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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

            Monday, November 17, 2008, Vol. 11, No. 228

                            Headlines

A U S T R A L I A

ABC LEARNING: Receives Four Bidders, Deputy PM Gillard Says
ACN 117 054 958: Joint Meeting Slated for December 1
ACN 064 162 296: Members' Final Meeting Set for December 10
ALEX MUSIC: Appoints Kugel and Warner as Liquidators
AUSTINMER BOWLING: Joint Meeting Slated for December 10

B & M LEMON: Members' Meeting Set for December 12
BABCOCK & BROWN: Sells Wind Farms in Portugal for EUR1.15 Bil.
CJC 2000: Members to Hear Wind-Up Report on December 11
FAME COVE: Placed Under Voluntary Liquidation
GOLIATH PTY: Placed Under Voluntary Liquidation

HARDIE SHELF: Placed Under Voluntary Liquidation
IVAN HOMES: Members' Final Meeting Set for December 10
IZILLA PTY: Placed Under Voluntary Liquidation
JAIT INVESTMENTS: Inability to Pay Debts Prompts Wind-Up
KELLERIE PTY: Placed Under Voluntary Liquidation

PHARMACIA AUSTRALIA ET AL: Members' Meeting Set for December 18
PRYDES SWEETS: Brings In Receivers; Sells Business
SOTHERTON PROPERTIES: Commences Liquidation Proceedings
SPLAN PTY: Placed Under Voluntary Liquidation
STEWART METAL: Appoints Kugel and Warner as Liquidators

TIDEBEAT PTY: Commences Liquidation Proceedings
VERSAILLES PTY: Members' Meeting Set for December 11


C H I N A

CHINA CONSTRUCTION: To Increase Lending Target by CNY30-50 Billion
CHINA MINSHENG: Plans to Sell Bonds to Cover CNY10 Bil. Deficit
SHIMAO PROPERTY: Fitch Affirms LT Foreign Currency IDR at 'BB+'
SINOPEC CORP: To Reduce Processing by 10% Due Slower Demand


H O N G K O N G

AEA HOLDINGS: Appoints Borrelli and Walsh as Liquidators
ASAHI SHIMBUN: Placed Under Voluntary Liquidation
ASIA SECURITY: Lam and Toohey Step Down as Liquidators
ASIAN REAL: Ling Wai Ming Ceases to Act as Liquidator
CHINA CENTURY: Placed Under Voluntary Liquidation

FRANCISCAN SCHOOLS: Appoints Cheung Ka Chuen as Liquidator
GEIS CARGO: Yan and Haughey Cease to Act as Liquidators
LEE SANG: Appoints Middleton and Cowley as Liquidators
METRO RAIL: Wong Kwok Man Steps Down as Liquidator
SIAM MAJESTIC: Members' Final Meeting Set for December 15

SOUTH CHINA: Members to Hear Wind-Up Report on December 15
TOY BIZ ET AL: Liquidators Quit Post
VENLINT HOLDINGS: Mee and Yee Step Down as Liquidators
YARN SERVICES: Requires Creditors to File Claims by December 18
YUEN CHEONG: Creditors' Proofs of Debt Due on December 6


I N D I A

JAGAT AGRO: CARE Puts 'BB+' Rating on Rs.29.70 cr Bank Facilities
KINETA MINERALS: CRISIL Rates RS.600 Mil. Cash Credit Limit at BB
MAKALU TRADING: CRISIL Rates Rs.400 Million Cash Credit at 'BB'
SHRILEKHA TRADING: CRISIL Rates Rs.100 Mil. Cash Credit at 'BB'
* Fitch to Widen Notching of 3 Indian Banks' Hybrid Debt Ratings


I N D O N E S I A

PT BANK MEGA: Fitch Maintains 'D' Individual Rating
TELEKOMUNIKASI INDONESIA: Fitch Keeps 'BB' Issuer Default Rating


J A P A N

KATSUMURA CONSTRUCTION: Files for Bankruptcy; Owes JPY4.95 Bil.
NOMURA HOLDINGS: Creates New Wholesale IT and Operations Positions
* JAPAN: In Recession, Third Quarter GDP Drops 0.4%
* S&P Says Narrow Subprime Exposure Keeps Japan Banks Stable


K O R E A

KOREAN AIR: Posts KRW684.1 Bil. Net Loss in Third Qtr.
KOREAN AIR: To Benefit From Visa Waiver Program


N E W  Z E A L A N D

CYBERPUTRA LTD: Wind-Up Petition Hearing Set for November 19
FACTORY MAINTENANCE: Court to Hear Wind-Up Petition
FRONTIER: Subject to Accident Compensation's Wind-Up Petition
GOLDEN CITY: Court to Hear Wind-Up Petition on November 19
GRANITE TRANSFORMATIONS: Wind-Up Petition Hearing Set for Dec. 19

JCR DEVELOPMENTS: Court Hears Wind-Up Petition
LUSH LOUNGE: Subject to Mutual Credit's Wind-Up Petition
LUXURY LINGERIE: Court to Hear Wind-Up Petition
MEDIASTORE LTD: Subject to Norcross Group's Wind-Up Petition
NETHERBY FARMING: Court to Hear Wind-Up Petition

NETTEN FARM: Subject to Central Forklift's Wind-Up Petition
PARK-2-SELL: Court to Hear Wind-Up Petition on November 19
TARARUA ONION: Court Hears Wind-Up Petition
WILSON HEALTH: Court Hears Wind-Up Petition
WOK YOU: Court Hears Wind-Up Order


S I N G A P O R E

CDS OVERSEAS: Creditors' Proofs of Debt Due on December 8
FORS SHIPPING: Creditors' Proofs of Debt Due on December 7
NLB JV: Requires Creditors to File Claims by December 7
RUBICON ASSET: Requires Creditors to File Claims by December 7
SLENDER SHAPES: Court to Hear Wind-Up Petition on November 28


X X X X X X X X

* Fitch Asia Reviews SF Performance in Looming Global Recession
* S&P Puts Ratings on 28 Asia-Pacific CDOs on Negative Watch
* S&P Says Global Investment Banks and Brokers Face Tough Times


                         - - - - -


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

ABC LEARNING: Receives Four Bidders, Deputy PM Gillard Says
-----------------------------------------------------------
Four organizations have expressed interest in buying some of ABC
Learning Centres' operations, The Sydney Morning Herald reports
citing Deputy Prime Minister Julia Gillard.

"We know that there are four profit entities and not-for-profit
organizations that have an interest (in owning and operating ABC
centres)," the Herald cites Ms. Gillard as saying.  "We have asked
those organizations across the country to register their interest
with the receiver."

As reported in the Troubled Company Reporter-Asia Pacific on
November 11, 2008, The Australian Associated Press related that
the Federal Government will commit up to AU$22 million to ensure
ABC Learning Centres Limited will stay open until the end of the
year.  The AAP added that the rescue funding was announced by
Deputy Prime Minister Julia Gillard, who revealed that a
preliminary analysis had found 40% of ABC's 1,040 centers are not
profitable.

According to the Herald says, Ms. Gillard told reporters the
government would not be providing any more funding.

                    About ABC Learning Centres

ABC Learning Centres Limited (ASX: ABS) --
http://www.childcare.com.au/-- provides childcare services and
education in more than 1200 centres in Australia, New Zealand, the
United States and the United Kingdom.  The company's subsidiaries
include ABC Developmental Learning Centres Pty Ltd, ABC
Early Childhood Training College Pty Ltd, Premier Early Learning
Centres Pty Ltd, ABC  Developmental Learning Centres (NZ) Ltd.,
ABC New Ideas Pty. Ltd., ABC Land Holdings (NZ) Limited and
Child Care Centres Australia Ltd.

On September 25, 2006, the company acquired Hutchison Child Care
Services Ltd.  On September 7, 2006, it acquired The Children's
Courtyard LLP.  On December 18, 2006, it acquired Busy Bees
Group Ltd. On January 26, 2007, it acquired La Petite Holdings
Inc.  On February 2, 2007, it acquired Forward Steps Holdings
Ltd.  On March 23, 2007, it acquired Children's Gardens LLP. In
September 2007, the company purchased the Nursery division
(Leapfrog Nurseries) from Nord Anglia Education PLC.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
November 6, 2008, ABC Learning Centres Limited appointed
Peter Walker and Greg Moloney of Ferrier Hodgson as voluntary
administrators of ABC and a number of its subsidiaries.

ABC said subsequent to the appointment of administrators, the
company's banking syndicate appointed Chris Honey, Murray Smith
and John Cronin of McGrathNicol as receivers.


ACN 117 054 958: Joint Meeting Slated for December 1
----------------------------------------------------
The members and creditors of A.C.N. 117 054 958 Pty Limited will
hold their joint meeting on December 1, 2008, at 9:30 a.m., to
hear the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Brian P. Dunphy
         Freshwater Management Pty Ltd
         PO Box 663
         Harbord NSW 2096


ACN 064 162 296: Members' Final Meeting Set for December 10
-----------------------------------------------------------
The members of ACN 064 162 296 Pty Ltd will meet on December 10,
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:

         Henry Kazar
         GPO Box 138
         Canberra ACT 2601
         Telephone:(02) 6285 1310
         Facsimile:(02) 6215 8450


ALEX MUSIC: Appoints Kugel and Warner as Liquidators
----------------------------------------------------
Steven Kugel and Anthony Warner were appointed liquidators of Alex
Music Pty Limited on October 27, 2008.

The Liquidators can be reached at:

         Steven Kugel
         Anthony Warner
         Telephone:(02) 8243 5200
         Web site: http://www.liquidationdirect.com.au


AUSTINMER BOWLING: Joint Meeting Slated for December 10
-------------------------------------------------------
The members and creditors of Austinmer Bowling Club Limited will
hold a joint meeting on December 10, 2008, at 9:30 a.m., to hear
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         G. A. Russell
         Russell Corporate Advisory
         Suite 502, Level 5
         53 Walker Street
         North Sydney NSW 2060


B & M LEMON: Members' Meeting Set for December 12
-------------------------------------------------
The members of B & M Lemon Investments Pty Ltd will meet on
December 12, 2008, at 11:00 a.m., to hear the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Barry Taylor
         HLB Mann Judd
         Level 19, 207 Kent Street
         Sydney NSW 2000


BABCOCK & BROWN: Sells Wind Farms in Portugal for EUR1.15 Bil.
--------------------------------------------------------------
Babcock & Brown Limited today disclosed that, in conjunction with
Babcock & Brown Wind Partners (BBW), it has sold a portfolio of
jointly owned wind farms in Portugal to a consortium of investors
led by Magnum Capital for an Enterprise Value of approximately
EUR1.15 billion (AU$2.23 billion).

The portfolio comprises approximately 515MW of operating wind
farms and a further 156MW of wind farms under construction.  As
part of the transaction and consideration, Babcock & Brown  said
it has also sold Magnum certain Portuguese wind energy service
companies.  The sale is effective immediately and settlement has
occurred.

The portfolio is owned in a 50/50 joint venture with BBW.  The
AU$285.82 million net proceeds to Babcock & Brown from the sale of
its share of the portfolio represents a price above book value and
will be used to pay down project debt secured against European
wind assets.

Babcock & Brown said it has retained ownership of its other wind
interests in Portugal, which include 123MW of projects under
construction, 38MW of projects under development and its interest
in the Ventinveste wind tender consortium.

Babcock & Brown will continue to develop and construct these
assets and will look to sell them at an appropriate time.
Negotiations on the sale of Babcock & Brown wind energy assets in
France, Greece and Germany remain ongoing.  The portfolios include
ownership of 550 MW of projects under development in France,
Germany and Greece and a total of 239MW in operation or under
construction across these countries.

Antonino Lo Bianco, Head of Infrastructure for the EMEA region at
Babcock & Brown said, "We are pleased to be announcing the sale of
this portfolio which has been successfully achieved
notwithstanding the current unprecedented business environment and
the significant constraints on capital globally.  We believe we
have clearly demonstrated that the quality of the B&B Group's wind
energy portfolio has fully maintained its value even in the
current market.  Renewable energy assets, and wind energy in
particular, will remain an attractive asset class for investment."

Michael Larkin, CEO of Babcock & Brown said, "Babcock & Brown
remains committed to reducing its corporate level gearing through
an orderly asset sale process.  There remains no specific time
frame on the reduction of gearing levels and we will continue to
seek to maximize returns from the asset sale process."


                       About Babcock & Brown

Headquartered in Sydney, Australia, Babcock & Brown Limited
(ASX:BNB) -- http://www.babcockbrown.com/-- creates, syndicates
and manages investment products for itself, as a principal, and
its investor clients; management of specialised listed and
unlisted funds, and advising and arranging leasing, project
financing and structured finance transactions.  It has five
segments: real estate, which engages in principal investment and
investment management activities in the real estate sector;
infrastructure, which engages in financial advisory, principal
finance and funds management activities in the infrastructure and
project finance sector; corporate and structured finance, which is
engaged in the origination, structuring and participation in and
management of equity and debt investments, and operating leasing,
which is engaged in asset acquisition and syndication, and ongoing
management of portfolios of aircraft, railcars and semi-conductor
equipment.  In October 2007, it acquired Bluewater.
In November 2007, it acquired Coinmach Service Corp.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
November 12, 2008, Standard & Poor's Ratings Services lowered its
long-term issuer credit rating on Australia-based Babcock & Brown
International Pty Ltd. to 'BB-' from 'BB', reflecting the impact
of the financial market dislocation on the pace of asset sales
required for BBIPL's debt reduction plans.  At the same time, the
'BB-' long-term and 'B' short-term ratings were placed on
CreditWatch with negative implications.


CJC 2000: Members to Hear Wind-Up Report on December 11
-------------------------------------------------------
The members of CJC 2000 Pty Ltd will meet on December 11, 2008, at
10:30 a.m., to hear the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Geoffrey Trent Hancock
         BDO Kendalls Business Recovery & Insolvency
         (NSW-VIC) Pty Limited
         Level 19, 2 Market Street
         Sydney NSW 2000


FAME COVE: Placed Under Voluntary Liquidation
---------------------------------------------
During a general meeting held on October 28, 2008, the members of
Fame Cove Two Pty Ltd agreed to voluntarily liquidate the
company's business.

Stephen Humphrys was appointed as the company's liquidator.


GOLIATH PTY: Placed Under Voluntary Liquidation
-----------------------------------------------
During a general meeting held on October 28, 2008, the members of
Goliath Pty Ltd agreed to voluntarily liquidate the company's
business.

Stephen Humphrys was appointed as the company's liquidator.


HARDIE SHELF: Placed Under Voluntary Liquidation
------------------------------------------------
During a general meeting held on October 28, 2008, the members of
Hardie Shelf 9 Pty Ltd agreed to voluntarily liquidate the
company's business.

Stephen Humphrys was appointed as the company's liquidator.


IVAN HOMES: Members' Final Meeting Set for December 10
-------------------------------------------------------
The members of Ivan Homes Pty Ltd will meet on December 10, 2008,
at 10:30 a.m., to hear the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Henry Kazar
         GPO Box 138
         Canberra ACT 2601
         Telephone:(02) 6285 1310
         Facsimile:(02) 6215 8450


IZILLA PTY: Placed Under Voluntary Liquidation
----------------------------------------------
The creditors of Izilla Pty Limited resolved to voluntarily
liquidate the company's business on October 24, 2008.

The company's liquidators are:

         Anthony Warner
         Steven Kugel
         CRS Warner Kugel
         c/o Peter Malone:
         Telephone:(02) 8243 5200


JAIT INVESTMENTS: Inability to Pay Debts Prompts Wind-Up
--------------------------------------------------------
At an extraordinary general meeting held on October 10, 2008, the
members of Jait Investments Pty Ltd resolved to voluntarily
liquidate the company's business due to its inability to pay its
debts when it fall due.

The company's liquidator is:

         Chris Chamberlain
         Wollundry Chambers
         Suite 103, 1st Floor
         Johnston Street
         Wagga Wagga NSW 2650


KELLERIE PTY: Placed Under Voluntary Liquidation
------------------------------------------------
At an extraordinary general meeting held on October 9, 2008, the
members of Kellerie Pty Limited agreed to voluntarily liquidate
the company's business.

The company's liquidator is:

         Chris Chamberlain
         Wollundry Chambers
         Suite 103, 1st Floor
         Johnston Street
         Wagga Wagga NSW 2650


PHARMACIA AUSTRALIA ET AL: Members' Meeting Set for December 18
----------------------------------------------------------------
The members of these companies will hold their final meeting on
December 18, 2008, at 10:00 a.m., for these companies:

   -- Pharmacia Australia Pty Ltd;
   -- Warner Lambert Consumer Healthcare Pty Ltd; and
   -- Warner Lambert Pty Ltd

The companies' liquidators are:

         Simon J. Cathro
         David J F Lombe
         Grosvenor Place
         225 George Street
         Sydney NSW 2000


PRYDES SWEETS: Brings In Receivers; Sells Business
--------------------------------------------------
Katie Smith at the Maitland Mercury reported that the future of
Prydes Sweets Pty Ltd.'s employees hang in the balance after the
company announced it was going into receivership.

The receiver for Ferrier Hodgson Peter Walker told the Mercury
there were no plans to close and that business would continue with
no disruption.  "We will be seeking expressions of interest for
the sale of the business over the next two to three months," the
report quoted Mr. Walker as saying.

Mr. Walker said employee concerns about their jobs were
understandable, but said they had no cause for alarm.  The report
noted that Mr. Walker named under-capitalization and too much debt
as the reason for the receivership.

Based in Metford, Australia, Prydes Sweets Pty, Ltd. manufactures
starch moulded confectionery comprising jelly beans, fruit
jellies, and hard jubes.  It offers enrobed line products,
including milk and dark chocolate coated aniseed hoops, and
Turkish delight and peppermint patties, as well as chocolate
moulded line products comprising assorted twist wrapped
chocolates, and caramel and cream filled Easter eggs.
Prydes Sweets Pty, Ltd. was a prior subsidiary of Australian
Sweets Pty Limited.


SOTHERTON PROPERTIES: Commences Liquidation Proceedings
-------------------------------------------------------
During a general meeting held on October 16, 2008, the members of
Sotherton Properties Pty Ltd resolved to voluntarily liquidate the
company's business.

The company's liquidator is:

         Michael Slaven
         Kazar Slaven Chartered Accountants
         Level 3, 11 National Circuit
         Barton ACT 2600


SPLAN PTY: Placed Under Voluntary Liquidation
---------------------------------------------
During a general meeting held on October 29, 2008, the members of
Splan Pty Ltd resolved to voluntarily liquidate the company's
business.

The company's liquidator is:

         Michael Slaven
         Kazar Slaven Chartered Accountants
         Level 3, 11 National Circuit
         Barton ACT 2600


STEWART METAL: Appoints Kugel and Warner as Liquidators
-------------------------------------------------------
Steven Kugel and Anthony Warner were appointed liquidators of
Stewart Metal Fabrication Pty Limited during a general meeting
held on Oct. 24, 2008.

The Liquidators can be reached at:

         Steven Kugel
         Anthony Warner
         Telephone:(02) 8243 5200
         Web site: http://www.liquidationdirect.com.au


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

The company's liquidator is:

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


VERSAILLES PTY: Members' Meeting Set for December 11
----------------------------------------------------
The members of Versailles Pty Ltd will meet on December 11, 2008,
at 10:00 a.m., to hear the liquidators' report on the company's
wind-up proceedings and property disposal.

The Liquidators can be reached at:

         David Clement Pratt
         Timothy James Cuming
         PricewaterhouseCoopers
         Level 15, 201 Sussex Street
         Sydney NSW 1171



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

CHINA CONSTRUCTION: To Increase Lending Target by CNY30-50 Billion
------------------------------------------------------------------
China Construction Bank Corp. will extend CNY30-50 billion in new
loans above and beyond its full-year target in response to the
government's attempts to kick-start the economy, Trading Markets
reports citing Xinhua news agency.

According to Shanghai Daily, the bank said it will focus on
railway, road and airport construction as well as the real estate
industry, while cutting loans to industries with excess production
capacity or "high" energy consumption and pollution.

Shanghai Daily notes that the bank, 10.75 percent owned by Bank of
America Corp., increased outstanding loans by 11 percent in the
first nine months to CNY3.5 trillion, slowing from 17-percent
expansion in the same period a year earlier, as demand for loans
waned in a cooling economy.

Trading Markets notes that China recently unveiled a CNY4 trillion
stimulus plan designed to bolster domestic demand and economic
growth amid the global slowdown.

                   About China Construction Bank

The China Construction Bank -- http://www.ccb.cn/-- is one of the
"big four" banks in the People's Republic of China.  It was
founded on October 1, 1954, under the name of "People's
Construction Bank of China" and later changed to "China
Construction Bank" on March 26, 1996.

                          *     *     *

China Construction Bank continues to carry Moody's 'D-' bank
financial strength rating.  Moody's Bank Financial Strength
Ratings (BFSRs) represent Moody's opinion of a bank's intrinsic
safety and soundness and, as such, exclude certain external credit
risks and credit support elements that are addressed by Moody's
Bank Deposit Ratings.


CHINA MINSHENG: Plans to Sell Bonds to Cover CNY10 Bil. Deficit
---------------------------------------------------------------
China Minsheng Banking Corp. plans to sell bonds to help cover a
shortfall of CNY10 billion (US$1.5 billion) as the nation's
regulator raises the minimum capital adequacy ratio, Luo Jun of
Bloomberg News reports.

According to the report, the bank said that the China Banking
Regulatory Commission may "soon" require small and medium-sized
banks to maintain a minimum capital ratio of 10 percent, up from
the current 8 percent.

As reported in Troubled Company Reporter-Asia Pacific on
September 23, 2008, Luo Jun of Bloomberg News related that China
Minsheng received regulatory approval to raise as much as CNY15
billion (US$2.2 billion) selling bonds after expansion in the U.S.
pushed its capital close to the regulatory minimum.

The China Banking Regulatory Commission, Bloomberg related,
approved the sale of the 10-year bonds with call warrants to buy
shares.

                      About Minsheng Banking

China Minsheng Banking Corporation Ltd.'s mainly provides
commercial banking services that include absorbing public
deposits, providing short term, medium term, and long term loans,
making domestic and international settlement, discounting bills
and issuing financial bonds.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported that on
July 13, 2007, that Fitch Ratings upgraded China Minsheng Banking
Corp.'s individual rating to "D" from "D/E" while it affirmed its
support rating at "4".


SHIMAO PROPERTY: Fitch Affirms LT Foreign Currency IDR at 'BB+'
---------------------------------------------------------------
Fitch Ratings has affirmed China-based Shimao Property Holdings
Limited's (Shimao) Long-term foreign currency Issuer Default
Rating at 'BB+'. The Outlook is Stable.

Despite remarkable growth in its leasing asset portfolio, Shimao's
IDR continues to be constrained by its concentration in property
development; the current market downturn has moderately weakened
the company's financial flexibility.  In addition, due to its
rapid business growth, Shimao generated negative free cash flow in
2007 and the same is expected in 2008.  That said Shimao has
launched an assertive sales programme to offload its inventory
since mid-2008.  Combined with the suspension of land bank
acquisition since early-2008, the company is likely to report
positive free cash flow in 2009.

The regulatory environment is becoming more supportive.  Different
policy packages have been launched to moderate the impact of the
global financial crisis.  Since the Chinese property market is
still heavily influenced by the government, which has successfully
cooled the market since Q307, Fitch views that the different
policy measures will help recover transaction volume.  A higher
level of market activities will help property developers rebuild
their liquidity buffer.  However, when the market turns "hot"
again, the regulatory environment is likely to revert to a
"cooling" theme.  The policy objective is to reduce volatility to
secure solid long-term growth.

Shimao's ratings continue to be underpinned by its large well-
located land bank, sound profit margins and the long-term positive
outlook for the residential property sector.  The agency notes
that the overall positive trend in the residential property market
is well supported by rising disposable household income, the
availability of mortgage lending and an accelerated rate of
urbanization.  However, the recent economic slowdown will continue
to put pressure on property prices, and hence profitability.

In the medium- to-long run, the volatility in Shimao's operating
cash flow would be reduced as its revenue base is shifting towards
property investment and hotel operations.  However, the agency
notes that income from hotels, which makes up a bigger share of
Shimao's recurring income, may not be as stable as rental income
from retail or office properties, which are driven by longer term
contracts.

Financial leverage, as measured by FFO net adjusted leverage, was
a low 2.2x at end-2007.  However, it is likely to weaken in 2008
given the company's rising working capital needs and business
expansion, before it comes down in 2009.  Liquidity is not a major
concern in the near term.  At end-H108, Shimao had cash holdings
of CNY2.8 billion, providing adequate coverage of its current debt
of CNY1.2 billion (following the refinancing of CNY2 billion of
the current debt in September).  The recent refinancing of CNY2
billion of short-term debt has demonstrated its sustained ability
to access the mainland Chinese banking markets for financing.

The Stable Outlook reflects Fitch's expectations that Shimao will
continue to maintain a steady credit profile in the next 18 to 24
months.  A sharp drop in profitability, failure to maintain
momentum in home sales, and failure to deleverage within the next
six to 12 months are negative rating factors.


SINOPEC CORP: To Reduce Processing by 10% Due Slower Demand
-----------------------------------------------------------
China Petroleum and Chemical Corporation (Sinopec) will reduce
crude processing by 10 percent in November from July's record as
the nation's economic slowdown cuts fuel demand, Bloomberg News
reports citing company officials.

Citing three refinery officials, who declined to be named because
of internal rules, Bloomberg relates that Sinopec will process
about 15 million metric tons a month, or 3.65 million barrels a
day, starting November.

According to Bloomberg, Sinopec is lowering output even as
refining margins improve because of a drop in crude oil prices.
Bloomberg notes that China's fuel demand is falling as
manufacturers shut plants and airlines ground planes after the
world's fourth-largest economy grew at the slowest pace since 2003
in the third quarter.  Stockpiles of petrochemicals including
naphtha, a raw material for plastics, are at records, the report
notes.

The refinery officials told Bloomberg that the company is
monitoring the market and further cuts may be necessary if demand
worsens.

                        About Sinopec Corp.

Sinopec Corp. is the first Chinese company that has been listed
in Hong Kong, New York, London and Shanghai.  The company is an
integrated energy and chemical company with upstream, midstream
and downstream operations.  The principal operations of Sinopec
Corp. and its subsidiaries include: exploring, developing,
producing and trading crude oil and natural gas; processing
crude oil into refined oil products; producing, trading,
transporting, distributing and marketing refined oil products;
and producing and distributing chemical products.

Based on 2007 turnover, Sinopec Corp. is the largest listed
company in China.  The company is one of the largest crude oil
and petrochemical companies in China and Asia.  It is also one
of the largest gasoline, diesel and jet fuel and other major
chemical products producers and distributors in China and Asia.

                        *     *     *

The working capital deficit of China Petroleum & Chemical Corp.
rose by 15%, or CNY10.357 billion, from CNY69.882 billion at
Dec. 31, 2006 to CNY80.239 billion at Dec. 31, 2007.

The Company had RMB185.116 billion in current assets and
CNY265.355 billion in current liabilities at Dec. 31, 2007,
compared to CNY146.490 billion in current assets and
CNY216.372 billion in current liabilities at Dec. 31, 2006.



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

AEA HOLDINGS: Appoints Borrelli and Walsh as Liquidators
--------------------------------------------------------
On November 7, 2008, Cosimo Borrelli and G Jacqueline Fangonil
Walsh were appointed as liquidators of AEA Holdings (Asia)
Limited.

The Liquidators can be reached at:

          Cosimo Borrelli
          G Jacqueline Fangonil Walsh
          Borrelli Walsh Limited
          Admiralty Centre
          1401, Level 14, Tower 1
          18 Harcourt Road
          Hong Kong


ASAHI SHIMBUN: Placed Under Voluntary Liquidation
-------------------------------------------------
Asahi Shimbun Asia Limited commenced liquidation proceedings on
November 7, 2008.

The company's liquidators are:

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


ASIA SECURITY: Lam and Toohey Step Down as Liquidators
------------------------------------------------------
Rainier Hok Chung Lam and John James Toohey stepped down as
liquidators of Asia Security Reinsurance Agency Limited on
November 4, 2008.

The company's former Liquidators can be reached at:

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


ASIAN REAL: Ling Wai Ming Ceases to Act as Liquidator
-----------------------------------------------------
On August 27, 2008, Ling Wai Ming ceased to act as liquidator of
Asian Real Estate Society Limited.

The company's former Liquidator can be reached at:

          Ling Wai Ming
          China Resources Building
          Room 2802, 28th Floor
          No. 26 Harbour Road
          Wanchai, Hong Kong


CHINA CENTURY: Placed Under Voluntary Liquidation
-------------------------------------------------
At an extraordinary general meeting held on November 7, 2008, the
members of China Century Investments Limited agreed to voluntarily
liquidate the company's business.

Creditors are required to file their proofs of debt by Dec. 22,
2008, to be included in the company's dividend distribution.

The company's liquidator is:

          Xu Yajie
          ING Tower, Room 1702-2, 17th Floor
          308 Des Voeux Road Central
          Hong Kong


FRANCISCAN SCHOOLS: Appoints Cheung Ka Chuen as Liquidator
----------------------------------------------------------
Cheung Ka Chuen was appointed liquidator of Franciscan Schools
(Hong Kong) Limited.

The Liquidator can be reached at:

          Cheung Ka Chuen
          Hang Seng North Point Building
          Room 1101, 11th Floor
          341 King's Road
          North Point, Hong Kong


GEIS CARGO: Yan and Haughey Cease to Act as Liquidators
-------------------------------------------------------
On October 29, 2008, Lai Kar Yan (Derek) and Darach E. Haughey
cease to act as liquidators of:

   -- Geis Cargo Indochina Limited; and
   -- Geis Cargo JM Hong Kong Limited

The company's former Liquidators can be reached at:

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


LEE SANG: Appoints Middleton and Cowley as Liquidators
------------------------------------------------------
Edward Simon Middleton and Patrick Cowley were appointed
liquidators of Lee Sang On Investment Company, Limited on
November 4, 2008.

The Liquidators can be reached at:

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


METRO RAIL: Wong Kwok Man Steps Down as Liquidator
--------------------------------------------------
Wong Kwok Man stepped down as liquidator of Metro Rail Transit
Corporation Limited on November 4, 2008.

The company's former Liquidator can be reached at:

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


SIAM MAJESTIC: Members' Final Meeting Set for December 15
---------------------------------------------------------
The members of Siam Majestic Gems Limited will meet on
December 15, 2008, at 10:00 a.m., at Flat A, 16th Floor of United
Centre, in 95 Queensway, Hong Kong.

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


SOUTH CHINA: Members to Hear Wind-Up Report on December 15
----------------------------------------------------------
The members of South China Paper Limited will meet on December 15,
2008, at 10:30 a.m., at Flat A, 16th Floor of United Centre, in 95
Queensway, Hong Kong.

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


TOY BIZ ET AL: Liquidators Quit Post
------------------------------------
On November 8, 2008, Natalia K M Seng and Susan Y H Lo quit as
liquidators of these companies:

   -- Toy Biz International Limited;
   -- Mak Wah Securities Limited;
   -- Somet (Far East) Limited; and
   -- Lodsworth Limited.

The companies' former Liquidators can be reached at:

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


VENLINT HOLDINGS: Mee and Yee Step Down as Liquidators
------------------------------------------------------
Natalia Seng Sze Ka Mee and Cynthia Wong Tak Yee ceased to act as
liquidators of Venlint Holdings Limited on October 28, 2008.

The company's former Liquidators can be reached at:

          Natalia Seng Sze Ka Mee
          Cynthia Wong Tak Yee
          Three Pacific Place, Level 28
          1 Queen's Road East
          Hong Kong


YARN SERVICES: Requires Creditors to File Claims by December 18
---------------------------------------------------------------
Yarn Services (HKS) Limited requires its creditors to file their
proofs of debt by December 18, 2008, to be included in the
company's dividend distribution.

The company's liquidator is:

          Chan Sun Kwong
          Oriental Centre, Room 102, 1st Floor
          37-71 Chatham Road, Tsimshatsui
          Kowloon, Hong Kong


YUEN CHEONG: Creditors' Proofs of Debt Due on December 6
--------------------------------------------------------
The creditors of Yuen Cheong Sawmill Limited are required to file
their proofs of debt by December 6, 2008, to be included in the
company's dividend distribution.

The company's liquidator is:

          Leung Chung Yin
          Granville House, Unit B, 15th Floor
          41C Granville Road, TST
          Kowloon



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

JAGAT AGRO: CARE Puts 'BB+' Rating on Rs.29.70 cr Bank Facilities
-----------------------------------------------------------------
CARE has assigned a 'CARE BB+' (Double B plus) rating to the long
term facilities of Jagat Agro Commodities Pvt. Ltd.  This rating
is applicable for facilities having tenure of more than one year.
Facilities with this rating are considered to offer inadequate
safety for timely servicing of debt obligations.  Such facilities
carry high credit risk.  The total bank facilities rated amount to
Rs.29.70 cr (including outstanding term loans).

The rating is constrained by low profitability margins, relatively
weak financial profile as reflected by high overall gearing,
exposure to policy risk (in the light of ban on nonbasmati
rice exports) in addition to commodity risk, delay in achieving
financial closure for the project and presence in unrelated
diversified activities including real estate.  The rating also
factors in medium size of operations, healthy growth in operations
of the company and experienced management team.  Going forward,
the ability of the company to sustain revenue growth and
profitability in the light of changing industry scenario and
impact of Government policies on business risk profile, are key
rating sensitivities.

Jagat Agro Commodities Private Limited (JACPL) was originally
incorporated in the year 1984 to undertake the trading of rice.
The company ventured into processing of rice in the year 1992 when
it took over a rice mill in Delhi.

JACPL is engaged in the processing and selling of basmati as well
as non basmati rice.  The company also deals in exports of basmati
rice under the private labels as required by the overseas
distributors.  The domestic sales under various brands is affected
through a wide network of semiwholesalers and distributors (~200)
spread across various cities like Mumbai, Pune, Jaipur, Hyderabad,
Ahmedabad, etc who, in turn, cater to around more than 300,000
retail outlets across the country.

During FY08 the net sales of the company increased by 48% on
account of higher volume sales coupled with higher sales
realization.  The higher realization can be attributed to the
spurt in commodities prices including rice towards the later half
of FY08.

It was able to improve the PBILDT margin on account of healthy
realizations, better procurement price and tighter control over
the indirect overheads.  The interest component has increased
significantly during 2007-08 on account of higher working capital
limits availed by the company.  The said working capital limits
were raised by the company to finance its large paddy and finished
goods inventory.

Growing profitability has contributed to the increase in net worth
of the company which stood at Rs.7.2 cr at the end of FY08 up from
Rs.4.46 cr in FY07.  Total debt has been increasing consistently
over the years on account of higher availment of cash credits
limits/advance against warehouse receipts by the company to meet
its growing working capital requirements.

Liquidity position of JACPL as indicated by current ratio of 1.86
times as on March 31, 2008 was moderate.  Long term debt equity
ratio was low at 0.11 at the end of FY08 on account of lesser long
term loans availed by the company.  However, the overall gearing
of the company was high at 10.59 at March 31, 2008.


KINETA MINERALS: CRISIL Rates RS.600 Mil. Cash Credit Limit at BB
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the various
bank facilities of Kineta Minerals and Metals Ltd.

   Rs.600 Million Cash               BB/Stable(Assigned)
   Credit Limit

   Rs.1900 Million Export Packing    P4(Assigned)
   Credit (EPC)/Foreign Bill
   Discounting (FBD)

   Rs.900 Million Letter of Credit   P4(Assigned)

   Rs.100 Million Bank Guarantee     P4(Assigned)

The ratings reflect Kineta's below-average financial risk profile,
and exposure to risks relating to concentration of revenues in a
few customers and a single market, and cyclicality in end-user
industry — steel.  These weaknesses are, however, partially offset
by Kineta's established relationships with suppliers and
international customers.

Outlook: Stable

CRISIL expects the financial profile of the company to remain
constrained at current levels due to high gearing and working
capital intensive nature of operations.  The outlook may be
revised to 'Positive' if Kineta's business and financial risk
profile improve substantially on the back of increase in scale of
operations, and corresponding improvement in profitability.
Conversely, the outlook may be revised to 'Negative' if large
intake of debt leads to deterioration in Kineta's financial risk
profile, or changes in GoI's policy on iron ore exports adversely
impact the company, or if Kineta extends significant support to
group companies.

                          About Kineta

Set up in Hyderabad in April 2006, by Mr. V Balashowry, Kineta
trades in iron ore.  It procures iron ore fines from small and big
mine owners located around the port cities of Krishnapatnam,
Bellary, Mangalore, Vishakhapatnam, Hospet, Sandur and Goa against
advance payment.  It exports nearly 85 per cent of the iron ore to
China, and the remainder to Korea and Japan.  For 2007-08 (refers
to financial year, April 1 to March 31), Kineta reported a profit
after tax (PAT) of Rs.147 million on net sales of Rs.6 billion, as
against a PAT of Rs.8 million on net sales of Rs.1 billion for
2006-07.


MAKALU TRADING: CRISIL Rates Rs.400 Million Cash Credit at 'BB'
---------------------------------------------------------------
CRISIL has assigned its bank loan ratings of 'BB/Stable/P4' to the
various bank facilities of Makalu Trading Ltd, part of the
Shrilekha group.

   Rs. 400.0 Million Cash Credit *        BB/Stable (Assigned)

   Rs. 1600.0 Million Letter of Credit  P4 (Assigned)

* Fully interchangeable with Letter of Credit
The Total Limit of Rs. 2000.0 Million includes sub-limits for
Packing Credit to the extent of Rs. 200.0 Million and for Bills
Discounted to the extent of Rs. 100.0 Million.

The ratings reflect Makalu's less than adequate internal risk
management systems, its exposure to customer concentration risk,
and limited future financial flexibility due to the already high
gearing levels and the sizeable equity commitments of the
promoters for their proposed hospitality ventures.  These
weaknesses are, however, partially mitigated by Shrilekha group's
established presence in the iron and steel trading business.

The Shrilekha group comprises Makalu Trading Ltd, Dilshad Trading
Company Pvt Ltd, Superways Enterprises Pvt Ltd, Ogardhani Exports
Pvt Ltd, and Shrilekha Trading Pvt Ltd.  The companies have a
common management and cross-holdings among them, in addition to
common customers and suppliers; and sizeable inter company
transactions by way of unsecured loans.  CRISIL has, therefore,
taken a combined view of the business and financial risk profiles
of the five companies as part of this rating exercise.

Outlook: Stable

CRISIL believes that Makalu will maintain a healthy business risk
profile over the medium term, backed by its industry contacts and
relationships.  The outlook may be revised to 'Positive' if the
company's financial profile improves substantially, backed by
sustainable improvement in operating margins, and additional
equity infusion by promoters.  Further deterioration in financial
risk profile or unrelated diversifications materially impacting
the trading business may, however, result in a revision in outlook
to 'Negative'.

                       About Shrilekha group

The Shrilekha group was founded in 1981 by Mr. Vinod Jatia along
with his brothers Mr. Shiv Jatia, Mr. Rajkumar Jatia and Mr.
Ramesh Jatia.  The group has a presence in trading in iron and
steel products such as hot- and cold-rolled (HR and CR) coils,
sheets, plates, sponge iron lumps and fines.  The group is
planning an entry into the hospitality sector through its hotel
projects at Pune & Bangalore.  The group's listed entity, Supreme
Holdings Ltd will be the main vehicle for these hotel ventures.
For 2007-08 (refers to financial year, April 1 to March 31),
Makalu reported a profit after tax (PAT) of Rs.26 million on net
sales of Rs.3,651 million, as against a PAT of Rs.13 million on
net sales of Rs.2,940 million for 2006-07.


SHRILEKHA TRADING: CRISIL Rates Rs.100 Mil. Cash Credit at 'BB'
---------------------------------------------------------------
CRISIL has assigned its bank loan ratings of 'BB/Stable/P4' to the
various bank facilities of Shrilekha Trading Pvt Ltd, part of the
Shrilekha group.

   Rs.100.0 Million Cash Credit *        BB/Stable (Assigned)

   Rs.1200.0 Million Letter of Credit  P4(Assigned)

* Fully interchangeable with Letter of Credit

The ratings reflect Shrilekha Trading's less than adequate
internal risk management systems, its exposure to customer
concentration risk, and limited future financial flexibility due
to the already high gearing levels and the sizeable equity
commitments of the promoters for their proposed hospitality
ventures.  These weaknesses are, however, partially mitigated by
Shrilekha group's established presence in the iron and steel
trading business.

The Shrilekha group comprises Makalu Trading Ltd, Dilshad Trading
Company Pvt Ltd, Superways Enterprises Pvt Ltd, Ogardhani Exports
Pvt Ltd, and Shrilekha Trading Pvt Ltd.  The companies have a
common management and cross-holdings among them, in addition to
common customers and suppliers; and sizeable inter company
transactions by way of unsecured loans.  CRISIL has, therefore,
taken a combined view of the business and financial risk profiles
of the five companies as part of this rating exercise.

Outlook: Stable

CRISIL believes that Shrilekha Trading will maintain a healthy
business risk profile over the medium term, backed by its industry
contacts and relationships.  The outlook may be revised to
'Positive' if the company's financial profile improves
substantially, backed by sustainable improvement in operating
margins, and additional equity infusion by promoters.  Further
deterioration in financial risk profile or unrelated
diversifications materially impacting the trading business may,
however, result in a revision in outlook to 'Negative'.

                    About Shrilekha group

The Shrilekha group was founded in 1981 by Mr. Vinod Jatia along
with his brothers Mr. Shiv Jatia, Mr. Rajkumar Jatia and Mr.
Ramesh Jatia.  The group has a presence in trading in iron and
steel products such as hot- and cold-rolled (HR and CR) coils,
sheets, plates, sponge iron lumps and fines.  The group is
planning an entry into the hospitality sector through its hotel
projects at Pune & Bangalore.  The group's listed entity, Supreme
Holdings Ltd will be the main vehicle for these hotel ventures.
For 2007-08 (refers to financial year, April 1 to March 31),
Shrilekha Trading reported a profit after tax (PAT) of Rs.24
million on net sales of Rs.3,759 million, as against a PAT of
Rs.20 million on net sales of Rs.2,236 million for 2006-07.


* Fitch to Widen Notching of 3 Indian Banks' Hybrid Debt Ratings
----------------------------------------------------------------
Fitch Ratings said that the challenging operating environment
faced by Indian banks has highlighted the importance of capital
conservation, including coupon deferrals on optionally deferrable
hybrid instruments, if necessary.  Upper Tier 2 and Innovative
Perpetual debt instruments offer flexibility to banks as coupons
on these instruments can be optionally deferred, if such payment
results in a 'net loss' or an increase in the 'net loss'; the
Reserve Bank of India has clarified that 'net loss' refers both to
losses incurred in any financial year, as well as to accumulated
loss at the end of the financial year.  In the current adverse
credit cycle, which will likely worsen over the next year, the
possibility of shrinking profits, and even losses, in the
reporting period for a few 'weak' banks, have increased, thereby
correspondingly increasing the possibility of coupons being
deferred on their hybrid instruments.

As a result Fitch will widen the notching of hybrid debt
instruments of banks where such risks are more pronounced and may
downgrade the national hybrid debt ratings of banks whose
financial profile is 'weak'.  Currently, amongst the banks whose
hybrid instruments are rated by Fitch, the Individual ratings of
Dena Bank ('D'), IndusInd Bank Ltd ('D') and UCO Bank ('D') denote
weaknesses of internal or external origin and the concerns
regarding their profitability or balance sheet and more
importantly the operating environment or prospects.

The coupon on these instruments is not payable - without RBI's
prior approval - if such payment results in a 'net loss' or
increase in the 'net loss'.  While the banks may honour payment
timelines, provided prior approval from RBI is obtained, it is
less clear if such an approval would be forthcoming from the
regulator for the 'weak' banks that may already be facing pressure
on their capital ratios.  The coupon would also be deferred
(compulsorily) if the bank's capital adequacy ratio is below the
regulatory minimum, or if payment of such interest results in the
bank's capital adequacy ratio falling below regulatory minimum
(currently 9%).

This approach better aligns national notching policy with the
agency's global practice.  Fitch introduced notching for first
time in India after RBI permitted Indian banks to issue hybrid
debt instruments.  In line with the criteria, and as per the
graded approach towards notching, Fitch currently notches hybrid
debt instruments of 'AAA(ind)'-'A-(ind)' (A minus(ind)) rated
banks by at least one notch and lower rated banks by two or more.
The updated approach will now use the Individual ratings of banks
to determine the extent of notching for the National ratings of
hybrid instruments in India.

Fitch assigns Individual Ratings only to banks, and these ratings,
which are internationally comparable, attempt to assess how a bank
would be viewed if it were entirely independent and could not rely
on external support.  Individual ratings are assigned on the scale
of 'A' to 'F'- 'A' denotes a very strong bank and 'F' a bank that
has either defaulted or, in Fitch's opinion, would have defaulted
if it had not received external support. Gradations may be used
among the five ratings, i.e. 'A/B', 'B/C', 'C/D', and 'D/E'.



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

PT BANK MEGA: Fitch Maintains 'D' Individual Rating
---------------------------------------------------
Fitch Ratings affirmed PT Bank Mega Tbk's (Bank Mega) National
Long-term rating at 'A+(idn)', Individual Rating at 'D', and
Support Rating at '4'. The Outlook is Stable.  At the same time,
Fitch has affirmed the bank's IDR1.0trn, 10-year subordinated bond
I/2007 issued in January 2008 at 'A(idn)'.

Bank Mega reported a satisfactory performance in 9M08 with net
interest margin improving to 4.9% in 9M08 from 2.8% due to better
funding composition and significant loans growth over the past two
years.  Non-interest income grew 24% (annualised) in 9M08 and
supported the bank's higher pre-tax ROA of 2.0% (2006: 0.8%),
albeit lower than its peers' 2.5% in 2007.  Fitch expects the
bank's profitability to be much weaker in 2009 due to the impact
of higher provisions and slower loan growth.

Although Bank Mega's assets quality was good and quite well-
reserved in 9M08 (NPL ratio: 1.2%), it is likely to weaken with
the tougher operating conditions ahead.  Fitch is particularly
concerned about the rapid expansion and the unseasoned corporate
and commercial loans; also of concern is the high concentration
risk with the 20 largest debtors accounting for about 2.2x of
equity and about 30% of gross loans at end-9M08.  The agency
believes that corporate defaults are likely to rise with worsening
external demand and the impact of falling commodity prices on
business revenue, and will continue to closely monitor the bank's
loan quality.  Any significant deterioration of the bank's asset
quality is likely to exert downward pressure on its ratings.

Bank Mega's liquidity position remained fairly strong with
loan/deposit ratio at 67.8% and with more liquid cash, central
bank placements and government bonds accounting for 36% of total
assets at end-9M08.  Bank Mega does not have exposure to troubled
foreign financial institutions.  Total CAR was significantly above
the regulatory requirement at 14.4% (Tier 1 CAR: 10.1%) at end-
9M08 but was below the industry level at 17.3%.

Bank Mega was established in 1969 and was taken over by the Para
Group in 1996.  The bank survived the Asian financial crisis in
1997-1998 without the need of a bailout.  Para Group retained the
majority stake of 55.67% at end-9M08.


TELEKOMUNIKASI INDONESIA: Fitch Keeps 'BB' Issuer Default Rating
----------------------------------------------------------------
Fitch Ratings affirmed P.T. Telekomunikasi Indonesia Tbk's Long-
term foreign and local currency Issuer Default ratings at 'BB'.
The Outlook is Stable.

Telkom's ratings reflect its diversified operations and leading
market positions in fixed line and data services, as well as in
wireless services through its 65%-owned subsidiary P.T.
Telekomunikasi Selular ('BBB+'/Stable).

"Telkom's financial profile is heavily influenced by its wireless
business, Telkomsel, which accounted for around 61% of its
consolidated revenue in 9M08, and is consequently benefiting from
the sustained high-growth phase of the wireless segment," said
Priya Gupta, Director in Fitch's Asia-Pacific telecom, media and
technology team.  However the agency cautions that industry risk
in the wireless segment is on the rise with increased
fragmentation, an intensely competitive environment and tower
sharing initiatives that favour new entrants.  Although the fixed
line franchise (including fixed-wireless) is an important source
of positive free cash flow and is supported by moderate capital
intensity in recent years, it is increasingly challenged by fixed
to mobile substitution.

As the Indonesian government holds a 51.82% (at December 2007)
majority stake in the company, and exerts significant influence on
Telkom's major business and financial decisions, the company's
ratings remain closely correlated with those of the Indonesian
sovereign's ('BB'/Stable).  Fitch notes a trend towards
increasingly shareholder friendly initiatives over the last year
or so, with Telkom announcing a special dividend on FY07 income
and conducting periodic share buybacks.  The total dividend payout
increased to 70% of FY07 net income from 55% of net income in FY05
and FY06.  The company has also announced a buyback program for up
to IDR3.0trn to be conducted between October 13, 2008, and
January 20, 2009.

Telkom has historically maintained a conservative financial
profile reflected by low leverage and sound capital structure.  At
end September 2008 net adjusted leverage stood at 0.5x while total
adjusted debt to capitalization was 37.1%.  The confluence of
large capital investments in the wireless segment, and high
dividend payouts has turned FCF mildly negative.  With FCF debt
service coverage of 0.6x in FY07 and -0.2x in 9M08, liquidity risk
appears to be on the rise.  The credit environment in Indonesia
has tightened and funding costs have risen over the last six
months.  This has negative implications for the major telecom
operators, given that they continue to invest heavily in their
networks to capture ongoing growth.  Nonetheless, Fitch believes
Telkom is better positioned than some of its smaller competitors
to adapt to the tighter environment and to sustain investments in
capex, given that it generates strong positive pre-dividend FCF.

The Stable Outlook reflects Fitch's expectation that Telkom will
maintain its credit profile over the medium term.  However on
account of the company's close linkages with the Indonesian
government, any positive or negative sovereign rating action would
likely lead to a corresponding rating action for Telkom.  Upward
rating pressure would also arise with if there was a reduction in
the government's stake (below 50%) including a waiver of rights
associated with the Series A share.  Conversely, downward rating
pressure would arise with evidence of political interference that
triggers actions detrimental to the interests of creditors, or in
the event of significant debt-funded acquisitions.

Telkom is Indonesia's incumbent fixed-line services provider and
wireless operator, through its 65%-owned subsidiary Telkomsel, and
is majority-owned by the Indonesian Government.



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

KATSUMURA CONSTRUCTION: Files for Bankruptcy; Owes JPY4.95 Bil.
---------------------------------------------------------------
Katsumura Construction Co. has filed for bankruptcy protection
again after a client defaulted on its outstanding obligations,
Antara News reports citing Business in Asia Today.

According to the report, Katsumura has liabilities of roughly
JPY4.95 billion (US$52.3 million).

Antara News relates that the company had been listed on the Tokyo
Stock Exchange's first section, but was removed in 2005 after
going bankrupt.  It re-emerged from a reorganization in July 2006.

Katsumura Construction Co.'s principal activities involve building
construction including educational, research, cultural and medical
facilities, office and public houses, and civil engineering works
such as water mains, sewerage and roads.  Other activities are
real estate business, and the sale and lease of office equipment.
Building construction accounted for 59% of fiscal 2002 revenues;
civil engineering, 41% and real estate business, nominal.


NOMURA HOLDINGS: Creates New Wholesale IT and Operations Positions
------------------------------------------------------------------
Nomura Holdings, Inc., disclosed a new global structure for its
wholesale IT and operations functions, effective November 14,
2008.

The new structure incorporates Nomura's recent acquisitions of
parts of the former Lehman Brothers in Asia and Europe, including
Lehman's service platform in India.  Following the acquisitions,
Nomura said it conducted a review of its wholesale IT and
operations structure in each region and has decided to create the
new positions of Global Wholesale CIO and Global Wholesale Co-CIO
as well as appoint CIOs in each region.

In addition, the company said, regional line heads will be
appointed in the area of operations in Asia-Pacific; Europe, the
Middle East, and Africa; India; and the Americas.

With the reformation of its wholesale IT and operations functions,
Nomura said it will be better positioned to ensure its business
lines receive a high level of integrated support across regions to
deliver world-class products and services to its clients and
further expand its international business.

All new appointments will report to Hiroshi Tanaka, Head of Global
IT and Operations, and their respective regional management.
Nomura continues to work quickly to combine other parts of the
acquired Lehman Brothers businesses with its existing operations
and will make further announcements on progress in due course.

                        New Appointments

Wholesale IT

   Simon Lucocq           Global Wholesale CIO
                          CIO, Asia-Pacific

   Naohiro Sako           Global Wholesale Co-CIO

   Mark Butterfield       CIO, Europe, Middle East and Africa

   Raymond Testa          CIO, India
                          (Powai operations only)

   Mark Apsey             CIO, Americas

Operations

   Christopher Flanagan   Head of Operations, Asia-Pacific

   Garth Baker-Goldie     Head of Operations, Europe,
                          Middle East and Africa

   Adrian Boyles          Head of Operations, India
                          (Powai operations only)

   Mark Apsey             Head of Operations, Americas

Simon Lucocq, Raymond Testa, Christopher Flanagan, Garth Baker-
Goldie, and Adrian Boyles joined from Lehman Brothers.

                       About Nomura Holdings

Headquartered in Tokyo, Japan, Nomura Holdings Inc. --
http://www.nomura.com/-- is a securities and investment banking
firm in Japan and has worldwide operations.  Nomura is a holding
company.  The services it provides include trading, underwriting,
and offering securities, asset management services, and others. As
of March 31, 2008, it operated offices in about 30 countries and
regions, including Japan, the United States, the United Kingdom,
Singapore and Hong Kong through its subsidiaries.  The Company's
customers include individuals, corporations, financial
institutions, governments and governmental agencies.  Nomura
operates in five business divisions: domestic retail, global
markets, global investment banking, global merchant banking and
asset management.  In February 2007, Nomura acquired Instinet
Incorporated.  Effective Oct. 1, 2008, Nomura Holdings Inc.
acquired Lehman Brothers Holdings Inc.'s European equities and
investment-banking business, and decided not to take on the fixed-
income unit.

                          *     *     *

Nomura Holdings still carries Fitch Ratings' 'C' individual
rating, and Support Rating Floor at 'B'.

On Aug. 1, 2008, the Troubled Company Reporter-Asia Pacific,
citing The Wall Street Journal, reported that Nomura Holdings
posted a JPY76.6 billion (US$712.8 million) net loss for its
fiscal first quarter, from a JPY75.9 billion net profit a year
earlier.  The reported loss, the report said, came after write-
downs of risky debt products, and a Japanese bank's expectation
that difficult market conditions will continue.


* JAPAN: In Recession, Third Quarter GDP Drops 0.4%
---------------------------------------------------
Japan's economy is back in recession after seven years as gross
domestic product fell an annualized 0.4 percent in the three
months ended Sept. 30, Bloomberg News reports citing the Cabinet
Office.  The economy, according to the report, last contracted
over two consecutive quarters in 2001.

"It's only going to get worse," Bloomberg News cited Masamichi
Adachi, senior economist at JPMorgan Chase & Co. in Tokyo, as
saying.  "Japan may be entering its deepest recession in a decade
as the global financial crisis cools demand overseas."

Citing today's report, Bloomberg News says:

   -- quarter-on-quarter, Japan's economy shrank
      0.1 percent;

   -- capital spending fell 1.7 percent from the
      previous three months;

   -- net exports subtracted 0.2 percentage point
      from growth after imports outweighed an
      increase in shipments abroad;

   -- exports rose 0.7 percent, less than the
      1.2 percent expected;

   -- imports climbed 1.9 percent as oil surged
      to a record in the quarter;

   -- the GDP deflator, a broad measure of price
      changes, fell 1.6 percent from the same
      period a year earlier.

In addition, Bloomberg News notes, consumer spending increased 0.3
percent last quarter, more than the 0.1 percent economists
expected.  However, according to Junko Nishioka, an economist at
RBS Securities Japan Ltd. in Tokyo, "Though consumer spending was
a positive figure, it's difficult to take it as a good sign
because the figure was boosted by seasonal factors such as the hot
summer and the Olympics.  Consumption will probably turn negative
in the fourth quarter."


* S&P Says Narrow Subprime Exposure Keeps Japan Banks Stable
------------------------------------------------------------
While global securitization and leveraged markets have been
affected by subprime-related turmoil, and there are signs that
domestic lending is being pressured by rising credit costs, the
outlook on the credit quality of the overall Japanese banking
sector is stable due to its limited exposure to risk assets,
reduced single-name concentration exposure, and ample liquidity,
Standard & Poor's Ratings Services said in a report released.

The report details how low nonperforming loan ratios and recovered
capitalization due to the accumulation of retained earnings have
strengthened the banks' financial profiles.  In addition, it
explains how the private corporate sector has undertaken
restructuring efforts, reducing its reliance on credit in the wake
of its turbulent experiences in the early 2000s, and how banks
have reduced their single-name loan concentration exposure.  These
are both factors that support the banks' assets.

The report also highlights risk factors for the banks, including
uncertainties surrounding a potential global/domestic economic
recession; slow or limited growth of the domestic banking
business, which could negatively affect the banks' profitability;
and the potential effects of a stagnant domestic stock market,
given that the banks' collective stock portfolio amount is
equivalent to 50% of their core capital.

In sum, it identifies the strengths of the Japanese banking sector
as follows: the wealth and diversity of the economy; the high
level of banking intermediation and ample liquidity; the
government's commitment to system stability; and the improved
financial profile of the banks, with limited exposure to subprime-
related products.

The weaknesses are characterized thus: the banking sector's highly
competitive operating environment; the banks' low profitability;
still large, if decreased, stock exposures; and the slow growth of
the domestic banking businesses.



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

KOREAN AIR: Posts KRW684.1 Bil. Net Loss in Third Qtr.
-----------------------------------------------------
Korean Air Lines Co. Ltd posted its biggest loss in 10 years as it
paid more for fuel and a weak won inflated foreign-denominated
debt, Seonjin Cha of Bloomberg News reports.

Citing an e-mailed statement, Bloomberg says Korean Air reported a
net loss of KRW684.1 billion in the third quarter ended
September 30, 2008, compared with net income of KRW129.6 billion
in the same period last year.  Sales rose 16 percent to 2.76
trillion won.

According to Bloomberg, Korean Air had a second consecutive
operating loss of KRW25.1 billion, compared with an operating
profit of KRW281.4 billion a year earlier.  Operating profit is
defined as sales minus the cost of goods sold and administrative
expenses.

                      About Korean Air

Headquartered in Seoul, South Korea, Korean Air Lines Co. Ltd.
-- http://kr.koreanair.com/-- is a Korea-based company engaged
in the passenger airline transportation business.  Its principal
activities consist of the provision of domestic and
international airline services; the production of aircraft,
including military aircraft; the provision of aircraft
maintenance and engineering services, and the sale of duty-free
goods. Korean Air Lines offers four classes of service: Economy
Class, Business Class, First Class and Premium Class, and
provides in-flight services, including cabin crew, in-flight
entertainment, meal and other services.  It is also involved in
the provision of in-flight meals for third parties.  In addition
to passenger transportation services, Korean Air Lines is a
cargo carrier that operates freighters worldwide. During the
year ended December 31, 2007, its operations spanned 101 cities
in 36 overseas countries with a fleet of 126 aircraft and it
carried 22,850,000 passengers and 2,280,000 tons of freight.

                            *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
August 19, 2008, Korean Air Lines Co. Ltd.'s net loss for the
second quarter 2008 widened to KRW288.9 billion from KRW214.4
billion in the second quarter 2007 amid soaring fuel prices and a
weaker won.

For the year ended June 30, 2008, the airline's net loss grew
more than six times to KRW614.4 billion from KRW83.6 billion in
the previous year.


KOREAN AIR: To Benefit From Visa Waiver Program
-----------------------------------------------
Korean Air Lines Co. Ltd said it will realize significant benefits
when the U.S. waives visa requirements for South Korean tourists
and business people, planned for this week.  And a visa waiver
program (VWP) for South Korea will reap dollars into the U.S.
travel and tourism industry.

Korean visitors spent more than $3 billion in the U.S. last year,
up 9% from the previous year.  And three years after VWP
originally became effective, 70% of the countries showed a 50% or
more increase in visitors to the U.S.

"With easier access to America, the number of Korean visitors will
increase significantly," says John Jackson, Korean Air's director
of marketing of the Americas.  "There should be an immediate
increase of visitors traveling for short term language courses,
tourism and family visits.  Predictions are for over a 10%
increase the first year of VWP," he says.

"Korean Air has been a leader in the visa waiver program, having
worked for more than a decade toward its enactment.  This program
will help economies on both sides of the Pacific," Mr. Jackson
says.

"Korean Air is set to benefit significantly from this because we
carry more people between America and Korea than any other
airline," he says.  "We already are planning an increase in
flights across the Pacific next year.  We're estimating anywhere
from a 5% to 7% capacity increase.  For example, in December,
we're upping our frequency to Washington to daily flights instead
of four per week.

"In addition, we're producing a significant ad campaign in America
that will air only in Korea and promote America to Korean
tourists.  This encouragement plus the ability to travel more
easily will definitely inspire more visits," Mr. Jackson says.
With a fleet of 125 aircraft, Korean Air is one of the world's top
20 airlines and flies from more cities in the Americas to more
cities in Asia than any other airline.

                         About Korean Air

Headquartered in Seoul, South Korea, Korean Air Lines Co. Ltd.
-- http://kr.koreanair.com/-- is a Korea-based company engaged
in the passenger airline transportation business.  Its principal
activities consist of the provision of domestic and
international airline services; the production of aircraft,
including military aircraft; the provision of aircraft
maintenance and engineering services, and the sale of duty-free
goods. Korean Air Lines offers four classes of service: Economy
Class, Business Class, First Class and Premium Class, and
provides in-flight services, including cabin crew, in-flight
entertainment, meal and other services.  It is also involved in
the provision of in-flight meals for third parties.  In addition
to passenger transportation services, Korean Air Lines is a
cargo carrier that operates freighters worldwide. During the
year ended December 31, 2007, its operations spanned 101 cities
in 36 overseas countries with a fleet of 126 aircraft and it
carried 22,850,000 passengers and 2,280,000 tons of freight.

                            *     *     *

As reported in the Troubled Company Reporter-Asia Pacific, today,
Seonjin Cha of Bloomberg News reported that Korean Air Lines Co.
Ltd posted its biggest loss in 10 years as it paid more for fuel
and a weak won inflated foreign-denominated debt.

Citing an e-mailed statement, Bloomberg said Korean Air reported a
net loss of KRW684.1 billion in the third quarter ended
September 30, 2008, compared with net income of KRW129.6 billion
in the same period last year.  Sales rose 16 percent to 2.76
trillion won.

According to Bloomberg, Korean Air had a second consecutive
operating loss of KRW25.1 billion, compared with an operating
profit of KRW281.4 billion a year earlier.  Operating profit is
defined as sales minus the cost of goods sold and administrative
expenses.

For the year ended June 30, 2008, the airline's net loss grew
more than six times to KRW614.4 billion from KRW83.6 billion in
the previous year.



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

CYBERPUTRA LTD: Wind-Up Petition Hearing Set for November 19
------------------------------------------------------------
A petition to have Cyberputra Ltd.'s operations wound up will be
heard before the High Court of Auckland on November 19, 2008, at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on July 16, 2008.

The CIR's solicitor is:

          Simon John Eisdell Moore
          c/o Meredith Connell
          Forsyth Barr Tower, Level 17
          55-65 Shortland Street
          PO Box 2213, Auckland
          Telephone:(09) 336 7556)


FACTORY MAINTENANCE: Court to Hear Wind-Up Petition
---------------------------------------------------
A petition to have Factory Maintenance Ltd.'s operations wound up
will be heard before the High Court of Christchurch today,
November 17, 2008, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on September 24, 2008.

The CIR's solicitor is:

          Julie Newton
          c/o Inland Revenue Department
          Legal and Technical Services
          1st Floor Reception
          224 Cashel Street
          PO Box 1782, Christchurch 8140
          Telephone:(03) 968 0807
          Facsimile:(03) 977 9853


FRONTIER: Subject to Accident Compensation's Wind-Up Petition
-------------------------------------------------------------
On September 11, 2008, Accident Compensation Corporation filed a
petition to have Frontier Property Developments Ltd.'s operations
wound up.

The petition will be heard before the High Court of Christchurch
today, November 17, 2008, at 10:00 a.m.

Accident Compensation's solicitor is:

          Dianne S. Lester
          Maude & Miller
          McDonald’s Building, 2nd Floor
          Cobham Court
          PO Box 50555, Porirua City


GOLDEN CITY: Court to Hear Wind-Up Petition on November 19
----------------------------------------------------------
A petition to have Golden City Developments Ltd.'s operations
wound will be heard before the High Court of Auckland on
December 19, 2008, at 10:45 a.m.

Southern Cross Building Society filed the petition against the
company on July 31, 2008.

The Petitioner's solicitor is:

          G. J. Toebes
          PO Box 2694, Wellington


GRANITE TRANSFORMATIONS: Wind-Up Petition Hearing Set for Dec. 19
-----------------------------------------------------------------
A petition to have Granite Transformations NZ Ltd.'s operations
wound will be heard before the High Court of Auckland on
December 19, 2008, at 10:00 a.m.

Mondiale Freight Services Limited filed the petition against the
company on October 14, 2008.

Mondiale Freight's solicitor is:

          G. R. Nicholson
          Kensington Swan
          18 Viaduct Harbour Avenue
          Auckland


JCR DEVELOPMENTS: Court Hears Wind-Up Petition
----------------------------------------------
On November 13, 2008, the High Court of Napier heard a petition to
have JCR Developments Ltd.'s operations wound up.

Scott & Ricketts Limited filed the petition against the company on
October 14, 2008.

Scott & Ricketts' solicitor is:

          Alison Mcewan
          Langley Twigg
          66 West Quay
          PO Box 446, Napier


LUSH LOUNGE: Subject to Mutual Credit's Wind-Up Petition
--------------------------------------------------------
On September 30, 2008, Mutual Credit Finance Limited filed a
petition to have Lush Lounge Bar Ltd.'s operations wound up.

The petition will be heard before the High Court of Christchurch
today, November 17, 2008, at 10:00 a.m.

Mutual Credit's solicitor is:

          Crispin Ross Vinnell
          c/o Anthony Harper, Lawyers
          Anthony Harper Building, Level 5
          47 Cathedral Square
          PO Box 2646, Christchurch
          Facsimile:(03) 366 9277


LUXURY LINGERIE: Court to Hear Wind-Up Petition
-----------------------------------------------
A petition to have Luxury Lingerie (New Zealand) Ltd.'s operations
wound up will be heard before the High Court of Christchurch
today, Nov. 17, 2008, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on September 24, 2008.

The CIR's solicitor is:


Luxury Lingerie (New Zealand) Ltd.

          A. MacFarlane
          Inland Revenue Department
          Legal and Technical Services
          1 Bryce Street
          PO Box 432, Hamilton
          Telephone:(07) 959 0260
          Facsimile:(07) 959 7614


MEDIASTORE LTD: Subject to Norcross Group's Wind-Up Petition
------------------------------------------------------------
On September 11, 2008, Norcross Group Limited filed a petition to
have Mediastore Ltd.'s operations wound up.

The petition will be heard before the High Court of Christchurch
today, November 17, 2008, at 10:45 a.m.

Norcross Group's solicitor is:

          Bruce Maclean
          Maclean Law Limited
          41 Shortland Street, Level 4
          Auckland


NETHERBY FARMING: Court to Hear Wind-Up Petition
------------------------------------------------
The High Court of Hamilton will hear today, November 17, 2008, at
10:45 a.m., a petition to have Netherby Farming's operations wound
up.

The Commissioner of Inland Revenue filed the petition against the
company on October 8, 2008.

A. MacFarlane is the CIR's solicitor.


NETTEN FARM: Subject to Central Forklift's Wind-Up Petition
-----------------------------------------------------------
On October 2, 2008, Central Forklift Group 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 November 10, 2008.

Central Forklift's solicitor is:

          Eugene J. Collins
          Collins & May Law Office
          44 Queens Drive, 4th Floor
          PO Box 30614, Lower Hutt
          Telephone:(04) 566 5775


PARK-2-SELL: Court to Hear Wind-Up Petition on November 19
----------------------------------------------------------
A petition to have Park-2-Sell Ltd.'s operations wound up will be
heard before the High Court of Auckland on November 19, 2008, at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on July 28, 2008.

The CIR's solicitor is:

          Simon John Eisdell Moore
          c/o Meredith Connell
          Forsyth Barr Tower, Level 17
          55-65 Shortland Street
          PO Box 2213, Auckland
          Telephone:(09) 336 7556)


TARARUA ONION: Court Hears Wind-Up Petition
-------------------------------------------
On November 10, 2008, the High Court at Palmerston North heard a
petition to have Tararua Onion Packers Ltd.'s operations wound up.

Central Forklift Group Limited filed the petition against the
company on October 2, 2008.


WILSON HEALTH: Court Hears Wind-Up Petition
-------------------------------------------
On November 14, 2008, the High Court of Auckland heard a petition
to have Wilson Health Clinic Ltd.'s operations wound up.

Pharmacy Retailing (NZ) Limited filed the petition against the
company on July 14, 2008.

Pharmacy Retailing's solicitor is:

          Amy Marie Hutton
          Receivables Management (NZ) Limited
          7 City Road, Level 8
          Auckland
          Facsimile:(09) 919 3697


WOK YOU: Court Hears Wind-Up Order
----------------------------------
The High Court at Napier heard on November 13, 2008, a petition to
have Wok You Want Ltd.'s operations wound up.

Davis Trading Company Limited filed the petition against the
company on September 24, 2008.

Davis Trading's solicitor is:

          M.B. Ryan
          484 Main Street
          PO Box 12054 Palmerston North
          Telephone:(06) 356 7112



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

CDS OVERSEAS: Creditors' Proofs of Debt Due on December 8
---------------------------------------------------------
The creditors of CDS Overseas Logistics Pte Ltd are required to
file their proofs of debt by December 8, 2008, to be included in
the company's dividend distribution.

The company's liquidators are:

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


FORS SHIPPING: Creditors' Proofs of Debt Due on December 7
----------------------------------------------------------
The creditors of Fors Shipping Pte Ltd are required to file their
proofs of debt by December 7, 2008, to be included in the
company's dividend distribution.

The company's liquidator is:

          Lau Chin Huat
          c/o 6 Shenton Way #32-00
          DBS Building Tower Two
          Singapore 068809


NLB JV: Requires Creditors to File Claims by December 7
-------------------------------------------------------
NLB JV Pte Ltd requires its creditors to file their proofs of debt
by December 7, 2008, to be included in the company's dividend
distribution.

The company's liquidator is:

          Lau Chin Huat
          c/o 6 Shenton Way #32-00
          DBS Building Tower Two
          Singapore 068809


RUBICON ASSET: Requires Creditors to File Claims by December 7
--------------------------------------------------------------
The creditors of Rubicon Asset Management (Singapore) Pte. Ltd.
are required to file their proofs of debt by December 7, 2008, to
be included in the company's dividend distribution.

The company's liquidators are:

          Low Sok Lee Mona
          Teo Chai Choo
          c/o Low, Yap & Associates
          4 Shenton Way
          #04-01 SGX Centre 2
          Singapore 068807


SLENDER SHAPES: Court to Hear Wind-Up Petition on November 28
-------------------------------------------------------------
A petition to have Slender Shapes Singapore Pte. Ltd.'s operations
wound up will be heard before the High Court of Singapore on
Nov. 28, 2008, at 10:00 a.m.

Lowe Richard Christopher filed the petition against the company on
November 3, 2008.

Lowe Richard's solicitors are:

          M/S kIM & CO.
          10 Anson Road #23-08A
          International Plaza
          Singapore 079903



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

* Fitch Asia Reviews SF Performance in Looming Global Recession
---------------------------------------------------------------
Fitch Ratings concluded its Global Structured Finance Conference
2008 Asia in Seoul, focusing on the significant developments and
key trends in the global structured finance universe.  The
conference's dominant theme was the effect of the sharp slowdown
and recession expected in 2009 on structured finance globally.
Setting the scene, David Marshall, Managing Director and Head of
Fitch's Asia-Pacific financial institutions team traced the events
that led to the current crises and resulting lack of confidence
between financial institutions.

He noted that the dramatic measures taken by governments have
saved the global financial system from a virtual 'meltdown',
however the loss of confidence has taken its toll.  "Recognizing
these adverse developments, Fitch has revised downwards its
forecasts for global growth.  For Asia, Fitch now views that
instead of slower growth, several countries are now facing
recession, or conditions close to recession.  Around the region,
this slowdown is likely to give rise to higher levels of bad debts
than previously expected, compounded by borrowers' difficulties in
accessing credit, as banks become more risk averse, especially
those facing their own funding challenges," said Mr. Marshall.

In a presentation on the key trends influencing the direction of
the global structured finance market, Head of Asia-Pacific
Structured Finance and Managing Director Marjan van der Weijden,
shared the most recent rating actions taken by Fitch in the US,
Europe and Asia, and highlighted potential areas where credit
problems will arise.  "The prices of many structured finance bonds
have declined dramatically.  Fitch believes the prices of many of
these securities and the related losses now being recognized by
many financial institutions reflect the overall risk aversion of
the market and mark to market financial accounting rules more than
the deterioration in credit fundamentals alone.  Future market
activity, and bond prices, will continue to depend upon a variety
of factors.  Fitch's ratings speak only to credit performance.
Fitch will vigorously continue to focus on fundamental credit risk
and will communicate our views frequently to the market,"
commented Ms. van der Weijden.

Next, Team Manager of Korea Ratings, Lim Hyung Seop provided
updates on Korea's domestic structured finance market and
highlighted the challenges the market is facing; the global
financial turmoil, liquidity problems at local financial
institutions, and rising risk faced by construction companies.
"However, the market is expected to begin to rebound in 2009,
driven by improvements to the structured finance legal and
regulatory framework, banks' needs for ABS issuance, and CDOs
issued to support SMEs.  Meanwhile, further amendments to the
legal and regulatory framework, restoration of market confidence,
through the provision of more detailed ABS information, and an
expansion in the investor base, also need to be made," he added.
He was followed by Stuart Jennings, Managing Director and

Structured Finance Risk Officer, who highlighted that as property
prices suffered sustained declines and the 'real' economy begins
to be impacted, performance issues and adverse rating actions have
spread from the sub-prime sector to Alt-A, and ultimately to prime
in the US RMBS sector.  In Europe he noted that, "RMBS continues
to perform relatively resiliently, but certain sectors and
countries are expected to suffer more, with UK non-conforming and
Spanish RMBS leading performance problems."  Mr. Jennings also
pointed out that performance in ABS sectors across the globe has
remained largely unaffected by the financial crisis emanating from
the US subprime to date.  "Consumer ABS sectors are more impacted
by unemployment, the general economy and for the US and Western
Europe, a looming recession.  Structures may ultimately however
limit the degree of adverse rating actions," added Mr. Jennings.

Meanwhile, over in the CMBS market US-based Managing Director
Robert Vrchota noted that the continued liquidity crisis is
negatively impacting global economies.  "Fitch believes this will
result in weakening commercial real estate fundamentals across
property types and geographic regions, leading to increased
delinquencies and losses, which will primarily impact non-
investment grade rated CMBS bonds.  Senior investment grade rated
CMBS bonds should continue to perform as expected," said
Mr. Vrchota.

In a presentation on Covered Bonds, Senior Director Holger Horn
presented the latest developments and Fitch's rating approach to
this much-discussed instrument.  "As in most European markets,
Asian issuers may be interested in both RMBS and Covered Bonds in
the long-run due to their complementary characteristics, such as
risk-transfer vs. funding or different eligibility criteria,"
noted Dr. Horn.

Finally, Director David Wong reviewed the changes made to Fitch's
rating criteria for Corporate and Structured Finance CDOs, noting
that the multitude of recent large-scale credit events has
impacted CDOs with a concentrated exposure to the banking and
finance sector the most.  He highlighted that concentration risk
was one of the key issues Fitch's corporate CDO methodology,
published in April this year, addressed and underlined that the
agency remained committed to improving its tools and processes, in
order to provide investors with greater insight into risk in this
rapidly evolving credit environment.

Fitch's Global Structured Finance Conference is held biannually in
Asia with agendas tailored for individual markets.


* S&P Puts Ratings on 28 Asia-Pacific CDOs on Negative Watch
------------------------------------------------------------
Standard & Poor's Ratings Services placed the ratings on 28
Asia-Pacific (excluding Japan) synthetic collateralized debt
obligations on CreditWatch with negative implications.  The
ratings on seven others were affirmed.  Additionally, the rating
on Rembrandt Australia Trust 2004-2 was raised following S&P's
receipt of updated information.

For those transactions that have been placed on CreditWatch with
negative implications, the SROC fell below 100% at the current
rating level in the analysis for Nov. 7, 2008.

The rating actions taken follow several recent developments.
These include a revision to the correlation assumptions used by
Standard & Poor's in analyzing CDOs that reference insurance
companies and REITs/REOCs.  There has also been relevant revision
to the recovery assumptions for U.S. RMBS collateral-backed ABS
CDO transactions.

Rating actions also take into consideration the auction results
from the recent International Swaps and Derivatives Association,
Inc. protocols.  These are:

  -- 91.51% for senior Fannie Mae debt and 99.90% for subordinated
     debt;

  -- 94% for senior Freddie Mac debt and 98% for subordinated
     debt;

  -- 8.625% for Lehman Brothers Inc. (Lehman) debt;

  -- 57% for Washington Mutual debt;

  -- 83% for Tembec debt;

  -- 1.25% for senior Landsbanki Islands hf debt and 0.125% for
     subordinated debt;

  -- 3% for Senior Glitnir Banki hf debt and 0.125% for
     subordinated debt; and

  -- 6.625% for Senior Kaupthing Bank debt and 2.375% for
     subordinated debt.

The Global SROC Report with the SROC analysis as of Nov. 7, 2008
will be published shortly.  In the week following the publication
of the report, a full review of the affected tranches of Asia-
Pacific Synthetic CDOs will be performed and appropriate rating
actions, if any, will be taken.  The Global SROC Report provides
SROC and other performance metrics on more than 3,000 individual
CDO tranches.

The rating actions taken on the affected transactions are:

    Name                    Rating To        Rating From
    ----                    ---------        -----------
    Aphex Pacific
     Capital Ltd.
     Series 5 DESIGN
     2006                   BBB-/Watch Neg   BBB-
    Athenee CDO PLC
     Series 2007-11         AA+/Watch Neg    AA+
    Athenee CDO PLC
     Series 2007-12         AA/Watch Neg     AA
    Athenee CDO PLC
     Series 2007-2          AA+/Watch Neg    AA+
    Athenee CDO PLC
     Series 2007-5          AA/Watch Neg     AA
    Athenee CDO PLC
     Series 2007-9          AA+/Watch Neg    AA+
    Beech Trust
     Series 1               AAA              AAA/Watch Neg
    Beech Trust
     Series 2               AA-              AA-/Watch Neg
    Corsair (Cayman
     Islands) No.4
     Ltd. Series 5          B-/Watch Neg     B-
    Corsair (Jersey)
     No.2 Ltd.
     Series 69              CCC+/Watch Neg   CCC+
    Corsair (Jersey)
     No.2 Ltd.
     Series 72              BBB/Watch Neg    BBB
    Corsair (Jersey)
     No.2 Ltd.
     Series 88              CCC+/Watch Neg   CCC+
    Corsair (Jersey)
     No.2 Ltd.
     Series 89              B/Watch Neg      B
    Corsair (Jersey)
     No.2 Ltd.
     Series 90              CCC+/Watch Neg   CCC+
    Corsair (Jersey)
     No.2 Ltd.
     Series 91              B/Watch Neg      B
    Corsair (Jersey)
     No.2 Ltd.
     Series 97              CCC/Watch Neg    CCC
    Echo Funding Pty
     Ltd. Series 18         BBB+/Watch Neg   BBB+
    Echo Funding Pty
     Ltd. Series 20         BBB-/Watch Neg   BBB-
    Jacaranda Trust
     Series 1               AAA              AAA/Watch Neg
    Jacaranda Trust
     Series 2               AA+              AA+/Watch Neg
    Magnolia Finance I
     PLC Series 2006-21     BBB+/Watch Neg   BBB+
    Magnolia Finance I
     PLC Series 2006-22     BBB+/Watch Neg   BBB+
    Morgan Stanley
     Managed ACES SPC
     Series 2006-7
     Class IA               BB/Watch Neg     BB
    Morgan Stanley
     Managed ACES SPC
     Series 2006-7
     Class IIA              B-/Watch Neg     B-
    Obelisk Trust
     2006-3 Eden            BBB-/Watch Neg   BBB-
    Queenstown CDO
     2007-3                 CCC              CCC/Watch Neg
    Rembrandt Australia
     Trust 2004-2           AA               BBB/Watch Neg
    Salisbury
     International
     Investment Ltd.
     Series 2006-18         CCC+             CCC+/Watch Neg
    Signum Platinum II
     Ltd. Series 2006-1     BB-/Watch Neg    BB-
    Thunderbird
     Investments PLC
     Series 20              AA-/Watch Neg    AA-
    Wollemi 2005-1
     Trust                  AAA              AAA/Watch Neg
    XELO PLC Series
     2006 (Spinnaker
     III Asia Mezz)
     Tranche A              BBB+/Watch Neg   BBB+
    XELO PLC Series
     2006 (Spinnaker
     III Asia Mezz)
     Tranche B              BB+/Watch Neg    BB+
    XELO PLC Series
     2007 (Spinnaker
     III Asia Mezzanine
     2) Tranche C           BBB+/Watch Neg   BBB+
    XELO PLC Series
     2007 (Spinnaker
     III Asia Mezzanine 3)  BB+/Watch Neg    BB+
    Zenesis SPC Series
     2006-5                 BBB+/Watch Neg   BBB+


* S&P Says Global Investment Banks and Brokers Face Tough Times
---------------------------------------------------------------
Standard & Poor's Ratings Services believes that, while mid-2007
through mid-2008 was generally difficult for global investment
banks and brokers, the subsequent period appears to have been
markedly more difficult, especially since mid-September, according
to an industry report card.

The downturn in the credit cycle that began with problems in the
U.S. subprime residential mortgage sector has developed into a
much larger-scale global financial crisis.  Following the collapse
of Lehman Brothers, it became apparent that widespread selling of
securities sparked a search for liquidity and safety, caused sharp
price declines in virtually all financial asset classes other than
government bonds, and led to a seizing-up of funding markets.

"As credit conditions have tightened, developments in the
financial sector have been increasingly weighing on the general
economy, with what appear to us to be clear indications of a
severe downturn emerging.  There are now initial signs that the
many extraordinary measures taken by governments, central banks,
and regulators across the globe are starting to ease the extreme
conditions in the credit markets.  However, in S&P's opinion,
fully restoring confidence will be a long-term process and many
primary financial market segments, including medium- and long-term
funding, remain essentially closed," said Standard & Poor's credit
analyst Scott Sprinzen.

A severe and extended global downturn now seems likely, in S&P's
view.  This will likely weigh heavily on global investment banks
and brokers.  Near-term earnings prospects in volatile and
illiquid markets appear dim, and, S&P believes, there is
significant uncertainty as to the medium-term earnings levels and
future risk profiles.  S&P has revised further downward S&P's
earnings expectations for the industry as revenues (after
adjustments for major markdowns and fair value gains on the
companies' own debt) from sales and trading are expected to
decline 30%-40% and investment banking down 50%-60% from 2007
levels, peak-to-trough, compared with S&P's previous estimate for
2008 of a 20%-30% decline for the combined securities businesses.

"We also forecast more weakening of revenues from asset management
and, to a lesser degree, from private wealth management and retail
brokerage.  Nevertheless, over time, the current shakeout in the
securities industry, along with the ongoing market repricing of
risk, in S&P's view, bodes well for an easing of price competition
in investment banking and trading among those securities firms
still remaining in business," added Mr. Sprinzen.



                         *********

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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