TCRAP_Public/080609.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Monday, June 9, 2008, Vol. 11, No. 113

                            Headlines

A U S T R A L I A

AMBAC ASSURANCE: AU$13BB Australian Bonds at Risk on Rating Cut
CHARLES BERNARD: Appoints Clifton and Hall as Liquidator
D G ENTERPRISES: Declares Dividend for Creditors
GORILLA FILMS: Liquidator Gives Wind-Up Report
HARDCOVER ENTERTAINMENT: Liquidator Presents Wind-Up Report

HI CONSULTING: Liquidator Gives Wind-Up Report
MBIA INC: Rating Cut Puts AU$13BB Australian Bonds at Risk
NU METRIC: Appoints Martin David Lewis as Liquidator
TASMANIAN COMPLIANCE: Declares Dividend for Creditors
W.R. & M.R.: Liquidators Present Wind-Up Report


C H I N A

CHINA CONSTRUCTION: Gets Exercise Call Option Notice From BofA
CHINA SOUTHERN: World's 4th in Number of Passengers
DRAGON PHARMACEUTICAL: Earns US$1.96 Million in 2008 1st Quarter


H O N G  K O N G

ALWAYS ADVANCE: Liquidator Quits Post
BIS GARMENTS: Liquidator Quits Post
EUROPOINT WATCH: Liquidators Quit Post
KAI TAI: Commences Liquidation Proceedings
KING'S GLORY: Liquidator Quits Post

MICKY WEATHERWEAR: Creditors' Proofs of Debt Due July 2
PACIFIC KING: Creditors' Proofs of Debt Due June 23
SINCERE WEALTHY: Commences Liquidation Proceedings
SINCERE WEALTHY: Members & Creditors to Meet on June 10
TRADEWELL ENTERPRISES: Creditors' Proofs of Debt Due June 30


I N D I A

FORD MOTOR: Eyes India as Engine Exports Hub for Asia Pacific
SAHARA INDIA: RBI Brings Stay Ruling to Supreme Court
UNI LEGWEARS: Reports Zero Sales for Year Ended March 31, 2008
WITMANS INDUSTRIES: CRISIL Rates Bank Facilities at “BB”
* INDIA: Airlines Not Immune from Bankruptcy as Costs Rise


J A P A N

EBARA CORP: Forecasts 1.3% Decrease in Revenues for FY2009
FORD MOTOR: Has Ample Liquidity to Fund Turnaround Program
FUJI HEAVY: Shares Up on Forecasts Electric Cars May Spur Sales
JAPAN AIR: Forecasts JPY2.1Tril. Revenue for FY Ending March '09
JAPAN AIR: To Equip Fleet with New Flight Bags

JAPAN AIR: To Expand Code Share Flights With Vietnam Airlines
*JAPAN: Firms Post Losses of JPY1.8 Trillion From Subprime Loans


K O R E A

DAEWOO CAPITAL: Fitch Puts 'BB+' LT Foreign Currency ID Rating


M A L A Y S I A

IDAMAN UNGGUL: Shriram Ends Talks of Proposed Acquisition
LUSTER INDUSTRIES: To Hold 21st Annual Meeting on June 30
MANGIUM INDUSTRIES: To Hold 12th Annual Meeting on June 27
PANGLOBAL: Unit Seeks BNM's Approval for Proposed Disposal
PANGLOBAL BERHAD: To Hold 43rd Annual Meeting on June 27

PECD BERHAD: To Hold Fifth Annual Meeting on June 30
PILECON ENGINEERING: To Hold 31st Annual Meeting on June 27
TALAM CORP: Given Until Dec. 31 to Redeem Class B & C BaIDS
WONDERFUL WIRE: To Hold 20th Annual Meeting on June 26


N E W  Z E A L A N D

3 N 5 WALLBOARDS: Liquidation Hearing Slated for August 1
FIVE STAR: Receivers Cut Estimated Recoveries to 20%-25%
GEORGETOWN HOLDINGS: Commences Liquidation Proceedings
IAN BROWN: Liquidators Set June 16 Claims Bar Date
JOSEPH PRODUCTIONS: Claims Filing Deadline is June 13

MR HAPPY DAYS: Claims Filing Deadline is June 20
PIONEER INSURANCE: A.M. Best Affirms 'bb' Issuer Credit Rating
RESORT PACIFICA: Court Sets June 16 Liquidation Hearing
SENSATION YACHTS: Court Sets Liquidation Hearing on Aug. 27
* NEW ZEALAND: Residential Bldg. Work Value Down 6.6% in 1st Qtr


S I N G A P O R E

FOODBEX GLOBAL: Creditors' Meeting Set for June 20
HO SHING: Wind-Up Petition Hearing Set for June 20
PANASONIC MOTOR: Creditors' Proofs of Debt Due on July 5
PASIR PANJANG: Fixes June 20 as Last Day to File Claims
ROGUES PTE.: Wind-Up Petition Hearing Set for June 20

TEO BROS: Creditors' Proofs of Debt Due on June 20


X X X X X X X X

* Fitch Says Asian Banks in Good Stead for Economic Challenges


                         - - - - -


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

AMBAC ASSURANCE: AU$13BB Australian Bonds at Risk on Rating Cut
---------------------------------------------------------------
Standard & Poor's Rating Services lowered its financial strength
ratings on Ambac Assurance Corp. and MBIA Insurance Corp. to
'AA' from 'AAA' and placed the ratings on CreditWatch with
negative implications.

The ratings on the holding companies, Ambac Financial Group and
MBIA Inc., have also been lowered to 'A' and 'A-' from 'AA' and
'AA-', respectively, and placed on CreditWatch with negative
implications.

The rating actions on the companies reflect S&P's belief that
these entities will face diminished public finance and
structured finance new business flow and declining financial
flexibility.  In addition, S&P believe continuing deterioration
in key areas of the U.S. residential mortgage sector and related
CDO structures will place increasing pressure on capital
adequacy.  The 'AA' financial strength ratings of these
companies are supported by currently sound claims paying ability
and liquidity levels in our opinion.

Resolution of the negative CreditWatch will be dependent on
clarification of ultimate potential losses as well as future
business prospects, the outcome of strategic business decisions,
and potential regulatory developments.

                    Australian Bonds at Risk

Bloomberg News says the bond insurers' ratings downgrade has put
at risk the credit ratings on about AU$13 billion --
US$12.4 billion -- of Australian securities guaranteed by MBIA
and Ambac.

Bloomberg also relates that Macquarie Group, Australia's biggest
securities firm, is planning to establish a U.S. bond-insurance
company to compete with MBIA and Ambac.  Bloomberg cited a
June 5 e-mailed statement from New York State Insurance
Department Superintendent Eric Dinallo.


CHARLES BERNARD: Appoints Clifton and Hall as Liquidator
--------------------------------------------------------
Charles Bernard Pty. Ltd.'s members agreed on April 7, 2008, to
voluntarily liquidate the company's business.  Timothy James
Clifton and Mark Christopher Hall were appointed to facilitate
the sale of its assets.

The liquidator can be reached at:

          Timothy James Clifton
          Mark Christopher
          Hall, Chartered Accountants
          Level 10, 26 Flinders Street
          Adelaide, SA 5000
          Australia


D G ENTERPRISES: Declares Dividend for Creditors
------------------------------------------------
D G Enterprises Pty Ltd, which is in liquidation, declared its
dividend for its creditors.

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

The company's liquidator is:

          Barry Kenneth Hamilton
          B K Hamilton & Associates
          GPO Box 697
          Hobart TAS 7001
          Australia


GORILLA FILMS: Liquidator Gives Wind-Up Report
----------------------------------------------
Hugh Martin, Gorilla Films Pty. Ltd.'s estate liquidator, met
with the company's members and creditors on May 14, 2008, and
provided them with property disposal and winding-up reports.

The liquidator can be reached at:

          Hugh Martin
          Bernardi Martin
          Level 1, 195 Victoria Square
          Adelaide SA 5000
          Australia


HARDCOVER ENTERTAINMENT: Liquidator Presents Wind-Up Report
-----------------------------------------------------------
Hardcover Entertainment Pty. Ltd. held a joint meeting for its
members and creditors on May 14, 2008.  At the meeting, the
company's liquidator, Hugh Martin at Bernardi Martin, provided
the attendees with property disposal and winding-up reports.

The liquidator can be reached at:

          Hugh Martin
          Bernardi Martin
          Level 1, 195 Victoria Square
          Adelaide SA 5000
          Australia


HI CONSULTING: Liquidator Gives Wind-Up Report
----------------------------------------------
A. C. Matthews, HI Consulting Services 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:

          A. C. Matthews
          Anthony Matthews & Associates
          Ground Floor, 46 Fullarton Road
          Norwood SA 5067
          Australia
          Telephone: (08) 8363 9505
          Facsimile: (08) 8363 9506
          Email: info@matthewsassociates.com.au


MBIA INC: Rating Cut Puts AU$13BB Australian Bonds at Risk
----------------------------------------------------------
Standard & Poor's Rating Services lowered its financial strength
ratings on Ambac Assurance Corp. and MBIA Insurance Corp. to
'AA' from 'AAA' and placed the ratings on CreditWatch with
negative implications.

The ratings on the holding companies, Ambac Financial Group and
MBIA Inc., have also been lowered to 'A' and 'A-' from 'AA' and
'AA-', respectively, and placed on CreditWatch with negative
implications.

The rating actions on the companies reflect S&P's belief that
these entities will face diminished public finance and
structured finance new business flow and declining financial
flexibility.  In addition, S&P believe continuing deterioration
in key areas of the U.S. residential mortgage sector and related
CDO structures will place increasing pressure on capital
adequacy.  The 'AA' financial strength ratings of these
companies are supported by currently sound claims paying ability
and liquidity levels in our opinion.

Resolution of the negative CreditWatch will be dependent on
clarification of ultimate potential losses as well as future
business prospects, the outcome of strategic business decisions,
and potential regulatory developments.

                    Australian Bonds at Risk

Bloomberg News says the bond insurers' ratings downgrade has put
at risk the credit ratings on about AU$13 billion -- US$12.4
billion -- of Australian securities guaranteed by MBIA and
Ambac.

Bloomberg also relates that Macquarie Group, Australia's biggest
securities firm, is planning to establish a U.S. bond-insurance
company to compete with MBIA and Ambac.  Bloomberg cited a
June 5 e-mailed statement from New York State Insurance
Department Superintendent Eric Dinallo.


NU METRIC: Appoints Martin David Lewis as Liquidator
----------------------------------------------------
NU Metric Tooling Services Pty. Ltd.'s members agreed on
March 20, 2008, to voluntarily liquidate the company's business.
Martin David Lewis was appointed to facilitate the sale of its
assets.

The liquidator can be reached at:

          M. D. Lewis
          Ferrier Hodgson (SA)
          Level 6, 81 Flinders Street
          Adelaide SA 5000
          Australia


TASMANIAN COMPLIANCE: Declares Dividend for Creditors
-----------------------------------------------------
Tasmanian Compliance Corporation Pty Ltd, which is in
liquidation, declared its dividend for its creditors.

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

The company's liquidator is:

          Barry Kenneth Hamilton
          B K Hamilton & Associates
          GPO Box 697
          Hobart TAS 7001
          Australia


W.R. & M.R.: Liquidators Present Wind-Up Report
-----------------------------------------------
Andrew Heard and Anthony Phillips, W.R. & M.R. Transport Pty.
Ltd.'s estate liquidators, met with the company's members and
creditors on May 16, 2008, and provided them with property
disposal and winding-up reports.

The liquidator can be reached at:

          Andrew Heard
          Anthony Phillips
          Heard Phillips
          Chartered Accountants
          Level 2, 45 Grenfell Street
          Adelaide SA 5000
          Australia
          Telephone: (08) 8212 3433



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

CHINA CONSTRUCTION: Gets Exercise Call Option Notice From BofA
--------------------------------------------------------------
China Construction Bank Corporation has received a notice
from Bank of America Corporation, stating that Bofa intends to
exercise a call option pursuant to the share and option purchase
agreement entered into between Bofa and China SAFE
Investments Limited ("Huijin") on June 17, 2005.

Bofa proposes to purchase 6,000,000,000 H-shares of the China
Construction from Huijin at an exercise price of approximately
HK$2.42 per share.  The sale and purchase pursuant to the
exercise of the call option is proposed to take place on or
about June 5, 2008.

Other than the exceptions, the 6,000,000,000 H-shares purchased
from Huijin pursuant to the exercise of the call option shall
not be transferred until August 29, 2011, without our prior
written consent.

Upon completion of such exercise, Huijin will hold directly, and
indirectly through its wholly owned subsidiary, China Jianyin
Investment Limited, an aggregate number of 152,842,297,904
H-shares of the China Construction, representing approximately
65.40% of the China Construction's issued share capital and Bofa
will hold 25,132,974,346 H-shares of the Bank, representing
approximately 10.75% of the Bank's issued share capital.

                     About China Construction

The China Construction Bank -- http://www.ccb.cn/-- is one of
the "big four" banks in the People's Republic of China.  It was
founded on October 1, 1954, under the name of "People's
Construction Bank of China" and later changed to "China
Construction Bank" on March 26, 1996.

                          *     *     *

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.


CHINA SOUTHERN: World's 4th in Number of Passengers
---------------------------------------------------
China Southern Airlines Co. Ltd. ranks fourth in the global
aviation industry and first in Asia, transporting 56.522 million
person-trips throughout the year 2007, People Daily Online
reports, citing a statistics report by the International Air
Transport Association.

People Daily relates that according to the new rankings this
year, China Southern Airlines is the only Asian airline among
the world's top five airlines.

The airline, the report says, now flies to 841 destinations,
connecting 162 countries and regions including major cities all
over the world.

China Southern Airlines has maintained the highest safety record
in China's civil aviation industry with 4.967 million hours of
safe flights by the end of this May, People Online adds.

                       About China Southern

Headquartered in Guangzhou, China, China Southern Airlines Co.
Ltd. -- http://www.cs-air.com-- engages in the operation of
airlines, as well as in aircraft maintenance and air catering
operations in the People's Republic of China and
internationally.  It provides commercial airlines, cargo
services, logistics operations, air catering, utility service,
hotel operation, travel services, aircraft leasing, and Internet
services.

                           *    *    *

As reported in the Troubled Company Reporter-Asia Pacific on
March 3, 2008, Fitch Ratings affirmed China Southern Airlines
Co. Ltd.'s Long-term Foreign Currency and Local Currency Issuer
Default Ratings at 'B+'.  The Outlook on the ratings is Stable.


DRAGON PHARMACEUTICAL: Earns US$1.96 Million in 2008 1st Quarter
----------------------------------------------------------------
Dragon Pharmaceutical Inc. reported net income of US$1.96
million in the first quarter ended March 31, 2008, compared to
net income of US$850,000 for the same period of 2007.

"Our record financial results in the first quarter demonstrate
our solid execution of our business strategy and ongoing focus
on operational excellence," said Mr. Yanlin Han, Dragon's
chairman and chief executive officer.

"During the quarter, our purchasing prices of agricultural and
petrochemical materials all increased, while our unit production
costs actually declined due to our continuous efforts in
optimizing our manufacturing process and innovative technology
platform.  We believe our strategy of providing high quality
antibiotic products at lower prices, uniquely positions Dragon
Pharma to compete in China and other emerging markets."

Total revenues increased 112% to US$35.87 million from
US$16.90 million for the same period of 2007.  The company said
record results were driven by strong market demand and solid
execution of its business strategy as the company achieved
substantial growth in revenues and gross profits for all its
products.

Gross profit was US$6.17 million, a 65% increase from US$3.75
million from the first quarter of 2007.  Overall gross profit
margins were 17% in the first quarter of 2008 compared to 22% in
the corresponding period of 2007.  The overall gross margin
slightly declined due to an increase in sales contribution of
formulation drugs and the introduction of Cefalexin in January
2008.

Sales of Cefalexin, launched in January 2008 into the Chinese
market, reached US$4.27 million, accounting for 12% of the total
sales in the first quarter of 2008.

                          Balance Sheet

At March 31, 2008, the company's consolidated balance sheet
showed US$130.31 million in total assets, US$79.44 million in
total liabilities, and US$50.87 million in total stockholders'
equity.

The company's consolidated balance sheet at March 31, 2008, also
showed strained liquidity with US$46.54 million in total current
assets available to pay US$66.48 million in total current
liabilities.

Full-text copies of the company's consolidated financial
statements for the quarter ended March 31, 2008, are available
for free at http://researcharchives.com/t/s?2d60

                       Going Concern Doubt

Ernst & Young LLP, in Vancouver, Canada, expressed substantial
doubt about Dragon Pharmaceutical Inc.'s ability to continue as
a going concern after auditing the company's consolidated
financial statements for the years ended Dec. 31, 2007, and
2006.  The auditing firm pointed to the company's recurring
working capital deficiency.

The company has a working capital deficiency of US$19.94 million
as at March 31, 2008.

                   About Dragon Pharmaceutical

Based in Vancouver, Canada Dragon Pharmaceutical Inc. (TSX: DDD)
(OTC BB: DRUG)(BBSE: DRP) -- http://www.dragonpharma.com/-- is
a manufacturer and distributor of a broad line of antibiotic
products including 7-ACA, a key intermediate to produce
cephalosporin antibiotics, clavulanic acid, and formulated
cephalosporin antibiotic drugs.  Dragon is the third largest 7-
ACA producer and the first manufacturer and market leader of
clavulanic acid products in China.



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

ALWAYS ADVANCE: Liquidator Quits Post
--------------------------------------
On June 6, 2008, Wu Shek Chun Wilfred stepped down as
liquidators for Always Advance International Trading Limited.


BIS GARMENTS: Liquidator Quits Post
-----------------------------------
On June 6, 2008, Wu Shek Chun Wilfred stepped down as
liquidators for Bis Garment Workshop Limited.


EUROPOINT WATCH: Liquidators Quit Post
--------------------------------------
On May 28, 2008, Fung Lank and Wong Man Chung, Francis stepped
down as liquidators for Europoint Watch & Jewellery Limited.


KAI TAI: Commences Liquidation Proceedings
------------------------------------------
Kai Tai Cloth Hong Limited's members agreed on May 30, 2008, to
voluntarily liquidate the company's business.  The company has
appointed Keung Yuk Kuen to facilitate the sale of its assets.

The liquidator can be reached at:

          Keung Yuk Kuen
          Wang Cheong Building, 3rd Floor
          251 Reclamation Street, Kowloon
          Hong Kong


KING'S GLORY: Liquidator Quits Post
-----------------------------------
On June 6, 2008, Wu Shek Chun Wilfred stepped down as
liquidators for King's Glory Educational Holdings Limited.


MICKY WEATHERWEAR: Creditors' Proofs of Debt Due July 2
-------------------------------------------------------
Creditors of Micky Weatherwear Limited are required to file
their proofs of debt by July 2, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 2, 2008.

The company's liquidator is:

         Tam Chi Chung
         Cheong K. Building, Room 804
         Des Voeux Road, Central
         Hong Kong


PACIFIC KING: Creditors' Proofs of Debt Due June 23
---------------------------------------------------
Creditors of Matford Limited are required to file their proofs
of debt by June 23, 2008, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on May 29, 2008.

The company's liquidator is:

         Koo Chee Kong Kenneth
         Cosco Tower, 44th Floor, 4411 Room
         183 Queen's Road, Central
         Hong Kong


SINCERE WEALTHY: Commences Liquidation Proceedings
--------------------------------------------------
Sincere Wealthy Limited's members agreed on May 30, 2008, to
voluntarily liquidate the company's business.  The company has
appointed Ng Kwok Shing to facilitate the sale of its assets.

The liquidator can be reached at:

          Ng Kwok Shing
          Room 1705, Ginza Plaza
          2A Sai Yeung Choi Street
          Mongkok, Kowloon


SINCERE WEALTHY: Members & Creditors to Meet on June 10
-------------------------------------------------------
Sincere Wealthy Limited will hold a joint meeting for its
creditors and contributors at 8:00 a.m. and :30, respectively on
June 10, 2008.  During the meeting, the company's liquidator, Ng
Kwok Shing will provide the attendees with property disposal and
winding-up reports.

The company's liquidator can be reached at:

            Ng Kwok Shing
            Room 1705, Ginza Plaza
            2A Sai Yeung Choi Street
            Mongkok, Kowloon


TRADEWELL ENTERPRISES: Creditors' Proofs of Debt Due June 30
------------------------------------------------------------
Creditors of Tradewell Enterprises Limited are required to file
their proofs of debt by June 30, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 26, 2008.

The company's liquidator is:

         Lau Vui Cheong
         161-167, Hong Kong Trade Centre
         Des Vouex Road Central
         Hong Kong



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

FORD MOTOR: Eyes India as Engine Exports Hub for Asia Pacific
-------------------------------------------------------------
Ford Motor Co. plans to use its India unit as a hub to export
engines to the Asia-Pacific region to take advantage of cheaper
production costs in the country, Bloomberg News reports.

Michael Boneham, managing director of the local unit told
Bloomberg in an interview that Ford is spending US$500 million
in expanding its factory in Chennai, South India, to make
250,000 engines and 200,000 vehicles annually by 2010.

“India will be a significant domestic market for us, and it will
be an exporter of engines to the region,” Bloomberg cited Mr.
Boneham as saying.  “It's a very cost-effective country.”

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
in 200 markets across six continents.  With about 260,000
employees and about 100 plants worldwide, the company's core and
affiliated automotive brands include Ford, Jaguar, Land Rover,
Lincoln, Mercury, Volvo, Aston Martin, and Mazda.  The company
provides financial services through Ford Motor Credit Company.

                          *     *     *

As reported in the Troubled Company Reporter on March 28, 2008,
Standard & Poor's Ratings Services said that the ratings and
outlook on Ford Motor Co. and Ford Motor Credit Co. (both rated
B/Stable/B-3) were not affected by Ford's announcement of an
agreement to sell its Jaguar and Land Rover units to Tata Motors
Ltd. (BB+/Watch Neg/--) for $2.3 billion (before $600 million of
pension contributions by Ford for Jaguar-Land Rover).

As reported in the Troubled Company Reporter on Feb. 15, 2008,
Fitch Ratings affirmed the Issuer Default Ratings of Ford Motor
Company and Ford Motor Credit Company at 'B', and maintained the
Rating Outlook at Negative.

As reported in the Troubled Company Reporter on Nov. 19, 2007,
Moody's Investors Service affirmed the long-term ratings of Ford
Motor Company (B3 Corporate Family Rating, Ba3 senior secured,
Caa1 senior unsecured, and B3 probability of default), but
changed the rating outlook to Stable from Negative and raised
the company's Speculative Grade Liquidity rating to SGL-1 from
SGL-3.  Moody's also affirmed Ford Motor Credit Company's B1
senior unsecured rating, and changed the outlook to Stable from
Negative.  These rating actions follow Ford's announcement of
the details of the newly ratified four-year labor agreement with
the United Auto Workers.


SAHARA INDIA: RBI Brings Stay Ruling to Supreme Court
-----------------------------------------------------
The Reserve Bank of India approached the Supreme Court,
challenging the Allahabad High Court stay on its order banning
Sahara India Financial Corporation Ltd. from taking fresh
deposits, the Economic Times reports.

The report says the appeal was mentioned before a vacation
Bench headed by Justice Arijit Pasayat.

The Bench will hold a hearing on the matter today, June 9, 2008.

The Times of India relates that the Lucknow bench of the
Allahabad high court stayed the RBI's order saying the
court had no option but to do so as innocent investors would
suffer because of the RBI action.

As reported in the Troubled Company Reporter-Asia Pacific on
May 5, 2008, the RBI prohibited 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.


UNI LEGWEARS: Reports Zero Sales for Year Ended March 31, 2008
--------------------------------------------------------------
Uni Legwears (India) Ltd., nka High Street Filatex Ltd.,
disclosed in a regulatory filing that the company's year ended
March 31, 2008 “was not good, as there were no sales, as
anticipated partly due to non repair of machines and mostly for
want of orders.”

The company said it has nil turn over due to closure of factory.

In addition, Uni Legwears disclosed that its board approved the
reduction of the company's issued, subscribed and paid up share
capital of 64,70,000 equity shares of Rs. 10 each aggregating to
Rs. 6,47,00,000 by Rs. 5,82,30,000 as being no longer
represented by the assets of the company.  The reduced capital
would comprise of 6,47,000 equity shares of Rs. 10 each fully
paid-up aggregating to Rs. 64,70,000.

The board also reappointed N. Bhandari & Company Chartered
Accountants as the company's auditors.

As reported in the Troubled Company Reporter-Asia Pacific,
Uni Legwears called a Board meeting on December 31, 2005,
inter alia, to discuss passing an Ordinary Resolution in
relation to the sale, lease or otherwise disposing of the
undertaking or whole of the undertaking of the Company under
section 293(1)(a).


WITMANS INDUSTRIES: CRISIL Rates Bank Facilities at “BB”
--------------------------------------------------------
CRISIL assigned its rating of ‘BB/Stable/P4’ to the various bank
facilities of Witmans Industries.  The rating reflects Witmans’
small size and exposure to cyclicality in the textile lubricants
industry, weak profitability on account of the high competition,
limited product profile, and exposure to risks relating to the
partnership form of business.  These weaknesses are partially
offset by Witmans’ established presence in the textile
lubricants industry, and the growing demand for its products due
to growth in the end-user segment.

Affected ratings:

   Rs.60 Million Cash Credit    BB/Stable(Assigned)
   Rs.60 Million Letter of Credit  P4(Assigned)
   Rs.1 Million Bank Guarantees  P4(Assigned)
   Rs.9 Million Line of Credit  P4(Assigned)

Outlook: Stable

CRISIL believes that Witmans will maintain stable operating
margins despite volatility in base oil prices.  The outlook may
be revised to ‘Positive’ if Witmans’ business risk profile
improves substantially from current levels. Conversely, the
ratings may have a negative bias if the leverage increases
significantly.

                          About Witmans

Witmans, a partnership firm, manufactures lubricant oils that
cater to industries such as textiles, plastics, rubber, and
automotives.  It also manufactures industrial paints.  The
textile industry is the largest user segment for Witmans’
lubricant oils, accounting for around 90 per cent of its total
sales.  The firm has a 55 per cent market share in the textile
lubricants segment.

The firm’s lubricant oil plant at Daman has an installed
capacity of 14,400 metric tonnes (MT) per annum, while its
industrial paints facility at Wada (Maharashtra), has an
installed capacity of around 0.5 million litres per annum.  As a
backward integration initiative, the Witmans group is
implementing a recycling plant in the Middle East, through a
joint venture, for processing used oil with a total capacity of
8000-9000 MT per annum.  The recycling plant is expected to sell
around half of its production to Witmans, as raw material in the
manufacture of lubricant oils.  In the industrial paints
segment, Witmans proposes to manufacture protective steel pipe
coatings.

For the year ended March 31, 2007, Witmans reported a net profit
of Rs.5 million on sales of Rs.515 million, as against a net
profit of Rs.5 million and sales of Rs.350 million in the
corresponding period of previous year.


* INDIA: Airlines Not Immune from Bankruptcy as Costs Rise
----------------------------------------------------------
Indian aviation industry risks going into bankruptcy as
operating costs continue to rise despite a 4.3% cut in
jet fuel prices on Thursday, the Times of India says.

Quoting IATA figures, Jet Airways CEO Wolfgang Prock-Schauer
told the Times that in the last couple of months 24 global
carriers have gone bankrupt unable to bear rising ATF
prices.  “. . . [T]his can happen in India also," he said.

SpiceJet director Ajay Singh told the Times that the 4.3%
cut “is hardly any relief when compared to the 100% increase
in jet fuel rates in the past year."

With taxes levied by various states, Mr. Singh said the
actual ATF prices tend to be much higher than international
rates.

According to the report, ATF costs in India accounts for an
average 40% of the total operating costs annually.



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

EBARA CORP: Forecasts 1.3% Decrease in Revenues for FY2009
----------------------------------------------------------
Ebara Corporation announced revenue forecast of JPY 560 billion
(1.3% lower than last year), operating profit expectation of JPY
13 billion (2.2 times more than last year), ordinary profit
expectation of JPY 9 billion (3.2 times more than last year) and
net profit guidance of JPY 4.5 billion (40.9% lower than last
year) for the fiscal year ending March 31, 2009, Reuters
reports, citing Jiji Press.

According to Reuters Estimates, analysts on average are
expecting the company to report revenue of JPY 550.5 billion,
operating profit of JPY 15.5 billion and net profit of JPY 5.15
billion for the same fiscal year.

Reuters says the company cited lesser orders for hydraulic
machinery and environment plants as the reason for the given
revenue forecast while operating profit and ordinary profit
expectations were higher than last fiscal year due to the
decrease in operation loss of its engineering business in
several projects in Malaysia and Germany.

Net profit guidance was lower than last fiscal year because of
loss from the sale of fixed asset, Reuters adds.

                        About Ebara Corp.

Headquartered in Tokyo, Japan, Ebara Corp. --
http://www.ebara.co.jp/en/ir/index.html-- is Japan's largest
manufacturer of pumps, a major fluid machinery producer and an
integrated environmental engineering service company.  It also
has technologies for semiconductor polishing, cleaning and
plating.  The company has 107 subsidiaries and 17 associated
companies.

                         *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
March 28, 2008, Standard & Poor's Ratings Services revised its
outlook on the 'BB+' long-term corporate credit rating on Ebara
Corp. to negative from stable, amid ongoing concerns over the
recovery of earnings in its environmental engineering business.
The outlook change also reflects uncertainty surrounding whether
the company will turn around its environmental engineering
business and generate positive free cash flow.  At the same
time, Standard & Poor's affirmed its 'BB+' long-term corporate
credit and senior unsecured debt ratings on the company.


FORD MOTOR: Has Ample Liquidity to Fund Turnaround Program
----------------------------------------------------------
The remark of Ford Motor Company Chief Executive Officer Alan
Mullaly that company has enough cash to cope with another round
of losses next year, was confirmed by Ford's president for the
Americas Mark Fields when he was interviewed at the launch of
the Ford Flex plant production in Oakville, Ontario.  Mr. Fields
stated that Ford has ample liquidity to help fund the turnaround
program announced in 2006.

John McCrank of Reuters relates that Mr. Fields reacted to the
question on the adequacy of a US$23 billion borrowing program
for the company's revised restructuring plan.

Greg Bensinger of Bloomberg News writes that unlike General
Motors Corp., which is planning to focus production of small
cars, Mr. Mullaly said Ford will retain its trucks yet balance
its products with small, medium and large cars.

As disclosed in the Troubled Company Reporter on May 23, 2008,
Ford is making adjustments to its production plan and revising
downward its near-term North American Automotive profit outlook,
while planning further manufacturing capacity realignments,
additional cost reductions and changes to its product mix to
respond to the rapidly changing business environment in the U.S.

The lower overall production, dramatic model mix shifts and
substantially higher commodity costs are forcing a change in
Ford's near-term financial outlook, the company said.

"Rapidly rising commodity prices -- particularly steel prices --
and higher gasoline prices that are accelerating consumers'
shift away from large trucks and SUVs together are having a
tremendous impact on our sales, our manufacturing operations and
our profitability as we look to 2009," Mr. Fields said.

Reuters, citing Mr. Fields, adds that Ford's approach changes as
customer demand changes so forecasts are uncertain as the market
does a quick turnabout.  He added, to elucidate his point, that
in 2005, trucks and SUVs were in demand.  Approximately 70% of
the products Ford sold were trucks and SUVs, while 30% made up
of crossovers and cars.  In April, it was 62% cars and
crossovers and 38% trucks and SUVs.

As reported in the TCR on last week, Ford may terminate salaried
workers in the U.S. instead of offering them compensation
packages to shave off expenses amid the decline of truck sales
and the increase of gasoline prices.  According to Bill Koenig
of Bloomberg News, Ford CEO Alan Mulally announced in a memo
that by August 1, the reductions must be completed.  The
automaker might reduce as much as 12% or 2,000 of its U.S.
salaried workforce.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
in 200 markets across six continents.  With about 260,000
employees and about 100 plants worldwide, the company's core and
affiliated automotive brands include Ford, Jaguar, Land Rover,
Lincoln, Mercury, Volvo, Aston Martin, and Mazda.  The company
provides financial services through Ford Motor Credit Company.

The company has operations in Japan in the Asia Pacific region.
In Europe, the company maintains a presence in Sweden, and the
United Kingdom.  The company also distributes its brands in
various Latin American regions, including Argentina and Brazil.

                          *     *     *

As reported in the Troubled Company Reporter on March 28, 2008,
Standard & Poor's Ratings Services said that the ratings and
outlook on Ford Motor Co. and Ford Motor Credit Co. (both rated
B/Stable/B-3) were not affected by Ford's announcement of an
agreement to sell its Jaguar and Land Rover units to Tata Motors
Ltd. (BB+/Watch Neg/--) for US$2.3 billion (before US$600
million of pension contributions by Ford for Jaguar-Land Rover).

As reported in the Troubled Company Reporter on Feb. 15, 2008,
Fitch Ratings affirmed the Issuer Default Ratings of Ford Motor
Company and Ford Motor Credit Company at 'B', and maintained the
Rating Outlook at Negative.

As reported in the Troubled Company Reporter on Nov. 19, 2007,
Moody's Investors Service affirmed the long-term ratings of Ford
Motor Company (B3 Corporate Family Rating, Ba3 senior secured,
Caa1 senior unsecured, and B3 probability of default), but
changed the rating outlook to Stable from Negative and raised
the company's Speculative Grade Liquidity rating to SGL-1 from
SGL-3.  Moody's also affirmed Ford Motor Credit Company's B1
senior unsecured rating, and changed the outlook to Stable from
Negative.  These rating actions follow Ford's announcement of
the details of the newly ratified four-year labor agreement with
the United Auto Workers.


FUJI HEAVY: Shares Up on Forecasts Electric Cars May Spur Sales
---------------------------------------------------------------
Fuji Heavy Industries Ltd.'s shares in Tokyo trading increased
the most in almost two months on speculation that its "earth
friendly" electric cars may spur sales, Kiyori Ueno of Bloomberg
News reports.

The report relates that the company's shares advanced as much
8.3%, or JPY42, to JPY549 and traded at JPY545 as of the 11 a.m.
trading break on the Tokyo Stock Exchange.

Nikko Citigroup, according to Bloomberg, said in a report that
Fuji Heavy will start selling its first electric cars in 2009,
and has a sales target of "several tens of thousands" a year by
the middle of the next decade.

"The report triggered more interest in Fuji Heavy's electric
cars," Bloomberg cited Shigeo Kikuchi, an analyst at Takagi
Securities Co. in Tokyo, as saying.  "That's helping push up the
shares," he said.

Company spokesman Kenta Matsumoto told Bloomberg that Fuji Heavy
had no explanation for the price increase.  "We believe we've
solved technological issues related to electric cars, though
there still is a price issue.  We haven't set up sales targets,
but hope there will be good demand for the cars," he added.

                         About Fuji Heavy

Headquartered in Tokyo, Japan, Fuji Heavy Industries Ltd. --
http://www.fhi.co.jp-- is manufacturing company engaged in four
business segments.  The Automobile segment is engaged in the
manufacturing, repair and sale of light vehicles, compact cars
and standard vehicles.  The Industrial Machinery segment offers
motors, machinery for agricultural, forestry and constructional
use, as well as other machinery and equipment.  The Aerospace
segment offers airplanes, aerospace-related equipment and parts.
The Others segment is engaged in the manufacturing, repair and
sale of dustcarts, bus-related parts and houses, as well as the
leasing of real estates.  The Company distributes its products
in both domestic and overseas markets.  As of March 31, 2007,
Fuji Heavy Industries has 109 subsidiaries and nine associated
companies. The Company has a global network.

                          *     *     *

Standard & Poor's Ratings Services lowered its long-term credit
rating on Fuji Heavy Industries Ltd. to 'BB+' from 'BBB-' based
on diminished prospects for a recovery in profitability and cash
flow over the near term along with intensifying competition in
the global auto industry.


JAPAN AIR: Forecasts JPY2.1Tril. Revenue for FY Ending March '09
----------------------------------------------------------------
Japan Airlines Corporation has issued its consolidated full-year
revenue forecast of JPY2,184 billion, operating profit forecast
of JPY50 billion, ordinary profit forecast ofJPY 30 billion and
net profit forecast of JPY13 billion for the fiscal year ending
March 2009, Reuters reports.

According to Reuters Estimates, analysts on an average are
expecting the company to report revenue of JPY2,200 billion,
operating profit of JPY47.5 billion and net profit of JPY11.25
billion for the same fiscal year.

Japan Airlines International Co. Ltd. -- http://www.jal.com/--
provides scheduled and non-scheduled air transport services;
aircraft maintenance services; and other businesses relating to
air transport and aircraft maintenance.  As of March 31, 2008,
JAL has 46 offices in Japan and 57 overseas.  As of February 29,
2008, the carrier has a total of 16,058 employees. Japan
Airlines flies to the United States, Brazil and France.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Apr. 17, 2008, Fitch Ratings revised the Outlook on Japan
Airlines Corporation and its wholly owned operating subsidiary,
JAL International Co., Ltd.'s Long-term Issuer Default ratings
to Stable from Negative.  At the same time, Fitch affirmed both
companies' Long-term IDRs and ratings of outstanding bonds at
'BB-'.  The Outlook revision follows JAL's operational
turnaround and better liquidity.

As reported in the Troubled Company Reporter-Asia Pacific on
Mar. 4, 2008, Moody's Investors Service changed to positive from
stable the rating outlook for the Ba3 long-term debt rating and
issuer rating on Japan Airlines International Co., Ltd.  The
outlook change reflects Moody's view that JALI is likely to
improve its cash flow generation and strengthen its financial
profile over the intermediate term, despite stagnant airline
passenger demand and ongoing price hikes for aircraft fuel.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 9, 2007, Standard & Poor's Ratings Services affirmed its
'B+' long-term corporate credit and issue ratings on Japan
Airlines Corp. (B+/Negative/--) following the company's
announcement of its new medium-term management plan.  The
outlook on the long-term corporate credit rating is negative.


JAPAN AIR: To Equip Fleet with New Flight Bags
----------------------------------------------
Japan Airlines International will equip its entire current and
future fleet of Boeing 777 jetliners with the Boeing Class 3
Electronic Flight Bag (EFB), following a validation trial
conducted over the past year.

JAL has 40 777s in service and has been operating the EFB on two
777s as part of a validation trial since June 2007.  Retrofit
kit installation for the remaining fleet of 777s will begin in
April 2009, and all installations should be complete by the end
of the 2011.

JAL is scheduled to take delivery of three more 777-300ERs in
2008, all of which will be delivered with the EFB installed.

"The Boeing Class 3 Electronic Flight Bag is a key aspect of our
vision for future operations," said JAL Vice President, Flight
Operations Engineering, Mitsuo Koga.  "EFB allows us to create a
link between our airplanes and ground teams and helps us to be
safer and more efficient in our operations."

The Boeing Electronic Flight Bag has become an integral feature
on the 777 fleet, with more than 80% of customers accepting this
option in production and then retrofitting their existing
fleets. JAL already is a leader in the e-Enabled movement,
operating Boeing Airplane Health Management and Maintenance
Performance Toolbox.

The EFB, which also is standard on the 787, is designed to fit
seamlessly with these leading-edge technologies giving JAL an
unparalleled ability to connect these airplanes across its
entire enterprise.

"Japan Airlines is one of the world's leading passenger carriers
and is highly respected for its customer service and fleet
reliability.  This decision to retrofit their entire 777 fleet
with EFB says a lot for the airline's confidence in the value of
this product," said Boeing Vice President of Sales and Marketing
for Commercial Aviation Services Dan da Silva. "JAL's operation
experience has demonstrated the benefits that the EFB can
provide when expanded to a larger airplane fleet."

The EFB combines hardware, software, data and services to create
an integrated package that saves money for customers by
optimizing takeoff and flight settings, while providing
increased safety, efficiency and the ability for airplanes and
flight crews to communicate with airline maintenance teams.

                       About Japan Airlines

Japan Airlines International Co. Ltd. -- http://www.jal.com/--
provides scheduled and non-scheduled air transport services;
aircraft maintenance services; and other businesses relating to
air transport and aircraft maintenance.  As of March 31, 2008,
JAL has 46 offices in Japan and 57 overseas.  As of February 29,
2008, the carrier has a total of 16,058 employees. Japan
Airlines flies to the United States, Brazil and France.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Apr. 17, 2008, Fitch Ratings revised the Outlook on Japan
Airlines Corporation and its wholly owned operating subsidiary,
JAL International Co., Ltd.'s Long-term Issuer Default ratings
to Stable from Negative.  At the same time, Fitch affirmed both
companies' Long-term IDRs and ratings of outstanding bonds at
'BB-'.  The Outlook revision follows JAL's operational
turnaround and better liquidity.

As reported in the Troubled Company Reporter-Asia Pacific on
Mar. 4, 2008, Moody's Investors Service changed to positive from
stable the rating outlook for the Ba3 long-term debt rating and
issuer rating on Japan Airlines International Co., Ltd.  The
outlook change reflects Moody's view that JALI is likely to
improve its cash flow generation and strengthen its financial
profile over the intermediate term, despite stagnant airline
passenger demand and ongoing price hikes for aircraft fuel.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 9, 2007, Standard & Poor's Ratings Services affirmed its
'B+' long-term corporate credit and issue ratings on Japan
Airlines Corp. (B+/Negative/--) following the company's
announcement of its new medium-term management plan.  The
outlook on the long-term corporate credit rating is negative.


JAPAN AIR: To Expand Code Share Flights With Vietnam Airlines
-------------------------------------------------------------
Japan Airlines International Co., Ltd. will start code sharing
on flights operated by Vietnam Airlines (VN) between Nagoya
(Chubu) and Hanoi from August 14, 2008.  The number of flights
JAL offers from Japan to Vietnam, including code shares, will
increase to 39 flights per week on 6 routes.

From August 14, JAL will offer four round-trip code share
flights a week between Nagoya (Chubu) and Hanoi.  Flight
operations will be handled by Vietnam Airlines Boeing A321
aircraft and crew.

JAL has been expanding its operations between the two countries
in line with Vietnam's sustained high economic growth which has
resulted in increased foreign investment particularly from
Japanese enterprises.

Including codes shares, JAL's route network now provides direct
flights to Hanoi from Nagoya, Osaka, and Tokyo and direct
flights to Ho Chi Minh City from Fukuoka, Osaka and Tokyo.

Code share cooperation between JAL and Vietnam Airlines goes
back to April 1996, when the two airlines inaugurated code share
flights on the Osaka (Kansai)-Ho Chi Minh route.

                      About Japan Airlines

Japan Airlines International Co. Ltd. -- http://www.jal.com/--
provides scheduled and non-scheduled air transport services;
aircraft maintenance services; and other businesses relating to
air transport and aircraft maintenance.  As of March 31, 2008,
JAL has 46 offices in Japan and 57 overseas.  As of February 29,
2008, the carrier has a total of 16,058 employees. Japan
Airlines flies to the United States, Brazil and France.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Apr. 17, 2008, Fitch Ratings revised the Outlook on Japan
Airlines Corporation and its wholly owned operating subsidiary,
JAL International Co., Ltd.'s Long-term Issuer Default ratings
to Stable from Negative.  At the same time, Fitch affirmed both
companies' Long-term IDRs and ratings of outstanding bonds at
'BB-'.  The Outlook revision follows JAL's operational
turnaround and better liquidity.

As reported in the Troubled Company Reporter-Asia Pacific on
Mar. 4, 2008, Moody's Investors Service changed to positive from
stable the rating outlook for the Ba3 long-term debt rating and
issuer rating on Japan Airlines International Co., Ltd.  The
outlook change reflects Moody's view that JALI is likely to
improve its cash flow generation and strengthen its financial
profile over the intermediate term, despite stagnant airline
passenger demand and ongoing price hikes for aircraft fuel.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 9, 2007, Standard & Poor's Ratings Services affirmed its
'B+' long-term corporate credit and issue ratings on Japan
Airlines Corp. (B+/Negative/--) following the company's
announcement of its new medium-term management plan.  The
outlook on the long-term corporate credit rating is negative.


*JAPAN: Firms Post Losses of JPY1.8 Trillion From Subprime Loans
----------------------------------------------------------------
Japanese financial firms had posted total losses of more than
JPY1.8 trillion yen from subprime loans, including related
losses caused by confusion in the market, as of March 31,
according to their business results for fiscal 2007, which ended
the same day, The Yomiuri Shimbun reports.

The report relates that losses of JPY1.6 trillion resulted
directly from the subprime loans problem--caused by massive
defaults on housing loans extended to low income earners in the
United States.  This figure was boosted by losses from sales of
financial products, which included securitized subprime loans in
the companies' portfolios, the report says.

According to the report, Mizuho Financial Group incurred the
largest loss at JPY645 billion, accounting for about 40% of the
total loss suffered by the Japanese financial institution; due
to a dramatic falls in prices of subprime loan-related
securities owned by the group's securities arm, Mizuho
Securities Co.

The report says that Nomura Holdings Inc.'s subprime loss was
the second largest, at JPY258 billion.   The Sumitomo Mitsui
Financial Group and the Mitsubishi UFJ Financial Group posted
JPY123 billion  each in subprime loans-related losses, The
Yomiuri relates.

Norinchukin Bank incurred JPY102.2 billion losses, Aioi
Insurance Co. lost JPY83.6 billion, and Sompo Japan Insurance
Inc. dropped JPY30 billion due to the subprime issue, The
Yomiuri notes.

Regional banks were also affected by the problem.

According to The Yomiuri, Joyo Bank posted losses of JPY11.5
billion and San-in Godo Bank suffered losses of JPY7.6 billion
yen in relation to the subprime loan problem.

Moreover, due to the U.S. financial crisis, economists predicted
that the losses incurred by Takinogawa Shinkin Bank in Tokyo--
which posted a loss of JPY7.3 billion in its mid-term business
results as of Sept. 30, 2007--have ballooned to tens of billions
of yen as of the end of March, the report adds.



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

DAEWOO CAPITAL: Fitch Puts 'BB+' LT Foreign Currency ID Rating
--------------------------------------------------------------
Fitch Ratings has assigned Daewoo Capital Co., Ltd. a 'BB+'
Long-term foreign currency Issuer Default Rating and 'C/D'
Individual rating.  At the same time, the agency has assigned a
Support rating of '5'.  The Outlook on the Long-term rating is
Stable.

The ratings reflect DWC's good operational capability in
maintaining its second-largest market position after Hyundai
Capital Services (non-rated) in South Korea's competitive auto-
financing market, as well as the company's adequate
profitability and capitalisation.  Also, the agency notes that
DWC benefits from a cooperative relationship between its largest
shareholder Aju Corporation and its second-largest shareholder
Shinhan Bank (SHB, 'A'/Stable).

DWC has successfully expanded its presence in the auto-financing
market with an auto installment loan market share of around 24%
in terms of origination amount in 2007, on the back of its good
relationships with car dealers and well-diversified portfolio in
terms of vehicle type and brand, coupled with its marketing
efforts.  This has been despite DWC's status as a non-captive
auto-financing company with major auto makers in the country.
Fitch notes that, shored up by its operational capability, DWC's
profitability has remained adequate, although ROAA has declined
to 1.83% in FY07 from 2.44% in FY06 on a managed basis, mainly
due to increased marketing costs.

Fitch notes that a limited growth potential in the auto-
financing market has recently encouraged DWC to expand into
higher risk unsecured personal lending as well as corporate
loans.  Hence, over 2007, while total financial receivables grew
44% on a managed basis, unsecured personal lending and corporate
loans which were launched mid-2006 grew 16-fold and 189%,
respectively, such that each accounted for 7% and 2% of DWC's
total financial receivables at end-2007, compared with a
combined 1% at end-2006.

Meanwhile, DWC's asset quality has remained sound, with NPL
ratio and delinquency receivables rate on a managed basis
standing at 0.97% (1.36% on a reported basis) and 1.51% at end-
2007, respectively. Loan loss reserve coverage for NPLs was high
at 160.4% on a managed basis (125.8% on a reported basis) at
end-2007.  Also, DWC has maintained adequate capitalisation.  At
end-2007, DWC's CAR stood at 15.4% (versus a long-term target of
15%), which is well above the minimum regulatory requirement of
7%.  Fitch believes the CAR level will provide DWC with an
adequate buffer against any moderate economic and market
downturns.

Fitch notes the potential risk for DWC arising from the weaker
credit profile of its major shareholder, Aju Corp., due to
relatively high leverage, albeit this is mitigated by the
Financial Supervisory Service's monitoring and regulation of DWC
and SHB's involvement in its management.  Nevertheless,
incidences of excessive support to Aju Corp. and its affiliates
including the upstreaming of excessive dividends would be
negative for DWC's ratings.

DWC was established in 1994 as the first consumer financing
company in South Korea.  DWC was 77%-owned by Aju Corp. at
January 2008, while SHB held 14%.  As a subsidiary of the former
Daewoo Group, DWC was hard hit by the collapse of the former in
1999.  Since October 2006, DWC has been a subsidiary of Aju
Group, which mainly focuses on construction materials and auto-
related businesses.  DWC is an auto financing-focused company,
with more than 70% of its origination volume derived from the
auto financing segments in 2007.  It also engages in unsecured
personal loans, mortgage loans, corporate lending and equipment
leasing.



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

IDAMAN UNGGUL: Shriram Ends Talks of Proposed Acquisition
---------------------------------------------------------
On June 5, 2008, Idaman Unggul Berhad has received a letter from
Shriram Capital Ltd notifying its intention to terminate the
negotiations with the company regarding the proposed acquisition
of equity interest in Tahan Insurance Malaysia Berhad,  a
wholly-owned subsidiary of Idaman.

However, the negotiation with Tokio Marine Asia Pte. Ltd. for
the proposed acquisition of the general insurance business of
Tahan is still on-going and the company will make the relevant
announcement as and when required.

                       About Idaman Unggul

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

                          *     *     *

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


LUSTER INDUSTRIES: To Hold 21st Annual Meeting on June 30
---------------------------------------------------------
Luster Industries Bhd. will hold its 21st annual general meeting
at 9:30 a.m. on June 30, 2008, at Saujana Lounge, Club House
(Penang Golf Resort Berhad), 1687 Jalan Bertam, 13200 Kepala
Batas, in Seberang Prai Utara, Penang.

At the meeting, the members will be asked to:

   -- receive and adopt the Financial Statements for the year
      ended December 31, 2007, and the Reports of Directors and
      Auditors thereon;

   -- re-elect Encik Abdul Gafoor @ Abdul Gafoor Khan and
      Chatar Singh A/L Santa Singh as the company's directors
      who retire pursuant to Article 133 of the company’s
      Articles of Association;

   -- re-elect these directors who retire pursuant to Article
      138 of the company’s Articles of Association:

   (1) Tan Sri Dato’ Sri Izzuddin Dali;
   (2) Dato’ Ghazali Bin Saiboo;
   (3) Dato’ Abdul Rahim Bin Mokti; and
   (4) Lau Theng Chim

   -- approve the directors’ fees in respect of the year ending
      December 31, 2008, of MYR651,220; and

   -- re-appoint Messrs. KPMG as auditors of the company and to
      authorize the directors to fix their remuneration.

Luster Industries Berhad is a Malaysia-based investment holding
company that provides management services to its subsidiaries.
The company is principally engaged in the manufacture of
precision plastic parts and components, and sub assembly and
full assembly of plastic parts and products.  During the year
ended December 31, 2005, the company acquired Mctronic Plastic
Sdn. Bhd., Mature Step International Limited and Poly Link
Limited.  On June 29, 2006, the company disposed of its
investment in its joint venture, Luster Nakazawa R&D Sdn Bhd,
representing 51% of Luster Nakazawa R&D Sdn Bhd.

                         *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
May 8, 2008, the company was considered as an affected listed
issuer of the Practice Note No. 17/2005 of Bursa Malaysia
Securities Berhad as the external auditors have expressed a
modified opinion on the company’s going concern and on its
consolidated shareholders’ equity amounting to MYR25,191,597,
which is less than 50% of its total issued and paid-up share
capital of MYR61,183,000.


MANGIUM INDUSTRIES: To Hold 12th Annual Meeting on June 27
----------------------------------------------------------
Mangium Industries Bhd will hold its 12th Annual General Meeting
at 4:00 p.m. on June 27, 2008, at The Auditorium, Podium 1, No.
12 Jalan Dewan Bahasa, 50460 Kuala Lumpur.

At the meeting, the members will be asked to:

   -- receive the Audited Financial Statements of the company
      for the financial year ended December 31, 2007, together
      with the Reports of the Directors and the Auditors
      Thereon;

   -- confirm and ratify the payment of Directors’ fees
      amounting to MYR96,000 in respect of the financial year
      ended December 31, 2006;

   -- confirm and ratify the payment of Directors’ fees
      amounting to MYR58,148.39 in respect of the financial year
      ended December 31, 2007;

   -- approve the payment of MYR60,000.00 as Directors’ fees in
      respect of the financial year ending December 31, 2008, to
      be payable quarterly in arrears;

   -- re-elect these Directors who are retiring in accordance
      with Article 87 of the Company’s Articles of Association
      and who, being eligible, offer themselves for re-election;
      and

   * Christopher Satkunan A/L S. Kulasegram;
   * En Mohd Silahuddin bin Jamaluddin;
   * En Alias bin Abd Mutalib; and
   * Cik Wan Farah binti Dato’ Tajuddin

   -- re-appoint Messrs PKF as Auditors of the company and to
      authorise the Directors to fix their remuneration.

                  About Mangium Industries Berhad

Mangium Industries Berhad's principal activities are the
manufacture and trade of timber and timber related products.
Other activities include provision of printing services,
publisher, printer consultants and advertisers, trading of
alcoholic beverages, general trading of office furniture,
operation and development of the plantation and investment
holding.  Operations of the Group are carried out in Malaysia.

                         *     *     *

The TCR-AP reported that Mangium Industries, on May 22, 2007,
became an affected listed issuer pursuant to the provisions of
Amended Practice Note 17/2005, as its shareholders' equity on
consolidated basis is less than 25% of its issued and paid-up
capital.  As an affected listed issuer, Mangium is required to
formulate and implement a plan to regularize its financial
condition within a time frame stipulated by relevant
authorities.


PANGLOBAL: Unit Seeks BNM's Approval for Proposed Disposal
----------------------------------------------------------
PanGlobal Insurance Berhad, a 99.97% owned subsidiary of
Panglobal Berhad, has made an application to Bank Negara
Malaysia for its approval for the Proposed Disposal comprising
the insurance assets and liabilities of PanGlobal Insurance to
Tokio Marine Insurans (Malaysia) Berhad, for an indicative
purchase consideration of approximately MYR15 million.

The proposed disposal will be subject to the terms and
conditions set out in the business portfolio transfer agreement
to be approved by Minister of Finance prior to signing of the
Agreement by PanGlobal Insurance and Tokio Marine.  The value of
the insurance assets to be transferred to Tokio Marine shall be
equal to the value of the insurance liabilities transferred as
at the transfer date to be determined later.  Accordingly,
subject to certain adjustments set out in the Agreement,
PanGlobal Insurance may receive a premium of up to MYR15 million
for its general insurance business arising from the Proposed
Disposal.

Further details on the Proposed Disposal will be announced in
due course upon the finalization of the terms and conditions.

Headquartered in Kuala Lumpur, Malaysia, PanGlobal Berhad --
http://home.panglobal.com.my/-- is engaged in underwriting all
classes of general insurance business, extracting of logs,
sawmilling, manufacturing of veneer and extraction of coal.
Other activities include property investment and development and
leasing of real estate, investment holding, business management,
building and fitness club management.

PanGlobal is listed under Practice Note 4/2001.  The Bursa
Malaysia Securities has required the company to regularize its
financial condition, curb huge losses and settle debts in order
to continue operating.  The company has already submitted a
Proposed Restructuring Scheme to the Securities Commission on
Sept. 9, 2005.  On April 6, 2006, the Securities Commission
approved PanGlobal Berhad's proposed restructuring scheme for
implementation.


PANGLOBAL BERHAD: To Hold 43rd Annual Meeting on June 27
--------------------------------------------------------
PanGlobal Berhad will hold its 43rd Annual General Meeting at
11:30 a.m., on June 27, 2008, at Meranti Room, Level 22, Menara
PanGlobal, 8, in Lorong P. Ramlee, 50250 Kuala Lumpur.

At the meeting, the members will be asked to:

   -- receive the Audited Financial Statements for the financial
      year ended December 31, 2007,  together with the Reports
      of Directors and Auditors thereon;

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

   -- re-elect these  Directors who retire in accordance with
      Article 118 of the company’s Articles of Association and
      being eligible, offer themselves for re-election:

   (a) Mr. Bernard Wong Shoon Tet;
   (b) Mr. Alexander Wong Shoon Choy; and
   (c) Mr. Low Chin Tong

   -- To consider and, if thought fit, to pass these
      resolutions:

   * that Y.Bhg. Tan Sri Dato Sri Abang Haji Ahmad Urai bin Datu
     Hakim Abang Haji Mohideen who retires pursuant to Section
     129 of the Companies Act, 1965 be and is hereby re-
     appointed as a Director of the company to hold office until
     the next Annual General Meeting.

   -- re-appoint Messrs. KPMG as Auditors for the year ending
      December 31, 2008, and to authorize the Directors to fix
      the Auditors’ remuneration; and

   -- transact any other business of which due notice has been
      given.

Headquartered in Kuala Lumpur, Malaysia, PanGlobal Berhad --
http://home.panglobal.com.my/-- is engaged in underwriting all
classes of general insurance business, extracting of logs,
sawmilling, manufacturing of veneer and extraction of coal.
Other activities include property investment and development and
leasing of real estate, investment holding, business management,
building and fitness club management.

PanGlobal is listed under Practice Note 4/2001.  The Bursa
Malaysia Securities has required the company to regularize its
financial condition, curb huge losses and settle debts in order
to continue operating.  The company has already submitted a
Proposed Restructuring Scheme to the Securities Commission on
Sept. 9, 2005.  On April 6, 2006, the Securities Commission
approved PanGlobal Berhad's proposed restructuring scheme for
implementation.


PECD BERHAD: To Hold Fifth Annual Meeting on June 30
----------------------------------------------------
PECD Berhad will hold its fifth annual general meeting at
9:30 a.m. on June 30, 2008, at  Warga Hikmat Kejuruteraan Sdn.
Bhd., 46/48 Lorong Senawang 2/2, in Kawasan Perusahaan Senawang,
70460 Seremban, Negeri Sembilan.

At the meeting, the members will be asked to:

   -- receive the Directors’ Report and Audited Financial
      Statements for the year ended December 31, 2007, together
      with the Auditors’ Report thereon;

   -- re-elect Tai Keat Chai as Director who is retiring
      pursuant to Article 78 of the Company’s Articles of
      Association and being eligible, has offered himself for
      re-election;

   -- approve the payment of Directors’ Fees for the financial
      year ended December 31, 2007;

   -- re-appoint Messrs. Ernst & Young as Auditors of the
      company until the conclusion of the next Annual General
      Meeting; and

   -- authorize the Directors to fix their remuneration.

                        About PECD Berhad

PECD Berhad is engaged in investment holding and provision of
management services.  The company operates in four business
segments: construction, EPCC oil and gas, property development
and others.  Its wholly owned subsidiaries include Peremba
Construction Sdn. Bhd., which is engaged in general construction
and investment holding and Wong Heng Engineering Sdn. Bhd.,
which is engaged in investment holding and engineering,
procurement, construction and commissioning emphasizing in the
oil and gas, as well as the power sectors.  PECD Berhad's 70%-
owned subsidiary is Peremba Jaya Holdings Sdn. Bhd., which is
engaged in property development, construction and investment
holding.

Malaysian Rating Corp. Bhd has downgraded PECD Berhad's
MYR200-million serial fixed rate bonds to BB+ from BBB-.
The rating outlook remains negative.

The downgrade reflects the major operational and strategic
challenges currently faced by PECD as well as continued
deterioration in its credit metrics, and recognizes the
increased execution challenges confronting management as it
pursues its turnaround strategy.

The Troubled Company Reporter-Asia Pacific reported on
March 7, 2008, that the company was classified as an Affected
Listed Issuer under Practice Note No. 17/2005 of the Listing
Requirements of Bursa Malaysia Securities Berhad, since the
company's shareholders' equity deficit reached MYR914.9 million
as at December 31, 2007.


PILECON ENGINEERING: To Hold 31st Annual Meeting on June 27
-----------------------------------------------------------
Pilecon Engineering Berhad will hold its 31st Annual General
Meeting at 10:00 a.m. on June 27, 2008, at Dewan Bunga Raya, No.
2, Jalan U1/26, Seksyen U1, in Hicom-Glenmarie Industrial Park,
40150 Shah Alam, Selangor Darul Ehsan.

At the meeting, the members will be asked to:

   -- receive the Audited Financial Statements of the company
      for the year ended December 31, 2007, together with the
      Reports of the Directors and Auditors thereon;

   -- re-elect Yoon Kwok Ching who is retiring pursuant to
      Article 101 of the company’s Articles of Association;

   -- re-appoint Dato’ Haji Ahmad Bin Abdullah, being over the
      age of 70 years and retiring pursuant to Section 129(2) of
      the Companies Act, 1965, to hold office until the
      conclusion of the next Annual General Meeting; and

   -- appoint Messrs T.H. Kuan & Co as Auditors of the company
      in place of retiring Auditors, Messrs Peter I.M. Chieng &
      Co and to authorize the Directors to fix the Auditors’
      remuneration.

Headquartered in Selangor Darul Ehsan, Pilecon Engineering
Berhad is engaged in building construction and civil engineering
works.  The Company is also involved in trading and hiring of
plant and equipment for foundation engineering and civil
engineering works.  It also undertakes resort operation and
complex management services.  The Group operates in Malaysia,
Hong Kong and Singapore.

The company was classified as an Affected Listed Issuer of the
Amended Practice Note No. 17/2005 of the Listing Requirements of
Bursa Malaysia Securities, as the company defaulted in its
payment and was unable to provide a solvency declaration to the
Bursa Securities.


TALAM CORP: Given Until Dec. 31 to Redeem Class B & C BaIDS
-----------------------------------------------------------
The Securities Commission approved Talam Corporation Berhad's
request to extend until Dec. 31, 2008 for the redemption of
Class B and Class C of Ambang Sentosa Sdn Bhd's MYR986.0 million
Asset-Backed Al-Bai Bithaman Ajil Islamic Debt Securities.

The Securities Commission's approval is subject to:

   -- all relevant parties to the BaIDS including, but not
      limited to, trustee and rating agency, be fully informed
      of the Proposed Extension and, where applicable, obtain
      their consents thereto;

   -- RHB Investment Bank and Ambang Sentosa have undertaken all
      necessary due diligence in relation to the Proposed
      Extension;

   -- RHB Investment Bank and Ambang Sentosa to obtain all other
      regulatory approvals for the Proposed Extension, if any;
      and

   -- RHB Investment Bank to submit a written confirmation on
      compliance with the above upon implementation of the
      Proposed Extension.

Some of the proposals under BaIDS include:

   (a) to restructure Ambang Sentosa's MYR272.0 million Class B
       BaIDS and MYR226.0 million Class C BaIDS via cash
       settlement from the monies in the Escrow Accounts, BaIDS
       Redemption Account and Expenses Reserve Account and
       Talam's proposed issuance of redeemable convertible
       preference shares and Al-Bai Bithaman Ajil Islamic Debt
       Securities;

   (b) to vary the utilization of the Escrow Accounts monies for
       partial redemption of Class B Varied BaIDS and Class C
       Varied BaIDS on equal distribution basis proportionate to
       their holdings;

   (c) to utilize the Development Accounts monies, save for
       monies represented by collection proceeds attributable to
       those unsold lands owned by the Originator as identified
       in the settlement agreement dated October 5, 2006, for
       development costs payments in respect of the
       participating projects;

   (d) to utilize any remaining balances in the Expense Reserve
       Account as at Settlement Date immediately prior to the
       settlement of the Varied BaIDS to be used to partially
       redeem the outstanding Class B Varied BaIDS and Class C
       Varied BaIDS on equal distribution basis proportionate to
       their holdings; and

   (e) to create additional land charges as security to the
       BaIDS holders in respect of the Lands.

Headquartered in Kuala Lumpur, Malaysia, Talam Corporation
Berhad -- http://www.talam.com.my/-- is principally engaged in
property development.  Its other activities include trading
building materials, manufacturing of ready mixed concrete,
provision for higher educational programs, development and
management of hotel, golf and country club horticulturists,
agriculturists and landscaping designers and contractors and
investment holding.  Operations of the group are carried out in
Malaysia and China.

The Troubled Company Reporter-Asia Pacific reported on
Sept. 11, 2006, that based on the Audited Financial Statements
of Talam Corporation for the financial year ended Jan. 31, 2006,
the Auditors Ernst & Young were unable to express their opinion
on the Company's Audited Accounts.  As such, the Company is an
affected listed issuer of the Amended Practice Note 17 category.
In accordance with PN 17, the company is required to submit and
implement a plan to regularize its financial condition.


WONDERFUL WIRE: To Hold 20th Annual Meeting on June 26
------------------------------------------------------
Wonderful Wire & Cable Berhad will hold its 20th annual general
meeting at 9:00 a.m. on June 26, 2008, at The Tropical Inn,
Kapur Hall, 4th Floor, 15, in Jalan Gereja, 80100 Johor Bahru,
Johor Darul Takzim.

At the meeting, the members will be asked to:

   -- receive and adopt the Directors’ Report and the Audited
      Financial Statements for the financial year ended Dec. 31,
      2007, together with the Auditors’ Report thereon;

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

   -- re-elect Low Yew Yern as a Director who is retiring in
      accordance with Article 86 of the Articles of Association
      of the company;

   -- re-elect Lee Gia Hoong as a Director who is retiring in
      accordance with Article 92 of the Articles of Association
      of the company; and

   -- re-appoint Messrs. Ernst & Young as Auditors of the
      company and to authorize the Directors to fix their
      remuneration.

                       About Wonderful Wire

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

                          *     *     *

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



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

3 N 5 WALLBOARDS: Liquidation Hearing Slated for August 1
---------------------------------------------------------
The Auckland High Court scheduled a hearing on August 1, 2008,
at 10:00 a.m. to consider an application putting 3 N 5
Wallboards 2006 Limited into liquidation.

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 day.

The plaintiff, Safeway Scaffolding (NZ) Limited, can be reached
through A.J. Sherlock, solicitor, at the offices of Hesketh
Henry, Lawyers, Level 11, 41 Shortland Street (Private Bag 92093
or DX CP 24017), in Auckland.


FIVE STAR: Receivers Cut Estimated Recoveries to 20%-25%
--------------------------------------------------------
The receivers for Five Star Consumer Finance Limited,
Beverage Rental Limited, Vintage Finance Limited and
Vintage Rentals Limited revised their estimate of
recoveries to secured debenture investors to a range
of 20% to 25%.  Unsecured creditors will not recover
any funds from the receiverships.

Preliminary estimate of returns to secured debenture
investors in October 2007, indicated potential recoveries
of 26% to 40% from the assets of the companies.

However, Richard D. Agnew and Anthony D K Boswell, the
receivers, said deteriorating market conditions and
subsequent events have had a material adverse effect on
the receivers' ability to recover outstanding loans
and realize assets.

Particularly, the receivers said the decline in the
estimated recovery range relates to a decrease in the
estimated realizations for the commercial loan book
and the actual recoveries made in the consumer
and vineyard related loan books.

The receivers made a first pro-rata interim distribution
to investors on April 16, 2008, representing 17.5 cents
on the dollar of secured debenture investments.

As at August 31, 2007, the companies had total assets
of NZ$73,187,000 and total loan book value of NZ$65,520,000.

Five Star Consumer Finance Limited, an Auckland-based
finance company, failed to operate due to lack of
liquidity and the reduced reinvestment rate in the
market place.  Richard D. Agnew and Anthony D K Boswell
were appointed as receivers on August 29, 2007.


GEORGETOWN HOLDINGS: Commences Liquidation Proceedings
------------------------------------------------------
The High Court at Hamilton convened a hearing on Tuesday,
June 3, 2008, regarding an application putting Georgetown
Holdings Limited into liquidation.

The application was filed on April 7, 2008, by the Commissioner
of Inland Revenue.

The plaintiff can be reached at:

          Inland Revenue Department
          Legal and Technical Services
          1 Bryce Street (PO Box 432)
          Hamilton
          Telephone: (07) 959 0373
          Facsimile: (07) 959 7614.

Kay S. Morgan is the plaintiff’s solicitor.


IAN BROWN: Liquidators Set June 16 Claims Bar Date
--------------------------------------------------
The liquidators appointed in Ian Brown Consultancy Services
Limited's case have fixed June 16, 2008, as the last day for
creditors to make their claims and establish any priority their
claims may have.

David Stuart Vance and Barry Phillip Jordan, chartered
accountants, were appointed liquidators by the High Court at
Wellington on May 12, 2008.

For inquiries regarding the liquidation, contact:

          Logan Nicholls
          PPB McCallum Petterson
          Level 11, Forsyth Barr Tower
          55-65 Shortland Street, Auckland
          Postal Address: PO Box 6916
          Wellesley Street, Auckland
          Telephone: (09) 336 0000
          Facsimile: (09) 336 0010


JOSEPH PRODUCTIONS: Claims Filing Deadline is June 13
-----------------------------------------------------
Creditors of Joseph Productions No 23 Limited, Joseph
Productions No 24 Limited, Joseph Productions No 25 Limited,
Joseph Productions No 26 Limited, Joseph Productions No 28
Limited and Joseph Productions No 29 Limited have until
June 13, 2008, to make their claims and establish any priority
their claims may have.

Henry David Levin, insolvency specialist, and David Stuart
Vance, chartered accountant, were appointed liquidators of the
companies.

For inquiries regarding the liquidations, contact:

          Liubov Medvedeva
          PPB McCallum Petterson
          Level 11, Forsyth Barr Tower
          55-65 Shortland Street, Auckland
          Postal Address: PO Box 6916,
          Wellesley Street, Auckland
          Telephone: (09) 336 0000
          Facsimile: (09) 336 0010


MR HAPPY DAYS: Claims Filing Deadline is June 20
------------------------------------------------
The creditors of Mr Happy Days Limited have until June 20, 2008,
to prove their debts or claims and to establish any title they
may have to priority.

The company was placed under liquidation on May 7, 2008.

John Trevor Whittfield and Peri Micaela Finnigan, chartered
accountants of Auckland, serve as liquidators of the company.

The liquidators can be reached at:

          McDonald Vague, PO Box 6092
          Wellesley Street Post Office,
          Auckland, New Zealand
          Telephone: (09) 303 0506
          Facsimile: (09) 303 0508


PIONEER INSURANCE: A.M. Best Affirms 'bb' Issuer Credit Rating
--------------------------------------------------------------
A.M. Best Co. has affirmed the financial strength rating of
B(Fair) and the issuer credit rating of "bb" of Pioneer
Insurance Company Limited (New Zealand).  The ratings have been
removed from under review with developing implications and
assigned a stable outlook.

These rating actions follow the NZD 8.4 million (USD 6.6
million) injection of funds over the past year, of which NZD
2.523 million (USD 1.98 million) was in the form of convertible
capital notes.  The ratings also reflect the substantial
operation, management and corporate governance improvements that
Pioneer's new owner, the New Zealand Association of Credit
Unions, has effected.

A.M. Best remains cautious of Pioneer's ability to maintain its
current weak business profile in light of the strong competition
within its market niche.  Nonetheless, A.M. Best expects Pioneer
will maintain a favorable risk-adjusted capitalization and
operating performance relative to its current rating level.


RESORT PACIFICA: Court Sets June 16 Liquidation Hearing
-------------------------------------------------------
On May 7, 2008, an application for putting Resort Pacifica
Limited into liquidation by the High Court was filed in the High
Court at Wellington.  The application is to be heard before the
High Court at Wellington on June 16, 2008 at 10:00 a.m.

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 day.

The plaintiff, Tigerturf NZ Limited, can be reached through
Julian Long,
solicitor, at:

          LeeSalmonLong, Solicitors,
          Level 31, Vero Centre,
          48 Shortland Street
          (PO Box 2026), Auckland


SENSATION YACHTS: Court Sets Liquidation Hearing on Aug. 27
-----------------------------------------------------------
The High Court at Auckland will convene a hearing on August 27,
2008, at 10:00 a.m. to consider an application putting Sensation
Yachts Limited into liquidation.

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 day.

The application was filed on May 2, 2008, by Paul David Sills.

The plaintiff can be reached through Minter Ellison Rudd Watts,
Solicitors, at Level 20, Lumley Centre, 88 Shortland Street (PO
Box 3798 or DX CP 24061), in Auckland.


* NEW ZEALAND: Residential Bldg. Work Value Down 6.6% in 1st Qtr
----------------------------------------------------------------
The value of residential building work put in place fell 6.6
percent in the March 2008 quarter (after removal of price
changes and seasonal fluctuation), Statistics New Zealand said.
This follows a fall of 2.0 percent in the December 2007 quarter.

Non-residential building work fell 5.9 percent in the March 2008
quarter, following a rise of 12 percent in the December 2007
quarter.  These changes are largely due to work on commercial
buildings.

The value of all building work put in place fell 6.3 percent in
the March 2008 quarter, following a rise of 3.1 percent in the
December 2007 quarter.

The trend for residential building work has decreased for the
latest two quarters, while for non-residential building work the
trend has increased for the latest three quarters.

The actual value of all building work was NZ$3,082 million in
the March 2008 quarter, with residential and non-residential
building work contributing 62 percent and 38 percent of this
value, respectively.



=================
S I N G A P O R E
=================

FOODBEX GLOBAL: Creditors' Meeting Set for June 20
--------------------------------------------------
Foodbex Global Pte Ltd, which is in liquidation, will hold its
creditors' meeting on at 2:30 p.m. on June 20, 2008, at 5
Shenton Way, in #07-01 UIC Building, Singapore 068808.

At the meeting, the members will be asked to:

   -- receive an update on the company's liquidation;
   -- approve the liquidators’ remuneration; and
   -- discuss other business.

The company's liquidators are:

         Chia Soo Hien
         Leow Quek Shiong
         c/o 5 Shenton Way
         #07-01 UIC Building
         Singapore 068808


HO SHING: Wind-Up Petition Hearing Set for June 20
--------------------------------------------------
The High Court of Singapore will hear on June 20, 2008, a
petition to have Ho Shing Construction Co. (Pte.) Ltd's
operations wound up.

Aw Chye Leng filed the petition on May 29, 2008.

Aw Chye's solicitors are:

         Rodyk & Davidson LLP
         80 Raffles Place
         #33-00 UOB Plaza 1
         Singapore 048624


PANASONIC MOTOR: Creditors' Proofs of Debt Due on July 5
--------------------------------------------------------
Panasonic Motor Singapore Pte Ltd requires its creditors to file
their proofs of debt by July 5, 2008, to be included in the
company's dividend distribution.

The company's liquidator is:

         Lau Chin Huat
         50 Havelock Road #02-767
         Singapore 160050


PASIR PANJANG: Fixes June 20 as Last Day to File Claims
-------------------------------------------------------
The creditors of Pasir Panjang Industries Pte Ltd are reqired to
file their proofs of debt by June 20, 2008, to be included in
the company's dividend distribution.

The company's liquidators are:

          Chee Yoh Chuang
          Lim Lee Meng
          c/o Stone Forest Corporate Advisory Pte Ltd
          18 Cross Street
          #08-01 Marsh & McLennan Centre
          Singapore 048423


ROGUES PTE.: Wind-Up Petition Hearing Set for June 20
-----------------------------------------------------
A petition to have Rogues Pte. Ltd.'s operations wound up will
be heard before the High Court of Singapore on June 20, 2008, at
10:00 a.m.

Yongway Contract & Construction Pte Ltd filed the petition on
May 22, 2008.

Yongway's solicitor is:

         Messrs Chong Chia & Lim LLC
         No. 20 Maxwell Road
         #03-01E/F, Maxwell House
         Singapore 069113


TEO BROS: Creditors' Proofs of Debt Due on June 20
--------------------------------------------------
The creditors of Teo Bros Pte Ltd are required to file their
proofs of debt by June 20, 2008, to be included in the company's
dividend distribution.

The company's liquidators are:

         Chee Yoh Chuang
         Lim Lee Meng
         c/o Stone Forest Corporate Advisory Pte Ltd
         18 Cross Street
         #08-01 Marsh & McLennan Centre
         Singapore 048423



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

* Fitch Says Asian Banks in Good Stead for Economic Challenges
--------------------------------------------------------------
Fitch Ratings says global economic conditions are likely to be
characterised by weaker growth and higher inflation for the
remainder of the year.  However, years of very benign economic
conditions have generally enabled Asian banks to strengthen
their balance sheets in terms of loans quality and
capitalisation, which should hold them in good stead for the
more challenging economic environment as the US and some
European economies slow.

"Despite the knock-on effects of global developments, the
economic environment in Asia would unlikely deteriorate to an
extent that would materially affect bank credit quality," said
Ambreesh Srivastava, Senior Director, Financial Institutions
(FI), at Fitch's Global Banking Conference in Mumbai.

Indian banks, for instance, would find themselves in a more
challenging operating environment this year, with NPL ratios
likely to rise from their historic lows.  At the same time, most
banks' loss absorption capabilities have also improved; thus on
balance, the outlook on their ratings remains mostly Stable.

Likewise, Korean banks and the larger Australian banks have
continued to perform well throughout the credit crisis.  "Loans
growth for Korean banks has been strong over the past couple of
years, supported by their currently very good asset quality and
adequate capitalisation, which should put them in a sound
position to withstand a more difficult economic environment,"
said Peter Tebbutt, Senior Director, FI.

Despite the somewhat assuring picture, some concerns remain.
Wholesale funding costs have increased significantly for the
larger Australian banks, while smaller Australian financial
institutions have been impacted to a greater extent, with a
number now funding mainly through retail deposits.  In China,
while banks enjoyed a stellar 2007, they will face a more
difficult environment ahead as borrowers begin to feel the
strain from the government's tightened monetary stance, the
weakening global economy, and rising input and operating costs
from 12-year high domestic inflation.  Senior Director Charlene
Chu from Fitch's FI team in Beijing cited real estate exposure
as a particular area of concern.  "Although we have yet to see a
material deterioration in real estate-related lending, the fact
that some property developers are encountering funding
difficulties and that transaction volumes and average selling
prices are declining in some cities warrants careful attention,"
she said.

Similarly in Japan, although the major banks have not been as
badly affected by the subprime crisis as some US and European
banks, they have taken close to USD10 billion of losses which
negatively impacted their earnings, with some additional losses
from structured investments still expected.  "On top of these
external factors, the recovery in Japan's domestic economy and
property market has stalled, posing a difficult environment for
banks, with low interest rates, few growth opportunities and a
likely rise in bad debts," observed Reiko Toritani, Senior
Director with Fitch's FI team in Japan.

Also speaking at the conference was Senior Director Kenneth Ritz
from the FI team in New York, who highlighted that financial
institutions in the U.S. must navigate through an extremely
challenging environment and that the Outlook for both U.S. banks
and securities firms remains Negative.  He indicated that
financial results at many banks will exhibit increasing stress
from fundamental credit quality deterioration.  However, with
investors clearly willing to invest in banks with solid core
franchises and bankers willing to take the appropriate steps to
preserve and fortify their capital positions, most U.S. banks
are reasonably well positioned to manage though this period of
severe credit stress.  For the U.S. securities firms, Mr. Ritz
mentioned that the earnings prospects are dim and that capital
raising efforts has stemmed further negative rating actions thus
far.  He also noted that liquidity and access to liquidity is of
paramount importance and a key ratings driver for these
companies.

Turning to Europe, Krishnan Ramadurai, Managing Director with
the FI team in London, remarked that although banks have already
reported a significant percentage of their expected losses on
subprime exposures, the deleveraging process currently underway
in European banks is likely to act as a drag on profitability
and asset quality, and may require some banks to strengthen
capital ratios.  Fitch also believes that banking systems in the
UK, Ireland, Germany and Iceland have greatest potential to
suffer stress over the next 12-18 months.

                         *********

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

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

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


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Marites M. 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.





                 *** End of Transmission ***