TCRAP_Public/080707.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Monday, July 7, 2008, Vol. 11, No. 133

                            Headlines

A U S T R A L I A

BABCOCK & BROWN POWER: Sells 100% Uranquinty Stn. for AU$700MM
CHIMAERA FINANCIAL: ANZ Appoints Receivers in Lending Unit
CO.AU PTY: Liquidator Gives Wind-Up Report
CUSHEN CLOTHING: Appoints Vasudevan as Liquidator
DELMONTE INVESTMENTS: Declares Dividend for its Creditors

FAWKNER BLUES: Placed Under Voluntary Liquidation
GEMM MANAGEMENT: Appoints Leigh Dudman as Liquidator
HOLMES & RAVELL: Liquidator Presents Wind-Up Report
HOTMALL PTY: Placed Under Voluntary Liquidation
ICON CLOTHING: Placed Under Voluntary Liquidation

PHOENIX DESIGN: Liquidator Presents Wind-Up Report
SAPPHIRE VIII: S&P Lowers Class CA Notes Rating to 'B-'
ST GEORGE: To Increase Standard Home Loan Variable Rates
WRW BRICKLAYING: Declares Dividend for its Creditors


C H I N A

CHINA EASTERN: To Fly to Taiwan, Expects Half Empty Planes
CHINA EASTERN: Pilots Ordered to Pay CNY10MM for Joining Strike
SHANGHAI PUDONG: Sees More Than 50% Increase in 1st-Half Profit


H O N G K O N G

ALBO TOWN LIMITED: Liquidator Quits Post
ALL SHINE: Liquidator Quits Post
BIK FUNG: Liquidator Quits Post
BANUDON COMPANY: Liquidator Quits Post
BOLIN INVESTMENTS: Liquidator Quits Post

BIZARRO SUN: Liquidator Quits Post
BUOFON COMPANY: Liquidator Quits Post
CHEER KENT: Liquidator Quits Post
CARRY SHINE: Liquidator Quits Post
DUNRISE LIMITED: Liquidator Quits Post


I N D I A

DURABUILD TECHNOLOGIES: CRISIL Rates Bank Facilities at “BB”
M/S NAWANSHAHR DOABA: RBI Cancels Certificate of Registration
M/S VIA INVESTMENTS: RBI Cancels Certificate of Registration
SPICEJET: Nears Closing Share-Swap Deal With Kingfisher
VEDANTA RESOURCES: Moody's Holds Ba1 Sr. Unsecured Bond Rating


J A P A N

TOKYO DOME: JCR Upgrades BB+ Senior Debt Ratings to BBB


M A L A Y S I A

PECD BERHAD: Pembinaan Files Wind-Up Petition Against Company
* RAM: Construction Sector’s Immediate-Term Outlook Still Cloudy
* MALAYSIA: Windfall Tax May Cause IPP Bonds to be Downgraded


N E W  Z E A L A N D

A2 CORP: To Raise NZ$10.8 Mil. Thru Renounceable Rights Issue
AS SAFE: Liquidators Set July 15 Claims Bar Date
BONNER PANELBEATERS: Commences Liquidation Proceedings
BUTTERCUP LTD: Liquidators Set August 1 as Claims Bar Date
PEGREEN LTD: Liquidators Set August 1 as Claims Bar Date

CAFE 2008: Creditors Have Until July 31 to File Claims
LOMBARD GROUP: Has Until Today to File Annual Report
NEW AGE: Liquidators Appointed
S W SETTLE: Liquidators Set July 12 Claims Filing Deadline
THE PAINTING: Liquidators Set Aug. 1 as Claims Filing Deadline


P A K I S T A N

AZGARD NINE: S&P Withdraws 'B' Corporate Credit Rating


P H I L I P P I N E S

* PHILIPPINES: Inflation Jumps to 11.4% in June


T A I W A N

AU OPTRONICS: To Cut Liquid Crystal Display Production


                         - - - - -


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

BABCOCK & BROWN POWER: Sells 100% Uranquinty Stn. for AU$700MM
--------------------------------------------------------------
Babcock & Brown Power said it has sold its 100% interest in the
Uranquinty Power Station to Origin Energy Ltd for an
on-completion value of AU$700 million.

BBP will receive net proceeds of AU$159 million from the
disposal which will be used to repay part of the outstanding
BBPH bridge facility and accordingly reduces the amount of the
proposed AU$360 million BBPH corporate debt facility.

Len Gill, Chairman of BBP said “The sale of Uranquinty, at a
material premium to the cost of the project, underscores the
quality and underlying value of BBP’s assets.  It also
represents the first step in our commitment to progressively
reduce gearing.”

“There was a lot of interest in Uranquinty which reinforces our
view that there is good demand for quality power generation
assets such as we have within the BBP portfolio.  We continue to
progress our selected asset sale programme to reduce gearing
further.” Mr. Gill said.

The Uranquinty debt/LC facility of AU$500 million, comprising a
AU$330 million term and AU$170 million construction debt
facility, has been paid down.  The construction debt component
of this facility will remain available to BBP to fund existing
development projects.

                       FY2009 Earnings and
                 Distribution Outlook Unchanged

According to BBP, the impact of the Uranquinty sale on post-
interest earnings is expected to be neutral in FY2009.  The
distribution range for FY2009 of 13c to 18c per unit, as
announced on June 19, 2008, remains unchanged.

                       About Origin Energy

Based in Sydney, Australia, Origin Energy Limited (ASX:ORG)--
http://www.originenergy.com.au/-- is engaged in exploration and  
production of oil and gas; electricity generation; wholesale and
retail sale of electricity and gas, and investment in, and the
management of, utility infrastructure.  It focuses on pursuing
exploration opportunities with exploration permits awarded in
the offshore Canterbury Basin in New Zealand, in the offshore
Bass Basin in Tasmanian waters, in areas of the Galilee Basin,
which are prospective for coal seam gas (CSG), and in the
Walloons CSG areas.  Seismic data has been acquired in the Surat
Basin in Queensland, the Taranaki, Northland and Canterbury
basins in New Zealand and in the Lamu Basin in Kenya.  During
the fiscal year ended June 30, 2007 (fiscal 2007), it
participated in the drilling of 189 exploration, appraisal, and
development wells across its areas of interests.  In all, 163 of
these wells were cased for future production or evaluation. It
acquired Sun Retail business in February 2007.

                   About Babcock & Brown Power

Australia-based Babcock & Brown Power (ASX:BBP) is a power
generation business, with assets diversified by geographic
location, fuel source, customers, contract types and operating
mode.  The portfolio has interests in 14 operating power
stations representing over 4,000MW of installed generation
capacity and five power stations under construction.  BBP has
interests in a number of other associated power assets including
the WA retail assets Alinta.  Babcock & Brown has been
developing, operating and acquiring the generation portfolio
over a period of 10 years.

Babcock & Brown Power is a listed satellite of Babcock & Brown
Ltd.

                          *     *     *

Babcock & Brown Power Fund said it will not make a distribution
for the six month period ending June 30, 2008, amongst a range
of capital initiatives it is investigating to strengthen its
balance sheet, which include refinancing of BBP Holdings Pty
Ltd's corporate facility of up to AU$360 million.

The Wall Street Journal reported that Babcock & Brown Power's
securities fell 20% to close at 72 Australian cents June 19
on news of the dividend cut.

According to WSJ, the company's securities slumped as much as
73% over the past month as it struggled to refinance AU$3.06
billion (US$2.89 billion) in debt and flagged asset sales to
help raise at least another AU$275 million for power-plant
upgrades.


CHIMAERA FINANCIAL: ANZ Appoints Receivers in Lending Unit
----------------------------------------------------------
Australia and New Zealand Banking Group Limited has appointed
Paul Kirk and Stephen Longley of PricewaterhouseCoopers as
Receivers and Managers of Chimaera Financial Group's margin
lending business -- Primebroker Securities Limited.

According to the bank, notwithstanding significant efforts by
ANZ and Primebroker over recent weeks, there has been a further
deterioration in Primebroker’s position.  This, combined with a
lack of commercially acceptable proposals from Primebroker, has
led to this unfortunate outcome, ANZ says.

ANZ notes that the deterioration in Primebroker’s position has
also been to its detriment.  As a result, ANZ says a provision
of approximately AU$50 million is currently anticipated.  Total
exposure of AU$260 million is secured by a portfolio of equities
and property.

In April 2008, Chimaera said in a statement that ANZ was
expected to invest AU$55 million following the completion of due
diligence.

In that statement, Chimaera co-founder and director, Sal
Catalano said, “Chimaera has been the subject of unfounded media
speculation about its securities financing business.  The
additional funding will be used to enhance Chimaera’s liquidity
during current volatile equity market conditions and to underpin
the expected expansion of its business.”

However, on June 30, following completion of the due diligence
review, ANZ has decided not to proceed with an investment in
Chimaera.

Chimaera, which was caught short by sharemarket declines in
February and March, responded that it would survive without the
AU$55 million injection offered by ANZ to halt its demise in
return for a majority stake, Business Day reports.

According to Business Day, Chimaera said in a statement Friday
that ANZ had withdrawn all liquidity under finance facilities
with Primebroker Securities and would not allow a number of
interested parties including a major Asian financial institution
to complete due diligence.

"Notwithstanding ANZ's initial commitment to the overall
recapitalisation plan and extensive due diligence of the
Chimaera Group, it refused to allow the group the opportunity to
raise capital from other sources," Chimaera said in a statement
cited by Business Day.

Meanwhile, The Australian reports that Chimaera is in 11th hour
talks with a white knight investor, Hong Kong online broker Sun
Hung Kai Financial Group, to secure an investment of about AU$35
million.

                          About Chimaera

Headquartered in Melbourne, Australia, The Chimaera Financial
Group -- http://www.chimaeracapital.com/ccl/contact.aspx/-- is  
a private merchant bank, which is licensed to conduct business
in the areas of investments, securities financing and trading as
well as providing custodian and Responsible Entity services for
direct investors and managed investment schemes.


CO.AU PTY: Liquidator Gives Wind-Up Report
------------------------------------------
At the general meeting of the members and creditors of  CO.AU
Pty Ltd held May 30, 2008, P. R. Vince, the appointed
liquidator, presented an account showing the manner in which the
winding up has been conducted and the property of the company
disposed.

The liquidator can be reached at:

          Vince and Associates
          51 Robinson Street
          Dandenong, Victoria
          Australia


CUSHEN CLOTHING: Appoints Vasudevan as Liquidator
-------------------------------------------------
During a general meeting held on April 21, 2008, the members
of Cushen Clothing (Distributors) Pty Ltd resolved to
voluntarily liquidate the company's business.

D. R. Vasudevan was appointed as liquidator.

The Liquidator can be reached at:

          D. R. Vasudevan
          Pitcher Partners
          Level 19, 15 William Street
          Melbourne VIC 3000
          Australia


DELMONTE INVESTMENTS: Declares Dividend for its Creditors
---------------------------------------------------------
Delmonte Investments Pty Ltd, which is in liquidation, declared
dividend for its creditors.

Only creditors who were able to file their proofs of debt by
May 30, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

          G. S. Andrews
          G.S. Andrews & Associates
          Certified Practising Accountants
          22 Drummond Street
          Carlton VIC 3053
          Australia


FAWKNER BLUES: Placed Under Voluntary Liquidation
-------------------------------------------------
Fawkner Blues Soccer Club Inc.'s members agreed on April 11,
2008, to voluntarily liquidate the company's business.  Paul
Vartelas was appointed to facilitate the sale of its assets.

The liquidator can be reached at:

          Paul Vartelas
          B. K. Taylor & Co
          8/608 St Kilda Road
          Melbourne VIC 3004
          Australia


GEMM MANAGEMENT: Appoints Leigh Dudman as Liquidator
----------------------------------------------------
Gemm Management Services Pty Ltd's members agreed on April 14,
2008, to voluntarily liquidate the company's business.  Leigh
Dudman was appointed to facilitate the sale of its assets.

The liquidator can be reached at:

          Leigh Dudman
          B. K. Taylor & Co.
          8/608 St. Kilda Road
          Melbourne VIC 3004
          Australia


HOLMES & RAVELL: Liquidator Presents Wind-Up Report
---------------------------------------------------
Darryl Smith, Holmes & Ravell Pty. Ltd.'s estate liquidator, met
with the company's members on May 22, 2008, and provided them
with property disposal and winding-up reports.


HOTMALL PTY: Placed Under Voluntary Liquidation
-----------------------------------------------
Hotmall Pty. Ltd.'s members agreed on April 17, 2008, to
voluntarily liquidate the company's business.  R. A. Sutcliffe
was appointed to facilitate the sale of its assets.

The liquidator can be reached at:

          R. A. Sutcliffe
          Ground Floor, 192-198 High Street
          Northcote VIC 3070
          Australia
          Telephone: (03) 9482 6277


ICON CLOTHING: Placed Under Voluntary Liquidation
-------------------------------------------------
Icon Clothing (NZ) Pty Ltd's sole member resolved on April 21,
2008, to voluntarily liquidate the company's business.  D. R.
Vasudevan was appointed to facilitate the sale of its assets.

The liquidator can be reached at:

          D. R. Vasudevan
          Pitcher Partners
          Level 19, 15 William Street
          Melbourne VIC 3000
          Australia


PHOENIX DESIGN: Liquidator Presents Wind-Up Report
--------------------------------------------------
D. R. Vasudevan, Phoenix Design & Construct Pty. Ltd.'s estate
liquidator, met with the company's members on June 2, 2008, and
provided them with property disposal and winding-up reports.

The liquidator can be reached at:

          D. R. Vasudevan
          Pitcher Partners
          Level 19, 15 William Street
          Melbourne VIC 3000
          Australia


SAPPHIRE VIII: S&P Lowers Class CA Notes Rating to 'B-'
-------------------------------------------------------
Standard & Poor's Ratings Services lowered the rating on the
Sapphire VIII Series 2005-2 Class CA notes to 'B-' from 'B/Watch
Neg'.  At the same time, the rating on the Sapphire VIII Series
2005-2 Class BZ notes was removed from CreditWatch with negative
implications and affirmed, and the ratings on the other classes
of notes from this series were affirmed.

Under the transaction's sequential pay structure, the Class CA
notes are the most vulnerable of the rated notes; they rank just
above the unrated Class CZ notes.  The inability of the excess
spread levels to cover all losses means that the rate of charge-
offs to the unrated notes may continue to increase.  This
reduces the amount of credit support available to Class CA
notes.

The Class BZ notes have benefited from the build-up of credit
enhancement as a proportion of the outstanding pool balance,
given the sequential pay structure.  This led to the rating on
the Class BZ notes being affirmed and removed from CreditWatch
with negative implications.  This occurred despite difficult
market conditions and deteriorating portfolio performance.

Although excess spread levels will increase after the Class I
(Interest Only) notes mature in March 2009, further losses are
expected.  This is based on the assumption that borrowers with
high levels of arrears, who would have previously refinanced
their loans thereby removing them from the pool, have fewer
refinancing options available to them due to the reduction in
subprime mortgage originators.  Losses will be exacerbated if
recovery amounts are lower than expected.

Performance statistics indicate that the proportion of loans in
the pool that are in arrears by more than 90 days remains high;
it is above 10%.  More loans are expected to move into this
category given that there has not been a material improvement in
the amount of losses and subsequent charge-offs over the past
few months.

Recovery processes appear to be lengthening beyond our
expectations.  Loans that are more than 400 days in arrears
make-up about 25% of all loans that are more than 90 days in
arrears.

Standard & Poor's will continue to closely monitor the
performance of this transaction over the coming months.  The
future performance of this transaction will be greatly
influenced by the ability of the servicer to contain arrears
levels and minimize losses on defaulted loans.

   Rating lowered and removed from Watch Neg.

Transaction                   Class   Rating To   Rating From
-----------                   -----   ---------   -----------    
Sapphire VIII Series 2005-2   CA      B-          B/Watch Neg

   Rating affirmed and removed from Watch Neg

Transaction                   Class   Rating To   Rating From
-----------                   -----   ---------   -----------
Sapphire VIII Series 2005-2   BZ      BB          BB/Watch Neg

   Ratings affirmed

Transaction                   Class   Rating
-----------                   -----   ------
Sapphire VIII Series 2005-2   AA      AAA
Sapphire VIII Series 2005-2   AM      AAA
Sapphire VIII Series 2005-2   AZ      AAA
Sapphire VIII Series 2005-2   I       AAA
Sapphire VIII Series 2005-2   MER     AAA
Sapphire VIII Series 2005-2   MA      AA
Sapphire VIII Series 2005-2   MZ      A
Sapphire VIII Series 2005-2   BA      BBB

  
ST GEORGE: To Increase Standard Home Loan Variable Rates
--------------------------------------------------------
St George Bank said it would increase interest rates on a range
of deposit and lending products due to the sustained increase in
the difference between cash rates and 90 day rates.

As a result, the St George Standard Home Loan Variable Rate will
increase by 0.20% pa to 9.67% pa, from July 8, 2008, for new and
existing customers.

St George has also increased a range of special deposit rates by
an average of 0.50% pa.  For example, 12 month term deposits
with a minimum amount of AU$20,000 increased to 8.60% pa
effective June 30, 2008.  Additionally, from July 1, a
promotional deposit rate of 8.10% pa is available for new
accounts and “top-up” funds with its directsaver online account,
previously at 7.00% pa (for a limited period and conditions
apply).

Michael Cameron, Chief Financial Officer said: “Since August
2007 banks have been absorbing a significant increase in funding
costs due to the impacts of the US sub-prime lending crisis on
global liquidity and the wholesale funding markets.”

Mr. Cameron said: “While we have already completed our wholesale
funding requirements for this financial year, the spread between
cash rates and 90 day rates in particular remains significantly
higher for the industry than a year ago.”

Les Matheson, Group Executive Retail Bank said: “This is a
decision that has been made only after very careful
consideration.  Even with this change we will not be fully
recovering all of our increased funding costs for this financial
year.  St George maintains its commitment that if funding costs
were to reduce for a sustained period of time, we would then
look to adjust our rates.”

“While customers who have deposits with St George will see
increased interest on their savings as a result of this
announcement, we are very mindful of the impact of increased
home loan rates on customers.  For people who are concerned
about rising rates and would like the certainty of fixed home
loan repayments, they may want to consider our competitive three
or five year fixed rates, which are currently 9.45% pa.  To
allow our customers to easily switch to this option, for the
next four weeks, should a switching fee apply, we will waive
this fee saving customers up to AU$500.”

“It’s reassuring that the majority of St George customers
already pay more than their regular minimum repayment and have a
buffer in place for any rate changes.  However we encourage any
customers who are experiencing hardship to contact us
immediately and we can discuss their personal situation.  
Assistance for eligible customers includes delaying repayments
or restructuring their loans,” Mr. Matheson continued.

This 0.20% rate rise equates to an increase in repayments of
approximately $10 per week on an average size loan of $250,000
over a 30 year loan term.

                      About St George Bank

Headquartered in Kogarah, New South Wales, Australia --
http://www.stgeorge.com.au-- St. George Bank Limited is a           
banking company.  The Company operates in four business
segments: Retail Bank (RB), Institutional and Business Banking
(IBB), BankSA (BSA) and Wealth Management (WM).  RB is
responsible for residential and consumer lending, provision of
personal financial services including transaction services, call
and term deposits, small business banking and financial
planners.  This division manages retail branches, call centers,
agency networks and electronic channels, such as electronic
funds transfer at point of sale (EFTPOS) terminals, automated
teller machines (ATMs) and Internet banking.

On September 28, 2007, it disposed of its 100% interest in
Scottish Pacific Business Finance Holdings Pty. Limited.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific
on May 13, 2008, Moody's Investors Service reviewed, with
direction uncertain, the ratings of St George Bank.  It is rated
Aa2 for deposits and senior debt, Prime-1 for short-term
obligations and carries a bank financial strength rating (BFSR)
of B.

In addition, Fitch Ratings placed St George Bank Limited's
'B' Individual Rating and 'BB+' Support Rating Floor on Rating
Watch Positive.


WRW BRICKLAYING: Declares Dividend for its Creditors
----------------------------------------------------
WRW Bricklaying Pty Ltd, which is in liquidation, declared
dividend for its creditors.

Only creditors who were able to file their proofs of debt by
May 9, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

          William Bernard Abeyratne
          Harrisons Insolvency
          Level 5, 150 Albert Road
          South Melbourne VIC 3205
          Australia
          Telephone: (03) 9696 2885



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

CHINA EASTERN: To Fly to Taiwan, Expects Half Empty Planes
----------------------------------------------------------
China Eastern Airlines will launch direct flights to Taiwan even
if it will only be half full, to break even on routes, China
Post reports, citing China Eastern's President Cao Jianxiong.

China's rival, Taiwan, will also launch direct weekend charter
flights, the report relates.  Officials hope the flights will
attract tourists from mainland China.

Beijing and Taipei signed the deal after a decade-long stalemate
between the two regions.

Analysts cited by the Post say China Eastern and Taiwan's China
Airlines and Eva Airways will benefit most from full direct
flights.

"At this price, we should be able to break even if the flights
are 50 to 55% full," Mr. Jianxiong was quoted by the news agency
as saying.  "Our flights out of Shanghai shouldn't be a
problem," he added.

China Eastern Chairman Li Fenghua told the Post that the company
expects to post a profit for the first half of the year despite
higher fuel prices and a drop in passenger volume since May, but
expected a rebound after the Beijing Olympics later this summer.

                       About China Eastern

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

                          *     *     *

China Eastern continues to carry Fitch Ratings' foreign currency
and local currency issuer default ratings to B+ from BB-.  Fitch
said the outlook on the IDRs is stable.

The company also carries Xinhua Ratings' BB+ issuer credit
rating with a stable outlook.


CHINA EASTERN: Pilots Ordered to Pay CNY10MM for Joining Strike
---------------------------------------------------------------
The People's Court of QiaoKou District meted fines totaling
CNY10 million (US$ 1.46 million) to 10 China Eastern Airlines,
as punishment for their involvement in the "flight returns"
incidents in late March and early April, various reports say.

The QuaoKou Court, Shanghai Daily relates, gave out a higher
fine than the CNY9.29 million recommended by the provincial
Labor Arbitration Committee, but much lower than China Eastern's
demand of CNY1.05 billion.

According to Shanghai Daily, the committee sentenced the 13
pilots who filed for resignation from the Wuhan branch.  Three
of the 13 pilots chose to withdraw their resignation and went
back to work in November, but the other 10 pilots appealed to
the Wuhan court.

China Eastern, the report says, appealed to the Intermediate
People's Court of Wuhan stating that the compensation amount did
not meet its expectations, claiming that the pilots owes it
money for the years of training it provided.  However, the
pilots said they can not afford the amount proposed by China
Eastern.

Meanwhile, Nicholas Ionides of Flight International News reports
that China Eastern has also suspended or demoted several of its
pilots that took part in the strike.

According to Xinhua News, the penalties ranged from losing their
pilot certificates to demotions, suspensions, and in one case,
expulsion from the Communist Party of China.  In addition two
top branch company officials were sacked for mismanagement and
six others were penalized, four removed from their posts.

The suspensions will be for up to two years.

The legal battle was the latest in a dispute between carriers
and their striking pilots, the Post says.

As reported in the Troubled Company Reporter-Asia Pacific on
April 21, 2008, 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.  
About 1,000 passengers were stranded at Kunming Airport in the
southern China.  A total of 21 flights from southeastern Yunnan
province were affected.

                        About China Eastern

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

                          *     *     *

China Eastern continues to carry Fitch Ratings' foreign currency
and local currency issuer default ratings to B+ from BB-.  Fitch
said the outlook on the IDRs is stable.

The company also carries Xinhua Ratings' BB+ issuer credit
rating with a stable outlook.


SHANGHAI PUDONG: Sees More Than 50% Increase in 1st-Half Profit
---------------------------------------------------------------
Shanghai Pudong Development Bank Co. expects its first-half
profit may have more than doubled, Wang Ying of Bloomberg News  
reports.

The bank also expects its net income to rise by more than 140%
in the first six months from CNY2.55 billion (US$372 million) a
year earlier.

As reported by the Troubled Company Reporter-Asia Pacific on
April 15, 2008, Shanghai Pudong's first quarter net profit rose
at least 180% from a year earlier due to asset growth, rising
interest margins, growth in non-interest income and a lower
effective corporate tax rate.

Reuters says the bank's net profit in the year-ago period was
CNY980 million (US$139.9 million), or CNY0.225 per share.

                  About China, Shanghai Pudong

Headquartered in Shanghai, China, Shanghai Pudong Development
Bank Co., Ltd. -- http://www.spdb.com.cn/-- is a commercial   
bank involved in personal banking, corporate banking, and inter-
bank business.  The bank also offers Internet banking and
telephone banking.

                          *     *     *

The bank, as of July 5, 2008, still carries Moody's Investors
Service's "Ba1" long-term bank deposit rating and “D” bank
financial strength rating.  It also carries Fitch Ratings' "D"
individual rating.



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

ALBO TOWN LIMITED: Liquidator Quits Post
----------------------------------------
On July 4, 2008, Ernest Lai Ho Kai stepped down as liquidator
for Albo Town Company Limited.


ALL SHINE: Liquidator Quits Post
--------------------------------
On July 4, 2008, Ernest Lai Ho Kai stepped down as liquidator
for All Shine Investments Limited.


BIK FUNG: Liquidator Quits Post
-------------------------------
On July 4, 2008, Ernest Lai Ho Kai stepped down as liquidator
for Bik Fung Development Limited.


BANUDON COMPANY: Liquidator Quits Post
--------------------------------------
On July 4, 2008, Ernest Lai Ho Kai stepped down as liquidator
for Banudon Company Limited.


BOLIN INVESTMENTS: Liquidator Quits Post
----------------------------------------
On July 4, 2008, Ernest Lai Ho Kai stepped down as liquidator
for Bolin Invetments Limited.


BIZARRO SUN: Liquidator Quits Post
----------------------------------
On July 4, 2008, Ernest Lai Ho Kai stepped down as liquidator
for Bizarro Sun Company Limited.


BUOFON COMPANY: Liquidator Quits Post
-------------------------------------
On July 4, 2008, Ernest Lai Ho Kai stepped down as liquidator
for Buofon Company Limited.


CHEER KENT: Liquidator Quits Post
---------------------------------
On July 4, 2008, Ernest Lai Ho Kai stepped down as liquidator
for Cheer Kent Limited.


CARRY SHINE: Liquidator Quits Post
----------------------------------
On July 4, 2008, Ernest Lai Ho Kai stepped down as liquidator
for Carry Shine Limited.


DUNRISE LIMITED: Liquidator Quits Post
--------------------------------------
On July 4, 2008, Ernest Lai Ho Kai stepped down as liquidator
for Dunrise Limited.



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

DURABUILD TECHNOLOGIES: CRISIL Rates Bank Facilities at “BB”
------------------------------------------------------------
CRISIL has assigned its bank loan ratings of ‘BB/Stable/P4’ to
the various bank facilities of Durabuild Technologies Private
Limited (Durabuild).

  Bank Loan Facility  Amount      Rating
  ------------------    ------          ------
  Term Loan (Existing)  Rs.506.6 Mil.   BB/Stable(Assigned)
  Term Loan (Proposed)  Rs.123.4 Mil.   BB/Stable(Assigned)
  Cash Credit        Rs.280.0 Mil.   BB/Stable(Assigned)
  Letter of Credit  Rs.110.0 Mil. # P4(Assigned)
  Bank Guarantee                        P4(Assigned)
  Buyer’s Credit                        P4(Assigned)

# Interchangeable between Letter of Credit/ Bank Guarantee/
Buyer’s Credit

CRISIL says the ratings reflect Durabuild’s significantly high
leverage and the working capital intensity of its operations.  
This, coupled with the company’s ongoing capital expenditure
plans in the near term, and low cash accruals, continue to put
pressure on its cash flows.  The company may find it difficult
to repay its maturing loans from internal accruals in the near
term, and will remain exposed to refinancing risk.

The rating also factors in Durabuild’s weak profitability due to
high initial marketing as well as fixed costs for the plant,
high degree of fragmentation and competition in the industry,
and the company’s exposure to cyclicality and volatility
inherent to the business.  These weaknesses are, however,
partially offset by Durabuild’s growing presence in the domestic
aluminium composite panel (ACP) market, good operating
efficiency, and the positive business outlook for India’s ACP
manufacturers.

Outlook: Stable

CRISIL believes that Durabuild will be able to improve its
profitability over the near term.  The outlook may be revised to
‘Negative’ if the expected improvement in profitability does not
materialize, and the strain on cash flow does not reduce, or if
Durabuild’s debt levels increase beyond expected levels.  
Conversely, the outlook may be revised to ‘Positive’ if the
company’s business risk profile improves considerably from
current levels.

                         About Durabuild

Durabuild Technologies Private Limited is a closely held
company, promoted by Shri Kishore Musale, and is engaged in the
manufacture of ACPs.  The company began operations in 2004 by
trading in ACPs, and later set up its own manufacturing plant.  
The company has an installed capacity to produce 2 million
square metres per annum (MSMPA) of ACPs.  Further, as part of a
backward integration initiative, Durabuild commissioned a coil
colour coating plant in June 2007, with an estimated capacity of
13 MSMPA.  The company is currently in the process of expanding
its ACP capacity by investing Rs.120-150 million.

For 2007-08 (refers to financial year, April 1 to March 31),
Durabuild reported a net loss of Rs.67.8 million on net sales of
Rs.725.9 million, as against a net loss of Rs.162.3 million on
net sales of Rs.350.1million for 2006-07.


M/S NAWANSHAHR DOABA: RBI Cancels Certificate of Registration
-------------------------------------------------------------
The Reserve Bank of India canceled the certificate of
registration granted to M/s Nawanshahr Doaba Finlease Private
Limited for carrying on the business of a non-banking financial
institution.

Following cancellation of the registration certificate, M/s
Nawanshahr Doaba Finlease Private Limited, cannot transact the
business of a non-banking financial institution.

By the powers conferred under Section 45-IA (6) of the Reserve
Bank of India Act, 1934, the Reserve Bank can cancel the
registration certificate of a non-banking financial company.  
The business of a non-banking financial institution is defined
in clause (a) of Section 45-I of the Reserve Bank of India Act,
1934.

M/s Nawanshahr Doaba Finlease Pvt.Ltd. has its registered office
at Nawanshahr, Garshankar Road, Nawanshahr - 144514 in Punjab.


M/S VIA INVESTMENTS: RBI Cancels Certificate of Registration
------------------------------------------------------------
The Reserve Bank of India canceled the certificate of
registration granted to M/s VIA Investments Private Limited for
carrying on the business of a non-banking financial institution
as the company has opted to exit from the business of a non-
banking financial institution.

Following cancellation of the registration certificate, M/s VIA
Investments Private Limited, cannot transact the business of a
non-banking financial institution.

Under powers conferred by Section 45-IA (6) of the Reserve Bank
of India Act, 1934, the Reserve Bank can cancel the registration
certificate of a non-banking financial company.  The business of
a non-banking financial institution is defined in clause (a) of
Section 45-I of the Reserve Bank of India Act, 1934.

M/s VIA Investments Private Limited has its registered office at
L-2, Eden Hall, Dr. Annie Besant Road, Worli, in Mumbai.


SPICEJET: Nears Closing Share-Swap Deal With Kingfisher
-------------------------------------------------------
SpiceJet Limited is close to sealing a share-swap deal with
Kingfisher Airlines, Business Standard reports, citing sources
close to the development.

According to the report, the share swap is expected to be in the
ratio of 1: 3, where SpiceJet shareholders will get one share of
the merged entity for every three SpiceJet shares owned by them.

Market sources told Business Standard that a share-swap deal is
the only way for both the companies to seal the deal in a cash-
starved market.  The existing promoters will not be given cash,
the sources said.

Reuters says shares of SpiceJet rose as much as 14 percent on
Friday on news of the share-swap deal.

The Times of India relates that Kingfisher's executive vice
president Hitesh Patel said he would not comment on the issue,
but added: "I can see additional consolidation in the industry
in next 12 to 18 months.  All these airlines won't be hanging
around that long.  If as predicted, crude hits $178 to a barrel
in September, it will kill some players.... The access to funds
of Kingfisher is strong and the backing of UB Group is a strong
plus."

Meanwhile, reports say that Paramount Airways, Jet Airways and
Anil Dhirubhai Ambani Group have also indicated their interest
in SpiceJet.

However, Spicejet clarified in a regulatory filing that “the
Company has till date not received any formal communication from
any party.”

The Times of India relates that Kingfisher is now learnt to be
eyeing a part of either the 12.9% stake held by SpiceJet's
promoter, UK-based NRI Bhupendra Kansagra or the 13.4% stake
held by Dubai-based investment firm Istithmar PJSC.

Kansagra, the Times says, was under a lock-in period, which
barred him from selling any part of his stake in SpiceJet.  The
lock-in period ended a few months ago, the report says.

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.


VEDANTA RESOURCES: Moody's Holds Ba1 Sr. Unsecured Bond Rating
--------------------------------------------------------------
Moody's Investors Service has affirmed the Ba1 senior unsecured
bond rating for Vedanta Resources plc (Vedanta) with a stable
outlook.  The issuance of the US$500 million 8.75% notes due
2014 and the US$750 million 9.5% notes due 2018 has been
completed and the rating has been removed from its provisional
status.

The bond proceeds will be used for capital expenditure, working
capital, repayment of existing debt and other general corporate
purposes.

Headquartered in London, UK, Vedanta Resources plc is a metals
and mining company focusing on integrated zinc and
alumina/aluminum as well as copper smelting and refining.  Its
operations are predominantly located in India.  The company is
listed on the London Stock Exchange and is 54% owned by Volcan
Investments Ltd.



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

TOKYO DOME: JCR Upgrades BB+ Senior Debt Ratings to BBB
-------------------------------------------------------
JCR has upgraded the rating on senior debts of Tokyo Dome
Corporation from BB+/Stable to BBB-/Stable and the rating of CP
program of the issuer from J-3 to J-2.

CP:
Maximum: JPY25 billion
Backup Line: 0%

Tokyo Dome is planning to implement measures aiming at
improvement of ability to attract customers to "Tokyo Dome City
("TDC")" on which the company is focusing its management
resources, in its new three-year medium-term business plan,
"Scale-up," which started in the FY 2008 ending January 31,
2009.  The measures include strengthening its tenant development
function and pursuit of alliances.

JCR reviewed the rating based on:

(1) Risks of impairment of its equity capital by posting a large
    amount of loss lowered as a result of a series of
    restructuring of business operations.  Thus, the Company has
    restored its financial health and profits for periods will  
    be accumulated as its capital.

(2) JCR considers that profits of TDC will be assured by the
    steady implementation of the measures listed in the "Scale-
    up" and its capital will be accumulated by its earnings
    stability.  Progress of reduction of interest bearing
    liabilities is expected to slow down due to renewal of
    facilities.  The company thinks that size of investment
    should be balanced with its financial performance and JCR
    considers such investment is forward-looking and is
    therefore effective in enhancing attractiveness of TDC from
    the medium term point of view.

Tokyo Dome Corporation -- http://www.tokyo-dome.co.jp -- is a  
Japan-based company that is primarily engaged in the leisure,
logistics and finance businesses.  The company operates mainly
in three business segments.  The Leisure segment is engaged in
the operation of Tokyo Dome, amusement parks, hot springs,
restaurants, golf courses, ski resorts, hotels and cycle racing
tracks, among others.  The Logistics segment operates sundries
retail stores.  The others segment is engaged in the leasing and
sale of real estate, the management of buildings, the design,
construction and management of parking lots, the management of
securities, the production of video software and the operation
of cable television broadcast, among others. The company has 17
subsidiaries and four associated companies.



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

PECD BERHAD: Pembinaan Files Wind-Up Petition Against Company
-------------------------------------------------------------
Pembinaan Jurubina Sdn Bhd has served PECD Berhad and its
subsidiary -- PECD Construction Sdn Bhd -- a wind-up petition,
which is fixed for hearing on September 18, 2008.  The company
and its subsidiary are asked to pay MYR379,724.89.  

                    Circumstances Leading to
                     Filing of the Petition

PECD Construction received a notice on March 26, 2008, from
Pembinaan’s solicitors, Messrs. Kamaruddin & Partners, demanding
payment of MYR379,724.89, being monies allegedly due and owing
under the Pemindahan Air dari Sungai Muar ke Empangan Talang,
Kuala Pilah Negeri Sembilan Darul Khusus project.

The petition was presented when payments were not made.

The company and its subsidiary had obtained a restraining order
from court on May 9, 2008, to stay all further proceedings in
any action or proceeding, suits, winding-up, execution and
arbitration proceedings as well as any intended or future
proceedings against PECD and its subsidiary for a period of 60
days from the date of the restraining order.

PECD Construction's solicitor has notified the Petitioner's
solicitors of the Order and the Subsidiary’s solicitor have
further notified the Petitioner’s solicitors of the Order and
believes that the service and further advertisement of the
Petition on the Subsidiary is a non-compliance of the Order.

Pending the expiry of the Order and any extensions thereof, the
Petitioner and/or their solicitors will be restrained from
proceeding further with the Petition.

As at December 31, 2007, PECD Construction is not a major
subsidiary of PECD.

Tthe Petition is not expected to have any major impact on the
financial and operational of the Group.

The companies had appointed a specialist advisor to assess their
current financial position and initiate a corporate
restructuring exercise to plan the Group’s way forward.  PECD
and its subsidiary are currently evaluating the options
available in response to the winding-up proceedings.  The
companies will take all necessary steps to ensure the Order
remains valid pending finalization of the restructuring
exercise.

                        About PECD Berhad

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

                          *     *     *

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

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

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


* RAM: Construction Sector’s Immediate-Term Outlook Still Cloudy
----------------------------------------------------------------
The Government of Malaysia announced revised objectives and
measures under the Ninth Malaysia Plan (9MP) Mid-Term Review
(MTR), with some clarity on its future direction, Rating Agency
Malaysia Berhad says.  Contrary to market expectations of
spending cut-backs, the total 9MP allocation of MYR200 billion
has instead been raised by 15% to MYR230 billion, partly due to
more expensive building materials and also to fund additional
developmental objectives.  As at end-2007, MYR70 billion had
already been spent, leaving MYR160 billion for fiscal pump-
priming throughout 2008 to 2010, i.e. an average of MYR53.33
billion per annum.

Looking ahead, the construction sector faces trying times.
Despite the larger allocation unveiled through the 9MP MTR, this
industry’s growth prospects and profit margins for the remainder
of 2008 and 2009 will remain challenged by cost pressures in the
form of spiralling building-material prices and the knock-on
effects of steep fuel-price hikes on labour and transportation
costs.  RAM Ratings also expects the current political
uncertainties to have a bearing on the pace of awarding new 9MP
projects, given the greater scrutiny by a more substantive
opposition presence in Parliament.  Meanwhile, the 9MP MTR’s
focus on “people-centric” projects (rural roads, food security
and public infrastructure) - as opposed to large-scale
construction projects in the past – and the potential delays or
postponement of contracts that are deemed of lower priority -
will exert a negative impact on construction companies’ ability
to replenish their order books, more so for the bigger players
within RAM Ratings’ universe.

During the construction slowdown in 2004-2006, most of the
larger construction companies had ventured overseas; this trend
is likely to become even more evident amid the present
challenges on the domestic front.  While reputable construction
players with established track records in foreign countries will
have a better chance of securing new projects abroad, such
markets are more competitive and will present various
operational and macroeconomic risks.  On the other hand, the
current scenario of escalating prices vis-à-vis oil, food and
other key commodities is a world-wide phenomenon, which will
continue pushing up the cost of building materials for all
construction companies.  Even so, construction contracts are
increasingly featuring cost-pass-through mechanisms, which
should help lessen the impact on margins.

Although RAM Ratings has a positive view of the proposal to
undertake future government-linked projects on an open-tender
basis (subject to effective implementation amid credible checks
and balances), we also acknowledge that this will affect the
margins of contractors that had previously enjoyed robust
margins from directly negotiated contracts.  Under the
circumstances, the gross margins of many higher-rated
construction companies in RAM Ratings’ portfolio, as well as
those of players with a higher proportion of such contracts, may
be compressed from 10%-20% to only single digits.

Following the recent steep fuel-price hikes, RAM Ratings have
revised their GDP forecast on Malaysia’s economic growth in
2008, from 5.9% to 5.0%.  This is premised on the anticipated
domino effects on inflation (revised from 3.0%-3.5% to 5.0%-
6.0%), which would in turn dampen private consumption, on top of
the fall-out from the slowing global economy and delayed
implementation of large, domestic infrastructure projects.  
While Bank Negara Malaysia’s overnight policy rate remains
unchanged, the rating agency's interaction with rated companies
reveals expectations of heftier funding costs and more
restrictive lending requirements - in both the debt-capital
market and banking sectors - as investors and financial
institutions become more cautious.  At the same time, the local
Bourse is seen to remain lacklustre, thus further limiting
funding options for listed companies and/or rendering external
financing options more expensive.  Coupled with the current
unsettling political climate and the envisaged slowdown in the
overall economy, the construction sector’s near-term outlook
appears cloudy at best.

Against this backdrop, RAM Ratings expects the performance of
their rated construction and building-material companies to be
affected in varying degrees, depending on their respective
business and financial profiles.  As building materials account
for some 40% to 50% of their total costs, construction players
with less leveraged balance sheets (most of our higher-rated
construction companies have gross gearing ratios of less than
0.5 times) and more diversified businesses (which enjoy more
stable recurring income such as matured infrastructure
concessions) are expected to be able to better withstand the
near-term cost pressures.  This is becoming increasingly more
important given the need for stronger liquidity positions to
fund heftier working-capital requirements in an environment of
escalating costs, cautious lending and potential deceleration in
project implementation.  Although building-material companies,
especially those involved in the manufacture of cement and
steel, have benefited from higher selling prices, they are also
affected by steeper fuel prices and electricity tariff that will
have a moderating impact on their margins.  RAM Ratings will
continue close monitoring of industry developments over the next
6-12 months.  During this span, the rating agency will expect
clearer visibility on the risk-management measures of the
construction and building-material companies within their
portfolio, and will assess the credit impact from the more
challenging operating environment.


* MALAYSIA: Windfall Tax May Cause IPP Bonds to be Downgraded
-------------------------------------------------------------
Independent power producers (IPPs) fear that the windfall tax
imposed on them by the government will have a negative impact on
the local bond market as well as the investment community at
large, the Business Times reports citing an industry source.

The source told Business Times that the move may result in a
meltdown of debt and equity markets, leading to a spiraling
adverse effect on the overall financial market in the immediate
future.

"The windfall tax will cause IPP bonds, which make up a bulk of
the bond market in the country, to be downgraded," the source
was quoted by the Business Times as saying.

In addition, the levy will send a negative message to the
investment community as the windfall tax seems to penalize
companies which are more efficient and to ignore the basic
commercial realities that they face, the source told the news
agency.

The news agency noted that last month, the government decided to
implement the provision under the Windfall Profit Levy Act 1998
and impose a 30 percent levy on returns on assets above the nine
percent threshold of the IPPs' audited accounts.

According to the Times' source, the levy, imposed on IPPs with
an installed capacity of 30 megawatts, will be calculated based
on profit before interest and tax for the financial year,
without taking into account any windfall profit levy paid.  It
will also be based on the net value of fixed assets of IPPs as
at the end of the financial year.

If the period in which the levy payable is less than a financial
year, the levy payable will be determined on a pro rata basis.

The report cites RAM Rating Services Bhd as saying that the
effects of the windfall tax will vary depending on the specific
project company's profitability and seniority of the rated debt
issues.

"The windfall tax would result in lower cash reserves following
the servicing of senior debt obligations and meeting the
requirements of reserve accounts", RAM's head of infrastructure
and utilities ratings, Khoo Boo Hock, was quoted by the news
agency as saying.


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

A2 CORP: To Raise NZ$10.8 Mil. Thru Renounceable Rights Issue
-------------------------------------------------------------
A2 Corporation said it will raised net proceeds of approximately
NZ$10.8 million through a 3 for 4 renounceable rights issue of
ordinary shares to all shareholders, at an offer price of 10
cents per share.

Anthony Lawler, chief executive officer of A2, informed
shareholders that the rights issue will be fully underwritten by
Mountain Road Investments Limited (MRI), the majority
shareholder of A2.  

Mr. Lawler stated: “The confidence shown by MRI by fully
underwriting the rights issue is welcomed by A2C's management
and we believe it is a reflection of the positive progress made
by A2C in the past 12 months and the exciting plans for the next
12 months.”  This underwriting is subject to shareholders'
approval at a Special Meeting in Auckland on July 18, 2008.

The company said that the net proceeds of the offer will be used
to reduce its bank debt and provide for working capital.  
Waivers have been granted by NZX and The Takeovers Panel to
permit this sub-underwriting.

The company said that shareholders who do not wish to
participate in the issue can sell their rights, which will be
separately tradable on the NZAX.

In addition, the issue will incorporate an over-subscriptions
facility.  This will allow shareholders to submit applications
for shares in excess of their rights entitlements, which will be
available in the event that there is a shortfall in
applications.  Any shares not placed by this facility will be
allotted to the underwriters.

Mr. Lawler adds that “the oversubscription facility is a great
opportunity for our shareholders to potentially take up more
than their pro-rata rights issue.”

The record date for rights entitlements is July 18, 2008.  
Rights trading and the offer period are anticipated to commence
on July 28, 2008, and rights trading to cease on August 20,
2008.  The offer is anticipated to close on August 22, 2008.

                       About A2 Corporation

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

                           *     *     *

The company suffered consecutive net losses of NZ$6.3 million
and NZ$5.08 million for the years ended March 31, 2008 and 2007,
respectively.


AS SAFE: Liquidators Set July 15 Claims Bar Date
------------------------------------------------
Pursuant to Section 241(2)(a) of the Companies Act 1993, the
shareholders of As Safe As Houses Properties Limited appointed
Peter Reginald Jollands and Michael John Fisher, insolvency
practitioners of Auckland, as joint and several liquidators of
the company.

The Liquidators set July 15, 2008, as the last day for the
company's creditors to file their proofs of claim.

Creditors and shareholders may direct their inquiries to:

          Mike Fisher
          Telephone: (09) 379 0463
          Facsimile: (09) 379 0465
          E-mail: mike@jollandscallander.co.nz


BONNER PANELBEATERS: Commences Liquidation Proceedings
------------------------------------------------------
The High Court at Wellington held a hearing on June 23, 2008,
to consider an application putting Bonner Panelbeaters Limited
into liquidation.

The application was filed on May 19, 2008, by the Commissioner
of Inland Revenue.

The plaintiff's address for service is at:

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

Michael Kinlim Yan is the plaintiff's solicitor.


BUTTERCUP LTD: Liquidators Set August 1 as Claims Bar Date
----------------------------------------------------------
The High Court at Auckland has appointed Henry David Levin,
insolvency specialist, and David Stuart Vance, chartered
accountant, as liquidators of Buttercup Limited.

Creditors are required to file their proofs of debt by Aug. 1,
2008, to be included in the company's dividend distribution.

Creditors and shareholders may direct their inquiries to:

          Deloitte, Deloitte House
          8 Nelson Street, Auckland
          Postal Address: PO Box 33
          Shortland Street, Auckland
          Telephone: (09) 309 4944
          Facsimile: (09) 309 4947


PEGREEN LTD: Liquidators Set August 1 as Claims Bar Date
--------------------------------------------------------
The High Court at Auckland has appointed Henry David Levin,
insolvency specialist, and David Stuart Vance, chartered
accountant, as liquidators of Pegreen Limited.

Creditors are required to file their proofs of debt by Aug. 1,
2008, to be included in the company's dividend distribution.

Creditors and shareholders may direct their inquiries to:

          Deloitte, Deloitte House
          8 Nelson Street, Auckland
          Postal Address: PO Box 33
          Shortland Street, Auckland
          Telephone: (09) 309 4944
          Facsimile: (09) 309 4947


CAFE 2008: Creditors Have Until July 31 to File Claims
------------------------------------------------------
Pursuant to Section 255(2)(a) of the Companies Act 1993, the
shareholders of Cafe 2008 Limited resolved that the company be
liquidated and that Bruce Frederick McCullough, business
consultant of Wellington, be appointed as liquidator.

The Liquidators set July 31, 2008, as the last day for creditors
to file their proofs of claim.

Creditors and shareholders may direct their inquiries to:

          B. F. McCullough
          8th Floor, 86 Victoria Street
          Wellington, New Zealand
          Postal Address: PO Box 32023
          Wellington Mail Centre 5050
          Mobile: 027 448 0417
          Facsimile: (04) 916 0659


LOMBARD GROUP: Has Until Today to File Annual Report
----------------------------------------------------
Lombard Group Limited has not provided its annual report for the
period ending March 31, 2008, which under Listing Rule 10.5.1
was due to be issued to NZX on June 30, 2008,  New
Zealand Stock Exchange Regulation advised.

Pursuant to the policy set out in Footnote 2 of Listing Rule
5.4.3, if an Issuer has not issued its Annual report within 5
Business Days of the due date, quotation of that Issuer's
Securities will be suspended until the Issuer has issued its
Annual report in accordance with Listing Rules 10.5.1 and
10.5.2.

According to NZX, if Lombard Group has not issued its report
by July 7, 2008, NZX gives notice that trading in LOM securities
will be suspended effective from the commencement of trading on
July 8, 2008.

                Receivership of Lombard Finance

As a result of the receivership of its principal operating
subsidiary, Lombard Finance & Investments Limited (LFIL), the
completion of the audit of Lombard Group's consolidated accounts
has required particular consideration by Lombard Group's
auditors, KPMG.

Lombard Group has completed its accounts and is in final
discussions with KPMG relating to its report.  Unfortunately,
although the work programme was intended to be completed in
time, this work was not able to be completed by the required
deadline.

Lombard Group's preliminary announcement made on May 31, 2008,
of a net loss of NZ$21.7 million (which was calculated on the
basis that no value was attributed to the shareholding in LFIL)
will be reflected in the Annual Report in a presentation of pro-
forma unaudited results to March 31, 2008.  The reported audited
consolidated group result will state the position of the Group
prior to the receivership of LFIL.

                    About Lombard Group

Headquartered in Wellington, New Zealand, Lombard Group Limited
(NZE:LOM) -- http://www.lombardgroup.co.nz/-- is primarily  
engaged in the business of investment in a portfolio of
mortgage-secured loan advances and other advances.  This is
carried out through the Company's principal subsidiary, Lombard
Finance & Investments Limited.  Lombard Finance provides
property finance to selected customers.  Lombard Group's lending
within the property sector is secured by property and includes
lending for residential and commercial property investment,
property development, bridging loans and mezzanine finance.  The
Company’s subsidiary, Lombard Asset Finance Limited, provides
loans to business customers, including hire purchase, lease
finance and general business funding.  In March 2008, the
Company’s wholly owned subsidiary, Lombard Mortgages Limited,
acquired the remaining 30% interest in Tasman Mortgages Limited.


NEW AGE: Liquidators Appointed
------------------------------
Pursuant to Section 255(2)(a) of the Companies Act 1993, Dennis
Clifford Parsons and Katherine Louise Kenealy were appointed
joint and several liquidators of New Age Interior Lining
Services Limited.

The Liquidators can be reached at:

          Indepth Forensic Limited
          PO Box 278
          Hamilton, New Zealand
          Telephone: (07) 957 8674
          Website: www.indepth.co.nz


S W SETTLE: Liquidators Set July 12 Claims Filing Deadline
----------------------------------------------------------
Pursuant to Section 241(2)(a) of the Companies Act 1993, the
shareholders of SI Holdings Limited resolved, that the company
be liquidated and that Geoffrey Stewart Hatten, chartered
accountant, be appointed as liquidator.

The Liquidators set July 12, 2008, as the last day for the
company's creditors to file their proofs of claim.

Creditors and shareholders may direct their inquiries to:

          Geoff Hatten
          Markhams MRI Auckland Limited
          Level 10, 203 Queen Street
          PO Box 2194
          Auckland, New Zealand
          Telephone: (09) 309 6011


THE PAINTING: Liquidators Set Aug. 1 as Claims Filing Deadline
--------------------------------------------------------------
The High Court at Auckland has appointed Vivien Judith Madsen-
Ries, insolvency specialist, and David Stuart Vance, chartered
accountant, as liquidators of The Painting Matrix Limited.

The Liquidators set Aug. 1, 2008, as the last day for creditors
to file their proofs of debt.

Creditors and shareholders may direct their inquiries to:

          Monique Nielsen
          Deloitte, Deloitte House
          8 Nelson Street, Auckland
          Postal Address: PO Box 33
          Shortland Street, Auckland
          Telephone: (09) 309 4944
          Facsimile: (09) 309 4947



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

AZGARD NINE: S&P Withdraws 'B' Corporate Credit Rating
------------------------------------------------------
Standard & Poor's Ratings Services has withdrawn its 'B'
corporate credit rating on Azgard Nine Ltd. at the request of
the company.

Azgard Nine Limited is a composite spinning, weaving, dyeing and
stitching unit engaged in the manufacturing of yarn, denim and
denim products.  The company has two businesses: the Textile
Apparel Chain, spanning from Cotton Yarn Spinning, denim fabrics
to garments, and the Agrichemicals Business, ranging from Urea,
di-ammonium Phosphate and mono ammonium phosphates.  The company
is organized in three business segments: manufacture and sale of
textile products, Manufacture and sale of urea fertilizer, and
Development, implementation and sale of software products, and
provision of related services.  The company operated its
business, through its subsidiaries, including Pak American
Fertilizers Limited, Azsoft (Pvt) Limited and Nafees
International Tekstil Snayi Ve Ticaret Anonim Sirket.



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

* PHILIPPINES: Inflation Jumps to 11.4% in June
-----------------------------------------------
The year-on-year headline inflation rate in the Philippines
jumped to a double-digit figure of 11.4 percent in June from 9.5
percent in May, the National Statistics Office said.  This was
the highest rate since May 1994 (11.5%).  Except for the fuel,
light and water (FLW) index, all the commodity groups recorded
higher annual inflation rates during the month.  Inflation a
year ago was 2.3 percent.

Similarly, annual inflation rate in the National Capital Region
(NCR) advanced by 0.9 percentage point, to 9.2 percent in June
from 8.3 percent in May brought about by the higher annual price
increases in all the commodity groups except for clothing and
FLW items.

In Areas Outside the National Capital Region (AONCR), annual
inflation picked up to 12.3 percent in June from 10.1 percent in
May as all the commodity groups posted higher annual inflation
rates.

Excluding selected food and energy items, core inflation further
climbed to 6.6 percent in June from 6.2 percent in May.

The soaring prices of rice nationwide along with the upward
adjustments of other food items such as flour and flour
products, fruits and vegetables and meat in selected regions
pushed the month-on-month inflation rate in the Philippines to
2.3 percent in June from 1.5 percent in May.  Tuition fee hikes
and the series of upward adjustments in petroleum products also
contributed to the uptrend.



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

AU OPTRONICS: To Cut Liquid Crystal Display Production
------------------------------------------------------
AU Optronics Corp will cut production of liquid crystal display
(LCD) panels when necessary in order to stabilize market supply
and prices, XFN-ASI News reports, citing Commercial Times.

According to the report, Company Executive Vice President Paul
Peng said that his company does not rule out cutting production
to adjust inventory.

Higher inventory levels have dampened LCD panel prices recently,
the report says.

Taiwan-based AU Optronics Corp. -- http://www.auo.com/--  
designs, develops, manufactures, assembles and markets flat
panel displays.  The company's principal products are thin-film
transistor liquid crystal display (TFT-LCD) panels.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
June 19, 2008, Fitch Ratings upgraded Taiwan-based AU Optronics
Corporation's Long-term foreign and local currency Issuer
Default ratings to 'BB+' from 'BB', and its National Long-term
rating to 'A-(twn)' from 'BBB+(twn)'.  The Outlook is
Positive.

                         *********

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
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Information contained herein is obtained from sources believed
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