TCRAP_Public/080521.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

            Wednesday, May 21, 2008, Vol. 11, No. 100

                            Headlines

A U S T R A L I A

91 ALBERT: Schedules General Meeting on June 10
BUDACN PTY: Declares Dividend for Creditors
CENTRO PROPERTIES: Syndicate Funding Remains Uncertain
COMPLETE COMMERCIAL: To Declare Dividend on June 9
DIRECTRA (QLD): Declares Dividend for Creditors

DMG RADIO: Placed Under Voluntary Liquidation
ERB INTERNATIONAL: Joint Liquidators Appointed
ETERNITY GROUP: Appoints Mitchell Ball as Liquidator
FREIGHTLINK: IPA Director Sees Big Hurdle in Proposed Sale
GMAC LLC: Prices AU$300 Million Australian Mortgage Bonds

GRAVITY-CONTROL: Declares Dividend for Creditors
JAPAN PROPERTY: To Declare Dividend on June 4
KELLOHEAL PTY: Declares Dividend for Creditors
MOCIRT PTY: Appoints Paul Vartelas as Liquidator
OVERSEAS: Declares Dividend for Creditors

PURCELL HOLDINGS: Declares Dividend for Creditors
ROMAC NOMINEES: Declares Dividend for Creditors
TROJAN TYRE: Appoints Hurst and Wily as Liquidators
WEB CORRECT: Declares Dividend for Creditors

* AUSTRALIA: Survey Shows Small Business Slowed Down in 1st Qtr
* Fitch: Australian RMBS Delinquencies Increase in 1Q 2008


C H I N A

AGRICULTURAL BANK: Unpaid Loans May Reach US$860MM After Quake
*CHINA: 2007 EU Investment in China Drops to EUR1.8 Billion
*CHINA: Sichuan Quake Resulted in About US$9.6BB Company Losses


H O N G  K O N G

AVENTIS CROPSCIENCE: Creditors' Proofs of Debt Due June 1
CARNO ANGLO-CHINESE: Members Meeting Fixed for June 13
CITIC PACIFIC: Units Ink Joint Venture to Form Jiangsu Metalwork
CITIZENS PARTY: Commences Liquidation Proceedings
M.E.T. (HONG KONG): Creditors' Proofs of Debt Due June 11

ENRON (H.K.) : Members & Creditors to Meet on May 22
LOPAREX ASIA: Creditors' Proofs of Debt Due May 28
M.E.T. (HONG KONG): Creditors' Proofs of Debt Due June 16
NEW STAR: Creditors' Proofs of Debt Due June 10
NOBLE GROUP: S&P Rates Proposed Senior Unsecured Notes BB+

ORLIMA INVESTMENTS: Commences Liquidation Proceedings
PERIVALE LIMITED: Members Meeting Fixed for June 13


I N D I A

BHARTI: Plans to Set Up Unit With SingTel for MTN Acquisition
BHARTI AIRTEL: To Commence Operations in Sri Lanka This Year
ICICI BANK: Court Dismisses Plea on Recovery Agents
TATA MOTORS: Subsidiary To Set Up Bus Assembly Plant in Kenya
TATA POWER: Subsidiary to Allot 98,94,000 Equity Shares


J A P A N

ORSO FUNDING: Fitch Holds Low-B Ratings on Classes E & F TBIs
SHINSEI BANK: To Amend Articles of Incorporation
* Fitch: Japanese Airline Sector Could Face Cyclical Downturn


K O R E A

SHINWHA INTEREK: Converts 1st Convertible Bonds to Shares


M A L A Y S I A

PUTERA CAPITAL: Subsidiary Discontinues Textile Business


N E W  Z E A L A N D

124 MARKET: Wind-Up Petition Hearing Set for May 23
BARBAROSSA LTD: Appoints Madsen-Ries and Vance as Liquidators
BARGAIN BOYS: Appoints Crichton and Horne as Liquidators
B J BUILDERS: Creditors' Proofs of Debt Due on July 28
BRUNOR HOLDINGS: Names Crichton and Horne as Liquidators

FLETCHER: Projects Net Earnings Up to NZ$460MM in 2008
HEATHER STREET: Fixes June 3 as Last Day to File Claims
INFRATIL LTD: Posts NZ$315.9MM Earnings for the Year-Ended 2008
LAB HOLDINGS: Creditors' Proofs of Debt Due on May 28
RETAIL FORCE: Taps Crichton and Horne as Liquidators

SAWGRASS DEVELOPMENTS: Commences Liquidation Proceedings
SEALEGS CORPS: Cancels Shares Issued by Furzefield Pty
TLC TE MURA MATAURANGA: Fixes May 23 as Last Day to File Claims
TROOP BUILDERS: Fixes May 30 as Last Day to File Claims
VALLEY CONCRETE: Fixes June 2 as Last Day to File Claims


M O N G O L I A

ERDENET MINING: S&P Withdraws B Corporate Credit Rating


P H I L I P P I N E S

NIHAO MINERAL: Three Sub-Units Get Temporary Mining Permits
UNIVERSAL ROBINA: Buys Back 982,300 Shares
* PHILIPPINES: Jan-Apr 2008 Pre-Need Sales Down by 21.08%


                         - - - - -


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

91 ALBERT: Schedules General Meeting on June 10
-----------------------------------------------
91 Albert Street Pty Limited will convene a general meeting on
June 10, 2008, at 10:00 a.m., at the offices of Ferrier Hodgson
(Newcastle), Chartered Accountants, Level 3, 2 Market Street, in
Newcastle, New South Wales.

At the meeting, J. A. Shaw, the appointed liquidator, will
present the manner in which the winding up has been conducted
and the property of the company disposed.

The liquidator can be reached at:

          J. A. Shaw
          Ferrier Hodgson
          Chartered Accountants
          PO Box 840
          Newcastle NSW 2300
          Australia


BUDACN PTY: Declares Dividend for Creditors
-------------------------------------------
Budacn Pty Ltd, which is in liquidation, declared its dividend
for its creditors.

Only creditors who were able to file their proofs of debt by
April 30, 2008, were included in the company's dividend
distribution.

The company's liquidators are:

          Robyn Erskine
          Peter Goodin
          Brooke Bird Insolvency Practitioners
          471 Riversdale Road
          Hawthorn East VIC 3123
          Australia
          Telephone: (03) 9882 6666
          Facsimile: (03) 9882 8855


CENTRO PROPERTIES: Syndicate Funding Remains Uncertain
------------------------------------------------------
Centro Properties Group disclosed in a regulatory filing that a
number of matters with respect to the funding of its syndicates
-- Centro MCS 16, Centro MCS 19 NZ/I and Centro MCS 11 -- remain
uncertain.  

According to Centro, the matters include:

   -- the terms of new funding arrangements including
      establishment fees and drawdown pre-conditions;

   -- the funding of proposed development work; and

   -- the resolution of concerns with interest rate swaps.  

The Group says it expects many of the issues to become clearer
allowing Centro MCS investors to make an informed decision.

In addition, Centro advised that security over Centro's
interests in certain managed funds has been granted to the
lenders who provided a new liquidity facility.  Centro said that
if its interest in the Centro MCS Syndicates is included as part
of the security then the lender's rights may have a material
effect on the future of the Syndicates.

                 Extended Financing Arrangements

As reported in the Troubled Company Reporter-Asia Pacific on
May 9, 2008, Centro's Australian financiers and US private
placement noteholders further extended these facilities until
December 15, 2008:   

   * AU$2.3 billion in aggregate owed to the Australian lending
     group; and   

   * US$450 million owed to US private placement noteholders.  

In connection with the arrangements, Centro and certain of its
wholly owned and some subsidiaries have provided security by way
of fixed and floating charges US real estate mortgages to the
Australian financiers, US private placement noteholders and US
lenders.  

The extension arrangements are subject to certain conditions
being met by:

   * May 30, 2008

     -- Finalisation of an additional liquidity facility; and   

     -- Finalisation of certain inter creditor arrangements
        between the financiers, concerning:   

        (a) The consent process for refinancings, portfolio or
            asset sales and the application of such proceeds;
            and

        (b) The legal form of the inter creditor security to be
            given by certain US entities.

     If these issues are not finalised by May 30, 2008, the
     further extension arrangements may be terminated.  In such
     circumstances, the financiers would lose the benefit of the
     security which Centro has granted to them in connection
     with these extension arrangements.

   * September 30, 2008   

     -- The Australian financiers and US private placement
        noteholders being satisfied as to Centros progress in
        implementing its strategic plan; and

     -- The US lending group, which is owed in aggregate US$1.1
        billion (AU$1.2 billion) associated with Centros joint
        venture with Centro Retail Trust (CER), agreeing to
        further extend those facilities from September 30, 2008,
        to a date no earlier than December 15, 2008.

     The US lending group have confirmed their consent to the
     extension of the Australian facilities outlined above and
     have confirmed the extension of the US joint venture
     facilities to September 30, 2008.

     If these issues are not finalised  by September 30, 2008,
     the extension arrangements may be terminated.

                        Interest Margin

No additional interest margins are payable by Centro during the
period of the extension above the previously announced margin of
1.75% per annum on each facility subject to the extension
arrangements.   

An additional interest margin of 5.5% per annum will be payable
if the extension arrangements are terminated following an event
of default.  Were this to occur, the additional interest margin
would be calculated from May 1, 2008, and capitalised onto the
total debt owing to lenders.  This additional interest margin
will be treated as a contingent liability by Centro.

                       Liquidity Facilities

Certain of Centros financiers have recently put in place a
liquidity facility and other support for Centro totalling AU$55
million.  Security over Centros interests in certain managed
funds was granted to the lenders who provided this liquidity
facility.

Centro is in advanced negotiations with the Australian
financiers and US private placement noteholders for additional
liquidity facilities of $100 million.  The total liquidity
facilities of $155 million will be used to primarily fund
capital expenditure, adviser fees and higher lender costs
incurred as a consequence of the extension arrangements.   

A margin not exceeding 3.75% per annum will be payable on the
additional liquidity facilities.

                     Strategic Plan Update

Centro continues to proceed with the strategic planning process
it previously announced.  The key objectives of Centro through
the strategic planning process and during the period of these
extensions are to:   

   * Preserve the value of Centros underlying assets and income
     streams;

   * Position Centro to raise equity in order to reduce debt and
     recapitalise its balance sheet; and   

   * Identify other means of reducing debt, including potential
     portfolio or asset sales (providing appropriate values are
     obtained).

Centro has previously announced initiatives which would assist
in meeting these objectives and will continue to pursue these
initiatives over the extension period.
   
These include:

   (1) CAWF

       Offers received for the Centro Australia Wholesale Fund
       (CAWF) have been reviewed and management has revised  the
       marketing strategy to include selling CAWF properties in
       smaller portfolios and/or individually.  Discussions are
       continuing with a number of parties on this revised
       basis.

   (2) CAF

       Management has evaluated the offers received for the
       Centro America Fund (CAF) portfolio and is in the process
       of negotiation.  A course of action will be decided over
       the next 30 days;

   (3) Group Level  

       At the Group level, indicative proposals have been
       received from a number of qualified investment groups
       focussed on a recapitalisation and/or stabilisation of
       the Group.  Management will continue to work on certain
       proposals with a number of these parties; and   

   (4) Group Complexity

       Management will continue to investigate options to
       simplify the complexity of the Centro group structure.

In pursuing each of these actions, the Board will make decisions
on proposals received and potential portfolio or asset sales
based on the values to be received and the conditions of any
potential transaction.

                       Eddington's Role

According to The Australian, the extension was made possible by
the intervention of JPMorgan Australia Chairman Rod Eddington.  
Maurice Dunlevy of The Australian relates that Commonwealth Bank
had initially refused to sign the extension agreement on grounds
that it was "flawed" and "did not provide adequate security",
but Sir Eddington was able to persuade CBA Chief Executive
Officer Ralph Norris at the 11th hour.  Mr. Dunlevy reports that
insiders revealed that it was the CBA that proposed the December
15 extension rather than the September 30 deadline requested by
Centro.  

The Australian relates that when asked, Sir Eddington was
unwilling to talk about his role in the refinancing deal.

                     CER Disclosure to ASX

Centro Retail Trust (CER) confirmed to the Australian Stock
Exchange that the financiers to its US joint venture with Centro
Properties Group (Centro) are acting in accordance with the
further financing extension arrangements announced by Centro
yesterday.

As announced on February 15, 2008, the US facilities of US$1.1
billion (A$1.2 billion) were extended to September 30, 2008
subject to similar arrangements being agreed under the
Australian extension arrangements related to Centro.  Centro has
announced that similar arrangements have now been agreed by the
Australian financiers.

Therefore, the US lending group has confirmed their consent to
the extension of Centro's Australian facilities and the
extension of the US joint venture facilities to September 30,
2008.

CER said it has not provided any additional security as part of
these arrangements.

                    About Centro Properties

Centro Properties Group -- http://www.centro.com.au/--  is a     
retail investment organisation specialising in the ownership,
management and development of retail shopping centres.  Centro
manages both listed and unlisted retail property and has an
extensive portfolio of shopping centres across Australia, New
Zealand and the United States.  Centro has funds under
management of $24.9 billion.  

Centro owes its creditors as much as AU$6.6 billion and its
deadline to repay these debts has been extended four times since
December 2007, when the company's market value plunged.

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on Jan. 4,
2008, that Standard & Poor's Ratings Services lowered its issuer
credit, senior-unsecured debt and preferred stock ratings to
'CCC+' with negative implications reflecting the potential of
the group's assets to be sold in softening market conditions,
particularly in the U.S.


COMPLETE COMMERCIAL: To Declare Dividend on June 9
--------------------------------------------------
Complete Commercial Door Services Pty Limited will declare
dividend on June 9, 2008.

Only creditors who were able to file their proofs of debt by
May 8, 2008, will be included in the company's dividend
distribution.

The company's liquidator is:

          Blair Pleash
          Hall Chadwick
          Level 29, St Martins Tower
          31 Market Street
          Sydney NSW 2000
          Australia


DIRECTRA (QLD): Declares Dividend for Creditors
-----------------------------------------------
Directra (Qld) Pty Ltd, which is in liquidation, declared its
dividend for its creditors.

Only creditors who were able to file their proofs of debt by
April 22, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

          P. Newman
          HLB Mann Judd
          Chartered Accountants
          Level 1, 160 Queen Street
          Melbourne VIC 3000
          Australia


DMG RADIO: Placed Under Voluntary Liquidation
---------------------------------------------
DMG Radio Investments Pty Limited's members agreed on April 1,
2008, to voluntarily liquidate the company's business.  S. J.
Cathro and D. J. F. Lombe were appointed to facilitate the sale
of its assets.

The liquidators can be reached at:

          S. J. Cathro
          D. J. F. Lombe
          Deloitte Touche Tohmatsu
          Grosvenor Place, 225 George Street
          Sydney NSW 2000
          Australia


ERB INTERNATIONAL: Joint Liquidators Appointed
----------------------------------------------
Erb International Pty Ltd's members agreed on April 2, 2008, to
voluntarily liquidate the company's business.  William James
Hamilton and Pino Fiorentino were appointed to facilitate the
sale of its assets.

The liquidators can be reached at:

          William James Hamilton
          Pino Fiorentino
          Hamiltons Chartered Accountants
          Level 17, 25 Bligh Street
          Sydney NSW 2000
          Australia
          Telephone: (02) 9232 6611
          Facsimile: (02) 9232 6166


ETERNITY GROUP: Appoints Mitchell Ball as Liquidator
----------------------------------------------------
Eternity Group International Pty Limited's members agreed on
April 1, 2008, to voluntarily liquidate the company's business.  
Mitchell Ball was appointed to facilitate the sale of its
assets.

The liquidator can be reached at:

          Mitchell Ball
          Paladin Partners
          Level 3, 120 Sussex Street
          Sydney NSW 2000
          Australia
          Telephone: (02) 9290 5300
          Facsimile: (02) 9290 5399


FREIGHTLINK: IPA Director Sees Big Hurdle in Proposed Sale
----------------------------------------------------------
FreightLink will have a hard time finding a buyer, director of
the Deregistration Unit with the Institute of Public Affairs,
Alan Moran, was cited by ABC News as commenting on FreightLink's
proposed sale of its business.

"It isn't very attractive as a proposition and will require
ongoing subsidies of some sort now," Mr. Moran told ABC News.

Andrew Faulkner of The Australian relates that in announcing the
sale of its business, FreightLink said it was saddled with too
much debt, and admitted its business model was flawed from the
start.

FreightLink’s CEO, Mr. John Fullerton, said in a press statement
that the sale of the business “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”

“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,” Mr. Fullerton added.

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.

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, AdelaideNow says.

Mr. Fullerton denied the report saying a united board had made
its own decision, according to The Australian.

                            FreightLink Operations

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.

                        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.


GMAC LLC: Prices AU$300 Million Australian Mortgage Bonds
---------------------------------------------------------
GMAC LLC priced more than AU$300 million (US$286 million) of
Australian mortgage-backed bonds at a record high yield margin
for the local market, Laura Cochrane of Bloomberg News reports
citing an e-mail message the company sent to investors.

GMAC RFC Australia Ltd., the local mortgage unit of GMAC LLC,
plans to sell AU$150 million of AAA-rated securities at 300
basis points more than the one-month bank bill swap rate, and
AU$152.8 million of lower-rated securities at yield margins of
as much as 1,350 basis points on a AU$4 million unrated portion
of debt, the e-mail message cited by Bloomberg said.

According to Bloomberg, the bonds, which sale was arranged by
Westpac Banking Corp., are backed by mortgages to so-called non-
conforming Australian borrowers, who don't meet traditional bank
lending criteria on credit certification or loan size, and don't
qualify for mortgage insurance.

Bloomberg says the sale is the first for Australian mortgage-
backed bonds in more than five months.

                         About GMAC LLC

GMAC LLC -- http://www.gmacfs.com/-- formerly General Motors        
Acceptance Corporation, is a global, diversified financial
services company that operates in approximately 40 countries in
automotive finance, real estate finance, insurance and other
commercial businesses.  GMAC was established in 1919 and employs
approximately 26,700 people worldwide.  Cerberus Capital
Management LP bought 51% GMAC LLC stake from General Motors
Corp. on December 2006.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
May 7, 2008, Fitch Ratings downgraded the long-term Issuer
Default Rating of GMAC LLC and related subsidiaries to 'BB-'
from 'BB'.  Fitch also downgraded GMAC's unsecured long-term
ratings to 'B+' from 'BB-', reflecting the potential for reduced
recovery in a default scenario should the company encumber
assets.  Additionally, Fitch affirmed the 'B' short-term
ratings.  The Rating Outlook remains Negative.  Approximately
$85 billion of unsecured debt was affected by the action.

As reported in the Troubled Company Reporter on April 28, 2008,
Moody's Investors Service downgraded GMAC LLC's senior rating to
B2 from B1; the rating remains on review for further possible
downgrade.  The action followed Moody's rating downgrade of
ResCap LLC, GMAC's wholly-owned residential mortgage unit, to
Caa1 from B2.


GRAVITY-CONTROL: Declares Dividend for Creditors
------------------------------------------------
Gravity-Control Security Pty Ltd, which is in liquidation,
declared its dividend for its creditors.

Only creditors who were able to file their proofs of debt by
April 14, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

          D. A. Turner
          PKF Chartered Accountants
          GPO Box 5099
          Melbourne VIC 3001
          Australia


JAPAN PROPERTY: To Declare Dividend on June 4
---------------------------------------------
Japan Property Group Pty Limited will declare dividend on
June 4, 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:

          Geoffrey Mcdonald
          Hall Chadwick
          Level 29, St Martins Tower
          31 Market Street
          Sydney NSW 2000
          Australia


KELLOHEAL PTY: Declares Dividend for Creditors
----------------------------------------------
Kelloheal Pty Limited, which is in liquidation, declared its
dividend for its creditors.

Only creditors who were able to file their proofs of debt by
April 29, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

          M. F. Cooper
          Frasers Insolvency Advisory
          Level 5, 99 Elizabeth Street
          Sydney NSW 2000
          Australia
          Telephone (02) 9223 2300
          Facsimile (02) 9223 3855


MOCIRT PTY: Appoints Paul Vartelas as Liquidator
------------------------------------------------
Mocirt Pty Ltd.'s members agreed on Feb. 21, 2008, to
voluntarily liquidate the company's business.  Paul Vartelas was
appointed to facilitate the sale of its assets.

The liquidator can be reached at:

          Paul Vartelas
          B. K. Taylor & Co
          8/608 St Kilda Road
          Melbourne VIC 3004
          Australia


OVERSEAS: Declares Dividend for Creditors
-----------------------------------------
Overseas Pharmaceutical Aid For Life, which is in liquidation,
declared its dividend for its creditors.

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

The company's liquidator is:

          R. A. Ferguson
          Overseas Pharmaceutical Aid For Life
          c/o Fergusons Chartered Accountants
          Level 8, 115 Grenfell Street
          Adelaide SA 5000
          Australia
          Telephone: (08) 83592550


PURCELL HOLDINGS: Declares Dividend for Creditors
--------------------------------------------------
Directra (Qld) Pty Ltd, which is in liquidation, declared its
dividend for its creditors.

Only creditors who were able to file their proofs of debt by
April 22, 2008, were included in the company's dividend
distribution.

The company's liquidators are:

          Bradley Hellen
          Richard Edwards
          Pilot Partners
          Level 5, 175 Eagle Street
          Brisbane QLD 4000
          Australia


ROMAC NOMINEES: Declares Dividend for Creditors
-----------------------------------------------
Romac Nominees Pty Ltd, which is in liquidation, declared its
dividend for its creditors.

Only creditors who were able to file their proofs of debt by
April 11, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

          N. Giasoumi
          Dye & Co. Pty Ltd
          Chartered Accountants
          165 Camberwell Road
          Hawthorn East VIC 3123
          Australia


TROJAN TYRE: Appoints Hurst and Wily as Liquidators
---------------------------------------------------
Trojan Tyre Distributors Pty Ltd's members agreed on March 31,
2008, to voluntarily liquidate the company's business.  David
Anthony Hurst and Andrew Hugh Jenner Wily were appointed to
facilitate the sale of its assets.

The liquidators can be reached at:

          D. A. Hurst
          Armstrong Wily Chartered Accountants
          Level 5, 75 Castlereagh Street
          Sydney NSW 2000
          Australia


WEB CORRECT: Declares Dividend for Creditors
--------------------------------------------
Web Correct Pty Ltd, which is in liquidation, declared its
dividend for its creditors.

Only creditors who were able to file their proofs of debt by
April 11, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

          Paul Burness
          Worrells Solvency & Forensic Accountants
          Level 5, 15 Queen Street
          Melbourne VIC 3000
          Australia
          Telephone: (03) 9613 5514
          Facsimile: (03) 9614 3233
          Website: www.worrells.net.au


* AUSTRALIA: Survey Shows Small Business Slowed Down in 1st Qtr
---------------------------------------------------------------
Small business conditions moderated over the March 2008 quarter,
while labour costs continued to rise, results from a Small
Business Survey conducted by the Australian Chamber of Commerce
and Industry showed.  

At the same time, the data said there was a moderation in the
overall growth of employment.  Growth of investment in plant and
equipment slowed from previous high rates, while the growth rate
for investment in buildings and structures was negative.

The ACCI Small Business Survey has also found that:

   * Business expects a further moderation in Australian
     economic growth over the next twelve months relative to the
     current annual growth rate;

   * The growth of sales revenue was lower over the quarter.
     Expectations also moderated from previous figures;

   * The growth of wage and non-wage labour costs continued to
     be high;

   * Price growth moderated over the quarter from the previous
     all time high level;

   * Profit growth declined further below the key 50.0 level and
     expectations for the March quarter were also negative
     indicating small business was not confident of a quick
     turnaround.

Mr. Greg Evans, Director Industry Policy and Economics,
Australian Chamber of Commerce and Industry, commented:  “Over
the March quarter, small business experienced dampened business
conditions with continued growth in wage and non-wage labour
costs and reduced investment growth.  The Federal Government
Budget delivered last week makes a sound start in setting the
macro-economic parameters necessary for further business
development which will have to include overall tax reform.  
However, more work will be required to reduce red-tape,
regulation and the compliance burden, and take interest rate
pressures off small business. These non-budget reforms are
critical to focusing business endeavours towards productivity
rather than government compliance burdens.”

The survey assessed business conditions and business confidence
amongst 2,008 businesses around the country over the January,
February and March period.


* Fitch: Australian RMBS Delinquencies Increase in 1Q 2008
----------------------------------------------------------
Fitch Ratings said that the Australian prime mortgage market
showed an increase in delinquencies in the first quarter of
2008. The 30+ day delinquencies for the market increased to
1.31% from 1.07% at 31 December 2007. The "Dinkum Index - Q108
Fitch Ratings' Quarterly Australian Residential Mortgage
Performance Report" states that despite the increase in
delinquencies on Australian prime mortgages the levels remain
low by international standards and the agency continues its
overall positive outlook for Australian prime RMBS.
"It is not surprising to see an increase in delinquencies in the
first quarter of any year, as Christmas credit spending impedes
some borrowers' ability to meet their mortgage repayments. This
year however we've had the added impact of interest rate rises -
data to end March 2008 includes the first signs of the impact of
the August and November Reserve Bank of Australia (RBA) interest
rate rises and the other interest rate rises implemented by
banks in January outside of the RBA changes," notes Ben
McCarthy, Managing Director and Head of Fitch's Australian
Structured Finance team.

The agency notes that 30+ day delinquencies for low-doc loans
have increased more significantly from 4.12% from 4.98% in Q108.
Fitch, in its Dinkum Index, states that low doc loan arrears
continue to diverge from full documentation loan arrears.

"Fitch expects Australian mortgage delinquencies to continue to
increase over the next six months as interest rate rises from
February and March have yet to feed through into mortgage
delinquency statistics," adds Leanne Vallelonga, Associate
Director.

Covering four categories of delinquencies (30 to 59 days, 60 to
89 days, 90+ days and 30+ days) as well as claims against
lenders' mortgage insurance (LMI), the Dinkum report enables
market participants to compare the performance of Australian
RMBS deals and monitor trends in the Australian RMBS market.

A full copy of the report, as well as downloadable versions of
the graphs and performance data, is available on the agency's
Web sites at http://www.fitchratings.com/and  
http://www.fitchratings.com.au/



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

AGRICULTURAL BANK: Unpaid Loans May Reach US$860MM After Quake
--------------------------------------------------------------
Last week's earthquake in China may leave Agricultural Bank of
China with more than CNY6 billion (US860.68 million) in non-
performing loans due to casualties and building damage, Xinhua
News reports, citing Bank VP Zhang Yun.

According to the report, Mr. Yun said that the bank's 163
branches halted operations as of May 13, due to network and
terminal damage and building collapses Sichuan, Shaanxi and
Gansu provinces.

Mr. Yun, the report relates, said the quake exerted pressure on
the industry's housing loans, as "some houses remained standing
but the owners were dead or missing, while some owners survived
but their houses were destroyed."

Yang Zaiping, vice president of the China Banking Association
(CBA), said that the industry was assessing the impact of the
quake and the CBA would classify losses into different
categories.

               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'.


*CHINA: 2007 EU Investment in China Drops to EUR1.8 Billion
-----------------------------------------------------------
European Union (EU) investment in China shrank in 2007 despite a
strong growth of the 27-nation bloc's cash flow into foreign
companies, Xinhua News reports.

Xinhua relates that according to Eurostat, the EU's statistics
bureau, foreign direct investment (FDI) from the EU into China,
excluding Hong Kong, dropped sharply from EUR6 billion (US9.3
billion) in 2006 to EUR1.8 billion last year.

However, the Xinhua relates, the decrease was quite a small
amount compared with the total foreign investment by the EU,
which was  EUR420 billion 2007, up 53%, from  EUR275 billion in
2006.

Meanwhile, Chinese investment in the EU also decreased
significantly from EUR2.2 billion in 2006 to merely EUR0.5
billion last year when FDI into the EU from the rest of the
world increased by 89%, from EUR169 billion to EUR319 billion,
the report notes.

According to Xinhua, the low level of investment was in sharp
contrast to their booming trade.  In 2007, the EU remained
China's largest trading partner, while China continued to be the
EU's second largest trading partner, the report says.


*CHINA: Sichuan Quake Resulted in About US$9.6BB Company Losses
---------------------------------------------------------------
Companies in China's Sichuan province may have incurred CNY67
billion (US$9.6 billion) of losses after the region was hit by
the May 12 earthquake, Wang Ying and John Liu of Bloomberg
report.

According to the report, the earthquake affected 14,207
industrial companies in the province and also damaged and forced
aluminum and zinc smelters to shut.

Bloomberg relates that the damages, while equal to less than
0.5% of China's 2007 gross domestic product, may contribute to
inflation near a 12-year high by pushing up prices of materials
needed for reconstruction.  "The real upside risk for the
overall economy is inflation as the reconstruction in Sichuan
eats up building materials," Ben Simpfendorfer, a strategist at
Royal Bank of Scotland Group Plc, was quoted by Bloomberg as
saying.

Moreover, rising building demand in China and higher costs have
already driven up commodities prices, the report notes.

Bloomberg says that the government didn't say how it arrived at
the figure for the "economic losses."

China's inflation rose 8.5% in April from a year earlier, the
report says.



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

AVENTIS CROPSCIENCE: Creditors' Proofs of Debt Due June 1
----------------------------------------------------------
Creditors of Aventis Cropscience China Limited are required to
file their proofs of debt by June 1, 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


CARNO ANGLO-CHINESE: Members Meeting Fixed for June 13
------------------------------------------------------
The members ofCarbo Anglo-Chinese Kindergarten Limited will have
their final meeting on June 13, 2008, at China Insurance Group
Building, 141 Des Vouex Road Central, in Hong Kong to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The liquidator can be reached at:

          Cho Yui Keung
          China Insurance Group Building
          141 Des Vouex Road Central
          Hong Kong


CITIC PACIFIC: Units Ink Joint Venture to Form Jiangsu Metalwork
----------------------------------------------------------------
Two CITIC Pacific Limited subsidiaries signed a joint venture
agreement with Perfect Future for the formation of Jiangsu
Metalwork.  

The CITIC Pacific subsidiaries are Xingcheng which is 79% owned
by CITIC Pacific and Ipson which is a wholly owned subsidiary.

Jiangsu Metalwork will be owned as to 51% by Xingcheng, 39.2% by
Ipson and 9.8% by Perfect Future.

The registered capital and the total investment of Jiangsu
Metalwork are US$12,000,000 (approximately HK$93,600,000) and
US$29,800,000 (approximately HK$232,440,000) respectively.  The
total considerations paid by the Group for the acquisition of
the 90.2% interest in aggregate in Jiangsu Metalwork amounts to
CNY126,036,460 (approximately HK$138,640,000).

Perfect Future is a connected person of the Company as it is a
substantial shareholder of certain subsidiaries of the Company
engaging in steel manufacturing business.  Perfect Future is
also an associate of a director of some subsidiaries of the
Company.  Hence, the formation of the JV constitutes a connected
transaction for the Company under Chapter 14A of the Listing
Rules.  As each of the applicable percentage ratios calculated
pursuant to Rules 14.07 and 14.15(2) of the Listing Rules is
more than 0.1% but less than 2.5%, the formation of the JV is
only subject to the reporting and announcement requirements
under Chapter 14A of the Listing Rules.

             Joint Venture Agreement Details

* Parties:

(1) Xingcheng, a 79% owned subsidiary of the Company;
(2) Ipson, a wholly owned subsidiary of the Company; and
(3) Perfect Future

* Scope of Business:
  Development and production of alloy and metal hardware for
  construction, instrument and daily use

* Total Investment:
  US$29,800,000 (approximately HK$232,440,000)

* Registered Capital:

  US$12,000,000 (approximately HK$93,600,000), owned as to:

  (1) 51% by Xingcheng (i.e. US$6,120,000 (approximately  
      HK$47,736,000));
  (2) 39.2% by Ipson (i.e. US$4,704,000 (approximately
      HK$36,691,200)); and
  (3) 9.8% by Perfect Future (i.e. US$1,176,000 (approximately
      HK$9,172,800))

The registered capital has been fully contributed by the former
shareholders of Jiangsu Metalwork.

* Pre-emptive Rights:
  Any transfer of interest in Jiangsu Metalwork by its   
  shareholders is subject to the pre-emptive rights of the other   
  shareholders.

* Term:

  50 years from the date of issue of the business license of    
  Jiangsu Metalwork (i.e. 17 July 2002).

* Board Composition:

-- The board of Jiangsu Metalwork will consist of 9 directors.
-- Xingcheng, Ipson and Perfect Future shall have right to
   appoint 4 directors, 4 directors and 1 director respectively.
-- The chairman of the board will be appointed by Xingcheng.

The terms of the Joint Venture Agreement have been arrived at
after arm's length negotiations.  Pursuant to, and immediately
after the execution of, the Joint Venture Agreement, the Parties
executed the related articles of association of Jiangsu
Metalwork to incorporate the material terms of the Joint Venture
Agreement.  The Joint Venture Agreement will take effect upon
the approval by the relevant PRC authority.

                       About CITIC Pacific

Headquartered in Hong Kong, CITIC Pacific Ltd --
http://www.citicpacific.com/-- is engaged in a range of         
businesses in China and Hong Kong, including steel
manufacturing, property development and investment, power
generation, aviation, infrastructure, communications and
distribution.  It is 29% indirectly owned by China International
Trust & Investment Corporation.

As reported by Troubled Company Reporter - Asia pacific on
Dec. 26, 2007, Standard & Poor's Ratings Services affirmed its
'BB+' corporate credit rating on CITIC Pacific Ltd. (CITIC
Pacific).  The outlook is stable.  At the same time, Standard &
Poor's affirmed the 'BB+' issue rating on senior unsecured notes
issued by CITIC Pacific Finance (2001) Ltd. and guaranteed by
CITIC Pacific.

On June 28, 2006, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on CITIC Pacific Ltd to BB+
from BBB-.  At the same time, it removed the rating from
CreditWatch, where it had been placed with negative implications
on April 7, 2006.  The outlook is stable.

In addition, the TCR-AP reported that Moody's Investors Service
on June 16, 2006, assigned a Ba1 corporate family rating to
CITIC Pacific Ltd and has withdrawn its Baa3 issuer rating.  The
senior unsecured rating for CITIC Pacific Finance (2001) Ltd's
bond is downgraded to Ba1 from Baa3.  The rating outlook is
stable.  This concluded the review initiated by the rating
agency in April 2006.


CITIZENS PARTY: Commences Liquidation Proceedings
-------------------------------------------------
Citizens Party Limited's members agreed on April 30, 2008, to
voluntarily liquidate the company's business.  The company has
appointed Chan Suit Fei, Esther to facilitate the sale of its
assets.

The liquidator can be reached at:

          Chan Suit Fei, Esther
          CRE Building, Room 2302
          303 Hennessy Road, Wanchai
          Hong Kong


M.E.T. (HONG KONG): Creditors' Proofs of Debt Due June 11
---------------------------------------------------------
Creditors of Curin Industries Limited are required to file their
proofs of debt by June 11, 2008, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on April 29, 2008.

The company's liquidators are:

         Leung Shu Yin, William
         Au Wing Fai
         Kai Tak Commercial Building
         9th Floor, 317-319 Des Voeux Road
         Central, Hong Kong


ENRON (H.K.) : Members & Creditors to Meet on May 22
----------------------------------------------------
Enron (HK) Limited will hold a joint meeting for its members and
creditors at 10:00 a.m. and 10:30 a.m.  respectively on May 22,
2008.  During the meeting, the company's liquidators, Heng Kwoo
Seng and Ng Sui Ching, at One Hysan Avenue, 17th Floor, Causeway
Bay, in Hong Kong, will provide the attendees with property
disposal and winding-up reports.

The company's liquidators can be reached at:

            Heng Kwoo Seng
            Ng Sui Ching
            17th Floor
            One Hysan Avenue
            Causeway Bay, Hong Kong


LOPAREX ASIA: Creditors' Proofs of Debt Due May 28
--------------------------------------------------
Creditors of Loparex Asia Pacific (Holdiong) Limited are
required to file their proofs of debt by May 28, 2008, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on April 28, 2008.

The company's liquidator is:

         Ho Sui Wing Andie
         Mayfair Garden, Flat C, 24th Floor
         Block 10, Tsing Yi, N. T.
         Hong Kong      


M.E.T. (HONG KONG): Creditors' Proofs of Debt Due June 16
---------------------------------------------------------
Creditors of M.E.T. (Hong Kong) International Limited are
required to file their proofs of debt by June 16, 2008, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on May 5, 2008.

The company's liquidator is:

         Sze Lin Tang
         Max Share Centre, 21st Floor, Unit D
         373 King's Road, North Point
         Hong Kong


NEW STAR: Creditors' Proofs of Debt Due June 10
------------------------------------------------
Creditors of New Star Logistics Limited are required to file
their proofs of debt by June 10, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 30, 2008.

The company's liquidator is:

         Lee Kowk On, Alexander
         Park-In Commercial Building, Rooms 1901-2
         56, Dundas Street, Kowloon


NOBLE GROUP: S&P Rates Proposed Senior Unsecured Notes BB+
----------------------------------------------------------
Standard & Poor's Ratings Services has assigned its 'BB+' issue
rating to the proposed issue of senior unsecured notes due 2013
by Noble Group Ltd. (BB+/Positive/--). The issue rating will be
subject to our review of the final transaction documents.
The proceeds from the proposed issue will be used to repay
existing bank loans.

The proposed notes have covenants that limit the company from
(1) creating liens; (2) entering into mergers and acquisitions;
and (3) entering into sales and leaseback transactions. The
notes do not contain restrictive financial or other operating
covenants. This is similar to the covenants of the bonds due in
2015.

In a news release issued last week, the board of directors of
Noble Group Limited disclosed that the Company has appointed
Citigroup Global Markets Limited and J.P. Morgan Securities Ltd.
as the joint physical book-running managers of the issue of the
Senior Notes. The Senior Notes will be fully placed to
institutional and/or accredited investors (or their equivalent
in jurisdictions outside Singapore).

An announcement will be made by the Company of the definitive
terms of the Senior Notes, including the size of the issue,
following pricing.

The Senior Notes will constitute general unsecured debt
obligations of the Company, and will (a) be effectively junior
to the Company’s secured debt to the extent of the value of the
assets securing such debt; (b) rank equally in right of payment
with all of the Company’s existing and future unsecured
unsubordinated debt; (c) rank senior in right of payment to all
of the Company’s existing and future subordinated debt; and (d)
be effectively subordinated to all existing and future debt of
the Company’s subsidiaries.

The Company intends to use the net proceeds from the issue of
the Senior Notes to repay its existing indebtedness.

The Company has received the in-principle approval of the
Singapore Exchange Securities Trading Limited for the listing
and quotation of the Senior Notes on the Official List of the
SGX-ST. The SGX-ST’s approval in-principle for the listing and
quotation of the Senior Notes was granted subject to, inter
alia, these conditions:

   (i) compliance with the SGX-ST’s listing requirements and
       guidelines; and

  (ii) submission to the SGX-ST of confirmations and/or
       undertakings from the Company that:

       (a) the Senior Notes will only be offered to persons
           specified in Section 274 and Section 275 of the
           Securities and Futures Act, Chapter 289 of Singapore
           in Singapore (or such equivalent terms in the
           relevant jurisdictions where the Senior Notes are
           subscribed);

       (b) the Senior Notes will be traded in board lot sizes of
           not less than SG$200,000 (or its equivalent in
           foreign currency) for as long as the Senior Notes are
           listed on the SGX-ST;

       (c) so long as the Senior Notes are listed on the SGX-ST
           and the rules of the SGX-ST so require, it will
           appoint and maintain a paying agent in Singapore
           where the Senior Notes may be presented or
           surrendered for payment and redemption in the event
           that a global note is exchanged for Senior Notes in
           definitive form, and that it will make or cause to be
           made an announcement of such exchange through the
           SGX-ST and such announcement will include all
           material information with respect to the delivery of
           the Senior Notes in definitive form, including
           details of the paying agent in Singapore;

       (d) the offering memorandum to be issued by the Company
           in relation to the Senior Notes contains all
           information that the persons specified in Section 274
           and Section 275 of the SFA (or such equivalent terms
           in the relevant jurisdictions where the Senior Notes
           are subscribed) would customarily expect to see in
           introductory documents or offering memorandums or
           circulars for similar debt issues; and

       (e) the requirements in Rule 316 and Part VI of Chapter 7
           of the SGX-ST Listing Manual will be complied with.

The SGX-ST’s approval in-principle for the listing and the
quotation of the Senior Notes is not to be taken as an
indication of the merits of the Senior Notes, the Company or its
subsidiaries.

None of the directors and substantial shareholders of the
Company have any interest, direct or indirect, in the issue of
the Senior Notes.

                      About Noble Group

Noble Group Ltd, headquartered in Hong Kong and listed on the
Singapore Stock Exchange, is mainly engaged in the sourcing and
distribution of a wide range of commodity products in
agriculture, energy and metals as well as the logistics
management business.  The company operates from over 100 offices
in more than 40 countries, serving more than 4,000 customers.
Noble manages a diversified portfolio of essential raw
materials, integrating the sourcing, marketing, processing,
financing and transportation.  With annual revenues exceeding
US$20 billion, Noble continues its transition to owning and
managing more strategic assets, sourcing from low cost producers
such as Brazil, Australia and Indonesia and supplying to high
growth demand markets including China, India and the Middle
East. Today Noble owns coal and iron ore mines, grain crushing
facilities, sugar and ethanol plants, vessels, ports and other
infrastructure to ensure high quality products are delivered in
the most efficient and timely manner to its customers.

As reported by the Troubled Company Reporter-Asia Pacific on
Feb. 29, 2008, Moody's Investors Service affirmed the Ba1
corporate family rating and senior unsecured bond rating of
Noble Group Ltd after its FY2007 result announcement.  The
outlook on both ratings is stable.


ORLIMA INVESTMENTS: Commences Liquidation Proceedings
-----------------------------------------------------
Orlima Investments Limited's members agreed on April 29, 2008,
to voluntarily liquidate the company's business.  The company
has appointed Tai Hay Yuen and Kong Tak Wing, Robert to
facilitate the sale of its assets.

The liquidators can be reached at:

          Tai Hay Yuen
          Kong Tak Wing, Robert
          Chinachem Tower, 21st Floor
          34-37 Connaught Road, Central
          Hong Kong


PERIVALE LIMITED: Members Meeting Fixed for June 13
---------------------------------------------------
The members of Perivale Limited will have their final meeting on
June 13, 2008, at The Park Lane, 7th Floor, 310 Gloucester Road,
Causeway Bay, in Hong Kong to hear the liquidator's report on
the company's wind-up proceedings and property disposal.

The liquidators can be reached at:

          Chan Wah Tip, Michael
          Ho man Kei, Keith
          The Park Lane, 7th Floor
          310 Gloucester Road, Causeway Bay
          Hong Kong
         


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

BHARTI: Plans to Set Up Unit With SingTel for MTN Acquisition
-------------------------------------------------------------
Bharti Airtel and Singapore Telecommunications plan to set up a
separate company for the acquisition of MTN Group, reports The
Economic Times citing a media report with unnamed sources.

Economic Times' sources say that the special purpose vehicle,
which will be a subsidiary of Bharti Telecom that owns 45% in
Bharti Airtel, will raise funds, including bridge loans, and may
later sell American Depositary Receipts or Global Depositary
Receipts to repay the debt.

"The move to float an SPV will help Bharti Airtel to continue
being listed on Indian stock exchanges, while MTN's (major
shareholders) will be given a stake in the SPV," Economic Times'
sources added.

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, according to the Times of India.

Headquartered in New Delhi, India, -- Bharti Airtel
Limited -- 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.


BHARTI AIRTEL: To Commence Operations in Sri Lanka This Year
------------------------------------------------------------
Bharti Airtel said that it will commence its operations in Sri
Lanka this year, Myiris News reports.

The company's subsidiary, Bharti Airtel Lanka has signed a
US$100-million investment agreement with the Board of Investment
of Sri Lanka to begin its operations in the country, the report  
relates.

However, the company will have to compete with the Telekom
Malaysia-owned Dialog Telecom, Celltel Lanka owned by
Luxembourg-based service provider Millicom International
Cellular, Hutchison owned by Hong Kong-based Hutchison
Telecommunications and Sri Lankan government-owned Mobitel,
Myiris News says.

According to the report, the agreement was the second phase of
the company`s commitment to invest US$200 million in Sri Lanka
over the next five years.  Bharti Airtel Lanka had a good
support from all government authorities including the regulator,
Telecommunications Regulatory Commission in Sri Lanka.

The company acquired a license last year to provide 2G and 3G
services in Sri Lanka and entered into a collaboration with Hong
Kong based Huawei Technologies for the purpose, the report adds.

Headquartered in New Delhi, India, -- Bharti Airtel
Limited -- 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 BANK: Court Dismisses Plea on Recovery Agents
---------------------------------------------------
The Supreme Court in New Delhi dismissed ICICI Bank's plea and
at the same time refused to delete the Delhi High Court's
remarks that held the bank and its musclemen responsible for
abetting a youth to commit suicide by humiliating him and taking
away his motorcycle financed by the bank, DNAindia News reports.

According to the report, the Court reiterated its earlier stand
that banks cannot deploy musclemen for recovery of loans from
defaulters thus forcing them to end their lives.

It also asked the Bank to to pay INR25,000 as cost of this
litigation to the respondents within three weeks and directed
the Delhi Police to conclude the investigation against the bank
expeditiously within three months, keeping in view the gravity
of the allegations, DNAindia News relates.

DNAindia News says that in a petition filed by Shanti Devi
Sharma against ICICI bank, the deceased's mother stated that the
recovery agents intimidated and humiliated his 34-year old son,
Himanshu Dev Sharma in front of his neighbours and family that
resulted to Mr. Sharma's suicide in October 2005.

On the other hand, The Reserve Bank of India, in a letter
accompanying its April 24, 2008 Guidelines on Engagement of
Recovery Agents, stated that it might consider imposing a ban on
a bank from engaging recovery agents in a particular area,
either jurisdictional or functional, for a limited period, after
it has received complaints for the violation of the above
guidelines and adoption of abusive practices followed by banks'
recovery agents, the report notes.

"RBI had expressed its concern about the number of litigations
filed against the banks in the recent past for engaging recovery
agents who have purportedly violated the law," DNAindia News  
quotes Justice Bhandari's verdict for the bench.

However, ICICI Bank had contended that it was within its rights
to recover loans and had followed the required procedure for
recovering dues, DNAindia News adds.

                     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: Subsidiary To Set Up Bus Assembly Plant in Kenya
-------------------------------------------------------------
Tata Motors Kenya, a subsidiary of Tata Motors Limited, has set
aside SH800 million to set up a  bus assembly plant in Mombasa,
which aims to assemble between 10 and 60 buses a month, with
operations set to start next year, Business Daily News reports.

Sameer Asghar, group’s director of sales told the Business Daily
that the company would boost its sales by 40%.  Locally
assembled vehicles are not subject to import duties and will be
cheaper by 25%.

Apart from Kenya, the plant will also serve Tanzania, Rwanda,
Uganda, Ethiopia, Sudan, Zambia and Malawi, the report adds.

Business Daily News reports that Tata Kenya will import raw
materials from its headquarters in India.

According to the report, Tata Kenya currently sells pick-ups and
lorries that are assembled by Marshalls East Africa at
Associated Vehicle Assembler (AVA) in Mombasa.  Marshalls, which
has a capacity to assemble 40 Tata cars in a month also
distributes Tata vehicles.

“Since we are entering new markets the demand will be high.  We
will still need to work with Marshalls,” Business Daily quotes
Mr. Asghar as saying.

Under the arrangement Marshalls will also be the sole
distributor for Tata vehicles in Eastern and Central Africa,
leveraging on its experience in the region, the report states.

                       About Tata Motors

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

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

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

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


TATA POWER: Subsidiary to Allot 98,94,000 Equity Shares
-------------------------------------------------------
In a regulatory filing with the Bombay Stock Exchange, Tata
Power Company Ltd disclosed the allotment to Tata Sons Ltd , on
preferential basis of: (a) 98,94,000 Equity Shares of INR10/each
and (b) 1,03,89,000 Warrants which would entitle Tata Sons to
subscribe to Equity Shares of the company after April 01, 2008,
but not later than 18 months from the date of issue of the
Warrants.

The company has informed the Stock Exchange that "In accordance
with the said Guidelines, the conversion of Warrants into Equity
Shares to be allotted to Tata Power would not be at a price
lower than INR1,351.63 per Equity Share, if such right is
exercised by Tata Sons.  In case of any corporate action such as
Rights issue, Bonus issue etc. appropriate adjustments would be
made to the number of Equity Shares arising out of Warrants and
exercise price thereof, so however that the number of Equity
Shares on exercise of Warrants will continue to represent not
more than 5% of the enhanced capital at a price not lower than
such adjusted price."

Tata Power Company Ltd. -- http://www.tatapower.com/-- is a
licensee engaged in generation and supply power to bulk
consumers in the Mumbai metropolitan area.  The company operates
four thermal plants with a combined capacity of 1,350 MW, and
three hydroelectric plants aggregating 447 MW; all of these
supply power to the Mumbai licence area.  The company also has a
plant that supplies power to Tata Steel.  In addition, Tata
Power has an 81-MW independent power project at Belgaum that
sells power to Karnataka Power Transmission Corporation Limited.

                         *     *     *

Standard & Poor's Ratings Services, on Aug. 24, 2007, lowered
its corporate credit rating on India's Tata Power Co. Ltd. to
'BB-' from 'BB+'.  S&P said the outlook is stable.  At the same
time, the rating on Tata Power's US$300 million senior unsecured
bonds have been lowered to 'BB-' from 'BB+'.

Moody's Investors Service, on July 3, 2007, downgraded the
corporate family rating of Tata Power Company to Ba3 from Ba1.
At the same time, Moody's has downgraded its senior unsecured
bond rating to B1 from Ba2.  Moody's said the ratings outlook is
negative.



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

ORSO FUNDING: Fitch Holds Low-B Ratings on Classes E & F TBIs
-------------------------------------------------------------
Fitch Ratings has affirmed the ratings of Orso Funding CMBS 5's
trust beneficiary interests (TBIs) due February 2013, as
follows:

  -- Class A floating-rate TBIs (issue amount JPY17.7 billion,
     and balance* approximately JPY14.8 billion): affirmed at
     'AAA';

  -- Class B floating-rate TBIs (issue amount JPY3.9 billion,
     and balance* approximately JPY3.2 billion): affirmed at
     'AA';

  -- Class C floating-rate TBIs (issue amount JPY3.8 billion,
     and balance* approximately JPY3.1 billion): affirmed at
     'A';

  -- Class D floating-rate TBIs (issue amount JPY3.9 billion,
     and balance* approximately JPY3.2 billion): affirmed at
     'BBB';

  -- Class E floating-rate TBIs (issue amount JPY3.7 billion,
     and balance* approximately JPY3.1 billion): affirmed at
     'BB';

  -- Class F floating-rate TBIs (issue amount JPY0.25 billion,
     and balance* approximately JPY0.21 billion): affirmed at
     'BB-' (BB minus); and

  -- Class X (dividend only) TBIs: affirmed at 'AAA'.

* As of 16 May 2008

This transaction is a securitisation of seven non-recourse loans
originated by Bear Stearns (Japan) Ltd., Tokyo branch. The TBIs
are backed by five loans, which, in turn, are secured by 37 (43
at closing) commercial properties in Japan. This follows the
full repayment of two loans and a partial repayment of one.

The rating affirmations are the result of periodical
surveillance. Fitch has analysed the performance of the
transaction and confirmed that the performance is generally
within the agency's expectations. The agency will continue to
monitor the transaction.


SHINSEI BANK: To Amend Articles of Incorporation
------------------------------------------------
At a meeting of its Board of Directors held May 14, 2008,
Shinsei Bank, Limited, resolved to propose an amendment to its
articles of incorporation at the 8th annual general meeting of
shareholders scheduled for June 25, 2008.

The Board proposed deletion of the provisions relating to Class-
A and Class-B preferred shares in CHAPTER II-2 and other related
articles as the shares have been converted into common shares.

In addition, the Board proposes an amendment to Article 6 in
order to increase the aggregate number of shares authorized to
be issued to a level that enables effective management of its
capital strategy and a stronger financial base.  The increase of
current issued and outstanding shares to 2,060,346,000 at the
end March 2008 diminished the Bank’s ability to raise new funds
through the issuance of new shares.

The scheduled effective date of the amendment is June 25, 2008.

                        About Shinsei Bank

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

                          *     *     *

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


* Fitch: Japanese Airline Sector Could Face Cyclical Downturn
-------------------------------------------------------------
Fitch Ratings said in a special report issued May 20, 2008, that
growing uncertainty in the Japanese airline sector's business
environment is likely to compel the two dominant airlines -
Japan Airlines Corporation, Ltd. (JAL, 'BB-' (BB minus)/Stable)
and All Nippon Airways Co. Ltd. (ANA, 'BBB-' (BBB minus)/Stable)
- to focus on strict capacity discipline, tighter non-fuel cost
controls and liquidity preservation.

"While additional fare increases and fuel surcharges are needed
to offset the impact of high jet fuel prices, as concerns mount
over the resilience of the Japanese consumer in the face of
rising prices and stagnant wage trends, they may threaten the
current positive demand trends," says Satoru Aoyama, Director in
Fitch's Asia-Pacific Corporate team. "This could potentially
lead to a downturn in the Japanese airline industry," adds Mr.
Aoyama.

Such a cyclical weakening of the sector is unlikely to affect
the credit quality of the Japanese airlines, which have improved
over the past three years (FYE06-FYE08); however, it could halt
the current momentum in the positive rating trends.

In the special report, Fitch notes that both a favourable
domestic/supply balance and firm international passenger
business have helped raise passenger yields and unit revenues,
which have been the main components of both airlines' robust
operating results and constant financial improvement over the
past three years. However, while passenger demands are
potentially slowing, which would negatively affect both domestic
and international businesses, the increasing competition in the
domestic air passenger market has already weakened
profitability. Moreover, the airlines are increasing capital
spending levels on aircraft, which are linked to their fleet
renewal programmes and planned capacity expansion from 2010
onwards. This, combined with softer operating trends, is likely
to limit debt reduction and constrain further credit quality
improvement in the foreseeable future.

Fitch also cautions that airlines' high fuel costs, caused by
the persistently rising fuel prices, presents a structural cost
issue, as the benefit of fuel price hedging is temporal. "The
Japanese airlines would probably need additional restructuring
and efficiency improvement efforts in order to restore the
positive rating trends," notes Mr. Aoyama.

The report, "Japanese Airline Sector Could Face Cyclical
Downturn", is available on the agency's Web site at  
http://www.fitchratings.com/



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

SHINWHA INTEREK: Converts 1st Convertible Bonds to Shares
---------------------------------------------------------
Shinwha Intertek Corporation's first convertible bonds have been
converted for 8,117 shares, at the conversion price of KRW2,710
per share, Reuters reports.

According to the report, this brings the total number of the
company's outstanding common shares to 18,224,554.  The new
shares will be listed on May 21, 2008, the report relates.

Hwasung Kyonggi, South Korea-based Shinwha Intertek Corporation
-- http://www.shinwha.com/main01_E.html-- is engaged in the  
manufacture and sale of adhesive tapes for the electronic,
electronic equipment, architecture and other industry fields.

Korea Ratings gave the company's convertible bonds a BB rating
on Oct. 24, 2006.  The company's commercial papers also carry
Korea Rating's B rating effective Feb. 2, 2007.



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

PUTERA CAPITAL: Subsidiary Discontinues Textile Business
-------------------------------------------------------
In a  regulatory filing with the Kuala Lumpur Stock Exchange,  
Putera Capital Berhad disclosed that its wholly owned
subsidiary, Kamunting Textiles Industries Sdn Bhd, has decided
to cease its textile products’ manufacturing operations.  In
line with the cessation, Kamunting Textiles had also undertaken
a tender exercise for the disposal of its factory building and
plant and machinery.  The decision to cease the manufacturing
operations of Kamunting Textiles was due to the losses it
suffered over the past seven years and the Board’s assessment on
the market conditions of the textile industry in Malaysia which
is expected to remain fiercely competitive.

The Board has deliberated at length on the viability of
Kamunting Textiles’s business in light of the above factors and
has resolved to undertake a retrenchment exercise at an
estimated cost of MYR2 million.  In undertaking the retrenchment
exercise, all efforts will be made wherever possible to re-
locate and find suitable alternative employment for the
employees.  Kamunting Textiles was expected to complete the
retrenchment exercise on May 15, 2008.

The cessation of the manufacturing operations of Kamunting
Textiles is not expected to have a material impact on the net
tangible assets of the Putera group of companies for the
financial year ending June 30, 2008.  However, the cessation is
expected to minimize the possibility of Kamunting Textiles
incurring further losses in the future.

Headquartered in Kamunting-Taiping, Malaysia, Putera Capital
Berhad is principally involved in the investment and development
of properties.  Its other activities include the manufacture and
sale of yarn and woven fabrics, construction and management of
water and sewage treatment plant, contractor of construction
projects, distribution of marble, tiles, and related business
and investment holding.

                          *     *     *

The company is classified as an Affected Listed Issuer due to
these reasons:

     a) The shareholders' equity of the company on a
        consolidated basis has fallen below 25% of its issued
        and paid up capital as per its unaudited 3rd quarter
        financial results as announced on April 28, 2006.  As
        such its shareholders equity is less than the minimum
        issued and paid up capital.

     b) The auditors have expressed a modified opinion with
        emphasis on Putera's going concern in its audited
        accounts as of May 31, 2005.

     c) There are defaults in repayment of certain debt
        obligation by Putera and its subsidiaries and Putera is
        unable to provide a solvency declaration to Bursa
        Malaysia Securities Berhad.

As of Feb. 29, 2008, Putera Capital's consolidated balance sheet  
went upside down by MYR22.18 million, on total assets of
MYR31.53 million and total liabilities of MYR53.71 million.



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

124 MARKET: Wind-Up Petition Hearing Set for May 23
---------------------------------------------------
The High Court of Auckland will hear on May 23, 2008, at
10:45 a.m., a petition to have 124 Market Ltd.'s operations
wound up.

Central Hotel Body Corporation filed the petition against the
company on February 14, 2008.

Central Hotel's solicitor is:

         Bryan Stuart King
         Central Hotel Body Corporation
         Langley Twigg
         66 West Quay
         PO Box 446, Napier
         New Zealand


BARBAROSSA LTD: Appoints Madsen-Ries and Vance as Liquidators
-------------------------------------------------------------
On April 24, 2008, Vivien Judith Madsen-Ries and David Stuart
Vance were appointed liquidators of Barbarossa Ltd. on April 24,
2008.

Only creditors who were able to file their proofs of debt by
May 29, 2008, will be included in the company's dividend
distribution.

The liquidators can be reached at:

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


BARGAIN BOYS: Appoints Crichton and Horne as Liquidators
--------------------------------------------------------
David Donald Crichton and Keiran Anne Horne were appointed
liquidators of Bargain Boys Limited on April 28, 2008.

Creditors are required to file their proofs of debt by May 28,
2008, to be included in the company's dividend distribution.

The liquidators can be reached at:

         David Donald Crichton
         Keiran Anne Horne
         c/o Marie Inch at Crichton Horne & Associates Limited          
         Old Library Chambers
         109 Cambridge Terrace
         PO Box 3978, Christchurch
         New Zealand
         Telephone:(03) 379 7929


B J BUILDERS: Creditors' Proofs of Debt Due on July 28
------------------------------------------------------
The creditors of B J Builders Ltd. are required to file their
proofs of debt by July 28, 2008, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on April 28, 2008.

The company;s liquidators are:

         Vivian Judith Fatupaito
         Anthony David Kenneth Boswell
         c/o PricewaterhouseCoopers
         188 Quay Street, Auckland
         New Zealand
         Telephone:(09) 355 8000
         Facsimile:(09) 355 8013


BRUNOR HOLDINGS: Names Crichton and Horne as Liquidators
--------------------------------------------------------
David Donald Crichton and Keiran Anne Horne were appointed
liquidators of Brunor Holdings Ltd. on April 28, 2008.

Creditors are required to file their proofs of debt by May 28,
2008, to be included in the company's dividend distribution.

The liquidators can be reached at:

         David Donald Crichton
         Keiran Anne Horne
         c/o Marie Inch at Crichton Horne & Associates Limited          
         Old Library Chambers
         109 Cambridge Terrace
         PO Box 3978, Christchurch
         New Zealand
         Telephone:(03) 379 7929


FLETCHER: Projects Net Earnings Up to NZ$460MM in 2008
------------------------------------------------------
Fletcher Building Limited's directors, as part of the Half Year
results announcement, advised that provided there was no
significant change in economic conditions the 2008 year would
produce another satisfactory result, and that the board was
comfortable with the then consensus of analysts forecasts for
net earnings in the range of NZ$450 - NZ$460 million.

Following a review of the April 2008 results, and the outlook
for the next two months, directors are of the view that net
earnings for the 2008 financial year will still be in the range
of NZ$450 - NZ$460 million.  However the outcome will reflect:

   * expected one-off gains, primarily from property
     transactions, of NZ$58 million net of tax, an increase of
     NZ$43 million net of tax over the prior year;

   * a reduction in Formica USA's earnings due to the severe
     downturn in the USA markets, adversely affecting results by
     around $21 million net of tax;

   * restructuring costs and continued additional operating
     costs from the consolidation of Formica's North American
     operations, of around NZ$29 million net of tax; and

   * reduced group taxation expense of around NZ$11 million.

The Group, with the exception of Formica's USA operations, has
performed satisfactorily.  After taking into account all of
these matters, operating earnings (earnings before interest and
tax) are expected to be in the range of NZ$750 - NZ$760 million.

While Formica's initial trading and operational results have
been disappointing, and conditions in the USA market in
particular are tougher than the acquisition assumptions,
directors are still confident the synergies and improvements
identified on acquisition will be achieved.

                     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


HEATHER STREET: Fixes June 3 as Last Day to File Claims
-------------------------------------------------------
Heather Street Investments 2003 Ltd. requires its creditors to
file their proofs of debt by June 3, 2008, to be included in the
company's dividend distribution.

The company's liquidator is:

          Daran Nair
          PPB McCallum Petterson
          Forsyth Barr Tower, Level 11
          55-65 Shortland Street
          Auckland
          New Zealand
          Telephone:(09) 336 0000
          Facsimile:(09) 336 0010


INFRATIL LTD: Posts NZ$315.9MM Earnings for the Year-Ended 2008
---------------------------------------------------------------
Infratil said it had a successful year as measured by the value
created in its core businesses, the positioning of those
businesses relative to the trends which have been propelling
their growth, and the management of increased risks arising from
the financial markets.

However, Infratil said it fell short in terms of delivering
returns for shareholders over the period.  An Infratil
shareholder who reinvested all dividends and bonus issues would
have suffered a 16.5% fall in value in the year to March 31,
2008 (+31% in the previous year), roughly equivalent to the
average fall of the New Zealand market.  Despite this,
Infratil's cumulative return since its formation 14 years ago
remains over 20% per annum after tax.  The performance of the
last year shows how financial market conditions can overwhelm
outcomes, even as energy, airport and public transport
businesses deliver good results.

Infratil was proactive in the management of its exposure to
financial risk before the market upheaval.  Infratil undertook
its first capital raising in a decade, completed a subordinated
perpetual debt issue having raised NZ$240 million, and renewed
and expanded its bank facilities.  Infratil also actively
managed its financial market risks with partial hedges against
falls in the value of markets.

The economic, financial and regulatory environments continue to
present challenges.  The economies in which Infratil's
businesses operate are slowing, financial markets have not yet
stabilised and Government regulatory initiatives are
unpredictable.  Notwithstanding, each of Infratil's core
businesses is expected to increase its value over the coming
year and to reflect the attractiveness of sectors experiencing
long term growth which are relatively immune to the business
cycle.  It is anticipated this will drive better returns for
shareholders and vindicate their support for the NZ$176 million
equity raising Infratil initiated in 2007.

                        Financial Results

For the year to March 31, 2008, Infratil's earnings were
NZ$315.9 million (from NZ$157.1 million in 2007).  The operating
surplus was NZ$87.8 million (from  NZ$32.4 million in 2007 ) and
the net earnings after including realizations, impairments, fair
value adjustments, tax and minority interests was a small loss
of NZ$1.7 million (from profit NZ$68.2 million in 2007 ).

                       Financial Position

As at March 31, 2008, total consolidated assets were NZ$4.4
billion (2007 NZ$3.9 billion). Net group bank debt was NZ$792
million (2007 NZ$548 million) and subordinated bond debt was
NZ$961 million (NZ$1,028 million).

Infratil's Shareholders' Funds were NZ$1.47 billion (2007
NZ$1.53 billion) and after minorities NZ$733 million (2007
NZ$809 million).  This value reflects the market value of all
Infratil's listed investments except TrustPower, which is
consolidated, while unlisted assets are included on the basis of
their book values.  Shareholders' Funds declined by NZ$144
million as a result of the mark to market of Infratil's listed
investments.  The fall in value mainly related to changes in the
share price of Energy Developments and Auckland Airport, and has
been taken through reserves.

                            Dividend

A final dividend of 3.75 cps fully imputed will be paid on
June 16, 2008 to all shareholders with ordinary shares, on the
register as at 5.00 pm on June 6, 2008.  For holders of partly-
paid shares, the final dividend will be 1.875 cps fully imputed.
Because of the discounted rights issue, this is effectively a
small increase over the final payment last year.

In respect of the year, total dividends on ordinary shares
amounted to 6.25 cps fully imputed.  Shareholders also received,
on a one for five basis, a free warrant and a right to acquire,
at a discounted value, a further Infratil share.  The second
NZ$1.00 instalment on these shares is due to be paid between
July 14, 2008 and August 8, 2008.

                   Capital and Risk Management

Over the year the number of shares on issue increased by
219,899,090 when Infratil split its shares and by 3,837,448
through the exercise of warrants.

In May 2007 Infratil closed its issue of Perpetual Infratil
Infrastructure Bonds (PIIBs) when a total value of
NZ$240 million had been raised.

Infratil and wholly owned subsidiary net bank borrowing as at
March 31, 2008 was NZ$397 million from NZ$192 million a year
earlier.  Infratil has total bank facilities of NZ$660 million.
Offshore assets comprised approximately 50% of Infratil's equity
market capitalisation and were unhedged to changes in the value
of the New Zealand dollar.

Recognising the extreme financial market risk which pertained
during the year, Infratil purchased some insurance against the
possibility of this volatility increasing.  As at March 31, 2008
this hedge gave rise to a "fair value" benefit of NZ$12.3
million.  This is not intended to be an ongoing feature of
Infratil's operations, but risk identification and management is
a hallmark of Infratil's approach.

                  Sector Developments and Trends

Infratil's businesses are in sectors benefiting from global
trends in urban and air mobility and energy.  While the year
presented economic and financial challenges, the trends driving
Infratil's businesses were encouraging.

* Renewable energy: New Zealand is to introduce pricing of
  greenhouse gas emissions from 2010 and is targeting 90% of
  electricity generation from renewable sources by 2025 (now
  about 70%).  Australia has now committed to the Kyoto Treaty
  and pricing of greenhouse gas emissions on a similar timetable
  to New Zealand's.

* Australian energy: The deregulation, privatization and
  restructuring of the energy market continues.

* Airports: Competition on New Zealand trunk services initiated
  by Pacific Blue spurred domestic growth and indicated the
  potential for international growth when the current shortage
  of long-haul aircraft is alleviated.  European air travel was
  impacted by economic conditions but remains robust with low-
  cost and freight airlines growth supported by significant new
  aircraft orders.

* Public transport: Social and political interests are focused
  on having public transport develop as a real alternative to
  the car.

      Win-Win-Win Capital Providers-Employees-Communities

Providing good services that people want to use requires staff
with the skills and confidence necessary to meet their
responsibilities with a sense of ownership in their businesses.
Infratil is investing in its employees and the enhancement of
their working environments.

Businesses will do better if their communities are healthy and
welcoming.  Infratil supports the communities in which it
operates through involvement in the Community Awards with
Waitakere City, the Wellington Community Trust and TrustPower;
its support of the Wellington Marine Education Centre and,
together with Wellington Airport, Wellington High Performance
Aquatics; the support of NZ Bus for Starship Hospital, North
Shore Netball, the Karori Sanctuary, the International Arts
Festival and Wellington Zoo; the support of Wellington Airport
for Miramar golf and many local organisations and schools.

Capital providers in airports, public transport and energy will
only win over the longer term if their employees have skills and
commitment, if users are satisfied they are receiving a good
service at a fair price, and if their communities benefit.

Communities have legitimate interest in these sectors and
Infratil welcomes the opportunity to work with parties such as
Wellington City (Wellington Airport), Waitakere, North Shore and
Rodney Councils (Whenuapai Airport), Tauranga Energy Community
Trust (TrustPower), Greater Wellington Regional Council
(Wellington buses), Auckland Regional Transport Authority and
Auckland Regional Council (Auckland buses and ferries), and the
City of L?beck (Luebeck Airport).

                        Developments 2008

Infratil's businesses are in sectors that are growing and
support investment.  Over the last two years Infratil and its
subsidiaries have responded by committing NZ$878 million to new
and enhanced facilities and services, NZ$493 million of which
was expended over the last year.

These investment initiatives are crucial if Infratil is to
continue its track record of delivering excellent returns to its
shareholders.  They also have an impact on short-term reported
profitability.  Infrastructure businesses tend to have
relatively fixed costs while revenue rises with use.  Investment
means a step-up in costs in anticipation of later growth in use
and revenue.

* TrustPower: As at March 31, 2008 the market value of
Infratil's 50.5% interest in TrustPower was NZ$1,194 million,
which made up approximately half of Infratil's assets.
TrustPower contributed NZ$49.5 million to Infratil's earnings
for the year.

Over the year TrustPower's investment spend was NZ$177 million
(NZ$171 million the previous year) mainly in respect of its
98.5MW South Australian windfarm and the 5MW enhancement to Deep
Stream hydro in Otago.

TrustPower also has four major New Zealand power projects in
consenting.  One of these is the NZ$400 million 200MW
Mahinerangi windfarm which is intended to be operated in
conjunction with Waipori hydro.  In November 2007, 100 years of
generation from Waipori was celebrated.  The station's
development, including into the future as back-up to wind, shows
the physical and commercial sustainability of this form of
energy.

New Zealand's electricity generation sector is to be faced with
a cost on green house gas (GHG) emissions from January 1, 2010
which will be borne by generation using coal and gas.  This is
expected to result in slightly higher energy prices which will
be of benefit to TrustPower, which produces no GHG emissions
from its generation.

Infratil Energy Australia group: IEA continued to grow into a
substantial energy retailing, trading and generation group with
assets of NZ$271 million as at March 31, 2008 and EBITDAF for
the year of NZ$12 million.

Over the year retailing was a stand-out performer with customer
accounts increasing from 186,000 to 286,000 despite difficult
market conditions.  The benefit of such periods is that they
expose competitors that have underestimated the skills and
resources required to be successful.

IEA managed this growth and got close to achieving its target
net margins of 6-8%.  It also continued the development of its
generation portfolio with investment now totalling AU$68.9
million in three Peakers (Angaston and Lonsdale, 70MW, in South
Australia and Hunter, 30MW, in NSW which is due for
commissioning in June) and the Perth 120MW dual-fuel power
station where construction is to start later this year.
Over the year IEA has demonstrated its ability to tailor
customer growth to the market conditions.  At present its focus
is on Victoria and Queensland, but South Australia and NSW are
all being monitored for opportunities as they progress retail
deregulation.

* Energy Developments (EDL): Over the year Infratil slightly
increased its holding in EDL to 28%(from 26% ) which, as at 31
March 2008, had a market value of $110 million.
EDL has continued to struggle with legacy issues from previous
management, in particular its major West Australian
LNG/Generation facility has been affected by delays and cost
over-runs which, due to the way this project was structured,
have had an adverse financial impact on the Company.

Nevertheless, EDL is in a good sector and will deliver improved
results if it can better structure and implement its projects.
Wellington Airport: The Airport had a successful year in regard
to operational and financial performance, and investment for
future growth.  Since Infratil made its initial investment in
1998 the Airport's passenger numbers have risen from 3.5 million
people to 5.0 million and earnings from NZ$15 million to NZ$60
million. Relative to 2007 income and passengers increased 21%
and 8% respectively.

The outcomes have been helped by excellent management of costs
and provision of attractive services, but the main impetus has
been increased passenger throughput which has resulted from
airline competition and the Airport's substantial investment in
facilities to allow growth.

Work now underway will ensure the Airport can accommodate
further growth while ensuring that travellers consistently
experience high quality services that represent good value for
money.
Wellington Airport also concluded Stage One of its off-airport
retail development and this is now fully tenanted.

* Auckland Airport: Infratil has invested NZ$125 million
acquiring a 3.3% interest in Auckland Airport.  The Airport is
New Zealand's premier infrastructure asset and will benefit from
local growth and the rising global demand for air travel. It was
unfortunate that the well publicized process surrounding
Infratil's acquisition of this holding occurred as it did.

Infratil Airports Europe: IAE's three airports recorded three
million passenger movements (-3% over the prior year) and 64,400
tonnes of freight (+14%).  Management remains focused on
attracting additional carriers and doing so on profitable terms.
The European aviation market continues to grow markedly and
Infratil remains confident as to its strategic positioning.
IAE's EBITDAF for the year was NZ$1.2 million (nil the previous
year).  The net contribution to Infratil was a loss of NZ$9.7
million (from a loss of NZ$20.3 million previously).

* NZ Bus: Work by the NZ Bus team is starting to result in
better services which are encouraging people to switch usage
from their cars.  Infratil is supporting the initiatives to lift
the quality and quantity of services by funding NZ
Bus'substantial investment plan.

Despite a complex and awkward regulatory environment NZ Bus and
many of its key local authority and agency partners continue to
build the sense of common purpose which is critical in making
public transport a better option for many journeys than the
private car.

While the recent resumption in passenger growth is encouraging,
cost pressure is a difficulty for the business with road user
charges and wages rising markedly over the year.  NZ Bus
contribution to Infratil was unchanged from the previous year at
NZ$21 million.

                         About Infratil

Wellington, New Zealand-based Infratil Limited --
http://www.infratil.com/-- is an infrastructure investor.  The       
company, along with its subsidiaries, operates in four
industries: investment in infrastructure and utility companies,
airport, transportation and energy operations.  The airport
operations comprise the revenue and expenses associated with
Infratil Limited's investments in Wellington International
Airport Limited and Infratil Airports Europe Limited;
transportation comprises the businesses of New Zealand Bus
Limited and New Zealand Bus Finance Limited and subsidiaries,
which was acquired by the company on November 30, 2005, and the
energy operations relate to Victoria Electricity Pty Limited and
Infratil Energy Australia Pty Limited.  On December 5, 2005,
Infratil Limited acquired a 90% interest in Flughafen Lubeck
GmbH (Lubeck Airport).  In December 2006, Alliant Energy Corp.
sold its ownership interest in Alliant Energy New Zealand
Limited to the company.

                         *     *     *

The Troubled Company Reporter-Asia Pacific, on July 3, 2007,
listed Infratil Ltd.'s 8.500% bond with a November 15, 2015
maturity date as distressed at a trade price of NZ$8.20.


LAB HOLDINGS: Creditors' Proofs of Debt Due on May 28
-----------------------------------------------------
The Lab Holdings Ltd. requires its creditors to file their
proofs of debt by May 28, 2008, to be included in the company's
dividend distribution.

The company's liquidators are:

         David Donald Crichton
         Keiran Anne Horne
         c/o Marie Inch at Crichton Horne & Associates Limited          
         Old Library Chambers
         109 Cambridge Terrace
         PO Box 3978, Christchurch
         New Zealand
         Telephone:(03) 379 7929


RETAIL FORCE: Taps Crichton and Horne as Liquidators
----------------------------------------------------
On April 28, 2008, David Donald Crichton and Keiran Anne Horne
were appointed liquidators of Retail Force Limited.

Creditors are required to file their proofs of debt by May 28,
2008, to be included in the company's dividend distribution.

The liquidators can be reached at:

         David Donald Crichton
         Keiran Anne Horne
         c/o Marie Inch at Crichton Horne & Associates Limited          
         Old Library Chambers
         109 Cambridge Terrace
         PO Box 3978, Christchurch
         New Zealand
         Telephone:(03) 379 7929


SAWGRASS DEVELOPMENTS: Commences Liquidation Proceedings
--------------------------------------------------------
Sawgrass Developments Ltd. commenced liquidation proceedings on
April 24, 2008.

Creditors are required to file their proofs of debt by July 24,
2008, to be included in the company's dividend distribution.

The company's liquidators are:

          Vivian Judith Fatupaito
          Anthony David Kenneth Boswell
          c/o PricewaterhouseCoopers
          188 Quay Street, Auckland
          New Zealand
          Telephone:(09) 355 8000
          Facsimile:(09) 355 8013


SEALEGS CORPS: Cancels Shares Issued by Furzefield Pty
------------------------------------------------------
Sealegs Corporation Limited has cancelled 74,117 ordinary shares
that were issued to Furzefield Pty Limited on the exercise of
options.

The number of shares on issue following the cancellation is
65,868,820.

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

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

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


TLC TE MURA MATAURANGA: Fixes May 23 as Last Day to File Claims
---------------------------------------------------------------
TLC Te Mura Matauranga Ltd. requires its creditors 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 April 28, 2008.

The company's liquidator is:

          Roderick Thomas McKenzie
          McKenzie & Partners Limited
          484 Main Street, Level 1
          PO Box 12014, Palmerston North
          New Zealand
          Telephone:(06) 354 9639
          Facsimile:(06) 356 2028


TROOP BUILDERS: Fixes May 30 as Last Day to File Claims
-------------------------------------------------------
The creditors of Troop Builders Ltd. are required to file their
proofs of debt by May 30, 2008, to be included in the company's  
dividend distribution.

The company's liquidator is:

         D. C. Parsons
         Indepth Forensic Limited
         Insolvency Practitioners
         PO Box 278, Hamilton
         New Zealand
         Telephone:(07) 957 8674
         Facsimile:(07) 957 8677


VALLEY CONCRETE: Fixes June 2 as Last Day to File Claims
--------------------------------------------------------
The creditors of Valley Concrete Ltd. are required to file their
proofs of debt by June 2, 2008, to be included in the company's
dividend distribution.

The company's liquidators are:

          David Stuart Vance
          Barry Phillip Jordan
          PPB McCallum Petterson
          The Todd Building, Level 8
          95 Customhouse Quay
          PO Box 3156, Wellington
          New Zealand
          Telephone:(04) 499 7796
          Facsimile:(04) 499 7784



===============
M O N G O L I A
===============

ERDENET MINING: S&P Withdraws B Corporate Credit Rating
-------------------------------------------------------
Standard & Poor's Ratings Services has withdrawn its 'B' long-
term corporate credit rating on Erdenet Mining Corp. because of
inadequate information.  The rating was placed on CreditWatch
with positive implications on Dec. 31, 2007.

Erdenet Mining Corporation is one of the biggest Ore mining and
Ore processing factory in Asia.  Erdenet Mining Corporation (EMC
or Erdenet) was established in accordance with an agreement
between governments of Mongolia and (former) Soviet Union.  It
started its operation in 1978.

The main mineral deposit, extracted by the Corporation was the
Erdenetiin-Ovoo area which locates 400 kilometers northwest from
Ulaanbaatar, 180 kilometers east from Darkhan city, 60
kilometers northern from Center of Bulgan aimag and 140
kilometers from Russia.  The Erdenet is connected with East-
Siberian railway network via Naushki station and to the
Chinese railway network through Erlyan (Chinese border).  



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

NIHAO MINERAL: Three Sub-Units Get Temporary Mining Permits
-----------------------------------------------------------
NiHAO Mineral Resources International Inc. disclosed in a
regulatory filing that the subsidiaries of Mina Tierra Gracia
Inc. were granted temporary mining permits by the Office of the
Provincial Governor of Zambales.

The subsidiaries are:

   1. Companhia Nube Minerale Inc.
   2. Companhia Minera Tierra Inc.
   3. Minedomain Inc.

Mina Tierra is a wholly owned subsidiary of NiHAO.

As reported in the Troubled Company Reporter on May 7, 2008,
the Office of the Governor of Zambales issued Executive Order
No. 02 (S. 2008) against the company due to multiple overlapping
of mining rights resulting from the acceptance and processing of
mining applications not in accordance with law as well as the
cancellation of mining and quarry applications without due
process.

The Executive Order stated that all of the company's pending and
existing mining/quarry permit applications which have not been
filed, registered and processed in the Provincial Mining
Regulatory Board of Zambales be rejected or denied.

According to the company, all existing and pending non-exclusive
special permits issued in relation to the mining/quarry permit
applications prior to the Executive Order were likewise canceled
and denied.

The areas covered by the applications were however open to new
applications, the company said.

Pursuant to the  Executive Order, the Office of the Governor
issued temporary mineral land occupation permits, which are
valid for 30 days and are renewable.

NiHAO disclosed that temporary mineral land occupation permits
have been issued in favor of Nube Minerale and Minera Tierra
in lieu of their cancelled small scale mining permits
applications.

                       About NiHAO Mineral

Headquartered in Makati City, Philippines, NiHAO Mineral
Resources International Inc. was originally incorporated on July
9, 1975 as Summit Minerals Inc., a company engaged in mining
exploration.  On February 24, 1994, the Securities and Exchange
Commission approved the change in the company's primary purpose
to that of a holding company and the change in its corporate
name to Magnum Holdings Inc.  On June 28, 2007, the SEC approved
another change in the company's primary purpose to that of
exploration, development and operation of mineral properties and
the mining of metallic and non-metallic minerals.  The company
also subsequently changed its corporate name to NiHAO Mineral
Resources International Inc.

The operations of NiHAO have been suspended since August 2000.  
The suspension is for the purpose of minimizing the losses
occasioned by unfavorable business conditions.


UNIVERSAL ROBINA: Buys Back 982,300 Shares
------------------------------------------
Universal Robina Corporation disclosed in a regulatory filing
with the Philippine Stock Exchange that on May 20, 2008, it
repurchased 982,300 shares in the company priced at Php13.50 per
share.

Universal Robina now has 2,176,042,581 in outstanding shares
and 45,808,900 in treasury shares.

On May 15, 2008, URC repurchased 180,000 shares in the company
priced at Php13.25 per share.

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

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

                          *     *     *

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


* PHILIPPINES: Jan-Apr 2008 Pre-Need Sales Down by 21.08%
---------------------------------------------------------
The total pre-need sales from January to April 2008 dropped by
21.08% to Php5.14 billion from Php6.51 billion last year,
despite a 3.48% increase in the number of plans sold, to 71,631
from 69,221 year-on-year, Business World reports citing data
from the Securities and Exchange Commission.

The report relates that life plans sold during the period were
up 45.1% to Php1.83 billion from Php1.26 billion, but sales of
education and pension plans remained negative at 53.09% and
31.94%, respectively.

According to Business World, consumers lost their confidence in
the industry following a controversy involving some pre-need
firms selling educational plans that failed to serve the
clients.  Among the firms were Professional Financial Plans,
formerly TPG Corp., and College Assurance Plan Philippines Inc.,
the report says.

                         *********

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

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

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


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N
   
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Rousel Elaine C. Tumanda, Valerie C. Udtuhan,
Marie Therese V. Profetana, Frauline S. Abangan, and Peter A.
Chapman, Editors.

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





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