TCRAP_Public/080516.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

              Friday, May 16, 2008, Vol. 11, No. 97

                            Headlines

A U S T R A L I A

250 QUEEN: Liquidator Gives Wind Up Report
ACN 101 268 642: Placed Under Voluntary Liquidation
ACN 008 748 954: Taps Kenneth Robert Foggo as Liquidator
ARMAGEDDON: Liquidator Presents Wind Up Report
C.A. SCHAHINGER: Liquidator Presents Wind-up Report

HAVEN PARK: Liquidator Gives Wind-up Report
HAYSOM HAULAGE: Appoints C.M. Williamson as Liquidator
JARYN PTY: Liquidators Present Wind-up Report
JJ GALLINAGH: Appoints Glenn Trinick as Liquidator
NILGIN SERVICE: Liquidator Presents Wind-up Report

SILICON VISIONS: Members' Final Meeting Slated Today
UNIFIED INTERACTIVE: Commences Liquidation Proceedings


C H I N A

CY ORIENTAL: Gets OK from Lender to File Records Until May 31
GITI TIRE: Plans to Launch US$500 Million IPO
*CHINA: Closes All Coal Mines in Sichuan Quake-Affected Area


H O N G  K O N G

CHINA FISHERY: 1Q 2008 Net Profit Up 32.6% to US$40.4 Million
CREATE LICENCE: Court to Hear Wind-Up Proceedings on June 4
METZIER INTERNATIONAL: Declares Dividend for Creditors
MOULIN GLOBAL: Declares Dividend for Creditors
PEACEFUL INT'L: Court to Hear Wind-Up Proceedings on June 11

PROFESSIONAL: Court to Hear Wind-Up Proceedings on June 4
SUN KONG: Court to Hear Wind-Up Proceedings on June 18
SUN SUMMIT: Court to Hear Wind-Up Proceedings on June 4
TAI SHING: Members' Final Meeting Set for June 4
UDL HOLDINGS: Hires Leung Yat Tung as Chief Executive Officer

WINITEX ENTERPRISE: Court to Hear Wind-Up Proceedings on June 18
YCY DESIGN: Court to Hear Wind-Up Proceedings on June 18


I N D I A

AES CORP: Fitch Rates Senior Unsecured Notes at 'BB/RR1'
BANK OF BARODA: Inks MOU With Dubai Properties
BHARTI AIRTEL: In Talks with MTN for Possible Full Takeover
CANARA BANK: IRDA Grants Life Insurance License
ESSAR OIL: Expresses Interest in ONGC's Kakinada Refinery


I N D O N E S I A

MAYBANK: Records RM3.07 Bil. 9-Months Pre-Tax Profit


J A P A N

HITACHI LTD: Cuts Shares in Japanese Stock Exchanges
SHINSEI BANK: Subsidiary to Sell Property in Meguro
SHINSEI BANK: Names 3 Exec. Officers and Director Candidates
SHINSEI BANK: Returns to Profit in FY Ended March 31, 2008
SOFTBANK CORP: To Seek Shareholders' OK on Preferred Share Issue

SOFTBANK CORP: In Talks to Invest in Alibaba Group's Subsidiary
SOFTBANK: Must Improve Mobile-Network Management, Ministry Says


K O R E A

CHONGKUNDANG: Signs MOU with Young In to Develop Antibody Meds


M A L A Y S I A

SELOGA: Appoints Aldillan, Anuar and Samsudin as Directors
GOLD BRIDGE: Members Pass Resolutions During AGM
THE SHAW GROUP: Signs 10-Year Lease Deal With Piedmont Office


N E W  Z E A L A N D

ABOUT CONCRETE SERVICES: Shareholders Appoint Joint Liquidators
ADVANTAGE POWER SYSTEMS: Commences Liquidation Proceedings
AGENCY GROUP: Shareholders Appoint Joint Liquidators
BRICK LEASING: Shareholder Appoints Joint Liquidators
BRITTON BUILT: Shareholders Appoint J. Managh as Liquidator

CENTAUR FLOOR SYSTEMS: Court to Hear Wind-Up Petition Today
CONSORT INDUSTRIES: Creditors Must File Claims by May 23
DAWI HOLDINGS: Shareholders Appoint T. Bastion as Liquidator
FRANCHISE URBAN NETWORK: T. Bastion Appointed as Liquidator
GM INDUSTRIAL HOLDINGS: Faces CIR's Wind-Up Petition

HARRIS CONSULTING GROUP: Court to Hear Wind-Up Petition Today
HYLIGHT NORTH SHORE (2002): Creditors Must File Claims by May 30
JESTERS LEASING: Court to Hear Wind-Up Petition on July 4
M & B FISHING LTD: Creditors Must File Claims by July 17
NEWAUST ECONOMIC & CULTURE GROUP: Joint Liquidators Appointed

PILBROW COMMERCIAL: Shareholders Appoint Joint Liquidators
PILBROW CONTRACTING: Shareholders Appoint Joint Liquidators
PILBROW DESIGN GROUP: Shareholders Appoint Joint Liquidators
PILBROW RESIDENTIAL: Shareholders Appoint Joint Liquidators
RIVERSTONE DEVELOPMENTS: Shareholders Appoint Joint Liquidators

SEALEGS CORP: Forwards 102 Boat Orders From Customers
SHIRE DEVELOPMENTS NO 4: Creditors Must File Claims by May 30
TARGET TRADING COMPANY: Faces CIR's Wind-Up Petition
TRUSTPOWER LTD: Annual Profits Down 4.2% to NZ$98.1 Million
VAKA 2004 LTD: Shareholders Appoint G. Reynolds as Liquidator


P H I L I P P I N E S

ABS-CBN BROADCASTING: 1st Q '08 Net Income Up 3% to Php242 Mil.
UNIVERSAL ROBINA: Buys Back 180,000 Shares
* PHILIPPINES: March 2008 OF Remittances Reach US$4.0 Bil.
* PHILIPPINES: April 08 FP Investments Post Lower Net Outflow


S I N G A P O R E

FUNNEX INTERNATIONAL: Creditors' Proofs of Debt Due on June 6
LAM GUAN: Creditors' Meeting Set for May 26
LEAD MACHINERY: To Pay First Dividend Today
PROCESS TECHNOLOGIES: Court Enters Wind-Up Order
WELLNESS MEDIA: Court Enters Wind-Up Order


T A I W A N

ABS GLOBAL FINANCE: Fitch Affirms Class E-1 Notes' BB Rating


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                         - - - - -


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

250 QUEEN: Liquidator Gives Wind Up Report
------------------------------------------
At the final meeting of the members of 250 Queen Street Pty Ltd
held April 24, 2008, K. E. Barnet, the appointed liquidator,
presented an account showing the manner in which the winding up
has been conducted and the property of the company disposed.


ACN 101 268 642: Placed Under Voluntary Liquidation
---------------------------------------------------
ACN 101 268 642 Pty Ltd's members agreed on March 21, 2008, to
voluntarily liquidate the company's business.  Glenn Trinick was
appointed to facilitate the sale of its assets.


ACN 008 748 954: Taps Kenneth Robert Foggo as Liquidator
--------------------------------------------------------
ACN 008 748 954 Ltd's members agreed on March 17, 2008, to
voluntarily liquidate the company's business.  Kenneth Robert
Foggo was appointed to facilitate the sale of its assets.


ARMAGEDDON: Liquidator Presents Wind Up Report
----------------------------------------------
At the final meeting of the members of Armageddon Pty Ltd held
April 24, 2008, K. E. Barnet, the appointed liquidator,
presented an account showing the manner in which the winding up
has been conducted and the property of the company disposed.


C.A. SCHAHINGER: Liquidator Presents Wind-up Report
---------------------------------------------------
Andrew Heard, C.A. Schahinger Pty Limited's estate liquidator,
met with the company's members on May 9, 2008, and provided them
with property disposal and winding-up reports.

The liquidator can be reached at:

          Andrew Heard
          Heard Phillips Chartered Accountants
          Level 2, 45 Grenfell Street          
          Adelaide SA 5000
          Telephone: (08) 8212 3433


HAVEN PARK: Liquidator Gives Wind-up Report
-------------------------------------------
G. M. Carrello, Haven Park Holdings Pty Ltd's estate liquidator,
met with the company's members on April 1, 2008, and provided
them with property disposal and winding-up reports.


HAYSOM HAULAGE: Appoints C.M. Williamson as Liquidator
------------------------------------------------------
Haysom Haulage Pty Ltd's members agreed on March 14, 2008, to
voluntarily liquidate the company's business.  Michael
Williamson was appointed to facilitate the sale of its assets.

The liquidator can be reached at:

          C. M. Williamson
          SimsPartners
          Level 12, 40 St George's Terrace
          Perth WA 6000


JARYN PTY: Liquidators Present Wind-up Report
---------------------------------------------
At the final meeting of the members of Jaryn Pty Ltd held April
29, 2008, T. J. Clifton and M. C. Hall, the appointed
liquidators, presented an account showing the manner in which
the winding up has been conducted and the property of the
company disposed.

The liquidator can be reached at:

          T. J. Clifton
          M. C. Hall
          Joint and Several Liquidators
          c/o PPB Chartered Accountants
          10th Floor, 26 Flinders Street
          Adelaide SA 5000


JJ GALLINAGH: Appoints Glenn Trinick as Liquidator
--------------------------------------------------
JJ Gallinagh Pty Ltd's members agreed on March 21, 2008, to
voluntarily liquidate the company's business.  Glenn Trinick was
appointed to facilitate the sale of its assets.


NILGIN SERVICE: Liquidator Presents Wind-up Report
--------------------------------------------------
At the final meeting of the members of Nilgin Service Co Pty Ltd
held April 27, 2008, Graeme Trevor Lean, the appointed
liquidator, presented an account showing the manner in which the
winding up has been conducted and the property of the company
disposed.

The liquidator can be reached at:

          Graeme Trevor Lean
          G T Lean & Associates
          424 Fitzgerald Street,
          North Perth WA 6006


SILICON VISIONS: Members' Final Meeting Slated Today
----------------------------------------------------
Silicon Visions Pty Ltd will hold a final meeting of its members
at 10:00 a.m. today, May 16, 2008.

At the meeting, the appointed liquidator will present an account
of how the winding up has been conducted and the property of the
company disposed of.

The liquidator can be reached at:

          Danny Vrkic
          Jirsch Sutherland & Co
          PO Box 573
          Wollongong NSW 2500


UNIFIED INTERACTIVE: Commences Liquidation Proceedings
------------------------------------------------------
At the final meeting of the members of Unified Interactive Pty
Ltd held April 30, 2008, Andrew Fielding, the appointed
liquidator, presented an account showing the manner in which the
winding up has been conducted and the property of the company
disposed.

The liquidator can be reached at:

          Andrew Fielding
          PPB Chartered Accountants & Business
          Reconstruction Specialists
          Level 4, 31 Sherwood Road
          Toowong, Queensland 4066
          Australia



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

CY ORIENTAL: Gets OK from Lender to File Records Until May 31
-------------------------------------------------------------
CY Oriental Holdings Ltd. obtained consents from Maple Trade
Finance Inc., the company's trade finance lender, to extend
filing of the company's audited financial statements until May
30, 2008.

The company is also in the process of obtaining a similar
consent from its bank lender, HSBC, pursuant to the terms of the
company's lending facilities with these two lenders.

The company disclosed that it is necessary delay the filing to
provide additional time to gather and review documentation
relating to the company's purchase and sales transactions.

The company related that if necessary, it will request
additional consents from these lenders to further extend the
filing of the company's audited financial statements to June
2008.

The company expects that the review will be completed in June
2008 and expects that the audited year end financial statements
will be filed by June 30, 2008.

If the company fail to file the audited year end financial
statements by June 30, 2008, the Canadian Securities Regulators
may impose a cease trade order on all trading of the company's
shares until the financial statements are filed.

Also, the company's interim financial statements for the first
quarter period ended March 31, 2008, are expected to be filed
after the audited year end financial statement are filed and
therefore, such interim financial statements will not be filed
by May 30, 2008.

Additionally, the company disclosed that the company's insiders
are barred from trading CY Oriental shares until the company's
audited financial statements for the fiscal year ended Dec. 31,
2007, are filed, pursuant to the terms of the management cease
trade order issued by the British Columbia Securities
Commission.

                  About CY Oriental Holdings Ltd.

CY Oriental Holdings Ltd. -- http://www.cyoriental.com/-- (TSX-
V: CYO) is a Canadian incorporated, China-based manufacturer and
value-added supplier of apparel and fashion products to leading
international brands and retailers, including department stores.  
CY Oriental owns and operates a manufacturing facility in
Shanghai, China and in the city of Tengzhou, China.  The
company's ready-made products include quality garments,
including woven casual wear, woven formal wear, casual jeanswear
and sports outerwear.


GITI TIRE: Plans to Launch US$500 Million IPO
---------------------------------------------
Giti Tire Inc. plans to list in the Hong Kong stock exchange,
International Business Times reports.

According to Reuters, in connection with the listing, the
company will also launch a US$400 million - US$500 million Hong
Kong initial public offering this year.

Reportedly, the deal is sponsored by Credit Suisse and UBS,
while Merrill Lynch is sponsoring the China ITS offering.

                      About Giti Tire

GITI Tire is the largest motor vehicle tire manufacturer in
China.  As a holding company, it is incorporated in Singapore
and headquartered in Shanghai. All of its 6 production plants
are located in Mainland China.  It is a private company
ultimately owned by the Liem family, which has a Singaporean-
Indonesian background.  GITI also has a minority interest in PT
Gajah Tunggal Tbk (B2/negative), an Indonesian tire producer.

As reported by the Troubled Company Reporter-Asia Pacific
Feb. 14, 2007, Moody's Investors Service has affirmed its B3
rating on GITI Tire Pte Ltd's senior secured note following the
issuance's completion.  At the same time, Moody's has affirmed
GITI's B2 corporate family rating.  Moody's has also removed
both ratings from their provisional status.  The ratings outlook
is stable.

On January 9, 2007, Standard & Poor's Ratings Services assigned
its 'B+' corporate credit rating to GITI Tire  Pte. Ltd.  The
outlook is stable.  At the same time, Standard & Poor's assigned
its 'B-' issue rating, subject to review of final documentation,
to a proposed issue of up to US$200 million in senior secured
notes due 2012.


*CHINA: Closes All Coal Mines in Sichuan Quake-Affected Area
------------------------------------------------------------
China has closed all coal mines in southwestern Chinese areas
that were affected by the May 12 earthquake, Winnie Zhu of
Bloomberg reports.

According to the report, the Beijing-based China National Coal
Association said that coal mines in other regions should
"actively organize production" to ensure domestic supply and
stabilize coal prices.

Twenty-two coal mines in Sichuan, Chongqing and Gansu provinces
had been affected by the earthquake and twenty coal miners have
been killed and 132 are trapped after it struck near the
southwestern city of Chengdu, the report relates.



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

CHINA FISHERY: 1Q 2008 Net Profit Up 32.6% to US$40.4 Million
-------------------------------------------------------------
China Fishery Group Limited posted positive results for the
first financial quarter, underscoring the stability of the
Group's business that has benefited from a sustained increase in
global demand for food products.

                     Financial Results

For the first financial quarter ended March 31, 2008, the Group
recorded US$40.4 million in net profit, representing a 32.6%
growth from US$30.5 million achieved in the corresponding period
a year ago.  This profit was achieved on the back of
US$119.3 million in revenue, compared to US$121.8 million last
year.

In the Group's trawling operations, which accounted for 81.7% of
1QFY2008 revenue, China Fishery enjoyed organic growth that was
manifested in an increased catch volume and also higher fish
prices.

On improving operating cost efficiencies despite the rise in
fuel costs, and greater contribution from the trawling
operations, 1QFY2008 gross profit increased 25.6% to
US$53.2 million from US$42.4 million a year ago.  Earnings
before interest, tax, depreciation and amortization increased
22.3% to US$56.0 million from US$45.8 million.  Net profit after
tax grew 32.6% to US$40.4 million from US$30.5 million a year
ago.

By geographical markets, East Asia remained the most significant
market for the Group.  The People's Republic of China was China
Fishery's largest market, where sales of fish and fishmeal
accounted for 57.9% of 1QFY2008 revenue.  Sales of premium fish
products to Japan and Korea accounted for another 28.2%.
Prudent financial policies have enabled the Group to maintain a
similar balance sheet profile between the comparative dates of
March 31, 2008 and December 31, 2007.  As at the end of the
reporting period, the Group had a debt-to-total assets ratio of
45.8%, as compared to 45.3% as at 31 December 2007.  There was
also an improvement in net debt-to-equity ratio from 108.3% to
100.3% on higher retained earnings during this period.  As at
March 31, 2008, China Fishery had US$41.4 million in net working
capital and held US$23.4 million in cash and bank balances.

Commenting on China Fishery's 1QFY2008 results, Group Managing
Director Mr Ng Joo Siang says, "Our first quarter results
reiterates the stability of our trawling business, which has
consistently produced good profit margins for us all these
years.  Backed by rising demand and controlled supply, we also
see that fish prices have risen steadily through the years,
forming a natural hedge against any increase in operating
expenses."

"Our fishmeal operations recorded a smaller contribution in the
first quarter this year, due mainly to lower average selling
prices when comparing year-on-year. Nevertheless, fishmeal
prices have already recovered from their lowest levels in late-
2007, and we maintain a positive outlook on this operation for
the rest of 2008."

                     Outlook in 2008

Buttressed by burgeoning demand for all food products globally,
the management maintains a positive outlook on the global demand
for fish.  At the same time, demand for fishmeal is also
expected to increase, driven by needs to increase animal protein
production worldwide.  These trends will continue to favor China
Fishery's business ahead.

In its trawling operations, China Fishery expects to deliver a
higher volume of fish catch this year.  It will also continue to
execute its strategy of securing more long-term access to
fishery resources, by enlarging its fishing fleet or by making
inroads to relatively unexplored new fishing grounds, such as
those in the South Pacific Ocean.  To this end, the Group will
deploy 3 upgraded super trawlers for fishing operations to the
South Pacific Ocean in the second half of 2008, and expects to
gain early mover advantage in this fishing ground.

In the fishmeal processing operations, China Fishery acquired an
additional fishmeal plant in Central-South Peru in April 2008,
bringing its total number of fishmeal plants in Peru to 8, and
thereby improving the geographical dispersion of its processing
plants along the Peruvian coast.  The management will continue
to dedicate efforts to enhancing operating performance in this
business segment, while bearing a prudent stance in future
acquisitive activities.

                    About China Fishery

China Fishery Group Ltd's main operations are deep-sea
industrial fishing in the Pacific and the provision of
management services for fishing vessels.  It employs over 600
crew and officers.  Its catches are processed onboard and
frozen, packed and delivered to market.  It recently acquired
Alexandra SAC, which operates in Peru's fishing and fishmeal
processing markets.

                       *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
Feb. 20, 2007, Moody's Investors Service on Feb. 16, 2007,
affirmed its B1 rating for CFG Investment SAC's senior unsecured
notes, which are unconditionally and irrevocably guaranteed by  
China Fishery Group Ltd, following the issuance's completion.

At the same time, Moody's has affirmed CFG's B1 corporate family
rating.  Moody's has also removed both ratings from their
provisional status.  The ratings outlook is stable.


CREATE LICENCE: Court to Hear Wind-Up Proceedings on June 4
-----------------------------------------------------------
On March 28, 2008, Tong Tai Kwok, filed a petition to have
Create Licence Limited's operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
June 4, 2008, to hear the petition.

The petitioners' solicitor can be reached at:

          Chong Yan-tung Chris
          34th Floor, Hopewell Centre
          183 Queen's Road East
          Wanchai, Hong Kong


METZIER INTERNATIONAL: Declares Dividend for Creditors
------------------------------------------------------
Metzier International (Asia) Limited, which is in liquidation,
declared its dividend for its creditors.

Only creditors who were able to file their proofs of debt by
May 23, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

          Rod Sutton
          Hong Kong Club Building
          14th Floor, 3A Charter Road
          Hong Kong


MOULIN GLOBAL: Declares Dividend for Creditors
-----------------------------------------------
Moulin Global Eyecare Manufacturing Limited, which is in
liquidation, declared its dividend for its creditors.

Only creditors who were able to file their proofs of debt by
May 23, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

          Rod Sutton
          Hong Kong Club Building
          14th Floor, 3A Charter Road
          Hong Kong


PEACEFUL INT'L: Court to Hear Wind-Up Proceedings on June 11
------------------------------------------------------------
On April 9, 2008, So Lai, filed a petition to have Peaceful
International Tourism Limited's operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
June 11, 2008, to hear the petition.

The petitioners' solicitor can be reached at:

          Chong Yan-tung Chris
          34th Floor, Hopewell Centre
          183 Queen's Road East
          Wanchai, Hong Kong


PROFESSIONAL: Court to Hear Wind-Up Proceedings on June 4
---------------------------------------------------------
On March 27, 2008, Leung Siu Kuen, filed a petition to have
Professional Production Group Limited's operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
June 4, 2008, to hear the petition.

The petitioners' solicitors can be reached at:

          K.B. Chau & Co.
          Wing Lung Bank Building, 16th Floor
          45 Des Voeux Road Cemtral, Hong Kong


SUN KONG: Court to Hear Wind-Up Proceedings on June 18
------------------------------------------------------
On April 15, 2008, Chan Chun Fung, filed a petition to have Sun
Kong Hing Engineering Limited's operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
June 18, 2008, to hear the petition.

The petitioners' solicitor can be reached at:

          Messrs. K.H. Yuen
          David Cheung
          Hollywood Plaza, 11th Floor
          Room 1103, No. 610 Nathan Road
          Mongkok, Kowloon


SUN SUMMIT: Court to Hear Wind-Up Proceedings on June 4
-------------------------------------------------------
On March 27, 2008, Kwan Kit Sang, filed a petition to have Sun
Summit Limited's operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
June 4, 2008, to hear the petition.

The petitioners' solicitors can be reached at:

          K. B. Chau & Co.
          Wing Lung Bank Building, 16th Floor
          45 Des Voeux Road, Central
          Hong Kong


TAI SHING: Members' Final Meeting Set for June 4
------------------------------------------------
Members of Tai Shing Trading Holdings Limited will have their
final general meeting on June 4, 2008, at Ground Floor, 105
Portland Street, Kowloon, in Hong Kong to hear the liquidator's
report on the company's wind-up proceedings and property
disposal.

The company's liquidator is:

         Yeung Chung Hung
         Ground Floor, 105 Portland Street
         Kowloon, Hong Kong


UDL HOLDINGS: Hires Leung Yat Tung as Chief Executive Officer
-------------------------------------------------------------
UDL Holdings Limited appointed Mr. Leung Yat Tung as the
company's Executive Director and Chief Executive Officer,
Reuters reports.

According to the report, the appointment took effect on May 2,
2008.

Hong Kong-based, UDL Holdings Limited is an investment holding
company.  The company's subsidiaries operate in the marine
engineering, structural steel engineering and general contract
work.

The Troubled Company Reporter - Asia Pacific reported on
February 16, 2007 that the company has a capital deficiency of
US$9.31 million, on total assets of US$12.04 million.


WINITEX ENTERPRISE: Court to Hear Wind-Up Proceedings on June 18
----------------------------------------------------------------
On April 14, 2008, Sun Chi Kin, filed a petition to have Winitex
Enterprises Limited's operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
June 18, 2008, to hear the petition.

The petitioners' solicitor can be reached at:

          Chong Yan-tung Chris
          34th Floor, Hopewell Centre
          183 Queen's Road East
          Wanchai, Hong Kong


YCY DESIGN: Court to Hear Wind-Up Proceedings on June 18
--------------------------------------------------------
On April 11, 2008, YCY Design & Engineering Limited, filed a
petition to have its operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
June 18, 2008, to hear the petition.

The petitioners' solicitors can be reached at:

          Terry Yeung & Lai
          Suite 1411-12, Wing On Centre
          111 Connaught Road Central
          Hong Kong



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

AES CORP: Fitch Rates Senior Unsecured Notes at 'BB/RR1'
--------------------------------------------------------
Fitch Ratings has assigned a 'BB/RR1' rating to AES
Corporation's (AES) $600 million issuance of senior unsecured
notes maturing 2020.  AES' long-term Issuer Default Rating (IDR)
is rated 'B+'. Fitch's rating is based on its expectation that
AES will use the proceeds to pay down higher-cost debt. The
Rating Outlook is Stable.

The ratings of AES reflect the large amount of parent-company
recourse debt, the structural subordination of that debt to
subsidiary debt, and the reliance on distributions from its
subsidiaries for parent company debt service.  Offsetting, in
part, the company's financial risk is the solid base of cash
flow from utility businesses and contracted generation as well
as the diversity of cash flow sources.  The current Stable
Rating Outlook reflects Fitch's expectation that credit metrics
will stay within parameters for the current rating.

Headquartered in Arlington, Virginia, AES Corporation --
http://www.aes.com/-- a global power company, operates in South  
America, Europe, Africa, Asia and the Caribbean countries.  
Generating 44,000 megawatts of electricity through 124 power
facilities, the company delivers electricity through 15
distribution companies.  Its consolidated revenues totaled
$13.6 billion during fiscal year 2007.

AES has been in Eastern Europe for over ten years, since it
acquired three power plants in Hungary in 1996.  Currently, AES
has two distribution companies in Ukraine, which serve 1.2
million customers and generation plants in the Czech Republic
and Hungary.  AES is also the leading company in biomass
conversion in Hungary, generating 37% of the nation's total
renewable generation in 2004.

AES started developing projects in India and Pakistan in 1992
and entered China's market in 1994.  In 1996, AES joined with
Chinese partners to build Yangcheng, the country's first "coal
by wire" power plant, to help fuel China's rapid economic
expansion through affordable power.  In India, AES successfully
participated in the country's first and only generation
privatization.


BANK OF BARODA: Inks MOU With Dubai Properties
----------------------------------------------
Bank of Baroda has entered into a Memorandum of Understanding
with a real estate company, Dubai Properties, whereby the bank
will provide home finance to buyers of residential units in a
number of Dubai Properties’ projects across the UA, AME Info
News reports.

According to the report, the agreement was signed by Mohamed S.
Binbrek, Chief Executive of Dubai Properties, and Ashok K.
Gupta, Chief Executive, GCC Operations, Bank of Baroda.

Mr. Gupta said that the agreement will facilitate to help
individuals fulfill the dreams of owning their own homes and
will be a step towards making Bank of Baroda the first choice of
every customer, the report added.

Headquartered in Vadodara, India, Bank of Baroda --
http://www.bankofbaroda.com/-- is a provider of banking
services in India.  Bank of Baroda has branches in the Bahamas,
Belgium, the Fiji Islands, Mauritius, Republic of South Africa,
Seychelles, Singapore, Sultanate of Oman, United Arab Emirates,
the United Kingdom, and the United States of America.

                         *     *     *

On July 2007, Standard & Poor's assigned its 'BB' issue rating
to Bank of Baroda's US$300 million upper Tier-II subordinated
notes due 2022.

Fitch Ratings, on May 9, 2007, assigned 'BB' ratings to Bank of
Baroda's proposed unsecured subordinated Upper Tier 2 notes
(expected size: US$250 million plus greenshoe option), as well
as the hybrid Tier 1 debt to be issued under its USD1.5 billion
medium-term notes program.  Fitch said the outlook on all
ratings is stable.


BHARTI AIRTEL: In Talks with MTN for Possible Full Takeover
-----------------------------------------------------------
Bharti Airtel Ltd.'s discussion with MTN Group Ltd. are now
centered on a full takeover by the Indian operator for a
combination of cash and stock, The Wall Street Journal reports,
citing a person familiar with the situation.

The person told the Journal that Bharti still wants the majority
control, which is 51% stake, but MTN prefers a full takeover so
talks this week are focused on this and how it could be done.

Bharti was considering paying as much as US$20 billion in cash
and the rest through a share swap.  MTN's current market value
is US$36 billion, the Journal relates.

Last week, people familiar with the situation told the Journal
that the company is also considering an offer of 175 rand a
share and that it is looking for about US$20 billion in
financing before making an official bid, which could come in the
next ten days.

However, four of MTN's ten biggest investors said on Tuesday
that they wouldn't accept less than 180 rand a share, regardless
of whether the deal would end up being a partial or a full
takeover, the Journal says.

According to the Journal, Bharti has pledges of about US$12
billion in financing from firms including Standard Chartered PLC
and Goldman Sachs Group Inc.  It also has contacted Middle
Eastern sovereign-wealth funds and banks around the world in a
search for additional cash to back its bid.

                           About MTN

South Africa-based MTN is one of the largest global system for
mobile communications operators in Africa and the Middle East by
number of subscribers.  At end-December 2007, it had 61 million
subscribers across 16 African countries, 5 countries in the
Middle East and operations in Cyprus.  MTN is also listed on the
JSE Limited.  Currently, 63.7% of MTN's shareholding structure
is free float, with the largest individual shareholders being
Public Investment Corporation (13.5%), Newshelf 664
Limited(13.0%), and M1 Limited (9.8%).

                       About Bharti Airtel

Headquartered in New Delhi, India, -- Bharti Airtel
Limited's -- http://www.bhartiairtel.in-- is a telecom services   
provider.  The company has three business units: Mobile
Services, Broadband & Telephone Services and Enterprise
Services.


CANARA BANK: IRDA Grants Life Insurance License
-----------------------------------------------
Insurance Regulatory and Development Authority has granted
license to Canara Bank and HSBC to jointly launch a life
insurance company in India, TradingMarket.com news reports.

According to the report, the new company, to be called Canara
HSBC Oriental Bank of Commer Life Insurance Company Limited, has
already been capitalised with INR325 crore.

The report relates that Canara Bank Chairman and MD M B N Rao
said that alongside the regulatory approval, a project team has
been established in Gurgaon to build the significant operational
and sales support capability that will be needed to serve the
immense distribution reach of the shareholders.

Headquartered in Bangalore, India, Canara Bank --
http://www.canbankindia.com-- provides services to a diverse   
clientele group with a range of subsidiaries and sponsored
institutions. The bank services include networked automated
teller machines, anywhere banking, telebanking, remote access
terminals Internet, and mobile banking and debit card. The
bank's Merchant Banking Division handles assignments as
arrangers/lead manager/co-manager/manager to the
offer/advisor/share valuator. Bancassurance arm of the Bank has
tie up arrangements in both life and non-life insurance
segments. Corporate Cash Management Services network of the Bank
provides services related to local and upcountry cheque
collection, bulk cheques collection and zero balance account
facility. Executor, Trustee and Taxation Services of the bank
provides services, such as debenture trusteeship, will and
executorship, trusteeship, personal tax assistance and power of
attorney services. Its Agricultural Consultancy Services handled
60 projects during the fiscal year ended March 31, 2006.

                           *     *    *

On April 24, 2008, Fitch Ratings affirmed the company's Long-
term foreign currency at 'BB'.

In addition, Standard & Poor's Ratings Services, on July 4,
2007, assigned its 'BB' issue rating to Canara Bank's
US$250 million Upper Tier II subordinated notes due in 2021.


ESSAR OIL: Expresses Interest in ONGC's Kakinada Refinery
---------------------------------------------------------
Essar Oil is eying Oil and Natural Gas Corporation's proposed
INR26,500-crore refinery at Kakinada, Andhra Pradesh, despite
the stand of ONGC that the refinery is not financially feasible
unless the Andhra Pradesh government gives it more incentives,
MSN News reports.

Hinduja group and Reliance Industries (RIL) are also interested
in the refinery and together with Essar Oil, the three parties
are in discussions with Andhra Pradesh government for a stake in
the Kakinada refinery, the report says citing a top ONGC
executive.

According to the report, the 15-million-tonne-per-annum refinery
will be implemented by Kakinada Refinery and Petrochemicals.  
ONGC's subsidiary Mangalore Refinery and Petrochemicals holds
26% stake in Kakinada Refinery, while IL&FS holds 51% and the
remaining stake is held by the Andhra Pradesh government.

Both RIL and Essar Oil operate mega refineries in Gujarat.  The
executives of the two companies said they were evaluating stake
purchase in the Kakinada refinery, said the report.

An analyst cited by MSN News stated that the fact that the
refinery is proposed to be set up in a special economic zone is
attracting interest from various companies since it will get
various tax incentives.

Plus the fact that Kakinada has a port made the refinery
feasible to the interested companies since acording to them, the
products can be exported to Southeast Asian countries.

Moreover, there are plans to construct a one-million-tonne-per-
annum petrochemical plant alongside the refinery, the report  
notes.

"The petrochemical plant will add value as the petrochemicals
margins are expected to remain strong till the end of 2013," an
RIL executive was cited by MSN News as saying.

                         About Essar Oil

Headquartered in Jamnagar, India, Essar Oil Limited --
http://www.essar.com-- is engaged in the exploration,    
production and marketing of oil and gas.  The company's
principal activities are to develop, explore, produce, and
refine oil and gas.  Vadinar Power Company Limited is a wholly
owned subsidiary of the company.

On August 23, 2005, CRISIL Ratings reaffirmed the outstanding
"D" rating on the INR5.65 billion and INR2 billion Non-
Convertible Debenture programmes of Essar Oil Limited.  The
rating indicates that the instruments are in default.



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

MAYBANK: Records RM3.07 Bil. 9-Months Pre-Tax Profit
----------------------------------------------------
The Maybank Group reported a pre-tax profit of RM3.07 billion
for the nine months ended March 31, 2008, an increase of 1.2%
compared with the RM3.03 billion recorded in the previous
corresponding period.

Group profit after tax for the nine months period was 4.7%
higher at RM2.23 billion compared with RM2.12 billion
previously.

                       Q3 2008 vs Q3 2007

For the quarter ended March 2008, Group profit before tax was
RM1.02 billion, 0.8% lower than the RM1.03 billion recorded in
the quarter ended March 2007.  Profit after tax was similarly
lower by 0.8% at RM758.6 million compared with RM764.6 million
previously.

                       Overview of Results

Maybank Chairman Tan Sri Mohamed Basir Ahmad said the Group
continued to record growth in revenue from its consumer banking,
insurance and international operations as well as significantly
lower loan loss and provisions during the period.

However, he said the results were impacted by the challenging
market conditions arising from the slowdown in the US economy
and consequent credit crunch as well the volatile equity and
bond markets.  This caused an increase in unrealized losses from
marked-to-market derivatives and securities held for trading as
well as fewer opportunities in the capital markets.

He added that Group revenue after interest expense for the nine
months grew 2.4% to RM6.65 billion from RM6.49 billion
previously, led by consumer banking (up 13.1% to RM2.96
billion), insurance (up 3.1% to RM532.6 million) and
international operations (up 12.6% to RM1.08 billion).

However, the higher revenue was moderated by the RM353.4 million
in unrealized losses from derivatives recorded during the period
compared with only RM90.4 million previously.  If these figures
were excluded, adjusted revenue would have grown 6.4% to RM7
billion against RM6.58 billion previously while Group profit
before tax would have registered a 9.5% rise to RM3.42 billion
compared with RM3.12 billion previously.

Commenting on the Group’s international operations, Maybank
President and Chief Executive Officer Dato’ Sri Abdul Wahid Omar
said that its higher revenue translated into a 32.6% rise in
profit before tax which reached RM656.7 million against RM495.1
million previously.

“The contribution from our international operations in terms of
profit before tax to the Group continues to grow, reaching 18.7%
in March 2008 compared with 15.6% in March 2007.  This is a
result of our strategy to steadily expand this area of business
and tap on the significant growth potential in the region,” he
said.

He added that the proposed acquisitions of equity in banks in
Vietnam, Indonesia and Pakistan which were announced recently,
would further accelerate the Group’s expansion regionally, and
generate even greater value in line with the target of having
international operations contribute 20% of Group profit by the
financial year 2009/2010.

The results of the investment banking group was 36% lower in
profit tax which totalled RM120.8 million due to more
challenging market conditions which resulted in fewer investment
banking opportunities.  In addition, the previous corresponding
period had included the sum of RM52.5 million which was received
for the surrender of the licence of Mayban Discount.

The insurance & takaful group recorded a 6.5% increase in profit
before tax totalling RM241.2 million compared with RM226.5
million previously.

For the nine months period ended March 2008, the Group saw gross
loans growing stronger at an annualised rate of 9.7%.  The
Malaysian operations saw overall loans expand 6.1% on an
annualized basis.  Overall consumer loans grew by 7.8% led by a
strong increase in automobile financing (+15.3%), credit card
receivables (+20.5%) and securities (11.5%).  Loans to the
business sector increased by 4.6% on an annualized basis with
SME lending registering growth of 13%. Loans growth in Maybank’s
Singapore operations grew at an annualised rate of 19.2% (in
Singapore Dollar terms) whilst other overseas locations
collectively recorded a 11% rise, with higher growth coming from
Hong Kong/China and the United Kingdom which saw a major portion
of the loans growth emanating from the Middle East.

Group net interest income for the nine month increased on the
back of the larger gross loan base, rising 6.3% to RM4.08
billion compared with RM3.83 billion previously.  This was
despite a 10 basis points tightening in net interest margin to
2.70% from 2.80% for the nine months period. For the March
quarter, the net interest margin was at 2.72%.

Non-interest income for the period declined 5.7% to RM1.88
billion owing mainly to the unrealised losses from the marking
to market of derivatives and provisions for diminution in value
of securities.  Transactional non-interest income, however, grew
16.0% to RM1.99 billion due to the Group’s strong customer
franchise.

The Group’s Islamic Banking operations registered a 4.5% rise in
gross income for the nine months period to RM691.5 million from
RM662 million previously.  For the quarter to March 2008, gross
income increased by 41.6% to RM267.8 million attributable mainly
to higher business volumes.

The Group continues to have strong market share in most Islamic
banking segments such as overall financing (23.9%), trade
financing (40.9%) overdraft (53.1%), automobile financing (23%),
home financing (31.4%) and deposits (15.6%).

Group asset quality continued to improve steadily with loan loss
and provisions for the nine months period declining by 30.2% to
RM451.9 million compared with RM647.7 million previously. In
addition, newly classified non-performing loans (NPLs) as at
March 31, 2008 fell by 7.3% compared with the previous
corresponding period.

Consequently, the net NPL ratio of the Group as at March 31,
2008 fell to 2.43% compared with 3.03% in June 2007.  Loan loss
coverage rose further to 87.2% in March 2008 against 80.3% in
June 2007.  The risk weighted capital ratio of the Bank as at
March 2008 stood at 12.68%.

Total assets of the Group grew in the nine months period to
RM258.9 billion compared with RM256.7 billion last year while
total deposits from customers expanded 17.52% to reach RM185.2
billion.

                            Prospects

The prospects of a slowing US economy that threatens to slide
into recession presents a downside risk to Malaysia’s external
sector especially in curbing manufacturing exports growth.
Nevertheless, domestic and business spending is expected to
remain resilient, upheld by sturdy consumer spending, despite
some risk of inflationary pressures.

However, overall, the slightly restrained economic performance
would still provide sustained growth in interest income and
recurring non-interest income.  The Group remains confident in
sustaining its financial results for the current financial year.

                          About Maybank

Headquartered in Kuala Lumpur, Maybank --
http://www.maybank2u.com.my/-- is the largest bank in Malaysia  
with consolidated assets of RM264 billion (US$83 billion) at
end-2007.

Maybank was incorporated on May 31, 1960 and commenced
operations on September 12 , 1960.  The Group has over 450
offices in the 14 countries namely, Malaysia, Singapore,
Philippines, Brunei Darussalam, Indonesia, Vietnam, Cambodia,
Papua New Guinea, Hong Kong SAR, People’s Republic of China,
Bahrain, Uzbekistan,  Pakistan, Great Britain and United States
of America.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Mar. 31, 2008, Moody's Investors Service affirmed Malayan
Banking Berhad's (Maybank) deposit and debt ratings, which have
maintained stable outlooks.  At the same time, the bank's
financial strength rating (BFSR) of “C” has also been affirmed
but its outlook has been changed to negative from stable.



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

HITACHI LTD: Cuts Shares in Japanese Stock Exchanges
----------------------------------------------------
Hitachi Ltd (NYSE: HIT) disclosed Tuesday the reduction of
number of shares constituting investment unit on Japanese stock
exchanges.

Hitachi believes that the number of shares constituting
investment unit in Japanese stock exchanges should be carefully
examined from the perspectives of the liquidity  of Hitachi
stock, shareholder composition and other items

Because Hitachi believes that its shares currently have
sufficient liquidity, the company believes that it would be
difficult to obtain benefits that would justify the cost of a
change in the number of shares constituting investment unit.

Hitachi will continue to consider actions related to the
establishment of a suitable number of shares constituting
investment unit.

                       Second Annual Loss

For the 2007 fiscal year ended March 31, 2008, Hitachi incurred
a second annual  loss of JPY58,125 million on total revenues of
JPY11,226,735 million.  The company incurred a net loss of
JPY(32,799) million on total revenues of JPY10,247,903 million
for year ended March 31, 2007.

As of March 31, 2008, the company reported JPY2,170,612 million
in total shareholders' equity on total assets of JPY10,530,847
million, compared to total shareholders' equity of JPY2,442,797
million on JPY10,644,259 million in total assets as of March 31,
2007.

                          About Hitachi

Headquartered in Tokyo, Japan, Hitachi Ltd. (NYSE: HIT) -–
http://www.hitachi.com/-- is a maker of mainframes, as well as  
semiconductors, servers, and other information system and
telecommunications technologies.  Hitachi also makes elevators
and escalators, industrial robots and control systems, and power
plant equipment. The company's power and industrial systems unit
is its biggest revenue producer. Other products include metals,
wire, and cable. Hitachi's consumer goods range from TVs to
refrigerators and washing machines; the company also has
operations in financial services, property management, and
transportation.


SHINSEI BANK: Subsidiary to Sell Property in Meguro
---------------------------------------------------
A wholly owned subsidiary of Shinsei Bank Limited will sell a
property in Meguro that currently houses the Bank’s Meguro
Financial Center and a number of IT and operations functions.

Due to business expansion in recent years, the Bank’s IT center
in particular has outgrown the 30-year-old Meguro building.  A
central Tokyo location for these operations is no longer
necessary, given advances in technology, and repositioning them
is more prudent from the point of view of continuity-of-business
planning, Shinsei Bank said in a press statement.

Shinsei’s agreement to the sale is part of an ongoing effort to
realign operations to improve efficiency and maximize
shareholder value.

Chowa Tatemono, a consolidated subsidiary within the Shinsei
Group, currently owns the Meguro property.  As a result of the
transaction, Chowa Tatemono expects to record a gross gain of
10.0 billion yen while Shinsei Bank expects to record a net gain
of approximately 5.0 billion yen on both its consolidated and
non-consolidated net income.  The profits have already been
accounted for in the fiscal 2008 financial forecasts.

The building for sale, located at 2-546-1 Kamioosaki, Shinagawa-
ku, in Tokyo, has a sales value of 19.2 billion yen and a book
value of billion yen.

The purchaser of the asset is Kamioosaki 2 Chome Capital TMK, an
affiliate of the Lone Star Real Estate Fund.

The sale contract was signed May 14, 2008, and the expected
transfer date of the benefit is May 30, 2008.

                        About Shinsei Bank

Headquartered in Tokyo, Japan, Shinsei Bank Ltd --  
http://www.shinseibank.com/-- is a financial institution  
providing a full range of financial products and services to
both institutional and retail customers based on a three-pillar
strategic business model comprising institutional banking,
consumer and commercial finance and retail banking.  The Bank
has total assets of 11.5 trillion yen (US$115 billion) on a
consolidated basis (as of March 2008) and a network of 41
outlets that includes 35 Shinsei Financial Centers, 2 Platinum
Centers and 4 BankSpots in Japan.

                          *     *     *

As of May 15, 2008,  Shinsei Bank Ltd continues to carry a “BB”
Subordinated Debt rating, which was placed by Mikuni Credit
Ratings on October 25, 2006.


SHINSEI BANK: Names 3 Exec. Officers and Director Candidates
------------------------------------------------------------
Following a meeting of its Board of Directors held May 14, 2008,
Shinsei Bank Limited named director candidates to be recommended
to the 8th annual general meeting of shareholders scheduled for
June 25, 2008, and changes to executive personnel.

Chairman Junji Sugiyama will resign following the annual
shareholders’ meeting on June 25, citing personal reasons.

Masamoto Yashiro, who was Shinsei’s CEO and chairman from 2000
to 2005 and remained chairman until 2006, will rejoin Shinsei’s
board of directors as non-executive chairman of the board.  
Yashiro was instrumental in Shinsei’s founding and has been
active as a senior advisor to Shinsei since 2006.

“I thank Sugiyama-san for his hard work and service to Shinsei.  
He played an important role in the expansion of our business in
Japan, particularly in the consumer banking field and our
institutional business,” said Thierry Porté, President and CEO
of Shinsei Bank.  “At the same time, we are pleased to be
welcoming back Yashiro-san, a visionary leader who played a key
role in making Shinsei a different kind of Japanese bank.  I
look forward to his more active involvement in the business
going forward.”

Sugiyama, who joined the bank in June 2005 and was named
chairman in June 2006, contributed greatly to the successful
integration of the consumer finance company Aplus Co., Ltd.,
into the Shinsei Group.  After stepping down, he plans to spend
time mentoring young people pursuing financial careers.  
Sugiyama will also resign as chairman of Aplus as of June 27.

Oki Matsumoto, founder and chief executive of Monex Beans
Holdings Inc., will also join the Shinsei board.  A respected
investment banker and entrepreneur, Matsumoto changed the game
in the online brokerage business and will be a valuable addition
to Shinsei’s board.

Mr. Lucio Noto, a former vice chairman of Exxon Mobil
Corporation, will be leaving the board.  “Noto was an active
board member and I would like to thank him for his
contributions,” said CEO Porté. “His expertise and sage advice
was very much appreciated.”

Masazumi Kato and Junzo Tomii, currently senior managing
executive officers, will each be named representative statutory
executive officer and executive vice president.  Kato and Tomii
will assist in the development of Shinsei’s strategy and attend
to clients and regulators at the most senior level.

Shinsei General Counsel Akira Ito will be appointed
representative statutory executive officer and senior managing
executive officer.  He will take on new administrative
responsibilities aimed at streamlining business processes in
addition to his responsibilities for legal and compliance
matters.

                        About Shinsei Bank

Headquartered in Tokyo, Japan, Shinsei Bank Ltd --  
http://www.shinseibank.com/-- is a financial institution  
providing a full range of financial products and services to
both institutional and retail customers based on a three-pillar
strategic business model comprising institutional banking,
consumer and commercial finance and retail banking.  The Bank
has total assets of 11.5 trillion yen (US$115 billion) on a
consolidated basis (as of March 2008) and a network of 41
outlets that includes 35 Shinsei Financial Centers, 2 Platinum
Centers and 4 BankSpots in Japan.

                          *     *     *

As of May 15, 2008,  Shinsei Bank Ltd continues to carry a “BB”
Subordinated Debt rating, which was placed by Mikuni Credit
Ratings on October 25, 2006.


SHINSEI BANK: Returns to Profit in FY Ended March 31, 2008
----------------------------------------------------------
Shinsei Bank Limited reported consolidated net income of 60.1
billion yen for the fiscal year ended March 31, 2008 (fiscal
year 2007), compared to a consolidated net loss of 60.9 billion
yen reported in fiscal year 2006.

Consolidated cash basis net income in fiscal year 2007 was 71.3
billion yen, compared to 35.3 billion yen in fiscal year 2006.

Total revenue in fiscal year 2007 was 262.7 billion yen or down
2.1% compared to the previous fiscal year due mainly to mark-
downs related to the U.S. residential mortgage portfolio.

General and administrative expenses in fiscal year 2007
increased 5.2% to 157.8 billion yen due mainly to the inclusion
of Shinki’s expenses from the second half of fiscal year 2007
and the addition of employees to expand the scale of operations
in the Institutional Banking Group.  The expense-to-revenue
ratio in fiscal year 2007 was 60.1%, compared to a ratio of
55.9% in the previous fiscal year.

Net credit costs in fiscal year 2007 increased 21.6 billion yen
or 41.7% to 73.5 billion yen due mainly to an increase in credit
reserves related to the U.S. residential mortgage portfolio.

Amortization of goodwill and other intangible assets associated
with the acquisition of consumer and commercial finance
companies was 12.5 billion yen in fiscal year 2007, compared
with 20.8 billion yen in the previous fiscal year.  The decline
reflects the significant write-down of goodwill and other
intangible assets at March 31, 2007.

Other gains of 73.7 billion yen were recorded in fiscal year
2007, compared to the recognition of other losses of 111.3
billion yen in the previous fiscal year.  The gains include the
contribution from the sale of the Shinsei headquarters building
and Life Housing Loan Co., Ltd.  The rise in income taxes is due
mainly to taxes associated with the sales.

Minority interests in net income of subsidiaries in fiscal year
2007 amounted to 18.0 billion yen, up 1.4 billion yen from the
16.6 billion yen recorded in the previous fiscal year.

                        Balance Sheet Data

Shinsei Bank’s total assets increased from 10,837.6 billion yen
at March 31, 2007, to 11,525.7 billion yen at March 31, 2008.  
The higher balance was due mainly to an increase in loans and
bills discounted and securities.  Loans and bills discounted
increased from 5,146.3 billion yen at March 31, 2007, to 5,622.2
billion yen at March 31, 2008, due mainly to growth in housing
loans, specialty finance loans and the consolidation of SHINKI
Co., Ltd.  The balance of securities increased from 1,854.6
billion yen at March 31, 2007, to 1,980.2 billion yen at March
31, 2008. The rise is due mainly to an increase in Japanese
corporate bond holdings that include non-recourse bonds.

Total deposits and negotiable certificates of deposit increased
385.7 billion yen or 7.1% to 5,806.6 billion yen, compared to
March 31, 2007.  Shinsei Bank has been diversifying its funding
sources through deposits from retail and institutional
customers.  The retail and institutional deposit balances stood
at 3,993.7 billion yen and 1,812.8 billion yen, respectively, at
March 31, 2008.

Shinsei Bank’s capital ratios remained solid with a Tier I ratio
of 7.37% and a total capital adequacy ratio of 11.74% at March
31, 2008, on a Basel II basis.

“While we were able to return to profitability, fiscal year 2007
was a tough year that was dominated by the U.S. residential
mortgage crisis,” said Thierry Porté, President and CEO of
Shinsei Bank.  “While we cannot be satisfied with these results,
we believe we have made the right choices to position our
business for long-term growth as we focus on strengthening our
balance sheet and developing our businesses.”

                       Business Line Results

   Institutional Banking
   ---------------------

The Institutional Banking business continued to see steady
demand for loans and deposits.  While corporate loans achieved a
higher balance in fiscal year 2007 compared to the previous
fiscal year, overall loan growth was due mainly to a higher
year-on-year balance of specialty finance loans.

Total revenue was 91.2 billion yen in fiscal year 2007, compared
to 117.3 billion yen in the previous fiscal year.  The lower
revenue was primarily the result of the recognition of mark-
downs related to exposure in the U.S. residential mortgage
market and absence of gains from investments that were recorded
in the previous fiscal year.  Ordinary business profit in fiscal
year 2007 was 41.5 billion yen, compared to 73.8 billion yen in
the previous fiscal year due to, among others,
higher costs as Shinsei added employees to expand the scale of
its operations. Ordinary business profit after net credit
(recoveries) costs declined from 77.8 billion yen in fiscal year
2006 to 21.9 billion yen in fiscal year 2007 due mainly to an
increase in reserves associated with the U.S. residential
mortgage market.

   Consumer and Commercial Finance
   -------------------------------

Loans in the Consumer and Commercial Finance business were
almost flat, increasing from 424.9 billion yen at March 31, 2007
to 426.2 billion yen at March 31, 2008. Loans from Shinki, which
became a consolidated subsidiary, were included from the second
half of fiscal year 2007, offsetting the sale of Life Housing
Loan.

Total revenue increased to 127.3 billion yen in fiscal year
2007, compared to 112.2 billion yen in fiscal year 2006, due
mainly to the inclusion of revenues from Shinki in the second
half of fiscal year 2007.  Ordinary business profit in fiscal
year 2007 was 61.0 billion yen, compared to 44.0 billion yen in
the previous fiscal year due mainly to higher overall revenues
as well as lower expenses at APLUS. Ordinary business profit
after net credit costs was 8.7 billion yen in fiscal year 2007,
compared to an ordinary business loss after net credit costs of
9.8 billion yen in the previous fiscal year, due mainly to the
return to profitability at APLUS as well as Shinki that turned
profitable in the second half of fiscal year 2007.

   Retail Banking
   --------------

Retail loans outstanding, which mainly include housing loans, in
the Retail Banking business, increased 41.9% from 639.5 billion
yen at March 31, 2007 to 907.4 billion yen at March 31, 2008.  
This is largely a result of the increase in housing loan
customers, who now exceed 37,000.  Mutual funds and variable
annuities increased 14.8% from 634.2 billion yen in fiscal year
2006 to 727.8 billion yen in fiscal year 2007, while retail
deposits and debentures increased 9.6% from 3,955.7 billion yen
to 4,335.9 billion yen.  Shinsei Bank now has more than 2.2
million account holders.

Total revenue was 34.0 billion yen in fiscal year 2007 compared
to 36.1 billion yen in the previous fiscal year.  The lower
revenue was due mainly to a decline in deposit-related option
income related to structured deposits that declined from 11.3
billion yen in fiscal year 2006 to 5.7 billon yen in fiscal year
2007.  The business recorded an ordinary business loss after net
credit costs of 6.3 billion yen in fiscal year 2007, compared to
an ordinary business loss after net credit costs of 1.6 billion
yen in the previous fiscal year.  This was a result of lower
revenues and higher expenses due mainly to the expansion of
distribution channels and growth in customer-driven
transactions.

                         FY 2008 Forecasts

For the fiscal year ending March 31, 2009, Shinsei Bank is
forecasting consolidated “net income” of 62.0 billion yen, and
non-consolidated net income of 60.0 billion yen.

                        About Shinsei Bank

Headquartered in Tokyo, Japan, Shinsei Bank Ltd --  
http://www.shinseibank.com/--  
is a financial institution providing a full range of financial
products and services to both institutional and retail customers
based on a three-pillar strategic business model comprising
institutional banking, consumer and commercial finance and
retail banking.  The Bank has total assets of 11.5 trillion yen
(US$115 billion) on a consolidated basis (as of March 2008) and
a network of 41 outlets that includes 35 Shinsei Financial
Centers, 2 Platinum Centers and 4 BankSpots in Japan.

                          *     *     *

As of May 15, 2008,  Shinsei Bank Ltd continues to carry a “BB”
Subordinated Debt rating, which was placed by Mikuni Credit
Ratings on October 25, 2006.


SOFTBANK CORP: To Seek Shareholders' OK on Preferred Share Issue
----------------------------------------------------------------
Softbank Corp. plans to seek shareholders' approval for a
preferred share issue, Reuters reports.

According to the report, citing The Nikkei business daily, the
company had begun preparatory work for a potential issue of
higher-dividend preferred shares in a bid to cater to the large
number of its individual shareholders.

Softbank Corp. is involved with leisure and service operations,
e-finance, holding company functions for overseas operations,
and back-office services in Japan.  SoftBank's corporate profile
includes various other companies such as Japanese broadband
company Cable & Wireless IDC, cable company BB-Serve, and gaming
company GungHo Online Entertainment.  In 2006, SoftBank bought
Vodafone Japan, giving it a stake in Japan's US$78 billion
mobile market.  As of March 31, 2007, the company's paid-in
capital was JPY163.3 billion.

                        *     *     *

The Troubled Company Reporter-Asia Pacific reported on
June 7, 2007, that Standard & Poor's Rating Agency lifted its
long-term corporate credit and senior unsecured debt ratings to
BB from BB- in light of the company's increasing earnings
stability.  The outlook for the long-term credit rating is
stable.  Moody's Investors Service, on August 9, 2006, upgraded
Softbank Corp.'s stable long-term debt rating and issuer rating
to Ba2from Ba3, concluding a review initiated on March 17, 2006,
when the company announced that it would acquire a 97.7% stake
in mobile phone giant Vodafone Group's Japanese unit, Vodafone
K.K.


SOFTBANK CORP: In Talks to Invest in Alibaba Group's Subsidiary
---------------------------------------------------------------
Softbank Corp. is in talks to invest in Alibaba Group's Japanese
unit, aiming to boost the its business-to-business service in
the country, Sachi Izumi of Reuters reports.

According to the report, citing The Nikkei business daily,
Softbank would invest JPY2 billion (US$19 million) to take a 65%
stake in the unit through a private placement to be conducted
between July and September.  Softbank spokesman Hideo Azuma said
the companies had not agreed on details yet, Reuters relates.

Softbank currently owns about 30% of Alibaba Group, which runs
Yahoo Inc's China operation as well as other Web businesses,  
Reuters says.

                          About Softbank

Softbank is involved with leisure and service operations,
e-finance, holding company functions for overseas operations,
and back-office services in Japan.  SoftBank's corporate profile
includes various other companies such as Japanese broadband
company Cable & Wireless IDC, cable company BB-Serve, and gaming
company GungHo Online Entertainment.  In 2006, SoftBank bought
Vodafone Japan, giving it a stake in Japan's US$78 billion
mobile market.  As of March 31, 2007, the company's paid-in
capital was JPY163.3 billion.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on
June 7, 2007, that Standard & Poor's Rating Agency lifted its
long-term corporate credit and senior unsecured debt ratings to
BB from BB- in light of the company's increasing earnings
stability.  The outlook for the long-term credit rating is
stable.  Moody's Investors Service, on August 9, 2006, upgraded
Softbank Corp.'s stable long-term debt rating and issuer rating
to Ba2from Ba3, concluding a review initiated on March 17, 2006,
when the company announced that it would acquire a 97.7% stake
in mobile phone giant Vodafone Group's Japanese unit, Vodafone
K.K.


SOFTBANK: Must Improve Mobile-Network Management, Ministry Says
---------------------------------------------------------------
Japan's telecommunications ministry ordered Softbank Corp. to
improve the management of its mobile phone networks after
glitches caused service suspensions three times in one month,
Sachi Izum of Reuters reports.

The report relates that the ministry asked Softbank, to outline
measures to prevent such problems and inspect its back-up
equipment.  Some Softbank services were halted on April 9, May 5
and May 6, affecting a combined 1.6 million subscribers.

According to the report, Softbank has been outpacing its rivals
in user signups with the help of its aggressive marketing and
low-cost strategy, but it has experienced occasional problems as
it tries to expand its networks rapidly.

                          About Softbank

Softbank is involved with leisure and service operations,
e-finance, holding company functions for overseas operations,
and back-office services in Japan.  SoftBank's corporate profile
includes various other companies such as Japanese broadband
company Cable & Wireless IDC, cable company BB-Serve, and gaming
company GungHo Online Entertainment.  In 2006, SoftBank bought
Vodafone Japan, giving it a stake in Japan's US$78 billion
mobile market.  As of March 31, 2007, the company's paid-in
capital was JPY163.3 billion.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on
June 7, 2007, that Standard & Poor's Rating Agency lifted its
long-term corporate credit and senior unsecured debt ratings to
BB from BB- in light of the company's increasing earnings
stability.  The outlook for the long-term credit rating is
stable.  Moody's Investors Service, on August 9, 2006, upgraded
Softbank Corp.'s stable long-term debt rating and issuer rating
to Ba2from Ba3, concluding a review initiated on March 17, 2006,
when the company announced that it would acquire a 97.7% stake
in mobile phone giant Vodafone Group's Japanese unit, Vodafone
K.K.



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


CHONGKUNDANG: Signs MOU with Young In to Develop Antibody Meds
---------------------------------------------------------------
Chongkundang Corp. has signed a memorandum of understanding with
Young In Frontier Co., Limited for joint development of new
antibody medicines, Reuters reports.

Chongkundang Pharmaceutical Corporation --
http://www.ckdpharm.com/-- manufactures and distributes  
pharmaceutical products.  The company produces medical drugs in
the fields of systemic anti-infective, cardiovascular system,
alimentary tract, metabolism, and sensory organs.  Chongkundang
Pharmaceutical also constructs apartments and factories.

Korea Investors Service gave Chong Kun Dang's senior unsecured
debt a BB+ rating, while its commercial paper merited a B
rating.



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

SELOGA: Appoints Aldillan, Anuar and Samsudin as Directors
----------------------------------------------------------
Aldillan Bin Anuar, Anuar Bin Adam and Dato' Samsudin Bin Abu
Hassan were appointed as directors of Seloga Holdings Berhad.

Headquartered in Selangor Darul Ehsan, Malaysia, Seloga Holdings
Berhad's -- http://www.seloga.com.my/-- principal activities
are the provision of civil engineering contracting services,
property development, provision of insurance agency services and
investment holding.  Other activities include mechanical and
electrical engineering contracting services and manufacture of
timber moldings.  The Group operates predominantly in Malaysia.

The company is currently classified under the PN-17 list of
Companies under the Bursa Malaysia Securities Bhd.


GOLD BRIDGE: Members Pass Resolutions During AGM
------------------------------------------------
During a general meeting held on May 14, 2008, Gold Bridge
Engineering & Construction Berhad's members passed resolutions,
which includes:

   i) That Dato' Abdul Manaf bin Abdul Hamid and En, Baba Zain
      bin Baba Ein,, who are 70 years old and retiring in
      accordance with Section 129 of the Companies Act, 1965,
      will be re-appointed as the company's director and to hold
      office until the next annual general meeting of the
      company.

   -- re-elect Dato' Nadzir bin Hj Sheikh Fadzir and Dato'
      Abd Aziz bin Hj Sheikh Fadzir in accordance with Article
      97 and 99 of the Company's Articles of Association and
      being eligible, have offered their selves for re-election;

   -- re-appoint Messrs. Ernst & Young as the company's Auditors
      for the ensuing year and to authorize the Directors to fix
      their renumeration

   -- consider and if though fit, pass these resolution as
      ordinary resolutions:

   * Proposed Amendments to the Articles of Association of the
     Company

   * That the payment of Directors' fees amounting to MYR36,000
     for the year ended June 30, 2007.

Headquartered in Kuala Lumpur, Malaysia, Gold Bridge Engineering
& Construction Berhad develops residential and commercial
properties and provision of civil engineering and general
construction services.  The Company's other activities include
boat building and repairing of ships, manufacturing and
supplying of ready-mixed concrete and provision of related
services, management of golf and beach resort and investment
holding.  Operations are carried out principally in Malaysia.
The Company has incurred losses in the past.  It also defaulted
on several loan facilities, which caused it to fall under Bursa
Malaysia Securities Berhad's Practice Note 1/2001 category.

Ernst & Young have expressed a significant doubt about the
group's and the company's abilities to continue as going
concerns after auditing annual consolidated audited accounts for
the year ended June 30, 2007.  The auditor pointed to the group
and the company's net losses attributable to equity holders of
MYR49,234,514 and MYR24,346,767 respectively and net current
liabilities of the group and of the company of MYR115,806,799
and MYR25,919,289 respectively.  Furthermore, the group and the
company have defaulted in the repayment of bank borrowings
totaling to MYR6,311,782 and MYR4,178,366 respectively, while
the group and the company have also not paid their tax
liabilities of MYR73,380,810 and MYR22,951,425 respectively.


THE SHAW GROUP: Signs 10-Year Lease Deal With Piedmont Office
-------------------------------------------------------------
Piedmont Office Realty Trust has signed a new 10-year lease with
The Shaw Group, to expand Shaw's Houston offices to the entire
building at 1430 Enclave Parkway.

The Shaw Group is adding an additional 106,500 square feet to
its existing 206,000-square-foot offices; the building is
located in the Enclave Office Park, in West Houston's Energy
Corridor.

"We are pleased to further our relationship with Shaw and meet
their expansion needs," said Damian Miller, asset manager for
Piedmont.

Stone & Webster, which Shaw later acquired, had offices in the
building when it opened in 1994.  Piedmont acquired the building
from another owner in 2000.

David Baker and Eric Anderson of Transwestern represented
Piedmont; Bill Bosack and Wendi Little of GFM Real Estate
represented the tenant.  Financial terms were not announced.

                       About Piedmont Office

Piedmont is a public, nontraded REIT specializing in Class-A
office properties.  As of Dec. 31, Piedmont owned 83 buildings,
totaling more than 21 million square feet, in 23 states and
Washington, D.C.  Across the portfolio, Piedmont properties are
approximately 94 percent leased.  For more information, see
http://www.piedmontreit.com.

                     About The Shaw Group Inc.

The Shaw Group Inc. -- http://www.shawgrp.com/--   
provides technology, engineering, procurement, construction,
maintenance, fabrication, manufacturing, consulting, remediation
and facilities management services for government and private
sector clients in the energy, chemicals, environmental,
infrastructure and emergency response markets.  A Fortune 500
company with nearly US$6 billion in annual revenues, Shaw is
headquartered in Baton Rouge, La., and employs approximately
27,000 people at its offices and operations in North America,
South America, Europe, the Middle East and the Asia-Pacific
region.  In South America, the company has locations in Chile,
Venezuela, and Puerto Rico.  The company's facilities in Europe
are located in the United Kingdom and Netherlands.  Show Group's
Asia operations are located in Korea, China, Malaysia and
Indonesia.

                          *     *     *

As reported in the Troubled Company Reporter on April 21, 2008,
Moody's Investors Service has upgraded the corporate family
rating of The Shaw Group, Inc. to Ba1 from Ba2.  In addition,
Moody's raised the rating on the company's senior secured bank
credit facility to Ba1 from Ba2.  The rating outlook is stable.



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

ABOUT CONCRETE SERVICES: Shareholders Appoint Joint Liquidators
---------------------------------------------------------------
Iain Bruce Shephard and Christine Margaret Dunphy were appointed
jointly and severally as liquidators of About Concrete Services
Limited pursuant to a special resolution of shareholders dated
April 22, 2008.

The liquidators can be reached at:

          Shephard Dunphy Limited
          Zephyr House, Level 2
          82 Willis Street
          Wellington
          Telephone: (04) 473 6747
          Facsimile: (04) 473 6748
          For Inquiries Contact: Jayme Dixon or Andrew Croad


ADVANTAGE POWER SYSTEMS: Commences Liquidation Proceedings
----------------------------------------------------------
Advantage Power Systems Limited, formerly known as Motorpol
Australasia Limited, was placed into liquidation by order of the
High Court dated April 14, 2008.

Gareth Russel Hoole and Kevin David Pitfield were appointed
interim liquidators on a joint and several basis by the Court.

All parties who believe they have a claim against the company
should register that claim with the interim liquidators as soon
as possible.

Inquiries may be directed to:

          Staples Rodway Limited, Chartered Accountants
          PO Box 3899
          Auckland
          Telephone: (09) 309 0463


AGENCY GROUP: Shareholders Appoint Joint Liquidators
----------------------------------------------------
Iain Bruce Shephard and Christine Margaret Dunphy were appointed
jointly and severally as liquidators of The Agency Group Limited
pursuant to a special resolution of shareholders dated April 24,
2008.

The liquidators can be reached at:

          Shephard Dunphy Limited
          Zephyr House, Level 2
          82 Willis Street
          Wellington
          Telephone: (04) 473 6747
          Facsimile: (04) 473 6748
          For Inquiries Contact: Jayme Dixon or Andrew Croad


BRICK LEASING: Shareholder Appoints Joint Liquidators
-----------------------------------------------------
On April 24, 2008, it was resolved by special resolution of the
shareholder, pursuant to Section 241(2)(a) of the Companies Act
1993, that Brick Leasing Limited be put into liquidation and
that Amanda-Jane Atkins and Glen David Gernhoefer, chartered
accountants of Auckland, be appointed joint and several
liquidators for that purpose.

The liquidators fixed June 3, 2008, as the day on or before
which the creditors of the company are to make their claims and
to establish any priority their claims may have, under Section
312 of the Companies Act 1993, or to be excluded from the
benefit of any distribution made before their claims are made
or, as the case may be, from objecting to any distribution.

The liquidators can be reached at:

          AMANDA-JANE ATKINS and GLEN DAVID GERNHOEFER
          WHK Gosling Chapman Partnership
          WHK Gosling Chapman Tower, Level 6
          51-53 Shortland Street
          Auckland 1010
          Telephone: (09) 303 4586
          Facsimile: (09) 309 1198


BRITTON BUILT: Shareholders Appoint J. Managh as Liquidator
-----------------------------------------------------------
John Francis Managh was appointed liquidator by resolution of
the shareholders of Britton Built Limited, pursuant to section
241(2)(a) of the Companies Act 1993, on April 14, 2008.

Mr. Managh can be reached at:

          50 Tennyson Street (PO Box 1022)
          Napier
          Telephone/Facsimile: (06) 835 6280


CENTAUR FLOOR SYSTEMS: Court to Hear Wind-Up Petition Today
-----------------------------------------------------------
On December 13, 2007, an application to put Centaur Floor
Systems NZ Limited into liquidation was filed in the High Court
at Auckland.

The application is to be heard before the High Court at Auckland
on Friday, May 16, 2008. at 10:00 a.m.

The plaintiff is the Commissioner of Inland Revenue, whose
solicitor is:

          Simon John Eisdell Moore, Crown Solicitor
          Meredith Connell
          Forsyth Barr Tower, Level 17
          55-65 Shortland Street (PO Box 2213 or DX CP 24063)            
          Auckland
          Telephone: (09) 336 7556


CONSORT INDUSTRIES: Creditors Must File Claims by May 23
--------------------------------------------------------
Karen Betty Mason and Jeffrey Philip Meltzer, insolvency
practitioners, were appointed joint and several liquidators of
Consort Industries Limited on April 23, 2008.

The liquidators of Consort Industries Limited fixed May 23,
2008, as the day on or before which the creditors of the company
are to make their claims and to establish any priority their
claims may have, under section 312 of the Companies Act 1993, or
to be excluded from the benefit of any distribution made before
their claims are made or, as the case may be, from objecting to
any distribution.

The liquidators can be reached at:

          Meltzer Mason Heath, Chartered Accountants
          PO Box 6302
          Wellesley Street, Auckland 1141
          Telephone: (09) 357 6150
          Facsimile: (09) 357 6152


DAWI HOLDINGS: Shareholders Appoint T. Bastion as Liquidator
------------------------------------------------------------
Terence Charles Webb Bastion, chartered accountant of
Wellington, was appointed liquidator of Dawi Holdings Limited by
special resolution of the shareholders on April 14, 2008.

Prior to Mr. Bastion's appointment, the directors of the company
resolved that the company would, upon the appointment of
a liquidator, be able to pay its debts.

The claims filing deadline expired on May 12, 2008.

The liquidator can be reached at:

          Terry Bastion
          KBC House
          272 Karori Road
          Karori, Wellington
          Telephone: (04) 476 5775
          Facsimile: (04) 476 5778


FRANCHISE URBAN NETWORK: T. Bastion Appointed as Liquidator
-----------------------------------------------------------
Terence Charles Webb Bastion, chartered accountant of
Wellington, was appointed liquidator of Franchise Urban Network
Limited by special resolution of the shareholders on April 10,
2008.

Prior to Mr. Bastion's appointment, the directors of the company
resolved that the company would, upon the appointment of
a liquidator, be able to pay its debts.

The claim filing deadline expired on May 12, 2008.

The liquidator can be reached at:

          Terry Bastion
          KBC House
          272 Karori Road
          Karori, Wellington (PO Box 17344)
          Telephone: (04) 476 5775
          Facsimile: (04) 476 5778


GM INDUSTRIAL HOLDINGS: Faces CIR's Wind-Up Petition
----------------------------------------------------
On April 2, 2008, an application to put GM Industrial Holdings
Limited into liquidation was filed in the High Court at
Wellington.

The plaintiff is the Commissioner of Inland Revenue, whose
address for service is:

          Inland Revenue Department
          Legal and Technical Services
          7-27 Waterloo Quay (PO Box 1462)
          Wellington
          Telephone: (04) 890 1060
          Facsimile: (04) 890 0009

MARTYN ROBERT EDWARD CHERRY is the solicitor for the Plaintiff.


HARRIS CONSULTING GROUP: Court to Hear Wind-Up Petition Today
-------------------------------------------------------------
On January 16, 2008, an application to put Harris Consulting
Group Limited into liquidation was filed in the High Court at
Auckland.

The application is to be heard before the High Court at Auckland
on Friday, May 16, 2008, at 10:45 a.m.

The plaintiff is Ingram Micro (N.Z.) Limited, whose address for
service is:

          Debtor Management Limited
          9 Freeman Way, Unit 11
          Manukau City, Auckland
          Facsimile: (09) 263 9108

DEBRA M. LAW is the solicitor for the Plaintiff.


HYLIGHT NORTH SHORE (2002): Creditors Must File Claims by May 30
----------------------------------------------------------------
Arron Leslie Heath and Michael Lamacraft, insolvency
practitioners, were appointed joint and several liquidators
of Hylight North Shore (2002) Limited on April 21, 2008.

The liquidators of Hylight North Shore (2002) Limited fixed
May 30, 2008, as the day on or before which the creditors of the
company are to make their claims and to establish any priority
their claims may have, or to be excluded from the benefit of any
distribution made before their claims are made or, as the case
may be, from objecting to any distribution.

The liquidators can be reached at:

          Meltzer Mason Heath, Chartered Accountants
          PO Box 6302
          Wellesley Street
          Auckland 1141
          Telephone: (09) 357 6150
          Facsimile: (09) 357 6152
          Inquiries to: Mike Lamacraft


JESTERS LEASING: Court to Hear Wind-Up Petition on July 4
---------------------------------------------------------
On March 19, 2008, an application to put Jesters Leasing NZ
Limited into liquidation was filed in the High Court at
Auckland.

The application is to be heard before the High Court at Auckland
on July 4, 2008, at 10:45 a.m.

The plaintiffs are AMP NZ Property Retail Limited and Trust
Company Limited, and their solicitor is:

          P. H. BLANK
          Blank Singh & Associates, Lawyers
          Rifleman Tower, Level 15
          120 Albert Street
          Auckland
          Telephone: (09) 909 4440
          Facsimile: (09) 909 4441


M & B FISHING LTD: Creditors Must File Claims by July 17
--------------------------------------------------------
David Murray Blanchett, chartered accountant of Hamilton, and
Vivian Judith Fatupaito, insolvency practitioner of Auckland,
were appointed joint and several liquidators of M & B Fishing
Limited by the High Court on April 17, 2008.

The liquidators fixed July 17, 2008, as the day on or before
which the creditors of the company are to make their claims and
to establish any priority their claims may have, or to be
excluded from the benefit of any distribution made before the
debts are claimed or, as the case may be, from objecting to the
distribution.

Claims are to be forwarded to:

           M & B Fishing Limited
           c/o PricewaterhouseCoopers
           corner of Bryce and Anglesea Streets (PO Box 191)
           Hamilton
           Telephone: (07) 838 3838
           Facsimile: (07) 839 4178
           Attention: Daniel Coombe


NEWAUST ECONOMIC & CULTURE GROUP: Joint Liquidators Appointed
-------------------------------------------------------------
Dennis Clifford Parsons and Katherine Louise Kenealy were
appointed joint and several liquidators of Newaust Economic &
Culture Group Limited on April 18, 2008.

The liquidator can be reached at:

          D. C. PARSONS, Liquidator
          Indepth Forensic Limited
          PO Box 278
          Hamilton
          Telephone: (07) 957 8674
          Web site: http://www.indepth.co.nz/


PILBROW COMMERCIAL: Shareholders Appoint Joint Liquidators
----------------------------------------------------------
Iain Bruce Shephard and Christine Margaret Dunphy were appointed
jointly and severally as liquidators of Pilbrow Commercial
Limited pursuant to a special resolution of shareholders on
April 23, 2008.

The liquidators can be reached at:

          Shephard Dunphy Limited
          Zephyr House, Level 2
          82 Willis Street
          Wellington
          Telephone: (04) 473 6747
          Facsimile: (04) 473 6748


PILBROW CONTRACTING: Shareholders Appoint Joint Liquidators
-----------------------------------------------------------
Iain Bruce Shephard and Christine Margaret Dunphy were appointed
jointly and severally as liquidators of Pilbrow Contracting
Limited pursuant to a special resolution of shareholders on
April 23, 2008.

The liquidators can be reached at:

          Shephard Dunphy Limited
          Zephyr House, Level 2
          82 Willis Street
          Wellington
          Telephone: (04) 473 6747
          Facsimile: (04) 473 6748


PILBROW DESIGN GROUP: Shareholders Appoint Joint Liquidators
------------------------------------------------------------
Iain Bruce Shephard and Christine Margaret Dunphy were appointed
jointly and severally as liquidators of Pilbrow Design Group
Limited pursuant to a special resolution of shareholders on
April 23, 2008.

The liquidators can be reached at:

          Shephard Dunphy Limited
          Zephyr House, Level 2
          82 Willis Street
          Wellington
          Telephone: (04) 473 6747
          Facsimile: (04) 473 6748


PILBROW RESIDENTIAL: Shareholders Appoint Joint Liquidators
-----------------------------------------------------------
Iain Bruce Shephard and Christine Margaret Dunphy were appointed
jointly and severally as liquidators of Pilbrow Residential
Limited pursuant to a special resolution of shareholders on
April 23, 2008.

The liquidators can be reached at:

          Shephard Dunphy Limited
          Zephyr House, Level 2
          82 Willis Street
          Wellington
          Telephone: (04) 473 6747
          Facsimile: (04) 473 6748


RIVERSTONE DEVELOPMENTS: Shareholders Appoint Joint Liquidators
---------------------------------------------------------------
Iain Bruce Shephard and Christine Margaret Dunphy were appointed
jointly and severally as liquidators of Riverstone Developments
Limited pursuant to a special resolution of shareholders on
April 23, 2008.

The liquidators can be reached at:

          Shephard Dunphy Limited
          Zephyr House, Level 2
          82 Willis Street
          Wellington
          Telephone: (04) 473 6747
          Facsimile: (04) 473 6748


SEALEGS CORP: Forwards 102 Boat Orders From Customers
-----------------------------------------------------
Sealegs Corporation forward orders from customers for 102 boats,
worth in excess of US$9.9 million in future revenue.

Among this number are two large export orders of 24 boats for
Kuwait and 14 boats for Malaysia.

Sealegs CEO, Mr McKee Wright, says the company is currently
involved in several international tenders or purchasing cycles
with government departments and "expects to receive a major,
multi-boat government order within the next twelve months."

"We are continuing to receive strong demand for our amphibious
boats and 75% of the current orders are from international
customers.  Our production output has increased to approximately
16 boats a month and whilst the lead time is currently six
months we are hoping our new increased production capacity will
reduce customer lead times towards the end of the year."

                   About Sealegs Corporation

Headquartered in Albany, New Zealand, Sealegs Corporation
Limited -- http://www.sealegs.com/-- is engaged in the   
manufacture of amphibious marine craft.  The company's wholly
owned subsidiaries are Sealegs International Limited, Sealegs
Middle East Limited, and Sealegs Australia Pty Limited.  Sealegs
International Limited manufactures amphibious marine craft.

Sealegs Middle East Limited and Sealegs Australia Pty Limited
are dormant.  Sealegs are motorized, retractable and steerable
boat wheels, which are fitted to a customized 5.6-meter rigid
inflatable boat.  Sealegs amphibious boats are used by customers
in New Zealand, Australia, the United States, the United Arab
Emirates, France and the United Kingdom.

The group and parent posted consecutive net deficits after
taxation for the years ended March 31, 2006, and 2005, with the
group suffering net losses of NZ$1,211,061 and NZ$1,063,354 for
2006 and 2005 (company: NZ$209,582 and NZ$3,575,464),
respectively.  In FY2007, the company booked a net loss of
NZ$1.05 million.


SHIRE DEVELOPMENTS NO 4: Creditors Must File Claims by May 30
-------------------------------------------------------------
Damien Grant and Steven Khov, insolvency practitioners of
Auckland, were appointed liquidators of Shire Developments No 4
Limited by the High Court at Auckland on April 24, 2008.

The liquidators fixed May 30, 2008, as the day on or before
which the creditors of the company are to make their claims and
to establish any priority their claims may have, or to be
excluded from the benefit of any distribution made before their
claims are made or, as the case may be, from objecting to any
distribution.

The liquidators can be reached at:

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


TARGET TRADING COMPANY: Faces CIR's Wind-Up Petition
----------------------------------------------------
On March 25, 2008, an application to put Target Trading Company
Limited into liquidation was filed in the High Court at
New Plymouth.

The plaintiff is the Commissioner of Inland Revenue, whose
address for service is:

          Inland Revenue Department
          Legal and Technical Services
          1 Bryce Street (PO Box 432)
          Hamilton
          Telephone: (07) 959 0373
          Facsimile: (07) 959 7614

Kay S. Morgan is the solicitor for the Plaintiff.


TRUSTPOWER LTD: Annual Profits Down 4.2% to NZ$98.1 Million
-----------------------------------------------------------
Trustpower Limited reported a 4.2% fall in profits on lower
generation, Reuters reports.

According to the report, the company's net profit after tax was
NZ$98.1 million (US$74.3 million) for the year to March 31,
compared with NZ$102.4 million in the prior period.

The company's revenue, Stuff.co.nz News relates, rose 9% to
NZ$681.5 million, as a result of higher prices for customers
paying spot market prices, and NZ$12.7 million from
telecommunication services.

Electricity sold fell to 4540 gigawatt hours (GWh) from 4575 GWh
a year earlier, while customer numbers rose to 222,000 from
219,000, Stuff.co.nz News says.

Generation production rose 4% to 2018 GWh.

"Taking into account the significant shortfall in production
from the company's own generation assets and high wholesale
prices for the final quarter of the financial year, the result
was satisfactory and again demonstrates that the company's
trading and risk management practices are sound," Chairman Bruce
Harker was quoted by Stuff.co.nz News as saying.

According Stuff.co.nz News, the company's operating expenses,
including energy and line costs, rose 10%, primarily driven by
higher wholesale electricity costs, and operating cash flow was
steady at NZ$161 million.

Mr. Harker said that, "while it is too early to make predictions
about the 2009 financial year, it is worth noting that the
company remains in a satisfactory position to meet its
customers' needs this winter," Stuff.co.nz News notes.

Stuff.co.nz News says that debt levels rose as the company debt-
funded the last two years' capital expenditure, with debt to
debt-plus-equity of 34.3 per cent at year-end against 29.5% the
previous year.

The company declared a dividend of 15% per share, compared with
14% a share last year, Reuters relates.

Meanwhile, Reuters adds, the company also said it would buy back
up to five million of its own shares on market over the next six
months.

               About Trustpower Limited

Tauranga, New Zealand-based Trustpower Limited --
http://www.trustpower.co.nz/-- is engaged in the electricity   
retail business.  The company supplies power to households and
businesses throughout New Zealand.  It owns and operates 34
power stations, and produces electricity from renewable sources.  
The company's power stations produce electricity for 260,000
Kiwi households.  Trustpower Limited's wholly owned subsidiaries
include Cobb Power Limited, which is engaged in asset holding;
Tararua Wind Power Limited, which is engaged in asset holding;
TrustPower Australia Holdings Pty Ltd and subsidiaries, which
are engaged in generation development, and TrustPower Metering
Limited, which is engaged in asset holding. During the fiscal
year ended March 31, 2006, the company commenced construction of
the third stage of the Tararua Wind Farm.

The Troubled Company Reporter-Asia Pacific, on Nov. 13, 2007,
listed TrustPower Ltd.'s bonds as distressed:

          Coupon      Maturity        Price
          ------      --------       -------
          8.300%      12/15/08       NZ$9.00
          8.500%      09/15/12       NZ$9.00
          8.500%      03/15/14       NZ$9.50


VAKA 2004 LTD: Shareholders Appoint G. Reynolds as Liquidator
-------------------------------------------------------------
On April 28, 2008, it was resolved by special resolution of
shareholders, pursuant to section 241(2)(a) of the Companies Act
1993, that Vaka 2004 Limited be liquidated and that Grant Bruce
Reynolds, insolvency practitioner of Auckland, be appointed
liquidator for that purpose.

The liquidator can be reached at:

           Grant Reynolds, Insolvency Practitioners
           PO Box 259059
           Greenmount, Auckland
           Telephone: (09) 526 0743
           Facsimile: (09) 526 0748



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

ABS-CBN BROADCASTING: 1st Q '08 Net Income Up 3% to Php242 Mil.
---------------------------------------------------------------
ABS-CBN Broadcasting Corp.’s recurring net income in 1Q08
reached Php242 million, underpinned by a 5% growth in recurring
consolidated revenues.  Recurring refers to numbers before
recognizing license fees generated during the first quarter of
2007 from the DirecTV agreement.  The year 2007 marked the end
of license fee recognition from the agreement.  The Company
raked in a cumulative total of Php3.3 billion in license fees
from 2005 to 2007.  These licenses fees were generated from
subscribers who migrated to the DirecTV platform and continued
to remain subscribed for a given period of time.

Gross revenues increased Php116 million or 3% to Php4.3 billion
during the first quarter of 2008 compared to the same period in
2007.  This was driven by higher airtime revenues and direct
sales.  Excluding license fees, consolidated revenues grew 5% y-
o-y.  Airtime revenues increased Php115 million or 4% to Php2.8
billion during the quarter in review versus the first quarter of
2007.  Direct sales posted a 7% y-o-y increase to Php1.4 billion
during the first quarter of 2008, driven by ABS-CBN Global.

As of end-March, total subscriber base of ABS-CBN Global rose
15% y-o-y.  ABSCBN Global’s sale of services went up 7%, from
Php837 million in the first quarter of 2007 to Php895 million
during the first quarter of this year.  Likewise, ABS-CBN
Global’s sale of goods skyrocketed to Php94 million during the
first quarter of 2008, a 70% increase over the same period last
year.

Total expenses grew 7% y-o-y at Php3.9 billion as the Company
tried to contain costs. EBITDA reached Php1.03 billion during
the quarter in review.

                    About ABS-CBN Broadcasting

ABS-CBN Broadcasting or Alto Broadcasting System-Chronicle
Broadcasting Network -- http://www.abscbn-ir.com/-- is a   
leading Philippine radio and television broadcasting network and
multimedia company.  It was the first television station founded
in the Philippines in 1953.  The network's main broadcast
facilities are located at the ABS-CBN Broadcast Center, Mother
Ignacia St., Diliman, Quezon City, Philippines.

                          *     *     *

ABS-CBN's senior secured debt was given a Ba3 rating by Moody's
Investor Service.


UNIVERSAL ROBINA: Buys Back 180,000 Shares
------------------------------------------
Universal Robina Corporation disclosed in a regulatory filing
with the Philippine Stock Exchange that on May 15, 2008, it
repurchased 180,000 shares in the company priced at Php13.25 per
share.

Universal Robina now has 2,177,024,881 in outstanding shares
and 44,826,600 in treasury shares.

Headquartered in Pasig City, Philippines, Universal Robina
Corporation -- http://www.urc.com.ph/-- is a branded food  
product company with presence in other Asian markets.  It was
founded in 1954 when Mr. John Gokongwei, Jr. established
Universal Corn Products, a cornstarch manufacturing plant, in
Pasig.  The Company has since expanded and is now involved in a
wide range of food businesses including the manufacture and
distribution of branded consumer foods, flour milling, as well
as, sugar milling and refining.  In addition, the Company
produces hogs and day-old chicks and manufactures animal and
fish feeds, glucose and veterinary compounds. These businesses
are operated through divisions and wholly or majority-owned
subsidiaries that are organized into three core business
segments, namely, branded consumer foods, agro-industrial
products and commodity food products.

The company is a core subsidiary of JG Summit Holdings, Inc.
(JGSHI), one of the largest business conglomerates listed in the
Philippine Stock Exchange.  JGSHI has substantial interests in
property development, hotel management, textiles, banking and
financial services, telecommunications, petrochemicals, air
transportation and power generation.  In addition, JGSHI has
significant interests in other sectors, including printing, and
packaging.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
May 15, 2008, Standard & Poor's Ratings Services placed its 'BB'
corporate credit rating on Philippines' Universal Robina Corp.
(URC) on CreditWatch with negative implications.  Standard &
Poor's also placed its 'BB' rating on the US$200 million senior
unsecured notes issued by URC's wholly owned subsidiary, URC
Philippines Ltd., on CreditWatch with negative implications.  
This action follows the CreditWatch placement on the 'B+'
ratings of JG Summit Holdings Inc., the majority shareholder of
the company.


* PHILIPPINES: March 2008 OF Remittances Reach US$4.0 Bil.
----------------------------------------------------------
Remittances from overseas Filipinos (OFs) coursed through banks
climbed by 9.4 percent year-on-year to US$1.4 billion in March
2008, the highest monthly level recorded thus far, according to
the Central Bank of the Philippines.  The March 2008 inflows
brought the first quarter level of remittances to US$4.0
billion, higher by 13.2 percent than the year-ago level of
US$3.5 billion.  

Remittances during the first three months of 2008 reflected the
rising number of Filipino workers abroad, the shifts in skill
composition as well as the growing efficiency of banks and other
financial institutions as remittance channels.  The number of
deployed workers for the first three months continued to grow,
with preliminary data from the Philippine Overseas Employment
Administration (POEA) as of 24 March 2008 showing an expansion
by 13.6 percent to 263,129 from 231,647 a year ago.  Classified
by type of worker, the number of land-based workers grew by 11.7
percent during the three-month period to 200,398 while the
number of sea-based workers rose by 20.1 percent to 62,731.  

OF remittances were also strengthened by additional tie-ups
established by domestic banks and other local remittance
companies with foreign financial institutions to promote a
faster and more efficient delivery of remittances of overseas
workers to their beneficiaries.   

To date, the significant portion of remittances continued to
come from the U.S.A, Saudi Arabia, the U.K., Italy, the United
Arab Emirates, Canada, Japan, Singapore, and Hong Kong.


* PHILIPPINES: April 08 FP Investments Post Lower Net Outflow
-------------------------------------------------------------
Transactions in Bangko Sentral-registered foreign portfolio
investments resulted in a net outflow of US$49.9 million,
according to the Central Bank of the Philippines.  This was
below the  US$197.7 million net outflow in March but represents
a turnaround from the US$261.9 million net inflow in April 2007.  
Principally accounting for this development were investors’
continuing risk aversion and concerns on the impact of elevated
energy and commodity prices on domestic interest rates and
corporate earnings.

On a gross basis, registered foreign portfolio investments 1  in
April aggregated US$885.9 million, 62 percent (US$547.6 million)
of which went to shares listed in the Philippine Stock Exchange
(PSE).  Investments in peso-denominated government securities,
primarily Fixed Rate Treasury Bonds or FXTBs, and placements in
peso time deposits accounted for  14 percent and 24 percent,
respectively, of registered investments.  On the other hand,
capital repatriations amounted to US$935.8 million and consisted
of the following: a) divestments from PSE-listed shares (38
percent) and government securities (13 percent); and b)
withdrawals of peso bank deposits 2  (49 percent).

                     January-April 2008 Flows

For the first four months of the year, foreign portfolio
investment transactions posted a net outflow of US$113.7
million, from the US$1.1 billion net inflow for the comparable
period in 2007.   This resulted largely from changes in global
economic conditions, including the slowdown in the US economy
arising from the subprime crisis, tightening of global credit
conditions which has resulted in the reflow of funds back to
developed markets, and more recently, the surge in major
commodity prices.  By type of instrument, investments in PSE-
listed shares and government securities registered net inflows
of US$722.4 million and US$102.4 million, respectively.  Peso
bank deposits posted a net outflow of US$938.5 million.  

Gross investment inflows reached nearly US$4.0 billion during
the period, 11 percent lower than the over US$4.4 billion total
recorded for the same period in 2007.  Investments in PSE-listed
shares of close to US$2.4 billion (almost half of which was
invested in telecommunications and property firms) accounted for
59 percent of the total.  This amount represented only 66
percent of the US$3.6 billion level last year. In comparison,
investments in peso-denominated government securities, primarily
FXTBs, and placements in bank deposits increased by 35 percent
(to US$1.1 billion) and 424 percent (to US$545.8 million),
respectively, to account for 27 percent and 14 percent of total
investment flows.  Providing the bulk (65 percent) of investment
funds during the period were the United Kingdom, Singapore and
the United States.

Meanwhile, gross capital outflows rose 22 percent year-on-year
to over US$4.1 billion and was traced to withdrawals of
investments from listed shares (40 percent of total), government
securities (24 percent), and peso bank deposits (36 percent).



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

FUNNEX INTERNATIONAL: Creditors' Proofs of Debt Due on June 6
-------------------------------------------------------------
The creditors of Funnex International Pte. Ltd. are required to
file their proofs of debt by June 6, 2008, to be included in the  
company's dividend distribution.

The company's liquidator is:

          Mitani Masatoshi
          c/o 89 Short Street
          #08-11 Golden Wall Centre
          Singapore 188216


LAM GUAN: Creditors' Meeting Set for May 26
-------------------------------------------
The creditors of Lam Guan Chan Pte Ltd will meet on May 26,
2008, at 10:00 a.m., at 8 Cross Street #17-00, in PWC Building,
Singapore 048424.

The company's liquidator is:

         Goh Thien Phong
         c/o PricewaterhouseCoopers
         8 Cross Street #17-00
         PWC Building
         Singapore 048424


LEAD MACHINERY: To Pay First Dividend Today
-------------------------------------------
Lead Machinery Pte Ltd will pay first and final preferential
dividend to its creditors today, May 16, 2008.

The company's liquidator is:

          Chee Yoh Chuang
          Lim Lee Meng
          Stone Forest Corporate Advisory Pte Ltd
          18 Cross Street
          #08-01 Marsh & McLennan Centre
          Singapore 048423


PROCESS TECHNOLOGIES: Court Enters Wind-Up Order
------------------------------------------------
The High Court of Singapore on May 2, 2008, entered an order to
have Process Technologies Pte Ltd's operations wound up.

Yamada Dobby Pte Ltd filed the petition against the company.

The company's liquidator is:

          The Official Receiver
          45 Maxwell Road #05-11/#06-11
          The URA Centre (East Wing)
          Singapore 069118


WELLNESS MEDIA: Court Enters Wind-Up Order
------------------------------------------
On April 21, 2008, the High Court of Singapore entered an order
to have Wellness Media Pte Ltd's operations wound up.

KHL Printing Co. Pte Ltd filed the petition against the company.

Wellness Media's liquidators are:

          Gui Kim Young
          Lim Siong Sheng
          Shangyew Public Accounting Corporation
          415B Jalan Besar
          Singapore 209016



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

ABS GLOBAL FINANCE: Fitch Affirms Class E-1 Notes' BB Rating
------------------------------------------------------------
Fitch Ratings has affirmed and removed from Rating Watch
Negative (RWN) the class E-1 notes issued by ABS Global Finance
Plc (ABS Global), Series 2006-1:

   -- Class E-1 (USD2 million) notes affirmed at 'BB'; off RWN

The notes were placed on RWN on November 15, 2007, due to the
level of defaults experienced by the transaction.

According to the April 2008 servicer report, the credit
enhancement of the notes has been reduced to 0.66% from the
original 1% at closing. The notes' credit enhancement comprises
the class F-1 notes and the equity tranche, of which the equity
tranche has been depleted by 0.34% due to defaults.

The affirmation of the notes follows further analysis of the
current portfolio, in particular the obligors with the weakest
credit profile in the securitised asset pool. Fitch believes
that the current levels of credit enhancement are sufficient to
protect the class E-1 noteholders against losses that might
arise from further defaults, based on the different stressed
scenarios that defaults continue to occur until the expected
maturity date.

The transaction is currently within its revolving period, during
which principal collections are used to purchase new eligible
receivables. From June 2008, the transaction administrator will
perform principal collection tests for each class of the notes,
which will measure whether underlying assets can generate
sufficient collections to redeem each class of notes at the
expected maturity date in December 2008. The tests will be
repeated every month from June to December 2008. If the
principal collection tests are not met, the revolving period
will end and the principal accumulation period will commence.

ABS Global is a public limited liability company issuing USD
floating-rate notes backed by trade finance loan receivables
originated by branches of Citibank, N.A. (Citibank, rated 'AA-'
(AA minus)/ 'F1+' with a Negative rating Outlook) in Hong Kong,
Singapore and Taiwan.



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

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

                                                     Total      
                                          Total   Shareholders      
                                         Assets      Equity      
Company                       Ticker    (US$MM)    (US$MM)      
-------                       ------     ------   ------------      

AUSTRALIA      

Advance Healthcare Group Ltd      AHG      15.65       -6.78    
Allstate Exploration NL           ALX      18.20      -42.75
Antares Energy Ltd                AZZ      16.20       -4.36
Austar United Communications      
  Limited                         AUN     525.67     -234.87
Austindo Resources
  Corporation N.L.                ARX      62.77      -15.88
Biron Apparel Ltd                 BIC      19.71       -2.22
Croesus Mining N.L.               CRS      16.00      -13.81
Evans & Tate Ltd                  ETW     103.76      -50.22
Intellect Holdings Limited        IHG      15.25      -10.88      
KH Foods Ltd                      KHF      38.40       -6.79
Lafayette Mining Limited          LAF     105.24     -190.86
Metal Storm Limited               MST      16.47       -2.90
Renison Consolidated Mines NL     RSN      38.83       -3.94    
Tooth & Co. Ltd.                  TTH     120.47      -87.64    
ViaGOLD Capital Limited           VIA      15.49       -3.11    


CHINA AND HONG KONG      

Anhui Koyo (Group) Co., Ltd.   000979      64.28      -30.78
Asia TeleMedia Limited            376      16.97       -7.53
Baiyin Copper Commercial Bldg.
  (Group) Co.                  000672      24.47       -2.40
Beiya Industrial (Group)      
  Co., Ltd                     600705     462.13      -20.57
Brilliant Arts Multi-Media
  Holding Ltd                    8130      11.62       -2.32
Cangzhou Chemical Industrial      
  Co.Ltd                       600722     379.30       -2.89
Chang Ling (Group) Co., Ltd.   000561      49.68     -115.81
Chia Tai Enterprises              
  International Ltd.              121     316.12       -8.92
China HealthCare Holdings Ltd     673      25.44       -3.37
China Kejian Company Limited   000035      65.12     -167.31
China Liaoning Int. Co-op
  Hldgs. Co. Ltd.              000638      15.43       -5.70
Chongqing Changjiang River
  Water Transpt.               600369      98.87       -0.06
Chongqing Int'l Enterprise
  Investment Co.               000736      24.75      -13.38
Dandong Chemical Fibre
  Co., Ltd                     000498      115.94  -91.60
Dongxin Electrical Carbon      
  Co., Ltd                     600691      34.19       -2.90
Dynamic Global Holdings
  Limited                         231      44.64       -9.70
Ever Fortune Intl.      
  Hldgs. Limited                  875      14.41       -4.03
Far East Golden Resources
  Group Limited                  1188      46.98      -14.92
Fujian Changyuan Investment
  Co., Ltd.                    000592      24.20      -19.62
Fujian Sannong Group Co.,Ltd.  000732      42.50     -100.37
Fujian Start Computer      
  Group Co.Ltd                 600734     114.76      -16.98
Guangdong Meiya Group
  Co., Ltd.                    000529      66.44      -62.41
Guangxia (Yinchuan) Industry
  Co., Ltd.                    000557      53.46      -61.33
Guangzhou Oriental    
  Baolong Automotive Co        600988      15.78      -11.11    
Guangdong Hualong Groups      
  Co., Ltd                     600242      15.23      -46.94    
Hainan Dadonghai Tourism
  Centre Co., Ltd              000613      18.56      -10.10
Hebei Baoshuo Co.,Ltd          600155     313.38     -212.29
Hisense Electric Co., Ltd         921     596.71      -94.69
HuaTongTianXiang Group
  Co., Ltd.                    600225      52.77      -42.02
Huda Technology & Education      
  Development Co. Ltd.         600892      17.12       -0.39
Hunan Genuine New Material
  Group Co.,Ltd                000156      77.57      -77.92
Jiangsu Chinese Online
  Logistics Co. Ltd.           000805      12.72      -20.57
Jiaozuo xin'an Science &
  Technology Co                000719      50.82      -25.45
Junefield Department Store
  Group Ltd.                      758      12.93       -5.39
Lan Bao Technology Information
  Co.,Ltd.                     000631      29.44      -22.70
Mianyang Gao Xin Industrial      
  Dev (Group)                  600139      30.66      -12.44
New City China Development Ltd    456     253.47      -25.03    
Paladin Ltd.                      495     167.43       -6.23      
Plus Holdings Ltd.               1013      18.52       -3.34
Qinghai Salt Lake Industry
  Group Co Ltd.                000578     105.64       -4.91
Qinghai Sunshiny Mining
  Co., Ltd.                    600381      47.31      -49.66
Sanjiu Yigong Biopharmaceutical      
  & Chem                       000403     227.42        1.36
Shanghai Worldbest      
  Pharmaceutical Co.Ltd        600656      66.75      -13.42      
Shenzhen China Bicycle
  Co., (Hlds) Ltd.             000017      34.21     -238.76
Shenzhen Dawncom Business
  Tech & Service               000863      32.57     -137.55
Shenzhen Kondarl (Group)
  Co., Ltd.                    000048     112.05      -15.98
Shenzhen Shenxin Taifeng
  Group Co.,Ltd.               000034      69.92      -53.39
Si Chuan Direction
  Photoelectricity Co          000757     128.55     -102.62
Stellar Megaunion Corporation  000892      54.33     -152.43
Success Information Industry
  Group Co.                    000517      77.23      -17.78
SunCorp Technologies Limited     1063      75.28       -5.03
Suntek Technology Co., Ltd     600728      44.69      -22.95
Suntime International      
  Economic Trading             600084     372.80      -50.59    
Taiyuan Tianlong Group Co.      
  Ltd                          600234      19.47      -89.51      
Tianjin Marine Shipping      
  Co. Ltd                      600751     111.03       -3.59      
Tianyi Science & Technology      
  Co., Ltd                     600703      45.82      -41.20      
Tibet Summit Industry      
  Co., Ltd                     600338      90.92       -4.05
Welling Holding Limited           382     249.89      -32.17       
Winowner Group Co. Ltd.        600681      23.34      -72.39
Yueyang Hengli Air-Cooling
  Equipment Inc.               000622      40.27      -14.34
Yun Sky Chemical (Int)
  Hldg. Ltd                       663      29.31       -1.13
Zarva Technology (Group)
  Co., Ltd.                    000688      25.83     -175.37
Zhang Jia Jie Tourism
  Development Co.Ltd           000430      51.01       -8.25


INDIA      

Andrew Yule & Co. Ltd             ANY      81.41      -30.90
Artson Engr.                      ART      10.31       -0.71      
Ashima Ltd.                      ASHM      96.57      -42.59
Balaji Distiller                  BLD      45.66  -74.20
CFL Capital Financial      
  Services Ltd                  CEATF      24.03      -43.80
Core Healthcare Ltd.             CPAR     185.37     -241.91
Digjam Ltd                       DGJM      98.77      -14.62
Dish TV India Limited            DITV     239.48      -12.62
Elque Polyesters                 ELQP      13.04      -22.66
Ganesh Benzoplst                  GBP      82.16      -38.25
Gujarat Sidhee Cement Ltd.       GSCL      59.44       -0.66    
Himachal Futuris                 HMFC     603.36      -13.34
HMT Limited                       HMT     316.41     -175.33
IFB Inds Ltd.                    IFBI      40.50      -70.82
India Steel Works Limited         ISI      56.76       -1.47
JCT Electronics Ltd.             JCTE     117.60      -50.17      
Jenson & Nic Ltd                   JN      14.81      -81.79    
JK Synthetics Ltd                 JKS      17.99       -2.61      
JOG Engineering                   VMJ      50.08      -10.08
Kalyanpur Cement                 KCEM      38.11      -48.48
Lloyds Metals                    LYDM      70.72      -10.25    
Lloyds Steel Ind                 LYDS     404.38      -86.45      
LML Ltd.                          LML      86.8 0      -27.97
Mafatlal Ind.                     MFI      95.67      -85.81
Mysore Cements                    MYC      82.02      -14.57
Panchmahal Steel Ltd.             PMS      51.02       -0.33      
Panyam Cements                    PYC      17.18      -18.32    
Parekh Platinum                  PKPL      59.66      -75.55
Remi Metals Gujarat Ltd.          RMM      45.06      -51.10    
Rollatainers Ltd                  RLT      22.97      -22.24
RPG Cables Ltdd                  NRPG      51.43      -20.19
Sandur Manganese & Iron
  Ores Ltd.                      SMIO      32.57       -2.61
Shree Rama Multi Tech Ltd.      NSRMT      71.22      -29.91
Sil Businesse Enterprises Ltd.   SILB      12.46      -19.96
Surat Textile Mills Ltd.         GCTY      15.97       -8.85    
Tata Teleservices (Maharashtra)      
  Limited                       NTTLS     657.28      -73.89
TVS Electronics                 TVSEL      30.73       -1.57
UB Engineering                   UBE       31.43       -2.86
Usha (India) Ltd.             USHAIN       12.06      -54.51          


INDONESIA      

Argo Pantes Tbk                  ARGO     217.96      -15.70
Daya Sakti Unggul Corporindo Tbk DSUC      30.76       -6.51
Eratex Djaja Ltd. Tbk            ERTX      34.14       -2.09
Fatrapolindo Nusa Industri Tbk   FPNI      25.81   -0.72
Jakarta Kyoei Steel Works Tbk    JKSW      30.89      -41.37
Karwell Indonesia Tbk             KRW      32.21       -2.26
Panca Wiratama Sakti Tbk         PWSI      34.99      -28.33
Primarindo Asia Infrastructure
  Tbk                            BIMA      11.56      -22.57
Steady Safe Tbk                  SAFE      22.30       -8.31
Teijin Indonesia Fiber
  Corp. Tbk                      TFCO     279.56      -10.58
Toba Pulp Lestrari Tbk           INRU     403.58     -198.86      
Unitex Tbk                       UNTX      17.77      -18.88


JAPAN      

Banners Co., Ltd                 3011      46.33      -14.11    
Heiwa Okuda Co., Ltd             1790      82.68       -6.66
NIWS Co., HQ Ltd.                2731     541.08      -33.01
Orient Corporation               8585   37956.19    -1109.02
Trustex Holdings, Inc.           9374     102.84       -7.81    


KOREA      

Choya Corporation                3592      75.46       -2.24
Cosmos PLC Co., Ltd            053170      19.31       -4.95    
DaiShin Information &      
  Communication Co.             20180     740.50     -158.45
DAHUI Co., Ltd                 055250     186.00       -1.50
E-Rae Electronics Industry       
  Co., Ltd                      45310      45.47      -10.37    
EG Semicon Co. Ltd.             38720     166.70      -12.34      
Hyundai IT Corp.               048410     113.46       -43.6
Mediacorp Inc                  053890      53.31      -32.22
Nano Mining Co.,Ltd            036270      26.64      -29.46
Oricom Inc.                     10470      82.65      -40.04
Rocket Electric Co., Ltd.      000420      86.75       -4.67
Seji Co., Ltd.                 053330      37.25       -0.31
Starmax Co., Ltd                17050      73.13       -5.54
Tong Yang Magic Co., Ltd.       23020     355.15      -25.77    
Unick Corporation               11320      36.54       -4.45    


MALAYSIA      

CNLT Far East Berhad             CNLT      45.12       -3.71
Foremost Holdings Berhad         FMST      11.04       -0.11
Harvest Court Industries  Bhd     HAR      10.81       -5.62    
Lityan Holdings Berhad            LIT      23.34      -26.55    
Mangium Industries Bhd           MANG      14.36      -18.73    
PanGlobal Berhad                  PGL     178.78     -171.24    
Putera Capital Berhad            PCAP      10.56       -4.70    
Sunway Infrastructure Berhad      SIB     399.84      -10.08    
Techventure Bhd                  TECH      37.38      -11.21
Wembley Industries      
  Holdings Bhd                    WMY     125.80     -283.68
Wonderful Wire & Cable Berhad      WW      22.72       -1.94


PHILIPPINES      

APC Group Inc.                    APC      71.75     -218.13      
Atlas Consolidated Mining and      
  Development Corp.                AT     212.93      -69.74
Benguet Corp.                      BC      55.45      -44.94    
Central Azucarera de Tarlac       CAT      35.74       -1.80
Cyber Bay Corporation            CYBR      12.49  -64.98   
East Asia Power Resources
  Corporation                     PWR      94.52      -82.10
Fil Estate Corp.                   FC      43.03      -10.93
Filsyn Corporation                FYN      24.84      -11.37
Gotesco Land, Inc.                 GO      18.68      -10.86    
Prime Orion Philippines Inc.     POPI      99.69      -82.12
Unioil Resources & Holdings
  Co, Inc.                        UNI      11.37      -11.44
United Paragon                    UPM      22.80      -29.23      
Universal Rightfield Property      UP      45.12      -13.48      
Uniwide Holdings Inc.              UW      62.99      -38.58
Victorias Milling Company Inc.    VMC     175.01      -38.64


SINGAPORE      

ADV Systems Auto                  ASA      21.96       -7.54
Chuan Soon Huat Industrial
  Group Ltd                       CSH      42.09   -3.64
Falmac Limited                    FAL      10.57       -4.70
Gul Technologies                  GUL     172.80       -3.04
Informatics Holdings Ltd         INFO      20.42      -11.65    
Lindeteves-Jacoberg Limited        LJ     198.91      -66.97
L&M Group Inv                     LNM      56.91      -10.59    
Pacific Century Regional          PAC      80.01      -10.54


TAIWAN    

CIS Technology Inc.              2326      33.74      -18.91    
Protop Technology Co., Ltd.      2410      55.69      -13.46    
Yeu Tyan Machine                 8702      39.57     -271.07    


THAILAND      

Bangkok Rubber PCL                BRC      89.62      -81.26
Bangkok Steel Industry    
  Public Co. Ltd                  BSI     378.66     -120.56    
Central Paper Industry PCL      CPICO      13.25     -241.78
Circuit Electronic      
  Industries PCL               CIRKIT      21.90      -75.21
Datamat Public Co., Ltd           DTM      17.55       -1.72
ITV Public Company Limited        ITV      44.70      -73.07
Kuang Pei San Food Products      
  Public Co.                   POMPUI      18.78      -14.07
New Plus Knitting Public
  Company Limited                 NPK      10.08       -2.03
Quality Construction
  Products PCL                   QCON      76.13     -293.83
Safari World Public Company    
  Limited                      SAFARI     128.58      -13.64    
Sahamitr Pressure Container      
  Public Co. Ltd.                SMPC      27.26      -34.59
Siam General Factoring PCL        SGF      30.18       -6.79
Sri Thai Food & Beverage Public      
  Company Ltd                     SRI      18.29      -43.37      
Thai-Denmark PCL                DMARK      19.57       -3.02
Universal Starch Public
  Company Limited                 USC     103.61      -48.62

                         *********

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.  Rousel Elaine C. Tumanda, Valerie C. Udtuhan,
Marie Therese V. Profetana, Frauline S. Abangan, and Peter A.
Chapman, Editors.

Copyright 2008.  All rights reserved.  ISSN: 1520-9482.
   
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
   
TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.





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