TCRAP_Public/080602.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

             Monday, June 2, 2008, Vol. 11, No. 108

                            Headlines

A U S T R A L I A

ALLOYFAB ENGINEERING: Appoints White and Slattery as Liquidators
AUSTRALIAN CONSOLIDATED: Declares Dividend for Creditors
B D M COMPUTER: Appoints G. S. Andrews as Liquidator
BATTENSTONE PTY: Liquidator Presents Wind-Up Report
BEACHMERE VIEW: Declares Dividend for Creditors

BIZEVSKI PTY: Commences Liquidation Proceedings
BRICK INDUSTRY: Liquidator Gives Wind-Up Report
CRA CONSTRUCTIONS: Placed Under Voluntary Liquidation
DANOMIC INVESTMENTS: Declares Dividend for Creditors
EXBT LIMITED: Declares Dividend for Creditors

EXJFA LIMITED: Declares Dividend for Creditors
JAMIESON FASHION: Liquidator Gives Wind-Up Report
KAIRY PTY: Commences Voluntary Wind-up
KENTONVALE PTY: Liquidator Gives Wind-Up Report
LINTER GROUP: Declares Dividend for Creditors

LINTER TEXTILES: Declares Dividend for Creditors
LYPPARD HOLDINGS: Liquidator Gives Wind-Up Report
LYPPARD SOUTH: Liquidator Gives Wind-Up Report
LYPPARD VICTORIA: Liquidator Gives Wind-Up Report
MCTAVISH INVESTMENT: Members Hear Wind-Up Report

MELBOURNE TRUCK: Appoints G. S. Andrews as Liquidator
OYGEVAULT GROUP: Declares Dividend for Creditors
OYGEVAULT KNITTING: Declares Dividend for Creditors
RED SEAL: Liquidator Presents Wind-Up Report
SEDONIS PTY: Liquidator Gives Wind-Up Report


C H I N A

INDUSTRIAS METALURGICAS: Fitch Rates Proposed US$65MM Notes 'B'
JIANXI: Wins US$808MM Mining Contract With China Metallurgical
NEO-CHINA: Still On S&P's WatchNeg on Increasing Uncertainties


H O N G  K O N G

COACTIVE TECHNOLOGIES: S&P Holds 'B' Corporate Credit Rating
CHUN SING: Court to Hear Wind-Up Proceedings on July 16
EXCEL GOLD: Court to Hear Wind-Up Proceedings on July 16
FUTURE PERFECT: Court to Hear Wind-Up Proceedings on June 25
LUNG KONG: Court to Hear Wind-Up Proceedings on June 25

ORIENTAL WELL: Court to Hear Wind-Up Proceedings on July 9
POWERBRIDGE: Court to Hear Wind-Up Proceedings on July 2
SING PAO: Court to Hear Wind-Up Proceedings on June 25
SUCCESSFUL: Court to Hear Wind-Up Proceedings on June 18
T&C BREWERY: Appoints New Liquidators

VIC SUCCESS: Court to Hear Wind-Up Proceedings on June 25


I N D I A

CENTRAL BANK: Fitch Holds and Withdraws 'D' Individual Rating


I N D O N E S I A

PT TRUBA: Fitch Holds 'B' LT Foreign & Local Currency ID Ratings


J A P A N

NICHIWA SANGYO: JCR Holds BBB-/Stable Rating on Sr. Debts
SURUGA CORP: JCR Junks Rating on JPY39 Bil. Senior Debts
ZEPHYR CO: JCR Lowers Senior Debt rating to #BB-


K O R E A

LG TELECOM: S&P Holds 'BB+' Long-Term Corporate Credit Rating
NEXUS INVESTMENT: To Issue 20,021,190 Shares of Common Stock
NDCORP CO: Largest Shareholders to Sell 41.39% Company Stake
SHINWHA INTEREK: Converts First Convertible Bonds into Shares


M A L A Y S I A

ARK RESOURCES: Posts MYR1.26MM Net Loss in Qtr. Ended March 31
UBG BERHAD: Inks 2 Supplemental Agreements with Swan & Binary
WONDERFUL WIRE: Incurs MYR4.98 Mil. Loss in Qtr. Ended March 31


N E W  Z E A L A N D

A2: Dr. Slorach's "Handling A1/A2 Milk" Report Raises Inquiries
ACCESS BROKERAGE: Ex-Boss Gets 3 Years for Firm's Collapse
AIR NEW ZEALAND: Sees 25% Decline in 1Q on Higher Fuel Prices
AIR NEW ZEALAND: To Establish Aviation Academy
BENTON DENTED: Appoints Fatupaito and McCloy as Liquidators

CLUBZONE LTD: Fixes August 2 as Last Day to File Claims
CONE PEAK: Wind-Up Petition Hearing Set for June 4
CONNEXIONZ LTD: Seals NZ$3.6MM Deal with City of Santa Clarita
GNC CONSULTANTS: Creditors' Proofs of Debt Due on June 13
NZ VENDING: Taps Fatupaito and McCloy as Liquidators

OCTANE CREATIVE: Taps Brown and Rodewald as Liquidators
SUPA CHEAP: Appoints Brown and Rodewald as Liquidators
TIGER PROMOTIONS: Names Brown and Rodewald as Liquidators
TITAN FOUNDATION: Names Fatupaito and McCloy as Liquidators
TRANS PACIFIC: Names Brown and Rodewald as Liquidators

WEST PRINTING: Appoints Fatupaito and McCloy as Liquidators


P H I L I P P I N E S

* PHILIPPINES: Bank Lending Growth Accelerates in March 2008


V I E T N A M

* Fitch Says Vietnam's Banks Face Challenging Environment


X X X X X X X X

* Moody's Has Stable Outlook for Asia-Pacific Metals & Mining


                         - - - - -


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

ALLOYFAB ENGINEERING: Appoints White and Slattery as Liquidators
----------------------------------------------------------------
Alloyfab Engineering & Associates Pty. Ltd.'s members agreed on
April 2, 2008, to voluntarily liquidate the company's business.
Warren White and Rod Slattery were appointed to facilitate the
sale of its assets.

The liquidators can be reached at:

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


AUSTRALIAN CONSOLIDATED: Declares Dividend for Creditors
--------------------------------------------------------
Australian Consolidated Hosiery 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 13, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

         Lindsay Philip Maxsted
         McGrathNicol
         Level 8, IBM Centre
         60 City Road
         Southbank VIC 3006
         Website: www.mcgrathnicol.com


B D M COMPUTER: Appoints G. S. Andrews as Liquidator
----------------------------------------------------
B D M Computer Services Pty. Ltd.'s members agreed on
March 28,2008, to voluntarily liquidate the company's business.
Gregory Stuart Andrews was appointed to facilitate the sale of
its assets.

The liquidator can be reached at:

          G. S. Andrews
          G S Andrews & Associates
          22 Drummond Street
          Carlton VIC 3053
          Telephone (03) 9662 2666
          Facsimile (03) 9662 9544


BATTENSTONE PTY: Liquidator Presents Wind-Up Report
---------------------------------------------------
Battenstone Pty. Ltd. held a joint meeting for its members and
creditors on May 16, 2008. At the meeting, the company's
liquidator, Adrian Brown at Ferrier Hodgson, provided the
attendees with property disposal and winding-up reports.

The liquidator can be reached at:

          Adrian Brown
          Ferrier Hodgson
          Level 29, 600 Bourke Street
          Melbourne VIC 3000
          Telephone (03) 9600 4922
          Facsimile (03) 9642 5887

                     About Battenstone Pty

Battenstone Pty Ltd provides plumbing, heating, and air-
conditioning services.  The company is located in Victoria,
Australia.


BEACHMERE VIEW: Declares Dividend for Creditors
-----------------------------------------------
Beachmere View 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:

          George Georges
          Ferrier Hodgson
          Level 29, 600 Bourke Street
          Melbourne VIC 3000
          Telephone (03) 9600 4922
          Facsimile (03) 9642 5887


BIZEVSKI PTY: Commences Liquidation Proceedings
-----------------------------------------------
Bizevski Pty Ltd Pty. Ltd.'s members agreed on April 3,2008, to
voluntarily liquidate the company's business.  BJ Marchesi was
appointed to facilitate the sale of its assets.

The liquidator can be reached at:

          B. J. Marchesi
          Bent & Cougle Pty Ltd
          Chartered Accountants
          Level 5, 332 St Kilda Road
          Melbourne VIC 3004


BRICK INDUSTRY: Liquidator Gives Wind-Up Report
-----------------------------------------------
Brick Industry Group Training Company Pty. Ltd. held a final
meeting for its members on May 28, 2008. At the meeting, the
company's liquidator, Richard Judson at Members Voluntarys Pty
Ltd, provided the attendees with property disposal and winding-
up reports.

The liquidator can be reached at:

          Richard Judson
          Members Voluntarys Pty Ltd
          1st Floor, 10 Park Road
          Cheltenham VIC 3192

                  About Brick Industry

Brick Industry Group Training Company Pty. Ltd. operates
vocational schools.  The company is located at Redfern, in New
South Wales, Australia.


CRA CONSTRUCTIONS: Placed Under Voluntary Liquidation
-----------------------------------------------------
CRA Constructions Pty Ltd.'s members agreed on March 17,2008, to
voluntarily liquidate the company's business.  Gregory Stuart
Andrews was appointed to facilitate the sale of its assets.

The liquidator can be reached at:

          G. S. Andrews
          G S Andrews & Associates
          22 Drummond Street
          Carlton VIC 3053
          Telephone (03) 9662 2666
          Facsimile (03) 9662 9544


DANOMIC INVESTMENTS: Declares Dividend for Creditors
----------------------------------------------------
Danomic Investments Limited, which is in liquidation, declared
its dividend for its creditors.

Only creditors who were able to file their proofs of debt by
May 13, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

         Lindsay Philip Maxsted
         McGrathNicol
         Level 8, IBM Centre
         60 City Road
         Southbank VIC 3006
         Website: www.mcgrathnicol.com


EXBT LIMITED: Declares Dividend for Creditors
----------------------------------------------
EXBT Limited, which is in liquidation, declared its dividend for
its creditors.

Only creditors who were able to file their proofs of debt by
May 13, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

         Lindsay Philip Maxsted
         McGrathNicol
         Level 8, IBM Centre
         60 City Road
         Southbank VIC 3006
         Website: www.mcgrathnicol.com


EXJFA LIMITED: Declares Dividend for Creditors
----------------------------------------------
EXJFA Limited, which is in liquidation, declared its dividend
for its creditors.

Only creditors who were able to file their proofs of debt by
May 13, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

         Lindsay Philip Maxsted
         McGrathNicol
         Level 8, IBM Centre
         60 City Road
         Southbank VIC 3006
         Website: www.mcgrathnicol.com


JAMIESON FASHION: Liquidator Gives Wind-Up Report
-------------------------------------------------
Jamieson Fashion Group Pty. Ltd. held a final meeting for its
members on May 28, 2008.  At the meeting, the company's
liquidator, Richard Judson at Members Voluntarys Pty Ltd,
provided the attendees with property disposal and winding-up
reports.

The liquidator can be reached at:

          Richard Judson
          Members Voluntarys Pty Ltd
          1st Floor, 10 Park Road
          Cheltenham VIC 3192

                     About Jamieson Fashion

Jamieson Fashion Group Pty Ltd, which is also trading as
Coronet-Fashion@work, is a distributor of apparel and
accessories.  The company is located at Port Melbourne, in
Victoria, Australia.


KAIRY PTY: Commences Voluntary Wind-up
--------------------------------------
Kairy Pty Ltd.'s members agreed on March 13,2008, to voluntarily
liquidate the company's business.  Gregory Stuart Andrews was
appointed to facilitate the sale of its assets.

The liquidator can be reached at:

          G. S. Andrews
          G S Andrews & Associates
          22 Drummond Street
          Carlton VIC 3053
          Telephone (03) 9662 2666
          Facsimile (03) 9662 9544


KENTONVALE PTY: Liquidator Gives Wind-Up Report
-----------------------------------------------
Richard Judson, Kentonvale Pty. Ltd.'s estate liquidator, met
with the company's members on May 28, 2008, and provided them
with property disposal and winding-up reports.

The liquidator can be reached at:

          Richard Judson
          Members Voluntarys Pty Ltd
          1st Floor, 10 Park Road
          Cheltenham VIC 3192

                  About Kentonvale Pty.

Kentonvale Pty. Limited operates investment offices.  The
company is located at St Kilda, in Victoria, Australia.


LINTER GROUP: Declares Dividend for Creditors
---------------------------------------------
Linter Group Limited, which is in liquidation, declared its
dividend for its creditors.

Only creditors who were able to file their proofs of debt by
May 13, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

         Lindsay Philip Maxsted
         McGrathNicol
         Level 8, IBM Centre
         60 City Road
         Southbank VIC 3006
         Website: www.mcgrathnicol.com


LINTER TEXTILES: Declares Dividend for Creditors
------------------------------------------------
Linter Textiles (Australia) Limited, which is in liquidation,
declared its dividend for its creditors.

Only creditors who were able to file their proofs of debt by
May 13, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

         Lindsay Philip Maxsted
         McGrathNicol
         Level 8, IBM Centre
         60 City Road
         Southbank VIC 3006
         Website: www.mcgrathnicol.com


LYPPARD HOLDINGS: Liquidator Gives Wind-Up Report
-------------------------------------------------
Richard Judson, Lyppard Holdings Pty. Ltd.'s estate liquidator,
met with the company's members on May 28, 2008, and provided
them with property disposal and winding-up reports.

The liquidator can be reached at:

          Richard Judson
          Members Voluntarys Pty Ltd
          1st Floor, 10 Park Road
          Cheltenham VIC 3192

                    About Lyppard Holdings

Lyppard Holdings Pty Ltd is a distributor of medical and
hospital equipments.  The company is located in Cheltenham,
Victoria, Australia.


LYPPARD SOUTH: Liquidator Gives Wind-Up Report
----------------------------------------------
Richard Judson, Lyppard South Australia Pty. Ltd.'s estate
liquidator, met with the company's members on May 28, 2008, and
provided them with property disposal and winding-up reports.

The liquidator can be reached at:

          Richard Judson
          Members Voluntarys Pty Ltd
          1st Floor, 10 Park Road
          Cheltenham VIC 3192


LYPPARD VICTORIA: Liquidator Gives Wind-Up Report
-------------------------------------------------
Richard Judson, Lyppard Victoria Pty. Ltd.'s estate liquidator,
met with the company's members on May 28, 2008, and provided
them with property disposal and winding-up reports.

The liquidator can be reached at:

          Richard Judson
          Members Voluntarys Pty Ltd
          1st Floor, 10 Park Road
          Cheltenham VIC 3192


MCTAVISH INVESTMENT: Members Hear Wind-Up Report
------------------------------------------------
Mctavish Investment Corporation Pty. Ltd. held a final meeting
for its members on May 28, 2008. At the meeting, the company's
liquidator, Richard Judson at Members Voluntarys Pty Ltd,
provided the attendees with property disposal and winding-up
reports.

The liquidator can be reached at:

          Richard Judson
          Members Voluntarys Pty Ltd
          1st Floor, 10 Park Road
          Cheltenham VIC 3192


MELBOURNE TRUCK: Appoints G. S. Andrews as Liquidator
-----------------------------------------------------
Melbourne Truck City (Aust) Pty Ltd.'s members agreed on
March 14,2008, to voluntarily liquidate the company's business.
Gregory Stuart Andrews was appointed to facilitate the sale of
its assets.

The liquidator can be reached at:

          G. S. Andrews
          G S Andrews & Associates
          22 Drummond Street
          Carlton VIC 3053
          Telephone (03) 9662 2666
          Facsimile (03) 9662 9544


OYGEVAULT GROUP: Declares Dividend for Creditors
-------------------------------------------------
Oygevault Group Limited, which is in liquidation, declared its
dividend for its creditors.

Only creditors who were able to file their proofs of debt by
May 13, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

         Lindsay Philip Maxsted
         McGrathNicol
         Level 8, IBM Centre
         60 City Road
         Southbank VIC 3006
         Website: www.mcgrathnicol.com


OYGEVAULT KNITTING: Declares Dividend for Creditors
---------------------------------------------------
Oygevault Knitting Mills 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 13, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

         Lindsay Philip Maxsted
         McGrathNicol
         Level 8, IBM Centre
         60 City Road
         Southbank VIC 3006
         Website: www.mcgrathnicol.com


RED SEAL: Liquidator Presents Wind-Up Report
--------------------------------------------
Richard Judson, Red Seal Investments Pty. Ltd.'s estate
liquidator, met with the company's members on May 28, 2008, and
provided them with property disposal and winding-up reports.

The liquidator can be reached at:

          Richard Judson
          Members Voluntarys Pty Ltd
          1st Floor, 10 Park Road
          Cheltenham VIC 3192

                      About Red Seal

Red Seal Investments Pty. Ltd. operates holding companies.  The
company is located at Hastings, in Victoria, Australia.


SEDONIS PTY: Liquidator Gives Wind-Up Report
--------------------------------------------
Richard Judson, Sedonis Pty. Ltd.'s estate liquidator, met with
the company's members on May 28, 2008, and provided them with
property disposal and winding-up reports.

The liquidator can be reached at:

          Richard Judson
          Members Voluntarys Pty Ltd
          1st Floor, 10 Park Road
          Cheltenham VIC 3192



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

INDUSTRIAS METALURGICAS: Fitch Rates Proposed US$65MM Notes 'B'
---------------------------------------------------------------
Fitch Ratings has assigned a 'B' rating to Industrias
Metalurgicas Pescarmona S.A.I.C. Y F proposed 1-year US$65
million issuance notes due in 2009.  These notes have also been
assigned a Recovery Rating of 'RR4', which indicates average
recovery prospects in the event of default.  Fitch maintains a
foreign and local currency Issuer Default Rating of 'B'.  The
Rating Outlook is Stable.

IMPSA's credit rating is supported by sustained global demand
for hydroelectric and wind technology and equipment.  The
increased attractiveness of renewable energy sources has boosted
IMPSA's backlog to US$1.7 billion as of January 2008 from $481
million as of April 2006.  This has in turn added certainty to
the company's cash generation in the medium term.  Also
considered in the company's ratings are IMPSA's geographic
revenue and asset diversification, and its ability to generate
funds in hard currency, reducing currency mismatch risk compared
to its indebtedness.  For the fiscal year ended Jan. 31, 2008,
U.S. dollar denominated sales accounted for approximately 65% of
its total revenue.  This percentage should increase in the
future due to the composition of most of the company's backlog.

Balanced against these strengths are the company's high
leverage, its sound capital needs to finance projects'
developments and the concentration of its cash flow in a few
large projects in developing countries - namely Brazil,
Venezuela, Colombia, and Malaysia.  While market conditions are
considered favorable for IMPSA at this moment, a sudden downturn
in the key markets would negatively impact IMPSA's ability to
add new contracts.  Additionally, even though Argentina is not
an important sales market for IMPSA, an increase in economic
uncertainty in that country could lead to a decline in backlog
as potential customer shy away from doing business with the
company due to concerns about its ability to finance its working
capital needs.

For the 12 months ended Jan. 31, 2008, IMPSA's revenues grew to
US$285 million and EBITDA to US$67 million compared to US$267
million and US$57 million in FY 2007, respectively.  This growth
was the result of the maturity of several projects.  During this
time period, IMPSA's cash flow from operations was negative due
to the large working capital needs that were required to fund
the development of several projects.  As of Jan. 31, 2008, IMPSA
had US$415 million of total debt, out of which US$ 351 million
had recourse against the company, and the remaining balance of
US$57 million was structured as a project finance for wind farm
developments, funded through a 12 year loan from the Caixa
Economica Federal.  At that date, IMPSA had US$154 million of
cash and marketable securities.  These figures translate into a
total debt (with recourse)-to-EBITDA of 5.2 times and a net
debt-to-EBITDA ratio of 3.1 times.

An improvement in credit metrics is foreseen as the company's
EBITDA level is expected to reach US$120 million in 2009.  The
growth in EBITDA should come from the completion of several
projects that are currently in backlog.  The main hydro projects
are Porce III (Colombia), Bakun (Malaysia), Dardanelos (Brazil),
Simplicio (Brazil), Macagua (Venezuela) and Tocoma (Venezuela).
IMPSA major wind projects are Caera and Santa Catarina, both
located in Brazil.  Total working capital needs for the coming
year amount to US$65 MM, which IMPSA intends to finance with the
proceeds of the proposed issuance.  IMPSA's total debt-to-EBITDA
ratio should drop to below 3.5x at the FY end January 2009.

The Percarmona family owns 93.73% of Industrias Metalurgicas
Percarmona S.A.I.C. y F (IMPSA) through Corporacion IMPSA S.A.
IMPSA is engaged in providing integrated solutions for renewable
energy, including hydroelectric and wind power projects and
associated equipment, as well as in the Port Systems, auto parts
and environmental services industries.  IMPSA has a solid
international presence, marketing and distributing its products
and services from its branches and representation offices in
Argentina, Brazil, China, Colombia, Ecuador, USA, the
Philippines, India, Malaysia and Venezuela.


JIANXI: Wins US$808MM Mining Contract With China Metallurgical
--------------------------------------------------------------
Jiangxi Copper Co. and China Metallurgical Group Corp won a
US$808 million contract to explore and exploit minerals in a
copper mine field in Afghanistan, through Aynak Copper Mine,
Reuters reports.

MCC and Jiangxi Copper, Steel Guru News relates, hold 100%
mining rights of this project.

According to Reuters, the contract with the Afghan government
grants mining rights in the Central and Western mineralised
zones for 30 years.

Aynak Copper Mine located in Middle East of Afghanistan, is
about 35 kilometers from its capital Kabul.  Reportedly, the
mine has an ore reserve of 705 million tonnes containing 1.56%
copper, and copper metal reserves of 11 million tonnes, Steel
Guru says.

Jiangxi Copper said it would buy at least 50% of the copper
concentrate products generated upon operation of the mine,
Reuters relates.

                      About Jiangxi Copper

Jiangxi Copper Company Limited -- http://www.jxcc.com/-- is an
integrated producer of copper in the People's Republic of China.
The company's operations consist of copper mining, milling,
smelting and refining to produce copper cathode and other
related products, including pyrite concentrates, sulphuric acid
and electrolytic gold and silver. It also provides smelting and
refining services pursuant to tolling arrangements for
customers.

                         *     *     *

Xinhua Far East China Ratings gave the company a BB+ issuer
credit rating.


NEO-CHINA: Still On S&P's WatchNeg on Increasing Uncertainties
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
foreign-currency corporate credit rating on Neo-China Land Group
(Holdings) Ltd., and the issue rating on the company's US$400
million senior unsecured notes, to 'B' from 'B+'.  The ratings
remain on CreditWatch with negative implications, where they
were placed on Feb. 1, 2008, following the resignation of Neo-
China's company secretary and its qualified accountant.

The rating actions reflect the increasing uncertainty as to the
health of Neo-China's business situation and the potential
impact thereof on the company's operations, financials, and
liquidity position.  Share trading in Neo-China has been
suspended since Jan. 22, 2008.

The ratings could be lowered further if negative effects of the
currently unclear business situation are evidenced in the next
three months.

Neo-China Land Group (Holdings) Limited is a Chinese property
developer engaged in residential and mixed-use developments. It
has 16 major projects under development in 12 cities in China
and a land bank of around 13.6 million sqm in gross floor area.



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

COACTIVE TECHNOLOGIES: S&P Holds 'B' Corporate Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
Hong Kong-based CoActive Technologies Inc. to stable from
negative.  At the same time, S&P affirmed the 'B' corporate
credit rating and other ratings on the company.

The action follows receipt of the company's financial statements
for the fiscal year ended Dec. 31, 2007, within the 30-day grace
period for filing such statements by April 29, 2008, as defined
in the credit agreements.

S&P has revised the outlook to negative on May 6, 2008,
following the company's announcement that its financial results
for 2007 were delayed beyond April 29, 2008, the date specified
in its covenants.  The company attributed the delay to the
auditor's review of the purchase accounting elements of its
financial statements and was not related to any issues of
accounting for the company's operations.

CoActive, formerly known as DeltaTech Controls Inc., acquired
ITT Corp.'s electromechanical and dome array switch businesses,
and related products, in mid-2007.

"The rating on CoActive reflects the company's estimated 4%
share of the highly fragmented and competitive electronic switch
market, and its limited track record as an independent company,"
said Standard & Poor's credit analyst Bruce Hyman.  "These
factors are offset partially by the company's diverse end
markets, broad customer base, and low-cost manufacturing
locations."

Revenues are in part protected by the costs its customers would
incur to change suppliers.

CoActive manufactures switches used in a wide variety of
electronic products, custom-engineered switches and
electromechanical controllers for automotive and industrial
equipment, and dome array switches used in cell phones.


CHUN SING: Court to Hear Wind-Up Proceedings on July 16
-------------------------------------------------------
On May 9, 2008, Garvie Limited, filed a petition to have Chun
Shing Resources Company Limited's operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
July 16, 2008, to hear the petition.

The petitioners' solicitors can be reached at:

          Messrs. Yop & Co
          Nan Fung Tower, 17th Floor, Room 710
          No. 173 Des Voeux Road Central
          Hong Kong


EXCEL GOLD: Court to Hear Wind-Up Proceedings on July 16
--------------------------------------------------------
On May 6, 2008, Bank of China (Hong Kong) Limited, filed a
petition to have Excel Gold Investment Limited's operations
wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
July 16, 2008, to hear the petition.

The petitioners' solicitors can be reached at:

          Gallant Y. T. Ho & Co.
          Jardine House, 5th Floor
          No. 1 Connaught Place, Central
          Hong Kong


FUTURE PERFECT: Court to Hear Wind-Up Proceedings on June 25
------------------------------------------------------------
On April 23, 2008, Tou Chan Kuau, filed a petition to have Lung
Future Perfect Limited's operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
June 25, 2008, to hear the petition.

The petitioners' solicitors can be reached at:

          Chong Yan-tung Chris
          Revenue Tower, 30th Floor
          5 Gloucester Tower
          Wanchai, Hong Kong


LUNG KONG: Court to Hear Wind-Up Proceedings on June 25
-------------------------------------------------------
On April 21, 2008, Cheung Chun Huen, filed a petition to have
Lung Kong Logistic Company Limited's operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
June 25, 2008, to hear the petition.

The petitioners' solicitors can be reached at:

          Chong Yan-tung Chris
          Revenue Tower, 30th Floor
          5 Gloucester Tower
          Wanchai, Hong Kong


ORIENTAL WELL: Court to Hear Wind-Up Proceedings on July 9
----------------------------------------------------------
On May 18, 2008, PT Sinar Mas Agro Resources Technology Tbk,
filed a petition to have Oriental Well (H.K.) Limited's
operations wound up.

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

The petitioners' solicitors can be reached at:

          Jones Day
          Edinburg Tower, The Landmark
          15 Queen's Road, Central
          Hong Kong


POWERBRIDGE: Court to Hear Wind-Up Proceedings on July 2
--------------------------------------------------------
On April 21, 2008, The Hong Kong and Shanghai Banking
Corporation Limited, filed a petition to have Powerbridge
Enterprises Company Limited's operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
July 2, 2008, to hear the petition.

The petitioners' solicitors can be reached at:

          JSM
          Prince's Building, 18th Floor
          10 Charter Road, Central
          Hong Kong


SING PAO: Court to Hear Wind-Up Proceedings on June 25
------------------------------------------------------
On April 28, 2008, Karshing Trading Limited, filed a petition to
have Sing Pao Newspaper Company Limited's operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
July 25, 2008, to hear the petition.

The petitioners' solicitors can be reached at:

          Messrs. Lui, Chan and Lam
          Hutchison House, 7th Floor
          Rooms 1710-18, 10- Harcourt Road
          Central, Hong Kong


SUCCESSFUL: Court to Hear Wind-Up Proceedings on June 18
--------------------------------------------------------
On April 16, 2008, Lau Hang Kui, filed a petition to have
Successful Restaurant Limited's operations wound up.

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

The petitioners' solicitors can be reached at:

          Chong Yan-tung Chris
          Revenue Tower, 30th Floor
          5 Gloucester Tower
          Wanchai, Hong Kong


T&C BREWERY: Appoints New Liquidators
-------------------------------------
The members of T&C Brewery (Singapore) Company Limited appointed
Fok Hei Yu, Desmond, Chung Seng Chiong, and Roderick John Sutton
as the company's liquidators.

The liquidators can be reached at:

          Fok Hei Yu Desmond
          Chung Seng Chiong
          Roderick John Sutton
          Hong Kong Club Building, 14th Floor
          3A Charter Road, Hong Kong


VIC SUCCESS: Court to Hear Wind-Up Proceedings on June 25
---------------------------------------------------------
On April 23, 2008, Tou Chan Kuau, filed a petition to have Lung
Vic Success Limited's operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
June 25, 2008, to hear the petition.

The petitioners' solicitors can be reached at:

          Chong Yan-tung Chris
          Revenue Tower, 30th Floor
          5 Gloucester Tower
          Wanchai, Hong Kong



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

CENTRAL BANK: Fitch Holds and Withdraws 'D' Individual Rating
-------------------------------------------------------------
Fitch Ratings has affirmed and withdrawn Central Bank of India's
Individual Rating of 'D' and Support rating of '3'.

While Fitch will no longer provide specific analytical coverage
on Central Bank of India, it expects to continue including it in
its benchmark study of key financials for Indian banks, which is
a part of its annual performance report on the sector.

Fitch continues to maintain Individual and Support ratings on 31
Indian banks, 16 of which are government-owned, and the rest in
the private sector.  These 31 banks account for over 80% of
total loans in the banking system.  Fitch has also assigned
Long-and-short-term ratings to many of these banks, as Indian
banks have increasingly accessed the domestic and international
debt capital markets for raising subordinated debt and hybrid
capital.  The ratings penetration and the sector coverage
therefore continue to be strong.



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

PT TRUBA: Fitch Holds 'B' LT Foreign & Local Currency ID Ratings
----------------------------------------------------------------
Fitch has affirmed PT Truba Alam Manunggal Engineering Tbk's
Long-term foreign and local currency Issuer Default Ratings at
'B' and its National Long-term rating at 'BBB+(idn)'.  The
Outlook remains Stable.  At the same time, the agency has
withdrawn the expected rating of 'B' and expected Recovery
Rating of 'RR4' to the previously proposed senior unsecured
notes (due 2011) to be issued by TAME Investments Pte. Ltd
guaranteed by TAME and certain operating subsidiaries.  These
notes were not issued.

"The failure to raise bond finance may curb the company's plans
to aggressively develop an independent power producer business,"
said Simon Wong, Director in Fitch's Asia-Pacific energy and
utilities team.  "However, Fitch does not consider that TAME's
liquidity is a key credit concern at the moment," added Mr.
Wong.

TAME is an Engineering, Procurement and Construction related
service provider in Indonesia.



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

NICHIWA SANGYO: JCR Holds BBB-/Stable Rating on Sr. Debts
---------------------------------------------------------
Japan Credit Rating Agency Limited has affirmed its BBB-/Stable
rating on senior debts of Nichiwa Sangyo Co. Ltd.

Nichiwa Sangyo is a middle-ranking feedstuff manufacturer that
has operating base in western Japan.  The company's ordinary
profit for FY2007 ended March 31, 2008 dropped 41% year-on-year
to 900 million yen on the back of the increased burden of
compensation for the Feedstuff Price Stabilization Fund.

JCR says that although the company will ensure a large enough
earnings level for FY2008 ending March 31, 2009 through price
hike, the business environment warrants no optimism as shown by
that the company will be forced to make special compensation in
addition to regular compensation payments for the Fund.

Given the business environment, JCR says further enhancement of
the earnings power will be an issue for the company.  There were
occurrences of some accounts of uncollectible receivables for
FY2007.  However, JCR relates, the bad debt risk of big
customers is considered to have ended in FY2007.

Although JCR deems it necessary to continue to watch the
company's dealing with credit risk and sales policy, JCR
believes that the company is well prepared for credit risk,
taking into consideration the conservative setting of allowance
for bad debt and the good financial structure.

Nichiwa Sangyo Co. Ltd -- http://www.nichiwasangyo.co.jp/-- is
a Japan-based company mainly engaged in the manufacture and sale
of feed mixtures with grains as the main ingredient, for chicken
rearing, pig rearing, cow rearing and fish rearing.  The Company
operates in two business segments.  The Feed segment is engaged
in the manufacture and sale of feed mixtures for livestock
farming and fish rearing.  The Livestock Farming segment is
engaged in the production of chicken eggs and piglets, as well
as the rearing of pigs.  Headquartered in Kobe, Hyogo
Prefecture, the Company has one subsidiary and one associated
company.


SURUGA CORP: JCR Junks Rating on JPY39 Bil. Senior Debts
--------------------------------------------------------
Japan Credit Rating Agency Limited has downgraded its ratings on
Suruga Corporation's senior debts, shelf registration and bonds
of the issuer from #BB/Negative, preliminary #BB-/Negative and
#BB-/Negative to #CCC/Negative, preliminary #CCC/Negative and
#CCC/Negative, respectively, while continuing placing them under
Credit Monitor with Negative direction.

Senior Debts: #CCC/Negative
Issues Amount(bn) Issue Date Due Date Coupon Rating
bonds no.1 Y11 Oct. 20, 2006 Oct. 20, 2009 2.89% #CCC/Negative
bonds no.2 Y10 Mar. 15, 2007 Mar. 15, 2010 2.95% #CCC/Negative
Shelf Registration: #CCC/Negative
Maximum: Y39 billion
Valid: two years effective from September 28, 2007

Suruga Corp. announced on May 30, 2008 the auditors' disclaimer
of opinion on its financial reports for FY2007 ended March 31,
2008.  The auditors' report says that they could not decide the
reasonableness of the company's plan for seeking assistance and
for real estate sales because of the uncertainty right now and
that the accounting firm could not obtain reasonable base to
express an opinion on the Company's financial reports.

JCR made the decision on May 29 to continue to place its ratings
on the company under Credit Monitor.  In making this decision,
JCR did not assume a disclaimer of auditors' opinion.  Following
this unprecedented situation of the release of the auditors'
disclaimer of opinion on May 30, JCR decided to revise its
ratings on the company and to continue to place them under
Credit Monitor.

JCR says it will be difficult for the company to materialize its
plans (selection of corporations that can extend financial
assistance to it, fundraising from such corporations and sell-
offs of the real estate holdings) in short run.  For this
reason, JCR continues, it is undeniable that the company might
have difficulty in making a disclosure, depending on future
developments of these plans and that the difficulty then might
work against the normalization of business and the smooth
fundraising.  JCR will verify the outcomes of the company's
measures planned to be taken while keeping the Negative
direction to the Credit Monitor.

Suruga Corporation -- http://www.suruga.com/-- is a Japan-based
real estate company engaged in two business segments.  The
Construction segment is engaged in the contract construction and
civil engineering works for private clients and government
offices.  The Real Estate segment is engaged in the general
planning, architectural design, construction, sale and
management of mid-to-high-rise buildings, such as housing and
commercial facilities, as well as the leasing of real estates.
Headquartered in Kanagawa Prefecture, the company has four
subsidiaries and one associated company.


ZEPHYR CO: JCR Lowers Senior Debt rating to #BB-
------------------------------------------------
Japan Credit Rating Agency Limited has downgraded its BBB-
ratings on Zephyr Co. Ltd.'s senior debts, bonds and shelf
registration of the issuer to #BB-/Negative for senior debts and
#B+/Negative for bonds and shelf registration, respectively,
placing them under Credit Monitor with Negative direction. JCR
has downgraded its rating on CP program of the issuer from J-2
to NJ.

Senior Debts #BB-/Negative
Issues Amount(bn) Issue Date Due Date Coupon Rating
bonds no.2 Y12 Aug. 22, 2006 Aug. 22, 2008 2.47% #B+/Negative
bonds no.3 Y8 June 21, 2007 June 21, 2010 2.94% #B+/Negative
Shelf Registration: #B+/Negative
Maximum: Y30 billion
Valid: two years effective from September 25, 2007
CP: NJ
Maximum: Y5 billion
Backup Line: 0%

Zephyr announced on May 30, 2008 that its consolidated
subsidiary, Kondo Sangyo, has filed with Osaka District Court
for bankruptcy procedures and that the company's receivables
from the subsidiary might become uncollectible.  The company is
engaged in condominium sales primarily in Kansai region.

The cash management has been tight, because sales significantly
lagged behind the schedule due to rapid deterioration in real
estate market.  The company has been financially supporting
Kondo Sangyo, making loans and guaranteeing debt.  The company
thinks that it can no longer support the subsidiary.  The
uncollectible receivables with loans and guarantees combined
together will amount JPY11.9 billion.  The company will record
an extraordinary loss for this amount along with write-downs of
equity securities holdings.

The forecasts for operating performance will be revised due to
unconsolidation of the subsidiary from the financial statements.
The company on a parent only basis has already obtained funds
for the immediate future.  It says that it will be able to focus
on sales activities and improvement in financial structure in
the future.

However, JCR assessed that the company's financial flexibility
has narrowed, because the company lowered significantly its cash
flow generation capacity, so it can no longer continue its
support to the subsidiary.  Accordingly, JCR downgraded its
ratings on senior debts, bonds and CP program.  JCR also placed
its long-term ratings on the company under Credit Monitor with
Negative direction.

Concerning the ratings on the outstanding unsecured corporate
bonds issued by the company and the preliminary rating on the
shelf registration system of the company, JCR incorporated their
subordination natures, given that the almost all of the
company's bank borrowings are secured debts.

Zephyr Co. Ltd. -- http://www.zephyr.co.jp/-- is a Japan-based
real estate company.  The company has four business segments.
The Real Estate Property Sale segment is engaged in the
planning, development and sale of condominiums and detached
housing.  The Real Estate Liquidation segment sells investment
real estate properties.  The Construction Management (CM)
segment is engaged in the construction business, utilizing CM
method, and the planning and construction of commercial
buildings.  Through its subsidiaries, the Others segment is
involved in the general management of condominiums and buildings
for leasing, as well as the sale, leasing, and the provision of
agency businesses of real estate properties. Headquartered in
Tokyo, the company has 19 subsidiaries and five associated
companies.



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

LG TELECOM: S&P Holds 'BB+' Long-Term Corporate Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services revised the outlook on its
long-term corporate credit rating on Korea-based LG TeleCom Ltd.
to positive from stable, reflecting its improved financial risk
profile.  At the same time, Standard & Poor's affirmed its 'BB+'
long-term corporate credit and senior unsecured debt ratings on
the company.

LG TeleCom's financial risk profile has steadily improved over
the past two years, backed by reductions in its debt levels and
the steady 20% increase in its subscriber base to 7.8 million in
2007 from 6.5 million in 2005.  In the same two-year period, the
company's debt-to-EBITDA ratio improved to 1.3x from 1.8x.
Given LG TeleCom's positive free cash flow position, Standard &
Poor's believes the company should be able to maintain its
current financial risk profile over the next 12 to 24 months due
to its expected moderate capital expenditures.  This is based on
the assumption that the current intensification in competition
will decrease to some extent over the next 12 to 24 months.

That notwithstanding, the overall business environment for LG
TeleCom has become more challenging.  This follows a change in
the government's regulatory stance towards the promotion of more
competition in the market and away from its previous stance of
protecting weaker players through asymmetrical regulations.  In
addition, the lack of W-CDMA-based 3G licenses is putting LG
TeleCom in a disadvantageous position due to the relative
inflexibility in providing data services, inconvenience in
providing global roaming services, and limitations in the
handset line-up they can offer.  Furthermore, LG TeleCom's
bundled services could become less competitive if other
incumbent players begin to aggressively provide their own
bundled services.

The ratings could be raised if LG TeleCom demonstrates its
ability to improve its current business position without
compromising its current financial risk profile in this
challenging business environment.  The outlook could be revised
to stable if the company cannot sustain its current market
position or if it has to sacrifice its current financial profile
through significant capital expenditure or marketing expense
increases in order to remain competitive.

Ratings List
Ratings Affirmed; CreditWatch/Outlook Action

                                        To                 From
LG TeleCom Ltd.
Corporate Credit Rating                BB+/Positive/--
BB+/Stable/--

                         About LG Telecom

Headquartered in Kangnam-gu, Seoul, South Korea, LG Telecom Ltd.
-- http://www.lgtelecom.com/-- is a telecommunications and
mobile phone operator controlled by the LG Group, one of the
country's largest chaebol.  It is Korea's smallest wireless
operator. LG Telecom became one of the first companies to launch
a commercial 3G service using PCS technology.  In 1997, this was
followed up by launching the second PCS network, offering
greatly increased data transmission speeds.  LG Telecom also
offers a variety of internet services. BankOn is one of the most
popular mobile banking services in South Korea and Musicon is a
popular instant messenger.


NEXUS INVESTMENT: To Issue 20,021,190 Shares of Common Stock
------------------------------------------------------------
Nexus Investment Corporation has made amendments to the private
placement of its 21,212,090 common shares, which was announced
on May 21, 2008, Reuters report.

Accordingly, the company will now issue 20,021,190 shares of
common stock, raising KRW 13,213,985,400 for its operational
funds, Reuters says .

Pusan, Korea-based Nexus Investment Corporation invests in
start-ups primarily for small- and medium-sized companies.  The
company's investment portfolio includes stocks, funds, project
financing and capital loans for Korea-based companies as well as
overseas market investment.  It also offers management
consulting, strategic restructuring of companies, marketing and
human resources support.

                          *     *     *

Korea Investors Service rated the company's third offering of
unregistered convertible bonds raising funds up to KRW30 billion
a B+ with a stable outlook.


NDCORP CO: Largest Shareholders to Sell 41.39% Company Stake
------------------------------------------------------------
NDcrop Co. Limited's largest shareholders, Gentech Holdings Co.
Limited and Jung Bong Gyu, have signed an agreement to sell off
3,370,990 shares of the company, which is equivalent to 41.39%
stake, Reuters reports.

According to the report, the shareholders will sell the stake to
Huh Tae Bok for KRW23 billion.

As a result, Mr. Bok will become the company's largest
shareholder, the report relates.

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

                          *     *     *

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


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

According to the report, the total number of the company's
outstanding common shares is now 18,224,554.  The new shares
were listed on May 21, 2008, the report notes.

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

                          *     *     *

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



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

ARK RESOURCES: Posts MYR1.26MM Net Loss in Qtr. Ended March 31
--------------------------------------------------------------
Ark Resources Berhad posted a net loss of MYR1.26 million on
MYR1.32 million of revenues in the first quarter ended March 31,
2008, as compared to MYR4.80 million net loss on MYR1.42 million
of revenues recorded in the same quarter of 2007.

As of March 31, 2008, the company's balance sheet showed
MYR17.52 of current assets and MYR28.54 million of current
liabilities.

                            Prospects

The Group said it faces more challenges in an unstable operating
environment for 2008.

"The current international economic and credit upheavals will
surely have an impact on business and consumer confidence in
addition to the spiraling cost of building materials," the Group
said.

                    About ARK Resources Berhad

ARK Resources Berhad, formerly known as Lankhorst Berhad --
http://www.lankhorst.com.my/-- is an investment holding company
with headquarters in Shah Alam, Malaysia.  Through its
subsidiaries, the Company provides civil and geotechnical
engineering

                          *     *     *

On April 24, 2006, Lankhorst was classified as an affected
listed issuer under the Bourse's Practice Note 17/2005.  It was,
therefore, required to submit and implement a plan to regularize
its financial condition category.


UBG BERHAD: Inks 2 Supplemental Agreements with Swan & Binary
-------------------------------------------------------------
In a regulatory filing with the Kuala Lumpur Stock Exchange,
UBG Berhad disclosed that it entered into two separate
supplemental agreements with Swan Symphony Sdn Bhd and Binary
Bestari Sdn Bhd on May 29, 2008, to vary the terms and
conditions of the Putrajaya Perdana Berhad and the Loh & Loh
Corporation Berhad Share Sale Agreement in relation to the
company's proposed acquisition to them.

The variations contained in the supplemental agreements
principally have these effects on the Share Sale Agreement:

   (a) the confirmations otherwise required from the vendors at
       completion as set out in clause 4.8 of the Share Sale
       Agreements of Loh & Loh SSA and Putrajaya Perdana are now
       required to be provided upon the said Share Sale
       Agreements' becoming unconditional (where the vendors are
       required to confirm that none of the Adverse Events have
       occurred);

   (b) instead of a simultaneous transaction, the date on which
       the issuance and allotment of the new UBG shares under
       the Proposed Restricted Issue to the party nominated by
       Swan Symphony and Bestari, will occur one working day
       after the Loh & Loh SSA and Putrajaya Perdana Shares have
       been transferred to the Central Depository Securities
       account of UBG; and

   (c) UBG and the vendors are now required to procure the
       necessary applications be made for the direct business
       transaction and the non-application of the Rules for
       Trading of the Member Companies of Bursa Securities for
       the transfer of the PPB Shares and the LLCB Shares, will
       be no later than 15 working days of after the approval of
       UBG’s shareholders are obtained, vis-à-vis making such
       applications only after the  Share Sale Agreements of Loh
       & Loh SSA and Putrajaya Perdana becomes unconditional as
       otherwise stipulated in clause 4.3 of the SSAs.

Notwithstanding the variation to the implementation processes,
the Proposed Putrajaya Perdana Acquisition, Proposed Loh & Loh
Acquisition and the Proposed Restricted Issue remain inter-
conditional upon one another.

                    About Utama Banking Group

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

                          *     *     *

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


WONDERFUL WIRE: Incurs MYR4.98 Mil. Loss in Qtr. Ended March 31
---------------------------------------------------------------
Wonderful Wire Berhad incurred a net loss of MYR4.98 million on
MYR7.59 million of revenues in the quarter ended March 31, 2008,
as compared to a net loss of MYR2.54 million on MYR14.62 million
of revenues in the same quarter of 2007.

As of March 31, 2008, the company's balance sheet showed
MYR24.84 million of total current assets and MYR of76.87 million
of current liabilities.

The company's balance sheet as of March 31, 2008, also reflected
MYR69.86 million of total assets, MYR83.01 million of total
liabilities resulting in a shareholders' deficit of
MYR13.15 million.

                      About Wonderful Wire

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

                          *     *     *

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



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

A2: Dr. Slorach's "Handling A1/A2 Milk" Report Raises Inquiries
---------------------------------------------------------------
A2 Corporation welcomed the review by Dr. Slorach on the New
Zealand Food Safety Authority's (NZFSA) procedures in the
handling of Professor Swinburn's report on A1/A2 milk.  A2
Corporation notes that the Slorach review identifies
shortcomings in the procedures of the NZFSA and recommends
several areas for improvement.

A2 Corporation CEO Anthony Lawler stated that "A2 Corporation is
committed to further ongoing research related to a2 milk.  We
support Dr. Slorach's findings that NZFSA did not take any
specific action to encourage more debate and scientific research
as recommended by Professor Swinburn's report to the NZFSA".

A2 Corporation also welcomes Minister of Food Safety Lianne
Dalziel's statement supporting government funding of future
research in this important area.  Mr. Lawler adds that "A2
Corporation looks forward to taking part in this process".

Mr. Lawler comments "one of the key areas of Dr. Slorach's
review is the discussion of potential conflict of interest that
the NZFSA has in having to both a) promote and protect public
health while b) facilitating market access for food".  Mr.
Lawler adds 'this institutional conflict of interest resulted in
the original review not fully considering all the areas of
science that support the a2 Milk(TM) proposition".

Mr. Lawler also states that "while Dr. Slorach's report
discusses the "precautionary principle" it does not investigate
why the NZFSA directed Professor Swinburn to disregard the
"precautionary principle" in the original Swinburn report".  The
precautionary principle states "that the absence of full
scientific certainty shall not be used as a reason to postpone
measures where there is a risk of serious or irreversible harm
to public health or the environment".

Mr. Lawler adds that "we believe that had NZFSA applied the
precautionary principle at the time of the Swinburn report, the
public may have received a more positive view of the health
benefits of a2 Milk".

The Slorach review highlights that the NZFSA chose to
deliberately delete the Lay Summary in Professor Swinburn's
report on A1/A2 milk.  Mr. Lawler comments that "this had a
negative effect in achieving a transparent and robust debate
amongst both the media and general public at the time".

Mr. Lawler adds that the real issue is that the A1/A2 debate is
an important population health issue.

"We welcome Dr. Slorach's comments that the Ministry of Health,
whose main focus is the promotion of health in New Zealand,
should have been more involved in the initial review".

Mr. Lawler adds "there is a percentage of the population who
have a predisposition or concern about serious health conditions
such as childhood diabetes, heart health and gut health.  A2
Corporation sees no risk and only benefits if these people begin
to consume a2 Milk".

New Zealand-based A2 Corporation Ltd. --
http://www.a2corporation.com/-- is engaged in the sale and
production of beta-casein A2 milk products.  The company owns
and licenses intellectual property that enables the
identification of cattle for the production and subsequent
marketing of A2 Milk.  a2 milk is naturally produced to contain
maximum amounts of a milk protein variant that is associated by
a number of studies with potential benefits in some individuals.
A2 Corporation Ltd receives royalty income from sales of A2 Milk
products and testing for A2 cattle, and shares in the profits or
losses of associates and subsidiaries formed for those purposes.

                           *     *     *

The company suffered at consecutive net losses of
NZ$5.08 million and NZ$448,800 for the years ended March 31,
2007 and 2006, respectively.


ACCESS BROKERAGE: Ex-Boss Gets 3 Years for Firm's Collapse
----------------------------------------------------------
The Wellington District Court has sentenced former Access
Brokerage managing director Peter Marshall to three years in
jail for defrauding the firm of NZ$4.8 million, The Dominion
Post says.

According to the report, Mr. Marshall was found guilty in April
of 14 charges of false accounting and false reporting leading to
the collapse of Access Brokerage.

Access Brokerage, The Dominion Post relates, collapsed in
September 2004 owing NZ$3.9 million in client accounts.  The
firm was registered in 1986 and Mr. Marshall became chief
executive in 2001.


AIR NEW ZEALAND: Sees 25% Decline in 1Q on Higher Fuel Prices
-------------------------------------------------------------
Air New Zealand Limited warned that the spiraling cost of jet
fuel will cut its annual profit by a quarter.

The national carrier expected profit for the year to June of
below NZ$200 million.  That is at least 25% down on last year's
NZ$268 million profit before unusual items and tax.

It is also down on Air New Zealand's last forecast, which came
as recently as April 23, for annual profit of between NZ$200
million and NZ$220 million.  Jet fuel prices have surged more
than 50% over the past six months to reach a record high of
US$173.55 a barrel.

"The cost increase to the business means that our expectations
of 2008 normalized earnings before taxation and unusual items is
now below NZ$200 million," Air NZ said.

April's forecast came with crude oil trading at US$119 a barrel
and refining margins at US$24 per barrel.  Now, crude oil is
valued at more than US$130 a barrel with refining margins at
more than US$40 per barrel.

The 76.47% government-owned airline said it continued to review
all aspects of its business including pricing, its network and
costs.

It is switching to using Boeing 777s on the return Auckland-Los
Angeles-London route from September, replacing the less fuel
efficient Boeing 747.

                      About Air New Zealand

Based in Auckland, New Zealand, Air New Zealand Ltd is the
country's flag air carrier, with domestic and international
passenger and freight operations, and an aviation engineering
business.  Air New Zealand flies to the United States, United
Kingdom, Canada, Europe and other Asian cities.

                         *     *     *

Moody's Investors Service, on Sept. 4, 2007, affirmed Air New
Zealand Limited's Ba1 senior unsecured issuer rating.  At the
same time, it has changed the outlook on the rating to positive
from stable.

ANZ carries Standard & Poor's Ratings Services' 'BB' corporate
credit rating, with stable outlook.


AIR NEW ZEALAND: To Establish Aviation Academy
----------------------------------------------
Air New Zealand Limited will establish an aviation academy to
develop and nurture home-grown pilots, cabin crew, engineers and
specialist airline management staff.

Air New Zealand General Manager Airline Operations and Safety
Captain David Morgan said planning was well underway for the Air
New Zealand Aviation Academy.

Captain Morgan, who is also Air New Zealand's chief pilot, said
the academy was being set up to ensure the steady flow of local
talent into Air New Zealand and other airlines within the Asia
Pacific region.

In the highly competitive aviation industry, Captain Morgan said
it was important to ensure that Air New Zealand had the best
people available to support its future growth plans.

"The academy will form the basis of Air New Zealand's long-term
commitment to continuing to build a world-leading airline
through a highly skilled and motivated workforce which sees real
career prospects and a future in New Zealand."

"We already operate a very successful training school offering
engineering, tourism and travel programmes. This is an
opportunity for us to build on that and create in New Zealand an
internationally-recognised and accredited aviation academy that
will meet the future needs of Air New Zealand and other airline
operators in our region," he says.

"It will also provide opportunities and career structure for our
people, and help them define and manage their career paths
within the aviation business."

As well as providing training for those starting out, Captain
Morgan said the academy would provide support and training for
staff moving through their careers, including aircraft type
rating and simulator training.

Air New Zealand's goal was to establish the academy in
partnership with industry, offering people the ability to train
at different locations around the country.

This would also provide additional economic benefits to New
Zealand regions, Captain Morgan said.

Air New Zealand expected to be able to put around 200-300 pilots
and engineers each year through the curriculum that it would
develop.

Captain Morgan said New Zealand-trained pilots, cabin crew and
engineers were held in high regard internationally for their
expertise, professionalism and attitude.

"We expect the Air New Zealand Aviation Academy to further build
on and enhance the New Zealand aviation industry's excellent
international reputation."

Air New Zealand is currently in discussion with a range of
potential partners and expects to announce more details about
the academy over the coming year.

                    About Air New Zealand

Based in Auckland, New Zealand, Air New Zealand Ltd is the
country's flag air carrier, with domestic and international
passenger and freight operations, and an aviation engineering
business.  Air New Zealand flies to the United States, United
Kingdom, Canada, Europe and other Asian cities.

                          *     *     *

Moody's Investors Service, on Sept. 4, 2007, affirmed Air New
Zealand Limited's Ba1 senior unsecured issuer rating.  At the
same time, it has changed the outlook on the rating to positive
from stable.

ANZ carries Standard & Poor's Ratings Services' 'BB' corporate
credit rating, with stable outlook.


BENTON DENTED: Appoints Fatupaito and McCloy as Liquidators
-----------------------------------------------------------
On April 24, 2008, Vivian Judith Fatupaito and Colin Thomas
McCloy were appointed by the High Court  as the liquidators of
Benton Dented Carriers Limited.

The Liquidators can be reached at:

          Vivian Judith Fatupaito
          Colin Thomas McCloy
          c/o PricewaterhouseCoopers
          188 Quay Street
          Private Bag 92162, Auckland
          New Zealand
          Telephone:(09) 355 8000
          Facsimile:(09) 355 8013


CLUBZONE LTD: Fixes August 2 as Last Day to File Claims
-------------------------------------------------------
Clubzone Ltd. requires its creditors to file their proofs of
debt by August 2, 2008, to be included in the company's dividend
distribution.

The company's liquidators are:

          Vivian Judith Fatupaito
          Colin Thomas McCloy
          c/o PricewaterhouseCoopers
          188 Quay Street
          Private Bag 92162, Auckland
          New Zealand
          Telephone:(09) 355 8000
          Facsimile:(09) 355 8013


CONE PEAK: Wind-Up Petition Hearing Set for June 4
--------------------------------------------------
A petition to have Cone Peak Muffins Ltd.'s operations wound up
will be heard before the High Court of Invercargill on June 4,
2008, at 10:00 a.m.

WMBFC Limited filed the petition on April 15, 2008.

WMBFC Limited's solicitor is:

          W. J. Palmer
          PO Box 322, Christchurch


CONNEXIONZ LTD: Seals NZ$3.6MM Deal with City of Santa Clarita
--------------------------------------------------------------
Connexionz Limited has secured an NZ$3.6 million (US$ 2.9
million) contract, which includes a three-year maintenance
component, for the supply of their Real Time Passenger
Information (RTPI) system for the City of Santa Clarita,
California.

Connexionz will now have seven systems operating in the US
however, up until now most have been located on the East Coast.
"We are extremely pleased to have achieved this sale as it will
become an important reference site for future prospects on the
West Coast where there are high levels of interest in RTP,I"
Boyce said.

This is also the first system won using the NZ Export Credit
Office (NZECO) performance bond guarantee programme.  Under the
programme, Connexionz's performance bond is guaranteed by the
NZECO. The NZECO is a branch of NZ Treasury.  Connexionz's
acceptance into the programme attests to the company's strong
track record in reliably delivering its systems to time and
budget.

"We are building momentum in the US market whilst at the same
time receiving enquiries from cities in New Zealand, the UK,
Eastern Europe, South America and Malaysia.  Our marketing
efforts have been particularly focused on the US and we are
pleased to see this significant reward in recognition of that
investment".

This news follows hard on the heels of the successful deployment
of a RTPI system for the City of Charlottesville, which was
completed earlier in the month.

                  About Connexionz Limited

Christchurch, New Zealand-based Connexionz Limited --
http://www.connexionz.co.nz/-- produces real time passenger
information systems for public transport.  These systems allow
passengers to receive up to the minute arrival times at bus
stops, allow bus operators to manage their fleets and local
government officials to administer their public transport
systems.  Its systems now operate in the US, UK, Australia and
New Zealand.  The seven systems in the US include: the City of
Charlottesville, the University of Virginia, Arlington County,
Virginia; and the University of Maryland; and Santa Clarita, and
Corvallis, California; and Portland, Oregon.

                          *     *     *

For the 12 months ended March 31, 2007, Connexionz reported a
net loss of NZ$975,463, a 262% increase from the NZ$268,802 loss
incurred in the previous fiscal year.


GNC CONSULTANTS: Creditors' Proofs of Debt Due on June 13
---------------------------------------------------------
The creditors of GNC Consultants 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 liquidator is:

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


NZ VENDING: Taps Fatupaito and McCloy as Liquidators
----------------------------------------------------
On April 24, 2008, Vivian Judith Fatupaito and Colin Thomas
McCloy were appointed by the High Court  as the liquidators of
NZ Vending Holdings Limited.

The Liquidators can be reached at:

          Vivian Judith Fatupaito
          Colin Thomas McCloy
          c/o PricewaterhouseCoopers
          188 Quay Street
          Private Bag 92162, Auckland
          New Zealand
          Telephone:(09) 355 8000
          Facsimile:(09) 355 8013


OCTANE CREATIVE: Taps Brown and Rodewald as Liquidators
-------------------------------------------------------
Kenneth Peter Brown and Thomas Lee Rodewald were appointed
liquidators of Octane Creative Productions Limited on May 5,
2008.

The Liquidators can be reached at:

          Kenneth Peter Brown
          Thomas Lee Rodewald
          c/o Rodewald Hart Brown Limited
          127 Durham Street
          PO Box 13380, Tauranga
          New Zealand
          Telephone:(07) 571 6280
          Web site: http://www.rhb.co.nz


SUPA CHEAP: Appoints Brown and Rodewald as Liquidators
------------------------------------------------------
Kenneth Peter Brown and Thomas Lee Rodewald were appointed
liquidators of Supa Cheap Aluminium Fencing Limited on May 5,
2008.

The Liquidators can be reached at:

          Kenneth Peter Brown
          Thomas Lee Rodewald
          c/o Rodewald Hart Brown Limited
          127 Durham Street
          PO Box 13380, Tauranga
          New Zealand
          Telephone:(07) 571 6280
          Web site: http://www.rhb.co.nz


TIGER PROMOTIONS: Names Brown and Rodewald as Liquidators
---------------------------------------------------------
Kenneth Peter Brown and Thomas Lee Rodewald were appointed
liquidators of Tiger Promotions International Limited on May 5,
2008.

The Liquidators can be reached at:

          Kenneth Peter Brown
          Thomas Lee Rodewald
          c/o Rodewald Hart Brown Limited
          127 Durham Street
          PO Box 13380, Tauranga
          New Zealand
          Telephone:(07) 571 6280
          Web site: http://www.rhb.co.nz


TITAN FOUNDATION: Names Fatupaito and McCloy as Liquidators
-----------------------------------------------------------
On April 24, 2008, Vivian Judith Fatupaito and Colin Thomas
McCloy were appointed by the High Court  as the liquidators of
Titan Foundation Limited.

The Liquidators can be reached at:

          Vivian Judith Fatupaito
          Colin Thomas McCloy
          c/o PricewaterhouseCoopers
          188 Quay Street
          Private Bag 92162, Auckland
          New Zealand
          Telephone:(09) 355 8000
          Facsimile:(09) 355 8013


TRANS PACIFIC: Names Brown and Rodewald as Liquidators
------------------------------------------------------
Kenneth Peter Brown and Thomas Lee Rodewald were appointed
liquidators of Trans Pacific Fishing Ltd. on May 5, 2008.

The Liquidators can be reached at:

          Kenneth Peter Brown
          Thomas Lee Rodewald
          c/o Rodewald Hart Brown Limited
          127 Durham Street
          PO Box 13380, Tauranga
          New Zealand
          Telephone:(07) 571 6280
          Web site: http://www.rhb.co.nz


WEST PRINTING: Appoints Fatupaito and McCloy as Liquidators
-----------------------------------------------------------
On April 24, 2008, Vivian Judith Fatupaito and Colin Thomas
McCloy were appointed by the High Court  as the liquidators of
West Printing (NZ) Ltd.

The Liquidators can be reached at:

          Vivian Judith Fatupaito
          Colin Thomas McCloy
          c/o PricewaterhouseCoopers
          188 Quay Street
          Private Bag 92162, Auckland
          New Zealand
          Telephone:(09) 355 8000
          Facsimile:(09) 355 8013



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

* PHILIPPINES: Bank Lending Growth Accelerates in March 2008
------------------------------------------------------------
Based on preliminary data from the new system of bank reporting,
the Central Bank of the Philippines says outstanding loans of
commercial banks (including reverse repurchase agreements or
RRPs) rose further in March, posting a growth of 10.6  percent
year-on-year.  This was higher than the 5.7 percent growth
posted in February. Bank lending—net of banks’ RRP placements
with the BSP—increased by 15.7 percent year-on-year in March.

The Financial Reporting Package (FRP), which replaces the
Consolidated Statement of Condition (CSOC) reports, adopts the
detailed classification of the amended 1994 Philippine Standard
Industrial Classification (PSIC) for international
comparability.  The system classifies lending by production
purposes (which covers 16 economic activities) and by household
consumption purposes (with three economic categories).
Previously, bank reports classified loans into 17 economic
sectors.

Loans for production purposes grew by 15.7 percent in March,
while consumption loans rose by 4.5 percent during the same
period.  Production loans were driven largely by credit extended
to the financial intermediation and electricity, gas and water
sectors.  Meanwhile, the growth in consumption loans was
dominated by the expansion in credit card receivables.

The Central Bank continues to closely monitor bank lending
activities to ensure that these are consistent with the
economy’s growth and inflation objectives.



=============
V I E T N A M
=============

* Fitch Says Vietnam's Banks Face Challenging Environment
---------------------------------------------------------
Fitch Ratings has said that in the immediate future, Vietnam's
banks face a particularly challenging environment, due to
sharply higher interest rates and much tighter liquidity, as
belatedly imposed by the country's central bank, State Bank of
Vietnam, recently to combat the sharp increase in inflation.
The special report, "Vietnamese Banks - A Home-Made Liquidity
Squeeze?", is to published by the agency.

"The higher interest rate environment is likely to result in
borrower stress and higher credit costs," says Sabine Bauer,
Director in Fitch's Financial Institutions team.  "In this
regard, the private banks are most exposed given their rapid
loan growth over recent years - especially if it has been
imprudently - to property developers and stock market
investors."

Fitch also notes that the high proportion of USD loans - almost
a quarter of system-wide loans - is a concern insofar as any
sharp depreciation of the Vietnamese Dong, were that to occur,
would make repayment more expensive for these borrowers.
Following the removal of the 12% ceiling on deposit rates, Fitch
expects the relatively strained liquidity situation of the
smaller/weaker banks in Vietnam to ease considerably.  Fitch
expects the trend of squeezed interest margins to continue in
the current environment as a result of increasing competition.

"Beyond these immediate concerns, over the medium-to-longer
term, Vietnam's banking sector should continue to offer good
opportunities to its more commercially-oriented prudent
operators, due to ongoing robust economic growth," says Peter
Tebbutt, Senior Director in Fitch's Financial Institutions team.
"This is particularly so in regards to the larger private banks,
most of which have already secured a major international bank as
a strategic foreign investor."

Loan growth for Vietnam's banks has been very strong over recent
years at around 30% p.a. (2007: 53%) as a result of rapid
economic growth, particularly for private businesses and
consumers as the country has transformed itself towards being
market-oriented, compared to being oriented towards central
planning.  In this environment, opportunities have been
especially plentiful for Vietnam's roughly 36 smaller but more
commercially-driven private banks.  As such, they have been
growing very rapidly and now account for around 30% of the
system assets, vs. around 60% for Vietnam's five main state-
owned commercial banks which have historically dominated the
system.

Whether the smaller private banks have been as prudent as the
larger private banks and the SOCBs is unclear, due to limited
transparency, which is a particular concern, given that the
regulatory and supervisory regime is weak.  Notably, some
smaller private banks have reportedly been experiencing
liquidity problems recently and have had to be supported by the
SOCBs, and ultimately the central bank.  And while this can be
partly attributed to policy actions, it nevertheless highlights
weaknesses in the system that the authorities do need to
address.



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

* Moody's Has Stable Outlook for Asia-Pacific Metals & Mining
-------------------------------------------------------------
Moody's Investors Service has a stable outlook for the ratings
of base-metals, mining, and steel companies in Asia Pacific over
the next 12-18 months, according to a new report from the rating
agency.

The report says higher output prices, well above long-term
averages, will offset pressures from increased operating and
capital costs that would ordinarily crimp cash flows.  The
upward lift to ratings from enhanced revenues balances the
downward ratings drag of rising costs.

"Despite a stagnant U.S. economy, China should continue to act
as the engine of demand that underpins the ratings of metals and
bulk commodities, with supporting roles from ongoing
infrastructural build-outs in countries like India, Brazil, and
Russia," says the report's lead author, Terry Fanous, a Moody's
senior vice president.

"China's high-speed growth is likely to be slower than in the
past, but the combination of production and delivery
bottlenecks, tight supply and inventories, higher raw-material
costs, and problems with power supplies in certain producing
countries will help keep prices well above long-term averages,"
adds Fanous.

The report notes that inflationary pressure on costs is
constraining the companies' profit margins and that vertically
integrated producers with captive raw material are best
positioned to take advantage of such an environment and enjoy
relative stability or uplift in their ratings.  Other issuers
have passed on rising costs to their end consumers and thus
avoided any negative rating implications.

A contributor to the report, Laura Acres, a vice president and
senior analyst, says, "Indonesian coal companies have been
relatively insulated from the current instability in regional
credit markets, due to rising coal prices which have fueled high
levels of liquidity.  The overall attractiveness of the sector
has enabled producers to successfully target both debt and
equity markets in raising funds for expansion and refinancing."

Acres adds, "Regulatory risk exists in some of the region's top
mineral-and-metal exporting countries, but we do not foresee an
imminent impact on any of the rated companies' credit profiles."

The report also notes that Australia's plan to implement a
trading scheme for carbon emissions by 2010 will have
potentially negative rating implications for Australian issuers
over the longer term.

Entitled "Asia-Pacific Base Metals, Mining, and Steel: Stable
Outlook Amid Margin Pressure", the report is available at
www.moodys.com.

                         *********

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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