TCRAP_Public/080606.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, June 6, 2008, Vol. 11, No. 112

                            Headlines

A U S T R A L I A

ALPHALINK (AUSTRALIA): Commences Liquidation Proceedings
AUSFAR PTY: Names Basedow as Liquidator
BEECHWOOD HOMES: Receivers Fast Tracking Due Diligence Process
BLUESTONE LODGE: Appoints Basedow as Liquidator
BRESLAND HOLDINGS: Liquidator Presents Wind-Up Report

CITY PACIFIC: Loan Due Date Looms, CEC Sale Deal Pending
FORD MATTHEW: Liquidator Presents Wind-Up Report
GLOBAL COLLEGE: Creditors May Receive Payments in Full
MARTINDALES PTY: Appoints Richard James Wishart as Liquidator
OPES PRIME: IMF Demands AU$1BB Deal With Full Disclosure

SHEAR POWER: Declares Dividend for Creditors
SIDNEY DOUGLAS: Placed Under Voluntary Liquidation
TAHI BUILDING: Appoints Gary Anderson as Liquidator
TUBIRDS PTY: Liquidator Presents Wind-Up Report


C H I N A

CONSTRUCTION BANK: Inks Information System Pact with Yucheng
GREENTOWN CHINA: Inks Joint Venture for Metal Facility Dev't
GUANGXIA (YINCHUAN): Hires Zhu Guanhu as Board Chairman


I N D I A

BHARTI AIRTEL: Two Managers Added to the Exodus List
FIRST CUSTODIAN: Tribunal Stays Registration Suspension Order
SAHARA INDIA: High Court Stays RBI Ban on Sahara Fin'l. Deposits
TATA MOTORS: One of Merchant Bankers' Picks for GM's Hummer


I N D O N E S I A

ANEKA: Unit Partners With Shenzhen for Herald Counter Bid Offer
ANEKA TAMBANG: Signs JV Deal to Develop Metal Facility in Konawe
BANK NIAGA: Merger With Bank Lippo May be Completed Next Year
CILIANDRA PERKASA: Fitch Lifts Issuer Default Ratings to 'BB-'
EXCELCOMINDO PRATAMA: Moody's Affirms Ba2 LC Issuer Rating

* INDONESIA: Textile Companies Incur Losses Due to Blackouts


J A P A N

COSMO OIL: Signs Joint Venture Agreement With SBI Holdings
DAIWA SECURITIES: Unit to Acquire Shares & Bonds of Shinseido Co
HITACHI ZOSEN: To Dissolve Power Supply Subsidiary in Osaka
SANYO ELECTRIC: S&P Upgrades Long-Term Credit Rating to 'BB'


K O R E A

CHONGKUNDANG CORP: Inks Medicine Dev't Accord With Young In
CHOROKBAEM MEDIA: Names Gil Gyeong Jin as Co-CEO
COREBRID INC: Discloses Rights Issue of 10 Million Common Shares
ST&I CO: Moves Effective Date of Stake Sale to June 30

TAE GWANG: Gets Oscillator Patent Award
WOONGJIN CHEMICAL: To Buy Woongjin Coway's Filter Factory
* KOREA: OECD Projects 5% Output Growth in 2009
* KOREA: May 2008 Domestic Auto Production Down 6%


M A L A Y S I A

ARK RESOURCES: SC OKs Dec. 31 Due Date for Proposal Completion
FOREMOST HOLDINGS: To Hold 10th Annual Meeting on June 27
LITYAN HOLDINGS: To Hold 15th Annual Meeting on June 26
WONDERFUL WIRE: Total Default Reaches MYR64.86 Mil. as of May 31


M O N G O L I A

BANK OF MANGOLIA: Moody's Affirms Ba2 Ratings on Notes


N E W  Z E A L A N D

310 LIMITED: Creditors Have Until June 16 to File Claims
BOSHER CONSTRUCTION: Liquidators Appointed
BRIDGECORP LTD: Founder to Pay As Much as NZ$700,000
DH & GGH: Liquidator Appointed
PARTAGAS FOUNDATION: Liquidation Hearing Set on August 1

ROCKTON LTD: Liquidator Appointed
* NEW ZEALAND: Official Cash Rate Stays at 8.25%
* NEW ZEALAND: Wholesale Trade Sales Up 0.2% in March 2008 Qtr


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                         - - - - -


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

ALPHALINK (AUSTRALIA): Commences Liquidation Proceedings
--------------------------------------------------------
Alphalink (Australia) Pty. Ltd.'s members agreed on March 18,
2008, to voluntarily liquidate the company's business.  Alan
Geoffrey Scott was appointed to facilitate the sale of its
assets.

The liquidator can be reached at:

          Alan Geoffrey Scott
          SimsPartners
          Level 4, 12 Pirie Street
          Adelaide SA 5000
          Australia


AUSFAR PTY: Names Basedow as Liquidator
---------------------------------------
Ausfar Pty. Ltd.'s members agreed on April 1, 2008, to
voluntarily liquidate the company's business.  Michael Oscar
Basedow was appointed to facilitate the sale of its assets.

The liquidator can be reached at:

          M. O. Basedow
          Basedows Chartered Accountants
          Business Advisors + Recovery Specialists
          121 Greenhill Road
          Unley SA 5061
          Australia


BEECHWOOD HOMES: Receivers Fast Tracking Due Diligence Process
--------------------------------------------------------------
The Receivers and Managers of Beechwood Homes, Chris Campbell
and David Lombe have told Beechwood Home homeowners that they
have received significant interest in the sale of the business,
are fast tracking the due diligence process and are pursuing
some short-term work towards completion on a small number of
homes.

“We are pleased to report that there has been significant
interest registered in the business,” says Mr. Campbell.  “Based
on the interest that we have received to date, we remain
confident that a sale of the Beechwood Homes businesses and
assets will be achieved.”

However, as potential buyers have only just commenced due
diligence, this is now a key priority for the Receivers.

“While due diligence for a business of this size would normally
take up to six to eight weeks, we are endeavouring to fast track
the process by reducing this to three or four weeks,” he says.
“In order to achieve this shortened timeframe we intend to apply
the necessary resources to deal with the due diligence enquiries
of the interested parties.”

The Receivers are well aware that time is of the essence for
homeowners.

“We are intently aware of the current plight and disappointment
of many homeowners. To secure the sale of the business is the
best possible outcome for all stakeholders but this must be
worked through in a logical and complete way,” Mr. Lombe says.

He believes that the best option available to homeowners is to
allow homes to be built in accordance with the Beechwood design
and their individual contracts.

A sale of the companies’ businesses and assets includes the
homes that are partially complete.

“We expect that the purchaser of the business will take steps to
complete these homes, either through an assignment of the
contracts or by a licensing arrangement.”

Ongoing warranties and warranty issues have been raised by some
home owners.

            NSW Gov't Urges Clients to File Claims

As reported in the Troubled Company Reporter-Asia Pacific on
May 28, 2008, ABC News said the New South Wales Government is
urging consumers affected by the collapse of Beechwood Homes to
immediately lodge insurance claims.

According to the report, the receivers for the company have
received a number of serious proposals from builders wanting to
take over Beechwood's contract, but no decision on a buyer has
been reached.

                        Creditors' Meeting

On May 26, 2007, the Troubled Company Reporter, citing the
Australian, reported that that Beechwood Homes' receivers
failed to attend the company's first creditors' meeting
held May 24, 2008.

About 150 home buyers present at the meeting were "very pissed
off," the Australain said, citing Beechwood administrator Andrew
Wily of Armstrong Wily.

On May 14, 2008, following the appointment of voluntary
administrators by the Directors of Beechwood Homes, David Lombe
and Chris Campbell from the Deloitte Corporate Reorganization
Group were appointed by a secured creditor as receivers and
managers of Beechwood Homes, being made up of L.E.D. Builders
Pty Limited, L.E.D. (North Coast) Pty Limited, L.E.D. (South
Coast) Pty Limited (All Receivers and Managers Appointed) (In
Administration).

According to The Australian, Deloitte spokeswoman Karina Randall
denied the receivers were required to attend the meeting.  "It's
standard.  It was a voluntary meeting held by the
administrators," Ms. Randall was cited in the report as saying.

The report said creditors were told Deloitte had decided against
attending because it had yet to gather enough information about
Beechwood since its collapse last week.

The Australian relates that about 400 building subcontractors
are owed about AU$10million by Beechwood and the property
group's biggest creditor, BankWest, is owed a further
AU$10 million.

Meanwhile, Deloitte said in a press statement released on the
day of their appointment that Beechwood's Directors appointed a
voluntary administrator without the consent or knowledge of the
secured creditor.   As a consequence the secured creditor took
steps to appoint receivers and managers.

Deloitte stated that prior to its appointment, the company had
preliminary discussions with a number of parties interested in
buying the business.

Deloitte said it is endeavouring to speak with those and other
interested parties who may wish to purchase the assets of the
company and will also be contacting the respective home buyers
to inform them of the position of the company and its ability to
complete their homes.

                       About Beechwood Homes

Beechwood Homes is an Australian owned family company that was
started in the early 1980s, and is currently building
approximately 350 homes.


BLUESTONE LODGE: Appoints Basedow as Liquidator
-----------------------------------------------
Bluestone Lodge Pty. Ltd.'s members agreed on April 1, 2008, to
voluntarily liquidate the company's business.  Michael Oscar
Basedow was appointed to facilitate the sale of its assets.

The liquidator can be reached at:

          M. O. Basedow
          Basedows Chartered Accountants
          Business Advisors + Recovery Specialists
          121 Greenhill Road
          Unley SA 5061
          Australia


BRESLAND HOLDINGS: Liquidator Presents Wind-Up Report
-----------------------------------------------------
C. M. Williamson, Bresland Holdings Pty. Ltd.'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:

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


CITY PACIFIC: Loan Due Date Looms, CEC Sale Deal Pending
--------------------------------------------------------
City Pacific Limited disclosed in a regulatory filing
that it has finalized negotiations with its financier
for an extension to the date of repayment of its
managed vehicle's banking facilities until July 31, 2008.

The debt, owed by City Pacific First Mortgage Fund,
has been reduced from AU$240 million to AU$180 million
through its usual business operations.

The Fund has a number of loans scheduled to be repaid
during June which will enable it to reduce its
obligations to its bankers.

The directors of City Pacific remain confident of
continuing to reduce debt levels and implementing
appropriate refinancing arrangements in respect of any
residual debt prior to July 31, 2008.

                 AU$100 Mil. Corporate Facility

City Pacific's corporate facility is scheduled to be
repaid in October 2008 and the Directors are confident
of significantly reducing the facility prior to the
repayment date.  The reduction will be made through a
number of transactions including the sale or joint
venture arrangements of certain assets held by City
Pacific.

                            CEC Deal

City Pacific said it has not received formal notice from
CEC, a North Queensland developer, that the sale of
the company's future development area will not proceed.
However, City Pacific said it has negotiated alternative
sale arrangements which are close to finalization should
the CEC transaction not proceed.

                       About City Pacific

City Pacific Limited (ASX: CIY) -- http://www.citypac.com.au/
-- is a diversified financial services company, providing
finance and investment products.

City Pacific, a non-bank loan provider, has AU$5 billion
in mortgage assets under advice, comprising over AU$1 billion
funds under management in the City Pacific First Mortgage
Fund, City Pacific Income Fund, City Pacific Managed Fund
and City Pacific Private Fund, a residential loan book of
AU$3.3 billion and commercial mortgage assets under
management of approximately AU$800 million.  City Pacific
originates nearly AU$3 billion per annum in loans to fund
residential property, property development, commercial
property investment, plant & equipment and business
finance.


FORD MATTHEW: Liquidator Presents Wind-Up Report
------------------------------------------------
I. C. Francies, Ford Matthew Phillips Stephen Security Pty.
Ltd.'s estate liquidator, met with the company's members on
March 26, 2008, and provided them with property disposal and
winding-up reports.

The liquidator can be reached at:

          I. C. Francis
          Taylor Woodings
          Chartered Accountants
          Level 6, 30 The Esplanade
          Perth WA 6000
          Australia
          Telephone: (08) 9321 8533
          Facsimile: (08) 9321 8544


GLOBAL COLLEGE: Creditors May Receive Payments in Full
------------------------------------------------------
Deloitte partner Neil Cussen, the Voluntary Administrator of
Global College Pty Ltd, has successfully sold Global College
through a Deed of Company Arrangement to Australian Education
Advancement Pty Ltd (AEA Pty Ltd) and Dunnet Properties Pty
Limited.

Mr. Cussen says that there was significant interest in the
purchase of the business, which contributed towards the success
of the sale.  “The sale will result in a substantial dividend
being paid to creditors and could ultimately lead to creditors
being paid in full,” says Mr. Cussen.

“The business will trade to June 30 under the current
administration and accreditation arrangements, and is
anticipated to continue thereafter under the new ownership after
the accreditation is transferred to the new owners.” says Mr.
Cussen.  “This is the best possible outcome for the 1,200
students, creditors, teachers and regulatory authorities.”

Mr. Cussen says that a “Deed of Company Agreement” means that
the new owners will takeover the Company without any of the
historic liabilities to creditors. “Creditors should submit
their claims to the Administrators at the Deloitte Sydney office
for adjudication and inclusion in the Deed,” he says.

This Deed of Company Arrangement was approved unanimously by
creditors at a meeting on May 30, 2008, which should ultimately
lead to the English and High School students being able to
complete their courses and obtain their qualifications.

The Director of AEA Pty Ltd and new co-owner of Global College
Mr Peter Cornish, is widely recognised in the industry as having
experience in assisting financially distressed educational
institutions.  Mr Cornish’s 40 year experience in the education
industry includes roles as Executive Headmaster at SCECGS
Redlands, Cremorne for 22 years and Executive Chairman of ACPE
College, Sydney Olympic Park for the last five years.

“Australian Education Advancement Pty Ltd is delighted with the
co-purchase of such a dynamic College with great growth
prospects.  Our priority is to revitalise the College community
and its offerings to ensure exceptional educational service in
the years to come,” says Mr. Cornish.

Global College continues to provide educational courses to
international students in English and High School.  The Company
had approximately 1,200 students enrolled at the time the
Administrator was appointed.

The Voluntary Administrator is continuing to work with the
government authorities to assist the purchasers in obtaining the
relevant accreditation to continue trading the Company post
June 30, 2008.


MARTINDALES PTY: Appoints Richard James Wishart as Liquidator
-------------------------------------------------------------
Martindales Pty. Ltd.'s members agreed on March 31, 2008, to
voluntarily liquidate the company's business.  Richard James
Wishart was appointed to facilitate the sale of its assets.

The liquidator can be reached at:

          Richard James Wishart
          Chartered Accountant
          Level 3, 27 Leigh Street
          Adelaide SA 5000
          Australia


OPES PRIME: IMF Demands AU$1BB Deal With Full Disclosure
--------------------------------------------------------
Litigation funder IMF told the ANZ Bank and Opes Prime
administrator that any settlement agreement would need to be
done at full value or close to the AU$1billion-plus claim, and
with conditional full disclosure on the bank's role in the
collapsed firm, Katherine Jimenez of The Australian reports.

"Our clients want us to press on and want ... the full amount of
their loss back," IMF litigation manager Charlie Gollow told The
Australian.  "That offer (AU$350 million) does not represent
that in any way at all."

The Australian noted media reports last week that ANZ might be
interested in offering Opes creditors a settlement payment of
about AU$350 million.

The report says administrator John Lindholm told creditors that
discussions with ANZ Bank and Merrill Lynch had progressed.
However, Mr. Gollow said clients had indicated they would not be
interested in a AU$350 million settlement.

"If Lindholm is there trying to urge a settlement and discourage
people from taking litigation, I think he's just getting the
wrong message ... certainly from our clients," Mr. Gollow told
the news agency.

According to the Australian, one Opes client said he planned to
take his fight against ANZ Bank to Hong Kong and put its case to
the local press there.

                      About Opes Prime

Opes Prime Group Ltd is an Australian unlisted public company
providing a range of financial services and products for high
net worth individuals, stockbrokers and financial advisors,
asset managers, banks and other firms, both for themselves and
their clients.  The Group conducts business via a number of
operating subsidiaries based in Melbourne, Sydney and Singapore:

   1) Opes Prime Stockbroking Limited is a full Market
      Participant of the Australian Stock Exchange Ltd, and
      holds an Australian Financial Services Licence (#247408)
      which enables it to deal and advise in financial
      services and products to retail and wholesale clients. The
      company was first registered on 10 March 1999, and started
      business with its current shareholders in 2005.  Opes
      Prime Stockbroking is a specialist provider of
      securities lending and equity financing services.  In
      Singapore, the firm operates through Opes Prime Group's
      wholly owned subsidiary, Opes Prime International Pte Ltd.
      In Australia, Opes Prime Stockbroking has granted
      Authorized Representative status to Trader Dealer Pty Ltd,
      an on-line non-advisory trading execution service for the
      semi-professional and professional trader.

   2) Opes Prime Structured Products Pty Ltd develops, manages
      and markets specialized leveraged products for the high
      net worth market, providing outstanding risk protection
      and return potential.

   3) Opes Prime Paradigm Pty Ltd, is a corporate finance and
      advisory firm specializing in small and mid cap stocks.

   4) In Singapore, Opes Prime Asset Management Pte Ltd provides
      specialist hedge fund incubation, advisory and trade
      management services, and Five Pillars Associates Pte Ltd
      provides Islamic finance consultancy.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on April 1,
2008, that Opes Prime was placed under receivership after
directors became aware of a number of cash and stock movement
irregularities in relation to a small number of accounts.
Ferrier Hodgson Partners John Lindholm, Peter McCluskey and
Adrian Brown have been appointed Administrators by the directors
of Opes Prime Group Limited and a number of its subsidiaries and
related entities including, Opes Prime Stockbroking Limited.
Initial investigations indicate that the solvency of the
business was under pressure due to a number of major clients not
meeting significant margin calls.  The Administrators are
currently examining the Group's affairs to quantify the likely
liability to OPSL's clients.

At the same time, Sal Algeri and Chris Campbell from the
Deloitte Corporate Reorganisation Group were appointed by a
secured creditor, ANZ Banking Group Ltd., as Receivers and
Managers of Opes Prime Group Ltd, Opes Prime Stockbroking Ltd,
Leveraged Capital Pty Ltd and Hawkswood Investments Pty Ltd.


SHEAR POWER: Declares Dividend for Creditors
--------------------------------------------
Shear Power Australia Ltd, which is in liquidation, declared its
dividend for its creditors.

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

The company's liquidators are:

          Gary Anderson
          PO Box 1661
          West Perth WA 6872
          Telephone: (08) 9486 7822
          Facsimile: (08) 9226 4250
          Email: garya@iinet.net.au


SIDNEY DOUGLAS: Placed Under Voluntary Liquidation
--------------------------------------------------
Sidney Douglas Investments Pty. Ltd.'s members agreed on
March 18, 2008, to voluntarily liquidate the company's business.
Bruce Raymond Spangler was appointed to facilitate the sale of
its assets.

The liquidator can be reached at:

          Bruce Raymond Spangler
          64 Greenhill Road
          Wayville SA 5034
          Australia


TAHI BUILDING: Appoints Gary Anderson as Liquidator
---------------------------------------------------
Tahi Building Services Pty. Ltd.'s members agreed on April 4,
2008, to voluntarily liquidate the company's business.  Gary
John Anderson was appointed to facilitate the sale of its
assets.

The liquidator can be reached at:

          Gary Anderson
          PO Box 1661
          West Perth WA 6872
          Australia
          Telephone: (08) 9486 7822
          Facsimile: (08) 9226 4250
          Email: garya@iinet.net.au


TUBIRDS PTY: Liquidator Presents Wind-Up Report
-----------------------------------------------
Martin Jones, Tubirds Pty. Ltd.'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:

          Martin Jones
          Ferrier Hodgson
          Level 26, BankWest Tower
          108 St Georges Terrace, Perth
          Australia



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

CONSTRUCTION BANK: Inks Information System Pact with Yucheng
------------------------------------------------------------
China Construction Bank signed a deal with Yucheng Technologies
Limited wherein Yucheng will provide the bank its next
generation credit management information system.

CMIS is the credit asset performance and risk management
platform for CCB.  It is the bank's first information system
that is used by all branches nationwide, as well as a key
analytical tool for analyzing and monitoring the bank's asset
quality.  Yucheng has been CCB's exclusive partner in upgrading
and maintaining the first generation CMIS since 2001.  According
to the development plan, the new CMIS will be capable of
collecting and aggregating credit asset-related data for the
bank's head office from its branches around the country, and
provide powerful and flexible analytical tools for filtering and
analyzing data, including pre-defined and customized reporting
to support credit related decision-making.

Mr. Weidong Hong, the CEO of Yucheng stated, "This project is a
critical step for China Construction Bank to revamp and further
upgrade its ability to monitor and manage its asset performance
and bank-wide risk profile.  CMIS II is at the heart of CCB's
overall risk management efforts, and we are, again, honored that
CCB continues to rely on Yucheng for its mission critical needs.
This further demonstrates our continued strong standing
relationship with CCB and we anticipate that this project will
translate into business with other domestic Chinese banks, which
are increasingly focused on risk management tools. Yucheng is
well poised to benefit from the rapidly growing demands given
our recognized expertise and clear leadership in this area among
Chinese IT solutions providers."

              About Yucheng Technologies Limited

Yucheng Technologies Limited (YTEC) is a leading IT service
provider to the Chinese banking industry.  Headquartered in
Beijing, China, Yucheng has more than 1,800 employees and has
established an extensive footprint to serve its banking clients
nationwide, with subsidiaries and representative offices in
eighteen cities.  Yucheng provides a comprehensive suite of IT
solutions and services to Chinese banks including: (i) channel-
related IT solutions, such as web banking and call centers; (ii)
business-related processing solutions, such as core banking
systems, foreign exchange and treasury management; and (iii)
management-related IT solutions, such as risk analytics and
business intelligence.  It is also a leading third party
provider of POS merchant acquiring services in partnership with
banks in China.

                 About China Construction

The China Construction Bank -- http://www.ccb.cn/-- is the
second largest commercial bank in China in terms of total
assets.  Founded in 1954 and headquartered in Beijing, China
Construction Bank operates a network of more than 13,000
branches and outlets across the country.  CCB also has presence
in international money centers, including overseas branches in
Hong Kong, Singapore, Frankfurt, Johannesburg, Tokyo and Seoul;
representative offices in New York, London and Sydney. As of
December 31, 2007, CCB owned a total asset of about US$903
billion.

                       *     *     *

As of March 5, 2008, China Construction Bank carries Moody's
"D-" bank financial strength rating.  Moody's Bank Financial
Strength Ratings (BFSRs) represent Moody's opinion of a bank's
intrinsic safety and soundness and, as such, exclude certain
external credit risks and credit support elements that are
addressed by Moody's Bank Deposit Ratings.

The Troubled Company Reporter-Asia Pacific reported on Nov. 20,
2006, that Fitch Ratings affirmed the bank's 'D' individual
rating.


GREENTOWN CHINA: Inks Joint Venture for Metal Facility Dev't
------------------------------------------------------------
Greentown China Holdings Limited has jointly acquired a plot of
land in West Hangzhou with Zhejiang Energy Group for dual
residential-commercial use.  Total consideration for the
acquisition was RMB1,058 million with an average land cost of
RMB8,260/sqm.

The land will be paid for in three installments, with the first
20% ( RMB212 million) due within 10 days of signing the land
grant contract, another 40% (RMB423 million) payable in
September 2008, and the last 40% due in January 2009 when the
land will be delivered.  The Group has a clear plan to join
hands with a long-standing partner for this proposed
development.  The joint venture will be held 49% by Greentown
and 51% by Zhejiang Energy Group. ZEG will take greater
responsibility for the financial commitment in 2008 and
Greentown will be in charge of project execution.

This is the second time Greentown and ZEG have cooperated to
acquire land. The companies jointly acquired land in Taizhou
early this year.

Site areas for residential development and commercial use are
41,548 sqm and 21,424 sqm respectively.  The total GFA comprises
83,096 sqm of residential development and 44,990 sqm of
commercial facilities.  The land is connected to nearly two land
parcels acquired last week for a project with Zhejiang Daily
Corporation.  Acquisitions of such large pieces of quality land
have been rare recent years.

On May 6, the Group bought two connected land parcels in the
western part of Hangzhou for a total  consideration of
RMB2,101 million at a price of Rmb10,666 per sqm.  The total
land area is 89,534 sqm with a gross floor area of 196,975 sqm.
The land premium will be paid in installments, with the first
20% (ie. RMB420 million) due within 10 days of signing the land
grant contract, another 40% (RMB840 million) payable within five
months, and the last 40% due in March 2009 when the land will be
delivered.  The Group has a clear plan to join hands with
Zhejiang Daily Group for a 50-50 JV for this proposed
development.  The Zhejiang Daily Group will take greater
responsibility for the financial commitment required in 2008.
This acquisition will further strengthen the strategic
corporation with Zhejiang Daily Group.

The site is in a unique location, surrounded by the famous
Zhejiang University in the north, Xixi National Wetland in the
south, Jiangcun Village Community Facilities Centre and in the
west by administrative, financial, healthcare buildings and a
city park, as well as the renowned Greentown Yuhua School, and
by a high-end residential district in the east.  The land site
is accessible by convenient transportion. The local government
plans to develop the area into the 'Hangzhou Demonstrative
Zone'.  The current level of the second-hand market prices of
Osmanthus Town, a major Greeentown development project, 1km from
the site, range from RMB20,000-24,000/ sqm.   At Hangzhou
Majestic Mansion, another Greentown project, the average selling
price when launched last October has been RMB34,000/sqm.

Mr. Song Weiping, Chairman of Greentown said, "The Group has
been studying the feasibility of developing the site and
neighbouring areas.  We are delighted to partner with powerful
enterprises such as Zhejiang Energy Group and Zhejiang Daily
Group to develop three pieces of land.  The Group is committed
to 'Product Quality Refining Strategy'.  We will continue to
consolidate our leading position in Hangzhou by realizing the
brand premium from our highly recognised products.  Our projects
have on average 20%-30% in price premium to projects in
neighbouring areas.  We expect the project will bring
considerable income to the Group."

                   About Greentown China

Greentown China Holdings Limited is a residential property
developer in China.  The company has operations in Shanghai,
Beijing and other selected cities across the country, including
Hefei in Anhui Province, Changsha in Hunan Province and Urumqi
in Xinjiang Uygur Autonomous Region.  It develops residential
properties targeting middle- to higher-income residents in
China. The company has three main product series: villas, which
are typically independent houses with one or two storeys; low-
rise apartment buildings, which are typically 3 to 5 storeys,
and high-rise apartment buildings, which are typically higher
than six storeys.  Many of its residential developments are
integrated residential complexes, which typically have a total
site area over 150,000 square meters, and offer a combination of
different product series with ancillary facilities, such as
clubhouses, kindergartens and grocery stores.

                          *     *     *

The TCR-AP reported on May 9, 2008, that Moody's Investors
Service has changed to negative from stable its outlook for
Greentown China Holdings Ltd's (Greentown) Ba3 corporate family
rating and senior unsecured bond rating.


On Dec. 5, 2007, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on Greentown China Holdings
Ltd. to 'BB-' from 'BB'.  The outlook is stable.  At the same
time, Standard & Poor's lowered the long-term debt ratings on
the company's US$400 million senior unsecured notes and its
CNY2.31 billion convertible notes to 'BB-' from 'BB'.


GUANGXIA (YINCHUAN): Hires Zhu Guanhu as Board Chairman
-------------------------------------------------------
Guangxia (Yinchuan) Industry Co. Ltd. has appointed Zhu Guanhu
as chairman of the company's Board of Directors, according to
report by Reuters.

Guangxia (Yinchuan) Industry Co., Ltd. --
http://www.guangxia.com.cn/-- is a grape wine manufacturer.
Through its six subsidiaries, the company is also engaged in
real estate development, medlar development and the production,
trading, research and planting of natural medicines.

The Troubled Company Reporter - Asia Pacific reported on
February 16, 2007 that the company has a capital deficiency of
US$115.50 million, on total assets of US$62.19 million.



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

BHARTI AIRTEL: Two Managers Added to the Exodus List
----------------------------------------------------
Bharti Airtel recently lost two senior managers in addition to
several top executives who left the company in the past two
months, The Economic Times reports.

According to the report, Jayant Khosla, who was heading Bharti's
mobility business for the western region has left to head Future
Group's insurance business with French company Generali while
Carol Borghesi, who used to head the crucial customer services
business for Bharti Airtel, has gone back to the UK after her
two-year contract ended.

Last month, as reported in the Troubled Company Reporter-Asia
Pacific, Bharti Airtel Limited decided to disengage from its
ongoing talks with MTN Group Limited saying that "MTN has. . .
presented a completely different structure, from what was
agreed."

The company said the new structure envisages Bharti Airtel
becoming a subsidiary of MTN and exchange of majority shares of
Bharti Airtel held by the Bharti family and Singtel, in exchange
for a controlling stake in MTN.

Bharti called the structure as a "convoluted way of getting an
indirect control of the combined entity [which] would have
compromised the minority shareholders of Bharti Airtel and also
would not capture the synergies of a combined entity."

Bharti said it remains keen to expand in the international
arena.

Following the ended negotiations with Bharti,  MTN spokeswoman
Nozipho January-Bardill told Bloomberg News that Chief Executive
Phutuma Nhleko is open to talks with other companies and that
this remains the case.

                          Bharti Airtel

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

                          *     *     *

As of June 6, 2008, Bharti Airtel continues to carry a “BB+”
Long Term Issuer Default Rating placed by Fitch on Nov. 19, 2007
with a Stable outlook.


FIRST CUSTODIAN: Tribunal Stays Registration Suspension Order
-------------------------------------------------------------
The Mumbia Securities Appellate Tribunal stayed an order
suspending The First Custodian Fund (India) Ltd.'s certificates
of registration for a period of three months each.

First Custodian Fund, a registered stock broker, was found
guilty of manipulating the securities market in violation of
the provisions of the Securities and Exchange Board of India
(Prohibition of Fraudulent and Unfair Trade Practices Relating
to Securities Market) Regulations, 1995 and the Securities and
Exchange Board of India (Stock Brokers and Sub Brokers)
Regulations, 1992.

The order, penned by Justice N.K. Sodhi (Presiding Officer),
Arun Bhargava and Utpal Bhattacharya, disposed three appeals
on the order as well as three applications seeking disposal of
the appeals following agreements made between First Custodian
Fund and the Securities and Exchange Board of India.

During the pendency of its appeals, First Custodian Fund
offered, which was accepted by the High Powered Committee, to
pay a sum of Rs.10.25 lacs and Rs.7.75 lacs respectively in full
and final settlement of its dispute with the Board.

In addition, the fund offered to pay a sum of Rs.25,000 towards
legal expenses and voluntarily agreed to remain out of the
market for a period of six months.


SAHARA INDIA: High Court Stays RBI Ban on Sahara Fin'l. Deposits
----------------------------------------------------------------
The Times of India reports that the Lucknow bench of the
Allahabad high court on Thursday stayed the Reserve Bank of
India's order banning Sahara India Financial Corporation Limited
from accepting deposits from investors.

According to the report, the vacation bench comprising Justices
U K Dhaon and Shabihul Hasnain said the court had no option but
to stay the order as innocent investors would suffer because of
the RBI action.  The court set another hearing in July.

As reported yesterday in the Troubled Company Reporter-Asia
Pacific, the RBI prohibited with immediate effect Sahara India
Financial Corporation Ltd. from accepting public deposits from
any person in any form whether by way of fresh deposits or
renewal of the deposits or otherwise.

SIFCL was issued a Show Cause Notice (SCN).  In response to the
SCN, the company had sought a personal hearing, which was
granted.  The company also requested for extension of time for
giving its written submissions, which was granted.  The
submissions received were carefully examined.  The Reserve Bank
of India has come to the conclusion that the SIFCL had
continuously violated these directions/guidelines:

   (i) Maintenance of directed investments in
       violation of para 6(1)RNBC (RB) Directions, 1987.

  (ii) Payment of minimum rate of interest prescribed
       under para 5 of RNBC (RB) Directions, 1987.

(iii) ALM guidelines stipulated in Company Circular 15
       dated June 27, 2001.

  (iv) KYC norms stipulated for opening of deposit accounts
       and the details on the agents of the company
       deployed for deposit mobilisation, in Company Circular
       No. 48 dated February 21, 2005 and 46 dated
       December 30, 2004.

   (v) Intimating depositors in time of maturity of their
       deposits and repayment of  deposits on maturity in
       terms of directions in para 5A of RNBC (RB)
       Directions, 1987.

Accordingly, to protect the interests of depositors and in
public interest, RBI passed the following order:

   (i) SIFCL is prohibited with immediate effect from
       accepting any deposit in any manner including
       installments under any running daily deposit or
       other recurring deposit  schemes or otherwise,
       either from its existing depositors or new
       depositors whether by way of renewal or otherwise.

  (ii) SIFCL shall repay the deposits as and when they
       mature.

(iii) SIFCL shall not treat non-payment of installments
       under any running daily deposit or other
       recurring deposit schemes by depositors, as a
       default by depositor and SIFCL shall be liable
       to pay the agreed rate of interest on the
       amounts actually held by it for the entire term
       of the deposit as if there was no default.

  (iv) SIFCL shall lodge all securities held in its
       custody with  the designated bank for custody

   (v) SIFCL subject to (i) (ii) (iii) above shall
       strictly comply with the requirements of all
       the applicable provisions of the RBI Act, the
       directions, guidelines, instructions and circulars
       issued by RBI there-under from time to time until
       such time as all the deposits are repaid with interest
       in full.  For repaying the depositors, SIFCL shall
       first apply its income and investments other than the
       investments it is required to maintain under
       paragraph 6 of RNBC Directions.  SIFCL shall ensure
       that the investments as directed in paragraph 6 of
       RNBC Directions are maintained with respect to its
       aggregate liability to depositors both towards
       principal and interest.

  (vi) SIFCL shall forthwith notify all its agents and
       employees that it has been prohibited from accepting
       deposits and shall paste a copy of the operative
       portion of the order in a conspicuous place at each
       of its branches and offices.

(vii) SIFCL shall, without prejudice to the above, be
       entitled to carry on its other business activities
       in accordance with law.

                          SIFCL Responds

Earlier, the Times of India reported that a spokesman for SIFCL
said SIFCL would challenge the order in court.

In a statement cited by the Times of India, the company said
RBI, which has frequently changed guidelines for finance
companies taking deposits, arbitrarily brushed aside SIFCL's
justified plea for a window to adapt to the new rules.

"Without giving due consideration to the demand regarding the
time limit, RBI has passed an order stopping the acceptance of
deposits in a most vindictive and arbitrary manner," the cited
statement said.  "The order is is not in conformity with the
provisions contained in the Reserve Bank of India Act inasmuch
as it completely ignores the interest of the depositors."

According to the report, the company asserted that it would
prevail in court, even as it assured depositors the safety of
their money and urged them not to panic.

The company further stressed that the activities related to life
insurance, mutual funds, real estate, media & entertainment,
consumer products, Sahara Care House and tourism did not fall
under the purview of RBI's prohibitory order, the report says.

                          About SIFCL

Sahara India Financial Corporation Ltd. is a residuary non-
banking company.  Its registered office is at 1, Sahara Bhavan,
Kapoorthala Complex, in Aliganj, Lucknow-226024.


TATA MOTORS: One of Merchant Bankers' Picks for GM's Hummer
-----------------------------------------------------------
The Economic Times reports that after the acquisition of Jaguar
and Land Rover, merchant bankers are learnt to have approached
Tata Motors for General Motors’ iconic brand, Hummer.

According to the report, the all-American SUV and pick-up brand,
which is often associated with both US military might and sheer
Hollywood style machismo, is up for sale as announced by top GM
executives earlier this week.

The report says the merchant bankers also approached Mahindra &
Mahindra Ltd for the same purpose.

As reported in the Troubled Company Reporter-Asia Pacific on
June 3, 2008, Tata Motors acquired the Jaguar Land Rover
businesses from Ford Motor Company for a net consideration of
US$2.3 billion in an all-cash transaction.

Speaking at the handling over ceremony, Mr. Ratan N. Tata,
Chairman of Tata Sons and Tata Motors said that ".... It is the
company's intention to work closely to support the Jaguar Land
Rover team in building the success and preeminence of the two
brands.”

The company also confirmed that Mr. David Smith, the acting
Chief Executive Offices of Jaguar Land Rover, would be the new
CEO of the business.

Jaguar Land Rover has been acquired at a cost of US$2.3 billion
on a cash free, debr-free basis.  The purchase consideration
includes the ownership by Jaguar and Land Rover or perpetual
royalty-free licenses of all necessary Intellectual Property
Rights, manufacturing plants, two advenced design centres in the
UK, and worldwide network of National Sales Companies.

Long term agreements have been entered into for supply of
engines, stampings and other components to Jaguar Land Rover.
Other areas of transition support from Ford include IT,
accounting and access to test facilities.  The two companies wil
continue to cooperate in areas such as design and development
through sharing of platforms and joint development of hybrid
technologies and powertrain engineering.  The Ford Motor Credit
Company will continue to provide financing for Jaguar Land Rover
dealers and customers for a transition period.  Tata Motors is
in advanced stage of negotiations wth leading auto finance
providers to support the Jaguar Land Rover business in the UK,
Europe and the US, and is expected to select financial services
partners shortly.

                        About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the company.  The company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.  TML is listed on the Bombay Stock
Exchange, the National Stock Exchange of India and New York
Stock Exchange.  It was ultimately 33.4% owned by the Tata Group
as of December 2007.

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
June 4, 2008, Moody's Investors Service downgraded the
corporate family rating of Tata Motors Ltd to Ba2 from Ba1
following the completion of its acquisition of Ford's Jaguar
Land Rover.  The rating outlook is negative.

As reported in the Troubled Company Reporter-Asia Pacific on
April 8, 2008, Standard & Poor's Ratings Services lowered its
corporate credit ratings on India's Tata Motors Ltd. to 'BB'
from 'BB+'.  At the same time, Standard & Poor's lowered to
'BB' from 'BB+' the ratings on all Tata Motors' rated debt.
These ratings remain on CreditWatch with negative implications.



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

ANEKA: Unit Partners With Shenzhen for Herald Counter Bid Offer
---------------------------------------------------------------
Tango Mining Pte Limites, a unit of PT Aneka Tambang Tbk, and
Shenzhen Zhongjin Lingnan Nonfemet Co. Limited formed to make a
revised and recommended US$2.60- US$2.65 cash offer for Herald
Resources Limited.

As reported by the Troubled Company Reporter - Asia Pacific on
April 21, 2008, Antam and Chinese zinc producer Shenzhen
Zhongjin  joined together to submit an offer to acquire Herald
Resources for AU$504.8 million.  Antam also asked its
shareholders to give the company the choice to adjust
its offer price for Herald.

Dedi Aditya Sumanagar, Antam president director, said that the
shareholders, after an extraordinary meeting, have agreed to
give extensive flexibility to Antam's board of directors in
setting the offer price as long as it is regarded proper.

Herald directors unanimously recommend that Herald shareholders
to accept the revised offer.

The Herald directors have agreed to sell all their own Herald
shares (representing 8.27% of Herald shares) into the new offer
with immediate effect.  The Herald directors have also agreed
not to withdraw their acceptances of the offer, except if that
offer lapses in the circumstances outlined below.

The terms of the revised offer are:

  -- The new offer price is US$2.60 cash per share.  If Tango
     secures a relevant interest in 90% of Herald shares during
     the offer period, the offer price increases to US$2.65 cash
     per share.

-- Tango has declared offer unconditional, except for the 50.1%
    minimum acceptance condition. Tango reserves the right to
    waive the minimum acceptance condition at any time in
    accordance with the Corporations Act.

-- If a superior offer is made for Herald shares (including an
    increase in the US$2.55 cash per share under the Calipso
    Offer), Tango reserves the right to match or exceed the
    superior offer.

-- If the Tango Offer remains conditional, and Tango does not
    match or exceed any superior offer within seven calendar
    days of that superior offer being made, then it will let the
    offer lapse, with the effect that shareholders who have
    previously accepted the Tango Offer will become free to
    accept into the superior offer.

-- Tango has declared that the increased price under the offer
    is final in the absence of a superior competing proposal (in
    this context superior competing proposal means any proposal
    in relation to Herald by way of takeover bid, scheme of
    arrangement or other transaction having similar effect).

-- Tango has also agreed to provide accelerated payment to
    Herald shareholders who accept the offer, with payment to be
    made within 12 calendar days of the offer becoming
    unconditional (for those Herald shareholders who have
    already accepted the Tango Offer at that time), or within
    12 calendar days of acceptance of the offer, once the offer
    has become unconditional.

Herald Directors believe that acceptance of the revised offer is
in the best interests of all shareholders.

"Acceptance of the offer by sufficient Herald shareholders to
enable satisfaction of the 50.1% minimum acceptance condition
will deliver cash certainty of $2.60 a share and, potentially,
US$2.65 a share if Tango moves to 90% or above," said Herald
Chairman Terry Allen.

"Herald shareholders who wish to realize all or part of their
investment in Herald in the short term may also consider selling
some or all of their shares on market."

Tango adviser Martin Alciaturi of Macquarie Capital Advisers
said: "Tango's revised offer gives the vast majority of Herald
shareholders, including Calipso, the opportunity to realise a
significant return on their investment.  We're pleased the
Herald Directors have recognised the superior nature of Tango's
offer in agreeing to accept immediately for their own holdings".
Shareholder Information The offer will be extended to close on
June 19, 2008.  It was previously scheduled to close on June 12,
2008.

Tango and its associates (including Antam and Zhongjin)
currently hold a relevant interest in 22,100,170 Herald shares,
comprising voting power of 11.18%, which will increase to 19.45%
with the acceptance of the Herald Directors' shareholdings.
Tango will shortly issue a Supplementary Bidder's Statement
setting out details of the revised offer.

Herald is being advised by Euroz Securities Limited and
Blakiston & Crabb. Tango is being advised by Macquarie Capital
Advisers and Blake Dawson.

                     About Aneka Tambang

PT Aneka Tambang Tbk -- http://www.antam.com/-- mines,
processes, develops, and explores natural deposits.  The company
operates six mines.  They are located in Riau (bauxite),
Sulawesi and Maluku (nickel), Central Java (iron sand), and
WestJava (gold).  The company also operates a precious metal
refinery and a geology unit in Jakarta.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 17, 2008, Moody's Investors Service upgraded PT Aneka
Tambang (Persero) Tbk's corporate family rating to Ba3 from B1.
The action concluded the review for possible upgrade which
commenced on October 22, 2007.

On Dec. 4, 2006, that Standard & Poor's Ratings Services raised
its long-term corporate credit rating on Indonesian state-owned
miningcompany PT Antam Tbk. to 'B+' from 'B'.  The outlook is
stable.  At the same time, Standard & Poor's also raised to
'B+', from 'B', the rating on the senior unsecured notes issued
by Antam Finance Ltd. and guaranteed by Antam.


ANEKA TAMBANG: Signs JV Deal to Develop Metal Facility in Konawe
----------------------------------------------------------------
PT Aneka Tambang Tbk and Jindal Stainless Limited have signed a
Joint Venture Agreement to develop a nickel smelting and
stainless steel facility in North Konawe, South East Sulawesi.
Antam will have a 55% interest in the project with Jindal owning
a 45% share.

Initially the project is planned to have a capacity of around
20,000 tonnes per annum (tpa) of contained nickel in ferronickel
and around 250,000 tpa for stainless steel, mainly the high
quality 300 Series.  Based on a proposed market survey to be
commissioned soon, the final end product may be stainless steel
slabs or possibly stainless steel long products.

Antam will contribute its mining and nickel processing expertise
as well as its local knowledge and experience while Jindal will
contribute its stainless steel processing and marketing
expertise as well as its global marketing network for the sales
and distribution of the joint venture's products.

The integrated project shall process nickel ore from Antam's
Mandiodo concession, which has an average nickel grade of about
1.5%. In addition to nickel smelting and stainless steel, the
facility will also include its own coal-based captive power
plant, water treatment plant, seaport and other necessary
infrastructure including residential facilities for its
employees.  This project may be the first time any where in the
world where a stainless steel processing mill is located
together with a nickel plant and mine.  This arrangement may
result in very significant cost savings and shall make the
venture highly competitive.  Total investment is estimated at
about US$700 Million which will be funded with an optimum mix of
Debt and Equity.

A Joint Team between the Companies is getting formed to
establish the Joint Venture Company which may be called as PT.
Antam Jindal Stainless Indonesia.  Construction activities of
the Complex may start from early of 2009.  The Complex is
expected to be commissioned by middle of 2011.

For Antam, this project is part of its business strategy of
product diversification to improve shareholders' value.  This
project also helps the industrial development of Indonesia as it
involves the processing of natural resources within the country,
creating maximum value compared to simply exporting ore.

As for Jindal, who already have a Stainless Steel Cold Rolling
Complex in Indonesia for several years, the development of the
project is part of their business strategy to become one of the
leading player in the Stainless Steel industry globally.

                       About Aneka Tambang

PT Aneka Tambang Tbk -- http://www.antam.com/-- mines,
processes, develops, and explores natural deposits.  The company
operates six mines.  They are located in Riau (bauxite),
Sulawesi and Maluku (nickel), Central Java (iron sand), and
WestJava (gold).  The company also operates a precious metal
refinery and a geology unit in Jakarta.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 17, 2008, Moody's Investors Service upgraded PT Aneka
Tambang (Persero) Tbk's corporate family rating to Ba3 from B1.
The action concluded the review for possible upgrade which
commenced on October 22, 2007.

On Dec. 4, 2006, that Standard & Poor's Ratings Services raised
its long-term corporate credit rating on Indonesian state-owned
miningcompany PT Antam Tbk. to 'B+' from 'B'.  The outlook is
stable.  At the same time, Standard & Poor's also raised to
'B+', from 'B', the rating on the senior unsecured notes issued
by Antam Finance Ltd. and guaranteed by Antam.


BANK NIAGA: Merger With Bank Lippo May be Completed Next Year
-------------------------------------------------------------
The merger between PT Bank Niaga Tbk and PT Bank Lippo Tbk is
expected to be completed by the end of 2009, Nury Sybli of
Reuters reports, citing Bumiputra-Commerce Chief Executive Nazir
Razak.

As reported by the Troubled Company Asia - Pacific on June 3,
2008, Indonesia's Lippo and Niaga banks, plans to merge to meet
Jakarta's competition rules and create the country's fifth
largest lender.  The merger is in line with Indonesia's single-
presence policy, which says that a party cannot own a
controlling stake in more than one bank.

Malaysian state investment vehicle Khazanah Nasional Bhd.
indirectly owns 93% of Lippo and has an indirect 64-% share in
Niaga via its unit Bumiputra Commerce Holdings Bhd.

"The legal process of the merger will be completed by October 1,
2008, and the complete integration between the two banks and
rebranding is expected to be completed by end of 2009,"
Mr. Razak was cited by Reuters as saying.

Minority shareholders may choose to retain their holding of the
merged bank or sell their shares to CIMB Group at IDR1,052
(US$0.113) each for Bank Niaga shares and IDR2,969 each for Bank
Lippo shares, Mr. Razak said.

CIMB Bank is part of the CIMB Group is listed on the stock
exchange through Bumiputra-Commerce Holdings.

The new bank, PT Bank CIMB Niaga Tbk, will have combined total
assets of around IDR95 trillion, making it the fifth largest
bank in Indonesia, Reuters relates.

Meanwhile, Reuters notes, the Indonesia Stock Exchange said that
it had indefinitely suspended trading in shares of Bank Niaga
and Bank Lippo, pending an announcement on their merger plans.

                       About Bank Lippo

PT Bank Lippo Tbk, established in 1948, is a private bank with
around 5,000 employees, 400 branches and offices, and 722 ATMs.
It provides services to more than 2.0 million customers in more
than 120 cities in Indonesia.  LB also pioneered E-Banking
services in Indonesia with its LippoNetBank service.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 25, 2008, Fitch Ratings upgraded Bank Lippo's LTFC IDR to
'BB' from 'BB-' and revised the outlook to Stable from Positive.
Fitch also affirmed the bank's C/D Individual rating and 'B' ST
IDR.

                       About Bank Niaga

PT Bank Niaga Tbk was established in 1955 and is 62.41% owned by
CIMB Group.  It offers a comprehensive suite of conventional and
Islamic banking products and services, from 256 branches in 48
cities in Indonesia and is the second largest player in the home
loans market.  Bank Niaga has over 6,000 employees.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 25, 2008, Fitch Ratings upgraded PT Bank Niaga Tbk's LTFC
IDR to 'BB' from 'BB-' and revised the outlook to Stable from
Positive.   Fitch also affirmed the bank's 'C/D' Individual
rating and upgraded its FC subordinated debt rating to 'BB-'
from 'B+'.


CILIANDRA PERKASA: Fitch Lifts Issuer Default Ratings to 'BB-'
--------------------------------------------------------------
Fitch Ratings has upgraded Indonesia-based palm oil plantation
company, P.T. Ciliandra Perkasa's (Ciliandra) foreign and local
currency Issuer Default Ratings (IDR) to 'BB-' (BB minus) from
'B+'.  At the same time, the agency has upgraded Ciliandra's
National Long-term rating to 'A+(idn)' from 'A(idn)'.  Following
the upgrade, the Outlook is now Stable.  Fitch has also upgraded
the senior unsecured rating of Ciliandra Perkasa Finance Company
Pte Limited's USD155m notes due in 2011 - guaranteed by
Ciliandra and its subsidiaries - to 'BB-' (BB minus) from 'B+'.

The upgrade reflects Ciliandra's improved financial and
operating profiles and Fitch's expectation that the company will
continue to further improve its credit metrics.  The company
should maintain its strong operating cash flow generation,
supported by the anticipated increase of its crude palm oil
(CPO) production and the current high CPO prices, which is
expected to remain above the historical average over the short-
to medium-term.  Ciliandra has increased its planted area to
86,354 hectares (ha) by end-2007, of which 60% are currently in
the peak production age.  The yield of its plantations is among
the highest in Indonesia, with its mature plantations yielding
21.8 metric tones per hectare of fresh fruit bunches in 2007
(2005:17.25 mt/ha).  In addition, despite rising CPO prices and
other inflationary pressures, the company maintained its CPO
cash production cost relatively stable and competitive at
USD251/mt in 2007 compared to USD225/mt in 2006.

Ciliandra's capital expenditure should reduce following the
completion of the construction of the bio-diesel facility and
crushing mill capacity expansion in 2008.  Fitch expects capex
relating to plantation up-keep and development to be comfortably
covered by its operating cash flow.  Despite having a large
unplanted land bank, the company may acquire further land for
future development, but Fitch notes that this can instead be
done by its parent company - Singapore-listed First Resources
Limited (FR) - which owns 95.51% of Ciliandra.

With strong operating cash generation and low capex, and
notwithstanding the possibility of Ciliandra following a
moderately high dividend distribution policy, Fitch expects it
to generate robust free cash flows.  This should allow it to
maintain its leverage (adjusted debt net of cash/operating
EBITDAR) well below 2x, which underscores the Stable Outlook on
the ratings.  Fitch also notes that the convenants of the USD
notes restrict Ciliandra's dividend distribution to 50% of its
net income.

The company expects the construction of its bio-diesel
production facility to be completed in late 2008, at the cost of
around USD40m.  While the commercial viability of the plant is
still uncertain, Ciliandra has the flexibility of not operating
the unit without much impact on its profitability given the low
fixed costs of its operation.

Ciliandra's ratings are constrained by the fact that the company
is a commodity producer with no pricing power over its products
as well as its lack of downstream operations. Given that these
are not factors that can be addressed immediately, positive
rating action is unlikely over the short-term. At the same time,
Ciliandra's ratings can be negatively affected should its
leverage increase beyond 2.5x on a sustained basis.

Ciliandra reported revenues of IDR1,516bn and operating EBITDAR
of IDR889bn in 2007 compared to IDR857bn and IDR381bn,
respectively, in 2006 as a result of higher CPO production
(+22.5%) and higher price realisation (+64%).  With higher
indebtedness offset by improved earnings and cash generation,
its adjusted debt net of cash/operating EBITDAR improved to 1.3x
in 2007 from 1.9x in 2006.  Its liquidity is supported by cash
reserves of IDR1,017bn at 31 March 2008 and low debt maturities
until 2012.


EXCELCOMINDO PRATAMA: Moody's Affirms Ba2 LC Issuer Rating
----------------------------------------------------------
Moody's Investors Service has affirmed PT Excelcomindo Pratama
Tbk's ("XL") Ba2 local currency issuer rating and senior
unsecured foreign currency rating.  Concurrently, PT Moody's
Indonesia has affirmed the company's national scale rating of
Aa1.id.  The outlook for all ratings is stable.

"The affirmation is in response to XL's recent announcement of a
consent solicitation to amend certain terms of the bonds to
facilitate a proposed sale of 7,000 towers." says Laura Acres, a
Moody's Vice President.

As part of the announcement, XL intends to dispose of
approximately 7,000 of its towers through an outright asset sale
and then enter into long-term rental agreements thereafter with
the new owners.  In effect the transaction will realize value on
underutilised assets and allow XL to outsource the maintenance
and upkeep on the towers to a third party.  It is anticipated
that the proceeds from any tower sales will be received in H2
2008 and will be allocated towards capex requirements and debt
repayment.

"At the same time, XL also announced a tender offer for up to
US$150 million bonds which will be redeemed out of Rupiah
denominated committed term loan facility," adds Acres, also
Moody's Lead Analyst for the company, "the redemption will allow
XL to reduce its potential withholding tax liability and so
benefit the bottom-line."

"The net impact of the tower sale and the bond redemption will
be minimal in terms of financial metrics given Moody's
adjustments -- principally capitalization of lease rentals,"
adds Acres.

The stable outlook reflects Moody's expectation that XL will
execute its business plan as outlined and maintain its
anticipated financial profile.

Upward rating pressure will be driven by an improvement in XL's
underlying credit strength which could emerge should the company
establish a clear path to positive free cash flow while
maintaining adjusted debt/adjusted EBITDA below 3.0x on a
sustainable basis.  Moody's would also look for XL to maintain
its market share without damaging EBITDA margins such that they
would not fall below 40% and for retained cash flow/adjusted
debt to remain in excess of 20%.

Conversely, downward pressure on the XL's standalone rating
could emerge should there be any material deterioration in XL's
underlying credit strength which would arise from diminishing
operating margins, weaker operating cash flow or rising FX risk
- all of which may be reflected in a ratio of adjusted
debt/adjusted EBITDA rising above 3.5-4x or retained cash
flow/adjusted debt falling below 15%.

In addition, Moody's would consider any reduction in TMI's
shareholding in XL post de-merger as having potentially negative
rating pressure since it may impact the support and resultant
rating uplift.

                          About XL

XL is the third largest cellular provider in Indonesia; as at
31st March 2008 XL had a market share of approximately 15.5% and
18.4 million subscribers of which approximately 97% were
prepaid.


* INDONESIA: Textile Companies Incur Losses Due to Blackouts
-------------------------------------------------------------
Twenty-eight textile companies in West Java province suffered a
combined loss of IDR15 billion due to rotating power blackouts
in the past week, Antara News reports.

Ade Sudrajat, Chief of the West Java chapter of the Indonesian
Textile Producers Association told Antara that the loss might
increase as the power blackouts also affected other textile
companies in the province.

Mr. Sudrajat added that the textile companies were located in
and around Bandung, including Cimahi, and Bandung district.

"It is possible the loss may increase as the association is in
the process of counting the loss suffered by textile companies
in other areas." Antara News quotes Mr. Sudrajat as saying.



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

COSMO OIL: Signs Joint Venture Agreement With SBI Holdings
----------------------------------------------------------
Cosmo Oil Company, Limited has entered into a joint venture
agreement with SBI Holdings, Inc. regarding the wholly owned
subsidiary established by SBI Holding on April 24, 2008, Reuters
reports.

According to the report, the subsidiary is engaged in
development and sales of "5-ALA" drugs, cosmetics and health
foods in Tokyo.

SBI Holdings, the report relates, will divest 15% stake in the
subsidiary to Cosmo Oil in June 2008, and establish the
subsidiary as the joint venture between the them.

SBI Holdings will hold a 85% stake in the joint venture.

Headquartered in Tokyo, Japan, Cosmo Oil Company, Limited --
http://www.cosmo-oil.co.jp/-- is primarily an oil refining
company.  The company is also involved in the purchase and sale
of real estate, the manufacture and sale of alpha lipoic acid
(ALA) products, as well as the provision of leasing and
insurance services.

Moody's Investors Service, on April 18, 2007, placed under
review for possible upgrade the Ba1 senior unsecured debt rating
and issuer rating of Cosmo Oil Co., Ltd. (Cosmo).  The rating
review is prompted by Moody's expectation that Cosmo will likely
be able to maintain the stability of its operating performance
and capital structure, despite a rather difficult business
environment, over the intermediate term through successful
business diversification.


DAIWA SECURITIES: Unit to Acquire Shares & Bonds of Shinseido Co
----------------------------------------------------------------
Daiwa Securities SMBC Principal Investments, a subsidiary of
Daiwa Securities Group Inc., has entered into an agreement with
Shinseido Co., Ltd, Reuters reports.

Under the business agreement, the report relates, Daiwa
Securities SMBC will purchase JPY1 billion unsecured convertible
bonds with stock acquisition rights of Shinseido on June 24,
2008.

Moreover, Daiwa Securities SMBC will also purchase JPY1.4
billion shares of common stock of Shinseido on August 4, 2008m
the report notes.

As a result, Daiwa Securities SMBC Principal Investments will
hold a 51.9% stake in Shinseido.

Headquartered in Tokyo, Daiwa Securities Group Inc. --
http://www.daiwa.jp/-- is a Japan-based securities company.
The company primarily is engaged in the securities, investment,
financing and service businesses.  Daiwa Securities Group is
comprised of 46 consolidated subsidiaries and five associated
companies, which are engaged in the securities, investment
trust, information service, real estate leasing, venture
capital, financing and other businesses.  The company with its
subsidiary and associated companies has operations in both
domestic and overseas markets, including Japan, the United
Kingdom, the United States, the Netherlands, Hong Kong and
Singapore.

The Troubled Company Reporter-Asia Pacific reported that Fitch
Ratings, on October 25, affirmed the company's C individual
rating.


HITACHI ZOSEN: To Dissolve Power Supply Subsidiary in Osaka
-----------------------------------------------------------
Hitachi Zosen Corporation will dissolve its wholly owned
subsidiary, which has been engaged in the operation, management,
maintenance and inspection businesses of power supply and power
facilities in Osaka, Japan, Reuters reports.

According to the report, the dissolving will took effect on
June 30, 2008.

Headquartered in Osaka, Japan, Hitachi Zosen Corporation --
http://www.hitachizosen.co.jp-- develops, manufactures, sells
and maintains machinery and systems.  The company has five
business segments.  The Environment and Plant segment offers
refuse incineration plants, industrial waste treatment plants,
biomass energy systems, water and sludge treatment plants and
others.  The Ship and Sea segment is involved in the building,
improvement and repair of ships, and the creation of ocean
structures.  The Steel, Construction and Logistics segment
offers bridges, hydraulic gates, steel chimneys, water pressure
pipes, offshore engineering, disaster prevention systems, and
others.  The Machinery and Motors segment includes steel-making
machinery, food machines, medical equipment, power generators
and internal combustion engines.  The Others segment is involved
in electronic and control systems, package software, information
systems and other businesses.

On October 18, 2007, the Troubled Company Reporter-Asia Pacific
reported that Japan Credit Rating Agency, Ltd., affirmed its
BB+ rating on the company's both senior debts and ability to pay
insurance claims.


SANYO ELECTRIC: S&P Upgrades Long-Term Credit Rating to 'BB'
------------------------------------------------------------
Standard & Poor's Ratings Services raised to 'BB' from 'BB-' its
long-term corporate credit rating on Sanyo Electric Co. Ltd,
reflecting the company's stable cash flow generating ability
and improving financial profile.  At the same time, Standard &
Poor's raised to 'BB+' from 'BB' its issue ratings on Sanyo
Electric's senior unsecured debt.

The outlook on the ratings is stable.

Sanyo Electric has endeavored to reform its business structure
over the past few years.  The company has reduced costs at its
unprofitable businesses, such as the semiconductor, home
appliances, and TV divisions. Sanyo Electric has sold its mobile
phone and other businesses, which were experiencing severe
competition and performance volatility.  As a result of this,
the company's cash flow has stabilized.  Its financial profile
has also been improving, as evidenced by its reduction of debt
to less than JPY500 billion as of March 31, 2008, from over
JPY1.2 trillion as of March 31, 2005.  Sanyo Electric has
announced a policy of maintaining positive free cash flow over
the next three years, which has alleviated Standard & Poor's
concerns regarding a substantial deterioration in the company's
financial profile.  In addition, the company has made steady
progress in improving its management system, as exemplified by
stricter corporate governance.

The outlook on the ratings is stable.  Sanyo Electric is
operating in a severe business environment characterized by
intensifying competition and raw material price hikes.  However,
the company is highly likely to maintain its stable cash flow,
given that it has a strong business base and advanced
technologies in its core businesses, such as rechargeable
batteries and solar cells.  In addition, Sanyo Electric intends
to increase business efficiency through cost reductions and
other measures.  Further upward movement in the ratings or
outlook may be precipitated by more stable prospects for cash
flow generation or an improvement in the company's financial
status.  On the other hand, the ratings may come under downward
pressure if Standard & Poor's concerns over cash flow generation
and financial profile grow.  The downside risks would also
increase if the supportive attitudes of major shareholders
and financial institutions were to alter, which would lead to
increasing concerns over management stability.

Standard & Poor's considers that analysis of Sanyo Electric's
outstanding preferred shares will be an increasingly important
factor in evaluating the ratings on the company as its earnings
performance improves.  Standard & Poor's will thus monitor Sanyo
Electric's policies regarding its preferred shares.

The rating on Sanyo Electric's long-term senior unsecured debt
remains one notch higher than the corporate credit rating on the
company.  This reflects expectations that creditor banks would
grant debt forgiveness in the event of a default, based on the
supportive positions of the principal financial institutions.

Ratings List Upgraded
                                      To                 From
Sanyo Electric Co. Ltd.
  Corporate Credit Rating        BB/Stable/--       BB-Stable/--
Senior Unsecured
  Local Currency                 BB+                BB



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

CHONGKUNDANG CORP: Inks Medicine Dev't Accord With Young In
-----------------------------------------------------------
Chongkundang Pharmaceutical Corporation has signed a memorandum
of understanding with Young In Frontier Co., Limited for joint
development of new antibody medicines, Reuters reports.

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

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


CHOROKBAEM MEDIA: Names Gil Gyeong Jin as Co-CEO
------------------------------------------------
Chorokbaem Media Co., Ltd. has appointed Gil Gyeong Jin as its
Co-Chief Executive Officer (Co-CEO), effective June 4, 2008,
Reuters reports.

According to the report, Kim Gi Beom, the current Chief
Executive Officer, continues his duty as Co-CEO at the company.

Seoul, Korea-based Chorokbaem Media Co., Ltd. is a manufacturer
engaged in the provision of non-woven fabrics.  The company
provides non-woven fabrics used in normal and special filters,
artificial and synthetic leathers and other related usages.  In
addition, the company operates family restaurants.

Korea Investors Service gave the company's unregistered
US$8 million convertible bonds a 'B' rating on Feb. 16, 2007


COREBRID INC: Discloses Rights Issue of 10 Million Common Shares
----------------------------------------------------------------
CoreBrid, Inc. disclosed  a rights issue of 10 million common
shares raising KRW12,900 million for its operations, Reuters
reports.

The par value and offer price of the new shares, the report
relates, are KRW500 and KRW1,290, respectively.

The shareholders will have rights to purchase 4.34254894 new
shares for each share held from July 24, 2008 to July 25, 2008,
and the shares remaining unclaimed in the rights issue will be
offered to public through a public offering, the report notes.

The listing date of the new shares is August 13, 2008.

The company hired Eugene Investment & Securities Co., Limited as
the underwriter for this rights issue, the report says.

                        About CoreBrid Inc.

Seoul-based CoreBrid Inc. previously known as Curon Inc. --
http://www.curon.co.kr-- is engaged in the provision of
diaphragms, vaporizers and Video On Demand servers.  The company
provides three main products: diaphragms and vaporizers, which
are used in gas meters, speakers, automobiles, medical
applications, heavy machinery, industrial valves and pumps; VOD
servers such as StreamXpert, which supply High Definition
Television (HDTV) multimedia content; and Telematics, which are
used in entertainment, games, digital multimedia players,
traffic information, satellites, digital versatile discs, TVs
and radios.

Korea Ratings gave Curon Inc.'s US$10 million convertible bond a
B- rating with a stable outlook on February 22, 2007.


ST&I CO: Moves Effective Date of Stake Sale to June 30
------------------------------------------------------
ST&I Co. Ltd. amended the effective date for its stake
sale in a Korea-based company, from May 31, 2008 to
June 30, 2008, Reuters reports.

The transaction, Reuters says, was initially announced
on February 18, 2008.

Korea-based ST&I Co. Ltd. -- http://www.stnicorp.com/--
manufactures chemical compound semiconductor chips.  The company
mainly produces light-emitting diodes (LEDs), back light units
(BLUs), modules and hall integrated circuit packages, which are
mainly used in communication devices such as mobile phones, note
book personal computers, liquid crystal display (LCD) monitors,
personal digital assistants (PDAs) and others.  During the year
ended December 31, 2007, the company had a production capacity
of 240 million LEDs and its actual output was approximately
146.7 million LEDs.  The company has two domestic factories and
one overseas factory in Tianjin, China.

                          *     *     *

ST&I Co. Ltd. carries a “B-” credit rating placed by Korea
Ratings on June 3, 2008, with a Stable outlook.


TAE GWANG: Gets Oscillator Patent Award
---------------------------------------
Tae Gwang E&C Co. Ltd. has been awarded a patent covering
oscillator using dielectric resonator and controlling
frequency synthesizer with oscillator, according to a report
by Reuters.

Tae Gwang E&C Co., Ltd. specializes in the provision of electric
automation control systems. The Company has three main
businesses: preventive diagnosis system business, which provides
preventive diagnosis systems including acoustic measuring
intelligent diagnosis (AMID) systems, coupling sensor measuring
intelligent diagnosis (CMID) systems, UHF measuring intelligent
diagnosis (UMID) systems and others; satellite solution
business, which offers overseas satellite services such as
Internet, enterprise resource planning (ERP), virtual private
network (VPN), analog and voice over Internet protocol (VOIP)
telephones, and backtone tracking services, and wire/wireless
remoter observation control business, which provides dam and
reservoir floodgate management systems.

                          *    *     *

Tae Gwang E&C Co. Ltd. carries a B- credit rating placed by
Korea ratings on May 30, 2008, with a stable outlook.


WOONGJIN CHEMICAL: To Buy Woongjin Coway's Filter Factory
---------------------------------------------------------
Woongjin Chemical Co. Ltd. signed an agreement with
Woongjin Coway Co. Ltd. for the sale of Woongjin Coway's
water treatment division, Reuters reports.

Under the agreement, Reuters says Woongjin Chemical will
acquire Woongjin Coway Co. Ltd.'s filter factory for
KRW20,914,779,250, on June 30, 2008.

Woongjin Chemical Co. Ltd., formerly Saehan Industries Inc., is
engaged in the production and supply of textiles and chemical
products.  The Company operates its business under two segments:
fiber and environment.  Its fiber segment provides four
categories of products: polyester filament, including wool-like
yarns, silk-like yarns, linen-like yarns, cotton-like yarns,
rayon-like yarns, stretch yarns, micro yarns and functional
yarns; polyester staple fiber, including polyester staple fiber
for spinning, non-woven polyester staple fiber and special
polyester staple fiber available in various colors; textured and
functional textiles, such as synthetic fiber, natural fiber and
blended fiber textiles, and chip products, including
polyethylene terephthalate (PET) chips and special chips.  Its
environment segment provides filters, including reverse osmosis
membranes and micro filters; plastic sheets, including PET
sheets, film and chemical-resistant PET plates , and water
treatment materials.

                           *     *     *

Woongjin Chemical Co. Ltd. carries a “B+” credit rating placed
by Korea Ratings on June 4, 2008.


* KOREA: OECD Projects 5% Output Growth in 2009
-----------------------------------------------
After a slowdown in 2008, reflecting weaker external demand and
soaring oil prices, output growth is projected to increase to 5%
in 2009, thanks to a pick-up in both exports and domestic
demand, the Organization for Economic Cooperation and
Development said.

The OECD pointed out that while rising import prices have pushed
inflation above the central bank’s target zone, slower growth in
2008 is likely to damp inflationary pressures.  Regulatory
reform and measures to reverse the declining trend in inflows of
foreign direct investment are essential to sustain high growth.
Planned tax cuts should be accompanied by spending reductions to
maintain Korea’s strong fiscal position, the OECD noted.


* KOREA: May 2008 Domestic Auto Production Down 6%
--------------------------------------------------
Domestic auto production shrank more than six percent in May
2008 compared to the same period last year, KBS News says,
citing Korea Automobile Manufacturers Association.

According to KBS, domestic carmakers built slightly more than
340-thousand cars in May, down six-point-six percent year-on-
year while production of export-bound autos fell five-point-nine
percent during the same period due to Korean automakers’
sluggish sales in the U.S. and Western Europe.  However,
production aimed at the domestic market grew three-point-three
percent during the same period, despite soaring oil prices.

A KAMA official attributed the increase in domestic production
to a rise in demand, noting that carmakers had introduced a
series of new models, KBS News says.



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

ARK RESOURCES: SC OKs Dec. 31 Due Date for Proposal Completion
--------------------------------------------------------------
The Securities Commission has approved Ark Resources Berhad's
application seeking an extension of time of eight months or up
to December 31, 2008, for the implementation and completion of
its Proposed Corporate Restructuring Exercise.

The company's  Proposed Corporate Restructuring Exercise
includes:

   -- Proposed Capital Reduction;
   -- Proposed Debt Restructuring;
   -- Proposed Rights Issue; and
   -- Proposed Placement.

                    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.


FOREMOST HOLDINGS: To Hold 10th Annual Meeting on June 27
---------------------------------------------------------
Foremost Holdings Berhad will hold its tenth annual general
meeting at 12:00 noon, on June 27, 2008, at Lot 1270, in Sungai
Ketapang, 08300 Gurun, Kedah Darul Aman.

At the meeting, the members will be asked to:

   -- receive the audited financial statements for the year
      ended December 31, 2007, together with the Directors’ and
      Auditors’ Reports thereon;

   -- re-elect Ng Kim Weng and Ooi Chieng Sim as directors who
      are retiring in accordance with the Company’s Articles of
      Association:

   -- appoint Auditors and authorise the Directors to fix their
      remuneration; and

   -- transact any other business appropriate to an Annual
      General Meeting.

Foremost Holdings Berhad manufactures and sells automobile
speakers, home audio speakers, general-purpose speakers and
speaker wooden cabinets.  The Company is also engaged in the
trading of auto accessories, investment holdings and the
provision of management services.  Products are distributed in
Malaysia, Singapore, United Kingdom, Italy, Taiwan, the United
States, other Asian countries, other European countries and
other countries.

Foremost was classified as an affected listed issuer under Bursa
Malaysia Securities Berhad's Practice Note 17 because it has
"insufficient financial position to warrant continued listing".
As an affected issuer, the Company is required to draft a plan
to regularize its finances to avoid being delisted from the
Official List.


LITYAN HOLDINGS: To Hold 15th Annual Meeting on June 26
-------------------------------------------------------
Lityan Holdings Berhad will hold its fifteenth Annual General
Meeting at 10:00 a.m., on June 26, 2008, at The Ballroom II,
Tropicana Golf & Country Resort, in Jalan Kelab Tropicana, 47410
Petaling Jaya, Selangor Darul Ehsan.

At the meeting, the members will be asked to:

   -- receive the audited financial statements together with the
      reports of the Directors and Auditors for the year ended
      December 31, 2007;

   -- re-elect Y. Bhg. Dato Syed Sidi Idid Bin Syed Abdullah
      Idid who retires by rotation pursuant to Article 96 of the
      Company’s Articles of Association;

   -- re-elect Y. Bhg. Dato’ Mohd Hanafiah Bin Omar who retires
      in accordance with Article 102 of the Company’s Articles
      of Association;

   -- re-elect Encik Nor Badli Munawir Bin Mohamad Alias Lafti
      who retires in accordance with Article 102 of the
      Company’s Articles of Association;

   -- re-elect Mr N. Chanthiran A/L Nagappan who retires in
      accordance with Article 102 of the Company’s Articles of
      Association;

   -- re-elect Encik Mohamed Ridza Bin Mohamed Abdulla who
      retires in accordance with Article 102 of the Company’s
      Articles of Association;

   -- approve the Directors’ fees for the financial year ended
      December 31, 2007;

   -- approve the annual Directors’ fees effective from the
      financial year December 31, 2008; and

   -- re-appoint Messrs. Wong Weng Foo & Co. as Auditors of the
      company and to authorise the Directors to fix their
      remuneration.

Headquartered in Selangor Darul Ehsan, Malaysia, Lityan Holdings
Berhad -- http://www.lityan.com.my/-- sells and provides
maintenance services and rental of computer equipment,
peripherals, telecommunication equipment and related services.
The Company's other activities include provision of building
maintenance and management services, developing and marketing of
new client-server programming tools and application software,
operation of public mobile data network, property investment and
investment holding.  The Group carries out its operations in
Malaysia and the Philippines.

                          *     *     *

On May 10, 2005, the company was classified as an affected
listed issuer pursuant to Bursa Malaysia Securities Berhad's
Practice Note 17 category.  On January 16, 2006, the Company
entered into a conditional Restructuring Agreement to undertake
the Proposed Restructuring Scheme with the intention of
restoring itself onto stronger financial footing via an
injection of new viable businesses.


WONDERFUL WIRE: Total Default Reaches MYR64.86 Mil. as of May 31
----------------------------------------------------------------
Pursuant to the Amended Practice Note No. 17/2005, Wonderful
Wire & Cable Berhad disclosed that together with its subsidiary,
WWC Oil & Gas (Malaysia) Sdn. Bhd, the company's total default
reached MYR64,865,967.07 as of May 31, 2008, which comprises of:

Wonderful Wire's loans:

                                          Principal & Interest
    Lender                 Facility        Outstanding (MYR)
    -------                --------       --------------------
* CIMB Bank Berhad         Term Loan            9,636,662.62
* Malayan Banking Berhad   Term Loan           30,631,142.37
* RHB Islamic Bank Berhad  Term Loan           20,062,025.70
* CIMB Bank Berhad         Leasing              4,229,499.00
                                          --------------------


WWC Oil's loans:

                                          Principal & Interest
    Lender                 Facility        Outstanding (MYR)
    -------                --------       --------------------
        CIMB Bank Berhad        Leasing           306,637.38

                                     Total:    64,865,967.07

The company is considering an appropriate Regularization Plan,
which will include a proposed debt restructuring exercise to
regularize the borrowings of the company with financial
institutions.

                      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.



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

BANK OF MANGOLIA: Moody's Affirms Ba2 Ratings on Notes
------------------------------------------------------
Moody's Investors Service affirmed its Ba2 ratings to Trade and
Development Bank of Mongolia's (TDBM) senior and subordinated
notes in its foreign currency Euro Medium Term Notes Programme
(Programme) based on its proposal to upsize the Programme to
USD300m from USD150m.  Meanwhile, Moody's assigned Ba2 rating to
the lower-tier II subordinated notes (LT2), a newly-added
instrument in the Programme.  The outlook for all ratings is
stable.

The senior notes to be issued under the Programme represent
direct, unconditional, unsecured, unsubordinated obligations of
TDBM.  They are rated Ba2, which is one notch below the local
currency issuer rating at Ba1 and constrained by the bank's
foreign-currency issuer rating.  TDBM made the first drawdown of
US$75 million senior notes in early 2007.

The subordinated notes contained in the Programme represent
unsecured and subordinated obligations of TDBM.  The sub-debt
and lower tier II instruments have similar characteristics.  As
such, they are rated Ba2, one notch lower than TDBM's senior
obligations rating of Ba1.

TDBM is rated Ba1/NP for long-term/short-term local currency
deposits, B2/NP for long-term/short-term foreign currency
deposits, and Ba1 and Ba2 for its local and foreign currency
debt. The bank carries a bank financial strength rating of D-.
The outlook for all these ratings is stable.

"TDBM's ratings reflect its dominant position in the domestic
corporate banking market, strong profitability, experienced
management team, and improving asset quality," notes Cherry
Huang, a Moody's Vice President.  "However, the rating is offset
by the bank's rapid growth and exposure to volatile commodities
trading. The rating also reflects the transition period during
the shareholding changes and management reshuffle in 2006-2007,"
she adds.

Issuance under the Programme would help diversify TDBM's funding
source and support future loan growth.  On the other hand, the
growth in the bank's risk-weighted-assets is much faster than
its internal capital formation.  Continuous rapid growth of its
business may necessitate a further capital supplement.  Lagging
in replenishing capital in pursuit of high growth may warrant a
rating review.

Meanwhile, TDBM's liquidity profile may become less favorable
than before as it increasingly relies on confidence-sensitive
market funds.  Moody's considers deposits a relatively more
stable source of funding than market funds.  Significant
deterioration in liquidity position may also warrant a rating
review.

The ratings of the Programme are contingent upon the final terms
and conditions for the Programme upsize and subordination
structure not showing any significant difference from those
already reviewed by Moody's.

TDBM is headquartered in Ulaanbaatar, Mongolia.  It reported
assets of MNT 563.5 billion (approximately US$482 million) at
December 2007.



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

310 LIMITED: Creditors Have Until June 16 to File Claims
--------------------------------------------------------
The liquidators appointed in 310 Limited fixed June 16,
2008, as the last day for creditors of the company to
make their claims and to establish any priority their
claims may have.

The liquidators can be reached at:

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


BOSHER CONSTRUCTION: Liquidators Appointed
------------------------------------------
Pursuant to Section 255(2) of the Companies Act 1993,
Iain Bruce Shephard and Christine Margaret Dunphy were
appointed jointly and severally as liquidators of
Bosher Construction Company Limited by the company's
shareholders on May 8, 2008.

The liquidators can be reached at:

          Shephard Dunphy Limited
          Attn: Jayme Dixon
          (PO Box 11793)
          Level 2, Zephyr House
          82 Willis Street, Wellington
          Telephone: (04) 473 6747
          Facsimile: (04) 473 6748


BRIDGECORP LTD: Founder to Pay As Much as NZ$700,000
----------------------------------------------------
Associate Judge Robinson has awarded Bridgecorp Limited
a summary judgment against Bridgecorp Director Rod
Petricevic for NZ$576,100.24, plus interest of NZ$75,761.13
and legal costs.

Bridgecorp receivers Colin McCloy and John Waller said they
are pleased with the judgment awarded against Mr. Petricevic.

Legal action was taken against Mr. Petricevic by Bridgecorp
Management Services Limited (In Receivership), part of the
wider Bridgecorp group of companies, to recover a debt
relating to the payment of Mr. Petricevic’s personal income
tax in 2006.

Colin McCloy said he welcomes the ruling.  “This is the
first court proceeding taken by the Bridgecorp receivers in
respect of numerous investigative matters being analysed,” he
said.  “[The] judgment is a step towards resolving these
matters and it is pleasing to see such a swift result.”

He said further proceedings on other matters are before
the court and other actions are likely.

New Zealand-based Bridgecorp was placed in receivership on
July 2, 2007, after failing to pay principal due to debenture
holders.  John Waller and Colin McCloy, partners at
PricewaterhouseCoopers, were appointed as receivers.  The
company owes around 1,800 debenture holders, which liquidators
estimate hold approximately NZ$500 million.


DH & GGH: Liquidator Appointed
------------------------------
On May 13, 2008, DH & GGH Investment Limited and Glendav
Holdings Limited's shareholders resolved that the companies
be liquidated and that Grant Bruce Reynolds, insolvency
practitioner of Auckland, be appointed liquidator for
the purpose.

The liquidator can be reached at:

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


PARTAGAS FOUNDATION: Liquidation Hearing Set on August 1
--------------------------------------------------------
On April 11, 2008, an application for putting Partagas
Foundation Limited into liquidation by the High Court was
filed in the High Court at Auckland.  The application is
to be heard before the High Court at Auckland on
August 1, 2008 at 10.00am.

Any person, other than the defendant company, who wishes
to appear on the hearing of the application must file an
appearance not later than the second working day before
that date.

The plaintiff, ACP Media Limited, can be reached through
Kevin Patrick McDonald, solicitor, at:

          Kevin McDonald & Associates
          Level 11, Takapuna Towers
          19-21 Como Street
          (PO Box 331065 or DX BP 66086)
          Takapuna, Auckland
          Telephone: (09) 486 6827
          Facsimile: (09) 486 5082


ROCKTON LTD: Liquidator Appointed
---------------------------------
On May 15, 2008, Rockton Limited's shareholders placed
the company under liquidation.

Neville Charles Goldie, chartered accountant of Wellington,
was appointed as liquidator for the purpose.

The liquidator can be reached at:

          PO Box 6396
          Te Aro, Wellington
          Telephone: (04) 382 4914
          Facsimile: (04) 385 4463


* NEW ZEALAND: Official Cash Rate Stays at 8.25%
------------------------------------------------
The global economy is currently experiencing significant
increases in oil and food prices occurring at the same time as
activity is weakening in many economies in response to the
global credit crisis and slowing housing markets, Reserve Bank
Governor Alan Bollard said.  “In New Zealand, this confluence of
factors is producing a challenging environment of weak activity
and high inflation.”

The Reserve Bank of New Zealand projects annual CPI inflation to
peak at 4.7 percent in the September quarter of this year.
“Although much of this reflects higher food and energy prices,
underlying inflation pressure also remains persistent.
Nevertheless, we do still expect inflation to return comfortably
inside the target band over the medium term.  This is based on
the expectation that commodity prices stop rising, inflation
expectations remain anchored, and weakening economic activity
contributes to an easing in non-tradable inflation,” Mr. Bollard
said.

Mr. Bollard continued: “The outlook for economic activity is now
weaker than in our previous Statement. We project little GDP
growth over 2008, and only a modest recovery thereafter, largely
reflecting a weaker household sector.  Government spending and
personal tax cuts will provide some offset to this lower growth
but will also add to medium-term inflation pressure.

Consistent with the Policy Targets Agreement, the Bank’s focus
will remain on medium-term inflation. Provided the economy
evolves in line with our projection, we are now likely to be in
a position to lower the OCR later this year, which is sooner
than previously envisaged.”


* NEW ZEALAND: Wholesale Trade Sales Up 0.2% in March 2008 Qtr
--------------------------------------------------------------
Seasonally adjusted total wholesale trade sales increased 0.2
percent (NZ$51 million) for the March 2008 quarter compared with
the December 2007 quarter, Statistics New Zealand said.  This
follows an increase of 3.2 percent (NZ$675 million) in the
December 2007 quarter.

There were relatively small value changes in most of the 16
wholesaling industries, with approximately two- thirds of them
recording sales increases or decreases of less than NZ$20
million.

The only notable increase this quarter was the rise in
unprocessed primary products wholesaling, up 7.9 percent (NZ$124
million).  The largest decreases were in food and grocery
wholesaling, down 3.5 percent (NZ$142 million), and motor
vehicle wholesaling, down 6.0 percent (NZ$107 million).

Seasonally adjusted wholesale stocks for the March 2008 quarter
increased 6.0 percent, following a 3.6 percent rise in December
2007 quarter.  This is the largest increase in stocks since the
series began in March 1995 and is mainly influenced by increases
in petroleum product and metal and mineral wholesaling
industries.

The total wholesale trade sales trend has risen 16.2 percent
since a small fall in the December 2005 quarter.



===============
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      -42.78
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


CHINA

Amoi Electronics               600057     414.93      -30.40
Anhui Koyo (Group) Co., Ltd.   000979      64.28      -30.78
Cangzhou Chemical Industrial
  Co.Ltd                       600722     379.30       -2.89
Chang Ling (Group) Co., Ltd.   000561      49.68     -115.81
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
Fujian Changyuan Investment
  Co., Ltd.                    000592      24.20      -19.62
Fujian Sannong Group Co.,Ltd.  000732      64.42      -90.24
Fujian Start Computer
  Group Co.Ltd                 600734     105.66      -14.34
Guangdong Meiya Group
  Co., Ltd.                    000529      66.44      -62.41
Guangxia (Yinchuan) Industry
  Co., Ltd.                    000557      53.46      -61.33
Guangming Group                000587      62.37      -12.08
Hebei Baoshuo Co.,Ltd          600155     313.38     -212.29
Hisense Electric Co., Ltd         921     604.98      -86.30
HuaTongTianXiang Group
  Co., Ltd.                    600225      73.84      -41.14
Huda Technology & Education
  Development Co. Ltd.         600892      18.46       -1.90
Hunan Ava                      000918     176.94      -11.26
Hunan Genuine New Material
  Group Co.,Ltd                000156      84.00      -81.35
Jiangsu Chinese Online
  Logistics Co. Ltd.           000805      12.72      -20.57
Jiaozuo xin'an Science &
  Technology Co                000719      50.82      -25.45
Lan Bao Technology Information
  Co.,Ltd.                     000631      29.44      -22.70
Mianyang Gao Xin Industrial
  Dev (Group)                  600139      30.66      -12.44
Qinghai Salt Lake Industry
  Group Co Ltd.                000578     105.64       -4.91
Qinghai Sunshiny Mining
  Co., Ltd.                    600381      47.31      -49.66
Shanghai Worldbest             600094     327.98     -175.17
Shenzhen China Bicycle
  Co., (Hlds) Ltd.             000017      29.38     -244.53
Shenzhen Dawncom Business
  Tech & Service               000863      36.85     -142.58
Shenzhen Kondarl (Group)
  Co., Ltd.                    000048     155.01      -24.45
Shenz Seg Dash                 000007     101.02       -1.14
Shenzhen Shenxin Taifeng
  Group Co.,Ltd.               000034      44.99     -113.37
SiChuan Direction
  Photoelectricity Co          000757     128.55     -102.62
Stellar Megaunion Corporation  000892      64.93     -162.46
Success Information Industry
  Group Co.                    000517      30.12      -14.83
Suntek Technology Co., Ltd     600728      44.69      -22.95
Suntime International
  Economic Trading             600084     372.80      -50.59
Taiyuan Tianlong Group Co.
  Ltd                          600234      12.69      -51.58
Tianjin Marine Shipping
  Co. Ltd                      600751     75.44       -26.60
Tibet Summit Industry
  Co., Ltd                     600338      73.50      -16.42
Topsun Science-A               600771     232.68     -131.98
Winowner Group Co. Ltd.        600681      21.5 0      -81.28
Xiamen Overseas                600870     433.19      -13.78
Yueyang Hengli Air-Cooling
  Equipment Inc.               000622      40.27      -14.34
Zhang Jia Jie Tourism
  Development Co.Ltd           000430      51.01       -8.25


HONG KONG

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
Chia Tai Enterprises
  International Ltd.              121     316.11      -40.95
China HealthCare Holdings Ltd     673      25.44       -3.37
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      52.49       -9.92
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
Junefield Department Store
  Group Ltd.                      758      12.93       -5.39
Maxx Bioscience Therapeutics      512      25.48       -5.36
New City China Development Ltd    456     110.83   -6.78
Paladin Ltd.                      495     167.43       -6.23
Plus Holdings Ltd.               1013      10.40      -10.21
Sanjiu Yigong Biopharmaceutical
  & Chem                       000403     227.42        1.36
  Pharmaceutical Co.Ltd        600656      66.75      -13.42
SunCorp Technologies Limited     1063      31.94      -35.07
Tianyi Science & Technology
  Co., Ltd                     600703      45.82      -41.20
Wah Sang Gas                     8035      53.52      -87.70
Welling Holding Limited           382     303.95      -44.65
Yun Sky Chemical (Int)
  Hldg. Ltd                       663      29.31       -1.13
Zarva Technology (Group)
  Co., Ltd.                    000688      25.83     -175.37
Viagold Capital


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.


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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.  Marites Claro, 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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