---

        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

           Tuesday, February 3, 2009, Vol. 12, No. 23

                            Headlines

A U S T R A L I A

A.C.N. 061 173 706: Declares Dividend for Unsecured Creditors
ALLOYFAB ENGINEERING: Declares First and Final Dividend
AUSTRALASIAN RACING: Members Hear Wind-Up Report
BURKE PROPERTIES: Members Hear Wind-Up Report
DISKBREW PTY: Enters Wind-Up Proceedings

EMERALD CAPITAL: Moody's Downgrades Ratings on 13 Classes of Notes
GLANCE SYSTEMS: Placed Under Voluntary Liquidation
GLOBAL MEDISAFE ET AL: Declares First and Final Dividend
HANAVE INVESTMENT: Members Hear Wind-Up Report
HENRY BURKE: Members Hear Wind-Up Report

JASAM (PSG) ET AL: Members Receive Wind-Up Report
LOUKEN TRANSPORT: Placed Under Voluntary Liquidation
MACAIR AIRLINES: Banker Calls In Receivers
MR JACKETS: Creditors Hear Wind-Up Report
NOEL SMITH: Members Receive Wind-Up Report

PHYSICIAN WOOLLEN: Members Hear Wind-Up Report
R & K NICHOLSON: Declares Dividend for Unsecured Creditors
RIO TINTO: In Talks With Chinalco On Possible Stake Sale
SECONDIG IT: Enters Wind-Up Proceedings
TANHIVE INVESTMENTS: Declares First and Final Dividend

TCO TECHNOLOGY ET AL: Members Receive Wind-Up Report
WOLLONGONG FREIGHT: Members Hear Wind-Up Report


B A H R A I N

GULF FINANCE HOUSE: Incurs US$10 Million Fourth Quarter Loss


C H I N A

* CHINA: Reports CNY111 Bln. Budget Deficit in 2008


H O N G  K O N G

BILLION SUCCESS ET AL: Members' Final Meeting Set for February 23
CRAFORD TRADING: Creditors' Proofs of Debt Due on February 24
EASTER TRADING: Inability to Pay Debts Prompts Wind-Up
FUNG TANG: Members and Creditors to Meet on March 3
LEABURG ENGINEERING: Members and Creditors to Meet Today

METEOR (HONG KONG) ET AL: Chung Steps Down as Liquidator
NIDECO ELECTRONICS: Lam and Toohey Cease to Act as Liquidators
PRAMAC (CHINA): Creditors' Proofs of Debt Due on February 24
PROSPECTFUL ASIA: Chung Steps Down as Liquidator
RUDICK INTERNATIONAL: Placed Under Voluntary Liquidation

THE GRANTHAM: Creditors' Proofs of Debt Due on February 26
TONG YANG: Annual Meetings Set for February 16
UNICOMMU ADVERTISING: Members and Creditors to Meet on March 3


I N D I A

CANARA BANK: Moody's Changes Rating Outlook to Negative
KRISHNAN FOOD: CRISIL Rates Rs.35.0MM Cash Credit Limits at 'BB'
M/S SUTARIA: Weak Financial Risk Profile Cues CRISIL 'P4' Rating
MEDIBIOS LABORATORIES: CRISIL Rates Rs.45.0MM Cash Credit at 'BB-'
ORIENTAL BANK: Moody's Changes Outlook on 'D+' BFSR to Negative

RAM KRIPAL: CRISIL Rates Rs.160 Mln. Cash Credit at 'C'
SYNDICATE BANK: Moody's Changes Outlook on 'D+' BFSR to Negative
UNIFREIGHT INDIA: CRISIL Puts 'B' Rating on Rs.270MM Cash Credit


I N D O N E S I A

BAKRIE & BROTHERS: Mulls Selling Units through IPO to Repay Debts


J A P A N

ALL NIPPON: Expects to Post JPY9 Billion Annual Loss
EXCELLENT COLLABORATION: Moody's Reviews Ratings on Various Bonds
HITACHI LTD: Widens Annual Net Loss Forecast to JPY700 Bln
NEC CORP: Plans to Lay Off 20,000 Workers; Forecasts Loss
NIPPON OIL: Widens Annual Loss Forecast to JPY240 Billion

TOUEI HOUSING: JCR Withdraws 'BB+' Rating


K E N Y A

GTV KENYA: Parent Company Puts Firm Under Liquidation


N E W  Z E A L A N D

BERKLEY IT ET AL: Appoint Grant and Khov as Liquidators
FELTEX CARPETS: Five Ex-Directors Face Criminal Charges
FOCUS RITE: Court Hears Wind-Up Petition
HYBRID HOMES: Creditors' Proofs of Debt Due on February 27
LEDAPAK LTD: Creditors' Proofs of Debt Due on February 27

MANUREWA: Appoints Whittfield and Finnigan as Liquidators
MATTHEWS FARMING: Court Hears Wind-Up Petition
OPAWA TYRE: Court to Hear Wind-Up Petition on February 9
PEGASUS PROPERTY: Appoints Gower and Tubbs as Liquidators
SENSATION YACHTS: Lawyers Apply to Liquidate Firm


S O U T H  A F R I C A

* SOUTH AFRICA: Largest Retail Bank Acquires Stake in Four Firms


T A N Z A N I A

INDEPENDENT POWER: High Court Appoints Administrator


X X X X X X X X

* BOND PRICING: For the Week February 2 to February 6, 2009


                         - - - - -



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

A.C.N. 061 173 706: Declares Dividend for Unsecured Creditors
-------------------------------------------------------------
A.C.N. 061 173 706 Pty. Ltd, which is in liquidation, declared the
first and final dividend on November 28, 2008, for its
preferential unsecured creditors.

Only creditors who were able to file their proofs of debt by
November 17, 2008, were included in the company's dividend
distribution.


ALLOYFAB ENGINEERING: Declares First and Final Dividend
-------------------------------------------------------
Alloyfab Engineering & Associates Pty Ltd, which is in
liquidation, declared the first and final dividend on Dec. 4,
2008.

Only creditors who were able to file their proofs of debt by
November 25, 2008, were included in the company's dividend
distribution.


AUSTRALASIAN RACING: Members Hear Wind-Up Report
------------------------------------------------
The members of Australasian Racing & Syndication Systems Pty Ltd
met on Dec. 4, 2008, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          M. L. Pinn
          c/o Pinn Deavin & Associates
          PO Box 2603
          Taren Point NSW 2229


BURKE PROPERTIES: Members Hear Wind-Up Report
---------------------------------------------
The members of Burke Properties & Management Pty Ltd met on
December 8, 2008, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Samuel H. K. Shun
          c/o Stanley & Williamson
          34 Burton Street, 1st Floor
          Kirribilli NSW 2061
          Telephone: (02) 9923 2666


DISKBREW PTY: Enters Wind-Up Proceedings
----------------------------------------
During a general meeting held on October 17, 2008, the members of
Diskbrew Pty Limited resolved to voluntarily liquidate the
company's business.

The company's liquidator is:

          M. Simshauser
          161 Gibbons Street
          Narrabri NSW 2390


EMERALD CAPITAL: Moody's Downgrades Ratings on 13 Classes of Notes
------------------------------------------------------------------
Moody's Investors Service announced it has downgraded its ratings
on thirteen classes of notes issued by Emerald Capital Ltd.

The transaction is a synthetic CDO referencing local currency
sovereign debt linked Notes (issued by Citigroup Funding Inc.),
managed by Sydbank A/S.  In addition to the credit risk of the
referenced sovereign debt issuers, all of which are emerging
market countries, Emerald Capital Limited also transfers foreign
currency losses and gains to investors.

The ratings actions are linked to:

  -- The application of Moody's updated key assumptions for rating
     corporate synthetic CDOs (see press release dated 15 January
     2009: Moody's updates key assumptions for rating corporate
     synthetic CDOs);

  -- The current unfavourable context for certain emerging market
     countries, as evidenced by Moody's Sovereign Group report
     titled Rating Sovereigns During a Global "Sudden Stop" in
     International Funding (published 5 November 2008);

  -- The current uncertainty with respect to foreign currency
     exchange rates between the base currency for the transaction
     (US$) and the local currencies referenced in the portfolio of
     underlying securities. Foreign exchange rates movements since
     closing have already eroded the strength of the transaction
     in respect of this risk, and Moody's applied an additional
     10% stress to account for the current rates volatility.

The rating actions are:

Emerald Capital Ltd:

Series 2007-1 US$ 18,000,000 Class B-1 Secured Floating Rate Notes
due 2010

  -- Current Rating: Aa3
  -- Prior Rating: Aa1, downgraded from Aaa on October 29, 2008

Series 2007-1 EUR 33,524,000 Class B-2 Secured Floating Rate Notes
due 2010

  -- Current Rating: Aa3
  -- Prior Rating: Aa1, downgraded from Aaa on October 29, 2008

Series 2007-1 CZK 150,000,000 Class B-3 Secured Floating Rate
Notes due 2010

  -- Current Rating: Aa3
  -- Prior Rating: Aa1, downgraded from Aaa on October 29, 2008

Series 2007-1 SKK 75,000,000 Class B-4 Secured Floating Rate Notes
due 2010

  -- Current Rating: Aa3
  -- Prior Rating: Aa1, downgraded from Aaa on October 29, 2008

Series 2007-1 US$ 3,000,000 Class C-1 Secured Floating Rate Notes
due 2010

  -- Current Rating: Baa1
  -- Prior Rating: A1, downgraded from Aa2 on October 29, 2008

Series 2007-1 EUR 10,300,000 Class C-2 Secured Floating Rate Notes
due 2010

  -- Current Rating: Baa1
  -- Prior Rating: A1, downgraded from Aa2 on October 29, 2008

Series 2007-1 CZK 280,000,000 Class C-3 Secured Floating Rate
Notes due 2010

  -- Current Rating: Baa1
  -- Prior Rating: A1, downgraded from Aa2 on October 29, 2008

Series 2007-1 SKK 98,087,000 Class C-4 Secured Floating Rate Notes
due 2010

  -- Current Rating: Baa1
  -- Prior Rating: A1, downgraded from Aa2 on October 29, 2008

Series 2007-1 JPY 300,000,000 Class C-5 Secured Floating Rate
Notes due 2010

  -- Current Rating: Baa1
  -- Prior Rating: A1, downgraded from Aa2 on October 29, 2008

Series 2007-1 EUR 8,200,000 Class D-1 Secured Floating Rate Notes
due 2010

  -- Current Rating: Baa3
  -- Prior Rating: Baa1, downgraded from A2 on October 29, 2008

Series 2007-1 CZK 350,000,000 Class D-2 Secured Floating Rate
Notes due 2010

  -- Current Rating: Baa3
  -- Prior Rating: Baa1, downgraded from A2 on October 29, 2008

Series 2007-1 SKK 73,835,000 Class D-3 Secured Floating Rate Notes
due 2010

  -- Current Rating: Baa3
  -- Prior Rating: Baa1, downgraded from A2 on October 29, 2008

Series 2007-1 US$ 42,000,000 Class F Secured Floating Rate Notes
due 2010

  -- Current Rating: B1
  -- Prior Rating: Ba3 downgraded from Ba2 on October 29, 2008


GLANCE SYSTEMS: Placed Under Voluntary Liquidation
--------------------------------------------------
The members of Glance Systems Pty Ltd met on October 21, 2008, and
resolved to voluntarily liquidate the company's business.

He company's liquidator is:

          Michael John Morris Smith
          Smith Hancock
          88 Phillip Street, Level 4
          Parramatta NSW 2150


GLOBAL MEDISAFE ET AL: Declares First and Final Dividend
--------------------------------------------------------
On January 2, 2009, a first and final dividend was declared for
the creditors of:

   -- Global Medisafe Holdings Limited; and
   -- Global Medisafe Pty Limited.

The companies' liquidator is:

          S. W. Free
          Lawler Partners Chartered Accountants
          763 Hunter Street
          Newcastle West NSW 2302
          Telephone: (02) 4962 2294


HANAVE INVESTMENT: Members Hear Wind-Up Report
----------------------------------------------
The members of Hanave Investment Company Pty Ltd met on Dec. 8,
2008, and received the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Samuel H. K. Shun
          c/o Stanley & Williamson
          34 Burton Street, 1st Floor
          Kirribilli NSW 2061
          Telephone: (02) 9923 2666


HENRY BURKE: Members Hear Wind-Up Report
----------------------------------------
The members of Henry Burke & Sons Pty Ltd met on December 8, 2008,
and received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Samuel H. K. Shun
          c/o Stanley & Williamson
          34 Burton Street, 1st Floor
          Kirribilli NSW 2061
          Telephone: (02) 9923 2666


JASAM (PSG) ET AL: Members Receive Wind-Up Report
-------------------------------------------------
On December 9, 2008, Stephen R. Dixon presented a report
concerning the companies' wind-up proceedings and property
disposal to the members of:

   -- JASAM (PSG) Pty Ltd;
   -- JASAM (AMC) Pty Ltd;
   -- ECNAGTHREE Pty Ltd;
   -- ECNAGFOUR Pty Ltd;
   -- CENAGFIVE Pty Ltd; and
   -- OMC (CONSOLIDATEDA) Pty Ltd.

The Liquidator can be reached at:

          Stephen R. Dixon
          BDO Kendalls Business Recovery &
          Insolvency (NSW-VIC) Pty Ltd
          Chartered Accountants
          The Rialto, Level 30
          525 Collins Street
          Melbourne VIC 3000


LOUKEN TRANSPORT: Placed Under Voluntary Liquidation
----------------------------------------------------
On October 23, 2008, a special resolution was passed that
voluntarily liquidates Louken Transport Pty Ltd's business.

The company's liquidators are:

          Hamish Alan MacKinnon
          Keith Laurence Sutherland
          Bent & Cougle Pty Ltd
          Chartered Accountants
          332 St Kilda Road, Level 5
          Melbourne VIC 3004


MACAIR AIRLINES: Banker Calls In Receivers
------------------------------------------
Queensland regional airline MacAir Airlines has been placed in
receivership due to rising aviation fuel costs and increased
industry competition, couriermail.com.au reports.

According to the report, Terry Byrt, the airline's owner, has
appointed Jonathan McLeod of McLeod & Partners as voluntary
administrator.  Subsequently, the airline's banker Suncorp Metway
appointed Justin Walsh of Ernst & Young as receiver.

The regional airline, the report notes, owes Suncorp Metway about
AU$10 million and owes unsecured creditors such as BP and Shell of
an estimated AU$4 million.

The report states that the receiver's priority was to seek for a
buyer, ideally another airline group, rumoured to be Qantas.

MacAir Airlines is a privately own regional airline based in
Queensland.  It employs over 200 professionals directly.  MacAir
operates over 125 flights throughout regional Queensland, and
transports around 13,400 passengers to and from a variety of
regional Queensland destinations.


MR JACKETS: Creditors Hear Wind-Up Report
-----------------------------------------
The creditors of Mr Jackets Promotional Apparel Pty Limited met on
December 5, 2008, and heard the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          R. M. Sutherland
          Jirsch Sutherland
          GPO Box 4256
          Sydney NSW 2001
          Telephone: (02) 9236 8333
          Facsimile: (02) 9236 8334
          e-mail: admin@jirschsutherland.com.au


NOEL SMITH: Members Receive Wind-Up Report
------------------------------------------
The members of Noel Smith (Yass) Pty Limited met on Dec. 10, 2008,
and received the liquidators' report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

          Cameron Stuart Smith
          Ann Smith
          61 Reservoir Road
          Crookwell NSW 2583


PHYSICIAN WOOLLEN: Members Hear Wind-Up Report
----------------------------------------------
The members of Physician Woollen Mills (Australia) Pty Ltd met on
December 8, 2008, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Samuel H. K. Shun
          c/o Stanley & Williamson
          34 Burton Street, 1st Floor
          Kirribilli NSW 2061
          Telephone: (02) 9923 2666


R & K NICHOLSON: Declares Dividend for Unsecured Creditors
----------------------------------------------------------
R & K Nicholson Investments Pty Ltd, which is in liquidation,
declared the first and final dividend on Dec. 22, 2008, for its
unsecured creditors.

Only creditors who were able to file their proofs of debt by
November 7, 2008, were included in the company's dividend
distribution.


RIO TINTO: In Talks With Chinalco On Possible Stake Sale
--------------------------------------------------------
Rio Tinto Group confirmed in a press statement Monday that it has
held discussions with existing shareholder Aluminum Corp., aka
Chinalco, regarding acquisition of minority interests in various
operating businesses of the Rio Tinto group and also investing in
convertible instruments.

The sales may raise as much as US$15 billion, Bloomberg News
relates, citing U.K.'s Sunday Telegraph.

According to Bloomberg News, Chinalco Chairman Xiao Yaqing said in
September the Beijing-based company may raise its stake in Rio.

Bloomberg News recalls in February 2008, Chinalco joined with
Alcoa Inc. to buy a 9 percent stake in Rio for GBP7.2 billion, and
in August, it won approval from the Australian government to
increase its stake in Rio to 11 percent.

Chinalco may increase its holding in Rio's London-listed shares to
18 percent and buy 14 percent of the company's Australian-listed
shares under the plan, Bloomberg News says citing the Sunday
Telegraph newspaper.

            Missed Asset-Sale Targets, May Sell Shares

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 30, 2009, Bloomberg News said Rio Tinto failed to meet its
asset-sale targets due to the global recession, and may sell
shares to help cut debts.

According to a TCR-Europe report on Dec. 11,2008, Rio Tinto plans
to further reduce its net debt by US$10 billion by the end of 2009
through expanding the scope of assets targeted for divestment to
include significant assets not previously highlighted for sale.

The company so far has sold at least US$4.6 billion in assets,
Bloomberg News says.

The group's net debt as of October 31, 2008 stood at US$38.9
billion.

Rio doesn't "rule out the potential to issue equity as one of the
options it has available," the London-based company said in a
Jan. 28 statement obtained by Bloomberg News.

"The likelihood of Rio doing a share sale is increasing,"
Bloomberg News quoted Peter Arden, an analyst at Ord Minnett Ltd.,
an affiliate of JPMorgan Chase & Co., as saying.  "Buyers want
super bargains and Rio does not want to sell at those prices.  Rio
is probably thinking it's better to go to the market."

Bloomberg News recalls Rio increased its debt almost 19-fold after
buying Canadian aluminum producer Alcan Inc. for US$38.1 billion
in 2007.

According to Bloomberg News, BHP Billiton abandoned its hostile
US$66 billion bid for Rio Tinto plc on Nov. 25 citing Rio's debt
and slumping demand for commodities.

Rio has declined 33 percent since then and its London shares are
now trading 75 percent below the 6,000 pence a share price paid by
Chinalco and Alcoa, Bloomberg News discloses.

BHP Billiton, in a November 27 statement, confirmed its offer for
Rio Tinto plc has lapsed and that, given the inter-conditionality
of its offers for Rio Tinto plc and Rio Tinto Limited, its offer
for Rio Tinto Limited has also lapsed.

To reduce costs, Rio said it will:

   -- Reduce global headcount by 14,000, comprising 8,500
      contractor jobs and 5,500 employee roles (annual operating
      cost saving of US$1.2 billion, upfront severance costs of
      US$400 million);

   -- Consolidate offices around the Group, including the
      London head office;

   -- Rapidly accelerate outsourcing and off-shoring of
      IT and procurement in 2009; and

   -- Defer exploration and evaluation expenditure.

                          About Rio Tinto

Rio Tinto -- http://www.riotinto.com/-- is an international
mining group headquartered in the UK, combining Rio Tinto plc, a
London and NYSE listed public company, and Rio Tinto Limited,
which is a public company listed on the Australian Securities
Exchange.

Rio Tinto's business is finding, mining, and processing mineral
resources.  Major products are aluminium, copper, diamonds, energy
(coal and uranium), gold, industrial minerals (borax, titanium
dioxide, salt, talc) and iron ore.  Activities span the world but
are strongly represented in Australia and North America with
significant businesses in South America, Asia, Europe and southern
Africa.


SECONDIG IT: Enters Wind-Up Proceedings
---------------------------------------
During a general meeting held on October 20, 2008, the members of
Secondig IT Pty Ltd resolved to voluntarily liquidate the
company's business.

The company's liquidator is:

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


TANHIVE INVESTMENTS: Declares First and Final Dividend
------------------------------------------------------
Tanhive Investments Pty Ltd, which is in liquidation, declared the
first and final dividend on Nov. 28, 2008, for its creditors.

Only creditors who were able to file their proofs of debt by
November 26, 2008, were included in the company's dividend
distribution.


TCO TECHNOLOGY ET AL: Members Receive Wind-Up Report
----------------------------------------------------
On December 4, 2008, R. M. Sutherland presented a report
concerning the companies' wind-up proceedings and property
disposal to the members of:

   -- TCO Technology Pty Limited;
   -- Vicco Holdings Pty Limited; and
   -- A.C.N 071 352 120 Pty Limited.

The companies' liquidator is:

          R. M. Sutherland
          Jirsch Sutherland
          GPO Box 4256
          Sydney NSW 2001
          Telephone: (02) 9236 8333
          Facsimile: (02) 9236 8334
          e-mail: admin@jirschsutherland.com.au


WOLLONGONG FREIGHT: Members Hear Wind-Up Report
-----------------------------------------------
The members of Wollongong Freight Centre Pty Ltd met on Dec. 4,
2008, and received the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          M. L. Pinn
          c/o Pinn Deavin & Associates
          PO Box 2603
          Taren Point NSW 2229



=============
B A H R A I N
=============

GULF FINANCE HOUSE: Incurs US$10 Million Fourth Quarter Loss
------------------------------------------------------------
Gulf Finance House reported a loss of US$10 million in the fourth
quarter 2008 primarily due to conservative provisions on
investments.  The bank had a net income of US$108.8 million in the
year-earlier period, Bloomberg News relates.

Year end profits fell 14% to US$291 million compared to US$340
million in 2007.

Earnings per share were 37.01 cents (US) compared to 42.79 cents
(US) for 2007.

Gulf Finance House Chairman Esam Janahi said the results should be
viewed "in the context of the global economic crisis."

"We've recorded a serious and competitive profit for the year in a
difficult market," Chairman Janahi said.

Headquartered in Manama, Bahrain, Gulf Finance House --
http://www.gfh.com/-- is an investment bank.  Its shares are
actively traded on the London Stock Exchange (GDR), the Kuwait
Stock Exchange, the Bahrain Stock Exchange and the Dubai Financial
Market.



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

* CHINA: Reports CNY111 Bln. Budget Deficit in 2008
---------------------------------------------------
China has reported a fiscal deficit of CNY111 billion (US$16.21
billion) in 2008, Peoples Daily Online reports citing Xinhua News
Agency.

Citing China's Ministry of Finance (MOF) in a statement, the
report says China reported revenue of CNY6.13 trillion last year,
up 19.5 percent from the previous year.

On the other hand, the report says, the country's fiscal spending
in 2008 increased 25.4 percent year on year to CNY6.24 trillion.

The Ministry of Finance said the country's actual spending was
22.6 percent higher than planned in the budget fixed at the
beginning of 2008 due to extra-budgetary quake relief funds.

However, the report says, the MOF statement noted these are
preliminary statistics and may be adjusted later.



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

BILLION SUCCESS ET AL: Members' Final Meeting Set for February 23
-----------------------------------------------------------------
A final meetings will be held on February 23, 2009, at the 10th
Floor of Allied Kajima Building, 138 Gloucester Road, in Wanchai,
Hong Kong, for the members of:

   -- Billion Success Technology Limited at 3:00 p.m.;
   -- Lianyida International Limited at 3:30 p.m.;
   -- Willing Dental Consultants Limited at 4:00 p.m.; and
   -- Wisen Garments Limited at 4:30 p.m.

At the meeting, Lam Ying Sui, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


CRAFORD TRADING: Creditors' Proofs of Debt Due on February 24
-------------------------------------------------------------
The creditors of Craford Trading Limited are required to file
their proofs of debt by February 24, 2009, to be included in the
company's dividend distribution.

Tsang Wai Kit is the company's liquidator.


EASTER TRADING: Inability to Pay Debts Prompts Wind-Up
------------------------------------------------------
At an extraordinary general meeting held on January 8, 2009, the
members of Easter Trading Limited resolved to voluntarily
liquidate the company's business due to its inability to pay debts
when it fall due.

The company's liquidators are:

          Huen Ho Yin
          Mok Hon Kwong Thomas
          Li Po Chun Chambers, 8th Floor
          189 Des Voeux Road Central
          Hong Kong


FUNG TANG: Members and Creditors to Meet on March 3
---------------------------------------------------
The members and creditors of Fung Tang Company Limited will meet
on March 3, 2009 at 2:00 p.m. and 2:30 p.m., respectively, at Room
803, 8th Floor of Yue Xiu Building, 160 Lockhart Road, in Wan
Chai, Hong Kong.

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


LEABURG ENGINEERING: Members and Creditors to Meet Today
--------------------------------------------------------
The members and creditors of Leaburg Engineering Limited will
today, February 3, 2009, at 2:00 p.m. and 2:30 p.m., respectively,
at the 18th Floor of 1801 Wing On House, 71 Des Voeux Road, in
Central, Hong Kong.

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


METEOR (HONG KONG) ET AL: Chung Steps Down as Liquidator
--------------------------------------------------------
On December 9, 2009, Ching Miu Yin, Diana cease to act as
liquidator of:

   -- Meteor (Hong Kong) Limited; and
   -- Mol Holdings Limited.


NIDECO ELECTRONICS: Lam and Toohey Cease to Act as Liquidators
--------------------------------------------------------------
On January 14, 2009, Rainier Hok Chung Lam and John James Toohey
cease to act as liquidators of Nideco Electronics Hong Kong
Limited.


PRAMAC (CHINA): Creditors' Proofs of Debt Due on February 24
------------------------------------------------------------
The creditors of Pramac (China) Limited are required to file their
proofs of debt by February 24, 2009, to be included in the
company's dividend distribution.

The company's liquidator is:

          Wong Suk Kwan Louisa
          Chinachem Tower, 3rd Floor
          34-37 Connaught Road Central
          Hong Kong


PROSPECTFUL ASIA: Chung Steps Down as Liquidator
------------------------------------------------
On December 9, 2009, Ching Miu Yin, Diana cease to act as
liquidator of Prospectful Asia Limited.


RUDICK INTERNATIONAL: Placed Under Voluntary Liquidation
--------------------------------------------------------
At an extraordinary general meeting held on January 9, 2009, the
members of Rudick International Limited resolved to voluntarily
liquidate the company's business.

The company's liquidator is:

          Choy Pui Ling Joli
          Capitol Centre, Room 1202
          5-19 Jardine's Bazaar
          Causeway Bay, Hong Kong


THE GRANTHAM: Creditors' Proofs of Debt Due on February 26
----------------------------------------------------------
The creditors of The Grantham Hospital Ex-Patients' Association
Limited are required to file their proofs of debt by February 26,
2009, to be included in the company's dividend distribution.

The company commenced liquidation proceedings on January 12, 2009.

The company's liquidator is:

          Law Yui Lun
          Prosperous Building, Room 502, 5th Floor
          48-52 Des Voeux Road Central
          Hong Kong


TONG YANG: Annual Meetings Set for February 16
----------------------------------------------
The members and creditors of Tong Yang Hong Kong Limited will hold
their annual meetings on February 16, 2009, at 11:00 a.m. and
11:30 a.m., respectively, to hear the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Iain Ferguson Bruce
          Gloucester Tower, The Landmark, 8th Floor
          15 Queen's Road Central
          Hong Kong


UNICOMMU ADVERTISING: Members and Creditors to Meet on March 3
--------------------------------------------------------------
The members and creditors of Unicommu Advertising Limited will
meet on March 3, 2009 at 4:00 p.m. and 4:30 p.m., respectively, at
Room 803, 8th Floor of Yue Xiu Building, 160 Lockhart Road, in Wan
Chai, Hong Kong.

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



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

CANARA BANK: Moody's Changes Rating Outlook to Negative
-------------------------------------------------------
Moody's Investors Service has changed the outlook on Canara Bank's
A2 global local currency long-term deposit rating and on its Baa2
foreign currency perpetual non-cumulative subordinated obligations
(Hybrid Tier 1) rating to negative from stable.  The bank
financial strength rating of D+ assigned to Canara Bank maps to a
baseline credit assessment of Baa3, which Moody's believes could
weaken as a result of the challenging economic conditions in
India.  The bank's foreign currency deposit ratings of Ba2/Not-
Prime (constrained by India's foreign currency deposit sovereign
ceiling) still have a stable outlook.

"Moody's view that Canara Bank's BCA has come under pressure is
mainly driven by the bank's relatively low level of Tier 1 capital
compared with that of similarly rated Indian banks, which
translates into a weaker equity cushion to absorb any loan losses
going forward," says Nondas Nicolaides, Moody's lead analyst for
the bank.

Following the recent change in the credit outlook for the Indian
banking system to negative from stable, Moody's expects the asset
quality positions of all Indian commercial banks to come under
increasing pressure as the real economy weakens under the
influence of the global economic downturn.

"In the expected economic slowdown in India, a bank's capacity to
absorb losses through its recurring earnings and equity base will
be an important rating driver; Moody's believes that Canara Bank
is not as well protected than other Indian banks at the same
rating level with the same BCA," adds Mr. Nicolaides.

Stress testing the asset quality of all rated Indian commercial
banks reveals Canara Bank's relatively low provisioning coverage
and equity cushion, in an environment that is not conducive for
the raising of any new capital.  The negative outlook reflects
Moody's expectation that the bank's rating could be downgraded
over the next 12 to 18 months unless there is a material
improvement in its financial profile through a possible injection
of new Tier 1 capital.

Moody's notes, however, that results for the first nine months of
financial year 2009, ending December 2008, indicate that Canara
Bank's net income increased by a satisfactory 23% from its
performance in the equivalent period of FY2008.  The absolute
level of gross non-performing loans increased by a high 65% year-
on-year, with the ratio of gross NPLs to gross loans increasing to
1.94% in December 2008 from 1.54% in December 2007.  The bank's
capital adequacy ratio stood at a comfortable 13.41% under Basel
II at the end of December 2008, although with a modest Tier 1
ratio of 7.51%.  Despite the headroom that Canara Bank has to
raise Tier 1 capital, given the government's ownership of 73.2% in
the bank, Moody's believe that it would be difficult to do so in
the current difficult market conditions.

The previous rating action on Canara Bank was implemented on 24
April 2007, when Moody's upgraded the bank's BFSR to D+ from D.

Canara Bank is headquartered in Bangalore, India, and had total
assets of INR2,030 billion (US$41.3 billion) at the end of
December 2008.


KRISHNAN FOOD: CRISIL Rates Rs.35.0MM Cash Credit Limits at 'BB'
----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the various
bank facilities of Krishnan Food Processors (KFP).

   Rs.35.0 Million Cash Credit Limits     BB/Stable (Assigned)
   Rs.1.0 Million Overdraft Limits        BB/Stable (Assigned)
   Rs.80.0 Million Packing Credit Limits  P4 (Assigned)
   Rs.20.0 Million PCH/OAR Limits         P4 (Assigned)
   Rs.30.0 Million FBN(DP)/BP(DP)/FCFBD   P4 (Assigned)
           Limits  
   Rs.30.0 Million Letter of Credit       P4 (Assigned)
           Limits

The ratings reflect KFP's below-average financial risk profile on
account of low net worth, and its exposure to risks relating to
volatile operating margins, and the fragmented nature of the
cashew industry.  These weaknesses are, however, partially offset
by KFP's long and established track record in the cashew
processing industry.

Outlook: Stable

CRISIL believes that KFP will maintain stable business and
financial risk profiles over the medium term, backed by stable
demand for its products.  The outlook may be revised to 'Positive'
if the company's financial risk profile improves on the back of
improved capital structure or cash accruals.  Conversely, the
outlook may be revised to 'Negative' if there are adverse
movements in the prices of raw cashew nut or kernels, or decline
in net worth on account of withdrawals by the promoter, or if the
company takes on substantial debt to fund its capital expenditure
(capex).

                      About Krishnan Food

KFP was set up by Mr. G Krishnan Nair in 1983 and is based out of
Kollam (Kerala).  It is engaged in processing and trading of raw
cashews nut.  For 2007-08 (refers to financial year, April 1 to
March 31), KFP reported a profit after tax (PAT) of Rs. 43.6
million on net sales of Rs. 427.1 million, as against a PAT of Rs.
5.5 million on net sales of Rs. 331.8 million for 2006-07.


M/S SUTARIA: Weak Financial Risk Profile Cues CRISIL 'P4' Rating
----------------------------------------------------------------
CRISIL has assigned its ratings of 'P4' to the various bank
facilities of M/s Sutaria Brothers (Sutaria).

   Rs.100.00 Million Bills Discounting*     P4 (Assigned)
   Rs.20.00 Million Packing Credit          P4 (Assigned)
   Rs.80.00 Million Post Shipment Credit    P4 (Assigned)

   * Fully Interchangeable with Packing Credit & Post
     Shipment Credit

The ratings reflect Sutaria's weak financial risk profile, and
exposure to risks relating to modest scale of operations.  These
weaknesses are, however, partially offset by Sutaria's established
presence in the diamond industry.

                       About Sutaria

Sutaria is a partnership firm of Mr. Ravjibhai Patel,
Mr. Bhagwanbhai Patel, Mr. Premjibhai Patel and Mr. Manjibhai
Beladiya.  Sutaria Brothers is engaged in the manufacture and
export of cut and polished diamonds.  Sutaria derives around 90
per cent of its revenues from the overseas markets.  Its major
markets are Hong Kong, Belgium, Thailand, UAE and USA.  The
company has also invested in a windmill project for tax planning
purposes.  For 2007-08 (refers to financial year, April 1 to
March 31), Sutaria reported a profit after tax (PAT) of Rs.13.39
million on net sales of Rs.708.71 million, as against a PAT of
Rs.22.88 million on net sales of Rs.665.39 million for 2006-07.


MEDIBIOS LABORATORIES: CRISIL Rates Rs.45.0MM Cash Credit at 'BB-'
------------------------------------------------------------------
CRISIL has assigned its bank loan ratings of 'BB-/Stable/P4' to
the various bank facilities of Emil Pharmaceutical Industries Pvt
Ltd (Emil) and Medibios Laboratories Pvt Ltd (Medibios),
collectively referred to as the Emil group.

   Rs.45.0 Million Cash Credit         BB-/Stable (Assigned)
   Rs.52.5 Million Term Loan           BB-/Stable (Assigned)
   Rs.10.0 Million Letter of Credit    P4 (Assigned)
   Rs.2.5 Million Bank Guarantee       P4 (Assigned)

The ratings reflect the Emil group's moderate business profile,
marked by its exposure to risks relating to customer concentration
and limited marketing and distribution network.  The ratings are
underpinned by the group's financial flexibility, which is
constrained on account of low net worth and weak debt protection
measures.  However, these weaknesses are partially offset by Emil
group's established presence and long track record in the contract
manufacturing industry.

CRISIL has combined the business and financial risk profiles of
Emil and Medibios as both the companies have common customers,
suppliers, and management. Emil also holds a 16.66 per cent stake
in Medibios.

Outlook: Stable

CRISIL expects the Emil group to maintain a stable business
profile, aided by its strong relationships with customers, and
efforts to drive exports.  The outlook may be revised to
'Positive' if there is substantial improvement in the group's
financial risk profile, owing to sustained improvement in
operating margins and fresh equity infusion.  Conversely, the
outlook may be revised to 'Negative' if there is further
deterioration in the group's financial risk profile on account of
large, debt-funded capital expenditure.

                     About the Emil group

The Emil group, promoted by Mr. Tushar Korday and Mr. Rajendra
Gole, was founded in 1985, when Emil was set up.  Emil commenced
commercial production of drug formulations in 1990.  In 1997, Emil
acquired Medibios, which began commercial production of drug
formulations in the same year.  The Emil group is primarily
engaged in contract manufacturing and loan licensing for large
pharmaceutical companies and has Shreya Life Sciences, Pfizer and
Abbott Laboratories among its large customers.  The group
manufactures over 400 drug formulations, including becosule,
loratidine, atorvastatin and clopidogrel.  The group is also
engaged in export of herbal medicinal products. For 2007-08,
(refers to financial year, April 1 to March 31) Medibios reported
a loss after tax of Rs.8.3 million on net sales of Rs.231 million,
as against a profit after tax of Rs.8.8 million on net sales of
Rs.155 million for 2006-07.


ORIENTAL BANK: Moody's Changes Outlook on 'D+' BFSR to Negative
---------------------------------------------------------------
Moody's Investors Service has changed the rating outlook on
Oriental Bank of Commerce to negative from stable.  These ratings
of the bank have been affected: the bank financial strength rating
of D+ and the global local currency deposit ratings of A3/P-1.

OBC's foreign currency deposit ratings of Ba2/Not-Prime
(constrained by India's foreign currency deposit sovereign
ceiling) still have a stable outlook.

Following the recent change in the credit outlook for the Indian
banking system to negative from stable, Moody's expects the asset
quality positions of all Indian commercial banks to come under
increasing pressure as the real economy weakens under the
influence of the global economic downturn.

Moody's view that OBC's BFSR may come under pressure is mainly
driven by its relatively low capacity to raise tier 1 capital in
order to absorb potential losses from a future deterioration in
asset quality, as its government shareholding is close to the
required minimum of 51%.  "The bank's capacity to issue tier 1
capital without government participation is very low" says John
Tofarides, Moody's lead analyst for the bank.  The rating agency
concluded that, compared with other similarly rated banks in
India, OBC appears vulnerable to the possibility an acute asset
quality stress.

The negative outlook reflects Moody's expectation that the bank's
ratings could be downgraded over the next 12 to 18 months unless
there is a material improvement in its financial profile through a
possible injection of new capital by the government.

Moody's cautions that the most recently announced results (for the
nine months ending December 2008) show a small decline in profits
from ordinary activities before taxes, although net profitability
was higher than in the equivalent period of 2007.  At end-December
2008, the ratio of net non-performing loans to gross loans was
slightly higher, at 0.76%, than the figure at end-December 2007
(0.67%) and the return on assets (annualized) decreased to 0.94%
from 1.07% year-on-year.

The previous rating action on OBC was implemented on 24 April
2007, when Moody's upgraded the bank's BFSR to D+ from D.

OBC is domiciled in New Delhi, India and had total assets of
INR907 billion (US$20.88 billion) at the end of March 2008.


RAM KRIPAL: CRISIL Rates Rs.160 Mln. Cash Credit at 'C'
-------------------------------------------------------
CRISIL has assigned its ratings of 'C/P4' to the various bank
facilities of Ram Kripal Singh Construction Pvt Ltd (Ram Kripal).

   Rs.160 Million Cash Credit       C (Assigned)
   Rs.1.5 Million Term Loan         C (Assigned)
   Rs.800 Million Bank Guarantee    P4 (Assigned)
   Rs.38.5 Million Bank Guarantee/  P4 (Assigned)
           Letter of Credit*  

   * Proposed facility

The ratings reflect delay in repayment of the company's term loan
obligations, and the small scale and working capital-intensive
nature of its operations.  The ratings also reflect the company's
exposure to risks relating to limited geographical
diversification.  These weaknesses are, however, partially offset
by the company's healthy order book.

                      About Ram Kripal

Ram Kripal, formerly M/s Ram Kripal Singh, was established in
1978, and is engaged in civil infrastructure works.  The company
has a presence in the states of Jharkhand, Bihar, Orissa, Haryana,
and Uttarakhand.  The company has one office each in Gurgaon
(Haryana) and Ranchi (Jharkhand).  For 2007-08, (refers to
financial year, April 1 to March 31) Ram Kripal reported a profit
after tax (PAT) of Rs.68 million on net sales of Rs.1706 million,
as against a PAT of Rs.23 million on net sales of Rs.631 million
for 2006-07.


SYNDICATE BANK: Moody's Changes Outlook on 'D+' BFSR to Negative
----------------------------------------------------------------
Moody's Investors Service has changed the outlook on Syndicate
Bank's ratings to negative from stable.  These ratings of the bank
have been affected: the bank financial strength rating (BFSR) of
D+; and the global local currency deposit ratings of A3/P-1.  The
bank's foreign currency deposit ratings of Ba2/Not-Prime
(constrained by India's foreign currency deposit sovereign
ceiling) still have a stable outlook.

"Moody's view that Syndicate Bank's BFSR has come under pressure
is mainly driven by the bank's relatively low level of Tier 1
capital compared with that of similarly rated Indian banks, which
translates into a weaker equity cushion to absorb any loan losses
going forward," says Nondas Nicolaides, Moody's lead analyst for
the bank.

Following the recent change in the credit outlook for the Indian
banking system to negative from stable, Moody's expects the asset
quality positions of all Indian commercial banks to come under
increasing pressure as the real economy weakens under the
influence of the global economic downturn.

"In the expected economic slowdown in India, a bank's capacity to
absorb losses through its recurring earnings and equity base will
be an important rating driver; Moody's believes that Syndicate
Bank is less protected than other Indian banks at the same rating
level," adds Mr. Nicolaides.

Stress testing the asset quality of all rated Indian commercial
banks reveals Syndicate Bank's weakness in this respect, in an
environment that is not conducive for the raising of any new
capital.  The negative outlook reflects Moody's expectation that
the bank's ratings could be downgraded over the next 12 to 18
months unless there is a material improvement in its financial
profile through a possible injection of new capital by the
government.

Results for the first nine-months of FY2009 ending December 2008
indicate that Syndicate Bank's net income marginally declined (by
1.4%) from its performance in the equivalent period of FY2008.
The absolute level of gross non-performing loans increased by 10%
year-on-year, although the ratio of NPLs to gross loans improved
to 2.39% in December 2008 from 2.86% in December 2007.  The bank's
capital adequacy ratio stood at 11.87% under Basel I at the end of
December 2008, with a Tier 1 ratio of 7.17%.  It also raised
hybrid Tier 1 bonds of INR3.4 billion (US$70 million) in mid-
January 2009.

The previous rating action on Syndicate Bank was implemented on
February 18, 2008, when Moody's assigned the bank's BFSR of D+.

Syndicate Bank is headquartered in Bangalore, India, and had total
assets of INR1,163 billion (US$23.6 billion) at the end of
December 2008.


UNIFREIGHT INDIA: CRISIL Puts 'B' Rating on Rs.270MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its rating of 'B/Positive' to Unifreight India
Pvt Ltd's (Unifreight's) cash credit facility.

        Rs.270 Million Cash Credit     B/Positive (Assigned)

The rating reflects Unifreight's high gearing, low net worth,
large and increasing working capital requirements, and exposure to
the intensely competitive and highly-fragmented transportation and
logistics industry.  These weaknesses are mitigated by
Unifreight's established presence in the industry, and its strong
and diverse customer profile.

Outlook: Positive

CRISIL believes that the integration of Unifreight's business with
AFL Ltd (AFL), which has a significant stake in Unifreight, will
provide stability to the company's revenues, improve its working
capital management, and enhance its internal controls.  The rating
may be upgraded once the benefits of the integration are reflected
in the business and financial risk profile of Unifreight.
Conversely, the outlook may be revised to 'Stable' if there is a
significant delay in the integration process, or in case of
deterioration in Unifreight's business or financial risk profiles.

                      About Unifreight

Unifreight, promoted by Mr. N Subramanian, Mr. R P Mungikar, Mr.
Sunderasan Premkumar, Mr. Vinod Sharma, and Mr. Cyrus Guzder,
offers mainly express cargo services to clients.  The company
operates primarily in the less-than-truck-load (LTL) segment, and
provides full-truck-load (FTL) services only to existing clients
in the LTL segment.  Unifreight operates road express cargo
services on 55 routes in India, and has a fleet of around 150
vehicles; the age of the fleet ranges from six months to six
years.  In June 2008, AFL has infused Rs.50 million in Unifreight
by way of 8 per cent redeemable preference shares. AFL is a
logistics service provider.  Its operations are classified into
three segments: express courier, logistics, and express
warehousing.  AFL provides both domestic and international
services.

For 2007-08 (refers to financial year, April 1 to March 31),
Unifreight reported a profit after tax (PAT) of Rs.24 million on
net sales of Rs.541 million, as against a PAT of Rs.7 million on
net sales of Rs.416 million for 2006-07.



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

BAKRIE & BROTHERS: Mulls Selling Units through IPO to Repay Debts
-----------------------------------------------------------------
PT Bakrie & Brothers is planning to sell units via initial public
offerings (IPOs) to repay debts, if its plan to sell
IDR4.26 trillion (US$384 million) worth of convertible bonds to
Northstar Pacific Partners fails to get approval from shareholders
and regulators, The Jakarta Post reports citing Bakrie & Brothers
director Ari S. Hudaya.

"[W]e have prepared several options (to settle the debts),
including from dividend flow (of Bakrie subsidiaries), an
expectation of higher prices on our stocks and IPOs for our non-
publicly listed companies", Mr. Ari was quoted by The Post as
saying.

According to the report, Mr. Ari hinted that the units included
for the IPO will be those in the infrastructure and construction
sectors.

The report noted that the deal with Northstar is to help Bakrie &
Brothers restructure debts and retain control of its main bread
and butter earner PT Bumi Resources.  The bonds, scheduled for
issue in May and to be converted into shares by the end of the
year, will then replace a IDR4.26 trillion loan the company owes
to Northstar, The Post relates.

The Post added that Bakrie & Brothers is due to have a meeting of
shareholders to get the go-ahead in April or May.

                         About PT Bakrie

PT Bakrie & Brothers Tbk is an Indonesia-based group of companies.
It is engaged in general trading, steel pipe manufacturing,
building materials and construction products, telecommunications
systems, electronic and electrical goods and equity investments.
The Company comprises three core business segments:
Infrastructure, Plantations and Telecommunications. The Company
produces a range of products, such as mini telecommunication
switching, telecommunication system integrators, telephone sets,
electric resistance-welded steel pipes, longitudinal steel pipes,
seamless pipes, cement-based industrial construction products,
marble slabs, corrugated steel, agricultural products and cast-
iron auto products. In addition, it also provides a range of
services, including cellular radio wave-based telecommunication
services using code division multiple access (CDMA) technology,
messaging, paging and cellular answering services, as well as
specialized structural and civil engineering services.



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

ALL NIPPON: Expects to Post JPY9 Billion Annual Loss
----------------------------------------------------
All Nippon Airways Co. Ltd. said it may incur a JPY9 billion
(US$101 million) net loss for the year ending March 31, compared
with an earlier projected profit of JPY17 billion, Chris Cooper at
Bloomberg News reports.  The carrier also lowered its operating
profit forecast and revenue estimates.

According to the report, the airline lowered its full-year
operating profit forecast to JPY8 billion from JPY55 billion
predicted earlier.  All Nippon, Bloomberg says, reduced its full-
year revenue forecast to JPY1.4 trillion compared with an earlier
forecast of JPY1.46 trillion.

The airline's international passengers, Bloomberg News relates,
fell the most in more than five years in November, as demand for
overseas travel shrink amid weakening business confidence in
Japan.

Citing preliminary figures released by the company earlier this
month, Bloomberg News says ANA flew 17.5 percent fewer passengers
overseas last month, matching November's decline.  The slide is
the biggest since June 2003, when outbreaks of SARS and bird flu
led to a 33 percent drop in overseas passengers, compared with a
year earlier, the report notes.

In addition, Bloomberg News states, All Nippon also paid higher-
than-market prices for fuel because of hedging contracts made
before jet-kerosene prices fell from a peak in July.

All Nippon Airways Co., Ltd. -- http://www.ana.co.jp/--  is a
Japan-based company engaged in three business segments.  Its Air
Transportation segment is engaged in the air transportation
business, as well as the provision of services at airports, the
provision of reservation services through telephones and the
maintenance of aircrafts in the country and overseas markets.  The
Traveling segment develops, plans and sells tour packages under
the brand names ANA Hello Tour and ANA Sky Holiday.  This segment
also offers services to travelers and sells travel products and
air tickets.  The Others segment is involved in the information
communications, real estate, building management, land
transportation and airplane fixture repair businesses, among
others.  The Company has 112 subsidiaries and 40 associated
companies.


EXCELLENT COLLABORATION: Moody's Reviews Ratings on Various Bonds
-----------------------------------------------------------------
Moody's Investors Service announced it has placed under review for
possible downgrade its ratings of bonds issued by Excellent
Collaboration TMK.

The rating action does not affect the Class A bonds (rated Aaa),
which are the most senior class.

This is a CBO transaction subject to the SME financial policies of
Tokyo and eight other municipalities (Osaka Prefecture, and the
cities of Chiba, Yokohama, Kawasaki, Shizuoka, Osaka, Sakai, and
Kobe), and arranged by Mizuho Bank, Ltd.

The rating actions are due to mainly two reasons: 1) the credit
quality of the transaction pool has not improved, because of the
recent slump in demand, and 2) the likelihood of further
deterioration has grown.  In Moody's view, further assessment is
needed, particularly with regard to the effect of the worsening
economic environment and the Japanese government's policy to
expand its guarantee programs to support SME finance.

Unlike typical SME CDOs in Japan, which are backed by amortizing
assets, this transaction is backed by bullet assets, wherein all
of the principal is to be paid down in a single payment at
maturity.  Therefore, deterioration in the pool performance is
more likely to result in a decline in credit quality of the
Specified Bonds.

The rating actions are:

  -- Class B Specified Bonds (Final Maturity: 7 July 2010), Aa2
     Placed Under Review for Possible Downgrade; previously on 11
     December 2008, Downgraded to Aa2 from Aaa

  -- Class C Specified Bonds (Final Maturity: 7 July 2010), Baa2
     Placed Under Review for Possible Downgrade; previously on 11
     December 2008, Downgraded to Baa2 from A2

  -- Class D Specified Bonds (Final Maturity: 7 July 2010), Ba3
     Placed Under Review for Possible Downgrade; previously on 11
     December 2008, Downgraded to Ba3 from Baa2

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


HITACHI LTD: Widens Annual Net Loss Forecast to JPY700 Bln
----------------------------------------------------------
Hitachi Ltd now expects to incur a JPY700 billion (US$7.8 billion)
loss for the year ending March 31, 2009, compared to a JPY15
billion net income it earlier projected.

The company also revised its operating profit forecast to JPY40
billion from JPY410 billion, a 90 percent decrease.

According to Bloomberg News, Hitachi blamed slumping demand,
losses from affiliates, taxes, writedowns of equipment and the
stronger yen for the projected loss, which would exceed the
company's previous record deficit by 44 percent.

Bloomberg News relates that to save JPY200 billion in the next
fiscal year, the company said it may cut about 4,000 jobs from its
automotive-system operations and an additional 3,000 from its
television business.

                       Valuation Allowance

Hitachi plans to record a valuation allowance against deferred tax
assets for fiscal 2008, year ending March 31, 2009.

The company also plans, on an unconsolidated basis, to recognize
losses related to write-downs of subsidiaries shares.

Hitachi plans to record approximately JPY220.0 billion of a
valuation allowance against deferred tax assets related to
national income tax of the group, including the company, that
files a consolidated tax return and record a deferred tax expense
because the company re-evaluated the realizability of its deferred
tax assets in line with the decline in the taxable income of the
group, including the company.  On an unconsolidated basis, the
company expects to recognize approximately JPY110.0 billion of a
valuation allowance against deferred tax assets related to
national income taxes and deferred tax expense.

On an unconsolidated basis, Hitachi plans to recognize
extraordinary losses of approximately JPY56.0 billion on write-
downs of shares in line with a significant decline in share prices
for fiscal 2008, year ending March 31, 2009.

                        About Hitachi Ltd

Hitachi Ltd. (NYSE:HIT) -- http://www.hitachi.co.jp/-- is engaged
in developing a diversified product mix ranging from electricity
generation systems to consumer products and electronic devices.
The Company operates in seven segments: Information &
Telecommunication Systems, Electronic Devices, Power & Industrial
Systems, Digital Media & Consumer Products, High Functional
Materials & Components, Logistics, Services & Others and financial
services.  In April 2008, Hitachi acquired a majority ownership
interest in M-Tech Information Technology, Inc., a provider of
identity management software and services.  In April 2008,
Hitachi, Ltd. established a new wholly owned subsidiary, Hitachi
Information & Telecommunication Systems Global Holding
Corporation.  In March 2008, Hitachi Consulting, the global
consulting company of Hitachi, acquired JMN Associates, a provider
of consulting services to the financial services, real estate and
insurance industries.


NEC CORP: Plans to Lay Off 20,000 Workers; Forecasts Loss
---------------------------------------------------------
NEC Corp. said it will lay off 20,000 workers, close factories and
withdraw from some business areas as a result of the poor economic
conditions, Martyn Williams at ComputerWorld reports.

According to ComputerWorld, NEC will lay off 9,500 staff in Japan,
cut 9,000 workers overseas, and offer early retirement for a
further 450 domestic staff.

The Associated Press relates that the job cuts, which include
nearly 7 percent of the company's permanent work force, will be
completed by March 2010 and are part of a broader plan to restore
the company's profitability.

NEC, AP discloses, also aims to cut JPY80 billion in overhead
costs at struggling semiconductor subsidiary NEC Electronics over
the next two fiscal years.

                      Third Quarter Results

The Associated Press reports that the company posted a third
quarter net loss of JPY130 billion, compared to a JPY5.2 billion
net loss reported in the same period a year earlier.  Revenue for
the fiscal third quarter was down slightly at JPY948 billion from
JPY1.05 trillion a year earlier.

By segment, AP says, electronic parts and semiconductor operations
took the worst beating, with sales falling nearly 30 percent on
declining demand for personal computers and display, as well as
semiconductors for automobiles.  Mobile and networking businesses
also suffered because of falling investment by service providers,
the AP notes.

According to AP, NEC now expects a net loss of JPY290 billion for
the fiscal year ending March 31, a steep plunge into the red from
the JPY15 billion net profit projected in October.  The company
also cut its sales estimate to JPY4.2 trillion for the full fiscal
year, compared with the previous forecast of JPY4.6 trillion.

                          About NEC Corp.

NEC Corporation (TYO:6701) -- http://www.nec.com/-- is a Japan-
based manufacturer.  The Information Technology (IT)/Network (NW)
Solution segment provides system integration, support and
outsourcing services for government offices and communication
companies.  It also develops, designs and sells hardware,
software, network systems and broadcasting systems, among others.
The Mobile/Personal Solution segment develops, designs and sells
cellular phones and personal computers, as well as provides
Internet service under the name BIGLOBE.  The Electronic Device
segment develops, designs, manufactures, and sells electronic
products, including large-scale integrated circuits, general
devices, system memories, color liquid crystal displays,
capacitors, relays and lithium-ion secondary batteries.  In
addition, the Company is also engaged in the development, design,
manufacturing and sale of monitors and liquid crystal projectors.
On October 1, 2008, it dissolved and liquidated a subsidiary,
Changsha NEC Telecommunications Co., Ltd.


NIPPON OIL: Widens Annual Loss Forecast to JPY240 Billion
---------------------------------------------------------
Nippon Oil Corp significantly increased its estimated net loss for
the year ending March 31 to JPY240 billion (US$2.7 billion) from a
JPY23 billion net loss it predicted in October, Bloomberg News
reports.

The company also reversed its pretax estimate to a JPY270 billion
loss from the previous forecast of JPY5 billion profit, the report
says, citing a stock exchange filing.

For the nine months ended Dec. 31, the company posted a net loss
of JPY224.5 billion from a JPY136 billion profit a year earlier,
Nippon Oil said in a separate statement obtained by Bloomberg
News.

The report relates declining petroleum demand in Japan has forced
Nippon Oil to cut production for a ninth consecutive month in
February and agree to merge with Nippon Mining Holdings Inc. to
reduce capacity and costs.

According to Bloomberg News, oil prices have fallen 72 percent
from a record US$147.27 a barrel in July, reducing the value of
crude inventories, while the yen's 20 percent rise in a year has
trimmed gains from output at fields Nippon Oil owns in the U.S.,
Middle East and Asia.

Nippon Oil, whose shares have slumped 45 percent in the past 12
months, fell 3.2 percent in Tokyo trading to JPY396 at 2:38 p.m.
on Friday, Jan. 30, Bloomberg News discloses.

                           Tax Appeal

Reuters reports Nippon Oil said Friday the National Tax Tribunal
rejected its request to nullify extra taxes imposed on the refiner
in 2006 on gains from energy derivatives trading.

According to the report, Nippon Oil contested the Tokyo regional
tax office's decision that the refiner pay an extra JPY12.5
billion (US$139.5 million) in tax on swaps trading to hedge
against moves in crude oil prices.

Nippon Oil, the report relates, said it would examine the
tribunal's decision and decide on the next course of action.

The report recounts the company said in 2006 it hedged about
250,000 kiloliters (1.57 million barrels) of crude oil a year, or
about 0.4 percent of its annual oil product sales.

The tax office said Nippon Oil did not use swaps to its purchases
against volatile crude prices, but for earning JPY28.4 billion
through derivatives trading, Reuters discloses.

                      About Nippon Oil Corp

Nippon Oil Corp (TYO:5001) -- http://www.eneos.co.jp/-- is a
Japan-based supplier of petroleum products.  The Company operates
in four business segments.  The Oil Refinement and Sales segment
is engaged in the refinement and processing of petroleum products,
as well as the manufacture and sale of petrochemical products.
This segment is also engaged in the storage and transportation of
its petroleum products, as well as the purchase and sale of coal
and other mining products.  The Petroleum and Natural Gas
Development is engaged in the exploration and development of
petroleum and natural gas.  The Construction segment is involved
in road construction and civil engineering works, as well as the
design and construction of oil-related facilities.  The Others
segment is involved in the real estate, automobile-related and
other businesses.  The Company has 54 subsidiaries.  The Company
acquired and merged with Kyushu Oil Co., Ltd. on October 1, 2008.


TOUEI HOUSING: JCR Withdraws 'BB+' Rating
-----------------------------------------
Japan Credit Rating Agency Ltd. (JCR) withdraws the BB+/Negative
rating on senior debts of Touei Housing Corporation at the
company's request.

Touei Housing Corporation is a Japan-based real estate company.
Along with its subsidiaries, the Company has two business
segments.  The Real Estate Detached segment is engaged in the sale
of detached houses and condominiums in the Tokyo metropolitan
area.  This segment is also engaged in the provision of housing
inspection services, housing loan services and housing after sale
services, among others.  The Others segment is engaged in the
custom-built housing services, real estate property leasing
services, real estate agent services and other related services
The Company has two subsidiaries and one affiliated company.



=========
K E N Y A
=========

GTV KENYA: Parent Company Puts Firm Under Liquidation
-----------------------------------------------------
The Daily Nation reported that Gateway Broadcast Services (GBS)has
approved a plan to liquidate GTV Kenya.

In a press statement, GBS said the current financial and global
crisis has severely interrupted the company's ability to secure
further funding for the continued operation of the business.

"Increased instability in global markets interrupted our ability
to secure funding on an acceptable timescale and have left us no
choice but to cease operations," a company spokesman said.

"We realize the negative impact this has had on our loyal
customers, creditors and staff, all of who have believed in GTV
and the revolution in pay TV it had created.  We have tried every
possible step to keep the company going but we are all the
unfortunate victims of the current global economic crisis."

According to the Daily Nation, GTV Kenya left thousands of
subscribers, including many English Premier League fans, stunned
as it withdrew its services on Saturday, January 31.  It had been
scheduled to broadcast a live Manchester United versus Everton
match on Saturday and a Chelsea versus Liverpool match on Sunday,
the report relates.

GTV Kenya, the Daily Nation states, is yet to issue an official
statement even as some subscribers protested outside its head
office on Riverside Drive in Nairobi.

GTV Kenya started its operations on June 29, 2007.  It was
the second pay TV in Kenya, after South Africa's DStv MultiChoice.

Its parent company Gateway Broadcast Services, is a supplier of
the GTV service to subscribers across Africa.



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

BERKLEY IT ET AL: Appoint Grant and Khov as Liquidators
-------------------------------------------------------
On December 8, 2008, Damien Grant and Steven Khov were appointed
as liquidators of:

   -- Berkley IT Recruitment Limited;
   -- Berkley Public Sector Recruitment Limited; and
   -- Berkley Consulting Group Limited.

Only creditors who were able to file their proofs of debt by
January 30, 2009, will be included in the company's dividend
distribution.

The Liquidators can be reached at:

          Damien Grant
          Steven Khov
          Waterstone Insolvency
          PO Box 352, Auckland
          Freephone: 0800CLOSED
          Facsimile: 0800FAXWSI


FELTEX CARPETS: Five Ex-Directors Face Criminal Charges
-------------------------------------------------------
Five former directors of Feltex Carpets Ltd appeared in the
Auckland District Court yesterday, February 2, to face criminal
charges laid against them by the Registrar of Companies, The New
Zealand Herald reports.

The five former directors who are facing criminal charges are
John Michael Feeney, John Carlaw Hagen, Peter David Hunter,
Timothy Ernest Saunders, and Peter Thomas.

According to the report, the charges relate to information
provided in the company's interim financial statements for the
six-month period ended December 31, 2005.

"In these statements, Feltex Carpet Ltd failed to disclose a
breach of its banking covenants, and did not properly classify its
debt," the Herald quoted Registrar of Companies' national
enforcement unit manager Shane Keohane as saying.

The matter, the report notes, was remanded to April 7 for a status
hearing.

                      About Feltex Carpets

Headquartered in Auckland, New Zealand, and established over 50
years ago, Feltex Carpets Limited -- http://www.feltex.com/--
has built a reputation for being one of the world's leading
manufacturers of superior-quality carpet.  The Feltex operation
includes a wool scouring plant, six spinning mills, three tufted
carpet mills, a woven carpet mill and offices in New Zealand,
Australia and the United States.  The company also leads the way
in exports, with customers throughout South East Asia, Japan,
the United States, the Middle East and other key world markets.

NZ Bank placed the company in receivership on Sept. 22, 2006,
and named Colin Nicol, Peter Anderson and Kerryn Downey,
of McGrathNicol+Partners, as receivers and managers.

The TCR-AP reported on Oct. 4, 2006, that Godfrey Hirst
acquired Feltex as a going concern, including its assets and
undertakings in New Zealand, Australia, and the United States.
Proceeds of the sale will be used to ease the company's NZ$128-
million debt to ANZ Bank.

On Dec. 13, 2006, the High Court in Auckland ruled in favor of
an application by the Shareholders Association against Feltex
Carpets putting the carpet maker into liquidation.  John
Vague was appointed as liquidator.


FOCUS RITE: Court Hears Wind-Up Petition
----------------------------------------
A petition to have Focus Rite Investments Ltd.'s operations wound
up was heard before the High Court at Auckland on Jan 21, 2009.

Kenny Jianxiong Tao filed the petition against the company on
November 14, 2008.


HYBRID HOMES: Creditors' Proofs of Debt Due on February 27
----------------------------------------------------------
The creditors of Hybrid Homes Ltd. are required to file their
proofs of debt by February 27, 2009, to be included in the
company's dividend distribution.

The company's liquidators are:

          Damien Grant
          Steven Khov
          Waterstone Insolvency
          PO Box 352, Auckland
          Freephone: 0800CLOSED
          Facsimile: 0800FAXWSI
          e-mail: enquiries@waterstone.co.nz


LEDAPAK LTD: Creditors' Proofs of Debt Due on February 27
---------------------------------------------------------
The creditors of Ledapak Ltd. are required to file their proofs of
debt by February 27, 2009, to be included in the company's
dividend distribution.

The company's liquidators are:

          Damien Grant
          Steven Khov
          Waterstone Insolvency
          PO Box 352, Auckland
          Freephone: 0800CLOSED
          Facsimile: 0800FAXWSI


MANUREWA: Appoints Whittfield and Finnigan as Liquidators
---------------------------------------------------------
On December 12, 2008, the shareholders of Manurewa Panelbeaters &
Radiators (1999) Ltd. appointed John Trevor Whittfield and Peri
Micaela Finnigan as the company's liquidators.

Only creditors who were able to file their proofs of debt by
January 30, 2009, will be included in the company's dividend
distribution.

The Liquidators can be reached at:

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


MATTHEWS FARMING: Court Hears Wind-Up Petition
----------------------------------------------
A petition to have Matthews Farming Co Ltd.'s operations wound up
was heard before the High Court at New Plymouth on Jan 28, 2009.

The Commissioner of Inland Revenue filed the petition against the
company on November 18, 2008.


OPAWA TYRE: Court to Hear Wind-Up Petition on February 9
--------------------------------------------------------
A petition to have Opawa Tyre & Auto (1998) Ltd.'s operations
wound up will be heard before the High Court at Christchurch on
February 9, 2009, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on November 11, 2008.

The CIR's solicitor is:

          Julie Newton
          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


PEGASUS PROPERTY: Appoints Gower and Tubbs as Liquidators
---------------------------------------------------------
The shareholders of Pegasus Property Palmerston North Ltd. met on
December 9, 2008, and appointed Colin Gower and Stephen Tubbs as
liquidators.

Only creditors who were able to file their proofs of debt by
January 31, 2009, will be included in the company's dividend
distribution.

The Liquidators can be reached at:

          Colin Gower
          Stephen Tubbs
          c/o Wiona Pienaar
          BDO Spicers
          148 Victoria Street, Christchurch
          PO Box 246, Christchurch
          Telephone: (03) 379 5155
          Facsimile: (03) 353 5526
          e-mail: wiona.pienaar@chc.bdospicers.com


SENSATION YACHTS: Lawyers Apply to Liquidate Firm
-------------------------------------------------
Auckland-based luxury yacht manufacturer Sensation Yachts is
facing liquidation proceedings after its lawyers filed an
application to liquidate the company, the Dominion Post reports
citing Sunday Star Times.

According to the Post, Auckland law firm Garry Pollak & Co. has
filed an application with the High Court to put the company into
liquidation.  The application will be heard at the High Court on
February 13.

The company, the Post relates, has been embroiled in a number of
disputes with its employees in recent years.

In September, the Post recalls, the courts in Australia ordered
Sensation's Australian arm to be put into liquidation.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 27, 2009, Sunday Star Times said Sensation Yachts is being
sold by mortgagee sale.

Sunday Star Times related the property was subsequently mortgaged
to Hongkong Bank which holds security for up to NZ$10.78 million
over it.  However, the Star Times added, it was not known how much
the bank may actually be owed.

Garry Pollak & Co. -- http://www.garrypollak.co.nz/-- is a law
firm that specializes in employment relationships.

                     About Sensation Yachts

Established in Auckland, New Zealand in 1978, Sensation Yachts --
http://www.sensation.co.nz/-- has built some of the world's most
expensive pleasure craft at its Henderson yard, wedged between
Auckland's western motorway and the upper reaches of the Waitemata
Harbour.  The company also owned a small shipyard at Newcastle in
Australia, which it sold last year when Mr. Erceg announced plans
to move operations to Singapore, Sunday Star Times says.



======================
S O U T H  A F R I C A
======================

* SOUTH AFRICA: Largest Retail Bank Acquires Stake in Four Firms
----------------------------------------------------------------
South Africa's largest retail bank, Absa Group Ltd., bought stakes
in four listed companies after they defaulted on payments related
to single stock futures, Nicky Smith at Bloomberg News reports.

Citing Absa's statement to the Johannesburg stock exchange,
Bloomberg News relates Absa acquired shareholdings in Pinnacle
Point Group Ltd., Blue Financial Services Ltd., Sekunjalo
Investments Ltd. and ConvergeNet Holdings Ltd.



===============
T A N Z A N I A
===============

INDEPENDENT POWER: High Court Appoints Administrator
----------------------------------------------------
The Daily News Online reports that the High Court has placed
Independent Power Tanzania Limited (IPTL) in administration.
Advocate Charles Rwechungura was appointed as administrator to the
company on January 27.

According to the report, Judge Thomas Mihayo made the appointment
after granting a petition he heard ex-parte, which was lodged by
Standard Chartered Bank (Hong Kong) Limited, a creditor with the
IPTL.

Daily News relates that the appointment of the administrator comes
after the majority shareholder of IPTL had taken the case
involving the company to the Court of Appeal for determination of
two applications.

On December 16, Daily News recalls, Judge Katherine Oriyo had also
appointed the Administrator General as provisional liquidator of
IPTL.  Judge Oriyo, the report notes, made the appointment pending
determination of winding up proceedings of the company.

"After giving the question serious though, in my considered
opinion, this court has, if it grants the application, an
opportunity to take matters further in a positive way, by rescuing
the company," the report quoted Judge Mihayo as saying.

Judge Mihayo said he was persuaded that the powers of the
administrator as provided were far more than those of a
provisional liquidator and were capable of rescuing the company
and protecting the creditors, Daily News relates.

According to the Daily News, Judge Mihayo said the administrator
should report to court on the progress of his administration at
the end of every third month beginning February 1, 2009, and the
order would be in force for one year, after which on reasons and
evidence presented, the court may extend the time as it deems fit.

                        About IPTL

Independent Power Tanzania Limited (IPTL) is an electricity
generating company based in Tanzania, East Africa.



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

* BOND PRICING: For the Week February 2 to February 6, 2009
-----------------------------------------------------------

   AUSTRALIA
   ---------
A&R Whitcoulls                9.500%   12/15/10   NZD      29.83
Ainsworth Game                8.000%   12/31/09   AUD       0.62
Aust & NZ Bank                6.540%   06/29/49   GBP      53.07
Allco Hit Ltd                 9.000%   08/17/09   AUD      10.00
Alumina Finance               2.000%   05/16/13   USD      62.25
Antares Energy               10.000%   10/31/13   AUD       1.15
Babcock & Brown Pty           8.500%   11/17/09   NZD       4.50
Becton Property Group         9.500%   06/30/10   AUD       0.21
Bemax Resources               9.375%   07/15/14   USD      37.63
Bemax Resources               9.375%   07/15/14   USD      37.63
Bounty Industries Ltd        10.000%   06/30/10   AUD       0.02
Capral Aluminum              10.000%   03/29/12   AUD      45.00
China Century                12.000%   09/30/10   AUD       0.88
CSR Finance Ltd               7.700%   07/21/25   USD      24.63
Djerriwarrh Inv               6.500%   09/30/09   AUD       3.96
FMG Finance                   9.750%   09/01/13   EUR      54.38
FMG Finance                   9.750%   09/01/13   EUR      54.38
FMG Finance                  10.000%   09/01/13   USD      56.00
FMG Finance                  10.000%   09/01/13   USD      56.00
FMG Finance                  10.625%   09/01/16   USD      65.00
FMG Finance                  10.625%   09/01/16   USD      65.00
GE Cap Australia              6.000%   03/15/19   AUD      69.49
Griffin Coal Min              9.500%   12/01/16   USD      35.50
Griffin Coal Min              9.500%   12/01/16   USD      35.50
Hanson Australia              5.250%   03/15/13   USD      40.25
Heemskirk Consol              8.000%   04/29/11   AUD       2.15
Insurance Austra              5.625%   12/21/26   GBP      72.97
Jpm Au Enf Nom 1              3.500%   06/30/10   USD       1.12
Macquarie Bank                5.500%   09/19/16   GBP      70.27
Macquarie Bank                6.500%   05/31/17   AUD      45.64
Metal Storm                  10.000%   09/01/09   AUD       0.82
Minerals Corp                10.500%   03/31/09   AUD       0.90
Myer Group Fin               10.194    03/15/13   AUD      62.00
Nylex Ltd.                   10.000%   12/08/09   AUD       0.95
Paladin Energy                4.500%   12/15/11   USD      69.29
Paladin Energy                5.000%   03/11/13   USD      61.37
Resolute Mining              12.000%   12/31/12   AUD       0.53
Rio Tinto Financ              7.125%   07/15/28   USD      73.16
Suncorp-Metway                6.500%   06/22/16   AUD      70.77
Suncorp Insuran               6.250%   06/13/27   AUD


   CHINA
   -----
China Govt Bond                 4.860%  08/10/14     CNY     0.00
Chinatrust Comm                 5.625%  03/29/49     CNY    57.50
Jiangxi Copper                  1.000%  09/22/16     CNY    72.47


   HONG KONG
   ---------
City Tele-Tender               8.750%  02/01/15     USD    64.17
Resparcs  Funding              8.000%  12/29/49     USD    20.50


   INDIA
   -----
Amtek Auto                     0.500%  06/03/10     USD    65.03
Bank of Baroda                 6.625%  05/25/22     USD    70.00
Canara Bank                    6.365%  11/28/21     USD    70.32
Gitanjali Gems                 1.000%  11/25/11     USD    69.00
Hindustan Cons                10.000%  10/25/09     INR    33.35
ICICI Bank Ltd                 6.375%  04/30/22     USD    58.25
ICICI Bank Ltd                 7.250%  08/29/49     USD    45.05
State BK India                 6.439%  02/28/49     USD    72.18
UTI Bank Ltd                   7.250%  05/16/13     USD    64.91


   INDONESIA
   ---------
Bank Lippo TB PT               7.375%  11/22/16     USD    63.75
Indonesia (Rep)                8.500%  10/12/35     USD    74.00
Indonesia (Rep)                6.625%  02/17/37     USD    64.50
Indonesia (Rep)                6.625%  02/17/37     USD    67.70
Indonesia (Rep)                7.750%  01/17/38     USD    71.49
Indonesia (Rep)                7.750%  01/17/38     USD    67.50


   JAPAN
   -----
Aiful Corp                     5.000%  08/10/10     USD    73.79
Aiful Corp                     5.000%  08/10/10     USD    73.79
Aiful Corp                     6.000%  08/10/10     USD    73.79
Aiful Corp                     6.000%  12/12/11     USD    59.65
Aozora Bank                    0.560%  06/12/12     JPY    74.78
Aozora Bank                    0.560%  06/27/12     JPY    74.50
Aozora Bank                    0.660%  07/12/12     JPY    74.51
Aozora Bank                    0.660%  07/27/12     JPY    74.23
Aozora Bank                    0.660%  08/12/12     JPY    73.97
Aozora Bank                    0.660%  08/27/12     JPY    73.66
Aozora Bank                    1.700%  08/27/12     JPY    74.57
Aozora Bank                    0.660%  09/12/12     JPY    73.37
Aozora Bank                    0.660%  09/27/12     JPY    73.09
Aozora Bank                    1.400%  09/27/12     JPY    73.14
Aozora Bank                    1.660%  10/12/12     JPY    72.82
Aozora Bank                    1.600%  10/26/12     JPY    73.24
Aozora Bank                    1.660%  10/27/12     JPY    72.57
Aozora Bank                    1.660%  11/12/12     JPY    72.26
Aozora Bank                    1.660%  11/27/12     JPY    71.99
Aozora Bank                    1.350%  11/27/12     JPY    71.93
Aozora Bank                    1.660%  12/12/12     JPY    71.72
Aozora Bank                    0.660%  12/27/12     JPY    71.45
Aozora Bank                    1.450%  12/27/12     JPY    71.72
Aozora Bank                    0.660%  01/12/13     JPY    71.18
Aozora Bank                    1.250%  01/25/13     JPY    70.59
Aozora Bank                    0.660%  01/27/13     JPY    70.94
Aozora Bank                    0.560%  02/12/13     JPY    70.29
Aozora Bank                    0.560%  02/27/13     JPY    70.02
Aozora Bank                    1.300%  02/27/13     JPY    70.22
Aozora Bank                    0.560%  03/12/13     JPY    69.81
Aozora Bank                    0.560%  03/27/13     JPY    69.55
Aozora Bank                    1.250%  03/27/13     JPY    69.57
Aozora Bank                    0.560%  04/12/13     JPY    69.27
Aozora Bank                    1.300%  04/26/13     JPY    69.21
Aozora Bank                    0.560%  04/27/13     JPY    69.04
Aozora Bank                    0.560%  05/12/13     JPY    68.80
Aozora Bank                    0.560%  05/27/13     JPY    68.51
Aozora Bank                    1.600%  05/27/13     JPY    69.69
Aozora Bank                    0.560%  06/12/13     JPY    68.24
Aozora Bank                    0.660%  12/27/12     JPY    71.45
Belluna Co Ltd                 1.100%  03/21/12     JPY    59.50
Chuo Mitsui Trst               5.506%  12/29/49     USD    59.88
CSK Corporation                0.250%  09/30/13     JPY    47.95
Ebara Corp                     1.700%  09/30/11     JPY    71.50
Ebara Corp                     1.300%  09/30/13     JPY    63.17
Hiroshima Bank                 1.720%  05/14/14     JPY    70.44
Hiroshima Bank                 1.890%  09/20/17     JPY    58.65
Hitachi Zosen                  1.500%  09/30/12     JPY    69.50
Kenedix Inc                    2.090%  11/09/10     JPY    57.73
Nichiei Co Ltd                 1.750%  03/31/14     JPY    62.00
Pacific Manageme               2.800%  03/16/11     JPY    20.05
Pacific Manageme               2.940%  03/15/12     JPY    20.04
Resona Bank                    4.125%  09/29/49     EUR    44.00
Resona Bank                    5.850%  09/29/49     USD    46.52
Resona Bank                    5.986%  08/29/49     EUR    63.67
Shinsei Bank                   1.350%  11/27/12     JPY    74.61
Shinsei Bank                   1.450%  12/27/12     JPY    74.45
Shinsei Bank                   1.250%  01/25/13     JPY    73.36
Shinsei Bank                   1.300%  02/27/13     JPY    74.14
Shinsei Bank                   1.250%  03/27/13     JPY    72.41
Shinsei Bank                   1.350%  04/26/13     JPY    73.42
Shinsei Bank                   1.600%  05/27/13     JPY    73.82
Shinsei Bank                   1.650%  06/27/13     JPY    73.55
Shinsei Bank                   1.700%  07/26/13     JPY    73.33
Shinsei Bank                   1.600%  08/27/13     JPY    72.52
Shinsei Bank                   1.700%  09/27/13     JPY    72.46
Shinsei Bank                   1.960%  03/25/15     JPY    64.75
Shinsei Bank                   2.010%  10/30/15     JPY    64.70
Shinsei Bank                   3.750%  02/23/16     JPY    34.00
Shinsei Bank                   5.625%  12/29/49     JPY    25.00
Softbank Corp                  7.750%  10/15/13     EUR    69.98
Sumitomo Mitsui                4.375%  07/29/49     EUR    56.50
Sumitomo Mitsui                5.625%  07/29/49     EUR    71.12


   KOREA
   -----
GS Caltex Corp                 5.500%  10/15/15     USD    69.89
GS Caltex Corp                 5.500%  10/15/15     USD    71.55
GS Caltex Corp                 6.000%  08/08/16     USD    67.66
GS Caltex Corp                 5.500%  04/24/17     USD    64.05
GS Caltex Corp                 5.500%  04/24/17     USD    63.41
Hana Bank                      5.375%  04/12/17     USD    70.88
Hynix Semi Inc.                4.500%  12/14/12     USD    61.44
Hynix Semi Inc.                7.875%  06/27/17     KRW    38.50
Hynix Semi Inc.                7.857%  06/27/17     USD    38.54
Korea Dev Bank                 7.350%  10/27/21     KRW    53.79
Korea Dev Bank                 7.400%  10/27/21     KRW    53.79
Korea Dev Bank                 7.450%  10/31/21     KRW    53.67
Korea Dev Bank                 7.400%  11/02/21     KRW    53.74
Korea Dev Bank                 7.310%  11/08/21     KRW    53.69
Korea Elec Pwr                 6.000%  12/01/26     USD    70.45
LG-Caltex Oil                  5.500%  08/25/14     USD    73.02
Rep of Korea                   4.250%  12/07/21     EUR    72.79
Shinhan Bank                   5.663%  03/02/35     USD    50.10
Shinhan Bank                   6.819%  09/20/36     USD    53.98



   MALAYSIA
   --------
Advance Synergy Berhad         2.000%  01/26/18     MYR     0.04
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     0.92
AMBB Capital                   6.770%  01/29/49     USD    61.53
Berjaya Land Bhd               5.000%  12/30/09     MYR     3.20
Cagamas Berhad                 3.640%  05/05/09     MYR     4.01
Crescendo Corp B               3.750%  01/11/16     MYR     1.10
Eastern & Orient               8.000%  07/25/11     MYR     0.60
Huat Lai Resources             5.000%  03/28/10     MYR     0.20
Insas Berhad                   8.000%  04/19/09     MYR     0.26
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.15
Kretam Holdings                1.000%  08/10/10     MYR     0.96
Kumpulan Jetson                5.000%  11/27/12     MYR     0.41
LBS Bina Group                 4.000%  12/31/09     MYR     0.60
Mithril Bhd                    8.000%  04/05/09     MYR     0.10
Mithril Bhd                    3.000%  04/05/12     MYR     0.66
Nam Fatt Corp                  2.000%  06/24/11     MYR     0.18
Puncak Niaga Holdings Bhd      2.500%  11/18/16     MYR     0.72
Rubberex Corporation Berhad    4.000%  08/14/12     MYR     0.73
Silver Bird Grp                1.000%  02/15/09     MYR     0.31


   NEW ZEALAND
   -----------
Allied Farmers                 9.600%  11/15/11     NZD    30.97
Allied Nationwid              11.520%  12/29/49     NZD    50.00
BBI Ntwrks NZ Ltd              8.000%  11/30/12     NZD    45.26
Blue Star Print                9.100%  09/15/12     NZD    43.74
Cadmus Devt. Ltd               9.900%  01/15/10     NZD    63.82
Fidelity Capital               9.250%  07/15/13     NZD    19.25
Fletch Build Fin               9.000%  03/15/10     NZD    44.81
Fletcher Bui                   8.900%  03/15/13     NZD    15.23
Fletch Build Fin               8.900%  03/15/13     NZD    11.46
Generator Bonds                8.200%  09/17/11     NZD    25.30
Goodman Finance                9.950%  11/15/11     NZD    18.65
Hellaby Holdings               8.500%  06/15/11     NZD    33.57
Infratil Ltd                   8.250%  05/15/11     NZD    20.51
Infrastr & Util                8.500%  11/15/11     NZD    18.81
Infratil Ltd                   8.500%  02/15/20     NZD     9.61
Infratil Ltd                  10.180%  12/29/49     NZD    52.00
Marac Finance                 10.500%  07/15/13     NZD     0.11
Nuplex Industrie               9.300%  09/15/12     NZD    12.72
NZ Finance Hldgs               9.750%  03/15/11     NZD    35.02
Pins Securities                9.250%  01/31/14     NZD    26.25
PGG Wrightson                  8.250%  10/08/10     NZD    27.86
Powerco Limited                7.640   04/15/10     NZD    39.72
Powerco Limited                6.220%  03/29/11     NZD    20.64
Powerco Limited                6.590%  09/28/12     NZD    12.63
Powerco Limited                6.390%  03/29/13     NZD     9.50
Powerco Limited                6.740%  09/28/17     NZD     7.28
PPCS Ltd                      11.500%  12/15/10     NZD    32.24
Skycity Entert                 8.000%  05/15/10     NZD    36.07
South Canterbury              10.430%  12/15/12     NZD     0.11
St Laurence Prop               9.250%  07/15/10     NZD    41.11
St Laurence Prop               9.250%  05/15/11     NZD    30.29


   PHILIPPINES
   -----------
Rizal Comm Bank                9.875%  10/31/49     USD    75.00


   SINGAPORE
   ---------
Avago Tech Fin                11.875%  12/01/15     USD    74.37
Capitaland Ltd.                2.100%  11/15/16     SGD    72.45
Capitaland Ltd.                3.500%  07/17/17     SGD    69.55
Capitaland Ltd.                3.125%  03/05/18     SGD    70.65
Capitaland Ltd.                2.950%  06/20/22     SGD    58.17
Chartered Semico               6.250%  04/04/13     USD    74.09
Chartered Semico               6.375%  08/03/15     USD    66.13
Ciliandra P Fin               10.750%  12/08/11     USD    64.87
Empire Cap Res                 9.375   12/15/11     USD    67.00
Olam International Limited     1.000%  07/03/13     USD    69.14


   SRI LANKA
   ---------
Sri Lanka Govt                6.850%  04/15/12     LKR     73.85
Sri Lanka Govt                6.850%  10/15/12     LKR     71.12
Sri Lanka Govt                8.500%  01/15/13     LKR     74.43
Sri Lanka Govt                8.500%  07/15/13     LKR     72.69
Sri Lanka Govt                7.500%  08/01/13     LKR     69.51
Sri Lanka Govt                7.500%  11/01/13     LKR     68.61
Sri Lanka Govt                8.500%  02/01/18     LKR     64.22
Sri Lanka Govt                8.500%  07/15/18     LKR     63.46
Sri Lanka Govt                7.500%  08/15/18     LKR     58.64
Sri Lanka Govt                7.000%  10/01/23     LKR     52.42


  THAILAND
  --------
Advance Agro Pub             11.000%  12/19/12     USD     49.87
G Steel                      10.500%  10/04/10     USD     39.97
Italian-Thai Dey              4.500%  06/10/13     USD     47.86
PTT PCL                       5.875%  08/03/35     USD     70.92



                         *********

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

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

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


                            *********


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

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

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

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

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





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