TCRAP_Public/080617.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

            Tuesday, June 17, 2008, Vol. 11, No. 119

                            Headlines

A U S T R A L I A

ACN 085 482 355: Liquidator Presents Wind-Up Report
BABCOCK & BROWN: Consortium Acquires Angel Trains
BERLUSCONI HOLDINGS: Appoints Mitchell Ball as Liquidator
BOUSTEAD LORENZ: Court Hears Wind-Up Petition
CAMPBELL REAL: Liquidator Presents Wind-Up Report

GIDANA PTY: Appoints Andrew Frazer as Liquidator
ILLAWARRA: Liquidator Presents Wind-Up Report
MANONGROVE HOLDINGS: Commences Liquidation Proceedings
OPES PRIME: Deloitte Sues Blumberg Over False Accounting
OPES PRIME: Faces Lawsuit on Failed Jade Tech Takeover

PALANDRI LIMITED: Administrator Completes Sale of Wine Business
PAX RAIL: Liquidator Presents Wind-Up Report
REMOCOM PTY: Declares Dividend for Creditors
SHAW GROUP: Liquidator Presents Wind-Up Report
TOTAL ONSITE: Placed Under Voluntary Liquidation


C H I N A

BANK OF CHINA: Names Jiang Kuiwei as Employee Supervisor
CHINA CONSTRUCT: To Merge Brokerage Units to Compete With Rivals
CHINA EASTERN: Faces New Competition From Yunnan Airlines
CITY TELECOM: Fitch Holds 'B+' ID Rating; Outlook Now Positive
HAINAN: Parent Partners With Yunnan Gov't to Form Local Airline

HAINAN AIRLINES: To Buy Office Building in Bejing for CNY600MM
NEO-CHINA:  Moody's Downgrades Ratings to 'B3'


H O N G  K O N G

ASAHI DYNAMIC: Creditors Meeting Fixed for July 20
CAVEDISH PROPERTY: Creditors Meeting Fixed for July 14
FINE ARTS: Creditors' Proofs of Debt Due June 23
K-FOODS: Court to Hear Wind-Up Proceedings on July 2
LENG LOI: Creditors Meeting Fixed for July 29

SHUN WAI: Court to Hear Wind-Up Proceedings on July 16
TAK GRAND: Court to Hear Wind-Up Proceedings on July 9
WILMET PLASTIC: Court to Hear Wind-Up Proceedings on July 16
WOODHALL COMPANY: Creditors Meeting Fixed for July 14
YAT KIN: Court to Hear Wind-Up Proceedings on July 2


I N D I A

SHREE DATTA: CRISIL Rates Bank Facilities at “BB-”
SHREE RAMA: Nirma Can't Withdraw Takeover Offer
SPICEJET: Needs US$100 Million To Fund Aircraft Acquisition
TATA STEEL: Inks Orissa Power Plant Deal with Jasper
VEDANTA RESOURCES: Fitch Assigns 'BB+' Rating on US$600MM Bonds


I N D O N E S I A

PT INDOSAT: Inks Pact for US$450 Mil. 5-Year Term Loan Facility
BANK PERMATA: Sharia Unit 1Q Profit Up by 424% to IDR14.9 Bil.


J A P A N

MAZDA MOTOR: To Issue Five-Year Bonds Worth JPY10 Billion
MAZDA MOTOR: To Repurchase Shares Up to JPY900 Million


K O R E A

DAEWOO CAPITAL: Moody's Corrects Company Name in Revised Release


M A L A Y S I A

EKRAN BERHAD: Has Until Aug. 31 to Settle MYR75 Million Debt
IDAMAN CAPITAL: RAM Reaffirms C3 Rating on MYR80 Million Bonds


N E W  Z E A L A N D

DOUBLESHOT DEVELOPMENTS: Claims Filing Deadline is June 27
EPAC LIMITED: Shareholders Appoint Liquidator
HOBBY DIRECT: Liquidators Set June 20 Claims Bar Date
JAF ENTERPRISES: Liquidators Appointed
MALIK BROTHERS: Liquidators Set August 16 Claims Bar Date

RESORT PACIFICA: Liquidators Appointed
TAPA INTERNATIONAL: Court Sets July 18 Liquidation Hearing


P H I L I P P I N E S

PICOP RESOURCES: Defaults on Php1 Billion Land Bank Obligation
PREMIER ENTERTAINMENT: Board Organizes Two Committees


S I N G A P O R E

CHENG POH: Creditors' Proofs of Debt Due on June 30
HUNTING MEDIA: Wind-Up Petition Hearing Set for June 27
MASSA MOTOR: Court Enters Wind-Up Order
SEATIDE SHIPPING: Court Enters Wind-Up Order


X X X X X X X

* BOND PRICING: For the Week June 9-June 13, 2008


                         - - - - -


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

ACN 085 482 355: Liquidator Presents Wind-Up Report
---------------------------------------------------
Andrew H. J. Wily and David A. Hurst, ACN 085 482 355 Pty.
Ltd.'s estate liquidator, met with the company's members and
creditors on May 28, 2008, and provided them with property
disposal and winding-up reports.

The liquidator can be reached at:

          Andrew H. J. Wily
          David A. Hurst
          Armstrong Wily
          Chartered Accountants
          Level 5, 75 Castlereagh Street
          Sydney NSW 2000
          Australia


BABCOCK & BROWN: Consortium Acquires Angel Trains
--------------------------------------------------
Babcock & Brown Limited has negotiated, structured, arranged
financing for and advised a consortium of investors on the
successful GBP3.6 billion or AU$7.5 billion acquisition of Angel
Trains from the Royal Bank of Scotland.  Angel Trains is the
leading freight and passenger rolling stock provider operating
in both the U.K. and continental Europe.

Babcock & Brown also arranged the financing for the acquisition,
including the placing of debt facilities in excess of GBP2.8
billion or AU$5.8 billion which included participation from 17
banks at the senior debt level.  

The business is being acquired by a consortium of investors
including the Babcock & Brown European Infrastructure Fund, AMP
Capital Investors, Deutsche Bank and funds advised by Access
Capital Advisers.  The transaction is subject to anti-trust
approval.

Phil Green, CEO of Babcock & Brown said, “We are delighted to
announce this landmark transaction; not only is Angel Trains a
very attractive infrastructure asset, but the transaction
represents one of the largest acquisitions in Europe in 2008.  
The completion of this transaction demonstrates our continued
ability to originate, structure and close a uniquely complex
deal.”

                    About Babcock & Brown Ltd

Headquartered in Sydney, Australia, Babcock & Brown Limited
(ASX:BNB) -- http://www.babcockbrown.com/-- is engaged in the   
creation, syndication and management of investment products for
itself, as a principal, and its investor clients; management of
specialised listed and unlisted funds, and advising and
arranging leasing, project financing and structured finance
transactions.  It has five segments: real estate, which engages
in principal investment and investment management activities in
the real estate sector; infrastructure, which engages in
financial advisory, principal finance and funds management
activities in the infrastructure and project finance sector;
corporate and structured finance, which is engaged in the
origination, structuring and participation in and management of
equity and debt investments, and operating leasing, which is
engaged in asset acquisition and syndication, and ongoing
management of portfolios of aircraft, railcars and semi-
conductor equipment.  In October 2007, it acquired Bluewater.  
In November 2007, it acquired Coinmach Service Corp.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific
on June 16, 2008, Standard & Poor's Ratings Services lowered its
ratings on Babcock & Brown International Pty Ltd. to 'BB+/Watch
Neg/B' from 'BBB/Watch Neg/A-3' following a continued rapid
slide in the share price of its listed parent Babcock & Brown
Ltd.  The ratings remain on CreditWatch with negative
implications, where they were initially placed on June 12, 2008.


BERLUSCONI HOLDINGS: Appoints Mitchell Ball as Liquidator
---------------------------------------------------------
During a general meeting held on April 14, 2008, the members of
Berlusconi Holdings Pty Ltd resolved to voluntarily liquidate
the company's business.

Mitchell Ball was appointed as liquidator.

The Liquidator can be reached at:

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


BOUSTEAD LORENZ: Court Hears Wind-Up Petition
---------------------------------------------
The Supreme Court of New South Wales heard on May 8, 2008, a
petition to have Boustead Lorenz Pty Ltd's operations wound up.

The Owners Strata Plan No. 6692 filed the petition against the
company.

The Owners Strata Plan No. 6692's solicitor is:

          David Le Page
          Level 9, 61-63 Market Street,
          Sydney NSW 2000
          Australia


CAMPBELL REAL: Liquidator Presents Wind-Up Report
-------------------------------------------------
Neil R. Cussen, Campbell Real Estate Pty. Ltd.'s estate
liquidator, met with the company's members and creditors on
May 29, 2008, and provided them with property disposal and
winding-up reports.

The liquidator can be reached at:

          Neil R. Cussen
          Deloitte Touche Tohmatsu
          Grosvenor Place
          225 George Street
          Sydney NSW 2000
          Australia


GIDANA PTY: Appoints Andrew Frazer as Liquidator
------------------------------------------------
Gidana Pty. Ltd.'s members agreed on April 18, 2008, to
voluntarily liquidate the company's business.  Andrew Frazer was
appointed to facilitate the sale of its assets.

The liquidator can be reached at:

          Andrew Frazer
          Frazer Hall
          Chartered Accountants
          105 Pitt Street
          Sydney, Australia


ILLAWARRA: Liquidator Presents Wind-Up Report
---------------------------------------------
Michael Lawrence Pinn, Illawarra Sea Foods Pty. Ltd.'s estate
liquidator, met with the company's members on April 17, 2008,
and provided them with property disposal and winding-up reports.

The liquidator can be reached at:

          Michael Lawrence Pinn
          Pinn Deavin & Associates
          Level 2, 2-4 Northumberland Road
          Taren Point, NSW2229
          Australia


MANONGROVE HOLDINGS: Commences Liquidation Proceedings
------------------------------------------------------
Manongrove Holdings Pty. Ltd.'s members agreed on April 18,
2008, to voluntarily liquidate the company's business.  Mitchell
Ball was appointed to facilitate the sale of its assets.

The liquidator can be reached at:

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


OPES PRIME: Deloitte Sues Blumberg Over False Accounting
--------------------------------------------------------
Deloitte, the receivers of Opes Prime Group Ltd, has launched
legal proceedings in the Victorian Supreme Court against Opes
director Anthony Blumberg for alleged breaches of directors'
duties including false and improper accounting, the Australian
reports.

According to the Australian, the legal action followed claims
made by Mr. Blumberg in a statutory declaration saying he had
signed a document in March in which he had withdrawn his
allegations of fraud inside Opes in response to ANZ Bank's
demands, to smooth the way for the bank to proceed with a AU$95
million cash injection, about a week before Opes collapsed.

The report says the receiver is also looking into Mr. Blumberg's
loans from Leverage Capital, a company associated with Opes, as
well as his alleged involvement in false and improper
accounting, potential double recording of transactions in listed
stocks between Hawkswood (another related company) and Opes
Prime Stockbroking, and suspected provision of false information
to an auditor and major creditor.

A spokesman for Mr. Blumberg told the Australian that "These are
just allegations coming from ANZ Bank's appointed receiver
Deloitte.  He (Mr Blumberg) believes they have no substance.  He
has to see what they are and he will fight them."

Deloitte was also expected to initiate similar civil writs,
seeking damages against co-founder Laurie Emini and Opes
director Julian Smith, on a similar basis, the Australian says.

                      About Opes Prime

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

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

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

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

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

                          *     *     *

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

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


OPES PRIME: Faces Lawsuit on Failed Jade Tech Takeover
------------------------------------------------------
Opes Prime Group Ltd is facing a lawsuit filed by Asia Pacific
Links Limited, a Singapore-based investment vehicle of Dr.
Anthony Soh, over share losses that scuttled its takeover of
microchip manufacturer Jade Technologies, various reports say.

BusinessDay says APLL held about 46% of the issued capital in
Jade when, according to its lawyers, Slater & Gordon, "it was
induced by Opes Prime to enter into a Global Masters Securities
Lending Agreement".

APLL filed the action Friday in the Federal Court to sue Opes
for damages and is also seeking leave to proceed against Merrill
Lynch's Singapore arm, according to the Australian Associated
Press.

BusinessDay relates that between September 27, 2007, and
January 25, 2008, 300,050,000 shares held by APLL in Jade were
transferred to Merrill Lynch, which were resold on Singapore's
Catalist exchange.

Previously, the AAP says, Dr. Soh had been assured by Opes that
there would be no change in the beneficial ownership of the
shares and that Merrill Lynch would hold the shares as custodian
only.  

However, after Opes' collapse, Merrill Lynch sold 95.2 million
Jade shares which had been transferred by APLL under its
agreement with Opes forcing APLL to withdraw its takeover offer
for Jade.

                      About Opes Prime

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

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

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

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

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

                          *     *     *

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

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


PALANDRI LIMITED: Administrator Completes Sale of Wine Business
---------------------------------------------------------------
The Voluntary Administrators of Palandri Limited has confirmed
the completion of the sale of certain assets to the newly formed
and privately owned, Global Wine Holdings Pty Ltd.

The sale includes the Margaret River Winery, the Palandri brands
and the majority of the wine inventory.

Deloitte Partner Gary Doran, who is one of the Joint Voluntary
Administrators for the Palandri Wine Group, said the sale was a
positive development for Palandri stakeholders.

The Administrators announced in April that the assets were to be
sold to Global Wine Holdings Pty Ltd, following a sale process
which involved 14  parties expressing an interest in the assets.

“This sale is a major achievement as it preserves the integrated
wine business, ensures continuity of employment for the majority
of staff and maximises the potential returns to creditors and
investors,” Mr. Doran said.

Mr. Doran said this was the first step towards unlocking the
value of Palandri’s management investment schemes.

“The sale provides for the maintenance of all the managed
investment scheme vineyards for up to 12 months.  This will
allow time for the administrators to work with investors to
determine the future of their investments,” he said.

“In July, I will be providing investors with a comprehensive
report on the financial position of each of the management
investment schemes and an analysis of their options.

“A meeting of the investors will then be convened, at which they
will determine the future of the managed investment schemes.

“A meeting of the Company’s creditors will also be convened at
the same time to consider a proposal from the Directors for a
Deed of Company Arrangement,” Mr. Doran said.

It is expected that both meetings will be held in early August.

                      About Palandri Limited

Palandri Limited is the holding company for a group of companies
that is engaged in the production, marketing and selling of
Western Australian premium wine; the marketing and sales of
agricultural Managed Investment Schemes, and the provision of
finance to members of the Managed Investment Schemes.  The
company bases its wine production in the key markets of Great
Britain/Europe, United States of America/Canada and Australia.  
The company wine production and marketing segment comprises the
vineyards, winery and branch sales offices in each major State
of Australia.  This segment is responsible for the production,
marketing and sale of bottled wine on behalf of the Margaret
River Wine Business and the Palandri America Wine Business.


PAX RAIL: Liquidator Presents Wind-Up Report
--------------------------------------------
C. R. Campbell and S. J. Cathro, Pax Rail Pty. Ltd.'s estate
liquidator, met with the company's members and creditors on
May 29, 2008, and provided them with property disposal and
winding-up reports.

The liquidator can be reached at:

          C. R. Campbell
          S. J. Cathro
          Deloitte Touche Tohmatsu
          Grosvenor Place
          225 George Street
          Sydney NSW 2000
          Australia


REMOCOM PTY: Declares Dividend for Creditors
--------------------------------------------
Remocom 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 21, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

          Grahame Hill
          Hill’s Insolvency Services Pty Ltd
          581 Princes Highway
          Rockdale NSW 2216
          Australia
          Telephone: (02) 9599 7945
          Facsimile: (02) 9599 7946
          Email: grahame@hillsinsolvency.com.au


SHAW GROUP: Liquidator Presents Wind-Up Report
----------------------------------------------
Adam Shepard, Shaw Group Australia Pty. Ltd.'s estate
liquidator, met with the company's members and creditors on
May 30, 2008, and provided them with property disposal and
winding-up reports.

The liquidator can be reached at:

          Adam Shepard
          Star Dean-Willcocks
          Level 1, 32 Martin Place
          Sydney NSW 2000
          Australia
          Telephone: (02) 9223 2944


TOTAL ONSITE: Placed Under Voluntary Liquidation
------------------------------------------------
During a general meeting held on April 15, 2008, the members of
Total Onsite Engineering Services Pty Ltd resolved to
voluntarily liquidate the company's business.

Brent Kijurina was appointed as liquidator.

The Liquidator can be reached at:

          Brent Kijurina
          Hall Chadwick
          Level 29, 31 Market Street
          Sydney NSW 2000
          Australia



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

BANK OF CHINA: Names Jiang Kuiwei as Employee Supervisor
--------------------------------------------------------
Bank of China's shareholders elected Jiang Kuiwei as new
employee supervisor.

Mr. Jiang Kuiwei, aged 40, has respectively served in the Bank's
Changzhou Branch of Jiangsu Province, Taizhou Sub-Branch of the
People's Bank of China and the Bank's Jiangsu Branch since 1989.
Currently, he serves as the general manager of the Planning and
Finance Department of the Jiangsu branch of the bank.  Mr. Jiang
obtained a bachelor degree in engineering from Zhejiang
University in 1989.

The shareholder's also re-elected Li Chunyu as employee
supervisor.

Mr. Li Chunyu, aged 49, has served as the employee supervisor of
the Bank since December 2004.  Since August 2000, Mr. Li has
served as Chairman of the Labour Union of the bank's head
office.  From 1992 to July 2000, he worked in the Human
Resources Department of the bank.  Mr. Li holds a secondary
college diploma.

The term of Mr. Li and Mr. Jiang's supervisor role is for three
years and will end on the date of the employee representative
meeting of the bank held in 2011.

Meanwhile, Liu Dun retired from the role of employee supervisor
of the bank.  Following his retirement, Mr. Liu will continue to
serve as the Chief Audit Officer of the Fujian Branch of the
bank.

                     About The Bank of China

Headquartered in Beijing, China, the Bank of China
-- http://www.bank-of-china.com/-- provides corporate banking,  
retail banking and investment banking.  Other activities include
provision of corporate deposits, corporate loans, foreign
exchange business, savings deposits, consumer credit and
bankcards.  It has 12,967 domestic branches and 559 overseas
branches.  The bank received a US$22.5 billion capital injection
from the Government in 2003 to restructure state-owned banks.
The state-owned lender has been offloading bad loans and
increasing capital since 2003 in preparation for an overseas
share sale, part of government plans to prepare the industry for
increased foreign competition, starting at the end of this year.

                          *     *     *

As of June 9, 2008, the bank still holds Moody's Investors
Service Ratings' 'D' Bank Financial Strength and Fitch Rating's
'D' Individual Rating.


CHINA CONSTRUCT: To Merge Brokerage Units to Compete With Rivals
----------------------------------------------------------------
China Construction Bank plans to merge its associated securities
arms to compete with rivals in the brokerage business, XFN News
reports, citing South China Morning Post.

An unnamed source told XFN News that China Jianyin Investment
Securities would merge with the securities department of China
International Capital Corp.

China International's key shareholder, China Jianyin Investment
Ltd., is also a majority shareholder in China Jianyin Investment
Securities.

China Jianyin Investment Limited, the report recounts, was spun
off as an investment company from China Construction Bank in
2004, and has a 43.35% stake in China International and other
non-commercial bank businesses formerly held by the Chinese
lender.

                 About China Construction Bank

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 EASTERN: Faces New Competition From Yunnan Airlines
---------------------------------------------------------
China Southern Airlines Co. Limited is focusing on maintaining
its market share in the Yunnan province, as a new carrier is
emerging to compete with its dominance in the province, Lu
Haoting of China Daily reports.

Reuters relates that Grand China Air, a unit of HNA Group, has
set up a jointly owned airline, Yunnan Airlines, with the Yunnan
provincial government.  Under the business agreement, China
Daily says, Grand China will hold a controlling stake in Yunnan
Airlines, and the State-owned assets supervision and
administration commission of Yunnan will hold the rest of the
shares.

HNA Chairman Chen Feng told China Daily that Yunnan Airline,
which has not yet obtained regulatory approval, will initially
be limited to flights within the province but will apply for
long-haul domestic and international routes in the future.

According to Reuters, the new carrier would be in direct
competition with China Eastern's more-than 50% profitable market
share for flights in Yunnan.

"HNA Group will be in a very favorable situation given its
strategic partnership with the local government," said Li Lei,
an aviation analyst with CITIC China Securities.  "In the long
run, it will increase competition in the local travel market,"
he said.

A China Eastern spokesman told Reuters that he was aware of
about the recent developments and the company is focusing on
improving its services to compete with the new airline.

As reported by the Troubled Company Reporter - Asia Pacific on
April 29, 2008, the Southwest Management Bureau of the Civil
Aviation Administration of China (CAAC) has suspended China
Eastern Airlines Corporation Limited's flights for the returned
flights incident.

Some pilots of China Eastern Airlines' flights refused to land
at their destinations and instead returned to their departure
point on March 31.  The pilots were reportedly seeking higher
wages and freedom to work for another airline.  China Eastern
has been fined CNY1.5 million (US$215,000) for the pilots'
strike, and as punishment, the CAAC asked the airline to stop
the flights between Kunming and Xishuangbanna, and to Dali.

                      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.


CITY TELECOM: Fitch Holds 'B+' ID Rating; Outlook Now Positive
--------------------------------------------------------------
Fitch Ratings has affirmed City Telecom (HK) Ltd's Long-term
foreign currency Issuer Default Rating at 'B+' and the rating of
its senior unsecured debt at 'BB-'.  At the same time, the
agency has revised its Outlook to Positive from Stable,
reflecting CTI's significantly improved operating performance
and lower financial leverage, which the agency expects to
continue in the short to medium term.

The Positive Outlook could lead to a rating upgrade if CTI is
able to demonstrate its ability to record steady subscriber
growth while maintaining its current 30% EBITDA margin over the
next 12 to 24 months.  This would help alleviate Fitch's
concerns regarding the sustainability of subscriber growth,
without sacrificing the company's profitability, in the
likelihood of aggressive competition from PCCW-HKT Telephone
Limited (HKTC, 'BBB+'/Rating Watch Evolving).

CTI's heavy investment in broadband infrastructure enables it to
differentiate itself in the competitive Hong Kong
telecommunications market by offering fibre-to-the-home services
to a large portion of households.  Driven by its strong
performance in broadband services, CTI achieved substantial
EBITDA margin recovery to around 31% in FY07 from 21% in FY06.  
In addition, CTI's robust cash flow generation has enabled it to
consistently reduce financial leverage, with its net debt/EBITDA
ratio decreasing to 1.2x at FYE07 from 2.3x at FYE06, and
further declining to 1x at end-H108.

Fitch expects CTI to continue adding new subscribers to its FTTH
broadband service, supported by its competitive bandwidth
pricing relative to other players and its planned network
coverage expansion over 2008-2010.  By the end of 2010, CTI's
FTTH coverage is expected to reach 2 million homes, compared to
1.38m at end-FY07, which will represent around 90% of households
in Hong Kong.  While CTI has historically experienced positive
broadband average revenue per user growth (contract ARPU
increased 44% in 2006 and 18% in 2007), Fitch believes this will
be difficult to maintain due to increased competition from HKTC
and CTI's own strategy to increase its market share which is
likely to involve tariff discounts.  The agency also believes
that it will be difficult for CTI's competitors to replicate the
company's FTTH broadband strategy and achieve a similar coverage
quality within two to three years.

The agency believes further material improvements in CTI's
financial leverage are unlikely, given its plan to spend HKD850m
on network expansion over 2008 to 2010.  Nevertheless, the
management's intention to keep annual capex levels below its
EBITDA level suggests that CTI should still generate positive
free cash flow, albeit well below 2007's HKD148m, thereby
offering further support to its financial profile.

The ratings are constrained by CTI's small revenue base, low
operating margins and the intense competition in Hong Kong
telecommunications market.  Compared with the incumbent
operator, HKTC, CTI has a much smaller market share and
operating scale, which make it vulnerable to any further
increase in competition, although Fitch expects the various
operators will continue with their current differentiation
strategy in the short to medium term rather than aggressively
cutting prices.  Another constraining factor is the limited
growth opportunity offered by Hong Kong's highly penetrated
market, although broadband, in which CTI now concentrates its
efforts, still offers a small amount of growth potential with a
household penetration rate of 77% at the end of 2007.

The current ratings do not take into account a potential
investment outlay should the consortium that CTI belongs to (in
conjunction with StarHub Ltd and MobileOne Ltd.) win the
Singapore FTTH broadband project.  While Fitch understands that
CTI's role in the consortium will focus more on its ability to
advise on the build and operation of a FTTH network, the exact
level of CTI's potential financial outlay remains unknown.


HAINAN: Parent Partners With Yunnan Gov't to Form Local Airline
---------------------------------------------------------------
Hainan Airlines Co. Limited's parent company, HNA Group, is
joining the Yunnan local government to create a new carrier in
the southwestern province, Reuters reports.

Under the business agreement, China Daily relates, Grand China
will hold a controlling stake in Yunnan Airlines, and the State-
owned assets supervision and administration commission of Yunnan
will hold the rest of the shares.   The new airline would also  
be promoted as a local carrier of Yunnan province, the report
says.

HNA Chairman Chen Feng told Reuters that Yunnan Airline, which
has not yet obtained regulatory approval, will initially be
limited to flights within the province but will apply for long-
haul domestic and international routes in the future.

According to China Daily, the new airline will comprise mainly
the assets of Lucky Air, an HNA subsidiary launched in 2006 in
Yunnan with a fleet of six aircraft.

HNA Chairman Chen Feng told the Daily that the new airline plans
to expand to a fleet of more than 30 aircraft within three
years.

"HNA Group will be in a very favorable situation given its
strategic partnership with the local government," said Li Lei,
an aviation analyst with CITIC China Securities.  "In the long
run, it will increase competition in the local travel market,"
he said.

                      About Hainan Airlines

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

                         *      *      *

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


HAINAN AIRLINES: To Buy Office Building in Bejing for CNY600MM
--------------------------------------------------------------
http://www.shanghaidaily.com/sp/article/2008/200806/20080613/art
icle_363039.htm
(rousel/revise)

Hainan Airlines Co. Limited plans to buy an office building in
Beijing for CNY600 million (US$85.71 million), The Shanghai
Daily reports.

"Beijing is Hainan Airlines' key operation base but the company
does not own an office building here.  With its business rising
and more employees expected to work here, the company decided to
purchase a building and lease idle floors to others," the   
company said in a statement cited by The Shanghai Daily.

The building, covering 42,380 square meters, has a leasing
capacity of 37,295 square meters.

Hainan Airlines will pay another CNY150 million if the
developer, Beijing Yida Real Eastate Co, can raise the capacity
by 10,000 square meters within five months, the report says.

Meanwhile, the Daily notes that the airline also plans to sell
its 51% stake in Beijing Xinhua Airport Aviation Food Co to HNA
Aviation Food Holding Co., for CNY70.6 million yuan.

The stake was held by China Xinhua Airlines, a subsidiary of
Hainan Airlines, the report says.

                      About Hainan Airlines

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

                          *      *      *

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


NEO-CHINA:  Moody's Downgrades Ratings to 'B3'
----------------------------------------------
Moody's Investors Service has downgraded Neo-China Land Group
(Holdings) Limited's corporate family and senior unsecured
ratings to B3 from B2.  At the same time, the ratings remain on
review for possible downgrade.

The downgrade follows Neo-China's announcement that Deloitte has
tendered its resignation as the company's auditor.  The
auditor's action is after the suspension of trading in the
company's shares in January 2008 and the subsequent resignations
of the company's qualified accountant and company secretary.
Neo-China still has not announced any reason for the prolonged
suspension.

"Deloitte's resignation during the process of year-end audit and
share-trading suspension has increased Moody's concerns that the
severity of the undisclosed incident and its associated impact
could prove beyond Moody's original expectations," says Kaven
Tsang, Moody's lead analyst for the company.

"In addition, the auditor's resignation could further impair the
company's reputation and funding abilities.  All these negative
developments no longer support Neo-China's original B2 ratings,"
says Tsang.

Although Moody's notes that Neo-China has appointed a new
auditor and tries to complete the year-end audit by end-August,
it is uncertain if the new auditor can complete the task on
time, given the relatively short period of its appointment.

"The review for possible downgrade continues to reflect the high
level of uncertainty over the ultimate impact of the undisclosed
reason for the share-trading suspension and the recent auditor's
resignation on Neo-China's credit profile," says Tsang.

"Accordingly, Moody's will closely monitor the company,
including the audit process and its results, and assess the
rating impact upon disclosure of further information," says
Tsang.

"The ratings could undergo further downgrade if more negative
developments occur, such as in the event of a material delay in
the announcement of its financial results, unfavorable audit
outcome, resignation of senior management or the new auditor, or
evidence of weakened funding abilities," adds Tsang.

                          About Neo-China

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



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

ASAHI DYNAMIC: Creditors Meeting Fixed for July 20
--------------------------------------------------
The creditors of Asahi Dynamic Appliances Holdings Limited will
have their final meeting on July 20, 2008, at Nanza Plaza, Unit
2205, 22nd Floor, 57 Hung To Road, Kwun Tong, in Kowloon to hear
the liquidator's report on the company's wind-up proceedings and
property disposal.

The liquidator can be reached at:

           Lam Shu Yan
           Nanza Plaza, Unit 2205
           22nd Floor, 57 Hung To Road
           Kwun Tong, Kowloon


CAVEDISH PROPERTY: Creditors Meeting Fixed for July 14
------------------------------------------------------
The creditors of Cavedish Property Holdings Limited will have
their final meeting on July 14, 2008, at Level 28, Three Pacific
Place, 1 Queen's Road, East, in Hong Kong to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The liquidators can be reached at:

           Ying Hing Chui
           Chung Mui Yin, Diana
           Level 28, Three Pacific Place
           1 Queen's Road, East, Hong Kong


FINE ARTS: Creditors' Proofs of Debt Due June 23
------------------------------------------------
Creditors of Fine Arts Printing Supplies Limited are required to
file their proofs of debt by June 23, 2008, to be included in
the company's dividend distribution.

The company's liquidator is:

         E. T. O'Connell
         10th Floor, Queensway Government Offices
         66 Queensway, Hong Kong


K-FOODS: Court to Hear Wind-Up Proceedings on July 2
----------------------------------------------------
On April 30, 2008, Wong Pak Shun, filed a petition to have K-
Foods Hong Kong Limited's operations wound up.

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

The petitioners' solicitor can be reached at:

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


LENG LOI: Creditors Meeting Fixed for July 29
---------------------------------------------
The creditors of Leng Loi Limited will have their final meeting
on July 29, 2008, at The Center, 31st Floor, 99 Queen's Road
Central, in Hong Kong to hear the liquidator's report on the
company's wind-up proceedings and property disposal.

The liquidator can be reached at:

           Kan Tim Hei
           The Center, 31st Floor
           99 Queen's Road Central, Hong Kong
           
         
SHUN WAI: Court to Hear Wind-Up Proceedings on July 16
------------------------------------------------------
On May 14, 2008, Ho Yuet Kan, filed a petition to have Shun Wai
Moulding Design Factory Limited's operations wound up.

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

The petitioners' solicitor can be reached at:

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


TAK GRAND: Court to Hear Wind-Up Proceedings on July 9
------------------------------------------------------
On May 5, 2008, Leung Muk Sui, filed a petition to have Tak
Grand Engineering Company Limited's operations wound up.

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

The petitioners' solicitor can be reached at:

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


WILMET PLASTIC: Court to Hear Wind-Up Proceedings on July 16
------------------------------------------------------------
On May 14, 2008, Wong Woon Cheung, filed a petition to have
Wilmet Plastic Works Limited's operations wound up.

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

The petitioners' solicitor can be reached at:

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


WOODHALL COMPANY: Creditors Meeting Fixed for July 14
------------------------------------------------------
The creditors of Woodhall Company Holdings Limited will have
their final meeting on July 14, 2008, at Level 28, Three Pacific
Place, 1 Queen's Road, East, in Hong Kong to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The liquidators can be reached at:

           Ying Hing Chui
           Chung Mui Yin, Diana
           Level 28, Three Pacific Place
           1 Queen's Road, East, Hong Kong


YAT KIN: Court to Hear Wind-Up Proceedings on July 2
----------------------------------------------------
On May 14, 2008, Lui Man Yin, filed a petition to have Yat Kin
Company Limited's operations wound up.

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

The petitioners' solicitor can be reached at:

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



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

SHREE DATTA: CRISIL Rates Bank Facilities at “BB-”
--------------------------------------------------
CRISIL has assigned these bank loan ratings on the various bank
facilities of Shree Datta Shetkari Sahakari Sakhar Karkhana Ltd
(Datta Sugar):

   * Rs.500.0 Million Cash Credit (Sugar pledge account)
             BB-/Stable(Assigned)

   * Rs.350.0 Million Cash Credit (Basel Dose)  
             BB-/Stable(Assigned)

CRISIL says the ratings reflect the society’s weak financial
risk profile, working capital-intensive nature of operations,
and the high degree of regulatory risks in the sugar industry.  
These weaknesses are partially mitigated by Datta Sugar’s
average operational efficiencies.

Datta Sugar has a weak financial risk profile.  Both revenues
and profitability have displayed high volatility in keeping with
sugar and sugar cane prices, and cyclical nature of the sugar
industry.  Besides, the society had a low net worth of Rs.211
million as on March 31, 2007 as most of its surpluses are
distributed to its farmer members in the form of additional
sugar cane price.

Datta Sugar has also traditionally maintained high debt levels –
in excess of Rs. 1 billion since 2002-03 (refers to the
financial year, April 1 to March 31).  This is on account of
partly debt funded capital expenditure and high working capital
borrowings, with the society maintaining large sugar stocks.

Consequently, gearing levels have been adverse (5.07 times as on
March 31, 2007), while debt protection measures too have been
below par.  The society also had to restructure its long term
debt in 2003-04 during drought conditions in Maharashtra.

CRISIL expects a gradual improvement in Datta Sugar’s financial
risk profile, supported by improving sugar prices in the near to
medium term.  However, due to limited accruals, the society is
expected to resort to bank borrowings to meet repayment
obligations.  The Government of India has recently announced
interest-free loans for sugar producers, which is expected to
ease liquidity pressures for the society temporarily, though
improvement in liquidity on a sustained basis will depend on the
extent of increase in sugar and sugarcane prices.

Sugarcane price fixation by the government, without reference to
sugar costs, severely affects the profitability of sugar mills.  
Additionally, in response to domestic market conditions, the
government periodically imposes restrictions on the export of
sugar, as it had done in 2006-07.  Datta Sugar’s profitability
in the sugar business continues to be governed by these
regulatory risks.

The above weaknesses are mitigated to an extent by the society’s
average business risk profile.  Datta Sugar’s 7,000 tonnes of
cane crushed per day (TCD) sugar manufacturing facility is
located in Kolhapur, a major and quality sugarcane growing area.  
Besides, it also has access to cane from both Maharashtra and
Karnataka, as Kolhapur is on the border of both states.  This is
reflected in the society’s high utilisation rate (over 100 per
cent) as well as high recovery rate of over 12 per cent since
2002-03.  Besides, Datta Sugar’s proximity to ports helps the
society save on transportation costs for export of sugar.  Datta
Sugar has also been able to achieve limited revenue
diversification by installing a co-generation facility of 11.5
mega watt (MW) and distillery with capacity of 60,000 litres per
day.  CRISIL believes that the Datta Sugar’s business will
remain exposed to regulatory risks, though due to integrated
operations, it will be better placed compared with standalone
sugar units.

                         Outlook: Stable

CRISIL expects Datta Sugar to maintain its average business risk
profile and gradually improve its currently weak financial risk
profile over the short to medium term, supported by higher sugar
prices.  A stronger-than-expected financial performance due to
early recovery in sugar prices resulting in improved credit
profile, especially gearing levels, could result in the outlook
being revised to ‘positive’.  Conversely, a prolonged depression
in the industry or any significant debt funded capital
expenditure impacting the credit profile, could result in the
outlook being revised to ‘negative’.

                        About Datta Sugar

Datta Sugar was set up in 1960 under the Maharashtra Cooperative
Societies Act. The factory’s area of operation extends to 87
villages from Kolhapur district of Maharashtra and 28 villages
from Belgaum district of Karnataka.  The society has integrated
operations in the form of a distillery and co-generation
facility, which process the by-products generated during sugar
production.  Surplus power after meeting captive requirements is
sold to a private player.

For the year ended March 31, 2007, Datta Sugar reported a net
loss of Rs.12.5 million (net loss of Rs.14.0 million in 2005-06)
on net sales of Rs.2.23 billion (Rs.1.99 billion in 2005-06).


SHREE RAMA: Nirma Can't Withdraw Takeover Offer
-----------------------------------------------
The Mumbai Securities Appellate Tribunal set aside an appeal on
a ruling denying Nirma Industries Limited and Nirma Chemical
Works Limited's request to withdraw their offer to acquire Shree
Rama Multitech Limited after they discovered the target
company's troubled financial status.

The Tribunal agreed with the Securities and Exchange Board of
India in denying the request due to lack of due diligence on the
part of Nirma.

Shree Rama issued secured optionally fully convertible premium
notes for an issue price of Rs.1 lac each having nominal value
of Rs.1.35 lacs each to the Nirma companies.  The premium notes
were issued by way of subscription agreements and a total of
4894 premium notes had been issued to the Nirma companies.  
Shree Rama agreed to pledge its equity shares in favour of Nirma
in order to secure the redemption of the premium notes.  The
agreements were executed on March 22, 2002, and a total of
1,42,88,700 shares of Shree Rama were pledged with Nirma.

The subscription agreements contained the customary enforcement
provisions that entitled Nirma to accelerate payment on the
premium notes and to invoke the pledge upon the occurrence of
any default.  

On June 10, 2005, Nirma asked Shree Rama to redeem the
outstanding premium notes within a period of 30 days, failing
which Nirma would be constrained to invoke the pledge.  Because
the premium notes were not redeemed within the time specified,
the pledge was invoked by Nirma on July 22, 2005, and the
pledged shares were acquired.

As the pledged shares constituted 24.25 per cent of Shree Rama's
total paid up equity capital, Nirma was required, under the
Takeover Code, to make a public announcement of the transaction.

In its request to withdraw from the deal, Nirma argued that they
were not in a position to exercise due diligence regarding the
financial status of the target company since there was no direct
nexus between them and the target company.  They had merely
accepted the shares of the target company on pledge from third
parties.  It was also their case that even if they could
exercise due diligence, they could not possibly unearth any of
the financial irregularities in Shree Rama before the public
announcement since even the directors of Shree Rama became aware
of these irregularities much later.

The Board contended that grounds such as financial instability
of the target company or additional financial burden on the
acquirer are not sufficient to enable the Board to allow
withdrawal of the public offer and that the grounds, if
accepted, would defeat the very purpose of the takeover code and
open floodgates for companies to seek withdrawal of the open
offer when they find that they had taken business decisions
which subsequently turned out to be bad decisions.

The Tribunal noted that even at the time of the public
announcement of the take over offer, Nirma was in possession of
certain facts that clearly showed the poor financial health of
the target company.

The Tribunal pointed out that it was known to Nirma that a
petition had been filed with the Gujarat High Court by the UTI
Bank and Karnataka Bank Ltd. for winding up of Shree Rama.

In addition, the Tribunal said Nirma was aware that in September
2004, the Board had issued directions against Shree Rama and its
directors, among others, restraining them from accessing the
securities market and buying, selling or dealing in securities
directly or indirectly for a period of five years.

Further, the Tribunal said, Nirma knew that the net worth of
Shree Rama had been fully eroded by 31.3.2005 and that the
target company was facing numerous cases including cases for
recovery of overdue debts and cases regarding bouncing of
cheques involving crores of rupees.

“Clearly, the appellants decided on invoking the pledge on the
shares of the target company with open eyes and sufficient
knowledge about the affairs of the target company.  It is not as
if the appellants were innocent and were caught napping in an
unexpected turn of events,” the Tribunal opined.

Mr. Janak Dwarkadas, Mr. Somashekhar Sundaresan, Mr. Karan
Bharihoke, Mr. Ankit Lohia, Mr. Zerick Dastoor, and Mr. Hitesh
Buch, represented Nirma in the case.

Dr. Mrs. Poornima Advani and Ms. Sejal Shah represented the
Board.

                         About Shree Rama

Based in Gujarat, India, Shree Rama Multitech Limited, fka Shree
Rama Packaging, -- http://www.srmtl.com/-- manufactures plastic  
tubes, monolayer seamless tubes, self adhesive labels, paper
cups, hips cups, tarpaulin and tube laminates.


SPICEJET: Needs US$100 Million To Fund Aircraft Acquisition
-----------------------------------------------------------
SpiceJet will be appointing a merchant banker to raise US$100
million for financing aircraft acquisition, The Times of India
reports.

“Our board is going to meet soon and we will appoint a merchant
banker who'll look at possible areas from where this money can
be raised, including foreign shores like East Asia or US.  We
are going to adopt the debt-equity way for this money and are
not in talks with any group for any takeover,” SpiceJet
executive chairman Siddhanta Sharma was quoted by the Times as
saying.  While there has been intense speculation that a major
industrial group is eying the airline, Sharma denied any such
move, the report says.

On June 12, 2008, the Troubled Company Reporter-Asia Pacific,
citing moneycontrol.com, reported that SpiceJet plans to cut the
number of flights to just 100 per day from 117 by the first week
of July as the company's FY 2008 net
loss is seen at nearly Rs 100 crore and breakeven is seen
delayed by a year to March 2010.

According to moneycontrol.com, Vijay Mallya, Chairman, UB Group,
said there is a need to rationalise fleet services and cut
routes if aviation turbine fuel prices are not cut.  
International operations are on track and the delivery of wide-
body aircraft is on June 19, he added.

“If there is no tax relief, the only way forward is to
rationalise routes and to seriously cut down flights.  The
aviation industry is suffering heavy losses primarily due to the
unprecedented increase in the price of oil.  To make matters
completely worse, there is a huge element of government taxation
on top of this, which makes the position unsustainable,”
moneycontrol.com quoted Vijay Mallya, CMD of Kingfisher Airlines
as saying.

As surging oil prices continue to pull down the industry, the
government of India asked state-run oil companies to consider a
cut in the base price of jet fuel to give immediate relief to
airlines, The Telegraph relates.

The government will also call upon an empowered group of
ministers to discuss likely tax cuts to bail out the sector, The
Telegraph said.

“This is an extraordinary situation.  There is a crisis in the
aviation sector and we must all collectively try to find out a
solution.  Otherwise it is going to affect the overall growth of
the sector in a big way,” civil aviation minister Praful Patel
was quoted by The Telegraph as saying after meeting Prime
Minister Manmohan Singh on the ATF issue.  “We have also
explained that it is not so easy for a vital sector like
aviation go belly up and it will have a cascading effect or
multiplied effect on the entire economy.”

Meanwhile, sources told the Economic Times that Paramount
Airways has expressed interest in SpiceJet and is already in
talks for a possible buyout.

Jet Airways and Anil Dhirubhai Ambani Group (ADAG) have
previously indicated their interest in the SpiceJet, the
Economic Times said.

“We are looking at raising Rs 400-crore capital, but the mode
has not been decided yet.  Nor have we yet appointed an advisory
firm,” SpiceJet chief financial officer Partha Sarathi Basu told
ET.  He, however, declined to comment on the airline being in
talks with Paramount Airways or other suitors for a buyout, ET
said.

As to reports on possible Ambani deal, Spicejet clarified in a
regulatory filing with the  Bombay Stock Exchange on June 6,
2008, that “the Company has till date not received any formal
communication from any party.”

When contacted by ET, Paramount Airways managing director M
Thiagrajan declined to comment.  However, company sources told
ET that the privately-held airline is actively looking at a pan-
India presence, including the competitive northern market.

Spicejet will be releasing its fiscal year 2008 results on
June 30, 2008.

SpiceJet Limited -- http://www.spicejet.com/-- is an airline
carrier in India. During the fiscal year ended May 31, 2007
(fiscal 2007), the company increased its fleet size to 11
aircrafts covering 14 destinations and operating 83 daily
flights. The aircrafts acquired during fiscal 2007, were the
next generation Boeing737-800. The company has also integrated
with Tata AIG Insurance Company Limited to commence travel
insurance sales, which was launched in May 2007.

                           *     *     *

Spicejet incurred net losses for at least two consecutive years
-- INR414.2 million in the year ended May 31, 2006, and
INR287.05 million in the year ended May 31, 2005.  The company
changed its financial year from June-May to April-March.  For
the ten months ended March 31, 2007, the airline carrier booked
a net loss of INR707.43 million.


TATA STEEL: Inks Orissa Power Plant Deal with Jasper
----------------------------------------------------
Tata Steel Ltd and its wholly owned subsidiary, Rawmet Ferrous
Industries Ltd, entered into a Share Subscription Agreement and
Shareholders' Agreement with Jasper Industries Pvt Ltd to set up
a coal based power plant of 2 X 67.5 MW capacity at Anantpur
Village, Cuttack, Orissa, subject to fulfillment of certain
conditions.

Pursuant to the Shareholders' Agreement, Tata Steel and Rawmet
together will hold 26% and Jasper Industries will hold 74% of
the stake of the equity in Bhubaneshwar Power Pvt Ltd (JV
Company).

Headquartered in Mumbai, India, Tata Steel Limited
-- http://www.tatasteel.com/-- is an integrated steel company.
Its operations predominantly relate to manufacture of steel and
ferro alloys and minerals business.  Other business segments
comprises of tubes, bearings, refractories, pigments, port
operations, municipal services and investment activities.  Tubes
division produces three categories of tubes: commercial tubes
used in plumbing, irrigation and process industry; precision
tubes, which cater to the boiler and automotive sectors, and
structural tubes supplied to the infrastructure sector.  In
April 2007, the company acquired Corus Group plc, which produces
carbon steel by the basic oxygen steelmaking method at three
integrated steelworks in the United Kingdom at Port Talbot,
Scunthorpe and Teesside, and at one in the Netherlands at
IJmuiden.  In February 2008, the company's subsidiary, Kalimati
Investments Ltd, acquired Tata Metaliks Ltd.  By the acquisition
of shares, Tata Metaliks Ltd has become a subsidiary of the
company.

                         *     *     *

As of June 10, 2008, Tata Steel Limited continues to carry
Standard & Poor's “BB” rating on its US$500 million senior
unsecured bank loan due Mar 31, 2013 and its US$750 million
(equivalent) senior unsecured syndicated bank loan due
Dec. 31, 2013.


VEDANTA RESOURCES: Fitch Assigns 'BB+' Rating on US$600MM Bonds
---------------------------------------------------------------
Fitch Ratings has assigned a Long-term foreign currency Issuer
Default Rating of 'BBB-' to the UK-based Vedanta Resources PLC
with a Stable outlook.  At the same time, Fitch has assigned a
rating of 'BB+' to Vedanta's existing US$600 million bonds.

The IDR reflects the strength and diversity of Vedanta's
portfolio of businesses in the metals and mining sector,
including zinc, copper, iron ore and aluminium operations.  The
rating is underpinned by the substantial contributions to
earnings and cash flows provided by its key operating
subsidiaries, Hindustan Zinc Ltd and Sesa Goa Ltd, which are the
company's strongest operating entities.  Vedanta's diversified
business profile provides some protection against the volatility
of individual metal prices, thereby adding to the company's
earnings stability.

Fitch notes that Vedanta operates as the holding company of a
relatively complex group structure, with most of its key
subsidiaries being majority - rather than wholly - owned.  While
this structure inevitably reduces the quality of and access to
cash flows at the parent level, the agency notes that Vedanta
exercises effective control over the management boards of its
principal subsidiaries and is able to dictate dividend policy
and/or the upstream transfer of cash via inter-company capital
transfers.  

Notwithstanding this level of theoretical control, the rating of
the bonds has been notched down to reflect potential cash flow
leakages to minority shareholders preventing full fungibility of
operating cash flows, and the consequent relatively weak
recovery prospects for bondholders at the Vedanta level.  Over
80% of the group's operating assets are located in India, and
are held through a 60.6%-owned subsidiary, Sterlite Industries
(India) Ltd and through its direct 51.2% stake in SGL.  The
ratings also factor in the impact of the proposed US$2.6 billion
acquisition of the assets of US copper smelting company Asarco
(formerly the American Smelting and Refining Company).

Vedanta's ratings also benefit from improvements in margins and
strong earnings growth over the past few years, in turn
substantially reducing net leverage.

The company has a strong zinc business in Hindustan Zinc Ltd,
which contributed around 45.8% of Vedanta's consolidated EBITDA
in FYE08, and is in the bottom decile of the cost curve of
global zinc producers, with fully integrated operations spanning
mines, smelting and captive power.  Vedanta's ratings also
reflect its increased focus on its copper business, which
contributed 22.2% of overall pro-forma EBITDA for FYE08.  
Vedanta's copper business benefits from the integrated nature of
its major assets in Zambia and now the US, although the
positives are partly offset by their higher cost of operations,
making it more vulnerable to adverse movements in the copper
cycle.  Another risk factor is the company's lack of prior
experience of operating in the US market, although this is
mitigated to some extent by its strong track record of
successfully integrating and improving previous acquisitions.

The company has a presence in aluminium, with partially
integrated operations, while its iron ore operations benefit
from large ore reserves in India and low cost operations.  The
ratings also incorporate Vedanta's ongoing focus on cost
reduction; its tightening cost structure will enable it to
better weather adverse movements in the metals cycle.  Lastly,
the ratings consider Vedanta's captive coal mine allocation,
which should help reduce future power cost for its operations.

The ratings are constrained by the company's aggressive growth
strategy using both organic and inorganic routes, although these
risks are mitigated by the company's conservative financial
profile and growing cash reserves, with over US$5 billion as at
March 2008.  The ratings also reflect the lack of access to
sufficient bauxite reserves for its aluminium business, although
the company is currently awaiting court approvals for the
allocation of a bauxite mine.  Vedanta is currently undertaking
a large capex programme to achieve its stated target of
achieving a 1m MTPA capacity in each of its metals businesses
and is aiming to achieve this by FY11.

The agency believes the execution risks are relatively low given
the company's proven ability to manage large scale expansions
within time and on budget.  The ratings are also constrained by
the substantial investments in commercial power generation,
although Fitch has currently factored in only the ongoing
2,400MW independent power project.  Fitch notes that the ongoing
capex plans and Asarco acquisition limits the company's ability
to undertake any further major capex without materially
impacting its credit profile.

Fitch expects the benefits of Vedanta's ongoing cost reduction
programme and higher volumes to be offset by the expected
softening in the metals cycle, and consequently expects leverage
to deteriorate over the medium term.  Any major capital
investment or deterioration in EBITDA resulting in Vedanta's net
debt/EBITDA ratio exceeding 2.5x will likely act as a negative
trigger for the rating.  A material consolidation of Vedanta's
holding structure could act as a positive trigger for the
instrument rating, although any increase in senior secured loans
at key cash flow generating subsidiaries which increases the
structural subordination of the bonds could act as a negative
trigger for the bond ratings. While the 'BBB-' IDR is not
currently constrained by the Indian country ceiling, any future
upgrade would first require an improvement in the country
ceiling.  Conversely, any downward movement in the country
ceiling would act as a negative rating factor for the IDR.

                          About Vedanta

Vedanta is a leading metals and mining company based in London,
and has operations spanning zinc, copper, iron ore and aluminium
in India, Zambia, Australia, and the US.  In FY08, the company
reported revenues of US$8.2 billion, with EBITDA margins of
36.7% and a Net Income of US$879 million (after minorities).  
The company's financial leverage levels have consistently
improved over the past few years, with net debt/EBITDA improving
from 0.2x in FYE04 to -0.7x in FYE08.  The capital structure has
also improved on the back of stronger earnings and inflows from
its recent US$2 billion equity issue at SIIL.  Vedanta had a net
debt/tangible equity of -23% in FYE08 compared with -10.9% in
FYE07.



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

PT INDOSAT: Inks Pact for US$450 Mil. 5-Year Term Loan Facility
---------------------------------------------------------------
PT Indosat Tbk. signed an agreement for a US$450 million five
year term loan facility on June 12, 2008.  The syndication of
the Facility was launched in early May with an initial amount of
US$200 million and a greenshoe of US$100 million.  Indosat
subsequently increased the amount to US$450 million given the
strong over-subscription.  The proceeds of the Facility will be
used for capital expenditure and general corporate purposes.

ING Wholesale Banking and DBS Bank Ltd together act as the
Mandated Lead Arrangers and Bookrunners.  In addition, the
Facility garnered support from 11 international financial
institutions from four continents.  

Export Development Bank of Canada; Sumitomo Mitsui Banking
Corporation, Singapore Branch; Commerzbank Aktiengesellschaft,
Singapore Branch; Aozora Bank Ltd.; and Natixis, Singapore
Branch joined the Facility as Mandated Lead Arrangers.  

The Bank of Tokyo-Mitsubishi UFJ. Ltd, Jakarta Branch; PT Bank
Mizuho Indonesia; and Rabobank International, Singapore Branch
participated as Lead Arrangers and PT Bank UOB Indonesia as
Arranger, while Bank of China Limited and Chinatrust Commercial
Bank joined as Lead Managers.

Johnny Swandi Sjam, President Director of Indosat said: "Indosat
is very pleased with the tremendous support received by this
syndication and the record time of six weeks within which
the transaction was concluded.  This represents a strong vote of
confidence in Indosat as a leading company in Indonesia".

A spokesman for the Mandated Lead Arrangers stated: "The huge
oversubscription of this Facility and the large number of
international banks that joined are a true testament of the
fundamental strength and market position of Indosat.  We are
very pleased to have arranged this Facility, which is one of the
largest foreign currency denominated syndicated term loan
facilities for an Indonesian corporate year to date.”

                          About Indosat

PT Indosat Tbk -- http://www.indosat.com/-- is a  
telecommunication and information service provider in Indonesia
that provides cellular services (Mentari, Matrix and IM3), fixed
telecommunication services or fixed voice (IDD 001, IDD 008 and
FlatCall 01016, fixed wireless service StarOne and I-Phone).
Indosat also provides Multimedia, Internet & Data Communication
Services (MIDI) through its subsidiary company, Indosat
Mega Media (IM2) and Lintasarta.  Indosat also provides 3.5 G
with HSDPA technology.  Indosat's shares are listed in the
Indonesia Stock Exchange (IDX:ISAT) and its American Depository
Shares are listed in the New York Stock Exchange (NYSE:IIT).

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
June 11, 2008, Moody's Investors Service placed on review for
possible downgrade the Ba1 local currency corporate family
rating of PT Indosat Tbk (Indosat), and the Ba2 foreign currency
senior unsecured bond rating of Indosat Finance Company B.V. and
Indosat International Finance Company B.V., which are guaranteed
by Indosat.

The rating action was prompted by the announcement that
Singapore Technologies Telemedia (STT), a wholly owned unit of
Singapore government's investment firm Temasek Holdings, agreed
to sell its interest in Indosat to its business partner Qatar
Telecom.  Qatar Telecom will pay US$1.8 billion for the 40.8%
stake in Indosat held by Asia Mobile Holdings, a joint
venture between Qatar Telecom and STT.  Upon completion of the
transaction, STT will no longer have any involvement in Indosat.

As reported in the Troubled Company Reporter-Asia Pacific on
March 3, 2008, Fitch Ratings assigned a stable outlook on PT
Indosat Tbk's BB- rating.  EBITDA margins are likely to be
stable overall.  Fitch Ratings said that its overall outlook
for the Asia Pacific telecommunication sector in 2008 is stable,
with 24 out of its total 28 rated telecommunications issuers
bearing a Stable Outlook.  Highlighting its newly published
"Asia-Pacific Telecoms Credit Outlook 2008" 20 page report, the
agency outlines its expectations on how key financial metrics
will move for 26 operators across Asia-Pacific in 2008,
concluding that while revenue growth is likely to slow, cash
flow from operations and free cash flow after dividends are
likely to rise on aggregate.  Nevertheless the agency cautioned
that it expects FCF to actually fall for half of its rated
operators across Asia Pacific.


BANK PERMATA: Sharia Unit 1Q Profit Up by 424% to IDR14.9 Bil.
--------------------------------------------------------------
In the first quarter of 2008, Bank Permata's sharia unit posted
a net profit of IDR14.9 billion up by 424 percent as compared to
the same period last year, Antara News reports.

Antara News relates that operating income from murabahah (profit
sharing) margin rose 272 percent to IDR17.2 billion from
IDR4.6 billion posted last year.

Other operating income went up 593 percent to IDR6.9 billion
from IDR991 million in March 2007, the news agency adds.

Antara News notes that the sharia unit suffered a loss of
IDR4.6 billion in March last year.

                       About Bank Permata

Headquartered in Jakarta, Indonesia, PT Bank Permata Tbk's
-- http://www.permatabank.com/-- products and services include   
liabilities, asset, credit card and bancassurance, PermataFOREX,
commercial banking, e-channels and preferred banking.  The bank
has approximately 318 domestic branches, sub branches and cash
offices throughout the country.  The bank's subsidiaries, which
are engaged in the securities industry, the consumer finance and
leasing sector, the general insurance business and the banking
sector, include PT Bali Securities, PT Bali Tunas Finance, PT
Asuransi Permata Nipponkoa Indonesia and Bank Perkreditan
Rakyat.

                          *     *     *

As reported by the Troubled Company Reporter-Asia pacific on
Feb. 25, 2008, Fitch Ratings revised PT Bank Permata Tbk's
outlook to Stable from Positive.  The bank's support ratings was
upgraded to '3' from '4'.  The Support Rating Floors were
upgraded to 'BB-' from 'B+' or 'B' previously to reflect the
stronger financial ability of the sovereign state to provide
support.  The bank's individual rating was also affirmed at C/D.

On Oct. 19, 2007, Moody's Investors Service raised Bank
Permata's foreign currency long-term deposit rating to B1 from
B2 while the bank's The Not Prime foreign currency short-term
deposit rating, Baa3 global local currency deposit rating and D-
BFSR were unaffected.



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

MAZDA MOTOR: To Issue Five-Year Bonds Worth JPY10 Billion
---------------------------------------------------------
Mazda Motor Corporation will issue and offer Series 25 five-year
bonds in the amount ofJPY 10 billion with 1.73% interest rate,
Reuters reports.

According to the report, the repayment date of the bonds is
June 17, 2013.

Mitsubishi UFJ Securities Co. Ltd. will act as the sole
underwriter in this offering.

Headquartered in Hiroshima Prefecture, in Japan, Mazda Motor
Corporation -- http://www.mazda.co.jp/-- together with its  
subsidiaries and associates, is primarily involved in the
manufacture and distribution of automobiles.  The company
manufactures passenger cars and commercial vehicles.  Mazda
Motor distributes its products in both domestic and overseas
markets.  The company has 58 subsidiaries.  It has overseas
operations in the United States, Canada, Mexico, Germany,
Belgium, France, the United Kingdom, Switzerland, Portugal,
Italy, Spain, Austria, Russia, Columbia, New Zealand, Thailand,
Indonesia and China.  The Company has a global network.

                          *     *     *

As of June 16, 2008, the company still holds Standard & Poor's
Ratings Services' “BB” long-term corporate credit and long-term
senior unsecured debt ratings.


MAZDA MOTOR: To Repurchase Shares Up to JPY900 Million
------------------------------------------------------
Mazda Motor Corporation has decided to repurchase up to
JPY900 million or up to 1,400,000 shares of its common stock
during the period from June 26, 2008 to June 25, 2009.

Headquartered in Hiroshima Prefecture, in Japan, Mazda Motor
Corporation -- http://www.mazda.co.jp/-- together with its  
subsidiaries and associates, is primarily involved in the
manufacture and distribution of automobiles.  The company
manufactures passenger cars and commercial vehicles.  Mazda
Motor distributes its products in both domestic and overseas
markets.  The company has 58 subsidiaries.  It has overseas
operations in the United States, Canada, Mexico, Germany,
Belgium, France, the United Kingdom, Switzerland, Portugal,
Italy, Spain, Austria, Russia, Columbia, New Zealand, Thailand,
Indonesia and China.  The Company has a global network.

                          *     *     *

As of June 16, 2008, the company still holds Standard & Poor's
Ratings Services' “BB” long-term corporate credit and long-term
senior unsecured debt ratings.



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

DAEWOO CAPITAL: Moody's Corrects Company Name in Revised Release
----------------------------------------------------------------
Moody's has corrected the company name and text for its rating
release dated June 6, 2008.   The correct company name is  
Daewoo Capital Co; and correct rating for Shinhan Bank is A1.

The revised release follows.

Moody's Investors Service has assigned a first-time Ba1 long-
term issuer rating to Daewoo Capital Co. (DWC).  The outlook for
the rating is stable.

"The Ba1 rating reflects DWC's franchise value as the 2nd
largest auto finance company in Korea, its improving risk
management practices, gradual diversification into other
consumer finance business, as well as the strengthening of its
financials in recent years," says May Yan, a Moody's VP/Senior
Credit Officer.

"It additionally takes into account DWC's still evolving
business model as a non-captive finance company, the fact that
its financials are untested by the economic cycle, and
performance pressures due to increased competition," says Yan,
also Moody's lead analyst for the company.

"DWC was originally the captive finance arm for Daewoo Group, a
Korean industrial conglomerate which failed during the Asian
financial crisis 10 years ago," says Yan.  The company underwent
a corporate restructuring in 2002.  After a capital injection,
debt-equity swap, and balance sheet clean-up, all of which
occurred between 2002 and 2004, it emerged from bankruptcy and
was purchased by a consortium formed by Aju Corporation (non-
rated) and Shinhan Bank (A1/P-1) in 2005.  Its owners now
include Aju (77.2%), Shinhan Bank (14.4%), Aju Venture Capital
(5.7%), and Employee Stock Holding Association (2.7%).

DWC focuses on auto financing and leasing for both new and used
cars.  In terms of auto financing, the company has a market
share of 24% in Korea, only behind Hyundai Capital, the captive
financing arm for the Hyundai Motor Group.

As of end-2007, auto financing accounted for 58.6% of DWC's
managed assets, machinery and equipment leases 21.8%, personal
and corporate loans 11.8%, and mortgage loans 7.7%.

As a non-captive finance company, it is attempting to become
more competitive, and is focusing on expanding into new business
areas while sustaining its current market niche.  In the last
two years, it has also focused on expanding in niches such as
commercial vehicles and used car financings, equipment
financing, as well as into new businesses, such as high-margin
personal loan products.

Management has a good awareness of the importance of risk
management and has invested significantly - money, time and
talent and overall efforts - to improve its risk management
system and practices.  According to its CEO, risk management is
a key focus for the company.

DWC has built an integrated IT system, which includes relatively
advanced modeling skills, covering loan originations, approvals
and monitoring processes.  And the company continues to improve
its system and risk management policies, procedures and
practices on an on-going basis.

DWC's financials improve significantly in the past few years.
Asset growth and net income have expanded at CAGRs of 26% and
29% respectively since 2004.  Asset quality has improved with
the delinquency rate dropping to only 0.5% at end-2007 from 5.1%
at end 2003.  Equity to total assets and managed equity to total
managed asset ratios - although declining over the years -
remain at reasonable levels of 16.5% and 10.5% at end-2007.

It has a relatively balanced financing structure compared to a
few years ago.  As at end-2007, 45% of its funding comes from
securitization (ABS), 26% long-term bonds, 15% bank loans, 9%
short-term commercial paper, and 5% from credit vehicles, a
legacy of its past activities.  Looking ahead, Moody's believes
the ability to secure long-term financing at a reasonable cost
-- while reducing its dependence on short-term market funding --
would be a credit positive.

However, while DWC's performance has been relatively strong, in
Moody's view, such improvement can be partially attributed to
Korea's generally benign economic environment and progress in
the overall market's general risk management infrastructure and
culture.

Therefore, its ability to sustain its good performance in a
down-cycle is untested.  In addition, profitability and
efficiency are modest, which could be due to its relatively
small size, particularly when compared to other large banks and
finance companies.

Moreover, it needs to continue to grow to benefit from economies
of scale and sustain its competitive position.  In this context,
Moody's believes that finance companies in Korea are poised to
enter a phase of more mergers and acquisitions due to the
Capital Market Integration Act (CMIA), which permits universal
business for financial institutions.  CMIA is expected to become
effective in February 2009.

Moody's has not incorporated into its rating the possibility of
support from its major parents Aju and Shinhan.  Aju is not
rated by Moody's. It is a medium-sized conglomerate in Korea
with a business focus on auto finance and rental, construction
materials, tourism and hotels, and logistics businesses, etc.  
In 2007, DWC contributed 54% to Aju's ordinary profits.  In
recent years, Aju has been fairly active in acquisitions, and
Moody's is monitoring whether such activities will require cash
outlays which could pressure DWC's financial positions.

Shinhan Bank only holds a minority ownership of less than 15% in
DWC.

Although Shinhan has designated director positions and provides
some technical assistance, in Moody's view, DWC's business is
very small relative to that of Shinhan and is not strategically
important to the latter.

                 About Daewoo Capital

Daewoo Capital Co., headquartered in Korea, is the second
largest auto financing company in Korea. As of end-2007, the
company reported total assets of 3.696 trillion won (US$3.92
billion).



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

EKRAN BERHAD: Has Until Aug. 31 to Settle MYR75 Million Debt
------------------------------------------------------------
The Bursa Malaysia Securities Berhad has granted Ekran Berhad a
final extension of time until August 31, 2008, to complete the
settlement of the approximately MYR75 million debt assigned from
Ekran to Tan Sri Ting Pek Khiing owed from Danaharta Urus Sdn
Bhd.

Bursa Securities will proceed to suspend the trading of Ekran's
securities and commence de-listing procedures against the
company in the event:

   (a) the conditions imposed by Danaharta in the letter dated
       June 6, 2008, are not fulfilled; or

   (b) Tan Sri Ting fails to settle the debt of approximately
       MYR75 million owing to Danaharta by August 31, 2008.

Ekran Berhad is a Malaysian company engaged in investment
holding and the provision of management services to its
subsidiary companies.  Through its subsidiaries, the company is
engaged in property development; the provision of property
management services; timber logging and saw milling; the sale of
timber products, and the operation of oil palm plantations.  The
company's operations are mainly concentrated in Malaysia, China
and the Philippines.

                          *     *     *

Ekran has been classified as an affected listed issuer under
Amended Practice Note 17, when the auditors have expressed a
disclaimer opinion on the company's audited financial report for
the financial year ended June 30, 2005, and for defaulting on
various credit facilities.


IDAMAN CAPITAL: RAM Reaffirms C3 Rating on MYR80 Million Bonds
--------------------------------------------------------------
Rating Agency Malaysia Berhad has downgraded the ratings of
Idaman Capital Berhad’s MYR220 million Senior Fixed-Rate Bonds
and MYR20 million Mezzanine Fixed-Rate Bonds, to BBB2 and BB2,
respectively.  At the same time, RAM Ratings has reaffirmed the
ratings of the Issuer’s MYR50 million Class A Super Senior
Fixed-Rate Bonds and MYR430 million Class B Super Senior Bonds
at AAA, while reaffirming the C3 rating of the MYR80 million
Subordinated Bonds.  At the same time, the Rating Watch (with a
negative outlook) on the Senior Bonds and Mezzanine Bonds, in
place since April 11, 2008, has been maintained.  For the
purposes of this transaction, the Super Senior, Senior,
Mezzanine and Subordinated Bonds will be collectively referred
to as “the Bonds”.

The rating actions taken on the Senior and Mezzanine Bonds are
premised on a default by one of the obligors within the
portfolio – from the oil and gas industry – on the interest
payments of its loan facility.  This obligor accounted for 4.09%
of the loan portfolio.  Nonetheless, RAM Ratings notes that the
interest income for the portfolio of loans had been more than
sufficient to meet the MYR28.23 million of coupon obligations
that fell due on April 10, 2008, without having to draw on the
Liquidity Reserve Account.

The Rating Watch has been maintained pursuant to the recently
announced in fuel-price reduction in the fuel subsidy on June 4,
2008, and consequently concerns of mounting inflation, and
rising production and business costs.  Given the steep price
hikes, the anticipated reduction in discretionary consumer
spending will exert a dampening effect on overall economic
growth.  Whilst the implications on the credit profiles of the
obligors in Idaman Capital’s portfolio will vary by industry,
RAM Ratings opines that the majority will be more vulnerable to
the current economic conditions.  As a result, there may be
severe pressure on the credit profile of the obligors, which may
put further rating pressure on Idaman Capital’s Senior and
Mezzanine Bonds.

Based on the Portfolio Report as of April 9, 2008, prepared by
the Servicer, i.e. HSBC (Malaysia) Trustee Berhad, all the
performance parameters had been met except for the
overcollateralisation ratio for the Senior Bonds.  The breach in
the OC tests had triggered the trapping of all excess spread
available into the LRA.  As at April 9, 2008, the balance in the
LRA stood at MYR22 million.

Idaman Capital is a trust-owned, bankruptcy-remote, special-
purpose vehicle, incorporated specifically to undertake this
primary collateralised-loan-obligation transaction.  Idaman
Capital had utilized the Bonds’ proceeds to purchase an
MYR800 million loan portfolio from Alliance Investment Bank
Berhad.  At transaction close, the loan portfolio had comprised
25 corporate obligors.  The Bonds are secured against this loan
portfolio; Idaman Capital utilises the interest and principal
receipts from the loan portfolio to meet its coupon and
principal payment obligations on the Bonds, as well as operating
expenses.

During the period under review, the underlying portfolio
consisted of 23 performing corporate loans from 16 industries,
with a total principal of MYR751 million (excluding loans that
had been called and/or prepaid).  As at April 25, 2008, the
weighted-average rating factor of the portfolio stood at 148.9,
after notching down to account for single-obligor and industry
concentrations; this still corresponded to a weighted-average
portfolio rating of BBB3.  The three largest industry sectors
within the portfolio are oil and gas, broad property and
conglomerates.

To date, the Portfolio Manager has classified five obligors as
being “credit-impaired”.  Credit-Impaired Events are incidents
that, in the opinion of the Portfolio Manager, increase the risk
of deterioration in the credit quality or financial conditions
of the obligor, or which may lead to a potential event of
default on the loan.  For the five “credit-impaired” loans, the
Portfolio Manager has chosen to recall on one of the
loans and placed the remaining four under surveillance.  RAM
Ratings will continue monitoring the credit profiles of the
underlying obligors.

RAM Ratings’ Rating Watch highlights possible changes to the
existing rating for an issuer’s debt.  It focuses on
identifiable events, including mergers, acquisitions, regulatory
changes and operational developments that place a rated debt
under special surveillance by RAM Ratings.  In a broader sense,
it covers any event that may result in changes in the risk
factors relating to the repayment of principal and interest on a
rated debt instrument.



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

DOUBLESHOT DEVELOPMENTS: Claims Filing Deadline is June 27
----------------------------------------------------------
Creditors of Doubleshot Developments Limited, trading as Zephyr
Espresso Lounge, (in liquidation), have until June 27, 2008, to
make their claims and to establish any priority their claims may
have under section 312 of the Companies Act 1993.

D. C. Parsons, the company's liquidator, can be reached at:

          Indepth Forensic Limited
          Insolvency Practitioners
          PO Box 278 Hamilton
          Telephone: (07) 957 8674
          Facsimile: (07) 957 8677


EPAC LIMITED: Shareholders Appoint Liquidator
---------------------------------------------
Pursuant to Section 255(2)(a) of the Companies Act 1993,
the shareholders of Epac Limited resolved that Rowan Kingstone,
chartered accountant of KDB Chartered Accountants Limited,
Auckland, be appointed liquidator of the company.

The liquidator can be reached at:

          KDB Chartered Accountants Limited
          Level 2, 123 Carlton Gore Road
          Newmarket, Auckland
          Telephone: (09) 524 0791
          Facsimile: (09) 524 0271


HOBBY DIRECT: Liquidators Set June 20 Claims Bar Date
-----------------------------------------------------
Pursuant to Section 241(2)(c) of the Companies Act 1993,
Henry David Levin, insolvency specialist, and David Stuart
Vance, chartered accountant, were appointed liquidators of:

   -- Hobby Direct Limited,
   -- All-Fect (NZ) Limited, and
   -- Marlborough Forestry Company Limited.

The liquidators have fixed June 20, 2008, as the last day for
creditors to make their claims and establish any priority their
claims may have.

Creditors who have not made a claim at the date a distribution
is declared will be excluded from the benefit of that
distribution and those creditors may not object to that
distribution.

For inquiries about the liquidations, contact:

          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


JAF ENTERPRISES: Liquidators Appointed
--------------------------------------
Kenneth Peter Brown and Thomas Lee Rodewald were appointed joint
and several liquidators of Jaf Enterprises Limited, The
International Bread Company Limited, Stealth Solutions Limited
and All 4 It Construction Limited.

The Liquidators can be reached at:

          Rodewald Hart Brown Limited
          127 Durham Street (PO Box 13380)
          Tauranga
          Telephone: (07) 571 6280


MALIK BROTHERS: Liquidators Set August 16 Claims Bar Date
---------------------------------------------------------
Pursuant to section 241(2)(c) of the Companies Act 1993,
the High Court appointed Vivian Judith Fatupaito, insolvency
practitioner, and Colin Thomas McCloy, chartered accountant,
both of Auckland, as joint and several liquidators of Malik
Brothers Limited.

The liquidators fixed August 16, 2008, as the last day for
creditors of the company to make their claims and to establish
any priority their claims may have.

For inquiries, contact:

          Malik Brothers Limited (in liquidation)
          c/o PricewaterhouseCoopers
          Attn: Rochelle Scanlon
          188 Quay Street (Private Bag 92162)
          Auckland
          Telephone: (09) 355 8000
          Facsimile: (09) 355 8013


RESORT PACIFICA: Liquidators Appointed
--------------------------------------
Robert James Neilson and Thomas Lee Rodewald were appointed
joint and several liquidators of Resort Pacifica Limited and
Barkbuilt Limited.

The Liquidators can be reached at:

          Rodewald Hart Brown Limited
          127 Durham Street (PO Box 13380)
          Tauranga
          Telephone: (07) 571 6280


TAPA INTERNATIONAL: Court Sets July 18 Liquidation Hearing
----------------------------------------------------------
The High Court at Auckland will hold a hearing on July 18, 2008
at 10:00 a.m. to consider an application putting Tapa
International 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 April 3, 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.



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

PICOP RESOURCES: Defaults on Php1 Billion Land Bank Obligation
--------------------------------------------------------------
PICOP Resources Inc.'s Board of Directors, at a meeting held
June 13, 2008, resolved to postpone the Stockholders Meeting
scheduled on June 25, 2008, to October 29, 2008, in the light of
the petition filed by Land Bank of the Philippines  for the
rehabilitation of Picop Resources Inc.

Manila Standard reported that Land Bank filed a petition for
corporate rehabilitation of Picop Resources Inc. and its unit,
New Paper Industries Corp., after the company failed to pay over
Php1 billion in debt.

According to the report, Picop corporate information officer
Hazel Que said the company favored the filing of rehabilitation
to ensure the continued operations of the company.

Manila Standard relates that LandBank vice president Alex
Macapagal said despite several loan restructurings in the past,
Picop failed to meet its payment schedules.

Mr. Macapagal told the news agency that part of the
rehabilitation could include converting the loan into equity and
getting new investors.  He said Picop needed at least Php1.8
billion in fresh capital.

                    About PICOP Resources Inc.

PICOP Resources Inc. was incorporated in 1952 as Bislig
Industries Inc.  It was renamed Paper Industries Corporation of
the Philippines in 1963 and to Picop Resources, Inc. in 1994.  
The company was privatized in March 1994 through a public
bidding that covered 183.1 million shares representing 90% of
the government's stakes.  Since 1994, control of the company
changed hands three more times.  At present, the company is
under the control of TP Holdings, Inc.

The company has two wholly owned subsidiaries, namely New Paper
Industries Corporation and Hinatuan Forest Plantations, Inc.  
The financial reports of these subsidiaries are consolidated
with the financial report of the parent company Picop Resources,
Inc.  NPIC was incorporated in the Philippines to buy and sell
pulp, paper, and paper boards of every kind and description, and
the supplies used in the manufacture of thereof.  In 2003, the
parent company and NPIC entered into a Deed of Exchange whereby
the parent company will transfer and unto NPIC all titles,
rights and interests to certain assets and equipment as payment
for the parent company's subscription to the latter's shares of
stock.  This resulted to parent company gaining control of NPIC
by owning 99% of the total voting stocks effective upon issuance
of the shares of stock.  Hinatuan, on the other hand, was formed
to engage in the production of plywood material sourced from its
plantation.  Hinatuan temporarily suspended operations in
January 1997 and management is currently evaluating the status
and prospects of the company.

                          *     *     *

PICOP Resources Inc. posted a net loss of PHP1.72 billion for
the year ending December 31, 2007, against PHP31.385 million
net loss for the year ending December 31, 2006.  For the years
ending 2005 and 2004, the company also incurred
PHP366.574 million and PHP237.609 million net losses.


PREMIER ENTERTAINMENT: Board Organizes Two Committees
-----------------------------------------------------
Premier Entertainment Productions Inc.'s Board of Directors
organized an audit committee and a nominations and compensation
committee at its meeting held June 11, 2008.

The Audit Committee is chaired by Ms. Virginia Chua with Mr.
Victor Y. Lim, Mr. Teofilo A. Henson and Mr. Dong Hun Lee as
members.

The Nominations and Compensation Committee is chaired by Mr.
Roberto A. Atendido with Mr. Victor Y. Lim and Mr. Dong Hun Lee
as members.

The Board also approved the loan of Php30 million to Digiwave
Solutions Inc. for its expansion and operational requirements.  
Premier Entertainment is in the process of finalizing its
acquisition of DWI as a wholly owned subsidiary, which was
presented and approved by the stockholders’ of Premier
Entertainment during its annual meeting held last May 16, 2008.

                  About Premiere Entertainment

Premiere Entertainment Productions, Inc. (PEP), formerly
Premiere Films International, Inc., was incorporated on June 20,
1996 as a company engaged in the production of motion pictures.
PEP envisioned a two-pronged thrust, namely, a major presence in
the local and international entertainment industry, and an
initial venture into gaming to round up its total entertainment
offer.

PEP actively pursued projects involving the production of full-
length motion pictures and program contents for television
broadcast. On the gaming side, PEP's wholly owned subsidiary,
Premium Events Palace, Inc. (PEPI), obtained grants from the
Philippine Amusement and Gaming Corporation to operate six Bingo
halls. In 1998, the Allied Entertainment Group (AEG) was created
to handle the non-motion picture production and distribution
activities of PEP. AEG managed the operation of the Roving
Cinema, the Video Theatre and the Bingo Hall in Caloocan City
for PEPI. The video theatre was closed after six months of
operation due to the unavailability of current films for
exhibition in video format and the rampant video piracy that
caused low theater ticket sales. The Bingo Parlor was closed in
June 2000 when PEP decided to focus its operations on other
profitable ventures.

For the past four years, the main sources of income for PEP were
the sale of ancillary rights for its library titles and the
sponsorship runs for the Roving Cinema Plus program. PEP had no
film production participation in 2006 due to problems such as
high cost of production, competition from blockbuster foreign
films, competition from free and pay television and low
household entertainment budget.

                          *     *     *

Premiere Entertainment Productions Inc. reported successive net
losses for three quarters.  For the quarterly period ended
September 30, 2007, the company posted a pre tax loss amounting
to Php1.7 million.  For the quarterly period ended June 30,
2007, the company posted a pre tax loss amounting to
Php1.3 million.  For the quarterly period ended March 31, 2007,
the company reported a pre-tax net loss of Php0.68 million.



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

CHENG POH: Creditors' Proofs of Debt Due on June 30
---------------------------------------------------
Cheng Poh Building Construction Pte Ltd, which is in
liquidation, requires its creditors to file their proofs of debt
by June 30, 2008, to be included in the company's dividend
distribution.

The company's liquidator is:

          Yin Kum Choy
          c/o K C Yin & Co
          Certified Public Accountants, Singapore
          100 Tras Street
          #16-01 Amara Corporate Tower
          Singapore 079027
          Telephone: 6323 1613
          Facsimile: 6323 1763


HUNTING MEDIA: Wind-Up Petition Hearing Set for June 27
-------------------------------------------------------
A petition to have Hunting Media Pte Ltd's operations wound up
will be heard before the High Court of Singapore on June 27,
2008, at 10:00 a.m.

New Park Property Pte Ltd filed the petition on June 4, 2008.

New Park's solicitors are:

         Acies Law Corporation
         79 Robinson Road
         #25-08 CPF Building
         Singapore 068897


MASSA MOTOR: Court Enters Wind-Up Order
---------------------------------------
On June 6, 2008, the High Court of Singapore entered an order to
have Massa Motor (S) Pte Ltd's operations wound up.

Standard Chartered Bank filed the petition against the company.

Massa Motor's liquidators are:

         Drew & Napier LLC
         The Official Receiver
         45 Maxwell Road #06-11
         The URA Centre (East Wing)
         Singapore 069118


SEATIDE SHIPPING: Court Enters Wind-Up Order
--------------------------------------------
On June 6, 2008, the High Court of Singapore entered an order to
have Seatide Shipping Pte Ltd's operations wound up.

Akron Trade and Transport S.A. filed the petition against the
company.

Seatide's liquidator is:

          The Official Receiver
          Insolvency and Public Trustee’s Office
          45 Maxwell Road #05-11/#06-11
          The URA Centre (East Wing)
          Singapore 069118



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

* BOND PRICING: For the Week June 9-June 13, 2008
-------------------------------------------------

   Issuer                      Coupon  Maturity  Currency  Price
   ------                      ------  --------  --------  -----

   AUSTRALIA &
   NEW ZEALAND
   -----------
Ainsworth Game Technology Ltd  8.000%  12/31/09     AUD     0.72
A&R Whitcoulls Group           9.500%  12/15/10     NZD    13.00
Allco Hit Ltd                  9.000%  08/17/09     AUD    14.01
Babcock & Brown Pty Ltd        9.010%  09/15/16     NZD    18.40
BBI Ntwrks NZ Limited          8.000%  11/30/12     NZD    45.00
Becton Property Group          9.500%  06/30/10     AUD     0.60
Bounty Industries Limited     10.000%  06/30/10     AUD     0.08
Capital Properties NZ Ltd      8.500%  04/15/09     NZD    11.00
Capital Properties NZ Ltd      8.000%  04/15/10     NZD    10.65
Djerriwarrh Investments Ltd    6.500%  09/30/09     AUD     4.21
Fletcher Building Ltd          7.800%  03/15/09     NZD     9.50
Fletcher Building Ltd          7.550%  03/15/11     NZD    10.00
Heemskirk Consolidated
  Limited                      8.000%  04/29/11     AUD     3.00
Hy-Fi Securities Ltd           8.750%  08/15/08     NZD    10.25
Hy-Fi Securities Ltd           7.000%  08/15/08     NZD    15.00
Infrastructure & Utilities     8.500%  09/15/13     NZD     9.60
Jem Warehouse                  3.000%  08/01/14     AUD    70.39
LongReach Group Limited       10.000%  10/31/08     AUD     0.34
Nylex Ltd.                    10.000%  12/08/09     AUD     1.71
Macquarie Comm                 2.500%  08/23/13     AUD    67.37
Metal Storm Ltd               10.000%  09/01/09     AUD     0.12
Minerals Corp                 10.500%  09/30/08     AUD     0.80
Publ & Broad Fin               6.280%  05/06/11     AUD     9.78
Record Funds Man              11.000%  09/01/10     AUD    46.65
Record Funds Man              11.500%  09/01/10     AUD    54.00
Speirs Group Ltd.             13.160%  06/30/49     NZD    55.00
South Canterbury              10.430%  12/15/12     NZD     0.10
TrustPower Ltd                 8.300%  12/15/08     NZD    10.50
TrustPower Ltd                 8.500%  09/15/12     NZD     8.80
TrustPower Ltd                 8.500%  03/15/14     NZD     9.10
Vero Insurance                 6.150%  09/07/25     AUD    74.43

   CHINA
   -----
China Govt Bond                4.860%  08/10/14    CNY      0.00
China Century                 12.000%  09/30/10    AUD      0.60
Cosco Shipping                 0.800%  01/28/14    CNY     73.60
GD Power Develop               1.000%  05/07/14    CNY     73.44
Kangmei Pharm                  0.800%  05/08/14    CNY     72.15
Tsingtao Brewery               0.800%  04/02/14    CNY     72.73

   INDIA
   -----
India Gov't                    6.010%  03/25/28    INR     74.27

   INDONESIA
   ---------
Indonesia Gov't                9.750%  05/15/37    IDR     70.60
Indonesia Gov't                9.500%  07/15/23    IDR     73.49


   JAPAN
   -----
Cent Japan Rail                1.310%  03/18/33     JPY    74.13
NIS Group                      2.730%  02/25/10     JPY    72.78
Osaka Perfecture               1.900%  08/29/14     JPY     1.81
Shinsei Bank Ltd.              5.625%  12/29/49     GBP    71.48
Japan Gov't                    1.100%  03/20/33     JPY    74.76
Urban Corp                     2.960%  12/21/09     JPY    73.17

   KOREA
   -----
Korea Dev. Bank                7.310%  11/08/21     KRW    46.16
Korea Dev. Bank                7.350%  10/27/21     KRW    48.26
Korea Dev. Bank                7.400%  11/02/21     KRW    46.21
Korea Dev. Bank                7.450%  10/31/21     KRW    46.23
Korea Dev. Bank                8.450%  12/15/26     KRW    70.76
Korea Elec Pwr                 7.950%  04/01/96     USD    67.66

   MALAYSIA
   --------
Advance Synergy Berhad         2.000%  01/26/18     MYR     0.05
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     0.93
Berjaya Land Bhd               5.000%  12/30/09     MYR     3.92
Bumiputra-Commerce
   Holdings Bhd                2.500%  07/16/08     MYR     1.25
Cagamas Berhad                 3.610%  10/10/08     MYR     7.00
Eastern & Orient               8.000%  07/25/11     MYR     2.45
EG Industries Berhad           5.000%  06/16/10     MYR     0.32
Equine Capital                 3.000%  08/26/08     MYR     1.63
Greatpac Holdings              2.000%  12/11/08     MYR     0.29
Huat Lai Resources Bhd         5.000%  03/28/10     MYR     0.36
Insas Berhad                   8.000%  04/19/09     MYR     0.46
Jimah Energy Ventures Sdn Bhd  8.200%  11/11/16     MYR    15.00
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.26
Kretam Holdings Bhd            1.000%  08/10/10     MYR     1.25
Kumpulan Jetson Berhad         5.000%  11/27/12     MYR     0.48
LBS Bina Group Bhd             4.000%  12/31/08     MYR     0.33
Lebuhraya Kajang               2.000%  06/12/19     MYR    67.75
Lebuhraya Kajang               2.000%  06/12/20     MYR    64.97
Lebuhraya Kajang               2.000%  06/12/21     MYR    62.27
Malaysian Gov't                4.053%  12/04/12     MYR    62.00
Media Prima Bhd                2.000%  07/18/08     MYR     1.29
Mithril Bhd                    3.000%  04/05/12     MYR     0.57
Mithril Bhd                    8.000%  04/05/09     MYR     0.11
Nam Fatt Corp                  2.000%  06/24/11     MYR     0.35
Pelikan International          3.000%  04/08/10     MYR     1.60
Pilecon Engineering Bhd        5.000%  12/19/11     MYR     0.09
Puncak Niaga Holdings Bhd      2.500%  11/18/16     MYR     0.78
Rhythm Consolidated Berhad     5.000%  12/17/08     MYR     0.13
Rubberex Corporation Berhad    4.000%  08/14/12     MYR     0.73
Silver Bird Group              1.000%  02/15/09     MYR     0.56
Southern Steel                 5.500%  07/31/08     MYR     3.04
Tenaga Nasional Bhd            3.050%  05/10/09     MYR     1.22
Tradewinds Corp.               2.000%  02/08/12     MYR     0.58
Tradewinds Plantation Berhad   3.000%  02/28/16     MYR     1.20
TRC Synergy Berhad             5.000%  01/20/12     MYR     1.30
Wah Seong Corp.                3.000%  05/21/12     MYR     4.30
Wijaya Baru Global Berhad      7.000%  09/17/12     MYR     0.48
YTL Cement Bhd                 4.000%  11/10/15     MYR     1.60

   SINGAPORE
   ---------

Sengkang Mall                  4.880%  11/20/12     SGD     1.00
Sengkang Mall                  8.000%  11/20/12     SGD     1.00
   
   SRI LANKA
   ---------
Sri Lanka Govt                7.500%  08/15/18     LKR     63.99
Sri Lanka Govt                6.850%  04/15/12     LKR     72.47
Sri Lanka Govt                6.850%  10/15/12     LKR     70.44
Sri Lanka Govt                8.500%  07/15/13     LKR     74.71
Sri Lanka Govt                8.500%  07/15/18     LKR     69.16
Sri Lanka Govt                8.500%  02/15/18     LKR     69.49
Sri Lanka Govt                7.500%  08/01/13     LKR     70.13
Sri Lanka Govt                7.500%  11/01/13     LKR     69.58
Sri Lanka Govt                7.000%  10/01/23     LKR     57.17

                         *********

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.
   
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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 ***