corporation.

                          *     *     *

As reported by Troubled Company Reporter - Asia pacific Oct. 23,
2008, Standard & Poor's Ratings Services lowered its corporate
credit rating on CITIC Pacific Ltd. to 'BB' from 'BB+', and placed
it on CreditWatch with negative implications.  This follows CITIC
Pacific's announcement that it has incurred HK$15.5 billion losses
from various leveraged foreign exchange contracts.  At the same
time, S&P lowered its issue rating to 'BB' from 'BB+' on the
senior unsecured notes issued by CITIC Pacific Finance (2001) Ltd.
and guaranteed by CITIC Pacific.

In addition, the TCR-AP reported that Moody's Investors Service on
Oct. 23, 2008, downgraded the Ba1 corporate family rating of CITIC
Pacific Ltd and the Ba1 rating of CITIC Pacific Finance (2001)
Ltd's US$450 million bonds to Ba2.  The ratings continue to be on
review for possible downgrade.


DILIGENT WIN ET AL: Appoint Wai and Fun as Liquidators
------------------------------------------------------
The High Court of Hong Kong appointed Li Man Wai and Tsang Lai Fun
as liquidators of:

   Company Name                                Date of Appointment
   ------------                                -------------------
   * Diligent Win Limited                           July 18, 2008
   * Cargo-Land (Futian) Warehouse and
     Tranportation Co., Limited                    Sept. 16, 2008
   * Capitaltech (Asia) Limited                     Oct. 23, 2008

The Liquidators can be reached at:

          Li Man Wai
          Tsang Lai Fun
          Raymond Li & Co., CPA
          Tai Yau Building, 10th Floor, Room 1001
          Wanchai, Hong Kong
          Telephone: (852) 2889 8833
          Facsimile: (852) 2889 8433


KAMMY TOWN: Court Enters Wind-Up Order
--------------------------------------
On October 29, 2008, the High Court of Hong Kong entered an order
to have Kammy Town Limited's operations wound up.


KOLIN INTERNATIONAL: Subject to Bangkok Bank's Wind-Up Petition
---------------------------------------------------------------
On October 14, 2008, Bangkok Bank Public Company Limited filed a
petition to have Kolin International Holding Co., Limited's
operations wound up.

The petition will be heard before the High Court of Hong Kong on
December 17, 2008, at 9:30 a.m.

Bangkok Bank's solicitor is:

          JSM
          Prince's Building, 18th Floor
          10 Chater Road, Central
          Hong Kong


KOON WAH: Court Enters Wind-Up Order
------------------------------------
On October 27, 2008, the High Court of Hong Kong entered an order
to have Koon Wah (Hong Kong) Development Limited's operations
wound up.


MAN LUNG: Appoints Cowley and Middleton as Liquidators
------------------------------------------------------
Patrick Cowley and Edward Middleton were appointed liquidators of
Man Lung Hong Securities Limited on October 21, 2008.

The Liquidators can be reached at:

          Patrick Cowley
          Edward Middleton
          KPMG
          Prince's Building, 8th Floor
          10 Chater Road, Central
          Hong Kong


NGT HONG KONG: Court Enters Wind-Up Order
-----------------------------------------
On October 17, 2008, the High Court of Hong Kong entered an order
to have NGT Hong Kong Bestfit Technology & Engineering Company
Limited's operations wound up.


SZU LONG: Faces Choi Chi's Wind-Up Petition
-------------------------------------------
On October 15, 2008, Choi Chi Hung filed a petition to have
Szu Long Limited's operations wound up.

The petition will be heard before the High Court of Hong Kong on
December 17, 2008, at 9:30 a.m.


WIN SMART: Court Enters Wind-Up Order
-------------------------------------
On October 29, 2008, the High Court of Hong Kong entered an order
to have Win Smart International Development Limited's operations
wound up.


WINBEST INTERNATIONAL: Court Enters Wind-Up Order
-------------------------------------------------
On October 29, 2008, the High Court of Hong Kong entered an order
to have Winbest International Industrial Limited's operations
wound up.


YUET CHOI: Creditors' Proofs of Debt Due on November 21
-------------------------------------------------------
The creditors of Yuet Choi Limited are required to file their
proofs of debt by November 21, 2008, to be included in the
company's dividend distribution.

The company's liquidator is:

          The Official Receiver
          Queensway Government Offices, 10th Floor
          66 Queensway, Hong Kong



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

TATA TELESERVICES: To Sell 26% Stake to DoCoMo for US$2.7 Bil.
--------------------------------------------------------------
Tata Teleservices Limited (TTSL), Tata Sons Limited and NTT
DoCoMo, Inc., have agreed on a strategic alliance in India, under
which DoCoMo will acquire 26 percent of TTSL's stock for
approximately INR130.7 billion  (US$2.7 billion).

In addition, DoCoMo, in accordance with regulations of the
Securities and Exchange Board of India, is expected to make an
open offer to acquire up to 20% of outstanding equity shares of
Tata Teleservices Maharashtra Limited (TTML), a Tata
telecommunication company, through a joint tender offer along with
Tata Sons.

As a result of the capital alliance, the companies said they
expect to expand mobile communication operations in the fast-
growing Indian mobile market, aiming to increase operating revenue
and achieve steady business growth.

According to The Wall Street Journal, analysts said that after the
purchases of Corus Group and the Jaguar and Land Rover brands
earlier this year, Tata Group has become overleveraged.   Its main
businesses -- software, steel and auto making -- have been
struggling as global and local economies slow.

WSJ says the deal with NTT DoCoMo not only provides the group with
much needed cash, but also access to telecommunications technology
to help it survive in the highly competitive Indian market.  It
could give Tata an edge as the country starts to roll out third-
generation services.

                        About NTT DoCoMo

Based in Japan, NTT DoCoMo, Inc. (DoCoMo) --
http://www.nttdocomo.com-- is a mobile telecommunications
services provider and a cellular phone service operator.  The
company offers a range of telecommunications services, such as
third generation (3G) and second generation (2G) cellular
services, and other specialized wireless telecommunications
services, including satellite telephone services.  As of March 31,
2008, 47.99 million cellular subscriptions had signed up for i-
mode services. i-mode is an optional service available to cellular
voice subscribers offered on its nationwide 2G and 3G networks,
which allows users to send and receive e-mail, access online
services, including banking services and airline and ticket
reservations, access an array of information from i-mode servers
and execute and settle retail transactions directly through their
handsets.  The company terminated terminated Personal Handyphone
System (PHS) services on January 7, 2008.

                     About Tata Teleservices

Tata Teleservices (Maharashtra) Limited is an Indian company
engaged in the business of providing telecommunication services,
which include basic services, cellular services and broadband
services for retail and enterprise. The Company provides
services in about 357 towns and cities in the States of
Maharashtra and Goa through its telephone exchanges located at
Turbhe (Navi Mumbai), Nariman Point (Mumbai), Marol (Mumbai),
Andheri (Mumbai), Pune, Nasik, Panaji, Nagpur and Kolhapur.
During the fiscal year ended March 31, 2007, the Company rolled
out code division multiple access (CDMA) wireless services in
186 towns in Maharashtra and Goa.  The Company holds two Unified
Access (basic and cellular) Services Licences (UASLs), one for
Mumbai Metro area and another for rest of Maharashtra and Goa.
The Company also holds the National Internet Service provider –
Internet Telephony license.  The Company is a subsidiary of Tata
Sons Limited.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
June 3, 2008, Tata Teleservices (Maharashtra) Limited incurred a
net loss of INR205.90 million in the quarter ended March 31, 2008,
an improvement compared to the INR459-million loss booked in the
corresponding quarter last year.

The company's revenues went up to INR4.91 billion in Jan.-March
2008, from the recorded INR3.89 billion revenues in Jan.-March
2007.  Operating expenditures increased to INR3.41 billion.

Tata Teleservices's interest charges increased from INR435 million
in the quarter ended March 31, 2007, to the INR527.90 million in
the latest quarter under review.  Depreciation expense went up to
INR1.18 billion.

The company incurred two consecutive annual net losses --
INR1.26 billion in fiscal year ended March 31, 2008, and
INR3.15 billion in fiscal year ended March 31, 2007.



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

BUANA TBK: Fitch Keeps Long-Term IDRs at 'BB' With Stable Outlook
-----------------------------------------------------------------
Fitch Ratings affirmed PT Bank UOB Buana Tbk's Long-term foreign
and local currency Issuer Default Ratings at 'BB' with a Stable
Outlook, Short-term foreign currency IDR at 'B', National Long-
term Rating at 'AA+(idn)' with a Stable Outlook, Individual Rating
at 'C/D' and Support Rating at '3'.

Buana's ratings reflect the support from its financially strong
Singapore-based parent, United Overseas Bank (UOB, 'AA- /Stable)
and the bank's own solid capital position which should help cush
ion the bank against an expected deterioration in earnings and as
set quality with the more difficult operating conditions.  UOB's
strong commitment to Buana is further reflected in the increase of
its majority ownership to almost 99% in October 2008, and the name
sharing from 2007.  The privatization of Buana, to be completed by
end-2008, is expected to provide greater management and opera
tional flexibility for UOB.

Buana's underlying profitability measured by ROA declined to 1.3%
in 9M08 (2007: 3.2%), due to a sharp increase in operating costs
to support its consumer banking expansion as well as lower NIM but
still at a satisfactory level of 6.6% (based on Fitch calculation)
in 9M08.  Buana's strong retail deposit which comprised 70% of
total deposit at end-9M08 and a high portion of variable rate
loans are likely to help cap the downward pressure on margins
arising from higher funding costs.  Operating cost is expected to
decline next year as the bank focus on increasing efficiency and
maximizing the network.

Lending picked up to 25% yoy in 9M08 with commercial loans a key
segment accounting for 65% of total loans at end-9M08.  Loan
quality remained good with NPLs at 2.5% at end-September 2008.
However, loan growth and asset quality are likely to weaken given
tougher operating conditions.  In anticipation of the unfavorable
economic condition, provision cover was increased to 0.6x at end-
September 2008, but it remained below peer average (85% at end-
2007) reflecting its focus on secured lending.  Capital ratios are
above industry averages with tier 1 and total CAR at 22.69% and
25.00%, respectively, compared with 17.6% for the industry's total
CAR.

Established in 1956, Buana is ranked among the 20 largest banks in
Indonesia.  UOB first acquired a 23% stake in Buana in June 2004
and later raised it to 98.997% in October 2008 through a tender
offer.


NISP TBK: Fitch Maintains 'BB' Long-Term Foreign Currency Rating
----------------------------------------------------------------
Fitch Ratings affirmed PT Bank NISP Tbk's Long-term foreign and
local currency IDRs at 'BB' with a Stable Outlook, Short-term
foreign currency at 'B', National Long-term at 'AA+(idn)' with a
Stable Outlook, Individual at 'C/D' and Support at '3'.

The ratings reflect the support from its financially strong
parent, Singapore-based Oversea-Chinese Banking Corporation,
'AA'/Stable), its satisfactory profitability and reasonably strong
balance sheet.  Any change in OCBC's ownership and commitment to
support NISP will have an impact on NISP's ratings.  At the same
time, as the international rating is at the sovereign, any change
in the sovereign rating ('BB'/Stable) will affect NISP's interna
tional rating.

OCBC raised its stake in NISP to 74.73% at end-Q308 from 72.4% at
end-2007, while the change in the bank's name from NISP to Bank
OCBC NISP which will be effective once regulatory approval is
obtained.  The bank continues to tap on OCBC's stronger financial
and technical resources in its aspiration to become a 'top-tier
nationwide bank', focused on the SME and consumer segments which
contributed to more than 70% of total loans.  The bank targets to
maintain Total CAR at above 12% for the long term to support its
organic expansion plans - Tier 1 and Total CAR remained generally
stable at 14.2% and 17.0%, respectively, at end-Q308.

Loans grew by a strong 16% yoy in 9M08, but below industry growth
of 35%, reflecting a more prudent lending stance with a focus on
secured lending.  This resulted in its stable absolute NPL
position which equated to a lower 2.3% of gross loans at end-Q308
with provision cover higher at 64.5% of NPLs (peers: 120%+).
Although Fitch calculations suggest that the new NPL formation
rate was negligible over 9M08, this should increase with the much
weaker growth prospects and the spillover from the global downturn
in 2009.

Customer deposits funded 75% of total assets of which low-cost
deposits contributed to 45% (peers: 54%), up from 34%-35% in 2005-
2006, reflecting its small but growing deposit franchise.
Although liquidity conditions have tightened in Indonesia, NISP
should benefit from the financial backing of its parent.

Established in 1941, NISP was previously owned and managed by the
Surjaudaja family, and weathered the Asian crisis in 1997-98
without a state bailout.  OCBC acquired a 22.5% stake in NISP in
mid-2004, which it raised to 74.73% at end-Q308.  The Surjaudaja
family holds 5% and the International Finance Corporation 7.17%.


TELEKOMUNIKASI SELULAR: Fitch Affirms 'BB+' Long-Term IDRs
----------------------------------------------------------
Fitch Ratings affirmed P.T. Telekomunikasi Selular's Long-term
foreign and local currency Issuer Default rating at 'BB+' and
'BBB-', respectively, and its National Long-term rating at
'AAA(idn)'.  The Outlook is Stable.

Telkomsel's ratings reflect its entrenched position as Indonesia's
leading wireless operator, as well as the industry's robust growth
prospects.  "With an estimated penetration of 35% (when adjusted
for multiple SIM counting) medium term prospects for the sector
remain robust.  However, industry risks are on the rise, in view
of increased fragmentation, intense tariff competition and tower
sharing initiatives that effectively benefit new entrants," said
Priya Gupta, Director in Fitch's Asia-Pacific telecom, media and
technology team.  Additionally, Singapore Telecommunications
Limited's (SingTel, 'A'/Stable) ownership weighs positively on the
rating.  Despite its minority shareholding (35%), contractual
rights as set out in the contractual agreement enable SingTel to
exercise influence with regard to financial and operating
decisions.

The ratings also take into account Telkomsel's highly cash
generative operations, which continue to grow strongly, given the
sustained high growth rate of the industry and operating margins
that rank among the highest in the world for wireless operators.
However the pace of growth has necessitated heavy infrastructure
investment, and combined with high dividend payout has resulted in
a mild to negative FCF position over the last three years to FY07
which is also expected to continue through FY08.  Consequently,
bank funding supplemented cash flow has seen total debt increase
to IDR9.5 trillion at end September 2008 from IDR3.7 trillion in
FY06.  While this has led to a mild rise in leverage over this
period, overall the company's credit metrics remain strong for its
ratings with net adjusted leverage (defined as total adjusted debt
net of cash divided by operating EBITDAR) of 0.3x and FFO net
interest cover of 39.6x at September 2008.  Fitch also notes that
although EBITAR margins are exceptionally strong at 64.6% of
revenue at 9M08 they have been on a declining trend over the last
two and half years.  The agency expects this negative trend to
continue over FY08 owing to the intensely competitive environment.

The Stable Outlook for the ratings is based on Fitch's expectation
that Telkomsel is likely to maintain its credit profile over the
medium term despite continuing pressure on key credit metrics.  If
capex and/or shareholder returns rise to levels which cause FCF to
turn significantly negative may trigger negative rating actions on
the Long-term local currency IDR.  With respect to its foreign
currency IDR, Telkomsel remains constrained by the country ceiling
of the Republic of Indonesia, which is currently at 'BB'.  Telkom
sel's National rating at 'AAA(idn)' incorporates all the above
factors and is indicative of Telkomsel's relative credit strength
among all Indonesian companies.



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

ARSENAL ASSET: Moody's Reviews Bond Ratings for Possible Downgrade
------------------------------------------------------------------
Moody's Investors Service placed under review for possible
downgrade the Loan B and Specified Bonds 1 and 2 issued by Arsenal
Asset TMK.  Final maturity date will take place in August 2013.

Specified Loan B

  -- Prior Rating: Baa2
  -- Prior Rating Action date: Aug. 21, 2006
  -- Current Rating: Baa2, under review for possible downgrade

Specified Bond 1

  -- Prior Rating: Ba2
  -- Prior Rating Action date: Aug. 21, 2006
  -- Current Rating: Ba2, under review for possible downgrade

Specified Bond 2

  -- Prior Rating: B2
  -- Prior Rating Action date: Aug. 21, 2006
  -- Current Rating: B2, under review for possible downgrade

Arsenal Asset TMK, effected in August 2006, represents a
liquidating securitization of 65 commercial real estate
properties.  The Lead Manager of the deal is Mizuho Securities
Co., Ltd.

The rating actions reflect the need to reconsider the initial
assumptions about collateral recovery, due to increasing
uncertainty on the progress of disposition and the declining value
of the remaining real estate portfolio, as Moody's well as the
slower than initially expected disposition.


HARAJUKU HOLDING: Moody's Puts Ba2 Rating on Review for Downgrade
-----------------------------------------------------------------
Moody's Investors Service has placed under review for possible
downgrade the Class D Senior trust certificates issued by JLOC
XXVIII Trust and Mezzanine Specified Bonds issued by Harajuku
Holding Tokutei Mokuteki Kaisha.  Both final maturity date will
take place in October 2012.

Class D Senior trust certificates

  -- Prior Rating: Baa2
  -- Prior Rating Action date: 10/20/2005
  -- Current Rating: Baa2, under review for possible downgrade

Mezzanine Specified Bonds

  -- Prior Rating: Ba2
  -- Prior Rating Action Date: 10/20/2005
  -- Current Rating: Ba2, under review for possible downgrade

JLOC XXVIII Senior Trust and Harajuku Holding TMK, effected in
October 2005, represent a liquidating CMBS transaction.  JLOC
XXVIII Senior Trust was originally backed by senior specified
bonds issued by two TMK.  The specified bonds issued by one of the
TMKs (Nakano Holding TMK) were redeemed in full in July 2006.  The
remaining specified bonds Moody's re issued by Harajuku Holding
TMK, and Moody's re originally backed by 329 properties and/or
property trust certificates; thus far, 109 properties have been
disposed of.

The rating actions reflect the need to reconsider the initial
assumptions about collateral recovery, due to increasing
uncertainty on the progress of disposition and the declining value
of the remaining real estate portfolio, as Moody's well as the
slower than initially expected disposition.


JLOC 38: Fitch Downgrades Rating on Class D Notes Due April 2016
----------------------------------------------------------------
Fitch Ratings downgraded JLOC 38 LLC's Class D notes due
April 2016, maintained the Rating Watch Negative and affirmed the
remaining Classes with Stable Outlooks:

  -- JPY54.5 billion* Class A notes affirmed at 'AAA';
     Outlook Stable;

  -- JPY5.52 billion* Class B notes affirmed at 'AA';
     Outlook Stable;

  -- JPY5.2 billion* Class C notes affirmed at 'A';
     Outlook Stable;

  -- JPY4.85 billion* Class D notes downgraded to 'B' from 'BBB';
     remains on RWN; and

  -- Class X notes (interest-only) affirmed at 'AAA'; Outlook
     Stable.

  * as of November 11, 2008

Fitch recently received updated information regarding the
disposition activity relating to the collateral property backing
the defaulted loan due June 25, 2008.  This information was
provided by ORIX Asset Management and Loan Services Corporation
("the servicer", 'CPS1-(JPN)' (CPS1 minus(JPN))/'CMS1-(JPN)' (CMS1
minus(JPN))).

The downgrade of the class D notes is a result of the agency's
concerns over the potential recovery amounts based on reduced
liquidity in the current property market.  These concerns take
into account the characteristics of the collateral property,
together with the updated information of past sales activities.
Fitch has maintained the RWN on the Class D notes, reflecting its
further concerns about the probability of recovery from the loan
depending on the servicer's plan.  Fitch will resolve the RWN
status once it has carefully reviewed the servicer's recovery
plan.

Since the redemption of multiple underlying loans has improved the
credit enhancement levels of the senior notes, the ratings of
Classes A to C and X notes have been affirmed and the Outlooks
remain Stable.

At the present time, a second loan in the underlying portfolio,
backed by multiple residential properties, is also in special
servicing.  Six loans have been fully repaid and the transaction
is currently secured by 28 loans backed by a total of 98 real
estate and beneficial interests.

Rating Outlooks have been published for all newly issued Asia
Pacific Structured Finance tranches since June 2008, and
concurrently with rating actions for tranches issued prior to
June 2008.  Unlike a Rating Watch which notifies investors that
there is a reasonable probability of a rating change in the short
term as a result of a specific event, rating Outlooks indicate the
likely direction of any rating change over a one- to two-year
period.


SANYO ELECTRIC: Fitch Puts 'BB+' Ratings on Rating Watch Positive
-----------------------------------------------------------------
Fitch Ratings placed Panasonic Corporation's (Panasonic) 'AA-'
Long-term foreign and local currency Issuer Defaults and senior
unsecured ratings, as well as its 'F1+' Short-term foreign and lo
cal currency IDRs on Rating Watch Negative.  Simultaneously, the
agency has placed Sanyo Electric Co., Ltd.'s 'BB+' Long-term for
eign and local currency IDRs and senior unsecured ratings on Rat
ing Watch Positive.  The rating actions are triggered by a start
of formal discussions on a capital and business alliance between
both companies, under which Sanyo will become a subsidiary of
Panasonic.

"If the acquisition is realized, Fitch see positive and negative
aspects for Panasonic.  On the other hand, Sanyo will benefit from
Panasonic's support in pursuing its strategies amid the increasing
competition in the global consumer electronics market," says
Tatsuya Mizuno, Director in Fitch's Asia Pacific telecommunica
tions, media and technology team.  "We will watch how the discus
sions develop and what synergies they can achieve as a result of
the transaction," adds Mr. Mizuno.

On Nov. 7, 2008, Panasonic and Sanyo announced they had started a
formal discussion for a capital and business alliance.  If
successful, Fitch expects Panasonic to acquire Sanyo's preferred
shares currently owned by three financial institutions - Sumitomo
Mitsui Banking Corp. ('A+'/Stable), Daiwa Securities SMBC Co., and
Goldman Sachs Group Inc. ('AA-' (AA minus)/Stable) - which will
pave the way for Sanyo to become a consolidated Panasonic
subsidiary.  The combined group will become the largest electron
ics company in Japan with over JPY11trn in sales.

Fitch views that Panasonic's main purpose of this transaction is
to acquire Sanyo's rechargeable battery and solar cell operations.
Both of these operations are very promising and Sanyo has a strong
market position with these products.  The agency expects success
ful development of a high quality lithium-ion battery to play a
critically important role in the success of next generation
vehicles (including hybrids, electric and fuel-cell vehicles),
where Panasonic will hold a very strong market position by
acquiring Sanyo's operations.  It is also in line with Panasonic's
strategy in strengthening its environmental- related businesses;
these businesses, however, require a lot of investments to retain
its competitiveness in the global market.  Thus, it is beneficial
for Sanyo to come under the Panasonic umbrella, as it will make it
possible for Sanyo to access necessary resources in continuing the
investments.

The challenge for Panasonic is to deal with Sanyo's consumer
electronics products (as there is some overlap with Panasonic's
products although Sanyo's market position is much weaker) without
affecting the former's overall profitability.  Panasonic has a
strong balance sheet with abundant liquidity.  Fitch expects,
however, its financial metrics to be negatively affected by the
acquisition.  The agency will evaluate how the two companies can
pursue synergies by combining operations, as well as how they can
overcome the negative influence resulting from redundancies.  The
extent of a negative action on Panasonic's rating (if any) will
depend, among other things, on the acquisition price, the form of
payment or structure of the transaction.

Based on Fitch's Parent and Subsidiary Rating Linkage methodology,
the agency anticipates that the resolution of the RWP could result
in an uplift of Sanyo's existing 'BB+' ratings by more than one
notch.  Fitch expects to be in a position to resolve these Rating
Watches when the transaction is confirmed and its structure
finalized.

Panasonic is a leading global consumer electronics manufacturer
for a wide range of products, including audio visual equipment,
home appliances, information and communication equipment,
industrial equipment and electronics components.  Sanyo is a major
Japanese consumer electronics manufacturer with its business
segmented into three groups, namely consumer, commercial and
components.


SMM AUTO: Sumitomo Mitsui Deal Cues Fitch to Upgrade 'B' Ratings
----------------------------------------------------------------
Fitch Ratings has upgraded SMM Auto Finance, Inc.'s (SAF, former
PRIMUS Financial Services, (PRIMUS)) Long-term and Short-term
Issuer Default Ratings to 'A-' from 'B' and to 'F1' from 'B',
respectively, and simultaneously removed the Rating Watch
Positive.  The Outlook is Stable.  Also, the agency has assigned
SAF a '1' Support rating.  This is following the acquisition of
PRIMUS by Sumitomo Mitsui Banking Corporation (SMBC, 'A+'/Stable)
in April 2008.

SAF's ratings reflect the prospect for improvement in its
financial standing after the acquisition, as well as the potential
for financial support from SMBC, in the event of need.  SMBC is a
wholly-owned bank subsidiary of Sumitomo Mitsui Financial Group
('A+'/Stable).

SAF was an auto finance company wholly-owned by Ford Motor Credit
Company LLC (Ford Credit, 'CCC'/ Negative), extending auto loans
to retail and wholesale purchasers of Ford and Mazda cars in
Japan, with a total size of finance receivables of about JPY180
billion as of December 2007.  Upon an announcement by SMBC, Mazda
Motor Corporation, and Central Finance Co (Central Finance, a SMBC
affiliate) in March 2008 to acquire major stakes in SAF, Fitch
placed SAF on Rating Watch Positive to view the possible impact
from the planned acquisition.

Upon completion of the acquisition in April 2008, SMBC became a
41% owner of SAF, and consolidated the company into the bank.
Remaining stakes are held by Mazda (40%), Central Finance (15%),
and Ford Credit (4%). SAF renamed itself PRIMUS on November 1,
2008.

The agency expects SAF's profitability to improve in 2008;
according to December 2007 financial statements (when the company
was owned by Ford Credit) SAF's profitability was low due primari
ly to high cost of funding burdened by Ford on intra-group loans.
The acquisition allowed SAF to refinance its debts by borrowing
from banks including syndicated loans led by SMBC at lower inter
est rates.

As this is a strategic acquisition by SMBC aimed at adding an auto
finance unit to its franchise, the agency believes there is a high
probability that SAF would be supported by SMBC in the event of
need.


* Fitch Sees Widening Range of Hospital Ratings in Japan
--------------------------------------------------------
Fitch Ratings published a special on the credit implications of
recent changes in the regulatory and competitive environment of
the country's medical corporations.

Medical service fees for doctors have increased for the first time
in eight years and as a result, Fitch expects the credit outlook
for medical corporations running hospitals to improve; on the
other hand, prefecture authorities have implemented a series of
regulatory reforms (introduced in the Medical Service Law revised
in 2006), which has already reduced the number of hospitals and
licensed beds.

Fitch notes that the credit profile of medical corporations will
be more diverse following the reforms.  The agency expects to
upgrade and downgrade ratings, mainly because the changes will
favor certain types of medical corporations, and improved
disclosure will result in a more transparent and competitive
business environment.

The biggest changes in the regulatory environment is the new
regional medical service plan, revised in April 2008, which shows
how each prefecture authority plans to provide core public medical
services while controlling the number of beds.  The core medical
services are to treat four designated diseases - cancer, strokes,
heart attacks and diabetes - and to provide five essential public
services - emergency care, care in remote areas, care following
disasters, obstetrics and pediatric care.

From April 2008 both the central and prefecture governments began
five-year joint initiatives to rationalize costs for medical
services, especially for the elderly.  From a credit perspective
it is important to see the economic implications on hospitals in
the areas of preventive medicine and long-term care.

The government has instructed local governments to review heavily
loss-making local government hospitals to determine whether their
management should be strengthened or the hospitals closed, merged
with other hospitals, downsized to clinics, transformed into local
independent administrative agencies or sold to the private sector.
Each local government is due to produce a reform programme for
local government hospitals by end-March 2009.

Between April and early November 2008, five social medical
corporations - a new category of medical corporations expected to
take over the functions of public-sector hospitals - were
established.  Social medical corporations must have quasi-public
attributes in terms of organization, and meet a required level for
designated public services.  The financial statements must be made
public.  Social medical corporations are given tax advantages,
flexibility in conducting for-profit ancillary businesses and
legal eligibility to issue public bonds.

From a credit perspective it will be essential to know how and
whether a local regulatory authority intends to monitor and/or
support financial activities of a social medical corporation to
upgrade public services.  Unless these questions are clarified,
the debt capacity of social medical corporations will remain
unchanged as the current capacity and the financial ability to
takeover and upgrade public services may not be sufficient.  Fitch
will monitor the regulatory relationship between local authorities
and social medical corporations in the next phase of reform.

Starting from the current fiscal year, the financial statements of
medical corporations will be disclosed on request to the
prefecture regulatory authorities.

The independent administrative agency, Welfare and Medical Service
Agency, a major government-sector lender to hospitals for
construction projects, has decided to prioritize lending for the
designated public services.  As a result, medical corporations are
likely to increase their use of private-sector finance for long-
term funding.

Due to budgetary constraints on both the central and local
governments, the principal policy objective remains to control
increasing medical costs.  As a result, more hospitals have
struggled financially and experienced difficulty in retaining
doctors, especially in rural areas.  On the other hand, the size
of the medical market is growing steadily and revenue is
increasing for medical corporations that run hospitals supported
by a solid patient base and managerial skills.


* Moody's Reports Japan CMBS Market Update
------------------------------------------
Moody's Investors Service details the market condition for
Japanese CMBS transactions in a new report.

This report is part of Moody's normal monitoring procedures, but
also comes in response to the growing numbers of loan
delinquencies in Japan CMBS, and details the delinquent loan
situation, rating actions, and special servicing progress in
Japanese CMBS transactions.  It also supplements Moody's views on
new issues in 1Q-3Q of 2008.

"We saw the first delinquency of a Japanese CMBS loan in
June 2008.  By end-October 2008, delinquencies (of nine loans) had
reached a total of roughly JPY 40 billion," according to Tetsuji
Takenouchi, Moody's SVP / CMBS Team Leader and author of the
report.

"Still, the cash flow of CMBS properties remains stable overall,
although stressed liquidity due to the recent financial crisis has
boosted the number of delinquent loans in Japanese CMBS."

"In Moody's July 2008 report, Moody's stated: 'We may find
increasing concern regarding delinquencies, but their impact would
be limited given the overall volume of the maturing loans.'"

"Our view has become much conservative, however, given the current
financial turmoil, which could pressure the refinancing of one
large loan in particular.  At this point, Moody's estimates that
delinquent loan amounts will range from a minimum of JPY50 billion
to a maximum of JPY 140 billion in 2008," writes Takenouchi.

Moody's expects that not all delinquency events will induce
downgrade actions, although the number of downgraded classes in
2008 has increased thus far to six, from zero the previous year.



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

SHINSUNG ENGINEERING: Seeks Court Receivership to Reschedule Debts
------------------------------------------------------------------
Kim Hyun-cheol at The Korea Times reported that Shinsung
Engineering & Construction on Wednesday, November 12, 2008, filed
for a court receivership to allow it to reschedule its debts.

Citing Financial Services Commission (FSC), the report said
Shinsung's request came after it failed to repay its debts worth
KRW173.9 billion to its 159 subcontractors.

The Korea Times recalled that the company suffered from a serious
lack of cash in the beginning of the year and last month it barely
managed to pay maturing debts to avoid bankruptcy.

The company's overall debts amount to KRW245.6 billion, the report
said.

If the Seoul District Court accepts Shinsung's request, the report
notes, Shinsung will be able to engage in a debt workout process
with the consent of two-thirds of its creditors without its assets
under court protection.

Headquartered in Seoul, Korea, Shinsung Engineering & Construction
Co., Ltd -- http://www.sscorp.co.kr– provides civil works,
architectural works and others.  Its architectural works consist
of construction of apartment buildings and houses, office
buildings, commercial buildings, educational buildings, research
institutes, sports and recreational facilities, hotels, hospitals
and shopping centers.  Its civil works consist of construction of
highways, bridges, subways, tunnels, water supply, sewage and
water treatment facilities, ports and harbors.  The company also
engages in the real estate rental business and housing business,
such as sale of apartments.  In addition, it is active in projects
overseas, mainly in Vietnam, Indonesia, Malaysia, Philippines,
Cambodia and China, among others.



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

WELLI MULTI: Changes Name to Energreen Corporation Berhad
---------------------------------------------------------
Bursa Malaysia Berhad disclosed that Welli Multi Corporation
Berhad has change its name to Energreen Corporation Berhad.

The company's shares will be traded and quoted under the new name
and new stock short name with effect from 9:00 a.m., Monday,
November 17, 2008.  The company's stock number remains unchanged.

Welli Multi Corporation Berhad, which is based in Malaysia, (WMCB)
is an investment holding company engaged in the provision of
management services.  Its subsidiaries include: Fourseason
Foodstuff Industries (M) Sdn. Bhd., which is engaged in the
manufacture and distribution of all kinds of foodstuff; Fourseason
Trading Sdn. Bhd., which is involved in the trading and
distribution of foodstuff and toys; Welli Edible Oil Sdn. Bhd.,
which is engaged in the processing of copra and palm kernel, and
trading of palm kernel oil, coconut oil, palm kernel cake and
copra cake; Welli Business Ventures Sdn. Bhd., which is engaged in
the importing, exporting, distribution and general trading of
flexible packaging, plastic sheet products, plastic lighting
diffuser, consumer products and health-related food, and Welli
Bio-Tech Sdn. Bhd., which is dormant.

                          *     *     *

Moore Stephens Chartered Accountants raised substantial doubt
about the ability of Welli Multi Corporation Berhad to continue as
a going concern after auditing the company's financial statements
for the year ended March 31, 2008.  The auditors cited these
factors:

   a) The plant and machinery of the group with a carrying amount
      of MYR33,001,438 was last revalued in 2004 using the "open
      market value on existing use" basis.  During the financial
      year, all of the group's oil mills discontinued their
      operations.  This is an indication that the plant and
      machinery could have been impaired ad may not realize its
      carrying amount.  In view of the tight cash flow of the
      group, no recent independent valuation of the plant and
      machinery was performed.  The auditors were unable to obtain
      sufficient appropriate  audit evidence to satisfy ourselves
      as to whether an impairment loss need to be made in the
      financial statements of the group.

   b) The group and the company incurred net losses of
      MYR51,386,733 and MYR8,322,366 respectively for the
      financial year ended March 31, 2008.  As at that date, the
      group's and the company's current liabilities exceeded their
      current assets by MYR175,640,659 and MYR8,575,952
      respectively.  The group and the company had a deficit in
      shareholders' equity of MYR99,366,945 and MYR7,673,479,
      respectively.



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

BUYERS AGENT: Court Hears Wind-Up Petition
------------------------------------------
A petition to have Buyers Agent Ltd.'s operations wound up was
heard before the High Court of Palmerston North on November 10,
2008.

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

The CIR's solicitor is:

          Kerri Ann Doherty
          c/o Inland Revenue Department
          Legal and Technical Services
          7-27 Waterloo Quay
          PO Box 1462, Wellington
          New Zealand
          Telephone:(04) 890 1045
          Facsimile:(04) 890 0009


FCL ROADFREIGHT: Subject to South Pacific's Wind-Up Petition
------------------------------------------------------------
On July 14, 2008, South Pacific Tyres N.Z. Limited filed a
petition to have FCL Roadfreight Ltd.'s operations wound up.

The petition was heard before the High Court of Auckland on
Nov. 7.


ST KILDA FINANCE: Goes Into Receivership
----------------------------------------
St Kilda Finance has gone into receivership in the face of
deteriorating credit conditions, The National Business Review
reports.  Stephen Tubbs and Colin Gower of BDO Spicers were
appointed receivers to the company.

According to the report, the receivers said they are now moving to
collect all information relevant to St Kilda's financial position,
to assess its ability to meet obligations to investors.

The Business Review notes that about NZ$6.9 million in debenture
deposits from 358 investors is involved.

Established in Dunedin in 2003, St Kilda Finance --
http://www.stkilda.co.nz/-- provides second mortgage finance for
individual borrowers or commercial entities whose principal
borrowings are fixed, or fall outside their existing lenders'
criteria.


MARINE PORTS: Subject to Hiway Stabilizers's Wind-Up Petition
-------------------------------------------------------------
On July 15, 2008, Hiway Stabilizers New Zealand Limited filed a
petition to have Marine Ports Ltd.'s operations wound up.

The petition was heard before the High Court of Auckland on
Nov. 7, 2008.


NETTEN FARM: Subject to RD1 Limited's Wind-Up Petition
------------------------------------------------------
On October 3, 2008, RD1 Limited filed a petition to have Netten
Farm Lands Ltd.'s operations wound up.

The petition was heard before the High Court of Palmerston North
on Nov. 10, 2008.


ROCKHAVEN INDUSTRIES: Subject to CIR's Wind-Up Petition
-------------------------------------------------------
On September 11, 2008, the Commissioner of Inland Revenue filed a
petition to have Rockhaven Industries Ltd.'s operations wound up.

The petition was heard before the High Court of Dunedin on
Nov. 10, 2008.


LIFE PHARMACY: Posts NZ$.415 Mil. Loss in 6-Months Ended Sept. 30
-----------------------------------------------------------------
Life Pharmacy Limited reported a net loss of NZ$415,000 for the
six months to September 30, 2008, compared with a net loss of
NZ$449,000 in the prior year.

Franchise revenue increases by NZ$381,000 (+15.6%) to
NZ$2,945,000.  However, the company said, this is offset by a
planned increase in operating expenses of NZ$391,000 to
NZ$4,139,000 in support of the objective to drive sales in its
stores and provide industry leading support to its franchisees.

The first half result included two significant events:

   (1 )On May 30, 2008 Life Pharmacy acquired the Care
       Chemist franchise business; which included the
       franchise agreements to eight Care Chemist stores
       operating in the greater Auckland area.  Since
       the acquisition of Care Chemists a further 6
       pharmacies have joined this brand.

   (2) On September 18, 2008, Life Pharmacy said it
       successfully completed a partly paid renounceable
       rights issue that raised approximately
       NZ$11.6 million in two installments, the first
       installment was paid prior to the end of the
       half year.  As a result of the rights issue,
       LPL Trustee Limited (backed by Andrew Bagnall)
       under its existing option agreement, increased
       its shareholding in the company to 50.01%.

Life Pharmacy said the outlook for the traditionally profitable
Christmas period remains challenging with lower levels of consumer
spending and increased retail competition expected.

                       About Life Pharmacy

Based in New Zealand , Life Pharmacy Limited (NZX:LPL) --
http://www.lifepharmacy.co.nz/ is a New Zealand-based company.
The company operates the life pharmacy franchise and brand
comprising 26 pharmacies within New Zealand.  The segments of the
company are corporate, franchise and group investments.  The
corporate segment includes transactions relating to central office
support function costs, including governance and funding costs.
The franchise segment includes income and expense relating to
associates, subsidiaries and joint venture day to day activities.
The group investments segment include income and expense relating
to investment (capital) transactions, including dividends received
and profit/loss on sale of shares.  In May 2008, the company
completed the acquisition of Care Chemist Services Ltd.

                      *     *     *

The company incurred two consecutive net losses of NZ$570,000 and
NZ$6,562,000 for the years ended March 31, 2008, and 2007.


XEML LTD: Appoints Shephard and Dunphy as Liquidators
-----------------------------------------------------
On October 20, 2008, the High Court at Christchurch appointed Iain
Bruce Shephard and Christine Margaret Dunphy as the company's
liquidators.

The Liquidators can be reached at:

          Iain Bruce Shephard
          Christine Margaret Dunphy
          c/o Shephard Dunphy Limited
          Zephyr House, Level 2
          82 Willis Street, Wellington
          Telephone:(04) 473 6747
          Facsimile:(04) 473 6748


XCLUDER PEST: Appoints Kenneth Peter Brown as Liquidator
--------------------------------------------------------
Kenneth Peter Brown was appointed liquidator of Xcluder Pest Proof
Fencing Ltd. on October 15, 2008.

The Liquidator can be reached at:

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


* NEW ZEALAND: Retail Sales Volumes Drop 0.9% in Sept. 2008 Qtr.
----------------------------------------------------------------
The seasonally adjusted volume of total retail sales fell 0.9
percent in the September 2008 quarter, Statistics New Zealand
said.  This was the third consecutive quarterly decrease, with
motor vehicle retailing (down 3.1 percent) the largest single
contributor to the fall in volumes in all three quarters.

Despite the drop in volumes, price increases – particularly in key
industries such as supermarket and grocery stores, and automotive
fuel retailing – have resulted in total sales values remaining
flat in the September 2008 quarter.  With a fall of just 0.1
percent (NZ$22 million) compared with the June 2008 quarter, sales
values have remained flat throughout 2008.

The volume of seasonally adjusted core retailing, which excludes
the four vehicle-related industries, decreased 0.2 percent in the
September 2008 quarter while sales values were up 0.4 percent
(NZ$51 million).  The drop in volumes was led by supermarket and
grocery stores (down 1.9 percent) but, due to price increases,
this industry showed an increase in sales values (up 0.5 percent
or NZ$18 million).

The trend for total sales volumes has fallen 3.7 percent since the
June 2007 quarter, making the current period of decline the most
significant since the series began in September 1995.  By
contrast, the trend for total sales values eased in the latter
half of 2007 (from strong growth at the end of 2006 / start of
2007) and has been flat throughout 2008.

In the September 2008 month, seasonally adjusted total retail
sales rose 0.1 percent (NZ$8 million).  The biggest increase was
in motor vehicle retailing, up 3.5 percent (NZ$21 million).  Core
retailing fell 0.5 percent (NZ$19 million), with lower sales in
department stores, clothing and softgoods retailing, and
recreational goods retailing.  These falls were partly offset by a
rise in supermarket and grocery stores sales.



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

* Fitch Says Taiwanese Life Insurers Face Tougher Challenges
------------------------------------------------------------
Fitch Ratings published a special report on the Taiwanese life
insurance sector, assessing Taiwanese life insurance companies'
performance and capital strength in view of recent market
turbulence.  The agency also comments on the impact that trends in
life insurance products have had on profit margins and policy
persistency.

Since the early 2000s, investment-linked products have been the
main driver of new premium growth.  Fitch notes that although
growth momentum of these products has been strong, their earnings
contributions remain low due to their intrinsically low margins
and high policy lapse rates.  Adding to the challenges posed by
investment-linked products, premium flows are vulnerable to the
performance of capital markets and associated "mis-selling"
problems.

The sizeable amount of legacy guaranteed-return policies continues
to weigh on Taiwanese life insurance companies, making their
profitability highly sensitive to investment performance.  The
significant FX losses and impairment charges arising from large
offshore securities investments have led to substantial net losses
in the life insurance sector during 2008.  The recent sharp
decline of Taiwan's stock markets further weakened Taiwanese life
insurance companies' profitability.  These companies are under
increased pressure to maintain adequate capitalization, although
recently temporarily relaxed regulatory risk-based capital
standards announced in October 2008 somewhat ease the burden of
potential capital needs for meeting the statutory minimum RBC
level of 200%.  These relaxations have permitted the deduction of
only half of unrealized capital loss of stock holdings from
eligible capital and the inclusion of part of special reserves
into eligible capital.

Fitch expects that many insurance companies will need to raise new
capital to sustain their credit profiles and believes that large
domestic insurers and foreign-owned life insurers are likely to
have reasonable access to additional capital, if required.
However, the capital stress on several unlisted smaller insurers,
particularly those companies that already have a negative net
worth, will intensify.  Nonetheless, the agency believes they will
not pose a systemic threat, given their limited market shares.



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

* Moody's Says Global Speculative Default Rate to Reach 10.4%
-------------------------------------------------------------
Moody's Investors Service's default rate forecasting model now
predicts that the global speculative-grade issuer-weighted
corporate default rate will climb to 4.3% by the end of this year
and rise sharply to 10.4% a year from now.

"Speculative-grade corporate default rates are expected to climb
sharply throughout 2009 as Moody's baseline forecast now
incorporates a deep and protracted US recession.  Corporate
default rates in this cycle will likely match or exceed the peak
levels reached in the previous two US recessions of 1990-91 and
2000-01," says Moody's Director of Corporate Default Research
Kenneth Emery.

Moody's global speculative-grade default rate edged higher to 2.8%
in October, from September's revised level of 2.7% and 1.1% a year
ago.  Measured on a dollar volume basis, the default rate remained
unchanged at 2.4% from September's revised level.  A year ago, the
global dollar-weighted bond default rate stood at 0.7%.

For both U.S. and European speculative-grade issuers, Moody's
forecasting model foresees default rates increasing to 4.9% and
2.2%, respectively, by the end of this year and 11.2% and 9.7% a
year from now.

The U.S. speculative-grade default rate increased from a revised
level of 3.1% in September to 3.3% in October.  At this time last
year, the U.S. default rate was 1.1%.  Measured on a dollar-
weighted basis, the default rate finished at 2.7%, unchanged from
last month's revised figure.  At this time last year, the U.S.
dollar-weighted bond default rate stood at 0.6%.

Across industries over the coming year, Moody's default rate
forecasting model indicates that the Consumer Transportation
sector will be the most troubled in the U.S. and the Durable
Consumer Goods sector will have the highest default rate in
Europe.

Moody's speculative-grade corporate distress index--which measures
the percentage of rated issuers that have debt trading at
distressed levels--rose more than 60% from September's 29.7% to
48.5% in October, marking the highest level since Moody's launched
the index in 1996.  A year ago, the index was much lower at 4.6%.

There Moody's were a total of ten rated corporate debt defaulters
in October.  Three are from U.S. and Iceland, respectively and one
each from United Kingdom, Mexico, Japan, and Hong Kong.

Year-to-date, a total of 71 Moody's-rated corporate issuers have
defaulted this year, compared with 16 defaults for the same period
last year.  Of the 71 defaulters, 59 are from the U.S. and Canada
and eight are from Europe

In the leveraged loan market, a total of four Moody's-rated
issuers defaulted in October.  None of these four issuers are
included in Moody's loan default rate as their loans are unrated.
The trailing 12-month U.S. leveraged loan default rate remained
unchanged at 2.9% from September to October.  A year ago, the
leveraged loan default rate was much lower at 0.3%.


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------


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


AUSTRALIA

ALLSTATE EXPLORA            ALX      19475948.06    -55701562.21
ALLSTATE EXPL-PP          ALXCC      19475948.06    -55701562.21
ARC EXPLORATION             ARX      62788281.83    -15887498.05
AUSTAR UNITED               AUN     525792750.27   -234920614.74
ANTARES ENERGY L            AZZ      16206865.02     -4360823.49
BIRON APPAREL LT            BIC      19714696.58     -2220966.38
CROESUS MINING              CRS      16003775.41    -13810602.53
ETW CORP LTD                ETW     103802518.43    -50235720.07
FORTESCUE METALS            FMG    4953609067.39  -1569054539.95
FULCRUM EQUITY L            FUL      40084850.86     -8005219.71
IRONCLAD MINING             IFE      20074674.72      -122332.34
INTELLECT HLDGS             IHG      18249165.02    -15491314.65
KH FOODS LTD                KHF      38397298.77 -6790996.77
KH FOODS LTD-PRF          KHFPA      38397298.77     -6790996.77
LAFAYETTE MIN               LAF     105242488.96   -190865147.08
METAL STORM LTD             MST      14309990.04     -5126677.71
RESIDUAL ASSC-EE          RAGXF     597811247.79   -127065633.16
TOOTH & CO LTD              TTH     127958995.62    -90226867.34
VERTICON GROUP              VGP      31281875.52    -12392178.43


CHINA

SHENZ SEG DASH-A         000007     101024087.57     -1144993.15
SHENZ CHINA BI-A         000017      29379003.11   -244527119.11
SHENZHEN SHENXIN         000034      44989232.03   -113368102.97
CHINA KEJIAN-A           000035      65124488.98   -167311537.11
SHENZHEN KONDA-A         000048     155014461.99    -24446764.56
HUNAN ANPLAS CO          000156      83999120.28    -81350940.74
ZHANGJIAJIE TO-A         000430      51011060.62     -8247159.63
DANDONG CHEM F-A         000498     115942688.34    -91597754.91
SUCCESS INFORMAT         000517      30118378.44    -14826121.30
GUANGDONG MEIYA          000529      66438321.52    -62407433.87
GUANGXIA YINCH-A         000557      53463085.53    -61325483.02
CHANG LING GROUP         000561      49675731.32   -115810769.64
QINGHAI SALT L-A         000578     105635944.61     -4914371.18
GUANGMING GRP FU         000587      62369338.74    -12083332.13
FUJIAN CFC IND-A         000592      24196604.92    -19615146.80
YUEYANG HENGLI-A         000622      40266532.05    -14337174.21
LAN BAO TECH INF         000631      29435531.87    -22701113.38
CHINA LIAONING-A         000638      15426138.26     -5698465.09
CHENGDU UNION-A          000693      59526570.13      -188881.87
JIAOZUO XIN'AN-A         000719      50815905.85    -25450082.53
FUJIAN SANNONG-A         000732      64417775.39    -90239301.91
CHONGWING INTL-A         000736      24753183.26    -13379849.30
SICHUAN DIRECT-A         000757     128549383.42   -102619767.95
CHINESE.COM LOGI         000805      12721114.23    -20567498.78
SHENZHEN DAWNC-A         000863      36847332.84   -142582249.37
STELLAR MEGAUNIO         000892      64925448.82   -162463426.22
HUNAN AVA HOLDIN         000918     176943487.87    -11256248.54
GUANGDONG KEL-A          000921     710500493.66    -81769686.15
ANHUI KOYO GROUP         000979      64278169.26    -30778923.55
SHENZ CHINA BI-B         200017      29379003.11   -244527119.11
AMOI ELECTRONICS         600057     414934259.50    -30399649.61
SUNTIME INTERN-A         600084     372799912.67    -50592426.40
SHANG WORLDBES-A         600094     327982181.09   -175167931.11
MIANYANG GAO-A           600139      30657523.00    -12436839.12
HEBEI BAOSHUO CO         600155     313380313.25   -212285683.69
HUATONG TIANXI-A         600225      73838152.81    -41138558.42
TAIYUAN TIANLON          600234      12693007.72    -51581680.70
TIBET SUMMIT IND         600338      73500256.4      -16424030.52
CHONGQING CHANG          600369      98865860.45       -62635.84
QINGHAI SUNSHI-A         600381      47308342.77    -49663000.79
WINOWNER GROUP C         600681      21498115.00    -81284231.50
HEBEI JINNIU C-A         600722     379299949.84     -2890480.98
SUNTEK TECHNOLOG         600728      44691434.84    -22949595.64
FUJIAN START-A           600734     105659572.63    -14337777.19
TIANJIN MARINE           600751      75440814.59    -26602770.52
TOPSUN SCIENCE-A         600771     232677660.69   -131983172.54
XIAMEN OVERSEAS          600870     433188523.84    -13781679.05
HUDA TECHNOLOG-A         600892      18459084.32     -1904039.85
NINGBO YIDONG-H            8249      69340994.63     -3871292.31
TIANJIN MARINE-B         900938      75440814.59    -26602770.52
SHANG WORLDBES-B         900940     327982181.09   -175167931.11
HISENSE ELEC-H              921     710500493.66    -81769686.15


HONG KONG

CHIA TAI ENTERPR            121     313740803.76    -49562387.78
OCEAN GRAND CHEM           2882      12274432.29    -46252280.18
OCEAN GRAND CHEM           2963      12274432.29    -46252280.18
ASIA TELEMEDIA L            376      16618871.08     -5369335.42
NEW CITY CHINA              456     113178595.4       -9932226.54
EGANAGOLDPFEIL               48     557892423.39   -132858951.98
PALADIN LTD                 495     195889101.1 0     -8750304.44
CHINA GRAND PHAR            512      25475864.66     -5364831.04
PALADIN LTD -PRE            642     195889101.10     -8750304.44
CHINA HEALTHCARE            673      25241048.66     -5730603.97
APTUS HLDGS LTD            8212      52396593.4 0     -2271238.13
CORE HEALTHCARE            8250      29519436.49    -33721480.68
TAKSON HLDGS                918      11351347.49     -2111248.10


INDIA

ARTSON ENGR                 ART      10310745.75      -705781.13
ASHIMA LTD                 ASHM      96567160.75    -42591314.74
BHAGHEERATHA ENG           BGEL      22646453.72    -28195273.09
BALAJI DISTILLER            BLD      59974008.41    -50890026.26
BELLARY STEELS             BSAL     512415670.40   -101442229.54
CFL CAPITAL FIN           CEATF      20637497.85    -48884440.84
CORE HEALTHCARE            CPAR     185364966.99   -241912027.81
DUNCANS INDUS               DAI      164653351.9    -220922929.9
DIGJAM LTD                 DGJM      98769193.78    -14620180.53
DISH TV INDIA              DITV     302059215.40   -112859159.26
GANESH BENZOPLST            GBP      77840261.61    -41865917.86
GUJARAT SIDHEE             GSCL      59440728.18      -660003.43
GUJARAT STATE FI            GSF      43595348.8 0   -195237605.32
HIMACHAL FUTURIS           HMFC     633329926.05   -104792044.71
HMT LTD                     HMT     206932743.85   -263572925.12
HINDUSTAN PHOTO            HPHT      95115323.23   -953348180.90
IFB INDS LTD               IFBI      50668510.63    -65490798.77
INDIA STEEL WORK            ISI      56764895.94     -1474355.11
JCT ELECTRONICS            JCTE     122542558.6 0    -49996834.55
JK SYNTHETICS               JKS      20208078.76     -2171303.89
JENSON & NIC LTD             JN      15734678.26    -92089109.12
KALYANPUR CEMENT           KCEM      37538318.01    -41771703.35
LML LTD                     LML      86798822.39    -27966179.74
LLOYDS METALS              LYDM      76625324.31      -409399.15
LLOYDS STEEL IND           LYDS     392561769.16   -102160401.76
MAFATLAL INDS               MFI     123632655.22    -83841435.12
MILLENNIUM BEER             MLB      39726352.09      -732186.48
NATH PULP & PAP            NPPM      11602126.35    -34768739.20
PAREKH PLATINUM            PKPL      61081050.43    -88849040.15
PANCHMAHAL STEEL            PMS      51024827.03      -325116.26
PSI DATA SYSTEMS            PSI      11676002.06     -2481336.90
PTL ENTERPRIESES           PTLE      54293986.93      -397481.92
PANYAM CEMENTS              PYC      30241162.87     -9403739.61
ROLLATAINERS LTD            RLT      22965755.05    -22244556.92
REMI METALS GUJA            RMM      45057985.96    -51095300.54
RPG CABLES LTD              RPG      51431409.37    -20192930.18
SIL BUSINESS ENT           SILB      12461159.02    -19961202.41
SPICE COMMUNICAT           SPCM     263692459.52    -19679192.67
SHREE RAMA MULTI           SRMT      81405835.45    -64134056.23
STI INDIA LTD              STIB      44107456.00      -300149.59
TRIVENI GLASS              TRSG      34542881.89     -6209872.78
TATA TELESERVICE           TTLS     857960649.86    -50009972.82
USHA INDIA LTD             USHA      12064900.61    -54512967.31
JOG ENGINEERING             VMJ      50080964.36    -10076436.07
WIRE AND WIRELES            WNW     106984536.93    -23622538.56


INDONESIA

PRIMARINDO ASIA            BIMA      12686983.33    -20685421.96
BUKAKA TEKNIK UT           BUKK      64091324.54    -99365767.69
DAYA SAKTI UNGGU           DSUC      30290429.39     -7119463.92
ERATEX DJAJA               ERTX      24286412.49     -3183944.37
JAKARTA KYOEI ST           JKSW      37341907.08    -40927857.92
KARWELL INDONESI           KARW      33062976.60     -2063732.97
MULIA INDUSTRIND           MLIA     402100859.87   -443184587.78
PANCA WIRATAMA             PWSI      31983823.98    -33728711.13
STEADY SAFE TBK            SAFE      16605580.35     -3310385.85
SURABAYA AGUNG             SAIP     278878601.20    -78093433.67
TEIJIN INDONESIA           TFCO     257071376       -16513500
UNITEX TBK                 UNTX      17007357.73    -11304184.18


JAPAN

MOC CORP                   2363      52273507.78    -12661480.98
LINK ONE                   2403      12290544.83     -5772835
APRECIO CO LTD             2460      18178139.82     -1869347.22
TASCOSYSTEM CO L           2709      55593566.29     -5196409.75
NEXUS                      2799      25436623.18    -18579366.04
NEXTECH CORP               3767      30590298.63    -10123472.98
LINK CONSULTING            4798      50709685.69    -10143185.11
AIREX INC                  6944      44250983.01     -7046916.12
SUMIYA CO                  9939      70815928.91    -10207601.01
COWBOY CO LTD              9971      21323462.40     -5681854.91


KOREA

FIRST FIRE & MAR         000610    2044031310.36     -1780221.91
ORICOM INC               010470      82645454.13    -40039161.33
UNICK CORP               011320      36540788.83     -4449480.74
STARMAX CO LTD           017050      73128066.52     -5536410.53
DAISHIN INFO             020180     740500919.30   -158453978.78
TONG YANG MAGIC          023020     355147750.92    -25767007.75
FATOMENT                 025460      28429133.98    -13916561.10
NANO MINING CO L         036270      18221252.73    -32166924.53
COSMOS PLC               053170      19306498.60     -4948161.34
SEJI CO LTD              053330      37246628.39      -311069.32
MEDIACORP INC            053890      53306304.99    -32219360.77
DAHUI CO LTD             055250     186003859.24     -1504246.54
INNO METAL IZIRO         070080      28564573.80      -330042.51
SINJISOFT CORP           078700      12760558.03    -21014927.26


MALAYSIA

SINJISOFT CORP           078700      12760558.03    -21014927.26
CNLT FAR EAST              CNLT      44967289.97     -8460479.41
FOREMOST HLDGS             FMST      10129456.56      -338791.12
HARVEST COURT               HAR      10805322.12     -5623766.68
LITYAN HLDGS BHD            LIT      21279571.09    -28602294.73
NIKKO ELECTRONIC          NIKKO      15241009.62     -3154093.28
PECD BHD                   PECD     377122467.92   -295360985.56
PANGLOBAL BHD               PGL     185949931.53   -185086888.13
TECHVENTURE BHD            TECH      37377746.79    -11207547.89
WELLI MULTI CORP          WELLI      29495419.35    -31105634.50
WONDERFUL WIRE               WW      22721443.48     -1936371.54


PHILIPPINES

APEX MINING-A               APX      55266898.93     -1972871.63
APEX MINING 'B'            APXB      55266898.93     -1972871.63
BENGUET CORP-A               BC      76269083.95    -32538922.84
BENGUET CORP 'B'            BCB      76269083.95    -32538922.84
CENTRAL AZUC TAR            CAT      35737315.17     -1803678.01
CYBER BAY CORP             CYBR      14850182.71    -74298813.45
FIL ESTATE CORP              FC      43031377.81    -10925320.95
FILSYN CORP A               FYN      24839570.79    -11373621.32
FILSYN CORP. B             FYNB      24839570.79    -11373621.32
GOTESCO LAND-A               GO      18684576.24    -10863822.41
GOTESCO LAND-B              GOB      18684576.24    -10863822.41
MRC ALLIED                  MRC      14947958.51      -747373.28
PICOP RESOURCES             PCP      105659068.50   -23332404.14
PRIME ORION PHIL           POPI       99691911.67   -82124468.39
EAST ASIA POWER             PWR       72744279.35  -136684406.25
UNIVERSAL RIGHTF             UP       45118524.67   -13478675.99
UNITED PARAGON              UPM       24785733.87   -34392840.56
UNIWIDE HOLDINGS             UW       65657779.51   -57306280.77
VICTORIAS MILL              VMC      175005565.48   -38636418.26


SINGAPORE

ADV SYSTEMS AUTO            ASA       20488612.69   -10727407.04
CHUAN SOON HUAT             CSH       42771494.42    -6415136.36
FALMAC LTD                  FAL       10568359.86    -4699134.55
GUL TECHNOLOGIES            GUL      172802992.00    -3036000.00
HL GLOBAL ENTERP           HLGE      107390161.50    -9846437.10
INFORMATICS EDU            INFO       29835417.14    -3986774.70
LINDETEVES-JACOB             LJ      217662768.45   -71352686.64
PACIFIC CENTURY             PAC       51841296.64   -20368113.05


TAIWAN

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


THAILAND

ABICO HOLDINGS            ABICO       16687406.79    -9849452.81
ABICO HOLD-NVDR         ABICO-R       16687406.79    -9849452.81
ABICO HLDGS-F           ABICO/F       16687406.79    -9849452.81
BANGKOK RUBBER              BRC       83992109.28   -68072566.20
BANGKOK RUB-NVDR          BRC-R       83992109.28   -68072566.20
BANGKOK RUBBER-F          BRC/F       83992109.28   -68072566.20
BANGKOK STEEL IN            BSI      458729221.47  -136444108.98
BANGKOK STE-NVDR          BSI-R      458729221.47  -136444108.98
BANGKOK STEEL-F           BSI/F      458729221.47  -136444108.98
CIRCUIT ELEC PCL         CIRKIT       61295807.28   -25886476.66
CIRCUIT ELE-NVDR     CIRKIT-RTB       61295807.28   -25886476.66
CIRCUIT ELEC-FRN       CIRKIT/F       61295807.28   -25886476.66
CENTRAL PAPER IN          CPICO       13252670.48  -241782725.56
CENTRAL PAPER-NV        CPICO-R       13252670.48  -241782725.56
CENTRAL PAPER-F         CPICO/F       13252670.48  -241782725.56
DATAMAT PCL                 DTM       12690638.93    -6132014.29
DATAMAT PCL-NVDR          DTM-R       12690638.93    -6132014.29
DATAMAT PLC-F             DTM/F       12690638.93    -6132014.29
ITV PCL                     ITV       37687117.82 -1607409.04
ITV PCL-NVDR              ITV-R       37687117.82   -71607409.04
ITV PCL-FOREIGN           ITV/F       37687117.82   -71607409.04
K-TECH CONSTRUCT          KTECH       83204235.85    -5693045.29
K-TECH CONTRU-R         KTECH-R       83204235.85    -5693045.29
K-TECH CONSTRUCT        KTECH/F       83204235.85    -5693045.29
MALEE SAMPRAN             MALEE       67126452.61     -865421.41
MALEE SAMPR-NVDR        MALEE-R       67126452.61     -865421.41
MALEE SAMPRAN-F         MALEE/F       67126452.61     -865421.41
NEW PLUS KNITT              NPK       10075187.17    -2034472.09
NEW PLUS KN-NVDR          NPK-R       10075187.17    -2034472.09
NEW PLUS KNITT-F          NPK/F       10075187.17    -2034472.09
PREMIER MARKET               PM       41958329.18    -2352192.28
PREMIER MAR-NVDR           PM-R       41958329.18    -2352192.28
PREMIER MARK-FOR           PM/F       41958329.18    -2352192.28
KUANG PEI SAN            POMPUI       18782550.85   -14068562.52
KUANG PEI-NVDR       POMPUI-RTB       18782550.85   -14068562.52
KUANG PEI SAN-F        POMPUI/F       18782550.85   -14068562.52
SAFARI WORLD PUB         SAFARI      106026035.72   -12698924.75
SAFARI WORL-NVDR     SAFARI-RTB      106026035.72   -12698924.75
SAFARI WORLD-FOR       SAFARI/F      106026035.72   -12698924.75
SAHAMITR PRESSUR           SMPC       27259301.93   -34589170.90
SAHAMITR PR-NVDR         SMPC-R       27259301.93   -34589170.90
SAHAMITR PRESS-F         SMPC/F       27259301.93   -34589170.90
TUNTEX THAILAND          TUNTEX      209866171.11   -59169752.92
TUNTEX THAI-NVDR     TUNTEX-RTB      209866171.11   -59169752.92
TUNTEX THAILAN-F       TUNTEX/F      209866171.11   -59169752.92
UNIVERSAL STARCH            USC      100957801.82   -33250001.20
UNIVERSAL S-NVDR          USC-R      100957801.82   -33250001.20
UNIVERSAL STAR-F          USC/F      100957801.82   -33250001.20




                         *********

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.





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