TCRAP_Public/080523.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Friday, May 23, 2008, Vol. 11, No. 102

                            Headlines

A U S T R A L I A

AAMTRANS PTY: Declares Dividend for Creditors
AUS REND: Placed Under Voluntary Liquidation
AUSMADE METAL: Appoints P. Ngan as Liquidator
BEST PRACTICE: Declares Dividend for Creditors
BOWFICK PTY: Commences Liquidation Proceedings

DIVERSEPORT: Auditors Overcharged Fees as Business Ails
ECHO HILLS: Liquidator Presents Wind-Up Report
EXCELIOR: AAPT's Outsourcing Plan May Affect Business
IVORY HOTEL: Supreme Court Enters Wind-Up Order
KAVINA PTY: Liquidator Gives Wind-Up Report

KELBON CONSULTANTS: Liquidator Presents Wind-Up Report
LODESTAR SOLUTIONS: Placed Under Voluntary Liquidation
NABHAN PTY: Placed Under Voluntary Liquidation
NAPIER DEVELOPMENT: Declares Dividend for Creditors
NILGIN SERVICE: Declares Dividend for Creditors

R & J TAYLOR: Members Opt to Liquidate Business
SPL WORLDGROUP: Placed Under Voluntary Liquidation
STELLENT A’ASIA: Members Opt to Liquidate Business
SWISSCO INSURANCE: Taps Gregory Jay Parker as Liquidator
TEMPMASTER HOLDINGS: Liquidator Presents Wind-Up Report

XENA PTY: Appoints Gregory Jay Parker as Liquidator


C H I N A

CHINA EASTERN: Shares Jump on Shanghai Airline Merger Rumors
HAINAN AIRLINES: Grand China Receives First Embraer 190
ZTE CORP: Access System Improves Operators' Carbon Footprint


H O N G  K O N G

ADPON DEVELOPMENT: Liquidator Quits Post
ASIA INTERNATIONAL: Members Meeting Fixed for June 18
BOLD MOTIVATION: Commences Liquidation Proceedings
CELOSMARINE LIMITED: Liquidator Quits Post
CFC CONSTRUCTION: Liquidators Quit Post

HONG KONG WEB: Members Meeting Fixed for June 17
HUNG FA: Commences Liquidation Proceedings
INTERNATIONAL ASSOCIATION: Commences Liquidation Proceedings
JJH GRANITE: Liquidators Quit Post
NOBLE GROUP: Sets Guidance for US$500 Million Bond Sale

NOBLE GROUP: Records US$9.5 Billion Revenue for 1st Qtr 2008
PARKSON RETAIL: Stock Trading Suspended on Hong Kong Exchange
X-RITE INC: Company Not Headed for Bankruptcy, Says Interim CFO


I N D I A

BALLARPUR: Committee Okays Buy Back of 15,98,451 Shares
BANK OF BARODA: Earns INR2.76 Bil. in Qtr. Ended March 31
HINDUSTAN COPPER: MCA Approves Capital Reduction
ORIENTAL BANK: Appoints Rathnakar Hegde as Executive Director
STATE BANK OF INDIA: Shareholders' Meeting Set for June 23


I N D O N E S I A

PERUSAHAAN GAS: Eyes Increasing 2008 Gas Sales by 50%


J A P A N

SHINGINKO TOKYO: May Get Aid from S. Korea-Linked Credit Union
* JAPAN: Nonlife Insurance Cos Overcharged About JPY30 Bil.


M A L A Y S I A

IDAMAN UNGGUL: Bank Negara Approves Negotiations w/ Tokio Marine
KOSMO TECHNOLOGY: Receives a Letter of Demand from KFH
MALAYSIAN AIRLINE: Earns MYR120.53 Mil. in Qtr. Ended March 31
OCI BHD: Appeals Committee Defers Removal of Firm's Securities


N E W  Z E A L A N D

A ROBINSON CONTRACTING: Faces A C Diggers' Wind-Up Petition
FLETCHER BUILDING: Formica Purchase Will Cut Profit by NZ$60MM
GLENN CRAIG: Commences Liquidation Proceedings
GO 4 WOOD: Fixes June 6 as Last Day to File Claims
KIDS WORLD: Wind-Up Petition Hearing Set for May 30

PEARL WORLD: Fixes June 13 as Last Day to File Claims
RADIO 531: Wind-Up Petition Hearing Set for June 4
SCOTIA TRUSTEE: Taps Whittfield and van Delden as Liquidators
TOWER LTD: After Tax Profit Down by 90.8% on Demerged Business


P A K I S T A N

* PAKISTAN: Moody's Cuts Foreign Deposit Ratings on Four Banks


P H I L I P P I N E S

VISTEON CORP: Transfers Management of Phils. Unit to Interiors
VISTEON CORP: S&P Puts 'B-' Rating on Proposed $210MM Sr. Notes


T A I W A N

*TAIWAN: Records US$11.32 Bil. Balance of Payments Surplus


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                         - - - - -


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

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

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

The company's liquidator is:

          Michael G. Jones
          Jones Partners
          Insolvency & Business Recovery
          Telephone (02) 9251 5222


AUS REND: Placed Under Voluntary Liquidation
--------------------------------------------
Aus Rend Pty Ltd's members agreed on April 3, 2008, to
voluntarily liquidate the company's business.  Gregory Jay
Parker was appointed to facilitate the sale of its assets.

The liquidator can be reached at:

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


AUSMADE METAL: Appoints P. Ngan as Liquidator
---------------------------------------------
Ausmade Metal Design (Aust) Pty Limited's members agreed on
April 4, 2008, to voluntarily liquidate the company's business.  
P. Ngan was appointed to facilitate the sale of its assets.

The liquidator can be reached at:

          Ngan & Co
          Level 5
          49 Market Street
          Sydney NSW 2000


BEST PRACTICE: Declares Dividend for Creditors
----------------------------------------------
Best Practice Skills 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 23, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

          A. R. M. Taylor
          Meertens Chartered Accountants
          Level 1, 49 Woods Street
          Darwin NT 0800
          Telephone: (08) 8923 9239
          Facsimile: (08) 8942 3250


BOWFICK PTY: Commences Liquidation Proceedings
----------------------------------------------
At the general meeting of the members of Bowfick Pty Ltd held
May 15, 2008, Kurt Russell Clifton, the appointed liquidator,
presented an account showing the manner in which the winding up
has been conducted and the property of the company disposed.


DIVERSEPORT: Auditors Overcharged Fees as Business Ails
-------------------------------------------------------
The auditors of Diverseport Fixed Income almost doubled the fees
they charged the company in the months leading up to its
collapse, while the accountants for the group almost tripled
fees charged during the company's final reporting period,
Anthony Klan of the Australian reports.

According to the report, auditors Pitcher Partners charged the
group AU$38,600 for auditing in the year to June 2007, up from
AU$23,150 the year before while in the six months to December
last year, accountancy firm Grant Thornton charged Diverseport
AU$68,000 in fees, up from AU$46,100 charged for the entire year
to June 2007.

Diverseport managing director Jim Stening told the Australian
that the increase in the last half was a result of "anomalous"
accounting costs.

"There were anomalous situations -- things like tax advice and a
few other things they provided us with," Mr. Stening said in the
report.

Accountant PricewaterhouseCoopers was called in to examine
Diverseport, which had been posting continual losses, at the
request of its independent trustee in early April, the
Australian relates.

                           Receivership

Since it was placed under receivership on May 7, 2008,
Diverseport said on its Web site that it is not accepting
further applications for debentures until further notice.

Diverseport confirmed that it has recently experienced an
abnormal level of redemptions of Diverseport Debentures and has
requested that the trustee, Trust Company Fiduciary Services
Limited, appoint Receivers and Managers of Diverseport in the
interests of the Debentures Holders.

                        About  Diverseport

Based in Brisbane, Queensland, Australia, Diverseport Fixed
Income Limited -- http://www.debentures.com.au/-- is engaged in  
the business of issuing debentures, which provides fixed or
floating income returns on money for terms of up to five years.  
Diverseport Debentures include Fixed Rate Debentures that
provide investors with a fixed rate of return for the term of
their Debentures and Floating Rate Debentures where the interest
rate will be re-set at a fixed margin to the relevant Bank Bill
Swap Rate (BBSW) during the term of the Debentures.  The company
focuses mainly in investing in fixed income financial products.  
Diverseport is wholly owned by Driven Holdings Pty Limited ABN
84 113 121 896. Diverseport Debentures are designed to provide
investors with diversity, as well as a predetermined income
stream and return of capital on a chosen maturity date.


ECHO HILLS: Liquidator Presents Wind-Up Report
----------------------------------------------
S. B. Humphrys, Echo Hills Pty Ltd's estate liquidator, met with
the company's members on May 19, 2008,and provided them with
property disposal and winding-up reports.

                      About Echo Hills

Echo Hills Pty Ltd is involved in the business of sheeps and
goats.  The company is located at Lackrana, in Tasmania,
Australia.


EXCELIOR: AAPT's Outsourcing Plan May Affect Business
-----------------------------------------------------
AdelaideNow reports that 360 workers at Excelior again face an
uncertain future after telecommunications company AAPT signed on
offshore workers.

Excelior is the operator of AAPT's call centers in Bendigo and
Robina.  Excelior's contract with AAPT ends June 30, 2008.

According to the report, AAPT will employ 100 workers at Manila-
based company Teletech for a three-month trial starting June 23,
2008.

                    Business Survival Doubted

AdelaideNow says AAPT's move drew condemnation from the
Community and Public Sector Union.

National secretary Louise Persse told AdelaideNow that the
decision by AAPT was "extremely disappointing."

Georgie Pilcher of Herald Sun relates that Community and Public
Sector Union spokesman Dermot Browne said AAPT provided more
than half the working contract for Excelior, raising concerns
the company might not survive if AAPT went offshore.

"The best scenario would be another contract so Excelior can
stay open," Mr. Browne was quoted by Herald Sun as saying.

In an emailed response cited by AdelaideNow, AAPT chief
executive Paul Broad said the trial would test the feasibility
of using outsourced call centers to save costs.

"We will evaluate any future opportunities at the conclusion of
the trial," Mr. Broad said in the cited mail.

                           About AAPT

AAPT is Australia's third largest telecommunications carrier
offering local, national and international voice, data, mobile
pay TV Internet services to business, corporate, government and
residential customers.  AAPT is a wholly-owned subsidiary of
Telecom New Zealand and is one of only three Australian telecom
providers to own and operate its own national voice and data
network.  By mid-2006, AAPT continued to struggle, especially on
the business side.  A review into AAPT was concluded in May 2006
with the outcome being that New Zealand parent Telecom decided
to retain the business and to inject AU$20 million into the
company.  Its new strategy will focus around the mass market
bringing business offerings to home and small businesses.  In
July 2006 AAPT launched Business Connect, a managed VoIP
solution for Australian Small Enterprises.  In November 2006,
AAPT finalised a comprehensive wholesale network and access
services agreement with PowerTel.

                         About Excelior

Established in 1999, Excelior is an Australian company
specializing in customer contact solutions.  The company employs
more than 2,000 staff across 60 sites in Australia and New
Zealand.


IVORY HOTEL: Supreme Court Enters Wind-Up Order
-----------------------------------------------
On March 31, 2008, the Supreme Court of New South Wales entered
an order to have Ivory Hotel Pty Limited's operations wound up.

D. I. Mansfield was appointed as liquidator.

The liquidator can be reached at:

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


KAVINA PTY: Liquidator Gives Wind-Up Report
-------------------------------------------
S. B. Humphrys, Kavina Pty Ltd's estate liquidator, met with the
company's members on May 19, 2008,and provided them with
property disposal and winding-up reports.


KELBON CONSULTANTS: Liquidator Presents Wind-Up Report
------------------------------------------------------
P. Ngan, Kelbon Consultants Pty Limited's estate liquidator, met
with the company's members on May 16, 2008,and provided them
with property disposal and winding-up reports.

The liquidator can be reached at:

          Ngan & Co
          Level 5
          49 Market Street
          Sydney NSW 2000


LODESTAR SOLUTIONS: Placed Under Voluntary Liquidation
------------------------------------------------------
Lodestar Solutions Australia Pty Ltd's members agreed on
March 21, 2008, to voluntarily liquidate the company's business.  
Timothy James Cuming and David Clement Pratt were appointed to
facilitate the sale of its assets.

The liquidators can be reached at:

          Timothy James Cuming
          David Clement Pratt
          Level 15, 201 Sussex St
          Sydney NSW 1171


NABHAN PTY: Placed Under Voluntary Liquidation
----------------------------------------------
Nabhan Pty Limited's members agreed on April 2, 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 St
          Sydney NSW 2000
          Telephone (02) 9290 5300
          Facsimile (02) 9290 5399


NAPIER DEVELOPMENT: Declares Dividend for Creditors
---------------------------------------------------
Napier Development Pty Ltd, which is in liquidation, declared
its dividend for its creditors.

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

The company's liquidator is:

          Kenneth J. Rennie
          Ernst & Young Chartered Accountants
          Ernst & Young Centre, 680 George Street
          Sydney NSW 2000
          Telephone: (02) 9248 5555


NILGIN SERVICE: Declares Dividend for Creditors
----------------------------------------------
Nilgin Service Company Ltd, which is in liquidation, declared
its dividend for its creditors.

Only creditors who were able to file their proofs of debt by
April 10, 2008, were included in the company's dividend
distribution.


R & J TAYLOR: Members Opt to Liquidate Business
-----------------------------------------------
R & J Taylor Pty Limited's members agreed on April 4, 2008, to
voluntarily liquidate the company's business.  Kieran Anthony
Martin was appointed to facilitate the sale of its assets.

The liquidator can be reached at:

          Kieran Anthony Martin
          65 Hill Street
          Roseville NSW 2069


SPL WORLDGROUP: Placed Under Voluntary Liquidation
--------------------------------------------------
SPL Worldgroup (Australia) Pty Limited's members agreed on
March 20, 2008, to voluntarily liquidate the company's business.  
Timothy James Cuming and David Clement Pratt were appointed to
facilitate the sale of its assets.

The liquidators can be reached at:

          Timothy James Cuming
          David Clement Pratt
          Level 15, 201 Sussex St
          Sydney NSW 1171


STELLENT A’ASIA: Members Opt to Liquidate Business
--------------------------------------------------
SPL Worldgroup (Australia) Pty Limited's members agreed on
March 20, 2008, to voluntarily liquidate the company's business.  
Timothy James Cuming and David Clement Pratt were appointed to
facilitate the sale of its assets.

The liquidators can be reached at:

          Timothy James Cuming
          David Clement Pratt
          Level 15, 201 Sussex St
          Sydney NSW 1171


SWISSCO INSURANCE: Taps Gregory Jay Parker as Liquidator
--------------------------------------------------------
Swissco Insurance Brokers Pty Ltd's members agreed on April 4,
2008, to voluntarily liquidate the company's business.  Gregory
Jay Parker was appointed to facilitate the sale of its assets.

The liquidator can be reached at:

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


TEMPMASTER HOLDINGS: Liquidator Presents Wind-Up Report
-------------------------------------------------------
John Ure, Tempmaster Holdings Pty Limited's estate liquidator,
met with the company's members on May 15, 2008, and provided
them with property disposal and winding-up reports.

The liquidator can be reached at:

          John Ure
          Perry Ure Pty Limited
          Level 2, 6 Bolton Street
          Newcastle NSW 2300


XENA PTY: Appoints Gregory Jay Parker as Liquidator
---------------------------------------------------
Xena Pty Ltd's members agreed on March 10, 2008, to voluntarily
liquidate the company's business.  Gregory Jay Parker was
appointed to facilitate the sale of its assets.

The liquidator can be reached at:

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



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

CHINA EASTERN: Shares Jump on Shanghai Airline Merger Rumors
------------------------------------------------------------
China Eastern Airlines Corporation Limited's shares jumped the
most in two weeks on the city's stock market amid rumors of a
planned merger with Shanghai Airlines Co,  Tian Ying of
Bloomberg News reports.

According to the report, the company's shares jumped 6.26% to
close at CNY10.69, after climbing by as much as the 10% daily
limit.  Shanghai Airlines gained 0.5% to close at CNY8.02 yuan.

"There is speculation that China Eastern will merge with
Shanghai Airlines," Wu Kan, a fund manager in Shanghai at
Dazhong Insurance Co., which oversees the equivalent of US$285
million, was quoted by Bloomberg as saying.  "This has boosted
buying of airlines," he added.

Shanghai Daily News relates that a tie-up with Shanghai Airlines
would raise the airline's market share in China's commercial
capital to 55%, helping it compete with larger rivals.  The
carrier is seeking funds to cut debt and improve its operations,
Shanghai Daily says.

However, Bloomberg News says, China Eastern Board Secretary Luo
Zhuping said that the carrier has no plans to merge with
Shanghai Airlines at present.  Instead, the airline is focusing
on disaster relief efforts following last week's earthquake, he
added.

Accoding to the Shanghai Daily, Chairman Li Fenghua said China
Eastern wants to raise CNY15 billion (US$2.1 billion) for new
planes and training.  The company plans to reach the target by
reviving the sale of a stake to Singapore Airlines Ltd., by
tapping capital markets and through government subsidies, he
added.

As reported in the Troubled Company Reporter-Asia Pacific on  
Jan. 10, 2008, nearly 78% of China Eastern shareholders earlier
rejected a bid by Singapore Airlines and Temasek Holding Pte
Limited to buy a minority stake in China Eastern after rival Air
China and its parent, China National Aviation Corp., pledged a
higher offer.  However, on Feb. 25, China Eastern rejected Air
China's proposal and pledged to instead continue seeking another
strategic investor.

                       About China Eastern

Headquartered in Shanghai, China, China Eastern Airlines
Corporation Limited's -- http://www.ce-air.com-- principal      
activity is operation of domestic and international commercial
air transportation.  The Group also is involved in the common
aircraft industry.  Other activities include general aviation,
air catering, advertisement, import and export, equipment
manufacturing, real estate, hotel business, finance and
training.  The fleet includes more than 60 large and medium size
airplanes, Airbus and Boeing mostly.  Its operation centering
from Shanghai to the whole People's Republic of China and
linking to Asia, Europe, America and Australia.

                          *     *     *

On April 28, 2006, Fitch Ratings downgraded China Eastern's
foreign currency and local currency issuer default ratings to B+
from BB-.  Fitch said the outlook on the IDRs is stable.

On November 16, 2005, Xinhua Far East China Ratings gave the
company a BB+ issuer credit rating with a stable outlook.

All ratings still hold as of May 17, 2008.


HAINAN AIRLINES: Grand China Receives First Embraer 190
-------------------------------------------------------
Embraer has delivered the first EMBRAER 190 jet to Hainan
Airlines Co. Limited's domestic regional carrier Grand China
Express.    

Grand China Express is the launch customer of the E-Jets family
model in China.

The aircraft delivered to Grand China Express is configured to
comfortably accommodate 106 passengers in a single-class layout.
The company also has an additional 49 firm orders for the same
aircraft to be delivered over the coming years.

“It is always a pleasure to welcome another airline to join the
growing group of more than 30 E-Jets operators,” said Mauro
Kern, Embraer Executive Vice President, Airline Market.  “In
this specific case, we’re especially excited because it is our
first EMBRAER 190 delivery in mainland China and we’re entering
that market with the right partner – Grand China Express: an
ambitious, fast-growing airline based in Tianjin, the third
largest Chinese city.”

“Grand China Express has been operating eight ERJ 145 jets,
since the first delivery in September 2007, which paved the way
for further cooperation between the two companies,” said Yu
Wenyong, President of Grand China Express.  “We are very pleased
to take delivery of the first EMBRAER 190, which will fly for
the first time in the skies of mainland China.  You gave life to
the bird; we will make it soar in the unbounded sky.”

In October 2007, Grand China Express received the 1000th jet of
the ERJ 145 family, manufactured in Harbin, China, by Harbin
Embraer Aircraft Industry Co. Ltd. (HEAI), a joint venture
between Embraer and AVIC II.  The Chinese airline has a total of
50 firm orders for the ERJ 145 jet.

On May 12, 2008, Embraer received certification from the
Civil Aviation Administration of China for operating the EMBRAER
190 and EMBRAER 195 jets in mainland China.

The other members of the E-Jets family – EMBRAER 170 and EMBRAER
175 – will be certified, according to market needs and as new
orders are received from Chinese customers.

Embraer estimates that the Chinese aviation market will grow
around 7.5 percent per year over the next 20 years, and that it
will need some 730 new airplanes with 30 to 120 seats, which
will represent 10 percent of the world demand in this segment.

In the 91 to 120-seat range, where the EMBRAER 190 is
positioned, the Chinese market will need 450 new airplanes.

                      About Hainan Airlines

Based in Haikou, Hainan Province, the People's Republic of
China, Hainan Airlines Co., Ltd. -- http://www.hnair.com/--   
founded in 1993, is the fourth-largest carrier in China and the
largest non-government-owned airline in China.  Hainan Airlines
is known for its award-winning customer service, impeccable
safety record and on-time performance.  Hainan Airlines carries
more than 14 million passengers annually.  Hainan Airlines
currently flies to more than 60 domestic and international
cities, including the capitals of every Chinese province.  
Hainan Airlines' international flights include Budapest,
Brussels, Osaka and St. Petersburg.

                        *      *      *

As of May 17, 2008, Hainan Air still holds Xinhua Far East China
Rating's "CC"issuer credit rating placed on October 31, 2005
with a negative outlook.


ZTE CORP: Access System Improves Operators' Carbon Footprint
------------------------------------------------------------
ZTE Corporation disclosed that its award winning Broadband
Universal Access System could help operators make a major impact
on their carbon footprint as well as save millions of dollars a
year in power costs.  ZTE 's DSLAM ZXDSL FSAP 9806H overreaches
the European code of conduct on energy consumption for broadband
equipment's from a power consumption point offering a
significant power consumption savings per port.

"Operators are becoming increasingly aware of their
responsibility towards the environment," said Zhang Xinyu,
director, global market, fixed network management team at ZTE.  
"ZTE's DSLAM solution enables broadband providers to radically
reduce their carbon footprint and has recently been recognized
as the 'Best Green Innovation' at the Convergence World Awards,"
he added.

ZTE's 9806H is a network device offering up to 96 ADSL2+ lines
or 64 VDSL2 lines in a 2U rack and is located near the
customers' location, so connecting multiple DSLs to a high-speed
internet line using multiplexing techniques.  This Broadband
Universal Access System is perfectly suited for this fiber-to-
the-x (FTTx) network architecture model and enables operators to
build a next-generation broadband network while reusing existing
copper cables.  This helps preserve operators' existing
investments and maximise the revenues associated to new
broadband services, including video-on-demand, IPTV, and
Internet games.

By equipping its DSLAM solution with a passive optical network
(PON) uplink card, ZTE has reduced the amount of fibre required
- when compared to traditional, point-to-point Ethernet
architectures - allowing operators to serve multiple premises
using a single optical fibre cable.  This means ZTE's solution
enables broadband operators to significantly limit their power
consumption, achieving substantial cost savings and a reduced
carbon footprint.

ZTE's Broadband Universal Access System has been awarded the
Best Green Innovation award at Convergence World 2008, announced
last Tuesday April 29th at SOFTNET in London, UK, as well as the
InfoVision award in the Access Network Technologies and Services
category at the Broadband World Forum 2007 in Berlin, Germany.

Analyst house Gartner has ranked ZTE as the world's fastest
growing provider of DSL equipment in 2007.  Over 35 million
lines of ZTE DSL products have been widely used in 40 countries
and regions including Sweden, Greece, Hong Kong, Argentina,
India, Turkey, Italy, Indonesia and Brazil - making ZTE one of
the world's top 3 DSLAM providers.

                        About ZTE Corp

Headquartered in Shenzhen, China, ZTE Corp's principal
activities are the production and sale of general system and
communication terminal equipments.  The group operates both in
the domestic and international market.

                         *    *     *

The Troubled Company Reporter-Asia Pacific reported on April 24,
2008, that Fitch Ratings affirmed ZTE Corporation's Long-term
foreign currency and local currency Issuer Default Ratings at
'BB+'.  The rating Outlook remains Stable.

In December 2006, Fitch Ratings assigned ZTE Corp. Long-term
foreign and local currency Issuer Default ratings of 'BB+'.  The
rating Outlook is Stable.



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

ADPON DEVELOPMENT: Liquidator Quits Post
----------------------------------------
On May 6, 2008, Lu Wan Ho stepped down as liquidator for Adpon
Development Limited.


ASIA INTERNATIONAL: Members Meeting Fixed for June 18
-----------------------------------------------------
The members of Asia International Factoring Limited will have
their final meeting on June 18, 2008, at Prince's Building, 20th
Floor, 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:

          John James Toohey
          Prince's Building, 20th Floor
          Central, Hong Kong


BOLD MOTIVATION: Commences Liquidation Proceedings
--------------------------------------------------
Bold Motivation Investments Limited's members agreed on
April 22, 2008, to voluntarily liquidate the company's business.  
The company has appointed Bruno Arboit and Richard Blake to
facilitate the sale of its assets.

The liquidators can be reached at:

          Bruno Arboit
          Richard Blake
          China Merchants Tower, 12th Floor
          Shun Tak Centre, 168-200 Connaught Road
          Central, Hong Kong


CELOSMARINE LIMITED: Liquidator Quits Post
------------------------------------------
On May 6, 2008, David Richard Hague stepped down as liquidator
for Celosmarine Limited.


CFC CONSTRUCTION: Liquidators Quit Post
---------------------------------------
On May 16, 2008, Joseph K.C. Lo and Dermot Agnew  stepped down
as liquidators for CFC Construction Engineering and Machinery
Company Limited.


HONG KONG WEB: Members Meeting Fixed for June 17
------------------------------------------------
The members of Hong Kong Web Hosting Association Limited will
have their final meeting on June 17, 2008, at Malaysia Building,
12th Floor, No. 5 Gloucester Road, Wanchai, 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:

          Li Fat Chung
          Chan Chi Bor
          12th Floor, No. 5 Gloucester Road
          Wanchai, Hong Kong


HUNG FA: Commences Liquidation Proceedings
------------------------------------------
Hung Fa Plastic and Metal Manufactory Limited's members agreed
on May 8, 2008, to voluntarily liquidate the company's business.  
The company has appointed Chan Ka Li and Lui Chi Kit to
facilitate the sale of its assets.

The liquidators can be reached at:

          Chan Ka Li
          Lui Chi Kit
          JCG Building, Unit A
          14th Floor, 16 Mongkok Road
          Mongkok, Kowloon, Hong Kong


INTERNATIONAL ASSOCIATION: Commences Liquidation Proceedings
-----------------------------------------------------------
International Association of Hot Spring, Spa and Tourism
Limited's members agreed on May 7, 2008, to voluntarily
liquidate the company's business.  The company has appointed
Yuen Wai Hung to facilitate the sale of its assets.

The liquidator can be reached at:

          Yuen Wai Hung
          2nd Floor, 100 Des Vouex Road
          Central, Hong Kong


JJH GRANITE: Liquidators Quit Post
----------------------------------
On May 16, 2008, Joseph K.C. Lo and Dermot Agnew  stepped down
as liquidators for JJH Granite and Marble Company Limited.


NOBLE GROUP: Sets Guidance for US$500 Million Bond Sale
-------------------------------------------------------
Noble Group has set guidance for its US$500 million sale of
dollar bonds, Reuters reports, citing an unnamed source.

According to the report, the company is set to become the first
"junk" corporate debt sale to global investors from an Asian
issuer this year.

"Only the better known (high-yield) names and the ones with
relatively better credits will be able to price deals. It's
going to be real hard for the ones that are rated, say single-B,
or are not that well known, " a syndicate investment banker was
quoted by Reuters.

The company, the report relates, set a yield of 8.5 to 8.75% for
the sale of its five-year bonds.

Noble Group hired Citigroup and JPMorgan as the lead managers
for the sale.

                        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.  It has over 70 offices in 42 countries.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on May 21,
2008,  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.

On Feb 29, 2008,  Moody's Investors Service has today 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.


NOBLE GROUP: Records US$9.5 Billion Revenue for 1st Qtr 2008
------------------------------------------------------------
Noble Group Limited recorded quarterly revenues of
US$9.5 billion for the 1st quarter 2008.  The results also
reflect a 22% increase over the 4th quarter 2007 revenue level.
All business divisions reported year on year revenue growth
aided by strong tonnage growth amongst Noble's largest business
divisions.

Tonnage volume rose to a record 39 million tons, a 56% increase
compared to the 1st quarter 2007.

Group gross profits rose to a record US$355 million - a 167%
increase compared to the 1st quarter 2007.  As noted in the
Group's year end results, the Group's gross profits benefited
from comparably equal contributions from each of the Group's
four key business segments.

Chairman David Eldon commented, "Our 1st quarter 2008 financial
results demonstrate how the Company's unique positioning in key
bulk commodities continues to benefit from strong demand in high
growth economies.  We are also particularly pleased to report a
continuation of the profit diversification across our business
segments."

Noble's net income for the quarter of US$167 million was nearly
triple the 1st quarter 2007 results.  Net income included an
exceptional gain on disposal of shares in the amount of US$47.8
million, but even excluding the effect, the 1st quarter 2008 net
profitability was the highest quarterly profit in the Group's
history and a 22% increase over the 4th quarter, 2007 level of
US$97.9 million.

David Eldon added, "We are very pleased to see our 2nd half 2007
financial performance continuing into 2008.  We anticipate that
even a moderate world economic growth environment combined with
an increasingly positive impact from our strategic investments
will create a strong foundation for continued growth at Noble in
2008."

The return on average shareholders' equity was 41.5% for the 1st
quarter 2008 compared to a 20.6% return on equity for fiscal
2007.

For the 1st quarter 2008, earnings per share rose 254% to US6.41
cents per share compared to US1.81 cents per share in the 1st
quarter 2007.

                        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.  It has over 70 offices in 42 countries.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on May 21,
2008,  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.

On Feb 29, 2008,  Moody's Investors Service has today 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.


PARKSON RETAIL: Stock Trading Suspended on Hong Kong Exchange
-------------------------------------------------------------
Trading of Parkson Retail Group Limited's shares on The Stock
Exchange of Hong Kong Limited has been suspended with effect
from 9.30 a.m. on May 22, 2008, pending for the release of an
announcement by the company in relation to a discloseable and
connected transaction which contains price sensitive information
of the company and involve issuance of new shares by the
company.

Headquartered in Hong Kong, Parkson Retail Group Limited
operates department stores including 37 "Parkson"branded
department stores and 2 "Xtra"branded supercentres situated in
26 cities in the People's Republic of China. Other activities
include provision of consultancy and management services,
research and development of computer software and investment
holding.

                         *     *     *

As of April 26, 2008, Parkson Retail Group Limited continues to
carry Moody's "Ba1"Senior Unsecured Debt, Senior Secured Debt,
and Long-Term Corporate Family Ratings with a Stable outlook.

In addition, Parkson Retail still carries Standard & Poor's "BB"
long-term local and foreign issuer credit ratings.


X-RITE INC: Company Not Headed for Bankruptcy, Says Interim CFO
---------------------------------------------------------------
X-Rite Inc. Interim Chief Financial Officer Dave Rawden
clarified with The Grand Rapids Press that the company is not on
a path to bankruptcy.

"We're not contemplating bankruptcy. . .  [W]e're here to
maximize value for shareholders," the Grand Rapids Press quotes
Mr. Rawden as saying.  The comments came as a response to an
article published by the Press last Saturday suggesting the
possibility of bankruptcy, and the article's highlight on the
company's struggles with its loan payments and lenders.

Still, the Press notes that it is uncertain how X-Rite will be
able to remedy its financial worries absent bankruptcy
protection.  As reported in the Troubled Company Reporter on
April 7, 2008, Standard & Poor's Ratings Services placed X-Rite
Inc.'s ratings, including the 'B+' corporate credit rating on
CreditWatch with negative implications following the company's
announcement that it was not in compliance with certain
covenants in its secured credit facilities.

X-Rite attributed the covenant violations to depressed revenues,
resulting from generally weaker economic conditions, and
specific market softness, leading to depressed profitability.  
The company has expanded its previously announced cost cutting
program, including head count reductions and other operating
cost reductions.

As reported in the Troubled Company Reporter on May 12, 2008,
the company also reported an operating loss of $2 million and a
net loss of $16.8 million for the first quarter ended March 29,
2008, compared to operating income of $5 million and net income
of $7.8 million in the same period of the prior year.

In addition, the Press relates that the company already lost 90
percent of its share value since the third quarter of last year.

"If this were to happen and the company were liquidated or
reorganized after payment to the company's creditors, there may
not be sufficient assets remaining for any distribution to the
company's stockholders," the Press says, citing the company in
its filings with the U.S. Securities and Exchange Commission.

Dave Rawden recently replaced Lynn J. Lyall as the company CFO.

                          About  X-Rite

Based in Grand Rapids, Michigan, X-Rite (Nasdaq: XRIT) --
http://www.xrite.com/-- is the world's largest provider of  
color-measurement solutions, offering hardware, software, color
standards and services for the verification and communication of
color data.  The company serves a range of industries, including
imaging and media, industrial color and appearance, retail color
matching, and medical.  X-Rite serves customers in more than 100
countries from its offices in Europe, Asia and the Americas.
Its Asia Pacific Headquarters, X-Rite Asia Pacific Ltd., is
located in Quarry Bay, Hong Kong.

                          *     *     *

As reported in the Troubled Company Reporter on May 15, 2008,
Moody's Investors Service lowered X-Rite, Inc.'s corporate
family rating to Caa1 from B2.  Moody's also lowered the rating
on the company's first lien senior secured credit facilities to
B3 from B1 and the rating on the second lien term loan to Caa3
from Caa1.  All ratings remain under review for possible
downgrade.  As part of this action, Moody's also affirmed the
company's SGL-4 speculative grade liquidity rating.



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

BALLARPUR: Committee Okays Buy Back of 15,98,451 Shares
-------------------------------------------------------
In a regulatory filing with the Bombay Stock Exchange, Ballarpur
Industries disclosed that under the Scheme of Arrangement &
Reorganization entered between the company, BILT Graphic Paper
Products Ltd and their respective Shareholders and Creditors,
the Committee of Directors had approved the optional buy back of
15,98,451 equity shares on May 9, 2008.

Consequently, the revised Paid-up capital of the company is  
INR111,10,47,678/- comprising 55,55,23,839 Equity shares of INR2
each.

Headquartered in Ballarpur, India, Ballarpur Industries Limited
-- http://www.bilt.com/-- is a paper manufacturer and exporter.   
BILT has five product groups: coated wood-free, uncoated wood-
free, copier, creamwove, and business stationery.  There are
three types of products in the coated wood-free segment: two
side coated paper, two side coated boards, and single side
coated products.  The company has a presence in all segments of
the paper usage spectrum that includes writing and printing
paper, industrial paper, and specialty paper.

                          *     *     *

On April 12, 2004, Standard and Poor's Ratings Services gave
Ballarpur Industries BB- ratings for both its long-term local
and foreign issuer credit.  As of Dec. 2, 2007, the company
still carry those ratings.


BANK OF BARODA: Earns INR2.76 Bil. in Qtr. Ended March 31
---------------------------------------------------------
Bank of Baroda reported a net profit of INR2.76 billion in the
quarter ended March 31, 2008, as compared to the INR2.46 billion
earned in the same quarter in 2007.

Total income increased to INR38.86 billion from 2007's
INR30.69 billion.  The bank reported operating profit of INR8.14
billion after deducting operating expenses of INR7.69 billion
and interest expenses of INR23.02 billion.

The bank also booked INR4.25 billion as provisions and
contingencies other than tax.  Tax for the three-month period
totaled INR1.13 billion.

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

                          *     *     *

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

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


HINDUSTAN COPPER: MCA Approves Capital Reduction
------------------------------------------------
Hindustan Copper disclosed in a regulatory filing that pursuant
to provisions of Section 102(1) of the Companies Act, 1956 an
order has been issued by the Ministry of Corporate Affairs
approving the company's reduction of capital through:

   -- Change in face value of equity shares from INR10 to INR5
      per share leading to reduction in paid up equity capital
      from INR768,21,80,000 to INR384,10,90,000; and

   -- waiver of entire amount of paid up preference share
      capital amounting to INR180,73,24,000 by the Government of
      India.

Based in Kolkata, India, Hindustan Copper Limited --
http://www.hindustancopper.com/-- is an undertaking of the
Government of India.  The company is the sole fully integrated
copper manufacturer in India.

                          *     *     *

On November 18, 2005, CRISIL Ratings upgraded its outstanding
rating on the non-convertible bond program of Hindustan Copper
Limited to 'C' from 'D'.  Since July 2004, Hindustan Copper has
met its interest obligations on the rated instrument on time.
The upward revision in the rating is in line with CRISIL's
policy of revising ratings, post-default only after monitoring
timely debt servicing for a year.  Hindustan Copper, however,
continues to default on its interest obligations relating to its
unrated debt.


ORIENTAL BANK: Appoints Rathnakar Hegde as Executive Director
-------------------------------------------------------------
The Central Government has appointed Shri. H Rathnakar Hegde,
previously General Manager of Vijaya Bank as Executive Director
of Oriental Bank of Commerce.  

Headquartered in New Delhi, India, Oriental Bank of Commerce --
http://www.obcindia.com/-- is a scheduled commercial bank.  The   
company's domestic services include deposits, comprised of term
deposits, savings accounts, current accounts and the Suvidha
deposit scheme; advances, which consist of corporate advances, a
range of retail credit products and specialty schemes, and
government business, comprised of direct tax collection, pension
disbursement and savings bonds.  It also provides non-resident
Indian banking solutions, including non-resident external
accounts, non-resident ordinary accounts, foreign currency non-
resident accounts and resident foreign currency accounts.  It
also offers debit card services.  The bank also provides
treasury services and merchant banking services.

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on
Aug. 21, 2006, that Fitch Ratings assigned a long-term foreign
currency issuer default rating of BB+ to Oriental Bank of
Commerce.  The Bank's individual rating was affirmed at C/D.  On
March 15, 2007, Fitch upgraded the support rating of the bank to
'3' from '4'.

The company also carries Moody's Investors Service's Ba2 Foreign
Currency Deposit Rating.


STATE BANK OF INDIA: Shareholders' Meeting Set for June 23
----------------------------------------------------------
A general meeting of the shareholders of State Bank of India
will be held at 10:00 a.m., on June 23, 2008, at the Bank's
Auditorium, behind State Bank of India, Madame Cama Road Branchm
State Bank Bhavan Complex, in Madame Cama Road, Mumbai-400 021
(Maharashtra).

At the meeting, the shareholders will be asked to elect four
directors who will replace these retired and retiring directors:

   -- Prof. M.S. Swaminathan;
   -- Shri. Ajay G. Piramal;
   -- Shri. Suman Kumar Bery; and
   -- Dr. Ashok Jhunjhunwala.

Directors who will be elected at the meeting will serve a term
of three years from June 24, 2008, to June 23, 2011.

Headquartered in Mumbai, State Bank of India --
http://www.sbi.co.in/-- is a financial services group operating
primarily in the banking industry.  Its core operations include
Treasury Operations, Corporate Banking Group, National Banking
Group and International Banking Group.

                         *     *      *

As reported in the Troubled Company Reporter-Asia Pacific on
May 19, 2008, Fitch Ratings affirmed the State Bank of India's
'C' Individual rating and 'BB' USD400 million perpetual non-
cumulative Tier 1 bonds rating.



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

PERUSAHAAN GAS: Eyes Increasing 2008 Gas Sales by 50%
-----------------------------------------------------
PT Perusahaan Gas Negara plans to increase the volume of its gas
sales in 2008 by 50 percent from 422 mmscfd (million cubic feet)
in 2007, ANTARA News reports citing President Director Sutikno.

According to the report, the increased sales are expected to
prop up the company`s income by 50 percent from IDR8.8 trillion
in 2007, however, the income would be affected by possible loss
due to the rupiah's depreciation as PGN was selling its gas in
dollars.

                      About Perusahaan Gas

Headquartered in Jakarta, Indonesia, Perusahaan Gas Negara Tbk--
http://www.pgn.co.id/-- is a gas and energy company that is        
comprised of two core businesses: distribution and transmission.  
For distribution, PGN signs long-term supply agreements with
upstream operators, which give the company scheduled and
reliable gas volumes and fixed gas prices.  These volumes are
subsequently sold to commercial and industrial customers under
gas sales agreements.  Under these agreements, sales volumes are
take-or-pay and the gas pricing is fixed and in US dollar.  On
the transmission business, PGN ships gas on behalf of the
upstream suppliers under a fixed US dollar tariff with ship-or-
pay volumes agreements.   The company is 59.4% owned by the
Government of Indonesia.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 26, 2007, Standard & Poor's Ratings Services raised its
corporate credit ratings on PT Perusahaan Gas Negara (Persero)
Tbk. to 'BB-' from 'B+'.  The outlook on the rating is stable.  
At the same time, Standard & Poor's raised the rating on the
senior unsecured debt issued by PGN Euro Finance 2003 Ltd.
(guaranteed by PGN) to 'BB-' from 'B+'.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 18, 2007, Moody's Investors Service affirmed the Ba2
corporate family rating of PT Perusahaan Gas Negara (Persero)
Tbk.  At the same time, Moody's affirmed the Ba3 debt ratings of
PGN Euro Finance 2003 Ltd, which is guaranteed by PGN.  The
ratings outlook is stable.  

As reported in the Troubled Company Reporter-Asia Pacific on
June 28, 2006, Fitch Ratings Agency placed PT Perusahaan Gas
Negara Tbk's Long-term foreign and local currency Issuer Default
Ratings at 'BB-'.  Fitch also placed PGN Euro Finance 2003
Limited's IDR1.12-trillion notes due 2014 and IDR1.35-trillion
notes due 2013 guaranteed by PGN and its subsidiaries at 'BB-'.



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

SHINGINKO TOKYO: May Get Aid from S. Korea-Linked Credit Union
--------------------------------------------------------------
A South Korean-affiliated financial institution plans to support
ShinGinko Tokyo, Jiji Press reports citing sources familiar with
the matter.

According to Jiji Press' sources, Kinki Sangyo Shinyo Kumiai,
based in the western Japan city of Osaka, is now considering
such measures as an acquisition of ShinGinko Tokyo.

On May 19, 2008, the Troubled Company Reporter-Asia Pacific,
citing Kyodo News, reported that the Financial Services Agency
has began inspecting Shinginko Tokyo in the first examination of
the quality of its assets.

FSA inspectors will check the quality of the bank's outstanding
loans and its system for examining the creditworthiness of
borrowers, Kyodo News' unnamed sources said.

The inspectors will also examine the bank's system for
supervising employees' lending activities as well as its
compliance system, sources told Kyodo News.

According to Kyodo News, the bank provided loans without
requiring borrowers to put up collateral or obliging them to
find guarantors.

The bank's lax examination of borrowers resulted in cumulative
losses of JPY101.6 billion at the end of March with its capital
adequacy ratio falling to around 16 percent from 21 percent in
September 2006, Kyodo News said.

Last month, the Tokyo Metropolitan Government injected JPY40
billion in new funds to the bank in order to shore up its
finances.

Reiji Yoshida of The Japan Times said in a report dated
March 25, 2008, that few experts believe the government's rescue
plan will solve the problems of the money-losing bank.

In an interview, Rikkyo University professor Yoshiyuki Yamaguchi
told The Japan Times that many expect that even with the
emergency capital injection, the bank will soon fall into
financial straits again and impose further burdens on the
taxpayers of the capital.

                      About Shinginko Tokyo

Shinginko Tokyo was founded in April 2005 by the Tokyo
Metropolitan Government at the initiative of Tokyo Governor
Shintaro Ishihara with an investment of JPY100 billion.  The
bank provides loans mainly to struggling small firms based in
Tokyo.  The bank was Mr. Ishihara's promise during his 2003
gubernatorial election campaign.

                         *     *     *

As of May 17, 2008, Shinginko Tokyo continues to carry a "BB+"
Subordinated Debt rating placed by Japan Credit Rating Agency on
March 28, 2008.


* JAPAN: Nonlife Insurance Cos Overcharged About JPY30 Bil.
-----------------------------------------------------------
The Asahi Shimbun reports that Japan's six largest nonlife
insurance companies have overcharged an estimated JPY30 billion
in premiums, up about JPY8 billion from the figure they
projected in November.

According to the report, with some 1.3 million policies
affected, the Financial Services Agency will consider
administrative disciplinary measures after receiving reports
from the insurers.

Kyodo News via Japan Today relates that the insurers have
returned to policyholders a total of about JPY17.6 billion yen
in overcharged insurance premiums following the release of their
earnings reports for fiscal year 2007.

Meanwhile, Kanako Takahara of The Japan Times reports that four
of the six nonlife insurance companies saw their group net
profits plunge in business 2007 as the U.S. subprime loan crisis
and the subsequent fall in global stock prices pushed down
profits from their investments.

Aioi Insurance Co., The Japan Times says, booked JPY83.6 billion
in subprime-related losses in the business year ended in March,
which resulted in a net loss of JPY3.17 billion, down from a net
profit of JPY16.2 billion the year before.

The Japan Times also says that net profit dropped 43.4 percent
at Nipponkoa Insurance Co. and 34.2 percent at Mitsui Sumitomo
Insurance Co. as the global market turmoil increased their
investment costs.

Meanwhile, The Japan Times says Millea Holdings Inc. was the
only insurer to post JPY108.8 billion in group net profit, up
16.9 percent from the year before, amid a boost in revenues from
interest and dividends from its investments.

The combined premium revenues of the six nonlife insurers
dropped 1.1 percent to JPY6.42 trillion in the business year to
March as a decline in housing starts pushed down fire insurance
sales, according to The Japan Times.



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

IDAMAN UNGGUL: Bank Negara Approves Negotiations w/ Tokio Marine
----------------------------------------------------------------
Bank Negara Malaysia in a letter dated May 20, 2008, stated that
it has no objection in principle for Idaman Unggul Berhad to
commence preliminary negotiations with Tokio Marine Asia Pte.
Ltd.

As reported by the Troubled Company Reporter-Asia Pacific,
Tahan Insurance Malaysia Berhad, a subsidiary of Idaman Unggul,
received a letter from Tokio Marine expressing its interest to
acquire the general insurance business of Tahan.  

The company will be required to obtain the prior approval of the
Minister of Finance pursuant to the Insurance Act 1996, before
entering into any agreement to effect the above proposal.

                       About Idaman Unggul

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

                          *     *     *

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


KOSMO TECHNOLOGY: Receives a Letter of Demand from KFH
------------------------------------------------------
Kosmo Technology Industrial Berhad has been served with a Letter
of Demand by Messrs Adnan Sundra & Low on behalf of Kuwait
Finance House.  The letter states that Kuwait Finance has
granted to its associate company, M Dot Mobile Sdn Bhd the
Omnibus Facilities, which consists of Letter of Credit and
Murabahah Facilities with original limit of MYR27,500,000.

Kuwait Finance has demanded from M Dot Mobile, Mobile Knight (M)
Sdn Bhd and Kosmo Technology – that acted as Guarantors to M Dot
Mobile -- a sum of MYR8,179,117.52 as at March 31, 2008,
together with Islamic Money Market Rate accruing thereon on the
total amount outstanding from April 1, 2008, to the date of full
realisation within 14 days from the date of receipt of the
letter of demand.

                      About Kosmo Technology

Kosmo Technology Industrial Bhd., formerly known as Orion Unggul
Sdn. Bhd., is a Malaysia-based investment holding company.  The
company operates through two business segments: investment
holding and car accessories, which is engaged in the manufacture
and sale of plastic injection mould car accessories.  The
company operates through its subsidiaries Kosmo Motor Company
Sdn. Bhd. and Hexariang Sdn. Bhd. Kosmo Motor Company Sdn. Bhd.
is engaged in importing, assembling, distributing and
maintaining commercial vehicles.  Hexariang Sdn. Bhd. is an
investment holding company.  Nagatrend Sdn. Bhd., which is a
subsidiary of Hexariang Sdn. Bhd. is engaged in the manufacture
and sale of car accessories.  The company also has a 30% equity
interest in M Dot Mobile Sdn. Bhd.

                         *     *      *

As reported by the Troubled Company Reporter-Asia Pacific on
May 14, 2008, Kosmo Technology Industrial Berhad has been
considered as an Affected Listed Issuer under Practice Note No.
17/2005 of the Bursa Malaysia Securities Berhad as the company
was unable to provide a solvency declaration.

The company is currently encountering cash flow problems and has
been unable to meet its obligations in payment of loans and to
creditors.  A notice of demand has been issued to Kosmo by Zul
Rafique & Partners for and on behalf of CapOne Berhad and
Malaysian Trustees Berhad for the repayment of the whole loan
facility together with all interest payable amounting to
MYR52,029,322.


MALAYSIAN AIRLINE: Earns MYR120.53 Mil. in Qtr. Ended March 31
--------------------------------------------------------------
Malaysian Airline System Berhad posted a net profit of
MYR120.53 million on MYR3.75 billion of revenues in the first
quarter ended March 31, 2008, as compared to the recorded
MYR133.13 million net profit on MYR3.54 billion of revenues in
the same quarter of 2007.

The Group recorded a lower operating profit of MYR132.9 million
for the first quarter (Quarter ended March 31, 2007: MYR146.8
million) due to higher operating expenses mainly from the
increase in fuel cost.

Operating profit for the quarter decreased from MYR260.7 million
to MYR132.9 million due to lower operating revenue for
the quarter from MYR4,009.6 million to MYR3,663.7 million.   
Profit after tax for the quarter is also lower from MYR242.3
million to MYR120.5 million.  This is mainly due to lower
operating revenue coupled with the increase in fuel cost
compared to preceding quarter.

As of March 31, 2008, the company's balance sheet showed
MYR7.39 billion of total current assets available to pay
MYR4.93 billion of total current liabilities.

                           Outlook

The outlook for the aviation industry in 2008 is extremely
challenging as fuel prices continue to escalate to record highs.
Growing signs of a global economic slowdown, further
liberalisation and increasingly excess capacity further
compounded the tough business environment.  For the next
quarter, the immediate focus is on managing the high fuel prices
coupled with seasonal soft demand in view of the shoulder season
in Europe, US and North Asia.  The increased fuel surcharges and
fares imposed will alter traveling patterns and frequency for
both long haul leisure and business travels.  With intensified
competition coupled with huge capacity injection in 2008
especially for the Middle East and Asia, revenues are under
tremendous downward pressure.

The Business Transformation Plan (BTP 2) lays out the strategies
in becoming a Five Star Value Carrier.  The management is
intensifying efforts to generate additional revenue, reduce
costs and sustain profitability to meet this ever challenging
business environment.

For 2008, the Group's aspiration in BTP 2 is to achieve a net
income after tax of MYR400 - MYR550 million (target),
MYR551 - MYR650 million (exceeding) and MYR651-MYR1,000+ million
(outstanding) based on an assumption of fuel price at US$100 per
barrel (jet fuel into plane).  However, the Group is taking
steps to mitigate the increase in the fuel price.

                    About  Malaysia Airlines

Headquartered in Selangor, Malaysia, Malaysia Airlines --
http://www.malaysiaairlines.com/-- services domestic and
international flights.  Its global network comprised 32 domestic
and 86 international destinations.  Of the 86 international
destinations, 17 were operated in collaboration with airlines
partners.

                         *     *      *

The carrier posted a loss after tax of MYR1.3 billion for fiscal
year 2005, due to high fuel and operating costs, and
unprofitable routes.  In late February 2006, it unveiled a
radical rescue plan to raise MYR4 billion to stay afloat and
return to profitability by 2007.  Under the restructuring plan,
the airline pledged to cut its budget by 20% across the board,
terminate many unprofitable routes, freeze recruitment except
for front-line staff, crack down on corruption by encouraging
whistle-blowing and stop corporate sponsorship.

This concludes the Troubled Company Reporter-Asia Pacific's
coverage of  Malaysia Airlines until facts and circumstances, if
any, emerge that demonstrate financial or operational strain or
difficulty at a level sufficient to warrant renewed coverage.


OCI BHD: Appeals Committee Defers Removal of Firm's Securities
--------------------------------------------------------------
Subsequent to OCI Berhad's application to the Bursa Securities
to review its decision to remove the company's securities from
the Official List of Securities, the Appeals Committee of Bursa
Securities has deferred the removal of the company's securities.

The Appeals Committee decided that:

   (a) In the event OCI fails to obtain the Approving
       Authorities' approval and appeals against the decision of
       the Approving Authorities, Bursa Securities will await
       the outcome of OCI's appeal to the Approving Authorities;
       and

   (b) In the event OCI obtains all Approving Authorities'
       approval necessary for the implementation of its
       regularization plans or if it succeeds in its appeal to
       the Approving Authorities, the company must proceed to
       implement its regularization plans expeditiously within
       the timeframe or extended timeframes stipulated by the
       Approving Authorities.

The Appeals Committee also decided that the deferment of the de-
listing is without prejudice to Bursa Securities' right to
exercise its powers under paragraphs 8.14C and 16.17 of the
Listing Requirements to proceed to de-list the securities of the
Company in the event:

     (i) the company fails to obtain the approval from any of
         the Approving Authorities necessary for the
         implementation of its regularization plans and does not
         appeal to the Approving Authorities within the
         timeframe prescribed to lodge an appeal;

    (ii) the company does not succeed in its appeal against the
         decision of the Approving Authorities; or

   (iii) the company fails to implement its regularization plans
         within the timeframe or extended timeframes stipulated
         by the Approving Authorities.

Upon occurrence of any of the events set out in (i) to (iii)
above, the company's securities will be removed from the
Official List by Bursa Securities upon the expiry of seven
market days from the date the company is notified by Bursa
Securities or other date as may be specified by Bursa
Securities.

                        About OCI Berhad

OCI Berhad manufactures adhesives used in the production of
shoes for the footwear, toy making, building and construction,
automotive, furniture and packaging industries.  OCI
manufactures and markets a range of sealants and adhesives for
various consumer and industrial purposes in 70 countries around
the world.  On January 24, 2006, the Company disposed off its
entire 51% equity interest in Tongyong Resin Chemical Industry
Co. Ltd.

                         *     *      *

The company is an affected listed issuer as Ernst & Young
expressed substantial doubt regarding the company's ability to
continue as a going concern after having audited the company's
financial statements for the year ended June 30, 2007.  The
auditor pointed to the company's losses and, together with its
subsidiaries, the default on the repayment of various financial
obligations.



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

A ROBINSON CONTRACTING: Faces A C Diggers' Wind-Up Petition
-----------------------------------------------------------
On February 14, 2008, A C Diggers Limited filed a petition to
have A Robinson Contracting Ltd.'s operations wound up.

The petition will be heard before the High Court of Auckland on
May 30, 2008, at 10:45 a.m.

A C Diggers' solicitor is:

          Edwin Telle
          23 Akatea Road, Glendene
          Auckland
          New Zealand
          Telephone:(09) 634 7740


FLETCHER BUILDING: Formica Purchase Will Cut Profit by NZ$60MM
--------------------------------------------------------------
Fletcher Building's recently acquired US Formica USA subsidiary
will cut NZ$60 million from full-year profit.

In an update to the market Fletcher said that it would still
make its full year guidance of earnings between NZ$450 million
and NZ$460 million because of one-off gains of around NZ$58
million, mainly from property transactions, (and) a lower tax
charge, that will save NZ$11 million.

In the words of an analyst, that will be a 'low quality result'
with recurrent earnings clearly falling short of forecast.

The market reacted and sold off the shares to NZ$6.63. That's
down 30c on the day or 4% and puts the shares close to the two
year lows reached last week on speculation that the company
would not make guidance because of the housing slumps in the US
and in NZ.

Fletcher said earnings would be lower at its subsidiary Formica
USA, bought in May of last year for NZ$700 million.

The company said the severe housing and construction downturn in
the US off the back of the subprime crisis and credit crunch,
would adversely affect net profit by NZ$21 million for the full
year to June, and costs associated with restructuring Formica
would cut a further NZ$29 million from profit.

As part of the Half Year results announcement directors 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 this outcome will reflect:

-- Expected one-off gains, primarily from property transactions,
   of NZ$58 million net of tax, an increase of $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 NZ$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.  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.

James Hardie, which also operates in the US, is due to reveal
the damage done by the housing crunch in its 2008 earnings
results.

Boral's US building products business is now understood to be
making a loss and part of the reason for the recent earnings
downgrade (along with the sluggish NSW home building and
commercial property market).

                     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


GLENN CRAIG: Commences Liquidation Proceedings
----------------------------------------------
Glenn Craig Motors Ltd. commenced liquidation proceedings on
April 30, 2008.

Ross Edward Baigent was appointed as liquidator.

The Liquidator can be reached at:

          Ross Edward Baigent
          c/o Baigent Consulting Limited
          Chartered Accountants
          301S Botany Road
          PO Box 64009, Botany
          Auckland
          New Zealand


GO 4 WOOD: Fixes June 6 as Last Day to File Claims
--------------------------------------------------
The creditors of Go 4 Wood Systems Ltd. are required to file
their proofs of debt by June 6, 2008, to be included in the
company's dividend distribution.

The company's liquidators are:

          Peri Michaela Finnigan
          Boris van Delden
          McDonald Vague
          PO Box 6092, Wellesley Street Post Office
          Auckland
          New Zealand
          Telephone:(09) 303 0506
          Facsimile:(09) 303 0508
          Web site: http://www.mvp.co.nz


KIDS WORLD: Wind-Up Petition Hearing Set for May 30
---------------------------------------------------
The High Court of Auckland will hear on May 30, 2008, at
10:00 a.m., a petition to have Kids World Production (No.1),
Kids World Production (No.2) Ltd. and Kids World Production
(No.3) Limited's operations wound up.

The Commissioner of Inland Revenue filed the petition on
Feb. 8, 2008.

The CIR's solicitor is:

          Michael Kinlim Yan
          Inland Revenue Department
          Legal and Technical Services
          5-7 Byron Avenue
          PO Box 33150, Takapuna
          Auckland
          New Zealand
          Telephone:(09) 984 1514
          Facsimile:(09) 984 3116


PEARL WORLD: Fixes June 13 as Last Day to File Claims
-----------------------------------------------------
The creditors of Pearl World and Jewellery House Ltd. are
required to file their proofs of debt by June 13, 2008, to be
included in the company's dividend distribution.

The company's liquidators are:

          John Trevor Whittfield
          Boris van Delden
          c/o McDonald Vague
          PO Box 6092, Wellesley Street Post Office
          Auckland
          New Zealand
          Telephone:(09) 303 0506
          Facsimile:(09) 303 0508
          Web site: http://www.mvp.co.nz


RADIO 531: Wind-Up Petition Hearing Set for June 4
--------------------------------------------------
A petition to have Radio 531 PI Ltd.'s operations wound up will
be heard before the High Court of Auckland on June 4, 2008, at
10:45 a.m.

Callplus Services Limited filed the petition on Feb. 26, 2008.

Callplus Services' solicitor is:

          Dianne S. Lester
          c/o Credit Consultants Debt Services NZ Limited
          3-9 Church Street, Level 3
          PO Box 213 Wellington
          New Zealand
          Telephone:(04) 470 5972


SCOTIA TRUSTEE: Taps Whittfield and van Delden as Liquidators
-------------------------------------------------------------
John Trevor Whittfield and Boris van Delden were appointed
liquidators of Scotia Trustee Ltd. on April 11, 2008.

Messrs. Whittfield and van Delden are accepting creditors'
proofs of debt until June 13, 2008.

The Liquidators can be reached at:

          John Trevor Whittfield
          Boris van Delden
          c/o McDonald Vague
          PO Box 6092 Wellesley Street Post Office
          Auckland
          New Zealand
          Telephone:(09) 303 0506
          Facsimile:(09) 303 0508
          Web site: http://www.mvp.co.nz


TOWER LTD: After Tax Profit Down by 90.8% on Demerged Business
--------------------------------------------------------------
Tower Limited's total revenue from continuing operations for the
six months ended March 31, 2008, was down 14.8% to NZ$204.9
million compared with the six months ended March 31, 2007.  Net
profit after tax from continuing operations attributable to
shareholders increased by 28.6% to NZ$20.2 million.  Including
discontinued operations, net profit after tax attributable to
shareholders decreased by 90.8% to NZ$19.7 million.  The
discontinued operation relates to the company's Australian
business which was demerged in November 2006.

For the six months ended March 31, 2008, the company also
reported earnings per share of 10.59 cents, an improvement of
27% on the corresponding period last year.  Annualised return on
equity improved from 14.4% to 15.4%.

Operating earnings from the combined Health & Life business
lifted solidly to NZ$15.1 million, up from NZ$11.8 million in
the same period last year -- an increase of 28%.  Claims ratios
tracked positively through strong claims management and
management/sales expenses decreased in absolute and relative
terms.

The performance of General Insurance was also encouraging with
operating earnings well ahead of the previous period.  Net
profit after tax lifted to NZ$7.7 million and key ratios showed
marked improvements.  Both the New Zealand and the Pacific
Islands businesses performed well.

The Investments business saw total income rise, however the net
profit after tax was lower at NZ$2.3 million compared to NZ$3.6
million in the same period last year.  This was due to increased
project expenses and compliance costs with KiwiSaver and the
Portfolio Investment Entity regime, together with lower
investment returns in the current market.

Tower Group Managing Director Rob Flannagan said he was
satisfied with the results: “Re-establishing our New Zealand and
Pacific businesses has been our clear goal.  I am satisfied with
the steps that we have taken and the strategies we have in place
for future growth.  We have the appropriate processes and people
in place to accomplish this.  Our focus on customer service
remains a top priority and we will deliver a standard of
professionalism and excellence across all of our core
fundamentals in all three of our businesses.”

“We operate in a highly competitive market where excellence,
innovation, service and vision are key.  Our aim remains to
improve our performance in the medium term and thus deliver the
results that our shareholders seek.”

                       About Tower Limited

Tower Limited commenced business in New Zealand in 1869 as a
government department selling life insurance policies and
pensions.  It transformed into a business mainly focused on
selected niches in the risk insurance and wealth management
markets.  Tower Limited currently comprises three businesses:
(1)General Insurance which provides home, contents, motor
vehicle and travel insurance for the retail individual market in
New Zealand and commercial insurance in the Pacific Islands.
(2) Health & Life which provides health and life insurance
products for the retail individual and groups markets. (3)
Investments which operates in wholesale and retail funds
management and individual and group superannuation.



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

* PAKISTAN: Moody's Cuts Foreign Deposit Ratings on Four Banks
--------------------------------------------------------------
Moody's Investors Service downgraded the long-term foreign
currency deposit ratings of four Pakistani banks to B3 from B2
and has also changed the outlook on these ratings to stable from
negative.  The action is in line with Moody's sovereign team's
recent announcement that it lowered Pakistan's foreign currency
deposit ceiling to B3 from B2, following certain unfavourable
fiscal and political developments in that country.  All four
banks' foreign currency deposit ratings remain constrained by
the respective country ceiling.

The outlook on the four Pakistani institution's bank financial
strength rating (BFSR) remains stable.  Moody's cautions that,
in the event of a possible prolonged economic deterioration
combined with heightened political turmoil that erodes business
confidence and performance, the BFSRs could also potentially be
adversely impacted going forward.

For the time being, however, Pakistani banks overall continue to
display satisfactory financial fundamentals and solid
franchises, and to date the prevailing conditions have not had
any direct significant impact on their standalone positions
other than a moderate rise in problematic loans.  First quarter
results in 2008 point to a satisfactory performance for all four
banks, both in terms of business growth and profitability.

The following are the banks affected by the rating action:

   * National Bank of Pakistan (B3/NP/D)
   * Habib Bank Ltd. (B3/NP/D-)
   * United Bank Ltd. (B3/NP/D-)
   * MCB Bank Ltd. (B3/NP/D)

As all four banks' short-term foreign currency ratings are
already at Not-Prime (NP), the outlook on these ratings remains
stable.

Headquartered in Karachi, National Bank of Pakistan had total
assets of PKR740.6 billion (US$11.8 billion) at the end of March
2008.

Headquartered in Karachi, Habib Bank Ltd had total assets of
PKR702.8 billion (US$11.2 billion) at the end of March 2008.

Headquartered in Karachi, United Bank Ltd had total assets of
PKR553.6 billion (US$8.8 billion) at the end of March 2008.

Headquartered in Lahore, MCB Bank Ltd had total assets of
PKR399.2 billion (US$6.4 billion) at the end of March 2008.



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


VISTEON CORP: Transfers Management of Phils. Unit to Interiors
--------------------------------------------------------------
During the first quarter of 2008, Visteon Corporation assigned
the overall management responsibility for certain of its
Philippines manufacturing operations and mobile electronics
operations to the Company's existing Interiors and Electronics
operating segments.  Those operations were previously included
in the Company's Other operating segment.

In connection with the revised segment presentation, the Company
updated information that appeared in its Annual Report on Form
10-K for the fiscal year ended December 31, 2007, filed with the
U.S. Securities and Exchange Commission:

   -- Consent of Independent Registered Public Accounting Firm,
      a full-text copy of which is available at:

      http://ResearchArchives.com/t/s?2c55

   -- Part II, Item 7: Management's Discussion and Analysis of
      Financial Condition and Results of Operations, a full-text
      copy of which is available at:

      http://ResearchArchives.com/t/s?2c56

   -- Consolidated Financial Statements of the Company and Notes
      thereto, included in Part II, Item 8, a full-text copy of
      which is available at:

      http://ResearchArchives.com/t/s?2c57

Visteon clarified that updated information does not reflect
events occurring after February 22, 2008, the date the Annual
Report was filed on Form 10-K.

Based in Van Buren Township, Michigan, Visteon Corp. (NYSE: VC)
-- http://www.visteon.com/-- is a global automotive supplier  
that designs, engineers and manufactures innovative climate,
interior, electronic, and lighting products for vehicle
manufacturers, and also provides a range of products and
services to aftermarket customers.  The company's other
corporate offices are in Shanghai, China; and Kerpen, Germany.  
The company has facilities in 26 countries and employs
approximately 43,000 people.

Visteon Corporation's balance sheet at March 31, 2008, showed
total assets of $7.2 billion and total liabilities of $7.3
billion resulting in a total shareholders' deficit of about $136
million.

                           *     *     *

To date, Visteon Corp. holds Moody's Investors Service's Caa2
senior unsecured debt rating, and Fitch Ratings Services' CC
senior unsecured debt rating and CCC long-term issuer default
rating.


VISTEON CORP: S&P Puts 'B-' Rating on Proposed $210MM Sr. Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' issue-level
rating and '5' recovery rating to Visteon Corp.'s proposed
issuance of as much as $210 million in senior unsecured notes
due 2016.  The 'B-' issue-level rating is one notch below the
corporate credit rating on the company, and the '5' recovery
rating indicates the expectation for modest (10%-30%) recovery
in the event of a payment default.
     
Visteon will use the proceeds from the new notes, along with
existing cash, to repay as much as $344 million of its
$550 million senior unsecured notes due in 2010.  Visteon plans
a tender offer for the 2010 notes.  The issuance of new notes is
contingent on the tendering of at least $300 million of 2010
notes to the company.
     
Van Buren Township, Michigan-based Visteon had total debt of
about $2.8 billion as of March 31, 2008, and underfunded
employee benefit liabilities of about $985 million. The outlook
is negative.
      
"The ratings on Visteon, including the 'B' corporate credit
rating, reflect the company's negative cash flow resulting from
declining vehicle production in North America, its highly
leveraged balance sheet, continued pressure from high raw-
material prices, and a costly and wide-ranging operational
restructuring," said Standard & Poor's credit analyst Robert
Schulz.
     
Visteon will have difficulty restructuring poorly performing
operations while continuing to diversify its customer base amid
intense competition and a difficult sales environment in 2008.  
S&P could lower the rating in 2008 if industry challenges,
restructuring delays, or reduced customer production prevent
Visteon from making progress toward generating pretax profits
and positive free cash flow.  Well into 2009, S&P could revise
the outlook to stable if the company achieves stronger
performance and credit measures, with a more balanced business
mix, because of successful restructuring and customer
diversification efforts.

Based in Van Buren Township, Michigan, Visteon Corp. (NYSE: VC)
-- http://www.visteon.com/-- is a global automotive supplier  
that designs, engineers and manufactures innovative climate,
interior, electronic, and lighting products for vehicle
manufacturers, and also provides a range of products and
services to aftermarket customers.  The company's other
corporate offices are in Shanghai, China; and Kerpen, Germany.  
The company has facilities in 26 countries and employs
approximately 43,000 people.

Visteon Corporation's balance sheet at March 31, 2008, showed
total assets of $7.2 billion and total liabilities of $7.3
billion resulting in a total shareholders' deficit of about $136
million.



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

*TAIWAN: Records US$11.32 Bil. Balance of Payments Surplus
----------------------------------------------------------
For the first quarter of 2008, Taiwan's overall balance of
payments registered a surplus of US$11.32 billion, reflecting an
increase in the Bank's reserve assets, data from the Central
Bank of the Republic of China (Taiwan) says.  The current
account posted a surplus of US$8.66 billion, and the financial
account showed a net inflow of US$0.39 billion.

In terms of the current account, exports grew by 17.6% from the
same period of the previous year, supported by a steady increase
in exports to neighboring Asian countries.  Import growth was
26.4% over the same period last year, representing a record
quarterly high due to a substantial increase in imports of grain
and oil.  As a result, goods trade surplus went down to US$4.48
billion, a US$2.85 billion decrease when compared to the same
period of the previous year.

The services account deficit narrowed by US$0.97 billion over
the same period last year to US$0.05 billion, driven mainly by
an increase in net surplus from merchanting services.  The
surplus in the income account grew by US$1.15 billion from the
same period last year to record at US$5.11 billion, mainly
boosted by growth in residents' income from direct investment.
Current transfer deficit was US$0.88 billion.

In sum, widening income surplus and narrowing services deficit
were offset by the shrinking goods trade surplus, leading the
current account to register a surplus of US$8.66 billion, an
decrease of US$0.73 billion, or a 7.8% decline, over the same
period last year.

With regard to the financial account, direct investment showed a
net outflow of US$2.32 billion due to huge growth in residents'
investment abroad with reinvested earnings.  Portfolio
investment turned from net outflows in the previous four
quarters to post a net inflow of US$2.91 billion, mainly due to
an increase in foreign capital inflow combined with a decline in
domestic capital outflow.  Non-residents' portfolio investment,
mostly in government bonds and equity markets, exhibited a net
inflow of US$9.31 billion.  Residents' overseas portfolio
investment showed a net outflow of US$6.4 billion, narrowing
significantly by US$4.54 billion from the same period last year.
Financial derivatives showed a net inflow of US$0.82 billion,
while other investment exhibited a net outflow of US$1.03
billion on account of the increase of deposits in overseas
affiliated branches by the banking sector.



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

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

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

AUSTRALIA      

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


CHINA AND HONG KONG      

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


INDIA      

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


INDONESIA      

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


JAPAN      

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


KOREA      

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


MALAYSIA      

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


PHILIPPINES      

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


SINGAPORE      

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


TAIWAN    

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


THAILAND      

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

                         *********

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

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

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


                            *********


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

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





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