TCRAP_Public/080520.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

             Tuesday, May 20, 2008, Vol. 11, No. 99

                            Headlines

A U S T R A L I A

ANULKA PTY: Placed Under Voluntary Liquidation
AUSTJO: Appoints Bruce Needs as Liquidator
AUTOSAT AUSTRALIA: Appoints Arthur Yip as Liquidator
AVONCARE PTY: To Declare Dividend on May 21
CARBOY (SA): Members' Final Meeting Slated for May 21

CONNECT GLASS: Supreme Court Enters Wind-Up Order
ECHUCA ALL: Supreme Court Enters Wind-Up Order
ESTATE PROPERTIES: Shareholders' Meeting Set for May 22
FREIGHTLINK: Puts Business for Sale
GRIFFITHS CONSTRUCTIONS: Place Under Voluntary Liquidation

IBASE GLOBAL: Members to Hear Wind-Up Report on May 27
PARK ‘N’ VIDS: To Declare Dividend on May 26
PARMALAT SPA: Seeks ACCC Clearance for Dairy Farmers Bid
PAUL SEGAERT: Liquidator Presents Wind-Up Report
PEGASUS PERSONNEL: Appoints Peter Paul Krejci as Liquidator

QUANTECRON PTY: Supreme Court Enters Wind-Up Order
ST GEORGE: Westpac Open to Possible Bid Increase
TIETYENS INVESTMENTS: To Declare Dividend on June 13
TRURIM PTY: Placed Under Voluntary Liquidation
WAMAR PTY: Liquidator Gives Wind-Up Report

ZINITEX LIMITED: Closes Allegiance Takeover Deal


C H I N A

AGRICULTURAL: Set for Restructuring Amid US$100BB in Bad Loans
BANK OF SHANGHAI: 2007 Net Profit Rose 23.09% to CNY2.934 Bil.
CHINA GLASS: Moody's Holds "B1" Ratings and Neg. Outlook
CHINA GLASS: S&P Places 'B+' Ratings On Developing Watch
SICHUAN CHANGHON: Resumes Production Yesterday After China Quake

* CHINA: Moody's Sees no Rating Impact of Quake on Developers


H O N G  K O N G

BETTERISE LIMITED: Commences Liquidation Proceedings
DEFOND POWERTOOL: Creditors' Proofs of Debt Due May 23
DEFOND SALES: Commences Liquidation Proceedings
DIABELL (INTERNATIONAL): Creditors' Proofs of Debt Due May 29
MANAGEMENT INVESTMENT: Members' Final Meeting Set for May 20

MAXTIME MARINE: Commences Liquidation Proceedings
NG TAT HING: Creditors' Proofs of Debt Due June 9
NUMBER ONE: Commences Liquidation Proceedings
PROSPECTFUL ASIA: Creditors' Proofs of Debt Due May 30


I N D I A

BHARTI AIRTEL: Proposed Merger with MTN Faces Trouble
ICICI: Aims to Raise US$3BB for Private Equity & Property Funds
ICICI Bank: FIPB Okays ICICI Securities' Proposal
TATA MOTORS: To Discuss Price Hike With Key Suppliers


I N D O N E S I A

PERUSAAHAN LISTRIK: Needs US$3.5 Bil. for Power Plant Project
PT PERTAMINA: Inks Credit Pact w/ PTPN X for Sugar Cane Farmers
PT PERTAMINA: To Seek Funding for Refinery Upgrade
PT PERTAMINA: Legislator Calls for Transparency


J A P A N

* JAPAN: Moody's Gives Brewery Industry a Negative Outlook


K O R E A

EG SEMICON: KD Partners Acquires 34.05% Company Stake
GENEXEL-SEIN: Completes Rights Issue of 10 Billion Common Shares
MAGNACHIP SEM: Enters Distribution Deals With Asian Distributors
NDCORP CO: Converts 5th Bonds to 1,315 Shares at KRW7,602 Each


M A L A Y S I A

IDAMAN UNGGUL: Tokio Marine Seeks Bid Clearance for Tahan
LIQUA HEALTH: Appoints Nur Zarina as Director & Audit Member
SELOGA HOLDINGS: SC Gives Conditions to Consider Exemption
UBG BERHAD: Earns MYR4.74 Million in Quarter Ended March 31
WONDERFUL WIRE: To Seek Shareholders' Okay on Two Resolutions


N E W  Z E A L A N D

BUTE LIMITED: Taps John Michael Gilbert as Liquidator
CLEGG & CO: Fixes May 23 as Last Day to File Claims
COMMERCIAL TECHNOLOGIES: Wind-Up Petition Hearing Set for May 22
FLETCHER BUILDING: "Unlikely" to Buy Stake in Hyne, Analysts Say
GHG SECURITY: Appoints Fisk and Sanson as Liquidators

MERSEY LTD: Names John Michael Gilbert as Liquidator
NORFOLK MANOR: Commences Liquidation Proceedings
PROPERTY IMPROVERS: Taps Hollis and Cain as Liquidators
Q-SPD INTERNATIONAL: Names Heath and Lamacraft as Liquidators
REUBEN'S WATER: Wind-Up Petition Hearing Set for July 4

VICTORIA MINI: Shareholders Opt to Liquidate Business
WHITE ISLE: Fixes May 30 as Last Day to File Claims
WOOL EQUITIES: Company Director Keith Sutton Resigns


P A K I S T A N

AZGARD NINE: S&P Cuts Corporate Credit Rating to "B"
PAKISTAN MOBILE: S&P Holds 'B+' Ratings With Negative Outlook
* PAKISTAN: S&P Cuts Foreign Currency Debt Rating to 'B'


P H I L I P P I N E S

UCPB: Government Increases Aid to Php30 Billion
* PHILIPPINES: Feb. 2008 Gov't Debt Climbs to Php3.771 Tril.
* PHILIPPINES: Jan-Apr 08 Fiscal Deficit Down by Php14.2 Bil.
* PHILIPPINES: U/KBs' NPL Ratio Settles at 4.70% in February


X X X X X X X X

* BOND PRICING: For the Week May 19 to May 23, 2008


                         - - - - -


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

ANULKA PTY: Placed Under Voluntary Liquidation
----------------------------------------------
Anulka Pty Limited's members agreed on March 14,2008, to
voluntarily liquidate the company's business.  Aaron R. Randell
and Gregory J. Emerson were appointed to facilitate the sale of
its assets.

The liquidators can be reached at:

          Aaron R. Randell
          Gregory J. Emerson
          Emerson Randell Young
          Accountants and Business Advisers
          Level 9, 117 York Street
          Sydney NSW 2000


AUSTJO: Appoints Bruce Needs as Liquidator
------------------------------------------
Austjo Pty Ltd's members agreed on March 27, 2008, to
voluntarily liquidate the company's business.  Bruce Needs was
appointed to facilitate the sale of its assets.

The liquidator can be reached at:

          Bruce Needs
          Miller Needs Chartered Accountants
          434 Elizabeth Street
          Surry Hills NSW 2010
          Telephone: (02) 9318 2755
          Facsimile: (02) 9318 2806
          Email: accts@millerneeds.com.au


AUTOSAT AUSTRALIA: Appoints Arthur Yip as Liquidator
----------------------------------------------------
Autosat Australia Pty Ltd's members agreed on April 15, 2008, to
voluntarily liquidate the company's business.  Arthur Yip was
appointed to facilitate the sale of its assets.

The liquidators can be reached at:

          Arthur Yip
          Arthur Yip & Associates
          Suite 140, Level 3,
          Regis Towers, 418 Pitt Street
          Sydney NSW


AVONCARE PTY: To Declare Dividend on May 21
-------------------------------------------
Avoncare Pty Ltd will declare dividend on May 21, 2008.

Only creditors who were able to file their proofs of debt by
May 6, 2008, will be included in the company's dividend
distribution.

The company's liquidator is:

          Nick Combis
          Vincents Chartered Accountants
          Level 27, 239 George Street
          Brisbane QLD 4000
          Telephone: (07) 3854 4555
          Facsimile: (07) 3236 2452


CARBOY (SA): Members' Final Meeting Slated for May 21
-----------------------------------------------------
Carboy (Sa) Credit Union Ltd will hold a final meeting for its
members at 11:00 a.m. on May 21, 2008.  During the meeting, the
company's liquidator, Nick Cooper at SimsPartners, will provide
the attendees with property disposal and winding-up reports.

The company's liquidator can be reached at:

          Nick D. Cooper
          SimsPartners
          Level 4, 12 Pirie Street
          Adelaide SA 5000


CONNECT GLASS: Supreme Court Enters Wind-Up Order
-------------------------------------------------
On March 28, 2008, the Supreme Court of New South Wales entered
an order to have Connect Glass & Aluminium Pty Limited's
operations wound up.  D. I. Mansfield was appointed as
liquidator.

The liquidator can be reached at:

          D. I. Mansfield
          Moore Stephens Chartered Accountants
          Level 6, 460 Church Street
          Parramatta NSW 2150


ECHUCA ALL: Supreme Court Enters Wind-Up Order
----------------------------------------------
On March 31, 2008, the Supreme Court of New South Wales entered
an order to have Echuca All Truck Trailer And Tyre Pty Limited's
operations wound up.  D. I. Mansfield was appointed as
liquidator.

The liquidator can be reached at:

          D. I. Mansfield
          Moore Stephens Chartered Accountants
          Level 6, 460 Church Street
          Parramatta NSW 2150


ESTATE PROPERTIES: Shareholders' Meeting Set for May 22
-------------------------------------------------------
Estate Properties Pty Ltd will hold a meeting for its
shareholders at 11:00 a.m. on May 22, 2008.  During the meeting,
the company's liquidator, R. K. Dillon at R.R. Dillon & Co.,
will provide the attendees with property disposal and winding-up
reports.

The company's liquidator can be reached at:

          R.R. Dillon & Co
          89 King William Road
          Unley, SA 5061


FREIGHTLINK: Puts Business for Sale
-----------------------------------
FreightLink disclosed in a press release Monday that expressions
of interest will be sought from parties in relation to the
proposed sale of FreightLink.

In 2001 FreightLink was awarded the concession to build a new
railway between Alice Springs and Darwin and to operate the
2,240 km Tarcoola to Darwin railway under a 50 year agreement.

Since commencing operations in January 2004 FreightLink has
achieved outstanding growth.  It has carried over 2.5 million
tonnes of general freight (excluding minerals) on the corridor
between Adelaide and Darwin and for the 12 months ending 30 June
2008 will carry close to 800,000 tonnes of general freight.  
Around 90% of the freight moving between Adelaide and Darwin is
now on carried on rail.

FreightLink has secured three major minerals contracts since
commencing operations.  In April 2006 FreightLink commenced
haulage of bulk manganese ore from the OM Holdings Ltd mine at
Bootu Creek, 120 km north of Tennant Creek, to Darwin for
export.  In July 2007 FreightLink commenced the haulage of iron
ore for Territory Resources Ltd at Frances Creek in the Northern
Territory.  FreightLink will begin to carry copper/gold
concentrate for Oxiana Ltd from their Prominent Hill mine in
South Australia to Darwin when mining operations commence in
late 2008.

FreightLink’s CEO, Mr. John Fullerton, says that FreightLink has
achieved exceptional growth in a very short period and the
business is well positioned to further expand its activities in
the emerging minerals sector along the Adelaide to Darwin rail
corridor.

“The sale of the business which we are announcing . . . will
provide the opportunity for the new owners of FreightLink to
capture substantial growth in the future, especially from the
haulage of bulk minerals for export and to participate in new
rail opportunities across the interstate network” he says.
“Quality rail assets in Australia are highly regarded for their
strategic value and this presents a rare opportunity for
investors to acquire a rapidly growing business in the transport
and logistics industry where rail will play an increasingly
significant role”.

FreightLink has appointed UBS as its Sale Adviser.

                           Forced Sale

AdelaideNow relates that FreightLink's bank lenders forced the
sale following years of debt and underperformance.

According to AdelaideNow, the banks, led by the Australia and
New Zealand Banking Group Limited, have not been swayed in their
decision despite a recent turnaround in performance due to a
surge in mining cargo volumes out of South Australia and
Darwin's increasing popularity as a port.

                         About FreightLink

FreightLink owns and operates the railway between Tarcoola and
Darwin under a 50-year concession agreement, and provides
transport services to Australia and overseas markets centred on
the Adelaide–Darwin corridor.

FreightLink manages services provision from its Adelaide
headquarters, supported at the terminals by locally based
managers, all of whom have extensive experience in rail
operations and services.

The company currently operates five train services a week
Adelaide–Darwin, with connecting rail services to other
interstate locations.  In addition, it hauls bulk minerals
destined for China from mines on the Adelaide–Darwin railway to
the Port of Darwin.  A track access agreement is in place with
Great Southern Railway to operate two weekly passenger services
(The Ghan) between Adelaide and Darwin.

All rail safety, marketing, operational and asset management
associated with the business takes place in the Adelaide base,
and some activities are outsourced to leading rail service
suppliers to leading rail service providers.

FreightLink’s shareholders are Kellogg Brown & Root, Carillion,
John Holland, Genesee & Wyoming Australia, Macmahon Holdings and
a number of other investment shareholders, including the
Northern and Central Aboriginal Land Councils.


GRIFFITHS CONSTRUCTIONS: Place Under Voluntary Liquidation
----------------------------------------------------------
Griffiths Constructions Pty Ltd's members agreed on April 2,
2008, to voluntarily liquidate the company's business.  David
Colin Shedden was appointed to facilitate the sale of its
assets.

The liquidator can be reached at:

          David Colin Shedden
          28/19-21 Central Road
          Miranda NSW 2228


IBASE GLOBAL: Members to Hear Wind-Up Report on May 27
------------------------------------------------------
A. L. Dunner, Ibase Global Pty Ltd's appointed estate
liquidator, will meet with the company's members on
May 27, 2008, to provide them with property disposal and
winding-up reports.

The liquidator can be reached at:

          A. L. Dunner
          Andrew Dunner & Associates
          Chartered Accountants
          23 Erin Street
          Richmond VIC 3121


PARK ‘N’ VIDS: To Declare Dividend on May 26
--------------------------------------------
Park ‘N’ Vids Pty Ltd will declare dividend on May 26, 2008.

Only creditors who were able to file their proofs of debt by
May 19, 2008, will be included in the company's dividend
distribution.

The company's liquidator is:

          Peter Goodin
          Brooke Bird & Co
          Chartered Accountants
          471 Riversdale Road
          Hawthorn East VIC 3123
          Telephone: (03) 9882 6666


PARMALAT SPA: Seeks ACCC Clearance for Dairy Farmers Bid
--------------------------------------------------------
Parmalat S.p.A. has commenced a regulatory approval process
of its offer to acquire or merge with Dairy Farmers.

Through a consortium, Italy’s Parmalat and Australian co-
operative, Murray Goulburn, requested that the Australian
Competition and Consumer Commission indicate whether it has any
concerns that would need to be overcome prior to its bid to
acquire Dairy Farmers being formally assessed by the Co-
operative’s Board.

The commencement of the consortium’s regulatory approval process
follows similar approaches by Kirin-owned National Foods and New
Zealand co-operative, Fonterra.

Dairy Farmers Chief Executive Rob Gordon said further interested
parties may initiate regulatory clearance processes in coming
months.

                      About Dairy Farmers

Dairy Farmers -- http://www.dairyfarmers.com.au/-- produces a  
selection of milk and dairy brands which include Cracker Barrel,
COON, dare, OAK, moove, shape, Ski and Dairy Farmers.  

                         About Parmalat

Headquartered in Milan, Italy, Parmalat S.p.A.
-- http://www.parmalat.net/-- sells nameplate milk products
that can be stored at room temperature for months.  It also has
about 40 brand product lines, which include yogurt, cheese,
butter, cakes and cookies, breads, pizza, snack foods and
vegetable sauces, soups and juices.

The company's U.S. operations filed for chapter 11 protection on
Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
for bankruptcy protection, they reported more than
US$200 million in assets and debts.  The U.S. Debtors emerged
from bankruptcy on April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.

Three Cayman Islands-based special-purpose vehicles created by
Parmalat were placed under separate winding up petitions before
the Grand Court of the Cayman Islands in January 2004.  Gordon
I. MacRae and James Cleaver of Kroll (Cayman) Ltd. serve as
liquidators in the cases of Dairy Holdings Ltd., Parmalat
Capital Finance Ltd., and Food Holdings Ltd.  On Jan. 20, 2004,
the Liquidators filed Sec. 304 petitions, Case No. 04-10362, in
the United States Bankruptcy Court for the Southern District of
New York on behalf of Parmalat Finance, et al.  Gregory M.
Petrick, Esq., at Cadwalader, Wickersham & Taft LLP, and Richard
I. Janvey, Esq., at Janvey, Gordon, Herlands Randolph, represent
the Finance Companies in the Sec. 304 case.

The Honorable Robert D. Drain presides over the Parmalat
Debtors' U.S. cases.  On June 21, 2007, the U.S. Court granted
Parmalat permanent injunction.


PAUL SEGAERT: Liquidator Presents Wind-Up Report
------------------------------------------------
Paul Andrew Billingham, Paul Segaert Pty Limited's estate
liquidator, met with the company's members on April 23, 2008,
and provided them with property disposal and winding-up reports.

The liquidator can be reached at:

          P. A. Billingham
          Grant Thornton
          Level 17, 383 Kent Street
          Sydney NSW 2000


PEGASUS PERSONNEL: Appoints Peter Paul Krejci as Liquidator
-----------------------------------------------------------
Pegasus Personnel Pty Ltd.'s members agreed on April 4, 2008, to
voluntarily liquidate the company's business.  Peter Paul Krejci
was appointed to facilitate the sale of its assets.

The liquidator can be reached at:

          Peter P. Krejci
          GHK Ferrier Green Krejci Silvia
          Level 13, 1 Castlereagh Street
          Sydney NSW 2000


QUANTECRON PTY: Supreme Court Enters Wind-Up Order
--------------------------------------------------
On March 27, 2008, the Supreme Court of New South Wales entered
an order to have Quantecron Pty Limited's operations wound up.  
D. I. Mansfield was appointed as liquidator.

The liquidator can be reached at:

          D. I. Mansfield
          Moore Stephens Chartered Accountants
          Level 6, 460 Church Street
          Parramatta NSW 2150


ST GEORGE: Westpac Open to Possible Bid Increase
------------------------------------------------
Stephen Letts of ABC News reports that Westpac Banking
Corporation has not ruled out increasing its AU$19 billion
takeover offer for St. George Bank Limited.

According to the report, speaking on ABC1's Inside Business
program on Sunday morning, Westpac chairman Ted Evans said
"never say never" when asked whether the bid would need to be
raised.

Subsequently Westpac issued a statement to the ABC which said:
"Westpac considers that it has made a full and fair offer which
is compelling both in terms of its price and terms.  However,
Westpac reserves the right to review its offer if it considers
that circumstances warrant this."

As reported in the Troubled Company Reporter-Asia Pacific
on May 12, 2008, Westpac's merger proposal states that:

   * All Westpac and St.George brands, including Bank SA, and
     branch/ATM networks would be retained.  The intention is
     that there will be no net reduction in branch or ATM
     numbers. The focus will be on investing more in front-line
     services;

   * The combined 10 million customers would benefit from an
     enhanced offering in terms of product range, expanded
     distribution and financial strength while preserving their
     relationships with employees, products, customer
     touchpoints and branding; and

   * Shareholders would own the premier AA rated financial
     institution in Australia, with leading market positions
     across key lines of business, and share in the benefits of
     substantial revenue synergies going forward.

Westpac also outlined that the combined business would be a
market leader in Australia.  Specifically, St.George and Westpac
would be:

    * Australia's leading provider of home lending, with a
      market share of 25%

    * Australia's largest wealth platform provider with funds
      under administration of $108 billion

St. George's Board of Directors has indicated their intention to
recommend shareholders' approval of the proposal.

St. George is being advised by UBS as financial adviser and
Allens Arthur Robinson as legal adviser.  Westpac has engaged
Caliburn Partnership as financial adviser and Gilbert + Tobin as
legal adviser.  

                     About St. George Bank

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

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

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific
on May 13, 2008, Moody's Investors Service reviewed, with
direction uncertain, the ratings of St.George Bank.  It is rated
Aa2 for deposits and senior debt, Prime-1 for short-term
obligations and carries a bank financial strength rating (BFSR)
of B.

In addition, Fitch Ratings placed St.George Bank Limited's
'B' Individual Rating and 'BB+' Support Rating Floor on Rating
Watch Positive.


TIETYENS INVESTMENTS: To Declare Dividend on June 13
----------------------------------------------------
Tietyens Investments Pty Limited will declare dividend on
June 13, 2008.

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

The company's liquidator is:

          D. J. F. Lombe
          Deloitte Touche Tohmatsu
          PO Box N250
          Grosvenor Place
          Sydney NSW 1217


TRURIM PTY: Placed Under Voluntary Liquidation
----------------------------------------------
Trurim Pty Limited 's members agreed on March 14,2008, to
voluntarily liquidate the company's business.  Aaron R. Randell
and Gregory J. Emerson were appointed to facilitate the sale of
its assets.

The liquidators can be reached at:

          Aaron R. Randell
          Gregory J. Emerson
          Emerson Randell Young
          Accountants and Business Advisers
          Level 9, 117 York Street
          Sydney NSW 2000


WAMAR PTY: Liquidator Gives Wind-Up Report
--------------------------------------------
Philip G. Ryan, Wamar Pty Limited's estate liquidator, met with
the company's members on May 17, 2008, and provided them with
property disposal and winding-up reports.

The liquidator can be reached at:

          Philip G. Ryan
          7 Coranto Street
          Abbotsford NSW 2046


ZINITEX LIMITED: Closes Allegiance Takeover Deal
------------------------------------------------
The takeover bid by Zinifex Australia Limited for all the
ordinary shares in Allegiance Mining NL closed at 7:00 p.m.
(Melbourne time) on May 16, 2008.

Accordingly, Zinifex and its associates have a relevant interest
in 98% of Allegiance shares and Zinifex has one month within
which to proceed to compulsory acquisition.

For further information about the takeover bid, contact the
Zinifex Offer Information Line on 1300 658 985 (within
Australia) and +61 2 8986 9352 (outside Australia).

                    About Zinifex Ltd.

Zinifex Limited, one of the world's largest integrated zinc and
lead companies -- http://www.zinifex.com/-- is headquartered in
Melbourne, Australia.  The company owns and operates two mines
and four smelters.  The mines and two of the smelters are
located in Australia and supply the growing industrial markets
of the Asian-Pacific region, including China.  The company
also has a zinc smelter in the Netherlands and the United
States.  The company sells a range of zinc metal, lead metal,
and associated alloys in 20 countries.  More than 80% of the
company's products are distributed outside Australia,
particularly in Asia, which is experiencing significant growth
in construction activity and vehicle production.  Zinc is used
for steel galvanizing and die-casting and lead for lead acid
batteries used mainly in cars and other vehicles.

                        *     *     *

The Troubled Company Reporter-Asia Pacific reported on
Dec. 18, 2007, that Fitch Ratings affirmed Zinifex Limited's
'BB+' long-term foreign currency Issuer Default Rating (IDR),
following the announcement of an all cash offer for Allegiance
Mining NL (Allegiance).  Fitch's Web site as of April 21, 2008,
says the rating outlook is positive.



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

AGRICULTURAL: Set for Restructuring Amid US$100BB in Bad Loans
--------------------------------------------------------------
Agricultural Bank of China President Xiang Junbo said the time
is right for the restructuring of the bank, saddled with US$100
billion of bad loans, Luo Jun and Irene Shen of Bloomberg
report.

"We're ready for the share reform.  Agricultural Bank's share
reform is the last battle for the nation's commercial bank
reform," Mr. Junbo was quoted by Bloomberg as saying.

According to the report, China has spent about US$500 billion
bailing out its biggest lenders over the past decade.  
Agricultural Bank's revitalization has been delayed because 23%
of its loans aren't getting paid, according to its latest annual
report, the report relates.

Mr. Xiang Junbo did not specify on when the restructuring will
take place.

Vice Finance Minister Li Yong said, the same report relates,
that Agricultural Bank and China Development Bank will receive
US$67 billion from the nation's sovereign wealth fund.

Agricultural Bank, which holds 12% of China's US$4.7 trillion of
banking assets, has the worst asset quality and most employees
among the big four state-owned lenders, Bloomberg notes.

The report says that China's government is reorganizing state-
owned lenders and policy banks and pushing them to sell shares
to the public so that international accounting, disclosure and
capital adequacy rules can improve their governance.

                 About Agricultural Bank of China

Agricultural Bank of China -- http://www.abchina.com/-- is the   
mainland's fourth largest bank.  It has lagged behind other
major Chinese commercial banks, which have received government
injections of new capital and been allowed to link up with
foreign partners in preparation for raising money on foreign
stock exchanges.

                        *     *     *

Despite posting operating profits of over CNY42.4 billion in
2005, the Bank is still carrying billions of dollars in unpaid
loans to state companies, which it says accounted for 26% of its
lending at the end of 2006.

According to XFN-Asia, at the end of September 2007,
Agricultural Bank had outstanding loans of CNY3.44 trillion, of
which 22.11% were bad loans.

The Troubled Company Reporter-Asia Pacific reported on June 27,
2006, that the National Audit Office found accounting
irregularities involving CNY51.6 billion, CNY14.27 billion of
which come from deposit business, CNY27.62 billion from loan
grants, and CNY9.72 billion from fraudulent bill issuance.

Fitch Ratings gave the Bank an Individual rating 'E'.


BANK OF SHANGHAI: 2007 Net Profit Rose 23.09% to CNY2.934 Bil.
--------------------------------------------------------------
Bank of Shanghai's 2007 net profit increased 23.09% to CNY2.934
billion following an increase in lending, XFN News reports.

According to the report, the bank's 2007 operating revenue rose
24.94% to CNY7.664 billion.

Net interest income, the report says, rose 27.09% to CNY7.49
billion, while net income from intermediary business was up
nearly 86.22% to CNY306.89 million.

2007 earnings per share came in at CNY1.13, up from CNY0.92 a
year earlier.

XFN News relates that the bank had outstanding loans at the end
of 2007 of CNY149.78 billion, up from CNY124.68 billion a year
earlier, while outstanding deposits were up slightly to
CNY220.89 billion from CNY220.37 billion.

The bank said non-performing loans (NPL) at the end of 2007
totaled CNY3.617 billion, down by CNY833 million from the end of
2006, with the NPL ratio falling to 2.41% from 3.57%, the report
says.

XFN News notes that the capital adequacy ratio (CAR) was 11.27%
at the end of 2007, compared with 11.97% a year earlier, with
core CAR at 9.3%, down from 9.51%.

Moreover, the XFN says that the bank forecasts that next year's
net profit will rise by 23% year-on-year to CNY3.6 billion,
while the NPL ratio is expected to be below 2% and CAR at no
less than 10%, and assets are expected to total CNY340 billion
at the end of the year, up from CNY308.99 billion at the end of
2007.

Meanwhile, the bank has announced an intention to list this
year, although it has yet to choose a stock market, the report
adds.

                      About Bank of Shanghai

As a joint-stock commercial bank set up on Dec. 29, 1995, the
Bank of Shanghai features a two-level operating structure within
one legal entity, with the paid-up capital booked at RMB2.6
billion, comprising government-owned shares and shares held by
corporations and by numerous individuals.

As reported by Troubled Company Reporter-Asia Pacific, Fitch
Ratings affirmed on August 31, 2007, the ratings of Bank of
Shanghai, showing: (a) Long-term foreign currency Issuer Default
rating at BB- with Stable Outlook; (b) Short-term foreign
currency IDR at B; (c) Individual D; (d) Support at 3; and (e)
Support Rating Floor at BB-.


CHINA GLASS: Moody's Holds "B1" Ratings and Neg. Outlook
--------------------------------------------------------
Moody's Investors Service affirmed the B1 corporate family and
senior unsecured ratings of China Glass Holdings Ltd.  The
ratings outlook remains negative.

The action follows the company's announcement of its plan to
invest RMB800 million in 3 production lines for low emission
glass in China's Jiangsu Province.

"The negative outlook reflects the execution and financial risks
associated with the new investment," says Renee Lam, a Moody's
Vice President/Senior Analyst.

"This investment is not yet pre-funded, and it is uncertain
whether China Glass could put in place the required funding in a
timely and cost-efficient manner under current capital market
conditions," adds Lam.

"While the new production lines, which would manufacture high
value-added low emission glass, would improve the company's
product mix and enhance its long-term competitiveness, any cost-
overruns or delays would pressure its liquidity profile during
the investment phase," says Lam.

Moody's was previously concerned over potential strains on
liquidity and revenue as a result of its plant relocation
project in Weihai, prompted by the local government's resumption
of land use rights.

However, this concern has been alleviated by the fact that China
Glass, according to management, received cash compensation from
the local government prior to incurring expenses for the removal
undertaken so far.  Management also expects the relocated lines
to resume production before end-2009.

China Glass' results for 2007 showed a material improvement from
the prior year. Despite cost pressures due to higher prices for
soda ash and heavy oil, a recovery in glass sales prices lifted
EBITDA margin to 16% from 9% in 2006.  Debt to EBITDA also fell
to 2.9x from 10.5x. On a pro-rata consolidated basis for its JV
production lines, debt to EBITDA was about 4.2x in 2007.

China Glass is finalizing funding plans for the construction of
its new plants. While Moody's does not expect this investment,
together with the company's other capital expenditures in 2008-
2009, to be fully debt-funded, cash flow to debt measures will
likely deteriorate from their 2007 positions.  On a pro-rata
consolidated basis, debt to EBITDA could range between 5 and
5.5x in 2008-2009, marginal for the rating.

The rating is unlikely to be upgraded in the next 12-18 months,
given the negative outlook.  But the negative outlook will
stabilize if China Glass shows it can execute its new investment
plans within the planned time line and budget as well as
continue to achieve projected results.

On the other hand, the rating would be downgraded if the
company's debt leverage or liquidity profile deteriorates beyond
Moody's expectations, and which could be a result of:

   1) upcoming capital expenditures or new investments being
      significantly debt-funded;

   2) material delays or cost overruns occur with its new
      constructions;

   3) material delays occur in relocation cost recoveries from
      the local government, or higher-than-expected revenue
      losses or expenses are incurred for the plant removals; or

   4) industry glass prices are disrupted.

Moody's would consider debt to EBITDA persistently above 5.5-6x,
on a pro-rata consolidated basis, as indicative of a possible
downgrade.

China Glass Holdings Ltd, publicly listed in Hong Kong, is the
second largest flat glass manufacturer in China in terms of
capacity, with 15 production lines across the country.  The flat
glass it produces is largely for use in the construction
industry.


CHINA GLASS: S&P Places 'B+' Ratings On Developing Watch
--------------------------------------------------------
Standard & Poor's Ratings Services has placed its 'B+' long-term
corporate credit rating on China Glass Holdings Ltd. on
CreditWatch with developing implications.  This comes after an
announcement that the company and its wholly owned subsidiary
Jiangsu Suhuada Co. Ltd. plan to set up a new production plant
in Dongtai, Jiangsu Province, that is estimated to cost about
Chinese renminbi (RMB) 800 million.  At the same time, the 'B+'
issue rating on the company's senior unsecured notes was placed
on CreditWatch developing.

"The CreditWatch placement reflects uncertainty about the
company's funding plan for the proposed project, positive
momentum to move toward high value-added glass products, and the
company's improving financial metrics in the year ended Dec. 31,
2007," said Standard & Poor's credit analyst Lawrence Lu.  "If
the project is financed fully or largely by debt, China Glass'
credit profile could be weakened significantly and its debt-
servicing capacity would come under pressure in the next 12
months.  However, if it is fully funded by equity or internally
generated cash, or a combination of both, the impact on
its credit profile could be much smaller."

Standard & Poor's considers that the announced project is in
line with China Glass' stated strategy in migrating to higher-
margin, high value-added low-emission glass products, which will
improve the company's product diversification, competitiveness,
and profitability.  Upon completion of the project in second-
quarter 2010, the daily melting capacity for low emission
glass will be increased by 1,800 tonnes/day, representing about
25% of the group's daily melting capacity.

China Glass' credit metrics have improved in fiscal 2007.  Its
lease-adjusted EBITDA interest coverage rose to 3.3x from 2.7x
in 2006, adjusted total debt to EBITDA improved to 3.3x from
11.1x, and adjusted funds from operations to debt increased to
27.5% from 6.1% in the same period.  The improvement in China
Glass' operating results reflected the overall recovery of glass
price in China, and the company's increasing capacity and
economies of scale.

To resolve the CreditWatch placement, Standard & Poor's said it
will conduct a detailed assessment of the project and China
Class' financing arrangements, following discussions with
management.  The CreditWatch resolution will take into
consideration whether the move would support the company's
profitability and debt-servicing ability in the next few years
and whether the funding plan would significantly alter the
financial metrics of the company.


SICHUAN CHANGHON: Resumes Production Yesterday After China Quake
----------------------------------------------------------------
Sichuan Changhong Electric Co. resumed production yesterday, May
19, after the province was hit by China's earthquake, Eugene
Tang of Bloomberg writes.

According to the report, the company stopped production on May
14, two days after Sichuan province was hit by a 7.9 magnitude
earthquake that killed 22,069 people.

The factory is locked and one of its warehouses has been turned
into a relief center, housing 1,200 students from three schools
that collapsed in quake-hit Beichuan county, the report relates.

Bloomberg notes that the company said in a statement on May 14
it's"confident" of reaching the company's 2008 targets, and the
quake wouldn't have a significant impact.

                   About Sichuan Chang Hong

Based in Mianyang, Sichuan Province, China, Sichuan Chang Hong
Electric Co., Ltd. -- http://www.changhong.com/-- is   
principally engaged in the manufacture and sale of televisions,
air conditioners, mobile phones, refrigerators and other
household electrical appliances.  The company offers its
products under 13 categories, including military products,
digital televisions, digital display panels, information
technology products, air conditioners, digital audio/video
products, digital network products, molding products, digital
electronic components, environment-friendly power supply
systems, electrical equipment, electric engineering products and
chemical materials.  The company distributes its products in 90
countries/regions, including Russia, the United States, France,
and South America.

Xinhua Far East China Ratings gave the company a B+ issuer
credit rating on February 24, 2006.


* CHINA: Moody's Sees no Rating Impact of Quake on Developers
-------------------------------------------------------------
Moody's Investors Service says that the devastating earthquake
which struck China's Sichuan Province last week is unlikely to
immediately impact the ratings of the country's property
developers.

"Of the 13 Chinese developers rated by Moody's, five show
relatively material exposures to the province's affected areas,
given their projects in the cities of Chengdu and Chongqing,"
says Kaven Tsang, an Assistant Vice President/Analyst.

The five are:

   1. China Overseas Land and Investment Limited (COLI);
   2. Agile Property Holdings Limited;
   3. China Properties Group Limited;
   4. Coastal Greenland Limited; and
   5. Neo-China Land Group (Holdings) Limited.

"Although the issuers will probably experience some negative
repercussions, including likely delays in developments and
sales, it appears at this stage that the impact is not likely to
be material enough to warrant changes in their ratings or
outlooks," says Tsang.

"In addition, material and labour costs could rise as demand
increases due to recovery and reconstruction work," says Tsang.  
"While it is too early to accurately assess the actual impact,
such higher costs and delays could compress margins and pressure
related operating cash flows."

"However, mitigating the concern is the fact that cash flow
generated from Chengdu and Chongqing does not constitute a
material sum for most of the affected issuers," comments Tsang.  
For instance, only 10-15% of the projected cash property sales
for COLI, Agile, Coastal Greenland and Neo-China would have been
from these cities in 2008.

"Furthermore, developers with broader geographic coverage --
such as COLI -- will have the operational flexibility to make up
the planned sales from other regions," adds Tsang.

"Of perhaps some concern is the case of China Properties, which
is heavily exposed to Chongqing, which will contribute to
material projected cash flow generation in 2008.  At the same
time its projects are not subject to any damage," says Peter
Choy, a VP/Senior Credit Officer.

"While the company still plans for pre-sales in 4Q 2008, Moody's
is mindful of potential delays," says Choy.  "At the same time,
China Properties' adequate liquidity position could provide it
with buffer to withstand the sales delays."

"However, if evidence emerges that delays were likely to be
significant or if margins suffered prolonged pressure, rating
pressure could emerge for this company in respect of this
issue,'' adds Choy.

In Moody's view, the ability to achieve sales target across
China is a larger rating driver for these companies.  In
addition, a key rating focus in the near term is whether each
company maintains financial discipline.



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

BETTERISE LIMITED: Commences Liquidation Proceedings
----------------------------------------------------
Betterise Limited's members agreed on May 3, 2008, to
voluntarily liquidate the company's business.  The company has
appointed Chan Kwok Man and Mok Wai Kwong to facilitate the sale
of its assets.

The liquidators can be reached at:

          Tsang Ming Chit Stanely
          Chaiwan Industrial Centre
          5th Floor, 20 Lee Chung Street
          Chai Wan, Hong Kong


DEFOND POWERTOOL: Creditors' Proofs of Debt Due May 23
------------------------------------------------------
Creditors of Defond Powertool Components Limited are required to
file their proofs of debt by May 23, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 2, 2008.

The company's liquidator is:

         Ko Chi Keung
         Sah Sing Life Building, 5th Floor
         99-105 Des Voeux Road, Central
         Hong Kong


DEFOND SALES: Commences Liquidation Proceedings
-------------------------------------------------
Defond Sales Company Limited's members agreed on May 5, 2008, to
voluntarily liquidate the company's business.  The company has
appointed  Tsang Ming Chit Stanely to facilitate the sale of its
assets.

The liquidator can be reached at:

          Tsang Ming Chit Stanely
          Chaiwan Industrial Centre
          5th Floor, 20 Lee Chung Street
          Chai Wan, Hong Kong


DIABELL (INTERNATIONAL): Creditors' Proofs of Debt Due May 29
-------------------------------------------------------------
Creditors of Diablell (International) Co. Limited are required
to file their proofs of debt by May 29, 2008, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on April 28, 2008.

The company's liquidator is:

         Ko Chi Keung
         Sah Sing Life Building, 5th Floor
         99-105 Des Voeux Road, Central
         Hong Kong


MANAGEMENT INVESTMENT: Members' Final Meeting Set for May 20
------------------------------------------------------------
Members of Management Investment & Technology Company Limited
will have their final general meeting on May 20, 2008, at Duke
of Windsor Social Service Building, Room 202, 15 Hennesy Road,
Wanchai, in Hong Kong to hear the liquidator's report on the
company's wind-up proceedings and property disposal.

No liquidator information was disclosed.


MAXTIME MARINE: Commences Liquidation Proceedings
-------------------------------------------------
Maxtime Marine Products Limited's members agreed on April 22,
2008, to voluntarily liquidate the company's business.  The
company has appointed William Leung Chi Kwong to facilitate the
sale of its assets.

The liquidator can be reached at:

          William Leung Chi Kwong
          Hong KOng Trade Centre, 1st Floor
          Unit 102, 161-167 Des Voeux Road Central
          Hong Kong


NG TAT HING: Creditors' Proofs of Debt Due June 9
-------------------------------------------------
Creditors of Ng Tat Hing Development Limited are required to
file their proofs of debt by June 9, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 25, 2008.

The company's liquidator is:

         Wong Hing Din
         Flat G, 22nd Floor
         Block 9, Kornhill
         1126 King's Road
         Hong Kong


NUMBER ONE: Commences Liquidation Proceedings
---------------------------------------------
Number One Bakery Limited's members agreed on April 23, 2008, to
voluntarily liquidate the company's business.  The company has
appointed Wan Kam Ping to facilitate the sale of its assets.

The liquidator can be reached at:

          Wan Kam Ping
          Oi Fa House, Room 1528, 15th Floor
          Yau Oi Estate, Tuen Mun
          New Territories


PROSPECTFUL ASIA: Creditors' Proofs of Debt Due May 30
------------------------------------------------------
Creditors of Prospectful Asia Limited are required to file their
proofs of debt by May 30, 2008, to be included in the company's
dividend distribution.


The company's liquidators are:

         Ying Hing Chui
         Chung Mui Yin, Diana
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong



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

BHARTI AIRTEL: Proposed Merger with MTN Faces Trouble
-----------------------------------------------------
The proposed merger of Bharti Airtel and MTN has hit a
regulatory roadblock as FDI norm in India stipulates that
foreign holding in a telecom company cannot exceed 74%, Times of
India reports.

A source told Times of India that MTN wants the deal to be
completed at around 175 rand per share, which makes its market
capitalisation of the company at about US$50 billion, which MTN
management wants the deal to be done with 50% in cash and the
other 50% through share-swap.

Around 65% of the holdings in Airtel Bharti (M-cap around US$40
billion) is with foreign entities.  Issuance of fresh shares of
US$25 billion to MTN's shareholders will take foreign holding in
the joint entity to over 78%, which is not allowed under Indian
FDI norms, Times of India relates.

One option however, is to increase cash component.  But
according to the source, Bharti is not even comfortable with 50%
cash component, as it would require them to arrange for US$25
billion.  The company has tied up US$12 billion so it needs to
raise US$13 billion more.  Raising an entire amount under debt
would create huge debt liability, which the company would like
to avoid, the report says.

Raising money through selling equity would also be difficult, as
without participation from FIIs, it would not be possible for
the company to raise such a large funds from the market.  FIIs'
subscription in equity would make it difficult to maintain FDI
norm in share-swap.  As FIIs' holding in Bharti Airtel is around
25%, the source said merger might face regulatory hurdle, Times
of India states.

The merger would also face problem in clearing the broad-based
black economic empowerment norms in South Africa, where 20% of
merged entity's shareholding should be with black investors.  If
cash component is increased, proportion of black investors might
go down below statutory requirements, the report added.

                      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.

                         *     *      *

Fitch Ratings, on Nov. 19, 2007, affirmed Bharti Airtel
Limited's Long-term foreign currency Issuer Default Rating at
'BB+'.  Fitch said the outlook on the rating is stable.


ICICI: Aims to Raise US$3BB for Private Equity & Property Funds
---------------------------------------------------------------
ICICI Bank Ltd. plans to raise as much as US$3 billion to invest
in a private equity and real estate fund, Sumit Sharma writes
for Bloomberg News.

Chief Executive Officer Renuka Ramnath told Bloomberg in an
interview that ICICI Venture Fund Management Ltd. will tap
investors for a US$1.5 billion the private equity fund and may
raise an equal amount for a real estate fund.  The division
currently manages about US$2.5 billion in assets.

According to the report, ICICI Bank joins Blackstone Group LP
and local rivals including Kotak Mahindra Bank Ltd. in seeking
investment opportunities in India, where private equity funds
invested seven times as much as in China in the first quarter.  
India's economy has grown an average 8.7 percent annually since
2003.

Ms. Ramnath also told Bloomberg that ICICI's proposed US$1.1
billion real estate fund, which may be expanded to US$1.5
billion, will be invested in residential and commercial projects
in a dozen cities including the capital, New Delhi, and the
commercial hub of Mumbai.  Most of the funds will be raised from
investors in the U.S., Europe, Japan, Canada and the Middle
East, she added.

                   About ICICI Bank Limited

Headquartered in Mumbai, India, ICICI Bank Limited (NYSE:IBN) --
http://www.icicibank.com/-- is a private sector bank with   
consolidated total assets of US$121 billion as of March 31,
2008.  ICICI Bank’s subsidiaries include India’s leading private
sector insurance companies and among its largest securities
brokerage firms, mutual funds and private equity firms.  ICICI
Bank’s presence currently spans 19 countries, including India.

                          *     *     *

As of May 17, 2008,  ICICI Bank Limited continues to carry
Moody's Investors Service's "Ba2" Foreign Long Term Bank
Deposits rating, which was placed on Feb. 5, 2003.

In addition, the bank still carries a "BB" Subordinated
Debt rating placed by Fitch Ratings on Feb. 5, 2007.


ICICI Bank: FIPB Okays ICICI Securities' Proposal
-------------------------------------------------
The Foreign Investment Promotion Board (FIPB) is believed to
have given its nod for foreign equity infusion in domestic
investment banking firm ICICI Securities, where parent firm
ICICI Bank is seeking to unlock value by selling shares to
public and institutional investors, Tradingmarkets reports.

According to the report, ICICI Bank's board had approved in
January an initial public offer (IPO) and private placement of
shares to one or more institutional investors.

Tradingmarkets' sources say that FIPB considered the proposal by
I-Sec to bring in foreign equity capital.

ICICI Bank's Joint Managing Director and CFO, Chanda Kochhar
said in January that the shares of ICICI Securities would be
listed on the bourses in about six months.

The board had decided to offload 15% of its shares to retail and
institutional investors, the report added.

                   About ICICI Bank Limited

Headquartered in Mumbai, India, ICICI Bank Limited (NYSE:IBN) --
http://www.icicibank.com/-- is a private sector bank with   
consolidated total assets of US$121 billion as of March 31,
2008.  ICICI Bank’s subsidiaries include India’s leading private
sector insurance companies and among its largest securities
brokerage firms, mutual funds and private equity firms.  ICICI
Bank’s presence currently spans 19 countries, including India.

                          *     *     *

As of May 17, 2008,  ICICI Bank Limited continues to carry
Moody's Investors Service's "Ba2" Foreign Long Term Bank
Deposits rating, which was placed on Feb. 5, 2003.

In addition, the bank still carries a "BB" Subordinated
Debt rating placed by Fitch Ratings on Feb. 5, 2007.


TATA MOTORS: To Discuss Price Hike With Key Suppliers
-----------------------------------------------------
Tata Motors Ltd's senior executives, including chief of
strategic sourcing Bharat Parekh, will meet with more than a
dozen of key suppliers at the company’s Uttarakhand factory on
May 26 and 27, to discuss a hike in previously negotiated
prices, Mint News reports citing people close to the
development.

The meeting, the report says, is crucial for Tata Motors for its
year-end launch of the Nano, the world’s cheapest car at INR1
lakh and the company’s most ambitious project yet.

"It is impossible for us to continue supplying to the company,
especially for the Nano project, at prices that were fixed so
long back.  Steel has become so expensive that it does not even
make sense for us to continue supplying to the project," Mint
News quotes a senior vendor for Tata Motors as saying.  Steel,
which accounts for more than 60% of a car’s value can throw
costing calculations into disarray even a small rise in its
price, according to experts.

The Vendor, who did not want to be identified since he is not
authorized to speak on the subject, said that Tata Motors has
indicated it would discuss and finalize higher prices during the
meeting.  He also added that Vendors have asked for a 30-35%
rise on the previously negotiated prices, Mint News relates.

Morover, another vendor told Mint News that Tata Motors' senior
executives for the material and component purchase department
recently told him that the company was thinking of revising rate
contracts for vendors involved in the Nano.

On the other hand, in response to email queries related to the
development, Tata Motors' head of corporate communications,
Debasis Ray responded that the terms between the company and its
suppliers are confidential, Mint News added.

                        About Tata Motors

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

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

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

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



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

PERUSAAHAN LISTRIK: Needs US$3.5 Bil. for Power Plant Project
-------------------------------------------------------------
PT Perusahaan Listrik Negara is seeking US$3.5 billion in loans
to fund development of coal-fired power plants, and is
negotiating with a consortium of banks led by Barclays Capital,
Dow Jones Newswires reports citing PLN Vice President Director
Rudiantara.

According to the report, PLN is developing 10,000 MW of coal-
fired power on Java island and intends to use the loans to fund
7,000 megawatts of new power capacity.

Aside from the $3.5 billion it is seeking, Rudiantara also told
Dow Jones that PLN needs IDR13 trillion to complete the project.

                    About Perusahaan Listrik

Indonesian state utility firm PT Perusahaan Listrik Negara --
http://www.pln.co.id/-- transmits and distributes electricity      
to around 30 million customers, roughly 60% of Indonesia's
population.  The Indonesian Government decided to end PLN's
power supply monopoly to attract independents to build more
capacity for sale directly to consumers, as many areas of the
country are experiencing power shortages.

                         *     *     *

As of May 19, 2008, PT Perusahaan Listrik Negara still carries
"Ba3" senior unsecured debt and long-term corporate family
ratings.  The ratings were placed by Moody's Investors Service
on Oct. 18, 2007, with a stable outlook.

The Troubled Company Reporter-Asia Pacific reported on June 18,
2007, that Standard & Poor's Ratings Services affirmed its
'BB-' foreign currency rating and 'BB' local currency rating on
Indonesia's PT Perusahaan Listrik Negara (Persero).  The outlook
is stable.  At the same time, Standard & Poor's assigned its
'BB-' issue rating to the proposed senior unsecured notes to be
issued by PLN's wholly owned subsidiary, Majapahit Holding B.V.


PT PERTAMINA: Inks Credit Pact w/ PTPN X for Sugar Cane Farmers
---------------------------------------------------------------
PT Pertamina (Persero) and PTPN X (Persero) have signed an
agreement on credit loan program for sugar cane farmers during
planting season in 2008/2009.  The fund of IDR160 Billion was
from Pertamina's PKBL (Partnership & Environmental Cultivation
Program) and will be distributed in the form of credit loan to
sugar cane farmers in PTPN X (Persero)'s working area.  The fund
is expected to be distributed to 6000 farmers.

The corporation between Pertamina & PTPN X was held for the
second time.  The first one was in 2007/2008 with IDR30 Billion
fund.  The second fund was expected to give maximum benefit for
small sugar enterprises in PTPN X areas.

The corporation agreement was signed on Monday, May 12, 2008 at
08.30 WIB on the 21st floor of State Ministry of State Owned
Enterprises' office and was attended by the Minister of state-
owned enterprises.  This partnership program has become a part
of food sufficiency program held by the Ministry of State-owned
Enterprises.

The total amount of fund collected from state owned enterprises
PKBL for food sufficiency program has reached IDR1.3 trillion.  
The program was classified into four activities:

   (1) Direct food donation of IDR200 Billion;
   (2) Cash donation of IDR200 Billion;
   (3) Donation for the education of unemployed high school
       graduates of IDR38 billion; and
   (4) Partnership loan of IDR815 billion.

                      About PT Pertamina

PT Pertamina (Persero) -- http://www.pertamina.com/-- is a
wholly state-owned enterprise.  The enactment of Oil and Gas Law
No. 22/2001 in November 2001 and Government Regulation
No.31/2003 has changed its legal status from a special state
owned enterprise into a Limited Liability Company.  In carrying
out its activities, PT Pertamina implements an integrated system
from upstream to downstream.  Pertamina operates seven oil
refineries with a total output capacity of around 1 million
barrels per day.  However, these refineries only cover about
three-quarters of domestic oil demand, the rest is supplied by
imports.

Despite reporting a net profit of IDR3.03 trillion for the first
six months of 2005, Pertamina's failure to service its financial
obligations was pegged as one of the contributors to Indonesia's
decreased income for the year.

In August 2005, Pertamina's debt to United States firm Karaha
Bodas Company rose from IDR2.54 trillion to IDR2.99 trillion.
The debt had increased when, in 2003, a U.S. court ordered the
Company to pay compensation to KBC, relating to an international
arbitration decision, when the Indonesian Government halted a
geothermal project in Karaha Bodas, East Java.  Since that time,
the debt has steadily risen due to the Company's failure to pay
the compensation immediately.


PT PERTAMINA: To Seek Funding for Refinery Upgrade
--------------------------------------------------
PT Pertamina (Persero) will soon seek financial support to add
one processing unit to its Cilacap refinery, IOGNews reports
citing processing director Rukmi Hadihartini.

According to the report, Mr. Rukmi said the company would first
complete the Final Decision Investment for the project in
October.

The report relates that the preliminary cost for the project is
about USD1.9 billion but is expected to increase as the price of
raw materials, such as
steel, has soared.

                      About PT Pertamina

PT Pertamina (Persero) -- http://www.pertamina.com/-- is a
wholly state-owned enterprise.  The enactment of Oil and Gas Law
No. 22/2001 in November 2001 and Government Regulation
No.31/2003 has changed its legal status from a special state
owned enterprise into a Limited Liability Company.  In carrying
out its activities, PT Pertamina implements an integrated system
from upstream to downstream.  Pertamina operates seven oil
refineries with a total output capacity of around 1 million
barrels per day.  However, these refineries only cover about
three-quarters of domestic oil demand, the rest is supplied by
imports.

Despite reporting a net profit of IDR3.03 trillion for the first
six months of 2005, Pertamina's failure to service its financial
obligations was pegged as one of the contributors to Indonesia's
decreased income for the year.

In August 2005, Pertamina's debt to United States firm Karaha
Bodas Company rose from IDR2.54 trillion to IDR2.99 trillion.
The debt had increased when, in 2003, a U.S. court ordered the
Company to pay compensation to KBC, relating to an international
arbitration decision, when the Indonesian Government halted a
geothermal project in Karaha Bodas, East Java.  Since that time,
the debt has steadily risen due to the Company's failure to pay
the compensation immediately.


PT PERTAMINA: Legislator Calls for Transparency
-----------------------------------------------
Antara News reports that Chairman of the Indonesian Demotratic
Party of Struggle faction in the House of Representatives Tjahjo
Kumolo said his party rejected the government's fuel oil price
hike plan and was asking for the reform of state-owned oil
company PT Pertamina (Persero) due to lack of transparency.

"It is ironical that Indonesia is an oil producing country whose
oil wealth is managed by Pertamina but there were no clear
explanations on its oil exports and imports, except the amount
of oil subsidy in the state budget," Kumolo told Antara News in
an interview.

He further told Antara News that the planned fuel oil increases
worsened the people's conditions because prices of basic
necessaries were now moving up even before the fuel oil prices
were really raised.

                      About PT Pertamina

PT Pertamina (Persero) -- http://www.pertamina.com/-- is a
wholly state-owned enterprise.  The enactment of Oil and Gas Law
No. 22/2001 in November 2001 and Government Regulation
No.31/2003 has changed its legal status from a special state
owned enterprise into a Limited Liability Company.  In carrying
out its activities, PT Pertamina implements an integrated system
from upstream to downstream.  Pertamina operates seven oil
refineries with a total output capacity of around 1 million
barrels per day.  However, these refineries only cover about
three-quarters of domestic oil demand, the rest is supplied by
imports.

Despite reporting a net profit of IDR3.03 trillion for the first
six months of 2005, Pertamina's failure to service its financial
obligations was pegged as one of the contributors to Indonesia's
decreased income for the year.

In August 2005, Pertamina's debt to United States firm Karaha
Bodas Company rose from IDR2.54 trillion to IDR2.99 trillion.
The debt had increased when, in 2003, a U.S. court ordered the
Company to pay compensation to KBC, relating to an international
arbitration decision, when the Indonesian Government halted a
geothermal project in Karaha Bodas, East Java.  Since that time,
the debt has steadily risen due to the Company's failure to pay
the compensation immediately.



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

* JAPAN: Moody's Gives Brewery Industry a Negative Outlook
----------------------------------------------------------
Moody's Investors Service says in a new report that the credit
outlook for the Japanese brewery industry is negative.

"In terms of market dynamics, increased prices for beer-tasting
beverages will further depress demand, which has already been
stagnant in recent years," says Kazusada Hirose, a Moody's VP /
Senior Analyst and author of the report.

"With declines in the population and social drinking for health
reasons, domestic demand has been flat, while material costs
have been rising", says Hirose.  All beer manufacturers in Japan
have announced higher shipping prices to distributors for 2008
as a way to pass on their higher material costs.

"In this environment, to resist downward pricing pressure from
retailers and maintain profit, strong brands are paramount",
says Hirose.  "Furthermore, by establishing line-ups which cross
product categories, a company can generate stable profit even
with changes in consumer tastes."

Furthermore, the rated companies are likely to invest in M&As,
domestically and globally, to expand revenue, the report says.  
In the case of significant M&As, Moody's will closely assess the
feasibility of any endeavor and the overall risk profile of the
new group, as well as the strength and stability of future cash
flow.

Despite profit pressure, cash flow remains stable, as the beer
makers restrain capital expenditures for domestic manufacturing.  
Consequently, debt is generally declining, except for that
associated with acquisitions, supporting Moody's ratings.

Moody's rates three of the brewery companies which distribute
nationally:

   1. Kirin Holdings Co., Ltd. (Aa3, stable);
   2. Suntory Limited (A3, positive); and
   3. Sapporo Holdings Limited (Ba1, stable).

The report -- entitled "Industry Outlook: Japan's Brewery
Industry" -- can be found at http://www.moodys.com/  



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


EG SEMICON: KD Partners Acquires 34.05% Company Stake
-----------------------------------------------------
KD Partners Co. Ltd. has purchased 2,666,667 shares in EG
Semicon Co. Limited, Reuters reports.

According to the report, KD Partners now holds an equivalent of
34.05% stake of the company.  As a result, EG Semicon holds the
remaining 41.60% stake.

EG Semicon Co., Ltd. -- http://www.osec.co.kr/-- manufactures      
liquid crystal displays.  The company is headquartered in
Gyeongsangbuk Province, Korea.  It operates two factories in
Korea and one in China.

On January 4, 2008, the Troubled Company Reporter-Asia Pacific
reported that EG Semicon Co. has a shareholders' equity deficit
of US$12.34 million on total assets of US$166.70 million.


GENEXEL-SEIN: Completes Rights Issue of 10 Billion Common Shares
----------------------------------------------------------------
Genexel-Sein Inc. has completed its rights issue of 10 billion
common shares, Reuters reports.

As reported by the Troubled Company Reporter - Asia Pacific on
May 14, 2008, the company has set the price for the rights issue
of its 10 million shares at KRW955 per share.

The number of subscribed shares is 8,595,197 and the unclaimed
shares will be issued through a public placement, the report
relartes.

Headquartered in Gyeonggi Province, Korea, Genexel-Sein Inc. is
a manufacturer specialized in the provision of medical devices.
The company provides its products under two categories: blood
pressure monitors and transcutaneous electrical nerve
stimulators.  Its blood pressure monitors include digital,
digital wrist, aneroid, mercury, semi-automatic and automatic
blood pressure monitors used in homes and medical institutions.
Its TENS are used to treat low back pain, myofascial and
arthritic pain and others.

On July 31, 2006, Korea Ratings gave the company's US$3,000,000
overseas bond with warrants issue a 'B+' rating with a stable
outlook.


MAGNACHIP SEM: Enters Distribution Deals With Asian Distributors
----------------------------------------------------------------
MagnaChip Semiconductor, Limited has entered into distribution
agreements for its power management products with three premier
Asian distributors.

MagnaChip's distribution partners are Supreme Electronics based
in Taiwan, Plus Good Enterprises based in China/Hong Kong, and
Tigerchip based in Korea.  MagnaChip's power management
solutions enable customers to increase system stability and
reduce heat dissipation and energy use, resulting in cost
savings for its customers and consumers.

Brent Rowe, Senior Vice President of Worldwide Sales at
MagnaChip, commented, "Our entry into the power management
market is timely given the increasing demand for energy
efficient, green solutions.  We expect our three new channel
partners to expedite our market entry by supporting us in demand
creation, the design in process, and other logistics.  We are
confident that MagnaChip's power management solutions will
utilize our advanced analog and mixed-signal technology platform
to expand our market opportunity and meet more of our customers'
needs."

                  About MagnaChip Semiconductor

Based in Korea, MagnaChip Semiconductor Limited--
http://www.magnachip.com/-- is a leading, Asia-based designer  
and manufacturer of analog and mixed-signal semiconductor
products for high volume consumer applications, such as mobile
phones, digital televisions, flat panel displays, notebook
computers, mobile multimedia devices and digital cameras.  The
Company has a broad range of analog and mixed-signal
semiconductor technology, supported by its 28-year operating
history, large portfolio of registered and pending patents and
extensive engineering and manufacturing process expertise.

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on Oct. 10,
2007, that Moody's Investors Service confirmed the B2 corporate
family rating of MagnaChip Semiconductor LLC.  At the same time,
Moody's confirmed the ratings of the debt issued by MagnaChip
Semiconductor Finance Co and MagnaChip Semiconductor S.A.,
including:

  1) B1 rating of the US$100 million five-year senior secured
     credit revolver

  2) B2 rating of the US$500 million aggregate floating and
     fixed-rate second-priority senior secured notes due 2011

  3) Caa1 rating of the US$250 million senior subordinated notes
     due 2014

On Feb. 13, 2007, Standard & Poor's Ratings Services lowered its
corporate credit rating on MagnaChip to 'B' from 'B+'.  At the
same time, S&P lowered the rating on MagnaChip's senior
unsecured debt to 'B' from 'B+' and rating on its senior
subordinated notes due 2014 to 'CCC+' from 'B-'.


NDCORP CO: Converts 5th Bonds to 1,315 Shares at KRW7,602 Each
--------------------------------------------------------------
NDcrop Co. Limited's fifth convertible bonds have been converted
for 1,315 shares of the company at the exercise price of
KRW7,602 per share, Reuters reports.

According to the report, it brings the total number of the
company's outstanding common shares to 8,145,124.  The listing
date of the new shares is May 21, 2008, the report notes.

With headquarters in Seoul, Korea, NDcorp Co., Ltd. is engaged
in the storage area network and communication solutions
business.  The company has two divisions: Electronic-
Telecommunication business, which develops, produces and
distributes wired and wireless communication products, including
voice-over-Internet protocol residential gateways, VoIP
asymmetric digital subscriber line modems and VoIP cable modems,
and System Integration business, which provides servers, work
stations and data storage systems for digital media services.

Korea Ratings gave the company's KRW10.30 billion convertible
bonds issue a B- rating with an evolving outlook on
July 31, 2006.



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

IDAMAN UNGGUL: Tokio Marine Seeks Bid Clearance for Tahan
---------------------------------------------------------
Tahan Insurance Malaysia Berhad, a subsidiary of Idaman Unggul
Berhad, has received a letter from Tokio Marine Asia Pte. Ltd.
expressing its interest to acquire the general insurance
business of Tahan.  Tokio Marine has been given approval by Bank
Negara Malaysia to enter into negotiations with Idaman group.

The company is securing the approval from Bank Negara Malaysia
to commence negotiations with Tokio Marine.

With this offer from Tokio Marine, Idaman Unggul has now a total
of three parties that have been given approval by Bank Negara to
negotiate the sale of the company's equity interest/general
insurance business of Tahan.

                      About Idaman Unggul

Idaman Unggul Berhad is an investment holding company, whose
principal activity is the provision of corporate, administrative
and management support to its subsidiaries.  The company
operates in two segments: insurance, which includes underwriting
of life insurance and all classes of general insurance business,
and other, which includes investment holding.  Idaman Unggul's
subsidiaries include Tahan Insurance Malaysia Berhad, F.T. Land
Sdn. Bhd., PCM Synergy Sdn. Bhd., PICT Solution Sdn. Bhd. and
Straight Effort Sdn. Bhd.  On July 12, 2006, the company
disposed Advanced Electronics (M) Sdn. Bhd. to Elevale Temasek
Sdn. Bhd.  On July 3, 2006, Tahan Insurance Malaysia Berhad
disposed of its Life Insurance Business to AXA Affin Life
Insurance Berhad. Waikiki Beach Hotel Sdn. Bhd., a wholly owned
subsidiary of Idaman Unggul, was also divested as part of the
Life Insurance Business disposal.  On January 17, 2007, the
company disposed IUB Asset Management Sdn Bhd to Capital
Intelligence Holdings Sdn Bhd.

                          *     *     *

As reported by Troubled Company Reporter-Asia Pacific on
March 6, 2008, the company has been classified as an Affected
Listed Issuer under Amended Practice Note 17/2005 of the Listing
Requirements of Bursa Malaysia Securities Berhad, since the
company's shareholders' fund has dropped to MYR41.204 million
which is lower than the 25% of the paid-up share capital and
minimum issued and paid up capital of MYR60 milion required
under the Listing Requirements.


LIQUA HEALTH: Appoints Nur Zarina as Director & Audit Member
------------------------------------------------------------
Liqua Health Corporation Berhad has appointed Nur Zarina Binti
Ghazali as director and Audit Committee member.

Moreover, the company has redesignated some of its pesonnel:
Ahmad Fuad Bin Abdul Wahab from Non-Executive Director to  
Chairman and Andrew Su Meng Kit from Executive Director to
Director.

On the other hand, Low Donald Han stepped down as the company's
chairman.

Liqua Health Corporation Berhad is principally engaged in the
businesses of investment holding and provision of management
services.  Its core business is direct selling of health food
and related products, through its subsidiaries.  Liqua Health
and Liqua Spirulina are the two core health products of the
company.  The company�s subsidiaries include Liqua Health
Marketing (M) Sdn. Bhd., which is engaged in direct selling of
health food and general merchandise; Packcon (Asia) Sdn. Bhd,
which is engaged in marketing packaging materials and general
trading; Liqua Biotech Sdn. Bhd formerly known as Liqua Heath
Dairy Marketing & Supplies Sdn. Bhd.), which is engaged in
research and development; Quantum Healing Centre Sdn. Bhd
(dormant), which is engaged in the trading and marketing of
health food and general merchandise.  In February 2007, Liqua
Health Marketing acquired the remaining 51% interest in Liqua
Health Chain.

                        *     *     *

The company was classified as an Affected Listed Issuer as it
has triggered Paragraph 2.1 of the Amended PN17 as the
consolidated shareholders' fund has dropped to approximately
MYR5.9 million which is below the 25% of the paid-up share
capital which stands at MYR144.3 million and the minimum issued
and paid up capital of MYR60 million required under paragraph
8.16A(1) of the Listing Requirements.


SELOGA HOLDINGS: SC Gives Conditions to Consider Exemption
----------------------------------------------------------
In relation to the Practice Note 2.9.1 of the Malaysian Code on
Take-overs and Mergers 1998, wherein Tan Sri Halim Bin Saad and
the persons acting in concert with him will be exempted from the
obligation to undertake a mandatory offer for the remaining
voting shares in Seloga Holdings Berhad not already owned by
them after the proposed rights issue to be undertaken by Seloga,
the Securities Commission has informed that it will only
consider the Proposed Exemption after fulfillment of these
conditions:

   * Approval from the independent holders of voting shares of
     Seloga, on a poll in a general meeting in which the
     interested parties are to abstain from voting.  The result
     of the poll has to be confirmed by an independent auditor;

   * Provision is made for Seloga's shareholders for competent
     independent advice regarding the Proposed Exemption.  The
     appointment of the independent adviser and the independent
     adviser’s circular to the shareholders is to be first
     approved and consented by the Seloga; and

   * Tan Sri Halim and the persons acting in concert with him,
     namely Usaha Citra Sdn Bhd and Lucky Lamp International
     Limited, are required to submit declarations addressed to
     the Securrities Comission, attesting that they have not
     purchased any shares in Seloga subsequent to the
     discussion, in relation to the Proposed Rights Issue and
     until the granting of the Proposed Exemption by the
     Securities Commission.

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.


UBG BERHAD: Earns MYR4.74 Million in Quarter Ended March 31
-----------------------------------------------------------
UBG Berhad earned MYR4.74 million on MYR7.21 million of revenues
in the quarter ended March 31, 2008, as compared to MYR128.82
million net loss on MYR111,000 of revenues in the preceding
quarter of 2007.

The improved profit for the quarter under review was contributed
by higher interest income earned on its increased cash reserves
that were placed in short term deposits, lower administrative
expenses and absence of gearing.

As of March 31, 2008, the company's balance sheet showed
MYR818.69 million of total assets, MYR4.73 million of total
liabilities resulting to a shareholders' equity of
MYR813.97 million.

Formerly known as Utama Banking Group Berhad, UBG Berhad's
principal activities are banking and related financial services.
Other activities include investment holding and provision of
nominees services.  Operations of the Group are carried out in
Malaysia.

                           *     *     *

The company is classified under Amended Practice Note 17 of the
Bursa Malaysia Securities Bhd's Listing Requirements after it
completed the disposal of its entire investment in Rashid
Hussain Berhad, leaving UBG with no significant business
Operations.


WONDERFUL WIRE: To Seek Shareholders' Okay on Two Resolutions
-------------------------------------------------------------
Wonderful Wire & Cable Berhad intends to seek the approval of
its shareholders for these resolutions:

   * renewal of shareholders’ mandate for recurrent related
     party transactions of a revenue or trading nature pursuant
     to Paragraph 10.09 of the Listing Requirements of Bursa
     Malaysia Securities Berhad; and

   * adoption of a new set of Articles of Association of the
     company in substitution for and to the exclusion of all the
     existing Articles of Association of the company to be in
     line with the amended provisions under Chapter 7 of the
     Listing Requirements, current statutory and regulatory
     requirements.

                      About Wonderful Wire

Wonderful Wire & Cable Berhad is a Malaysia-based company that
is engaged in the manufacture and trading of all kinds of
electrical wires and cables.  The principal activities of the
company's subsidiaries include the investment holding, provision
for oil, gas and petroleum engineering, and design engineers and
contractors.  Its subsidiaries include Wonderful Industries Sdn.
Bhd., WWC Oil & Gas (Malaysia) Sdn. Bhd., WWC Sealing (Malaysia)
Sdn. Bhd., Transmission Resources Sdn. Bhd., WWC Engineering (M)
Sdn. Bhd. and Wonderful Wire & Cable.  In November 2006, the
company acquired the remaining 40% interest in WWC Sealing
(Malaysia) Sdn Bhd.  The principal activity of WWC Sealing
(Malaysia) Sdn Bhd is to design, manufacture and market
different ranges of industrial seal and gasket.

                          *     *     *

On December 3, 2007, the company was classified as an affected
listed issuer pursuant to Bursa Malaysia Securities Berhad's
Practice Note 17 category as the company's shareholders' equity
on a consolidated basis for the unaudited results is less than
25% of the issued and paid-up capital for the third quarter
ended Sept. 30, 2007.



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

BUTE LIMITED: Taps John Michael Gilbert as Liquidator
-----------------------------------------------------
On April 17, 2008, John Michael Gilbert was appointed liquidator
of Bute Limited.

Only creditors who were able to file their proofs of debt by
May 15, 2008, will be included in the company’s dividend
distribution.

The Liquidator can be reached at:

         John Michael Gilbert
         c/o C & C Strategic Limited
         Private Bag 47927
         Ponsonby, Auckland
         New Zealand
         Telephone:(09) 376 7506
         Facsimile:(09) 376 6441


CLEGG & CO: Fixes May 23 as Last Day to File Claims
---------------------------------------------------
Clegg & Co Ltd. is accepting creditors’ proofs of debt until
May 23, 2008, to be included in the company’s dividend
distribution.

The company’s liquidators are:

         Laurence George Chilcott
         Peter Charles Chatfield
         Smith Chilcott Bertelsen Harry
         Chartered Accountants
         PO Box 5545, Auckland
         New Zealand
         Telephone:(09) 379 8035
         Facsimile:(09) 307 8892


COMMERCIAL TECHNOLOGIES: Wind-Up Petition Hearing Set for May 22
----------------------------------------------------------------
The High Court of Dunedin will hear on May 22, 2008, at
10:00 a.m., a petition to have Commercial Technologies Ltd.’s
operations wound up.

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

The CIR’s solicitor is:

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


FLETCHER BUILDING: "Unlikely" to Buy Stake in Hyne, Analysts Say
----------------------------------------------------------------
Analysts are playing down Fletcher Building Limited as a likely
suitor for Australian timber group Hyne, which has been put up
for a possible trade sale or share float, Kris Hall of The
Dominion Post reports.

According to the report, ING senior investment analyst Craig
Brown said a deal with Fletcher was"unlikely", drawing a
parallel with Fletcher's rejection of Carter Holt's timber asset
sales. "Fletcher like to have businesses that generally have a
number one or number two market share, not an industry with
truckloads of competition,"  the report quoted Mr. Brown as
saying.

First NZ Capital analyst Andrew Mortimer told the news agency
that the Australian lumber industry doesn't really fit
[Fletcher] Building's acquisition criteria, which is to go for a
leading industry.  Hyne's got some 15% of the softwood lumber
market in Australia and you've got others which are probably
bigger, if not the same size, he added.

United States firm Weyerhaeuser, Carter Holt Harvey and Hyne
command about 60% of the softwood lumber market in Australia.

                     About Fletcher Building

Headquartered in Penrose, New Zealand, Fletcher Building Limited
-- http://www.fletcherbuilding.com/-- is the holding company of   
the Fletcher Building group.  The operating segments of the
Company include the Building Products division; the
Infrastructure division, and the Laminates & Panels division.
The Building Products division comprises six business streams,
including insulation, metal roof tiles, roll-forming and
coatings, long steel, plasterboard and a single businesses
stream comprising four business units.  The Infrastructure
division is an integrated manufacturer of cement, aggregates,
ready mix concrete and concrete products. It is also a general
contractor and residential house builder in New Zealand and the
South Pacific. The Laminates & Panels division manufactures and
sells high pressure and low-pressure decorative surface
laminates, raw medium density fiberboard, particle board and
kitchen components.  It distributes other products, such as
hardware and timber in some regions.  The company acquired the
Dunedin-based O'Brien's Group on May 1, 2006.

Fletcher Building's businesses operate at more than 300 sites
around New Zealand, Australia, Finland, Slovenia, United
Kingdom, Japan, Taiwan, among others.

                        *     *     *

The Troubled Company Reporter-Asia Pacific, on Nov. 13, 2007,
listed Fletcher Building's bonds as distressed.  The bonds have
the following coupon, maturity date, and trading price:

           Coupon          Maturity            Price
           ------          --------            -----
           8.600%          03/15/08         NZ$10.00
           7.800%          03/15/09          NZ$9.15
           7.550%          03/15/11          NZ$9.00


GHG SECURITY: Appoints Fisk and Sanson as Liquidators
-----------------------------------------------------
John Howard Ross Fisk and Craig Alexander Sanson were appointed
liquidators of GHG Security International Ltd. on April 28,
2008.

Creditors are required to file their proofs of debt by June 30,
2008, to be included in the company’s dividend distribution.

The Liquidators can be reached at:

         John Howard Ross Fisk
         Craig Alexander Sanson
         c/o PricewaterhouseCoopers
         113-119 The Terrace
         PO Box 243, Wellington
         New Zealand
         Telephone:(04) 462 7489
         Facsimile:(04) 462 7492


MERSEY LTD: Names John Michael Gilbert as Liquidator
----------------------------------------------------
John Michael Gilbert was appointed liquidator of Mersey Ltd. on
April 17, 2008.

Only creditors who were able to file their proofs of debt by
May 15, 2008, will be included in the company’s dividend
distribution.

The Liquidator can be reached at:

         John Michael Gilbert
         c/o C & C Strategic Limited
         Private Bag 47927
         Ponsonby, Auckland
         New Zealand
         Telephone:(09) 376 7506
         Facsimile:(09) 376 6441


NORFOLK MANOR: Commences Liquidation Proceedings
------------------------------------------------
Norfolk Manor Ltd. commenced liquidation proceedings on
April 29, 2008.

Creditors are required to file their proofs of debt by May 27,
2008, to be included in the company’s dividend distribution.

The company’s liquidator is:

         John Michael Gilbert
         c/o C & C Strategic Limited
         Private Bag 47927
         Ponsonby, Auckland
         New Zealand
         Telephone:(09) 376 7506
         Facsimile:(09) 376 6441


PROPERTY IMPROVERS: Taps Hollis and Cain as Liquidators
-------------------------------------------------------
Malcolm Grant Hollis and Rhys James Cain were named liquidators
of Property Improvers Ltd. on April 28, 2008.

Messrs. Hollis and Cain are accepting creditors’ proofs of debt
until today, May 19, 2008.

The Liquidators can be reached at:

         Malcolm Grant Hollis
         Rhys James Cain
         c/o PricewaterhouseCoopers
         119 Armagh Street
         PO Box 13244, Christchurch
         New Zealand
         Telephone:(03) 374 3000
         Facsimile:(03) 374 3001


Q-SPD INTERNATIONAL: Names Heath and Lamacraft as Liquidators
-------------------------------------------------------------
Arron Leslie Heath and Michael Lamacraft were appointed
liquidators of Q-SPD International Ltd. on April 28, 2008.

Creditors are required to file their proofs of debt by May 30,
2008, to be included in the company’s dividend distribution.

The liquidators can be reached at:

         Arron Leslie Heath
         Michael Lamacraft
         c/o Meltzer Mason Heath
         Chartered Accountants
         PO Box 6302, Wellesley Street
         Auckland 1141
         New Zealand
         Telephone:(09) 357 6150
         Facsimile:(09) 357 6152


REUBEN'S WATER: Wind-Up Petition Hearing Set for July 4
-------------------------------------------------------
The High Court of Auckland will hear on July 4, 2008, at
10:00 a.m., a petition to have Reuben's Water Taxis Ltd.’s
operations wound up.

Kerekes Kounting House Limited filed the petition against the
company on March 12, 2008.

Kerekes Kounting’s solicitor is:

         Alan Grahame Stuart
         Webster Malcolm & Kilpatrick
         Lawlink House
         Neville Street
         PO Box 22, Warkworth
         New Zealand


VICTORIA MINI: Shareholders Opt to Liquidate Business
-----------------------------------------------------
The shareholders of Victoria Mini Supermarket Ltd. met on
March 30, 2008, and resolved to voluntarily liquidate the
company’s business.

The company’s liquidator is:

         Kiran Dutt
         PO Box 9687, Newmarket
         Auckland
         New Zealand
         Telephone:(09) 630 3808
         Facsimile:(09) 630 3970


WHITE ISLE: Fixes May 30 as Last Day to File Claims
---------------------------------------------------
On April 24, 2008, Arron Leslie Heath and Michael Lamacraft were
appointed liquidators of White Isle Development Ltd.

Creditors are required to file their proofs of debt by May 30,
2008, to be included in the company’s dividend distribution.

The Liquidators can be reached at:

         Arron Leslie Heath
         Michael Lamacraft
         Meltzer Mason Heath
         Chartered Accountants
         PO Box 6302, Wellesley Street
         Auckland 1141
         New Zealand
         Telephone:(09) 357 6150
         Facsimile:(09) 357 6152


WOOL EQUITIES: Company Director Keith Sutton Resigns
----------------------------------------------------
Wool Equities Limited disclosed that Keith Sutton, a director of
Wool Equities, has resigned effective May 16, 2008.

Mr. Sutton has advised the company that due to his commitments
to wool industry restructuring, he will be unable to continue in
his role as a director.

The Board will appoint a replacement.

                       About Wool Equities

Wellington, New Zealand-based Wool Equities Ltd. --
http://www.woolequities.co.nz/-- is a technology investment  
company, with shareholdings in a diverse range of companies,
focusing in the biotech sector.  The companies include Karatec
Limited, which is a manufacturing, marketing/distribution and
technology licensing business extracting high-value protein
fractions used for applications in personal care, consumer
health and medical materials; Canesis Networks Limited, which is
engaged in wool science and textile technology; Orico Limited,
and Paracco Limited. From June 30, 2006, Covita Limited was a
subsidiary of the company.

                         *     *     *

The group had incurred a loss of NZ$1.91 million for the year
ended June 30, 2007, compared with the loss of NZ$2.72 million
for the previous financial year.



===============
P A K I S T A N
===============

AZGARD NINE: S&P Cuts Corporate Credit Rating to "B"
----------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Azgard Nine Ltd. to 'B' from 'B+'. The outlook is
negative.

"This rating action is made in conjunction with our lowering of
the sovereign ratings on Pakistan (foreign currency
B/Negative/B; local currency BB-/Negative/B)," said Standard &
Poor's credit analyst Wee Khim Loy.  The downgrade reflects
rising pressures on the sovereign's credit fundamentals
from the combination of expanding fiscal and external imbalances
against a volatile and uncertain political setting.

The rating on Azgard reflects the company's small market
position, its highly leveraged financial profile, and the
competitive and fragmented textile industry.  This is partly
offset by the company's competitive cost advantage, especially
in the fertilizer business, and good operating efficiency, which
is expected to result in higher profitability.

The fertilizer industry, which is one of Azgard's key business
segments, is government regulated and dependent on direct and
indirect subsidies from the government.  "We consider that, in
the current fiscal and macroeconomic environment, Azgard's
sensitivity to adverse government policies has increased, and we
have reflected this in the lowering of the ratings.

Furthermore, Azgard's credit profile remained close to the
threshold of 4.5x for downgrade pressure; as of December 2007,
the company's debt-to-EBITDA ratio was nearly 4.4x," Ms. Loy
said.

Azgard said the State Bank of Pakistan has given it permission
to acquire a foreign company for EUR23.758 million (2,565
million Pakistan rupees).  The target company is a global
supplier of many different types of special denim.

The acquisition will be completely debt funded.  Standard &
Poor's has factored this acquisition into the current rating and
hence further downward rating pressure is limited.


PAKISTAN MOBILE: S&P Holds 'B+' Ratings With Negative Outlook
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its corporate credit
rating for Pakistan Mobile Communications Ltd. (Mobilink) at
'B+' with a negative outlook. At the same time, Standard &
Poor's affirmed its issue rating on Mobilink's senior unsecured
notes at 'B+'.

The rating takes into account material country risks and
increasing competition in the wireless market, which are offset
partially by Mobilink's leading market position, S&P's
expectations of continuing industry growth potential, and the
company's adequate cash flow measures for the ratings.

"In the medium term, we expect the ratings on Mobilink to be
driven by the country's risk environment and the company's
ability to maintain adequate internal cash generation in light
of rising competition," said Standard & Poor's credit analyst
Ms. Yasmin Wirjawan.  The negative outlook on Mobilink
reflects the risk factors on Pakistan and the business
environment, which are also mirrored in S&P's sovereign (foreign
currency B/Negative/B; local currency BB-/Negative/B) and
transfer and convertibility assessment ratings.

In addition, Mobilink may face increased exposure to funding
risks and potential overall economic slowdown that may affect
the company's credit profile.  Any downward movement of the
sovereign ratings, implying an increase in the country risk-
related factors and more difficult operating conditions,
could result in a lowering of the ratings on Mobilink.


* PAKISTAN: S&P Cuts Foreign Currency Debt Rating to 'B'
--------------------------------------------------------
Standard & Poor's Ratings Services has lowered its long-term
foreign currency debt rating on the Islamic Republic of Pakistan
to 'B' from 'B+' and its long-term local currency rating to
'BB–' from 'BB'.  At the same time, S&P affirmed its 'B' short-
term rating on the sovereign.  The outlook is negative.  In
tandem with the lowering of the sovereign credit rating, S&P is
also lowering the Transfer and Convertibility Assessment rating
on Pakistan to 'BB-' from 'BB'.

The downgrade reflects rising pressures on the sovereign's
credit fundamentals from the combination of expanding fiscal and
external imbalances, against a volatile and uncertain political
setting.  "Following a year of turbulence accompanying
Pakistan's transition to democratic rule, macroeconomic
management and policy formulation remain significantly
constrained by the precedence of political imperatives in the
context of coalition and historical rivalry between the two main
partners, the Pakistan Peoples' Party and the Pakistan Muslim
League, Nawaz Shariff Faction," said Standard & Poor's credit
analyst Agost Benard.

The negative outlook reflects S&P's assessment that the
sovereign's vulnerabilities may accentuate further, given that
the emergence of a stable, cohesive, and effective political
environment needed to tackle mounting macroeconomic imbalances
doesn't seem to be at hand.

In a sharp reversal of years of consolidation, the general
government fiscal deficit (excluding grants) is set to reach
about 8% of GDP in fiscal 2008 (ending June 2008), well above
the 4% official target and the 3.7% average for the past five
years.  With the disintegration of the recently installed
cabinet, fiscal adjustments planned by the administration to
stem the marked deterioration will remain wanting.  Significant
expenditure overruns due to rising subsidy and interest costs,
and defense and capital spending are exacerbated by the apparent
atrophy of an already weak revenue effort.  For the
first half of fiscal 2008, total revenues rose by 1.8% year-on-
year; if this trend persists throughout the year, Pakistan's
revenue-to-GDP ratio would decline to about 14% from 15.3% in
2007.  Fiscal shortfalls of this magnitude, in conjunction with
adverse changes in the financing mix toward short-term
higher-cost domestic borrowing and commercial external
borrowing, jeopardize Pakistan's hitherto favorable debt
dynamics.  With a still substantial public leverage at an
estimated 59% of GDP, Pakistan's debt-to-revenue ratio could
rise to about 400% against the median 171% for similarly rated
countries.

Similarly, Pakistan's once favorable and improving external
liquidity is suffering a serious reversal, highlighted by the
recent sharp fall in foreign reserves.  A rapid rise in the oil
import bill and stagnant exports are yielding record current
account deficits, projected to reach 7.3% of GDP for
fiscal 2008.  Unlike in previous years, these deficits are no
longer covered by foreign direct investment and portfolio
inflows, both of which have declined due to the domestic
political uncertainty and adverse global liquidity
conditions.  Thus, from  a peak of US$14.2 billion in October
2007, central bank foreign exchange reserves have fallen by 30%
to US$9.9 billion at the beginning of May, sharply eroding
Pakistan's liquidity cushion and prompting some restrictions on
foreign exchange transactions and offshore accounts.

"With the underlying negative political setting partly causing,
as well as prolonging, the fiscal and external deterioration, an
improvement in the rating or outlook is not envisaged unless a
fundamental shift occurs, with concerted and sustainable policy
measures focusing in particular on fiscal revenues and
expenditures, and on debt management to reduce central bank
financing of fiscal deficits," said Mr. Benard.

The lowering of the Transfer and Convertibility Assessment
rating assumes that current exchange controls will not impair
the debt service payment mechanism and ability for the country's
corporate sector.



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

UCPB: Government Increases Aid to Php30 Billion
-----------------------------------------------
The Philippine government has raised its assistance package to
sequestered United Coconut Planters Bank to Php30 billion from
Php25 billion in case the bank’s request for exemption from the
reserve requirement is rejected by the central bank, Eileen A.
Mencias of Manila Standard reports citing government sources.

The report says UCPB has sought an exemption from the reserve
requirement to obtain more funds for investment and increase its
earning prospects.

The government under its rescue plan will transfer its deposits
from the Bangko Sentral ng Pilipinas to UCPB, which will then
invest the money in government securities, the report says.

Manila Standard relates that the government and UCPB officials
met Wednesday to discuss the bank’s rehabilitation plan, which
was presented to the Monetary Board the following day.

According to the report, UCPB has incurred financial
difficulties due to its inability to raise new capital and its
sequestered status.  It reported in June 2007 a non-performing
loans ratio of 29.8 percent and a negative 36.3 percent return
on equity, the report added.

United Coconut Planters Bank -- http://www.ucpb.com/--  
provides financial products and services to corporations, middle
market companies, small- and medium- sized businesses, and
consumers in the Philippines.


* PHILIPPINES: Feb. 2008 Gov't Debt Climbs to Php3.771 Tril.
------------------------------------------------------------
As of February 2008, the National Government debt increased by
1% or Php39 billion from the end January 2008 level.  Total
outstanding debt stood at Php3.771 trillion of which, Php1.521
trillion or 40% is owed to foreign creditors and Php2.250
trillion or 60% to domestic creditors.

The domestic debt increased by Php23 billion or 1.1% from the
recorded end January 2008 level arising from the net issuance of
government securities made by NG.  The increase in NG’s foreign
debt of Php16 billion or 1% from the level as of end January
2008 was due to the Php17 billion net availments and Php6
billion depreciation of the third currencies against the
US dollar.  However, this was partially offset by the Php7
billion appreciation of the peso against the US Dollar.

On the other hand, the contingent debt of the National
Government, composed mainly of guarantees issued by the National
Government, increased to Php495 billion, higher by Php8 billion
from end January 2008 level of P487.


* PHILIPPINES: Jan-Apr 08 Fiscal Deficit Down by Php14.2 Bil.
-------------------------------------------------------------
The Bureau of the Treasury says the January to April fiscal
deficit of the National Government reached Php25.8 billion.  The
National Government registered a surplus in April amounting to
Php25.8 billion.

                      Revenue Performance

Revenue collections reached Php122.0 billion for the month of
April.  It grew by 21% compared to the same period of last
year’s Php101.2 billion.  For January to April, revenues grew by
11% compared to the same period last year from Php338.4 billion.

The Bureau of Internal Revenue and Bureau of Customs registered
a growth of 21% and 26%, respectively for the month of April
compared to same month last year.  Actual collections for the
month were recorded at Php91.3 billion for BIR and Php21.7
billion for BOC.  Likewise, the Bureau of the Treasury income
was recorded at Php4.7 billion while other offices,
registered an income of Php4.2 billion.

For the January to April period, BIR and BOC cash collections
reached to Php258.0 billion and Php70.6 billion, respectively.  
BTr income amounted to Php21.8 billion, and other offices
Php25.2 billion.

                          Expenditures

For January to April 2008, total disbursements amounted to
Php401.3 billion, 6% higher than the comparable disbursements in
2007.  Excluding interest payments, total disbursements
increased by 5%.  Actual disbursements in April amounted to
Php96.3 billion.

                     Primary Surplus/(Deficit)

Netting out the interest payments in the expenditures, the
National Government recorded a primary surplus for the month
amounting to Php44.5 billion.  Cumulatively, the primary surplus
reached to Php93.2 billion for January to April.


* PHILIPPINES: U/KBs' NPL Ratio Settles at 4.70% in February
------------------------------------------------------------
As of end-February 2008, the non-performing loans (NPL) ratio of
universal and commercial banks (U/KBs) settled at 4.70 percent,
Philippine Central Bank data says.  The figure is slightly
higher by 0.03 percentage point than the previous month’s 4.67
percent but favorably lower by by 0.83 percentage point than
year ago’s 5.53 percent ratio.  The month-on-month increase in
the ratio occurred as the 0.17 percent hike in NPLs was
accompanied by the 0.64 percent drop in total loan portfolio
(TLP).  NPLs rose to P97.82 billion from last month’s P97.65
billion while TLP was reduced to P2,079.57 billion from
P2,093.04 billion.

Net of interbank loans, the NPL ratio also went up to 5.59
percent from last month’s 5.53 percent but eased from year ago’s
6.97 percent ratio.  The increase in the ratio from last month
was attributed to the combined effect of the growth in NPLs and
the 0.84 percent decline in regular loans to P1,751.03 billion.

Meantime, the restructured loans (RLs) to TLP ratio went down to
3.03 percent from last month’s 3.09 percent and year ago’s 3.82
percent ratios.  The drop in the ratio from last month was
fueled by the 2.87 percent reduction in gross RLs to P63.20
billion.

The real and other properties acquired (ROPA), gross to gross
assets (GA) ratio was maintained at 3.39 percent from last month
but improved from year ago’s 3.82 percent ratio.  The ratio
remained unchanged from last month as the 0.68 percent drop in
ROPA to P151.73 billion was almost matched by the contraction in
GAs.

The non-performing assets (NPA) to GA ratio climbed to 5.36
percent from last month’s 5.33 percent but eased from year ago’s
6.19 percent ratio.  The increase in the ratio from last month
transpired as the 0.03 percent growth in NPAs came with the 0.46
percent drop in GAs.  The NPA level at P239.45 billion, which
barely changed from last month, was favorably lower than year
ago’s P272.01 billion.

The NPL coverage ratio widened to 92.95 percent from 92.41
percent last month. Similarly, the NPA coverage ratio
strengthened to 44.19 percent from 43.76 percent.  Meanwhile,
this month’s NPL and NPA coverage also stood higher than the
year ago ratios of 80.09 percent and 39.20 percent,
respectively.



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

  
* BOND PRICING: For the Week May 19 to May 23, 2008
---------------------------------------------------

Issuer                         Coupon  Maturity  Currency  Price
------                         ------  --------  --------  -----

AUSTRALIA &
NEW ZEALAND
-----------
Ainsworth Game Technology Ltd  8.000%  12/31/09     AUD     0.75
A&R Whitcoulls Group           9.500%  12/15/10     NZD    12.45
Allco Hit Ltd                  9.000%  08/17/09     AUD    23.00
Antares Energy Limited        10.000%  10/31/13     AUD     0.70
Babcock & Brown Pty Ltd        9.010%  09/15/16     NZD    17.00
Becton Property Group          9.500%  06/30/10     AUD     0.58
Bounty Industries Limited     10.000%  06/30/10     AUD     0.08
Capital Properties NZ Ltd      8.500%  04/15/09     NZD    11.00
Capital Properties NZ Ltd      8.000%  04/15/10     NZD    11.80
China Century                 12.000%  09/30/10     AUD     0.82
Djerriwarrh Investments Ltd    6.500%  09/30/09     AUD     4.35
Fletcher Building Ltd          7.800%  03/15/09     NZD     9.80
Fletcher Building Ltd          7.550%  03/15/11     NZD     9.80
Heemskirk Consolidated
  Limited                      8.000%  04/29/11     AUD     2.97
Hy-Fi Securities Ltd           7.000%  08/15/08     NZD    13.00
Hy-Fi Securities Ltd           8.750%  08/15/08     NZD    10.25
Infrastructure & Utilities     8.500%  09/15/13     NZD     9.60
Jem Warehouse                  3.000%  08/01/14     AUD    71.91
LongReach Group Limited       10.000%  10/31/08     AUD     0.32
Nylex Ltd.                    10.000%  12/08/09     AUD     1.75
Metal Storm Ltd               10.000%  09/01/09     AUD     0.11
Minerals Corp                 10.500%  09/30/08     AUD     0.89
Record Funds Man              11.000%  09/01/10     AUD    48.00
Salomon SB Aust                4.250%  02/01/19     USD     6.07
South Canterbury              10.430%  12/15/12     NZD     1.00
Speirs Group Ltd.             13.160%  06/30/49     NZD    50.00
TrustPower Ltd                 8.300%  12/15/08     NZD    10.50
TrustPower Ltd                 8.500%  09/15/12     NZD     8.80
TrustPower Ltd                 8.500%  03/15/14     NZD     9.15

CHINA
-----    
Cosco Shipping                 0.800%  01/28/14    CNY     74.20
Tsingtao Brewery               0.800%  04/02/14    CNY     73.42


JAPAN
-----
Cent Japan Rail                1.310%  03/18/33     JPY    74.80
NIS Group                      2.730%  02/25/10     JPY    72.10
Suruga Corp                    2.890%  10/20/09     JPY    47.93

KOREA
-----
Korea Dev. Bank                7.350%  10/27/21     KRW    48.83
Korea Dev. Bank                7.450%  10/31/21     KRW    48.80
Korea Dev. Bank                7.400%  11/02/21     KRW    48.78
Korea Dev. Bank                7.310%  11/08/21     KRW    46.73
Korea Dev. Bank                8.450%  12/15/26     KRW    72.05
Korea Elec Pwr                 7.950%  04/01/96     USD    67.86

MALAYSIA
--------
Advance Synergy Berhad         2.000%  01/26/18     MYR     0.05
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     0.92
Berjaya Land Bhd               5.000%  12/30/09     MYR     5.50
Bumiputra-Commerce
   Holdings Bhd                2.500%  07/16/08     MYR     1.35
Cagamas Berhad                 3.650%  05/28/08     MYR    14.00
Cagamas Berhad                 3.610%  10/10/08     MYR     7.00
Eastern & Orient               8.000%  07/25/11     MYR     2.45
EG Industries Berhad           5.000%  06/16/10     MYR     0.30
Equine Capital                 3.000%  08/26/08     MYR     1.63
Greatpac Holdings              2.000%  12/11/08     MYR     0.30
Huat Lai Resources Bhd         5.000%  03/28/10     MYR     0.36
Insas Berhad                   8.000%  04/19/09     MYR     0.60
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.25
Kretam Holdings                1.000%  08/10/10     MYR     1.33
Kumpulan Jetson                5.000%  11/27/12     MYR     0.46
Lebuhraya Kajang               2.000%  06/12/19     MYR    67.75
Lebuhraya Kajang               2.000%  06/12/20     MYR    64.97
Lebuhraya Kajang               2.000%  06/12/19     MYR    62.27
LBS Bina Group Bhd             4.000%  12/31/08     MYR     0.39
Malaysian Gov't                6.450%  11/30/08     MYR    62.00   
Malaysian Gov't                4.053%  12/04/12     MYR    61.00
Malaysian Gov't                8.000%  10/30/13     MYR    62.00
Malaysian Gov't                7.300%  10/01/14     MYR    46.00
Media Prima Bhd                2.000%  07/18/08     MYR     1.54
Mithril Bhd                    8.000%  04/05/09     MYR     0.12
Mithril Bhd                    3.000%  04/05/12     MYR     0.57
Nam Fatt Corp                  2.000%  06/24/11     MYR     0.32
Pelikan International          3.000%  04/08/10     MYR     1.60
Pilecon Engineering Bhd        5.000%  12/19/11     MYR     0.09
Puncak Niaga Holdings Bhd      2.500%  11/18/16     MYR     0.79
RCE Advance                    8.000%  11/15/12     MYR    31.00
Rhythm Consolidated Berhad     5.000%  12/17/08     MYR     0.12
Rubberex Corporation Berhad    4.000%  08/14/12     MYR     0.65
Silver Bird Group              1.000%  02/15/09     MYR     0.56
Southern Steel                 5.500%  07/31/08     MYR     3.36
Tenaga Nasional Bhd            3.050%  05/10/09     MYR     1.00
Tradewinds Corp.               2.000%  02/08/12     MYR     0.72
Tradewinds Plantation Berhad   3.000%  02/28/16     MYR     1.30
TRC Synergy Berhad             5.000%  01/20/12     MYR     1.31
Wah Seong Corp.                3.000%  05/21/12     MYR     5.07
YTL Cement Bhd                 4.000%  11/10/15     MYR     1.94


SRI LANKA
---------
Sri Lanka Govt                6.850%  04/15/12     LKR     74.40
Sri Lanka Govt                6.850%  10/15/12     LKR     72.58
Sri Lanka Govt                8.500%  07/15/13     LKR     72.53
Sri Lanka Govt                7.500%  08/01/13     LKR     72.30
Sri Lanka Govt                7.500%  11/01/13     LKR     69.19
Sri Lanka Govt                8.500%  02/01/18     LKR     73.39
Sri Lanka Govt                8.500%  07/15/18     LKR     68.01
Sri Lanka Govt                7.500%  07/15/18     LKR     61.26


                         *********

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.





                 *** End of Transmission ***