TCRAP_Public/080403.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

             Thursday, April 3, 2008, Vol. 11, No. 66

                             Headlines

A U S T R A L I A

AGI REFRACTORY: Final Meeting Slated for April 11
ALLCO FINANCE: Lenders Extend AU$1.15-Billion Debt Review Period
BEAUFORT SHIPPING: Placed Under Voluntary Liquidation
CITIC PORTLAND: Liquidator Presents Wind-Up Report
ENRON AUSTRALIA: Liquidator to Give Wind-Up Report on April 15

FACILITY SOLUTIONS: Members Opt to Liquidate Business
FOOT LOCKER: Poor Sales Results Cues Moody's Ba3 Rating
HILOCATE PTY: Liquidator to Give Wind-Up Report on April 11
ITW SUPERANNUATION: Undergoes Liquidation Proceedings
K WONSON PTY: Members to Receive Wind-Up Report on April 11

LAPOINYA GARDENS: Commences Liquidation Proceedings
OPES PRIME: "Gloomy" Outlook for 1,200 Unsecured Investors
OPES PRIME: Lawsuit Seeks to Block ANZ Bank From Selling Shares
PRYDA (INDONESIA): Placed Under Voluntary Liquidation
REID CONSTRUCTION: Members Resolve to Liquidate Business

SEMAJ NELG: Undergoes Liquidation Proceedings
ST. GEORGE BANK: Fitch Affirms 'BB' Support Rating Floor


C H I N A   &   H O N G  K O N G   &   T A I W A N

ASIA INTERNATIONAL: Commences Liquidation Proceedings
BOE TECHNOLOGY: Posts CNY690.95 Million Profit in 2007
CENTRAL SKY: Commences Liquidation Proceedings
CHINA MINSHENG: To Pay 2007 Dividend of CNY0.05 Per Share
COMFORT DEVELOPMENT: Appoints New Liquidators

GOLD LEADER: Commences Liquidation Proceedings
HAINAN AIRLINES: Posted CNY651.39 Million Net Profit in 2007
HERCULES INC: Debt Reduction Cues Moody's to Up Rating to 'Ba1'
JUSLIN HONG: Liquidator Quits Post
MALOWIN COMPANY: Liquidator Quits Post

NITTA CORPORATION: Creditors' Proofs of Debt Due April 21
PETROLEOS DE VENEZUELA: Earns US$6.27 Billion in 2007
PETROLEOS DE VENEZUELA: Will Close Some Gas Stations
SANFAR LIMITED: Commences Liquidation Proceedings
SCHOFIELD LOTHIAN: Creditors' Proofs of Debt Due April 25

XINHUA FINANCE: XFMedia Appoints David Green as Director


I N D I A

TATA MOTORS: To List on Tokyo Stock Exchange
TATA MOTORS: Posts Record Monthly and Annual Vehicle Sale
QUEBECOR WORLD: Court Allows Panel to Hire Jefferies as Bankers
QUEBECOR: Court Allows Committee to Hire Kurtzman as Comm. Agent
QUEBECOR: Court Allows Panel to Tap Mesirow as Financial Advisor


I N D O N E S I A

ARPENI PRATAMA: Seeks US$8.8 Million Bank Loan
BANK CENTRAL: Repurchases 84,255,000 Shares
BANK CENTRAL: Merges Two Hong Kong-Based Subsidiaries
BANK NEGARA: Seeks Partners to Develop Financial Services
BANK NEGARA: To Set Up Sharia Bank Subsidiary

BANK MANDIRI: To Liquidate Three Poor Performing Subsidiaries
BANK MANDIRI: Secures US$700-Million Loan From Foreign Agencies
DIRECTED ELECTRONICS: Enters Into Amendment to Credit Agreement
DIRECTED ELECTRONICS: Moody's Holds Ratings Following Amendment


J A P A N

MARUBENI CORP: Faces Lehman Brothers' JPY35.2 Billion Lawsuit
MAZDA MOTOR: Produces Over One Million Units in Japan in FY2007
NOVA CORP: G.education Claims Other Schools Poaching Students


K O R E A

HYNIX SEMICON: Signs License & Grandis Joint Development Deal
HYNIX SEMICON: Dissappointed With Jury Verdict on Rambus Case


M A L A Y S I A

MERGE ENERGY: Earns MYR4.15 Million in Qtr. Ended January 31
PROTON HOLDINGS: Plans to Strike Off Dormant Subsidiaries
TAP RESOURCES: Jan. 31 Balance Sheet Upside-Down by MYR6.59 Bil.
TENGGARA OIL: Posts MYR2.89 Mil. Net Loss in Qtr. Ended Jan. 31


N E W  Z E A L A N D

AAA PARTS: Taps D. Parsons and K. Kenealy as Liquidators
ACTION BUSINESS: Appoints Madsen-Ries & Vance as Liquidators
ADVANTAGE POWER: Wind-Up Petition Hearing Set for May 30
AUCKLAND COATING: Fixes April 21 as Last Day to File Claims
BAY CIVIL: Subject to CIR's Wind-Up Petition

FIRST IMPRESSIONS: Fixes April 14 as Last Day to File Claims
M & B FISHING: Court to Hear Wind-Up Petition on April 7
PERFORMANCE RESOURCES: Faces Kensington's Wind-Up Petition
STARLIGHT YACHTING: Wind-Up Petition Hearing Set for April 7


P H I L I P P I N E S

IPVG: Buys Majority Stake in Interactive Teleservices


S I N G A P O R E

READER'S DIGEST: Increase in Debt Spurs Moody's Negative Outlook


T H A I L A N D

TRUE CORP: Selects NICE SmartCenter for VoIP Call Center


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A U S T R A L I A
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AGI REFRACTORY: Final Meeting Slated for April 11
-------------------------------------------------
AGI Refractory Services Pty. Limited will hold a final meeting
for its members and creditors at 11:00 a.m. on April 11, 2008.
At the meeting, the company's liquidator, Danny Vrkic at  Jirsch
Sutherland & Co., will provide the attendees with property
disposal and winding-up reports.

The liquidator can be reached at:

           Danny Vrkic
           Jirsch Sutherland & Co.
           Wollongong, Level 1
           76 Market Street
           Wollongong, New South Wales
           Australia

                        About AGI Refractory

AGI Refractory Services Pty. Limited is involved with non-clay
refractories.  The company is located at Port Kembla, in New
South Wales, Australia.


ALLCO FINANCE: Lenders Extend AU$1.15-Billion Debt Review Period
----------------------------------------------------------------
Allco Finance Group Ltd. said its bankers need more time to
assess the company's ability to repay debt, Stuart Kelly writes
for Bloomberg News.

Allco spokeswoman Christine Bowen told Bloomberg in an interview
that the review period for up to AU$1.15 billion in loans has
been extended to April 11 from March 31.

According to the report, AU$250 million of the debt is due on
May 1, and AU$900 million due in September 2009.  In addition,
AU$350 million in loans, which is not included in the review,
will expire in November 2012, with an option to be reset for
five more years.

The company's lenders include ABN Amro Holding NV, Commonwealth
Bank of Australia and Westpac Banking Corp, notes Bloomberg.

                     About Allco Finance

Allco Finance Group Ltd. is an integrated global financial
services business, specializing in asset origination, funds
creation and funds management. The Company is a fund manager of
alternative assets in its core asset classes, which include
aviation, rail, shipping, infrastructure, property, private
equity and financial assets.  Its primary focus is on commercial
property, predominately completed office buildings and select
development opportunities. It also purchases new and existing
commercial passenger and cargo aircraft for lease to commercial
airlines.  In March 2007, Allco HIT Limited acquired Momentum
Investment Finance Pty Limited, Allco Financial Services and
International Mezzanine Funds Management (Australia) Limited.
The Company is a vendor of Momentum Investment Finance Pty
Limited and Allco Financial Services.  In July 2007, it acquired
Allco Equity Partners Ltd.  In December 2007, it completed the
acquisition of the remaining 79.6% stake of Rubicon Holdings
(Aust) Limited.

Published reports said that Allco is in the brink of insolvency
and is currently negotiating a new business plan that will avoid
puttings its operations in the hands of administrators.
According to The Age, Allco board is faced with four problems:

    -- Meeting a fast-approaching deadline to refinance at least
       US$250 million in debt.

    -- Ensuring there is enough cash to cover its continuing,
       and much larger, loan commitments.

    -- Renegotiating or pulling out of a recently announced
      joint venture deal to buy US$1.7 billion of US power
      stations, of which Allco would fund half by debt and
      equity.

   -- Signing the company's accounts, for which they will be
      personally liable, that would allow the suspension on
      Allco's beleaguered shares to be lifted.


BEAUFORT SHIPPING: Placed Under Voluntary Liquidation
-----------------------------------------------------
Beaufort Shipping Agency (W.A.) Pty. Ltd.'s members agreed on
Feb. 25, 2008, to voluntarily liquidate the company's business.
The company has appointed R. M. Sutherland to facilitate the
sale of its assets.

The liquidator can be reached at:

           R. M. Sutherland
           Jirsch Sutherland
           55 Hunter Street, Level 4
           Sydney, New South Wales 2000
           Australia
           Telephone:(02) 9236 8333
           Facsimile:(02) 9236 8334
           e-mail: admin@jirschsutherland.com.au

                       About Beaufort Shipping

Beaufort Shipping Agency (W.A.) Pty. Ltd. deals with the
arrangement of freight and cargo transportation.  The company is
located at North Fremantle, in Western Australia, Australia.


CITIC PORTLAND: Liquidator Presents Wind-Up Report
--------------------------------------------------
Citic Portland Finance Pty. Ltd. held a joint meeting for its
members and creditors on March 26, 2008.  At the meeting, the
company's liquidator, Warren White at PPB Chartered Accountants,
provided the attendees with property disposal and winding-up
reports.

The liquidator can be reached at:

           Warren White
           PPB Chartered Accountants
           90 Collins Street, Level 10
           Melbourne, Victoria 3000
           Australia

                       About Citic Portland

Located at Melbourne, in Victoria, Australia, Citic Portland
Finance Pty. Ltd. is an investor relation company.


ENRON AUSTRALIA: Liquidator to Give Wind-Up Report on April 15
--------------------------------------------------------------
Enron Australia Energy Pty. Limited will hold a joint meeting
for its members and creditors at 10:00 a.m. on April 15, 2008.
At the meeting, the company's liquidator, Anthony M. Sims
at Sims Partners, will provide the attendees with property
disposal and winding-up reports.

The liquidator can be reached at:

           Anthony M. Sims
           Sims Partners
           55 Hunter Street, Level 5
           Sydney, New South Wales 2000
           Australia
           Telephone:(02) 9256 7700

                       About Enron Australia

Enron Australia Energy Pty. Limited is a distributor of durable
goods.  The company is located at Sydney, in New South Wales,
Australia.


FACILITY SOLUTIONS: Members Opt to Liquidate Business
-----------------------------------------------------
Facility Solutions Australia Pty. Ltd.'s members agreed on
Feb. 20, 2008, to voluntarily liquidate the company's business.
The company has appointed R. M. Sutherland to facilitate the
sale of its assets.

The liquidator can be reached at:

           R. M. Sutherland
           Jirsch Sutherland
           Level 4, 55 Hunter Street
           Sydney, New South Wales 2000
           Australia
           Telephone:(02) 9236 8333
           Facsimile:(02) 9236 8334
           e-mail: admin@jirschsutherland.com.au

                      About Facility Solutions

Facility Solutions Australia Pty. Ltd. provides management
services.  The company is located at Wyoming, in New South
Wales, Australia.


FOOT LOCKER: Poor Sales Results Cues Moody's Ba3 Rating
-------------------------------------------------------
Moody's Investors Service downgraded the ratings of Foot Locker,
Inc., corporate family rating to Ba3.  The rating outlook
remains negative.

The downgrade was prompted by the company's poor sales results
for fiscal year 2007, primarily driven by weakness in the
athletic retail market in North America as well as an overall
weak retail sales environment.  This resulted in higher
markdowns, a notable deterioration in Foot Locker's
profitability, and a weakening in credit metrics.

In particular, debt to EBITDA rose to 6.1 times which is
significantly higher than the level cited in Moody's credit
opinion dated Sept. 26, 2007 that would likely prompt a
downgrade.   Given the ongoing weak retail sales environment,
Moody's expects that Foot Locker will likely sustain weakened
credit metrics over the next twelve months.

These ratings are downgraded:

   -- Corporate family rating to Ba3 from Ba2;

   -- Probability of default rating to Ba3 from Ba2;

   -- Senior unsecured notes to B1 (LGD4, 61%) from Ba2
      (LGD4, 59%).

The rating outlook is negative.

The Ba3 corporate family rating reflects Foot Locker's weak
profitability levels and weakened credit metrics.  The company's
profitability level fell dramatically during 2007 as a result of
heavy markdown activity and is currently below its peer group.
The rating also reflects its significant business risk as a
specialty retailer and its highly seasonal operations.

As a result of the company's narrow focus on athletic footwear
and apparel, Foot Locker is highly susceptible to changing
fashion trends and its cash flow from operations generation is
heavily reliant on the fourth quarter holiday selling season.
Balancing these significant risks is the company's global
diversification, credible market position, and its moderate
scale.  The rating is also supported by the company's good
liquidity and modest level of funded debt which is currently
below its excess cash level.

The rating outlook is negative reflecting Moody's expectations
that the retail selling environment will continue to be
pressured thus constraining Foot Locker's operating performance
and will likely cause credit metrics to remain weak over the
next twelve months.

Foot Locker, Inc., headquartered in New York, New York, is a
global, specialty retailer of athletic footwear and apparel.  It
operates approximately 3,785 primarily mall-based stores in 20
countries in North America, Europe and Asia Pacific, including
Australia and New Zealand.  Revenues for fiscal year ended
Feb. 2, 2008 were approximately US$5.4 billion.


HILOCATE PTY: Liquidator to Give Wind-Up Report on April 11
-----------------------------------------------------------
Hilocate Pty. Limited will hold a final meeting for its members
and creditors at 11:30 a.m. on April 11, 2008.  At the meeting,
the company's liquidator, Danny Vrkic at Jirsch Sutherland &
Co., will provide the attendees with property disposal and
winding-up reports.

The liquidator can be reached at:

          Danny Vrkic
          Jirsch Sutherland & Co.
          76 Market Street, Level 1
          Wollongong, New South Wales 2500
          Australia
          Telephone:(02) 4225 2545
          Facsimile:(02) 4225 2546

                        About Hilocate Pty.

Hilocate Pty. Limited is a distributor of electronic parts and
equipments.  The company is located at Engadine, in New South
Wales, Australia.


ITW SUPERANNUATION: Undergoes Liquidation Proceedings
-----------------------------------------------------
ITW Superannuation Fund 2 Pty. Ltd.'s members agreed on Feb. 8,
2008, to voluntarily liquidate the company's business.  The
company has appointed Leanne Chesser to facilitate the sale of
its assets.

The liquidator can be reached at:

           Leanne Chesser
           KordaMentha
           333 Collins Street, Level 24
           Melbourne, Victoria
           Australia

                      About ITW Superannuation

Located at Croydon North, in Victoria, Australia, ITW
Superannuation Fund 2 Pty. Ltd. is an investor relation company.


K WONSON PTY: Members to Receive Wind-Up Report on April 11
-----------------------------------------------------------
Danny Vrkic, K Wonson Pty. Ltd.'s estate liquidator, will meet
with the company's members on April 11, 2008, at 10:00 a.m. to
provide them with property disposal and winding-up reports.

According to the Troubled Company Reporter-Asia Pacific, the
company commenced liquidation proceedings on December 21, 2006.

The liquidator can be reached at:

           Danny Vrkic
           Jirsch Sutherland & Co.
           PO Box 573
           Wollongong, New South Wales 2500
           Australia

                        About K Wonson Pty.

K Wonson Pty. Ltd. operates hotels and motels.  The company is
located at Shoalhaven Heads, in New South Wales, Australia.


LAPOINYA GARDENS: Commences Liquidation Proceedings
---------------------------------------------------
Lapoinya Gardens Pty. Limited's members agreed on Feb. 29, 2008,
to voluntarily liquidate the company's business.  The company
has appointed Peter Paul Krejci to facilitate the sale of its
assets.

The liquidator can be reached at:

           Peter Paul Krejci
           GHK Ferrier Green Krejci Silvia
           1 Castlereagh Street, Level 13
           Sydney, New South Wales 2000
           Australia

                      About Lapoinya Gardens

Lapoinya Gardens Pty. Limited provides lawn and garden services.
The company is located at North Parramatta, in New South Wales,
Australia.


OPES PRIME: "Gloomy" Outlook for 1,200 Unsecured Investors
----------------------------------------------------------
Opes Prime Group Ltd.'s receiver confirmed that it is unclear
when or if any of the firm's 1,200 unsecured investors will
see their money returned, Peter Ryan writes for ABC News.

In an interview with ABC Radio's AM, Chris Campbell of Deloitte
Corporate Reorganisation Group painted a gloomy outlook for Opes
Prime customers, saying little could be done until the firm's
chief lender, ANZ National Bank Ltd., has been paid in full.

Opes Prime investors likely will suffer some shortfall; how
large that shortfall is is another other key issue, Mr. Campbell
said, according to ABC News.

According to Mr. Campbell, it was possible that Opes Prime Chief
Executive Laurie Emini knew about the financial irregularities
confronting the company for some time, and that the firm might
have been trading while insolvent, ABC relates.  However, Mr.
Campbell said whether Mr. Emini knew about the problems
beforehand is left for the administrators to investigate as to
the date of the insolvency, the report states.

Mr. Campbell agreed it was likely that many unsecured creditors
would be confused by news that they no longer had title
ownership of their shares managed by Opes Prime, notes ABC.

                           Class Action

Richard Gluyas of The Australian writes that law firm Slater &
Gordon said it had been contacted by a number of Opes clients
and was investigating an action against the broker for
misleading and deceptive conduct.

Practice group leader in securities and commercial litigation
Ken Fowlie expressed to The Australian that customers believed
they had pledged their stock as collateral for margin loans, not
as security for loans advanced to the Opes group.

Erica Thompson from The Courier-Mail reports that about 1,000
investors had to watch helplessly as their shares are sold off
by the company's bankers, ANZ and Merrill Lynch.

ANZ and Merrill, states The Courier, are owed AU$650 million and
AU$500 million respectively.

The Courier notes that many victims are claiming they did not
know they signed away legal title to their shares as part of
their loan agreements with Opes Prime.

                        About Opes Prime

Opes Prime Group Ltd is an Australian unlisted public company
providing a range of financial services and products for high
net worth individuals, stockbrokers and financial advisors,
asset managers, banks and other firms, both for themselves and
their clients.  The Group conducts business via a number of
operating subsidiaries based in Melbourne, Sydney and Singapore:

   1) Opes Prime Stockbroking Limited is a full Market
      Participant of the Australian Stock Exchange Ltd, and holds
      an Australian Financial Services Licence (#247408) which
      enables it to deal and advise in financial services
      and products to retail and wholesale clients. The company
      was first registered on 10 March 1999, and started business
      with its current shareholders in 2005.  Opes Prime
      Stockbroking is a specialist provider of securities
      lending and equity financing services. In Singapore, the
      firm operates through Opes Prime Group’s wholly owned
      subsidiary, Opes Prime International Pte Ltd.  In
      Australia, Opes Prime Stockbroking has granted Authorized
      Representative status to Trader Dealer Pty Ltd, an on-line
      non-advisory trading execution service for the semi-
      professional and professional trader.

   2) Opes Prime Structured Products Pty Ltd develops, manages
      and markets specialized leveraged products for the high net
      worth market, providing outstanding risk protection and
      return potential.

   3) Opes Prime Paradigm Pty Ltd, is a corporate finance and
      advisory firm specializing in small and mid cap stocks.

   4) In Singapore, Opes Prime Asset Management Pte Ltd provides
      specialist hedge fund incubation, advisory and trade
      management services, and Five Pillars Associates Pte Ltd
      provides Islamic finance consultancy.

                         *     *     *

The Troubled Company Reporter Asia-Pacific reported on April 1,
2008 that Opes Prime was placed under receivership after
directors became aware of a number of cash and stock movement
irregularities in relation to a small number of accounts.
Ferrier Hodgson Partners John Lindholm, Peter McCluskey and
Adrian Brown have been appointed Administrators by the directors
of Opes Prime Group Limited and a number of its subsidiaries and
related entities including, Opes Prime Stockbroking Limited.
Initial investigations indicate that the solvency of the
business was under pressure due to a number of major clients not
meeting significant margin calls.  The Administrators are
currently examining the Group’s affairs to quantify the likely
liability to OPSL’s clients.

At the same time, Sal Algeri and Chris Campbell from the
Deloitte Corporate Reorganisation Group were appointed by a
secured creditor, ANZ Banking Group Ltd., as Receivers and
Managers of Opes Prime Group Ltd, Opes Prime Stockbroking Ltd,
Leveraged Capital Pty Ltd and Hawkswood Investments Pty Ltd.


OPES PRIME: Lawsuit Seeks to Block ANZ Bank From Selling Shares
---------------------------------------------------------------
Opes Prime Group Ltd.'s investors sought an urgent injunction in
the Federal Court in Melbourne contesting ANZ National Bank
Ltd.'s right as Opes' secured lender to sell their stock,
Richard Gluyas writes for The Australian.

The local investors assert that they pledged shares to a British
Virgin Islands associate of Opes Prime, Mr. Gluyas notes.

According to David Denton SC, counsel for an individual investor
Jason Dixon and three investment companies, his clients had been
induced to enter into a full securities lending and borrowing
agreement in 2006 with the BVI-registered company Opes Prime
Securities, states The Australian.

The Australian quotes Mr. Denton as saying, "We fall within a
specific category of (investors) who have their shareholdings
held on trust by teh BVI company.  But those shares have found
their way into ANZ Nominees and ANZ itself."

However, barrister Johnathan Beech, for ANZ, told The Australian
that the applicants' case was "very weak" and the arrangements
they had entered into amounted to "plain vanilla securities
lending."

In a separate report, ABC News relates that the law firm of
Slater & Gordon has been granted a temporary order in the New
South Wales Supreme Court to stop ANZ Bank from selling the
shares of an Opes Prime client.

Slater & Gordon Director Ken Fowlie told ABC that his firm
sought the order on instructions by a client of Opes Prime, to
prevent "ANZ or ANZ nominees from dealing with shares with which
our client had pledged to Opes Prime as collateral for loans."

                          About Opes Prime

Opes Prime Group Ltd is an Australian unlisted public company
providing a range of financial services and products for high
net worth individuals, stockbrokers and financial advisors,
asset managers, banks and other firms, both for themselves and
their clients.  The Group conducts business via a number of
operating subsidiaries based in Melbourne, Sydney and Singapore:

   1) Opes Prime Stockbroking Limited is a full Market
      Participant of the Australian Stock Exchange Ltd, and holds
      an Australian Financial Services Licence (#247408) which
      enables it to deal and advise in financial services
      and products to retail and wholesale clients. The company
      was first registered on 10 March 1999, and started business
      with its current shareholders in 2005.  Opes Prime
      Stockbroking is a specialist provider of securities
      lending and equity financing services. In Singapore, the
      firm operates through Opes Prime Group’s wholly owned
      subsidiary, Opes Prime International Pte Ltd.  In
      Australia, Opes Prime Stockbroking has granted Authorized
      Representative status to Trader Dealer Pty Ltd, an on-line
      non-advisory trading execution service for the semi-
      professional and professional trader.

   2) Opes Prime Structured Products Pty Ltd develops, manages
      and markets specialized leveraged products for the high net
      worth market, providing outstanding risk protection and
      return potential.

   3) Opes Prime Paradigm Pty Ltd, is a corporate finance and
      advisory firm specializing in small and mid cap stocks.

   4) In Singapore, Opes Prime Asset Management Pte Ltd provides
      specialist hedge fund incubation, advisory and trade
      management services, and Five Pillars Associates Pte Ltd
      provides Islamic finance consultancy.

                         *     *     *

The Troubled Company Reporter Asia-Pacific reported on April 1,
2008 that Opes Prime was placed under receivership after
directors became aware of a number of cash and stock movement
irregularities in relation to a small number of accounts.
Ferrier Hodgson Partners John Lindholm, Peter McCluskey and
Adrian Brown have been appointed Administrators by the directors
of Opes Prime Group Limited and a number of its subsidiaries and
related entities including, Opes Prime Stockbroking Limited.
Initial investigations indicate that the solvency of the
business was under pressure due to a number of major clients not
meeting significant margin calls.  The Administrators are
currently examining the Group’s affairs to quantify the likely
liability to OPSL’s clients.

At the same time, Sal Algeri and Chris Campbell from the
Deloitte Corporate Reorganisation Group were appointed by a
secured creditor, ANZ Banking Group Ltd., as Receivers and
Managers of Opes Prime Group Ltd, Opes Prime Stockbroking Ltd,
Leveraged Capital Pty Ltd and Hawkswood Investments Pty Ltd.


PRYDA (INDONESIA): Placed Under Voluntary Liquidation
-----------------------------------------------------
Pryda (Indonesia) Pty. Ltd.'s members agreed on Feb. 8, 2008, to
voluntarily liquidate the company's business.  The company has
appointed Leanne Chesser to facilitate the sale of its assets.

The liquidator can be reached at:

           Leanne Chesser
           KordaMentha
           333 Collins Street, Level 24
           Melbourne, Victoria
           Australia

                      About Pryda (Indonesia)

Pryda (Indonesia) Pty. Ltd. is a distributor of structural wood
members.  The company is located at Dandenong, in Victoria,
Australia.


REID CONSTRUCTION: Members Resolve to Liquidate Business
--------------------------------------------------------
Reid Construction Systems Pty. Ltd.'s members agreed on Feb. 8,
2008, to voluntarily liquidate the company's business.  The
company has appointed Leanne Chesser to facilitate the sale of
its assets.

The liquidator can be reached at:

           Leanne Chesser
           KordaMentha
           333 Collins Street, Level 24
           Melbourne, Victoria
           Australia

                       About Reid Construction

Reid Construction Systems Pty. Ltd. is a distributor of
construction materials.  The company is located at Mooroolbark,
in Victoria, Australia.


SEMAJ NELG: Undergoes Liquidation Proceedings
---------------------------------------------
Semaj Nelg Pty. Ltd.'s members agreed on Feb. 8, 2008, to
voluntarily liquidate the company's business.  The company has
appointed Leanne Chesser to facilitate the sale of its assets.

The liquidator can be reached at:

           Leanne Chesser
           KordaMentha
           333 Collins Street, Level 24
           Melbourne, Victoria
           Australia

                          About Semaj Nelg

Semaj Nelg Pty. Ltd. is involved with hardware business.  The
company is located at Lidcombe, in New South Wales, Australia.


ST. GEORGE BANK: Fitch Affirms 'BB' Support Rating Floor
--------------------------------------------------------
Fitch Ratings affirmed St. George Bank Limited's Long-term
Issuer Default Rating at 'A+' with a Stable Outlook, Short-term
IDR at 'F1', Individual at 'B', Support at '3' and Support
Rating Floor at 'BB+'.

St. George's Long-term IDR, Short-term IDR and Individual
ratings reflect the group's solid financial profile, robust risk
management framework, excellent asset quality and satisfactory
capitalization, while also recognizing a level of geographic and
product concentration.  Meanwhile, the Support rating is in line
with Fitch's view that there is a moderate probability of
support from authorities if ever required.

St. George has no direct exposure to US subprime mortgages and
the group's asset quality remains excellent - gross impaired
assets as a percentage of gross loans fell to 0.09% at 30
September 2007 from 0.11% at FYE06. However, as with most
Australian banks, St. George has been impacted on the liability
side of its balance sheet.  St. George has maintained access to
wholesale funding markets, but it has been at a significantly
higher cost, and is more heavily focused on shorter term
domestic issuance, while securitization markets, which have
previously been an important part of St. George's funding
framework, remain subdued.

These factors not withstanding, St. George has benefited
somewhat from the current market conditions.  The group's market
share of housing loans has increased as a number of smaller
players have been more severely affected by the disruption in
wholesale funding markets and have either withdrawn or vastly
reduced their lending activities.  On the liability side, St.
George's retail deposit growth has increased since FYE07 as a
result of rising interest rates and volatility in equity
markets.

The group's capitalization has also improved since FYE07 -- the
group's Tier 1 capital ratio was 6.7%, but as a result of a
number of capital initiatives aimed at improving business
flexibility this ratio has increased to above 7%.  The group's
Fitch eligible capital ratio was 7.2% at FYE07, which is above
average for the larger Australian banks.

                      About St. George Bank

Headquartered in Kogarah, New South Wales, Australia --
http://www.stgeorge.com.au-- St. George Bank Limited is a
banking company.  The Company operates in four business
segments: Retail Bank (RB), Institutional and Business Banking
(IBB), BankSA (BSA) and Wealth Management (WM).  RB is
responsible for residential and consumer lending, provision of
personal financial services including transaction services, call
and term deposits, small business banking and financial
planners.  This division manages retail branches, call centers,
agency networks and electronic channels, such as electronic
funds transfer at point of sale (EFTPOS) terminals, automated
teller machines (ATMs) and Internet banking.

On September 28, 2007, it disposed of its 100% interest in
Scottish Pacific Business Finance Holdings Pty. Limited.




==================================================
C H I N A   &   H O N G  K O N G   &   T A I W A N
==================================================

ASIA INTERNATIONAL: Commences Liquidation Proceedings
-----------------------------------------------------
Asia International Factoring Limited's members agreed on
March 12, 2008, to voluntarily liquidate the company's business.
The company has appointed John James Toohey and Rainier Hok
Chung Lam to facilitate the sale of its assets.

The liquidators can be reached at:

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


BOE TECHNOLOGY: Posts CNY690.95 Million Profit in 2007
------------------------------------------------------
BOE Technology Group Co Ltd. posted a CNY690.95 million profit
in 2007, from a CNY1.77 billion loss a year earlier, due to
higher TFT-LCD prices and cost controls, XFN-ASIA News reports.

According to the report, a filing with the Shenzhen Stock
Exchange disclosed that the company's operating revenue rose
26.37% to CNY11.17 billion in 2007, while operating costs fell
13.83% to CNY10.45 billion.

The company told the news agency that after two years of
depressed prices, the market is gradually stabilizing, with TFT-
LCD prices having risen since April 2007.

The company's operating revenue from the core TFT-LCD business
increased 15.43% to CNY10.67 billion, while operating costs fell
by 14.05% to CNY9.02 billion, the same report notes.

XFN-ASIA News relates that the company's non-core revenue was
CNY1.61 billion, up 26.79%.

Moreover, the report says, company sales income from small flat
displays increased 57.05% to CNY1.04 billion, while sales of
mobile displays totaled 13.75 million units, up 93%.

                     About BOE Technology

Based in Beijing, BOE Technology Group Co., Ltd. (BOE) is a
manufacturer of display devices and digital products. Based in
Beijing, the People's Republic of China, the Company operates
seven key divisions: Thin-Film Transistor-Liquid Crystal Display
(TFT-LCD); Monitor & Panel Television (TV), offering cathode ray
tube (CRT) monitors, TFT-LCD monitors, TFT-LCD TVs and plasma
display panel (PDP) TVs; Mobile Display System, providing super
twisted nematic-LCD (STN-LCD) and organic light-emitting display
(OLED); Special Application Display, supplying vacuum
fluorescent display (VFD) and light-emitting display (LED); CRT,
producing CRTs together with Toshiba and Panasonic; Precision
Electronic Component & Material, and Digital Display Product &
Display Application System.

The company currently holds Xinhua Far East China Ratings' CC
issuer credit rating.


CENTRAL SKY: Commences Liquidation Proceedings
----------------------------------------------
Central Sky (Worldwide) Limited's members agreed on March 10,
2008, to voluntarily liquidate the company's business.  The
company has appointed Robert Osborne Lee to facilitate the sale
of its assets.

The liquidator can be reached at:

           Robert Osborne Lee
           AXA Centre, Unit 1507, 15th Floor
           No. 151 Goucester Road
           Wanchai, Hong Kong


CHINA MINSHENG: To Pay 2007 Dividend of CNY0.05 Per Share
---------------------------------------------------------
Edmund Klamann of Reuters reports that China Minsheng Banking
Corp. Ltd. said it would pay a 2007 dividend of CNY0.05 per
share in cash plus 3 bonus shares for every 10 shares.

China Minsheng disclosed to Reuters that the dividend was
approved during an annual shareholders' meeting.

Early this month, the bank reported a 69% rise in net profit for
2007 to CNY6.3 billion (US$898.6 million), Reuters notes.

                       About China Minsheng

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

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


COMFORT DEVELOPMENT: Appoints New Liquidators
---------------------------------------------
Members of Comfort Development Limited appointed Paul Jeremy
Brought and Edward Simon Middleton as the company's liquidators.

The liquidators can be reached at:

           Paul Jeremy Brought
           Edward Simon Middleton
           KPMG
           Prince's Building, 8th Floor
           10 Charter Road
           Central, Hong Kong


GOLD LEADER: Commences Liquidation Proceedings
----------------------------------------------
Gold Leader Investment Limited's members agreed on March 12,
2008, to voluntarily liquidate the company's business.  The
company has appointed Eric Hil Lan to facilitate the sale of its
assets.

The liquidator can be reached at:

           Eric Hil Lan
           Marina House
           68 Hing Man Street
           Sai Wan Ho, Hong Kong


HAINAN AIRLINES: Posted CNY651.39 Million Net Profit in 2007
------------------------------------------------------------
Hainan Airlines Co., Ltd.'s net profit in 2007 rose 290% to
CNY651.39 million, according various reports citing the
company's financial report filed with the Shanghai Stock
Exchange.

The airline's assets as of the end of 2007 totaled CNY39.84
billion, reports say.

The regulatory filing, XFN-Asia relates, disclosed that Hainan
Airlines carried 14.49 million passengers in 2007, up 0.69%, and
197,800 tons of mail and cargo, down 0.51%.

With the 2008 Beijing Olympic Games, the airline expects
passenger traffic to rise and has set a target of 16.75 million
passengers in 2008, XFN Asia reports.

With a current fleet of 66 planes, Hainan Airlines said it plans
to deploy 17 additional aircraft this year via purchase or
lease, the report adds.

                      About Hainan Airlines

Based in Haikou, Hainan Province, the People's Republic of
China, Hainan Airlines Co., Ltd. -- http://www.hnair.com/-- is
an airline company that operates nearly 500 domestic routes in
more than 80 major cities.  It also provides scheduled and non-
scheduled international flights from Hainan Province to
Southeast Asia and other Asian countries.

The airline currently holds Xinhua Far East China Rating's CC
issuer credit rating that was placed on October 31, 2005.


HERCULES INC: Debt Reduction Cues Moody's to Up Rating to 'Ba1'
---------------------------------------------------------------
Moody's Investors Service raised the corporate family rating of
Hercules Incorporated to Ba1 from Ba2, adjusted other debt
ratings upward, and moved the outlook on the rating to positive.
This concludes the review for possible upgrade that was
initiated on Jan. 30, 2008.

The Ba1 CFR (and positive outlook) reflect Hercules' successful
efforts at debt reduction in past years and most recently in
2007.   Hercules reduced balance sheet debt by roughly US$200
million in 2007 (to about US$795 million) and this reduction,
along with strong cash flows, has caused credit metrics to
improve to levels that support the Ba1 CFR.

Moody's assigned a positive outlook to Hercules ratings in June
of 2007 in anticipation of Hercules' ongoing positive credit
metric performance.  At that time, Moody's stated that provided
that capital expenditures remain moderate, there are no large
acquisitions and prospective dividend actions or share
repurchases are prudently sized, the company should be able to
generate retained cash flow to adjusted total debt above 20%,
free cash flow to adjusted total debt of over 10%, and a fixed
charge coverage ratio (EBITDA to interest) of over 4.5 times.
At the end of 2007 these metrics were 33%, 23%, and 5.0 times
respectively.

The positive outlook reflects Moody's expectation of further
modest debt reduction in 2008 and 2009 (after which Moody's
expects absolute debt levels to stabilize), that Hercules'
asbestos settlements and expenses will not exceed US$35 million
in any twelve month period and that the number of asbestos case
levels will continue to decline.

Provided capital expenditures remain moderate, there are no
large acquisitions and prospective dividend actions or share
repurchases remain at prudent levels the company should be able
to generate retained cash flow to adjusted total debt above 20%,
free cash flow to adjusted total debt of over 10%, and a fixed
charge coverage ratio (EBITDA to interest) of over 4.5 times.
If these metrics are realized on a sustainable basis Moody's
could reassess the appropriateness of the Ba1 ratings by year
end 2009.   Conversely, an unexpectedly large increase in legacy
liabilities, debt financed share repurchases or bolt on
acquisitions that would cause debt to remain at or above US$800
million could cause Moody's outlook to return to stable.

Upgrades:

Issuer: Hercules Incorporated

   -- Corporate Family Rating, Upgraded to Ba1 from Ba2

   -- Probability of Default Rating, Upgraded to Ba1 from Ba2

   -- Senior Secured Bank Credit Facility, to Baa2 from to Baa3,
      15% - LGD2

   -- Senior Secured Regular Bond orDebenture, to Baa2 from to
      Baa3, 15% - LGD2

   -- Senior Unsecured Regular Bond or Debenture, Upgraded to Ba1
      from Ba3, 62% LGD4

   -- Junior Subord. Regular Bond or Debenture, Upgraded to Ba2
      from B1, to 92% - LGD6

   -- Subord. Conv./Exch. Bond or Debenture, Upgraded to Ba2 from
      B1, to 92% - LGD6

Outlook Actions:

   -- Outlook, Changed To Positive From Rating Under Review

Hercules Inc. (NYSE:HPC) -- http://www.herc.com/-- manufactures
and markets chemical specialties globally for making a variety
of products for home, office and industrial markets.  The
company has its regional headquarters in China and Switzerland,
and a production facility in Brazil.


JUSLIN HONG: Liquidator Quits Post
----------------------------------
On March 14, 2008, Anthony Nedderman stepped down as liquidator
for Juslin Hong Kong Limited, which is undergoing liquidation.


MALOWIN COMPANY: Liquidator Quits Post
--------------------------------------
On March 20, 2008, Nathalia Seng Sze Ka Mee and Cynthia Wong Tak
Yee stepped down as liquidators for Malowin Company Limited,
which is undergoing liquidation.


NITTA CORPORATION: Creditors' Proofs of Debt Due April 21
---------------------------------------------------------
Creditors of Nitta Corporation of Hong Kong Limited are required
to file their proofs of debt by April 21, 2008, to be included
in the company's dividend distribution.

The company commenced liquidation proceedings on March 13, 2008.

The company's liquidator is:

          Lam Wai Shan
          Henan Building, Room 1301, 13th Floor
          90-92 Jaffe Road
          Wanchai, Hong Kong


PETROLEOS DE VENEZUELA: Earns US$6.27 Billion in 2007
-----------------------------------------------------
Petroleos de Venezuela SA's earnings increased 15% to
US$6.27 billion in 2007, compared to US$5.45 billion in 2006.

Business News Americas relates that Petroleos de Venezuela's
revenue dropped 3% to US$96.2 billion in 2007, compared to
US$99.3 billion in 2006. Petroleos de Venezuela spent some
US$154 million on exploration in 2007, compared to US$100
million in 2006.

According to Petroleos de Venezuela, its contributions to the
Venezuelan state increased 11% to US$43.7 billion in 2007,
compared to US$39.3 billion in 2006.

Petroleos de Venezuela said in February that it earned
US$896 million in the first half of 2007, BNamericas states.

Petroleos de Venezuela SA -- http://www.pdv.com/-- is
Venezuela's state oil company in charge of the development of
the petroleum, petrochemical and coal industry, as well as
planning, coordinating, supervising and controlling the
operational activities of its divisions, both in Venezuela and
abroad.  The company has a commercial office in China.

PDVSA is one of the top exporters of oil to the US with proven
reserves of 77.2 billion barrels of oil -- the most outside the
Middle East -- and about 150 trillion cu. ft. of natural gas.
PDVSA's exploration and production take place in Venezuela, but
the company also has refining and marketing operations in the
Caribbean, Europe, and the US.

                               *     *     *

As of Feb. 14, 2008, Fitch Ratings held Petroleos de Venezuela
SA's long-term issuer default rating and local currency long
term issuer default rating at BB-.  Fitch said the ratings
outlook is negative.


PETROLEOS DE VENEZUELA: Will Close Some Gas Stations
----------------------------------------------------
Petroleos de Venezuela SA will close some of its gas stations
near Venezuela's borders and coast, Energy Business Review
reports.

Energy Business relates that Petroleos de Venezuela found the
stations unnecessary compared to what the country really needs.
It also wants to stop fuel smuggling in the region.

Petroleos de Venezuela's President and Venezuelan Oil Minister
Rafael Ramirez told Energy Business that the firm is assessing
the real requirement in the areas near the nation's borders and
admitted that there is a serious problem of fuel smuggling in
the region.

According to Energy Business, Petroleos de Venezuela also
reportedly joined efforts with the Venezuelan army and the
national guard to work on the authorized volumes of fuel.

Petroleos de Venezuela told Energy Business that it will
implement controlling measures at gas stations and adjust
shipment quotas.

Petroleos de Venezuela SA -- http://www.pdv.com/-- is
Venezuela's state oil company in charge of the development of
the petroleum, petrochemical and coal industry, as well as
planning, coordinating, supervising and controlling the
operational activities of its divisions, both in Venezuela and
abroad.  The company has a commercial office in China.

PDVSA is one of the top exporters of oil to the US with proven
reserves of 77.2 billion barrels of oil -- the most outside the
Middle East -- and about 150 trillion cu. ft. of natural gas.
PDVSA's exploration and production take place in Venezuela, but
the company also has refining and marketing operations in the
Caribbean, Europe, and the US.

                               *     *     *

As of Feb. 14, 2008, Fitch Ratings held Petroleos de Venezuela
SA's long-term issuer default rating and local currency long
term issuer default rating at BB-.  Fitch said the ratings
outlook is negative.


SANFAR LIMITED: Commences Liquidation Proceedings
-------------------------------------------------
Sanfar Limited's members agreed on March 11, 2008 to voluntarily
liquidate the company's business.  The company has appointed
Sytske Helena Maria Teppema to facilitate the sale of its
assets.

The liquidator can be reached at:

           Sytske Helena Maria Teppema
           Discovery Bay, 1st Floor Marina
           Discovery Bay, Lantau Island
           Hong Kong


SCHOFIELD LOTHIAN: Creditors' Proofs of Debt Due April 25
---------------------------------------------------------
Creditors of Schofield Lothian Asia Limited are required to file
their proofs of debt by April 25, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 11, 2008.

The company's liquidator is:

          Chan Sek Kwan Rays
          Seabright Plaza, Unit F, 12th Floor
          9-23 Shell Street
          Hong Kong


XINHUA FINANCE: XFMedia Appoints David Green as Director
--------------------------------------------------------
Xinhua Finance Media Limited, a subsidiary of Xinhua Finance
Limited, added another independent director to its Board of
Directors, David Green.

Mr. Green is Chairman and Founder of SEPTEMBER FILMS, a leading
television production company with offices in London and Los
Angeles.  Mr. Green will also sit on the Board’s Investment and
Compensation Committees. At the same time, the Company announced
the appointment of other existing independent directors to
various Board committees to better utilize their expertise for
the Company’s growth.

Mr. Green, born and now based in London, founded SEPTEMBER FILMS
in 1992 and has since made over a thousand hours of prime time
television.  TV series that he has produced include the landmark
Hollywood Women series and SEPTEMBER's flagship show
Bridezillas.  He has also directed over 100 dramas and
documentaries, including Boy in the Bubble for ITV, Wilfred and
Eileen and East Lynne for BBC Drama, and the award-winning ITV
movie 1914 All Out.  His feature film directing credits notably
include the Oscar-nominated Buster (4 awards) and the $22m
Disney action adventure Wings of the Apache. Having lived and
worked in Hollywood, Mr. Green is a veteran of the British and
American film and television industries, with significant
expertise, background and contacts in the TV world.

“I am honored to join the Board of XFMedia, which has strong
positioning in the marketplace and tremendous potential for
growth in China,” Mr Green said. “With my European media
background, I look forward to working closely with the strong US
media industry experts on the Board, to jointly help expand the
Company’s business.”

Fredy Bush, Chairman and CEO of XFMedia said, “We are fortunate
to have David joining XFMedia as an independent director and
appreciate his taking on additional responsibilities as a member
of the Board committees. His experience in building a successful
television and film production company is very relevant to
XFMedia, and he will undoubtedly bring invaluable insights that
will enhance XFMedia’s world-class business in China.”

“Given the strategic importance of TV to XFMedia, I expect that
David can provide significant guidance as we expand that part of
the Company’s business,” Ms. Bush added.

                Strengthened Committee Composition

XFMedia’s Board of Directors now has 13 members of which 8 are
independent. In order to leverage the expertise of the broadened
team of independent directors for the Company’s growth, the
Board of Directors also appointed additional members to various
committees.  The new committees are:

Compensation Committee:

    Chairman: Mr. John Springer – Director of Global Operations,
              Golf Division, Nike, Inc.

    Members:  Mr. David Green – Chairman and Founder of SEPTEMBER
              FILMS, a division of DCD Media plc.

              Mr. Larry Kramer – senior advisor, Polaris Venture
              Partners; former president, CBS Digital Media;
              former chairman, CEO and founder of MarketWatch

Investment Committee:

    Chairman: Mr. David Olson – partner of The Yucaipa Companies,
              former Chairman and CEO of Donaldson, Lufkin &
              Jenrette's Asia Pacific region and Credit Suisse
              First Boston's Chairman of Investment Banking,
              Asia Pacific

    Members:  Mr. Aloysius T. Lawn – an attorney in private
              practice

              Mr. David Green

Nominating and Corporate Governance Committee:

    Chairman: Mr. David Olson

    Members:  Mr. John Springer
              Mr. Larry Kramer

Audit Committee (remain unchanged):

    Chairman: Mr. Aloysius T. Lawn

    Members:  Mr. John Springer

              Mr. Steve Richards – COO of Silver Pictures and
              co-president of Dark Castle Entertainment, a
              division of Silver Pictures

Xinhua Finance Limited is China's premier financial information
and media service provider and is listed on the Mothers Board of
the Tokyo Stock Exchange (symbol: 9399) (OTC ADRs: XHFNY).
Bridging China's financial markets and the world, Xinhua
Finance's proprietary content platform, comprising Indices,
Ratings, Financial News, and Investor Relations, serves
financial institutions, corporations and re-distributors
worldwide.  Through its subsidiary Xinhua Finance Media Limited,
XFL leverages its content across multiple distribution channels
in China including television, radio, newspaper, magazine and
outdoor media.  Founded in November 1999, XFL is headquartered
in Shanghai, with offices and news bureaus spanning 11 countries
worldwide.

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on April 25,
2007, that Moody's Investors Service upgraded Xinhua Finance
Limited's corporate family rating and senior unsecured bond
rating to B1 from B2.  Moody's said the outlook for both ratings
is stable.




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

TATA MOTORS: To List on Tokyo Stock Exchange
--------------------------------------------
Tata Motors Ltd. will be listing in the Tokyo Stock Exchange
around summer, JiJi Press reports, citing unnamed “informed
sources.”

Tata Motors, which will be the first Indian company to make a
stock market debut in Japan, will be listing in TSE yen-
denominated Japanese depositary receipts, the Japanese version
of American and other depositary receipts, the report relates.

With the listing in Japan, Tata Motors may raise more than
JPY100 billion (US$983 million) for acquisitions, Reuters says
citing a report by the Nikkei daily.

As widely reported, Tata Motors and Ford Motor Co., last week,
signed a definitive agreement for the sale of the latter's
Jaguar and Land Rover brands for US$2.3 billion.  The amount
will be paid by Tata Motors in cash upon closing of the
transaction.  The transfer of ownership is expected to close by
the end of the next quarter, subject to applicable regulatory
approvals.

To help finance the acquisition, Tata Motors reportedly will
sell its stakes in some of its units.

                           About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the Company.  The Company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

Standard & Poor's Ratings Services, on July 13, 2007, assigned
its 'BB+' issue rating to the proposed US$490 million zero-
coupon convertible bonds of India's Tata Motors Ltd.
(BB+/Stable/--).  The bonds represent a direct, unsecured and
unsubordinated obligation of the company.  Proceeds from the
bonds will be used for capital expenditure, overseas
investments, acquisitions, and other general corporate purposes.

Moody's Investors Service, on July 26, 2005, gave Tata Motors
'Ba1' long-term corporate family and senior unsecured debt
ratings.


TATA MOTORS: Posts Record Monthly and Annual Vehicle Sale
---------------------------------------------------------
Tata Motors Ltd. reported a record sale of 582,401 vehicles
(including exports) for the fiscal year 2007-08, its highest
ever and a growth of 1% over 578,862 vehicles sold in 2006-07.
Total sales (including exports) for the month of March 2008 were
66,495 units, the company’s highest ever monthly sales and an
increase of 6% over 62,779 units sold in March 2007.

    * Commercial Vehicles

The company’s sales of commercial vehicles in March 2008 in the
domestic market were 35,993 units, an increase of 17% over
30,720 vehicles sold in March last year. Medium & Heavy
Commercial Vehicle sales stood at 20,639 units, an increase of
17% over March last year.  Light Commercial Vehicle sales were
at 15,354 units, an increase of 18% over March last year.

Cumulative sales of commercial vehicles in the domestic market
for the fiscal were 313,371 units, an increase of 5% over last
year, also the highest ever.  M&HCV cumulative sales were
166,037 units, while LCV sales for the period were 147,334 units

During the year, Tata Motors launched the Magic and Winger,
creating new segments in urban and rural passenger
transportation. It also introduced a new M&HCV range of multi-
axle trucks, heavy-duty trucks, tractor- trailers and tippers
and fully-built solutions like tip-trailers and load bodies.

    * Passenger Vehicles

The passenger vehicle business reported total monthly sales of
24,737 units in the domestic market in March 2008, its highest
this fiscal but a decline of 4% over 25,760 vehicles sold in
March last year.  The Indica sold 13,042 units, a decline of
14.7% over March 2007. The Indigo family registered sales of
5,135 units, an increase of 18% over March 2007 and its highest
ever monthly sales.  Utility Vehicles sales at 6,560 units
registered a growth of 7.4%.

Cumulative sales of passenger vehicles in the domestic market
for the fiscal were 214,758 units, a decline of 5% over the
previous year.  The cumulative sales of Indica were 135,642
units, a decline of 6% over the previous year.  Despite the
decline, the Indica remained an industry bestseller and ended
the year as the second largest selling model in the industry.
The Indigo family posted sales of 31,416 units, a decline of 8%
but continued to be the largest selling entry mid size range
five years in a row.  The Sumo and Safari accounted for sales of
47,700 units in the fiscal, registering flat growth. Safari
sales at 19,078 units have been highest for any fiscal since
launch and have grown by 21%.

During the year, Tata Motors crossed the millionth passenger car
production milestone off the Indica platform, in its ninth year
since the commencement of production in January 1999.

    * Exports

The company exported 5,765 vehicles in March 2008 as compared to
6,299 vehicles in March last year, a decline of 8.5%.  The
cumulative sales from exports during the year were 54,272 units,
an increase of 3% over 52,796 vehicles sold last year.

                         About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the Company.  The Company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

Standard & Poor's Ratings Services, on July 13, 2007, assigned
its 'BB+' issue rating to the proposed US$490 million zero-
coupon convertible bonds of India's Tata Motors Ltd.
(BB+/Stable/--).  The bonds represent a direct, unsecured and
unsubordinated obligation of the company.  Proceeds from the
bonds will be used for capital expenditure, overseas
investments, acquisitions, and other general corporate purposes.

Moody's Investors Service, on July 26, 2005, gave Tata Motors
'Ba1' long-term corporate family and senior unsecured debt
ratings.


QUEBECOR WORLD: Court Allows Panel to Hire Jefferies as Bankers
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
authorized the Official Committee of Unsecured Creditors in
Qubebecor World Inc.'s cases to retain Jefferies & Company,
Inc., as its investment bankers, on an interim basis, nunc pro
tunc to Feb. 5, 2008.

Further objections must be filed by April 10, 2008.  Absent
timely filed objections, the application will be approved on a
final basis, without further hearing.  The Court will consider
all objections, if any, at a hearing scheduled for April 17,
2008.

The Office of the United States Trustee retains the right to
object to any interim or final fee application filed by
Jefferies  on any grounds provided for under the Bankruptcy
Code, the Bankruptcy Rules, or any Local Rules or orders of the
Court.

The Debtors and their estates will be bound by the
indemnification, contribution and exculpations provisions of the
engagement letter dated February 5, 2008, between Jefferies and
the Creditors Committee.  The Debtors will indemnify, defend and
hold harmless Jefferies and its affiliates, and its members,
provided that in no event will the firm be indemnified or
receive contribution in the case of bad-faith, self-dealing,
breach of fiduciary duty, if any, gross negligence or willful
misconduct.

                       About Quebecor World

Based in Montreal, Quebec, Quebecor World Inc. (TSX:IQW)
(NYSE:IQW), -- http://www.quebecorworldinc.com/-- provides
market solutions, including marketing and advertising
activities, well as print solutions to retailers, branded goods
companies, catalogers and to publishers of magazines, books and
other printed media.  Quebecor World has approximately 27,500
employees working in more than 120 printing and related
facilities in the United States, Canada, Argentina, Austria,
Belgium, Brazil, Chile, Colombia, Finland, France, India,
Mexico, Peru, Spain, Sweden, Switzerland and the United Kingdom.

The company is an independent commercial printer in Europe with
19 facilities, operating in Austria, Belgium, Finland, France,
Spain, Sweden, Switzerland and the United Kingdom.  In March
2007, it sold its facility in Lille, France.  Quebecor World
(USA) Inc. is its wholly owned subsidiary.

Quebecor World and 53 of its subsidiaries, including those in
Canada, filed a petition under the Companies' Creditors
Arrangement Act before the Superior Court of Quebec, Commercial
Division, in Montreal, Canada, on Jan. 20, 2008.  The Honorable
Justice Robert Mongeon oversees the CCAA case.  Francois-David
Pare, Esq., at Ogilvy Renault, LLP, represents the Company in
the CCAA case.  Ernst & Young Inc. was appointed as Monitor.

On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S.
subsidiary, along with other U.S. affiliates, filed for chapter
11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08-
10152).  Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts.   The
Official Committee of Unsecured Creditors is represented by Akin
Gump Strauss Hauer & Feld LLP.

Based in Corby, Northamptonshire, Quebecor World PLC --
http://www.quebecorworldplc.com/-- is the U.K. subsidiary of
Quebecor World Inc. that specializes in web offset magazines,
catalogues and specialty print products for marketing and
advertising campaigns.  The company employs around 290 people.
Quebecor PLC was placed into administration with Ian Best and
David Duggins of Ernst & Young LLP appointed as joint
administrators effective Jan. 28, 2008.

As of Sept. 30, 2007, Quebecor World's unaudited consolidated
balance sheet showed total assets of US$5,554,900,000, total
liabilities of US$3,964,800,000, preferred shares of
US$175,900,000, and total shareholders' equity of
US$1,414,200,000.

The company has until May 20, 2008, to file a plan of
reorganization in the Chapter 11 case.  The Debtors' CCAA stay
has been extended to May 12, 2008.  (Quebecor World Bankruptcy
News, Issue No. 10; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                            *     *     *

As reported in the Troubled Company Reporter on Feb. 13, 2008,
Moody's Investors Service assigned a Ba2 rating to the
US$400 million super priority senior secured revolving term loan
facility of Quebecor World Inc. as a Debtor-in-Possession.  The
related $600 million super priority senior secured term loan was
rated Ba3 (together, the DIP facilities).  The RTL's better
asset value coverage relative to the TL accounts for the
ratings' differential.


QUEBECOR: Court Allows Committee to Hire Kurtzman as Comm. Agent
----------------------------------------------------------------
The Official Committee of Unsecured Creditors of Quebecor World
Inc. and its affiliates obtained the U.S. Bankruptcy Court for
the Southern District of New York's authority to retain Kurtzman
Carson Consultants, LLC, as its communications agent, nunc pro
tunc to Feb. 21, 2008.

As reported in the Troubled Company Reporter on March 28, 2008,
according to Madeleine Fequeire, director of Abitibi-
Consolidated Sales Corp. and co-chairperson of the Committee,
the Committee seeks to employ Kurtman Carson in compliance to
its obligation under Section 1102(b)(3) of the Bankruptcy Code.

                       About Quebecor World

Based in Montreal, Quebec, Quebecor World Inc. (TSX:IQW)
(NYSE:IQW), -- http://www.quebecorworldinc.com/-- provides
market solutions, including marketing and advertising
activities, well as print solutions to retailers, branded goods
companies, catalogers and to publishers of magazines, books and
other printed media.  Quebecor World has approximately 27,500
employees working in more than 120 printing and related
facilities in the United States, Canada, Argentina, Austria,
Belgium, Brazil, Chile, Colombia, Finland, France, India,
Mexico, Peru, Spain, Sweden, Switzerland and the United Kingdom.

The company is an independent commercial printer in Europe with
19 facilities, operating in Austria, Belgium, Finland, France,
Spain, Sweden, Switzerland and the United Kingdom.  In March
2007, it sold its facility in Lille, France.  Quebecor World
(USA) Inc. is its wholly owned subsidiary.

Quebecor World and 53 of its subsidiaries, including those in
Canada, filed a petition under the Companies' Creditors
Arrangement Act before the Superior Court of Quebec, Commercial
Division, in Montreal, Canada, on Jan. 20, 2008.  The Honorable
Justice Robert Mongeon oversees the CCAA case.  Francois-David
Pare, Esq., at Ogilvy Renault, LLP, represents the Company in
the CCAA case.  Ernst & Young Inc. was appointed as Monitor.

On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S.
subsidiary, along with other U.S. affiliates, filed for chapter
11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08-
10152).  Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts.   The
Official Committee of Unsecured Creditors is represented by Akin
Gump Strauss Hauer & Feld LLP.

Based in Corby, Northamptonshire, Quebecor World PLC --
http://www.quebecorworldplc.com/-- is the U.K. subsidiary of
Quebecor World Inc. that specializes in web offset magazines,
catalogues and specialty print products for marketing and
advertising campaigns.  The company employs around 290 people.
Quebecor PLC was placed into administration with Ian Best and
David Duggins of Ernst & Young LLP appointed as joint
administrators effective Jan. 28, 2008.

As of Sept. 30, 2007, Quebecor World's unaudited consolidated
balance sheet showed total assets of US$5,554,900,000, total
liabilities of US$3,964,800,000, preferred shares of
US$175,900,000, and total shareholders' equity of
US$1,414,200,000.

The company has until May 20, 2008, to file a plan of
reorganization in the Chapter 11 case.  The Debtors' CCAA stay
has been extended to May 12, 2008.  (Quebecor World Bankruptcy
News, Issue No. 10; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                            *     *     *

As reported in the Troubled Company Reporter on Feb. 13, 2008,
Moody's Investors Service assigned a Ba2 rating to the
US$400 million super priority senior secured revolving term loan
facility of Quebecor World Inc. as a Debtor-in-Possession.  The
related $600 million super priority senior secured term loan was
rated Ba3 (together, the DIP facilities).  The RTL's better
asset value coverage relative to the TL accounts for the
ratings' differential.


QUEBECOR: Court Allows Panel to Tap Mesirow as Financial Advisor
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
authorized the Official Committee of Unsecured Creditors in
Qubebecor World Inc.'s cases to retain Mesirow Financial
Consulting, LLC, as its financial advisors, on an interim basis,
effective Feb. 1, 2008.

Objections to Mesirow's retention are due April 10, 2008.
Absent timely filed objections, or if all objections are
resolved, the application will be approved on a final basis,
without further hearing.  The Court will consider all unresolved
objections at a hearing scheduled for April 17, 2008.

On a final basis, the Court authorized Mesirow to receive
compensation and reimbursement of expenses, which in will not be
subject to challenge except under the standard of review set
forth in Section 328(a) of the Bankruptcy Code.

The Office of the United States Trustee retains the right to
object to any interim or final fee application filed by Mesirow
on any grounds provided for under the Bankruptcy Code, the
Bankruptcy Rules, or any Local Rules or orders of the Court.

The Debtors and their estates will not indemnify Mesirow or its
members for any acts of bad-faith, self-dealing, breach of
fiduciary duty, if any, gross negligence or willful misconduct.

                       About Quebecor World

Based in Montreal, Quebec, Quebecor World Inc. (TSX:IQW)
(NYSE:IQW), -- http://www.quebecorworldinc.com/-- provides
market solutions, including marketing and advertising
activities, well as print solutions to retailers, branded goods
companies, catalogers and to publishers of magazines, books and
other printed media.  Quebecor World has approximately 27,500
employees working in more than 120 printing and related
facilities in the United States, Canada, Argentina, Austria,
Belgium, Brazil, Chile, Colombia, Finland, France, India,
Mexico, Peru, Spain, Sweden, Switzerland and the United Kingdom.

The company is an independent commercial printer in Europe with
19 facilities, operating in Austria, Belgium, Finland, France,
Spain, Sweden, Switzerland and the United Kingdom.  In March
2007, it sold its facility in Lille, France.  Quebecor World
(USA) Inc. is its wholly owned subsidiary.

Quebecor World and 53 of its subsidiaries, including those in
Canada, filed a petition under the Companies' Creditors
Arrangement Act before the Superior Court of Quebec, Commercial
Division, in Montreal, Canada, on Jan. 20, 2008.  The Honorable
Justice Robert Mongeon oversees the CCAA case.  Francois-David
Pare, Esq., at Ogilvy Renault, LLP, represents the Company in
the CCAA case.  Ernst & Young Inc. was appointed as Monitor.

On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S.
subsidiary, along with other U.S. affiliates, filed for chapter
11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08-
10152).  Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts.   The
Official Committee of Unsecured Creditors is represented by Akin
Gump Strauss Hauer & Feld LLP.

Based in Corby, Northamptonshire, Quebecor World PLC --
http://www.quebecorworldplc.com/-- is the U.K. subsidiary of
Quebecor World Inc. that specializes in web offset magazines,
catalogues and specialty print products for marketing and
advertising campaigns.  The company employs around 290 people.
Quebecor PLC was placed into administration with Ian Best and
David Duggins of Ernst & Young LLP appointed as joint
administrators effective Jan. 28, 2008.

As of Sept. 30, 2007, Quebecor World's unaudited consolidated
balance sheet showed total assets of US$5,554,900,000, total
liabilities of US$3,964,800,000, preferred shares of
US$175,900,000, and total shareholders' equity of
US$1,414,200,000.

The company has until May 20, 2008, to file a plan of
reorganization in the Chapter 11 case.  The Debtors' CCAA stay
has been extended to May 12, 2008.  (Quebecor World Bankruptcy
News, Issue No. 10; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                            *     *     *

As reported in the Troubled Company Reporter on Feb. 13, 2008,
Moody's Investors Service assigned a Ba2 rating to the
US$400 million super priority senior secured revolving term loan
facility of Quebecor World Inc. as a Debtor-in-Possession.  The
related $600 million super priority senior secured term loan was
rated Ba3 (together, the DIP facilities).  The RTL's better
asset value coverage relative to the TL accounts for the
ratings' differential.




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

ARPENI PRATAMA: Seeks US$8.8 Million Bank Loan
----------------------------------------------
PT Arpeni Pratama Ocean Line Tbk is seeking a US$8.8 million
loan, as the company cut the bonds sale from IDR750 billion to
IDR600 billion this year, Reuters reports citing Bisnis
Indonesia.

According to the report, the company is selecting among Bank
Mandiri, Bank Lippo, DBS Jakarta, ING Bank of Singapore, UOB of
Singapore, and DVB Bank of Singapore for funding of the loan.

The interest rate will be 4.5% to 4.75%, the report relates.

PT Arpeni Pratama Ocean Line Tbk -- http://www.apol.co.id/-- is
a marine shipping company.  The company's activities include
bulk and liquid transportation services.  Arpeni operates a
fleet of general-purpose specialist, such as their tweendecker
MV Alas, which is designed to transport dry cargoes such as
plywood and agricultural products.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 30, 2008, Fitch Ratings affirmed the 'BB-' Long-term
foreign and local currency Issuer Default Ratings, and the
'A+(idn)' National Long-term rating of PT Arpeni Pratama Ocean
Line Tbk.  The Outlook on the ratings has been revised to
Negative from Stable.  At the same time, Fitch affirmed the
'BB-' rating on Arpeni's US$160 million senior notes due 2013.

The TCR-AP also reported on April 24, 2006, that Standard &
Poor's Ratings Services assigned its B+ corporate credit rating
to PT Arpeni, with a stable outlook.  At the same time,
Standard & Poor's assigned its 'B+' rating to the proposed
US$160 million seven-year senior unsecured notes to be issued by
the company.  The company intends to use a part of the net
proceeds -- about US$93 million -- for refinancing existing
debt, and the balance for capital expenditure and vessel
financing.


BANK CENTRAL: Repurchases 84,255,000 Shares
-------------------------------------------
PT Bank Central Asia Tbk, as of March 25, 2008, repurchased
84,255,000 shares from the public in its second share repurchase
program, Reuters reports.

As reported by the Troubled Company Reporter-Asia Pacific on
Feb. 11, 2008, the bank, in relation to its second share
repurchase program, revised the number of shares to be
repurchased to 246,550,100 shares after stock split as
opposed to 123,275,050 shares as disclosed on May 16, 2007.
The program will end on November 15, 2008, the TCR-AP related.

                         About Bank Central

Headquartered in Jakarta, Indonesia, PT Bank Central Asia Tbk
-- http://www.klikbca.com/-- offers individual and business
products and services.  The bank's individual services consist
of savings accounts, home loans and car loans, remittance,
collection and safe deposit facilities.  The bank's business
services consist of working capital loans, investment loans and
bank guarantee for small and medium-sized enterprises.  In
addition, it provides export import facilities such as letters
of credit, negotiation and discounting.  The bank's subsidiaries
include PT BCA Finance, BCA Finance Limited and BCA Remittance
Limited.  It has 772 branches in Indonesia, Singapore and New
York, 42,958 EDCs and operates 4,425 ATMs.  The bank serves
6.6 million accounts throughout Indonesia.

                           *     *     *

The Troubled Company Reporter-Asia Pacific reported on
March 5, 2008, that Fitch Ratings upgraded PT Bank Central
Asia Tbk's long-term issuer default rating to BB with a stable
outlook.  At the same time, Fitch affirmed the company's B
short-term issuer default rating, and AA+(IDN) national long
term rating with stable outlook.


BANK CENTRAL: Merges Two Hong Kong-Based Subsidiaries
-----------------------------------------------------
PT Bank Central Asia Tbk merged its two Hong Kong-based
subsidiaries, BCA Remittance Limited Hong Kong and BCA Finance
Limited, Reuters reports.  Details were not disclosed.

Headquartered in Jakarta, Indonesia, PT Bank Central Asia Tbk
-- http://www.klikbca.com/-- offers individual and business
products and services.  The bank's individual services consist
of savings accounts, home loans and car loans, remittance,
collection and safe deposit facilities.  The bank's business
services consist of working capital loans, investment loans and
bank guarantee for small and medium-sized enterprises.  In
addition, it provides export import facilities such as letters
of credit, negotiation and discounting.  The bank's subsidiaries
include PT BCA Finance, BCA Finance Limited and BCA Remittance
Limited.  It has 772 branches in Indonesia, Singapore and New
York, 42,958 EDCs and operates 4,425 ATMs.  The bank serves
6.6 million accounts throughout Indonesia.

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on
March 5, 2008, that Fitch Ratings upgraded PT Bank Central
Asia Tbk's long-term issuer default rating to BB with a stable
outlook.  At the same time, Fitch affirmed the company's B
short-term issuer default rating, and AA+(IDN) national long
term rating with stable outlook.


BANK NEGARA: Seeks Partners to Develop Financial Services
----------------------------------=----------------------
PT Bank Negara Indonesia (Persero) Tbk is seeking strategic
investors to develop PT BNI Multifinance, the bank's unit in
financial services, Reuters reports citing Bisnis Indonesia.

According to the report, this company move is aimed to boost the
bank's business on financial services.

Bank Negara is also seeking strategic partners for its two other
units, PT BNI Life Insurance and PT BNI Sekuritas, the report
relates.

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

As reported by the Troubled Company Reporter-Asia Pacific on
Feb. 25, 2008, Fitch Ratings took these rating actions on PT
Bank Negara Indonesia (Persero) Tbk:

   -- LTFC/LTLC IDRs upgraded to 'BB' from 'BB-'; Outlook revised
      to Stable from Positive;

   -- Support rating upgraded to '3' from '4';

   -- Support Rating Floor upgraded to 'BB-' from 'B+';

   -- Individual rating affirmed at 'D';

   -- ST IDR affirmed at 'B';

   -- National Long-term affirmed at 'AA-(idn)';

   -- FC subordinated debt upgraded to 'BB-' from 'B+'.

On Oct. 19, 2007, Moody's Investors Service raised PT Bank
Negara Indonesia (Persero) Tbk.'s foreign currency long-term
debt rating to Ba2 from Ba3 and foreign currency long-term
deposit rating to B1 from B2.

On April 20, 2007, Standard & Poor's Ratings Services raised
Bank Negara's long-term counterparty credit ratings to 'BB-'
from 'B+'.


BANK NEGARA: To Set Up Sharia Bank Subsidiary
---------------------------------------------
PT Bank Negara Indonesia (Persero) Tbk allocated US$51 million
to establish a sharia bank subsidiary, after spinning off its
sharia division, Reuters reports citing Asia Pulse.

The bank, the report relates, will cooperate with the Islamic
Corporation for Development of the Private Sector from the
Middle East to establish the sharia bank with an authorized
capital of US$100 million.

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

As reported by the Troubled Company Reporter-Asia Pacific on
Feb. 25, 2008, Fitch Ratings took these rating actions on PT
Bank Negara Indonesia (Persero) Tbk:

   -- LTFC/LTLC IDRs upgraded to 'BB' from 'BB-'; Outlook revised
      to Stable from Positive;

   -- Support rating upgraded to '3' from '4';

   -- Support Rating Floor upgraded to 'BB-' from 'B+';

   -- Individual rating affirmed at 'D';

   -- ST IDR affirmed at 'B';

   -- National Long-term affirmed at 'AA-(idn)';

   -- FC subordinated debt upgraded to 'BB-' from 'B+'.

On Oct. 19, 2007, Moody's Investors Service raised PT Bank
Negara Indonesia (Persero) Tbk.'s foreign currency long-term
debt rating to Ba2 from Ba3 and foreign currency long-term
deposit rating to B1 from B2.

On April 20, 2007, Standard & Poor's Ratings Services raised
Bank Negara's long-term counterparty credit ratings to 'BB-'
from 'B+'.


BANK MANDIRI: To Liquidate Three Poor Performing Subsidiaries
-------------------------------------------------------------
PT Bank Mandiri (Persero) Tbk will soon finish the process of
liquidating three subsidiaries, namely PT Bank Paribas, PT Bank
Indovest and PT Bank Merincop, Reuters reports.  The news agency
provided no further details.

PT Bank Mandiri -- http://www.bankmandiri.co.id/-- is
Indonesia's largest and best capitalized bank in terms of
assets, loans and deposits, and provides comprehensive financial
services to more than six million corporate and individual
consumers, as well as small and medium-sized enterprises in
Indonesia.

The Troubled Company Reporter-Asia Pacific reported on March 5,
2008, that Fitch Ratings upgraded the local currency and long-
term issuer default ratings of PT Bank Mandiri (Persero) Tbk to
BB, with a stable outlook.  At the same time, Fitch affirmed the
B short-term issuer default rating and AA+(IDN) national long-
term rating.  Also, Fitch raised the support rating floor to
BB-.

On Aug. 2, 2007, Moody's Investors Service placed the foreign
currency long-term debt and foreign currency long-term deposit
ratings of PT Bank Mandiri on review for possible upgrade.
The detailed ratings are:

    * Ba3/Ba3 foreign currency senior/subordinated debt and B2
      foreign currency long-term deposit ratings were placed on
      review for possible upgrade; and

    * Not Prime foreign currency short-term deposit rating, Baa2
      global local currency deposit rating and D- BFSR were
      unaffected -- these ratings carry a stable outlook.

The bank also carries Fitch Ratings' Long- term foreign and
local currency Issuer Default ratings at 'BB-', Short-term
rating at 'B', National Long-term rating at AA(idn)', Individual
at 'D', and Support at '4'.  Fitch said the Outlook for the
ratings was revised to positive from stable.


BANK MANDIRI: Secures US$700-Million Loan From Foreign Agencies
---------------------------------------------------------------
PT Bank Mandiri Tbk secured a US$700 million loan from four
foreign financial agencies, Reuters reports citing Asia Pulse.
According to the report, the bank will use the loan to repay
maturing debt and expand business.

Bank Mandiri said the bilateral loan agreements were signed with
the foreign financers in the past month, without giving names of
the financers, the report relates.

PT Bank Mandiri -- http://www.bankmandiri.co.id/-- is
Indonesia's largest and best capitalized bank in terms of
assets, loans and deposits, and provides comprehensive financial
services to more than six million corporate and individual
consumers, as well as small and medium-sized enterprises in
Indonesia.

The Troubled Company Reporter-Asia Pacific reported on March 5,
2008, that Fitch Ratings upgraded the local currency and long-
term issuer default ratings of PT Bank Mandiri (Persero) Tbk to
BB, with a stable outlook.  At the same time, Fitch affirmed the
B short-term issuer default rating and AA+(IDN) national long-
term rating.  Also, Fitch raised the support rating floor to
BB-.

On Aug. 2, 2007, Moody's Investors Service placed the foreign
currency long-term debt and foreign currency long-term deposit
ratings of PT Bank Mandiri on review for possible upgrade.
The detailed ratings are:

    * Ba3/Ba3 foreign currency senior/subordinated debt and B2
      foreign currency long-term deposit ratings were placed on
      review for possible upgrade; and

    * Not Prime foreign currency short-term deposit rating, Baa2
      global local currency deposit rating and D- BFSR were
      unaffected -- these ratings carry a stable outlook.

The bank also carries Fitch Ratings' Long- term foreign and
local currency Issuer Default ratings at 'BB-', Short-term
rating at 'B', National Long-term rating at AA(idn)', Individual
at 'D', and Support at '4'.  Fitch said the Outlook for the
ratings was revised to positive from stable.


DIRECTED ELECTRONICS: Enters Into Amendment to Credit Agreement
---------------------------------------------------------------
Directed Electronics Inc. entered into an amendment to its
amended and restated credit agreement, effective March 11, 2008.

The company's wholly owned subsidiary, DEI Sales Inc. entered
into an amendment number 2 to credit agreement with the
guarantors, the lenders and Canadian Imperial Bank of Commerce,
acting through its New York agency, as administrative agent and
collateral agent.

The amendment further amended Directed Electronics amended and
restated credit agreement to:

     (i) increase the company's maximum consolidated total
         leverage ratio to 5.25x through March 31, 2009, stepping
         down to 4.95x through Dec. 31, 2009, with step-downs
         thereafter consistent with the previous terms of its
         credit agreement,

    (ii) reduce its minimum fixed charge coverage ratio beginning
         Oct. 1, 2009,

   (iii) provide the company with the right to execute the sale
         of certain accounts receivable so long as the proceeds
         are used to reduce indebtedness,

    (iv) increase the applicable percentage with respect to the
         company's consolidated total leverage ratio, Libor rate
         margin for loans, and alternate base rate margin,

     (v) reduce the maximum aggregate amount available under
         Directed Electronics' revolving loans from
         US$100,000,000 to US$60,000,000, of which US$50,000,000
         is available all year and an additional US$10,000,000 is
         available from October through February, and

    (vi) revise the quarterly repayment terms of the company's
         term loan to require us to make quarterly principal
         payments of approximately US$670,000 commencing in March
         2008, with payments of approximately US$5,900,000 due on
         Dec. 31, 2009 and approximately US$11,100,000 on
         Dec. 31, 2010, 2011, and 2012, with the final
         installment of the total principal due on Sept. 22,
         2013.

The amendment was effective March 11, 2008.  The amendment will
increase Directed Electronics' interest rate by 100 to 150 basis
points, depending upon leverage ratios, from its current rate of
Libor plus 250 basis points.

                   About Directed Electronics

Directed Electronics, Inc. (Nasdaq: DEIX)--
http://www.directed.com/-- is the largest designer and marketer
of consumer branded vehicle security and convenience systems in
the United States based on sales and a major supplier of home
audio, mobile audio and video, and satellite radio products.  As
the sales leader in the vehicle security and convenience
category, Directed offers a broad range of products, including
security, remote start, hybrid systems, GPS tracking and
navigation, and accessories, which are sold under its Viper(R),
Clifford(R), Python(R), and other brand names. In the home audio
market, Directed designs and markets Definitive Technology(R)
and a/d/s/(R) premium loudspeakers.  Directed's mobile audio
products include speakers, subwoofers, and amplifiers.  Directed
also markets a variety of mobile video systems under the
Directed Video(R), Directed Mobile Media(R) and Automate(R)
brand names.  Directed also markets and sells certain SIRIUS-
branded satellite radio products, with exclusive distribution
rights for such products to Directed's existing U.S. retailer
customer base. The company has Asian Sales offices, including in
Indonesia, Japan, Malaysia, Singapore, Korea and Thailand.


DIRECTED ELECTRONICS: Moody's Holds Ratings Following Amendment
---------------------------------------------------------------
Moody's Investors Service confirmed Directed Electronics Inc.'s
ratings following the amendment of its credit facility.  This
concludes the review for possible downgrade initiated on
Nov. 28, 2007.  The rating outlook is negative.

"Although Directed was able to recently amend its credit
facility to loosen some of its covenants, Moody's remains
concerned about the weak discretionary consumer spending
environment and the company's ability to improve its operating
performance in such an environment" said Kevin Cassidy, Vice
President and Senior Credit officer at Moody's Investors
Service.

While the company was able to renegotiate its credit agreement
for a 100 to 150 basis point increase in its interest rate
margin depending on its leverage, Moody's is apprehensive about
the company's moderating operating performance with operating
margins decreasing by more than 50 basis points in 2007 as all
of the company's products are deferrable and the macro economic
environment in 2008 will likely be significantly worse than it
was in 2007.

The negative outlook reflects Moody's concern that the company's
operating performance and cash flows will remain under pressure
as discretionary consumer spending continues to soften in the
midst of high gas prices and the weak housing and credit
markets.  The current uncertainty regarding the satellite radio
merger between Sirius and XM, despite recent DOJ approval, and
whether or not Directed will continue with this relationship is
also incorporated in the negative outlook.

These ratings were confirmed or assessments revised:

   -- Corporate family rating at B2;

   -- Probability of default rating at B3;

   -- US$307 million senior secured term loan, due 2013 at B2
      (LGD 3, 31% from LGD 3, 34%);

   -- US$60 million senior secured revolver, due 20102 at B2 (LGD
      3, 31% from LGD 3, 34%)

                    About Directed Electronics

Directed Electronics, Inc. (Nasdaq: DEIX)--
http://www.directed.com/-- is the largest designer and marketer
of consumer branded vehicle security and convenience systems in
the United States based on sales and a major supplier of home
audio, mobile audio and video, and satellite radio products.  As
the sales leader in the vehicle security and convenience
category, Directed offers a broad range of products, including
security, remote start, hybrid systems, GPS tracking and
navigation, and accessories, which are sold under its Viper(R),
Clifford(R), Python(R), and other brand names. In the home audio
market, Directed designs and markets Definitive Technology(R)
and a/d/s/(R) premium loudspeakers.  Directed's mobile audio
products include speakers, subwoofers, and amplifiers.  Directed
also markets a variety of mobile video systems under the
Directed Video(R), Directed Mobile Media(R) and Automate(R)
brand names.  Directed also markets and sells certain SIRIUS-
branded satellite radio products, with exclusive distribution
rights for such products to Directed's existing U.S. retailer
customer base. The company has Asian Sales offices, including in
Indonesia, Japan, Malaysia, Singapore, Korea and Thailand.




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

MARUBENI CORP: Faces Lehman Brothers' JPY35.2 Billion Lawsuit
-------------------------------------------------------------
Lehman Brothers Inc. filed a lawsuit against Marubeni Corp.,
claiming damages totaling JPY35.2 billion for a bogus investment
scheme, sources familiar with the matter revealed to Jiji Press.

According to The Associated Press, Lehman is seeking to recoup
JPY35 billion it loaned to a fund run by a unit of Japanese
biotechnology company LTT Bio-Pharma Co.  The funds were secured
by Marubeni.

Jiji Press said its sources disclosed that Lehman Brothers lost
billions in investment in a hospital bailout project carried out
by a Tokyo-based medical consultancy named Aesculapius.

Jiji Press relates that at the signing of the contract for the
investment, a man claiming to be a Marubeni official attended
the meeting and assured Lehman Brothers that Marubeni would
guarantee payments of the principal and interests of the
investment.  The meeting was also attended by a Marubeni
contract worker and a former president of LTT Bio-Pharma, the
report adds.  However, the man claiming to be a Marubeni
official was later found to have been unrelated to the firm, and
documents presented at the meeting were found to have been
forgeries, Jiji Press relates.

A Marubeni spokesman told Jiji Press it could not comment
because it had not received formal notice of the lawsuit.

The AP states that Marubeni has denied any wrongdoing and has
said it doesn't have to cover any damage from the fund because
the deal involved fake documents.  Marubeni added that it fired
two employees for allegedly collaborating with the fund to forge
documents and has filed a separate criminal complaint against
the fund operator, the AP relates.

Aesculapius, notes Jiji Press, filed for bankruptcy on March 19
with liabilities of JPY5.27 billion.

                     About Marubeni Corporation

Marubeni Corporation -- http://www.marubeni.com-- is a
Japan-based trading company.  It has 13 business segments: Food,
which produces and sells grains, sugar and processed food;
Textile, including the planning, proposal, sale and logistics of
apparel products; Material and Paper Pulp, which sells rubber
products, footwear and paper; Chemical Product, which offers
electronic materials and agrochemicals; Energy, such as the
development of petroleum and gases; Metal Material, including
the manufacture and sale of nonferrous light metals;
Transportation and Industrial Machines, including the wholesale
and retail of transportation-related and manufacturing
equipment; Plant, Infrastructure and Ship, including the
delivery and engineering of industrial plants and
infrastructure-related machines; Information, which sells
computers and others; Development and Construction, which
operates real estate; Finance, Logistics and Others, including
the operation of funds, and Steel, such as the production of
steel products.


MAZDA MOTOR: Produces Over One Million Units in Japan in FY2007
---------------------------------------------------------------
Mazda Motor Corporation's domestic production during fiscal year
2007 has exceeded one million units.  This marks Mazda’s highest
domestic production volume in 15 years since 1992.

Masaharu Yamaki, senior managing executive officer in charge of
production and business logistics, said, “We want to thank all
of our valued customers across the globe who have supported
Mazda and helped us break the previous 15 year-old production
record.  Producing over one million vehicles in Japan during the
first year of our new mid-term plan, the Mazda Advancement Plan,
is extremely significant.  This achievement shows we are on
track to reach the targets set out in the plan.  We will strive
to maintain this momentum and drive Mazda’s growth forward.”

In March 2007, Mazda released its Mazda Advancement Plan (MAP)
which includes business targets to be achieved in fiscal year
2010, namely: 1.6 million global retail sales, an operating
profit over JPY200 billion, a return on sales (ROS) ratio of six
percent, and a stable payout of dividends.  In order to achieve
these targets, Mazda will leverage its annual straight time
production capacity in Japan, which is currently 996,000 units
per year.

Mazda is enjoying strong sales thanks to the high acclaim its
vehicles have received from media and customers around the
world.  The all-new Mazda2 (known as the all-new Mazda Demio in
Japan) has won 36 awards globally since its launch in 2007,
including the 2008 World Car of the Year and the RJC Car of the
Year award in Japan.  The all-new Mazda6 (Mazda Atenza) has
already won awards from major automobile magazines in Finland
and Germany.  The all-new Mazda Atenza went on sale in Japan in
January 2008 and received 4,500 orders in its first month of
sales, three times the monthly sales target.  The Mazda CX-9 was
also chosen as the 2008 North American Truck of the Year.  These
awards provide further recognition of the manufacturing
excellence for which Mazda is known around the world.

Mazda will continue to strive for a sustainable future while
offering iconic vehicles in the best Zoom-Zoom tradition, i.e.,
cars that “look inviting to drive, are fun to drive, and make
you want to drive them again.”

                         About Mazda Motor

Headquartered in Hiroshima Prefecture, in Japan, Mazda Motor
Corporation -- http://www.mazda.co.jp/-- together with its
subsidiaries and associates, is primarily involved in the
manufacture and distribution of automobiles.  The company
manufactures passenger cars and commercial vehicles.  Mazda
Motor distributes its products in both domestic and overseas
markets.  The company has 58 subsidiaries.  It has overseas
operations in the United States, Canada, Mexico, Germany,
Belgium, France, the United Kingdom, Switzerland, Portugal,
Italy, Spain, Austria, Russia, Columbia, New Zealand, Thailand,
Indonesia and China.  The Company has a global network.

                        *     *     *

As reported in the TCR-AP on April 27, 2007, Standard & Poor's
Ratings Services raised Mazda Motor Corp.'s long-term corporate
credit rating to BB and the company's long-term senior unsecured
debt rating to BB+.


NOVA CORP: G.education Claims Other Schools Poaching Students
-------------------------------------------------------------
G.education, the company running some of the operations of Nova
Corp., has sent letters to six English-language schools
demanding they stop interfering in its business through
preferential offers, sources revealed to Kyodo News.

According to Kyodo News, its sources said the letters, sent in
the name of President Hideo Sugimoto, indicated that the company
"will not hesitate to take legal action if no response is
received."

The Troubled Company Reporter-Asia Pacific reported on Nov. 9,
2007, that 30 branches of Nova's branches were bought by
G.communication.  Nova, after applying for rehabilitation, asked
the Ministry of Economy, Trade and Industry to make arrangements
for other schools to accept Nova students, notes Kyodo News.

An official at one of the companies contacted told Kyodo News,
"We are not actively soliciting students.  They (G.education)
may be facing difficulties because students are not returning to
them."

G.education, a wholly owned subsidiary of G.communication,
criticized schools that have accepted students and is asking
them to take action within one week, relates Kyodo News, citing
the Japan Association for the Promotion of Foreign Language
Education.

G.education stated, "Acts of advertising and solicitation
through such means as awarding perks hinder our company's
marketing activities," the report relates.

Masami Sakurabayashi, secretary general of the association,
denied interfering with Nova.  Mr. Sakurabayashi is quoted by
Kyodo News as saying, "We have been taking action in line with
the request and that is not tantamount to business
interference."

                          About Nova Corp.

Osaka-based Nova Corporation-- http://www.nova.ne.jp/-- is
primarily engaged in the operation of language schools.  The
Company has seven subsidiaries and two associated companies.
The Company is involved in the teaching of languages, the
creation of international environment of different languages and
cultures, the provision of real time services, the development
and provision of network contents, the development of hardware
technology, the building of human network, as well as the
organization of member groups to provide services
internationally.  The Company also has subsidiaries and
associates, which are engaged in advertisement services,
interior construction, facility and commodity sale, overseas
study services, computer system services, real estate brokerage,
facility leasing and installment sale, capital management,
cleaning services, sanitary management, multimedia goods sale,
Internet connection services, customer services and assistance
to foreigners.

Nova has reported two consecutive net losses -- JPY3.09-billion
net loss for fiscal year ended March 31, 2006, and JPY2.89
billion for the year ended March 31, 2007.

The Troubled Company Reporter-Asia Pacific reported that on
Oct. 26, 2007, Nova Corp. sought protection from creditors with
the Osaka District Court under the Corporate Rehabilitation Law
with JPY43.9 billion in debt.




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

HYNIX SEMICON: Signs License & Grandis Joint Development Deal
-------------------------------------------------------------
Hynix Semiconductor Inc. and Grandis Inc. have signed a long-
term license agreement for memory products incorporating
Grandis' patents and intellectual property in spin-transfer
torque random access memory.

The two companies have also entered into a collaborative
agreement to jointly integrate Grandis' fundamental STT-RAM
technology into Hynix's future memory products.

STT-RAM is a next-generation, non-volatile memory solution that
overcomes the limitations of conventional magnetic RAM
technologies.  While existing memory technologies prove to be
very difficult for manufacturing beyond the 40-nm process node,
STT-RAM shows excellent scalability with shrinking design rules,
which translates to greater density and, ultimately, lower cost
per die. STT-RAM also consumes less power than existing
mainstream memories, and provides unlimited endurance as well as
fast read/write capability.

Technical teams from both companies will work together to
implement Grandis' STT-RAM technology, including magnetic tunnel
junction materials and structures optimized for low writing
current and high thermal stability, integration of MTJ and CMOS
processes and design of STT-RAM cells and memory arrays.

"Hynix is committed to being at the forefront of next-generation
memory development," said Sung Wook Park, head of R&D division
at Hynix. "Grandis is leading in STT-RAM technology and has a
broad portfolio of fundamental patents in this area.  Through
this partnership with Grandis, we look forward to integrating
leading-edge STT-RAM technology into our semiconductor
manufacturing processes and to a new era in memory capability
at advanced technology nodes."

"STT-RAM is a disruptive technology that combines all the
benefits of SRAM, DRAM and Flash memory, as well as offering
scalability to future process nodes," said Dr. Yiming Huai, vice
president of engineering and chief technical officer of Grandis.
"Our recent advances in magnetic materials have significantly
lowered write current and opened up new markets for STT-RAM.  We
are excited to partner with Hynix, a world leader in DRAM, in
developing STT-RAM memory products and accelerating their time
to market with our leading STT-RAM technology."

                      About Grandis Inc.

Grandis is the pioneer in the development of spin-transfer
torque RAM, a universal and scalable memory solution.  Grandis
licenses its technology to companies that are developing a
variety of products incorporating stand-alone and embedded STT-
RAM memory.  It offers its licensees a complete range of support
services from process installation through qualification.  By
combining non-volatility and high performance with low-power
consumption and low cost, STT-RAM can revolutionize the
performance of electronic products in many markets.  Grandis was
established in 2002, and is headquartered in Silicon Valley,
California.  Investors include Applied Ventures LLC, Sevin Rosen
Funds, Matrix Partners, Incubic and Concept Ventures.
Additional information about the company is available at
http://www.grandisinc.com

                    About Hynix Semiconductor

Headquartered in Echon, South Korea, Hynix Semiconductor Inc.
-- http://www.hynix.com/-- is a semiconductor manufacturer.
Through a merger with LG Semiconductor in 1999, Hynix
Semiconductor now has the world's largest dynamic random access
memory chip production capacity as well as the industry's best
technical development capacity by fully exploiting synergies
resulting from the historical integration of both companies.

The company has operations in Russia, and the United States.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on June 19,
2007, that Moody's Investors Service upgraded to Ba2 from Ba3
Hynix Semiconductor Inc's senior unsecured bond rating and
corporate family rating.  At the same time, Moody's assigned
a Ba2 senior unsecured bond rating for Hynix's proposed US$500
million issuance.  Moody's said the outlook for the ratings is
stable.


HYNIX SEMICON: Dissappointed With Jury Verdict on Rambus Case
-------------------------------------------------------------
Hynix Semiconductor Inc. said it is "disappointed" with a jury's
non-conviction of Rambus Inc. for allegations of antitrust laws
violations or fraud by seeking patents on aspects of the JEDEC
standard memory interface.  According to the company, this
verdict is at odds with the unanimous decision of the US Federal
Trade Commission, and a similar decision by the European
Commission, that Rambus engaged in deceptive conduct in its
JEDEC participation.

As reported by the Troubled Company Reporter-Asia Pacific on
March 31, 2008, Rambus Inc. disclosed that the jury in the case
involving Hynix Semiconductor, Micron Technologies, and Nanya
Technology Corporation has found in favor of Rambus.  The jury
determined that Rambus acted properly while a member of the
standard- setting organization JEDEC during its participating in
the early 1990s, finding that the memory manufacturers did not
meet their burden of proving antitrust and fraud claims.

Hynix was found by a previous jury in April 2006 to infringe a
variety of Rambus patents.  In that phase of trial, Rambus was
awarded US$133.6M in damages, the TCR-AP related.

According to a company press release, the validity of some of
the patents Rambus is asserting against JEDEC standard products,
and which are involved in the district court case, is currently
under review at the US Patent and Trademark Office.  The PTO,
the company relates, recently rejected all of the claims of a
key Rambus patent in a preliminary ruling.  The European Patent
Office has also canceled certain Rambus patents asserted against
JEDEC standard products, the company said.

Hynix strongly believes that the jury's verdict is contrary to
the law and the facts and intends to continue to pursue all of
its legal options to establish the principle that patent traps
and anticompetitive abuse of a standard setting organization is
illegal.

                   About Hynix Semiconductor Inc.

Headquartered in Echon, South Korea, Hynix Semiconductor Inc.
-- http://www.hynix.com/-- is a semiconductor manufacturer.
Through a merger with LG Semiconductor in 1999, Hynix
Semiconductor now has the world's largest dynamic random access
memory chip production capacity as well as the industry's best
technical development capacity by fully exploiting synergies
resulting from the historical integration of both companies.

The company has operations in Russia, and the United States.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on June 19,
2007, that Moody's Investors Service upgraded to Ba2 from Ba3
Hynix Semiconductor Inc's senior unsecured bond rating and
corporate family rating.  At the same time, Moody's assigned
a Ba2 senior unsecured bond rating for Hynix's proposed US$500
million issuance.  Moody's said the outlook for the ratings is
stable.




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

MERGE ENERGY: Earns MYR4.15 Million in Qtr. Ended January 31
------------------------------------------------------------
Merge Energy Bhd. posted a net profit of MYR4.15 million on
MYR60.9 million of revenues in the fourth quarter ended Jan. 31,
2008, as compared with a net profit of MYR345,000 on
MYR10.64 million of revenues in the same quarter of 2007.

The company's balance sheet as of January 31, 2008, showed
MYR112.49 million of total assets and MYR71.17 million of total
liabilities resulting in a shareholders' equity of
MYR41.32 million.

                          About Merge Energy

Merge Energy Berhad's principal activities involve building
construction, structural, infrastructure and civil engineering
works.  Other activity includes property investment and
investment holding.  Operations of the company are carried out
predominantly in Malaysia.

On May 8, 2006, the company was classified as an affected listed
issuer pursuant to the Amended Practice Note No. 17/2005 whereby
the company's shareholders' equity on consolidated basis is less
than 25% of its issued and paid-up share capital of MYR67.00
million.


PROTON HOLDINGS: Plans to Strike Off Dormant Subsidiaries
---------------------------------------------------------
Proton Holdings Berhad plans to strike off some of its dormant
subsidiaries, namely:

    * Auto Compound and Distribution Centre Sdn Bhd, a wholly-
      owned subsidiary of Proton Marketing Sdn Bhd;

    * Lotus Cars Asia Pacific Sdn Bhd, a wholly-owned subsidiary
      of Proton Marketing;

    * Proton Cars Direct Limited, a wholly-owned subsidiary of
      Proton Cars (UK) Limited; and

    * Proton Cars (Imports) Limited, a wholly-owned subsidiary of
      Proton Cars (UK).

The company also plans to liquidate some of its subsidiaries
through member’s voluntary liquidation, namely:

    * Proton Corporation Sdn Bhd, a wholly-owned subsidiary of
      Proton Marketing;

    * Smith and Sons Motors Limited, a wholly-owned subsidiary of
      Proton Cars (UK);

    * Proton Direct Limited, a wholly-owned subsidiary of Proton
      Cars (UK); and

    * Proton Cars (Europe) Limited, in which Proton Marketing and
      Edaran Otomobil Nasional Berhad have a respective 55.56%
      and 44.44% shareholding interest.

Proton Cars (UK) is a wholly-owned subsidiary of Proton
Marketing which, in turn, is a wholly-owned subsidiary of
Proton.

                    Rationale of the Proposals

Auto Compound, Lotus Cars, Proton Cars Direct and Proton Cars
(Imports) have been dormant and inactive and have not commenced
operations since the date of its incorporation while Proton
Corporation, Smith and Sons, Proton Direct Ltd. and Proton Cars
(Europe) have ceased operations and are dormant.

The Proposals are part of Proton's operational and
organizational restructuring to streamline and realign entities
by consolidating, rationalizing and liquidating the relevant
businesses within the Proton Group in order to create a leaner,
efficient and flexible corporate structure.

Headquartered in Selangor Darul Ehsan, Malaysia, Perusahaan
Otomobil Nasional Berhad or Proton Holdings Berhad --
http://www.protonedar.com.my/-- is engaged in manufacturing,
assembling, trading and provision of engineering and other
services in respect of motor vehicles and related products.  Its
other activities include property development, trading of steel
and related products, engine and technologies research,
development of automotive related technologies, investment
holding, importation and distribution of motor vehicles,
related spare parts and accessories, holds intellectual
property, provides engineering consultancy, operates single make
race series and carries out specific engineering contracts.  The
Group's operations are carried out in Malaysia, England,
Australia, Socialist Republic of Vietnam and the United States
of America.

Proton was reported as among Malaysia's worst performing
companies in 2005, after competition from foreign carmakers and
a lack of new models lost the firm local market share and
subsequently led it into a loss.  It has since brought in a new
chief, sold its loss-making MV Agusta motorbike firm and pledged
to find a new technology partner.  The Company has been under
increasing pressure, with its share of domestic sales falling to
44% from 75% over the past decade.

The Troubled Company Reporter-Asia Pacific reported on
May 4, 2006, that Proton was expected to finalize a recovery
plan and seal an alliance with a strategic partner, in order to
boost sales and become more competitive.


TAP RESOURCES: Jan. 31 Balance Sheet Upside-Down by MYR6.59 Bil.
----------------------------------------------------------------
Tap Resources Berhad's consolidated balance sheet as of Jan. 31,
2008, went upside down by MYR6.59 billion, on total assets of
MYR47.09 billion and total liabilities of MYR53.68 billion.

As of January 31, 2008, the company's balance sheet showed
strained liquidity with current assets of MYR8.06 billion
available to pay MYR52.68 billion of current liabilities coming
due within the next twelve months.

For the third quarter ended January 31, 2008, the company posted
a net loss of MYR686,000 on MYR1.25 million of revenues, as
compared with a net loss of MYR2.19 million on MYR826,000 of
revenues in the same quarter of 2007.

TAP Resources Berhad is principally engaged in property
development.  Its other activities include general contracting;
manufacturing and general trading of building materials,
construction chemicals, ready mixed concrete and non-baked
bricks; installing air-conditioners, process control and switch
gear automation; selling of electrical goods; and investment
holding.  The Group operates wholly in Malaysia.

TAP's shareholders' equity on a consolidated basis is equal to
or less than 25% of the issued and paid up capital of the
Company and such shareholders equity is less than the minimum
issued and paid up capital as required under paragraph 8.16A (1)
of the Listing Requirements of Bursa Malaysia Securities Berhad
for the nine months financial results ended January 31, 2006 and
a default in payment by TAP and it is unable to provide a
solvency declaration.  Both of these qualify the company to be
classified as a PN17 company.


TENGGARA OIL: Posts MYR2.89 Mil. Net Loss in Qtr. Ended Jan. 31
---------------------------------------------------------------
Tenggara Oil Berhad posted a net loss of MYR2.89 million on
MYR624,000 of revenues in the quarter ended January 31, 2008, as
compared with a MYR4.91 million net loss on MYR626,000 of
revenues in the same quarter of 2007.

As of January 31, 2008, the company's balance sheet showed
strained liquidity with MYR3.77 million of current assets
available to pay MYR45.49 million of current liabilities coming
due within the next twelve months.

                         About Tenggara Oil

Tenggara Oil Berhad is undertaking a divestment and
restructuring exercise, which will reposition it as a service-
oriented and trading group from its current resource-based
businesses.  Current businesses include investment holding,
supply of ready mixed concrete, property holding, management and
construction.  As part of a corporate revamp exercise, the
Company has repositioned itself in the oil and gas business,
which will be its core business.  The Company is headquartered
in Kuala Lumpur, Malaysia.

Tenggara is in the process of implementing a debt restructuring
scheme with relevant parties.




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

AAA PARTS: Taps D. Parsons and K. Kenealy as Liquidators
--------------------------------------------------------
Dennis Clifford Parsons and Katherine Louise Kenealy were
appointed liquidators of AAA Parts and Auto Services Ltd. on
March 12, 2008.

The liquidators can be reached at:

           Dennis Clifford Parsons
           Katherine Louise Kenealy
           c/o Indepth Forensic Limited
           PO Box 278, Hamilton
           New Zealand
           Telephone:(07) 957 8674
           Web site: http://www.indepth.co.nz


ACTION BUSINESS: Appoints Madsen-Ries & Vance as Liquidators
------------------------------------------------------------
On March 6, 2008, Vivien Judith Madsen-Ries and David Stuart
Vance were appointed liquidators of Action Business Solutions
Ltd.

Creditors are required to file their proofs of debt by April 21,
2008, to be included in the company's dividend distribution.

The liquidators can be reached at:

           Vivien Judith Madsen-Ries
           David Stuart Vance
           PPB McCallum Petterson
           Forsyth Barr Tower, Level 11
           55-65 Shortland Street
           Auckland
           New Zealand
           Telephone:(09) 336 0000
           Facsimile:(09) 336 0010


ADVANTAGE POWER: Wind-Up Petition Hearing Set for May 30
--------------------------------------------------------
The High Court of Auckland will hear on May 30, 2008, at
10:45 a.m., a petition to have Advantage Power Systems Ltd.'s
operations wound up.

Christopher Robert Ross Horton and John Albert Price filed the
petition on February 25, 2008.

The Petitioners' solicitor is:

           B. D. Gustafson
           c/o Kensington Swan, Solicitors
           18 Viaduct Harbour Avenue
           Auckland
           New Zealand


AUCKLAND COATING: Fixes April 21 as Last Day to File Claims
-----------------------------------------------------------
Creditors of Auckland Coating Systems Limited are required to
file their proofs of debt by April 21, 2008, to be included in
the company's dividend distribution.

The company's liquidators are:

           Vivien Judith Madsen-Ries
           David Stuart Vance
           PPB McCallum Petterson
           Forsyth Barr Tower, Level 11
           55-65 Shortland Street
           Auckland
           New Zealand
           Telephone:(09) 336 0000
           Facsimile:(09) 336 0010


BAY CIVIL: Subject to CIR's Wind-Up Petition
--------------------------------------------
On December 3, 2007, the Commissioner of Inland Revenue filed a
petition to have Bay Civil Construction Ltd.'s operations wound
up.

The petition will be heard before the High Court of Auckland on
April 24, 2008, at 10:45 a.m.

The CIR's solicitor is:

          Kay S. Morgan
          c/o Inland Revenue Department
          Legal and Technical Services
          1 Bryce Street
          PO Box 432, Hamilton
          New Zealand
          Telephone:(07) 959 0373
          Facsimile:(07) 959 7614


FIRST IMPRESSIONS: Fixes April 14 as Last Day to File Claims
------------------------------------------------------------
First Impressions Furnishings Ltd. requires its creditors to
file their proofs of debt by April 14, 2008, to be included in
the company's dividend distribution.

The company's liquidators are:

           Karen Betty Mason
           Jeffrey Philip Meltzer
           c/o Meltzer Mason Heath
           Chartered Accountants
           PO Box 6302, Wellesley Street
           Auckland 1141
           New Zealand
           Telephone:(09) 357 6150
           Facsimile:(09) 357 6152


M & B FISHING: Court to Hear Wind-Up Petition on April 7
--------------------------------------------------------
A petition to have M & B Fishing Ltd.'s operations wound up will
be heard before the High Court of Wellington on April 7, 2008,
at 10:00 a.m.

Waitomo Petroleum Limited filed the petition on February 11,
2008.

Waitomo Petroleum's solicitor is:

           T. M. Bates
           c/o AEL Legal
           31-33 Great South Road
           Newmarket
           Auckland
           New Zealand


PERFORMANCE RESOURCES: Faces Kensington's Wind-Up Petition
----------------------------------------------------------
On February 22, 2008, Kensington Swan filed a petition to have
Performance Resources International Ltd.'s operations wound up.

The petition will be heard before the High Court of Wellington
on April 7, 2008, at 10:00 a.m.

Kensington Swan's solicitor is:

          Andrew Cunningham Skelton
          89 The Terrace
          Wellington
          New Zealand


STARLIGHT YACHTING: Wind-Up Petition Hearing Set for April 7
------------------------------------------------------------
The High Court of Wellington will hear on April 7, 2008, at
10:00 a.m., a petition to have Starlight Yachting Ltd.'s
operations wound up.

Peters & May (NZ) Limited filed the petition on February 22,
2008.

Peters & May's solicitor is:

           Graeme Jespersen
           Jespersen & Associates
           Westpac Building, 6 Alderman Drive
           Henderson, Auckland
           New Zealand
           Telephone:(09) 837 0344
           Facsimile:(09) 837 3084




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

IPVG: Buys Majority Stake in Interactive Teleservices
-----------------------------------------------------
Publicly-listed IT company IPVG Corp. (PSE: IP), together with
its BPO subsidiary, IP Contact Center Outsourcing, Inc. (IPCCO)
today announced that it has entered into a Stock Purchase
Agreement with Interactive Teleservices Corporation (Influent),
a US-based contact center with facilities in the US, Panama and
the Philippines.

Under the terms and conditions of the contract, IPVG acquired
70% of the call center which shall be paid by way of cash and
issuance of IPVG shares.

In addition, IPCCO shall sell or lease to Influent an
incremental capacity of initially 250 seats in the Philippines
on an as-needed basis.

Enrique Y. Gonzalez, Chief Executive Officer of IPVG said, "Our
investment into Influent signifies our commitment in building a
global outsourcing provider. Influent’s strong on-shore
capability and North American presence, coupled with IPVG`s
delivery capabilities in Asia make us a truly global provider.
This is indeed another major milestone for our company, and for
the BPO industry."

Andrew Jacobs, President and Chief Executive Officer of Influent
said, “We are excited with the strategic partnership with IPVG.
Our combined expertise and resources will allow us to grow more
rapidly, particularly in the offshore market and offer a broader
range of BPO services to our current and future clients.”

Based out of Dublin, Ohio, Influent is a leading contact center
company with a focus on banking, financial services and
insurance (BFSI) markets in the US. It has a total of 11
delivery centers with over 1400 seats – 20% in the Philippines,
5% in Panama and 75% in the US.

Influent provides its customers with a comprehensive portfolio
of inbound, outbound and business processing outsourcing
solutions. The company’s strong sales team is equipped with deep
insider knowledge of the financial services vertical, providing
excellent opportunities to service customers with high value
added financial services in both business and knowledge process
outsourcing.

The BPO firm consistently maintains a positive cash flow and
long-term contracts with Fortune 1000 customers.

Premier call center, CRM, and teleservices publication Customer
Interaction Solutions  magazine recently cited Influent in the
2008 Top 50 Teleservices Agencies Ranking Award (#7 in US
domestic and #11 internationally).

Influent represents IPVG’s fifth investment in a span of only
one year following: Globalstride Holdings, Inc. (call center
facilities in the Philippines); IP-Converge Pte Ltd. (Singapore
based IDC); Prolexic Technologies, Inc. (internet security
provider with operations in the US, EMEA and Asia) and
Megamobile (local mobile technology provider and content
developer). From its corporate headquarters in the Philippines,
IPVG has established presence in Singapore, Hong Kong, Vietnam,
India, Panama, United Kingdom and USA.

                   About Interactive Teleservices

Influent (formerly Interactive Teleservices Corporation)
provides outsourced customer care services through its 10
contact centers located in the US and Asia.  The company
provides inbound, outbound, web or phone-based customer service
and sales serving such industries as financial services,
insurance, telecommunications, and publishing.  It is able to
provide its outsourced services in English, Japanese, Spanish,
and Portuguese.  In early 2008, Influent agreed to be acquired
by IPVG, an information technology outsourcer based in the
Philippines.

                      About IPVG Corporation

IPVG Corporation -- http://www.ipvg.com/-- is engaged in the
information technology and communications business with
interests in Information Technology and Telecommunications; On-
line Gaming; and Business Process Outsourcing. IPVG reaches its
customers through collaboration with international corporations
that have proven to be market leaders in their respective
geographic markets and industries.  Its current partners include
Fortune 1000 companies listed on the New York Stock Exchange,
such as Pacific Century Cyberworks Inc. and IDT.  The company
can offer established product and proprietary business knowledge
to the Philippine market by pairing each of its business
subsidiaries with strategic partners.

The TCR-AP reported on May 15, 2007, that the corporation posted
a net loss of PHP102.1 million for the year ended Dec. 31, 2006,
the company's third consecutive annual net loss after
PHP43.0 million in 2005 and PHP6.2 million in 2004.




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

READER'S DIGEST: Increase in Debt Spurs Moody's Negative Outlook
----------------------------------------------------------------
Moody's Investors Service changed The Reader's Digest
Association, Inc.'s rating outlook to negative from stable.  The
outlook change reflects the increase in debt subsequent to the
March 2007 leveraged buyout and Moody's opinion that RDA will
face challenges in fully converting its cost saving initiatives
into higher EBITDA.

Given these factors, Moody's believes there is greater
uncertainty that RDA will be able to reduce debt-to-EBITDA
(exceeding 10.0x LTM Dec. 31, 2007 incorporating Moody's
standard adjustments and excluding RDA's estimate of projected
cost savings) to a level below the 8.0x upper limit anticipated
in the B2 CFR.

Outlook Actions:

Issuer: Reader's Digest Association, Inc. (The)

   -- Outlook, Changed To Negative From Stable

LGD Updates:

Issuer: Reader's Digest Association, Inc. (The)

   -- Senior Secured Bank Credit Facility, to B1, LGD3-34% from
      B1, LGD3-36%

   -- Senior Subordinated Notes, to Caa1, LGD5-85% from Caa1,
      LGD5-87%

RDA's B2 CFR reflects the moderate growth prospects and low
EBITDA margin generated from the mature and largely print-based
publishing portfolio, and the high debt-to-EBITDA leverage
following the March 2007 LBO.  Improving the operating margin
and cash flow through cost reductions is a key driver of
potential leverage reduction, and the company has indicated it
is ahead of its planned pace in implementing its various
restructuring initiatives.  Nevertheless, a sizable gap exists
between reported performance and the company's estimate of
EBITDA incorporating the run rate savings from its cost actions.
Closing this gap to generate meaningful free cash flow and
reduce debt-to-EBITDA below 8.0x is crucial to maintaining the
B2 CFR.

In Moody's view, there is risk that weakness in demand for the
company's products -- including the effect of a consumer-led
U.S. slowdown - and increases in compensation, direct marketing,
and materials costs could dilute the incremental benefit from
restructuring initiatives and prevent the company from bridging
the gap.  The company's credit facility terms, including the
ability to incorporate certain cost savings in the calculation
of covenant EBITDA, continues to provide a reasonable liquidity
cushion for the highly seasonal operations.

Moody's also updated the loss given default point estimates for
the senior secured credit facility and senior subordinate notes
based on changes in the mix of debt and non-debt liabilities
since the original rating assignment on Feb. 16, 2007.

                    About Reader's Digest

Headquartered in Pleasantville, New York, The Reader's Digest
Association, Inc, -- http://www.rda.com-- is a global publisher
and direct marketer of products including magazines, books,
recorded music collections and home videos.  Products include
Readers Digest magazine, which is published in 50 editions and
21 languages.  Annual revenues approximate US$2.4 billion.
Reader's Digest has offices in Singapore, Korea, Malaysia,
Philippines, Thailand and India.




===============
T H A I L A N D
===============

TRUE CORP: Selects NICE SmartCenter for VoIP Call Center
--------------------------------------------------------
TRUE Corporation has selected NICE SmartCenter, owned by NICE
Systems Ltd., for its VoIP contact centers.  NICE Perform and
the NICE workforce management solutions will replace competing
systems being used today.  True Corp selected NICE SmartCenter
to leverage the synergies of the NICE solutions, to improve
customer service, dispute resolution capabilities, and
operational efficiency.

True Corp is Thailand's leading and only fully-integrated
provider of telecommunications services, with more than 10,000
employees, and operates five core businesses, including: mobile,
business, online business, pay-TV, digital commerce, and digital
content. True Corp's contact centers handle over 8 million
annual customer calls covering topics such as account
information inquiries, telephony needs, and technical support
requests.

With NICE SmartCenter True Corp will be able to leverage the
synergies of the NICE solutions for liability recording and
workforce management to better link its customer interactions
with its planning and management processes.  The NICE solution
for 100% interactions capture of inbound and outbound calls will
enable TRUE to efficiently handle and manage information
archives regarding topics such as billing, payments,
collections, and telesales.  The NICE solution for
workforcemanagement will help TRUE efficiently manage and
optimize scheduling of agents.

"We are pleased that Thailand's leading telecommunications
services company has selected our comprehensive solution for
improving contact center performance at the agent, operational,
and enterprise levels," said Doron Ben-Sira, president of NICE
APAC.  "This reflects a trend we are seeing gaining more and
more momentum around the world - of companies across a variety
of verticals turning to NICE to replace competing systems - and
help them achieve their strategic and operational goals."

                        About NICE Systems

NICE Systems Ltd. is the leading provider of Insight from
Interactions solutions and value-added services, powered by the
convergence of advanced analytics of unstructured multimedia
content and transactional data - from telephony, web, email,
radio, video, and other data sources.  NICE's solutions address
the needs of the enterprise and security markets, enabling
organizations to operate in an insightful and proactive manner,
and take immediate action to improve business and operational
performance and ensure safety and security.  NICE has over
24,000 customers in 100 countries, including over 85 of the
Fortune 100 companies.

                          About True Corp.

Headquartered in Bangkok, True Corp. is an integrated provider
of fixed line, broadband, Internet, mobile services and cable TV
in Thailand.

True Corp. is listed on the Thailand Stock Exchange and the CP
Group is the major shareholder with approximately 30%
shareholding.  Its wireless business is predominantly conducted
through its 75.3% owned (post equity injection) True Move,
Thailand's third largest mobile telecommunications operator; and
its pay TV business is conducted through its 91.8% owned True
Visions Public Company Limited (True Visions), which is
currently the only nationwide provider of pay television
services in the country.




                             *********

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.  Azela Jane Taladua, Rousel Elaine Tumanda,
Valerie Udtuhan, Patrick Abing, Tara Eliza Tecarro, Frauline
Abangan, and Peter A. Chapman, Editors.

Copyright 2008.  All rights reserved.  ISSN: 1520-9482.

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

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





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