TCRAP_Public/080708.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, July 8, 2008, Vol. 11, No. 134

                            Headlines

A U S T R A L I A

ENRON AUSTRALIA: To Declare Dividend on July 21
HARRINGTON HOMES: Members' Meeting Slated for July 11
HARTZ GROUP: Sale of Company to Juicy Isle Completed
HL DIAGNOSTICS: To Declare Dividend on July 25
INVESTIN SECURE: Creditors Have Until July 10 to File Claims

JAKAMUNDI PTY: Members and Creditors to Meet on July 11
LATUADUNGAVEL PTY: Proofs of Debt Due July 10
NORTH SYDNEY: To Declare Dividend on July 25
SANDS PRINT: To Declare Dividend on July 24
SHARMAN SHEETMETAL: To Declare Dividend on July 23

UBS AG: Moody's Downgrades Financial Strength Rating to B-
VIDLEY NOMINEES: To Declare Dividend on July 23
* AUSTRALIA: Construction Activity Declines in June 2008
* AUSTRALIA: Job Advertisements Continued to Fall in June 2008


C H I N A

AGILE PROPERTY: Units Enter Subscription Agreement w/ Crystal I
AGILE PROPERTY: Moody's Affirms Ba3 Corporate Family Rating
CHINA SOUTHERN: Selling Four Boeing 777-200 Aircrafts
* CHINA: Gov't May Inject Funds to Businesses Hit by Quake


H O N G K O N G

DANUBIO COMPANY: Liquidator Quits Post
EVERGREEN DEV'T: Liquidator Quits Post
ERISKERY COMPANY: Liquidator Quits Post
ESTARCOL COMPANY: Liquidator Quits Post
EPSOMMER LIMITED: Liquidator Quits Post

FABERSON LIMITED: Liquidator Quits Post
FINO COMPANY: Liquidator Quits Post
FORTUNE MOON: Liquidator Quits Post
GLADFORCE LMITED: Liquidator Quits Post
GREATGRAND DEVELOPMENT: Liquidator Quits Post


I N D I A

AMBALAL SARABHAI: Sells Assets to Pay Employee Wages
CORPORATION BANK: Fitch Cuts Individual Rating to 'C/D' from 'C'
SHYAMAL HOLDINGS: Emperor Consultancy Acquires 9.96% Stake
SINGER INDIA: To Appeal BIFR-Approved Rehabilitation Scheme
SPICEJET: WL Ross Offers US$100 Mil. Working Capital Funding

TATA POWER: Director Anil Kumar Sardana Quits Post


I N D O N E S I A

PT PERTAMINA: Aria Bima Disappointed Over LPG Price Increase
* INDONESIA: Inflation Reaches 2.46% in June


J A P A N

MAGARA CONSTRUCTION: Files for Court-Supervised Rehabilitation


N E W  Z E A L A N D

ADSTYLE BUILDING: Commences Liquidation Proceedings
CATALYTIC NETWORK: Liquidators Set July 17 as Claims Bar Date
CINDERELLA NZ: Liquidators Set July 16 as Claims Filing Deadline
HELL NORTH: Liquidators Set July 18 as Claims Filing Deadline
JAMPAC HOLDINGS: Commences Liquidation Proceedings

KOREAN KIMCHI: Commences Liquidation Proceedings
M.J.BLOMFIELD:  Liquidators Set July 11 as Claims Bar Date
STANTHOM HOLDINGS: Shareholders Appoint Liquidator
* NEW ZEALAND: Consumer Confidence Reaches Record Low


P H I L I P P I N E S

COLLEGE ASSURANCE: To Sell Stake in Bank of Commerce to Arctic
PICOP RESOURCES: Siguion Reyna to Quit from Board
* MOODY'S: Gives Stable Outlook to San Miguel & Universal Robina
* Fitch Says Phil. Banks Have Improved Fin'l Profile in 2 Years


S R I  L A N K A

UNION BANK: Fitch Holds BB+(1ka) Rating on Improved AssetQuality


X X X X X X X X

* BOND PRICING: For the Week June 30 -July 4, 2008


                         - - - - -


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

ENRON AUSTRALIA: To Declare Dividend on July 21
-----------------------------------------------
Enron Australia Finance Pty Limited will declare dividend on
July 21, 2008.

Creditors are required to file their proofs of debt by July 19,
2008, to be included in the company's dividend distribution.

The company's liquidator is:

          Anthony Milton Sims
          SimsPartners
          Chartered Accountants
          Level 5, 55 Hunter Street
          Sydney NSW 2000


HARRINGTON HOMES: Members' Meeting Slated for July 11
-----------------------------------------------------
Harrington Homes Pty limited will hold a general meeting for its
members at 11:00 a.m. on July 11, 2008.  During the meeting, the
company's liquidator, John Crouch, will provide the attendees
with property disposal and winding-up reports.

The company's liquidator can be reached at:

          John Crouch
          GPO Box 4395
          Sydney NSW 2001
          Australia


HARTZ GROUP: Sale of Company to Juicy Isle Completed
----------------------------------------------------
After about four weeks of negotiations, Juicy Isle has finally
completed its purchase of Hartz Group for an undisclosed sum.

ABC News reports that one of the terms of the sale stated that
creditor Business Expansion Capital stipulate that Hartz staff
receive all their entitlements and any future dispute over the
Hartz company, will be between Hartz owner, Stephen Powell, and
BE Capital.

BE Capital is the present managing controller of Hartz.

In addition, ABC News says the deal provides that the majority
of Hartz workers will be offered employment at Juicy Isle's
Cambridge plant.

In April, Mercury News relates, investment firm BE Capital
appointed controllers to manage Hartz, less than seven months
after it provided a AU$600,000 loan to the company.  BE managing
controllers, who claim Hartz broke the terms of the loan
agreement, worked on selling the company to recoup their loan
and a risk fee of at least AU$600,000, the report says.

Mr. Powell sought an injunction order from the Supreme Court to
stop the sale of his business going ahead, but lost the ruling
to BE Capital, Mercury News says.  

                   About Hartz Group

Based in Prince of Wales Bay, Australia, Hartz Group --
http://www.hartz.com.au/-- was initially formed as a   
manufacturer of chilled juices.  It has developed its
proprietary brands to include long-life fruit juices and mineral
water.


HL DIAGNOSTICS: To Declare Dividend on July 25
----------------------------------------------
HL Diagnostics Pty Ltd will declare dividend on July 25, 2008.

Creditors are required to file their proofs of debt by July 10,
2008, to be included in the company's dividend distribution.

The company's liquidator is:

          Martin Jones
          Ferrier Hodgson
          Level 26, BankWest Tower
          108 St Georges Terrace
          Perth WA 6000
          Australia


INVESTIN SECURE: Creditors Have Until July 10 to File Claims
------------------------------------------------------------
Investin Secure Developments Limited will declare first and
final dividend for its creditors.

Creditors are required to file their proofs of debt by July 10,
2008, to be included in the company's dividend distribution.

The company's liquidator is:

          Geoffrey Mcdonald
          Hall Chadwick
          Level 1, 91 Upton Street
          Bundall QLD 4217
          Australia


JAKAMUNDI PTY: Members and Creditors to Meet on July 11
-------------------------------------------------------
Jakamundi Pty Limited will hold a general meeting for its
members and creditors at 10:00 a.m. on July 11, 2008.  During
the meeting, the company's liquidator, Julie Williams, will
provide the attendees with property disposal and winding-up
reports.

The company's liquidator can be reached at:

          Julie Williams
          Insolvency and Turnaround Solutions
          360 Queen Street
          Brisbane QLD 4000
          Telephone: (07) 3221 7433
          Facsimile: (07) 3221 7437
          Australia


LATUADUNGAVEL PTY: Proofs of Debt Due July 10
---------------------------------------------
During a general meeting held on June 2, 2008, the members of
Latuadungavel Pty Ltd resolved to voluntarily liquidate the
company's business.

Nicholas Giasoumi and Roger Darren Grant were appointed as
liquidators.

Creditors are required to file their proofs of debt by July 10,
2008, to be included in the company's dividend distribution.

The Liquidator can be reached at:

          Dye & Co. Pty Ltd
          Chartered Accountants
          165 Camberwell Road
          Hawthorn East VIC 3123
          Australia


NORTH SYDNEY: To Declare Dividend on July 25
--------------------------------------------
North Sydney Finance Pty Ltd will declare dividend on July 25,
2008.

Creditors are required to file their proofs of debt by July 10,
2008, to be included in the company's dividend distribution.

The company's liquidator is:

          Martin Jones
          Ferrier Hodgson
          Level 26, BankWest Tower
          108 St Georges Terrace
          Perth WA 6000
          Australia


SANDS PRINT: To Declare Dividend on July 24
-------------------------------------------
Sands Print Group Ltd will declare dividend on July 24, 2008.

Creditors are required to file their proofs of debt by July 10,
2008, to be included in the company's dividend distribution.

The company's liquidator is:

          C. P. White
          HLB Mann Judd
          Chartered Accountants
          Level 1, 160 Queen Street
          Melbourne VIC 3000
          Australia


SHARMAN SHEETMETAL: To Declare Dividend on July 23
--------------------------------------------------
Sharman Sheetmetal Pty Limited will declare dividend on July 23,
2008.

Creditors are required to file their proofs of debt by July 9,
2008, to be included in the company's dividend distribution.

The company's liquidator is:

          M. O. Basedow
          Basedows Chartered Accountants
          Business Advisors & Recovery Specialists
          160 Greenhill Road
          Parkside SA 5063
          Telephone: (08) 8373 5111
          Facsimile: (08) 8373 5511
          Australia


UBS AG: Moody's Downgrades Financial Strength Rating to B-
----------------------------------------------------------
Moody's Investors Service downgraded to B- from B the financial
strength rating (BFSR) and to Aa2 from Aa1 the senior debt and
deposit ratings of UBS AG.  The outlook for these ratings is
stable.  The short-term P-1 rating is affirmed.  The bank's
subordinated debt ratings as well as the backed long-term senior
and subordinated debt and deposit ratings of UBS' rated
subsidiaries have also been downgraded in line with the parent.
The debt and deposit ratings of UBS Deutschland and UBS Loan
Finance LLC have been downgraded to A1.  The D+ BFSR and P-1
short-term rating of UBS Deutschland are affirmed.  This
concludes the review that was initiated on April 1 2008 when the
bank's ratings were downgraded from B+/ Aaa to B/Aa1 and left on
review for further downgrade.

This downgrade reflects the challenges still facing the bank's
management team to return UBS to a position of stability
following the losses in its Investment Banking division.  The
bank's financial performance and risk management since the onset
of the financial crisis have been below the level expected of a
B (BFSR) / Aa1 (deposit & debt) rated bank.

"The bank has initiated many changes to senior management, risk
management, and, more recently, corporate governance, but it is
not yet clear whether these changes will be effective
considering the complexity of the task", said Elisabeth Rudman,
a Moody's Senior Credit Officer.  A robust risk management
framework will be a vital factor for the bank's overall
creditworthiness.  UBS is still undertaking a strategic review
of its investment banking operations and the future of the
bank's FICC (fixed income, currencies and commodities) division
is less clear.  The bank remains a leading player in many areas,
including advisory, equity capital markets and equity sales and
trading, but the operating environment will remain tough for
investment banking activities for some time.

Moody's considers the core Wealth Management franchise to be
resilient, and although the bank's very high profile
difficulties have led to some outflows of assets under
management, Moody's considers that the bank's franchise has not
been permanently affected.  Asset Management is facing issues
regarding the performance of some its funds, but this is
unrelated to the losses in the Investment Banking (IB) division.
Net new money outflows in Wealth Management and Asset Management
are not large in comparison to the bank's CHF2.8trn assets under
management (AUM) at end March 2008, and most of the reduction in
AUM (down from CHF3.2trn at end December 2007) has been related
to currency effects, market downturn and poor performance of
UBS' funds.  Nevertheless, we expect the bank to continue to
experience weaker net new money inflows in the short-medium term
due to the bank's reputation issues as well as the potentially
damaging tax investigations in the US.

With regards to the bank's troubled US real estate and related
structured credit position, Moody's has concluded that the
current marks taken by the bank are prudent and in line with the
rating agency's own estimate of current losses.  Given the still
high level of remaining exposures, the possibility remains that
a further deterioration in market conditions will lead to new
writedowns over the course of the year.  The bank's pre-
announcement today regarding earnings and writedowns in Q2 08 is
in line with Moody's expectations, given market deterioration
over the quarter.  "However, importantly the bank has
replenished capital to a high level, with the bank indicating a
proforma Tier 1 of 11.5% at the end of June 2008, and therefore
we expect that potential further writedowns can be absorbed by
the bank without the need for additional recapitalisation",
explained Elisabeth Rudman.

At the time of its rating action on April 1, 2008, Moody's
explained that the review would also consider the possibility of
wider notching for the bank's hybrid instruments.  These
instruments have mandatory deferral triggers relating to the
Bank of Switzerland's minimum capital requirements and the
availability of distributable profits.  Moody's has concluded it
is not necessary to widen the notching as it expects that UBS
will maintain high capital ratios and sufficient distributable
reserves.  However, if large losses reported by the bank deplete
the bank's distributable reserves available to service the
coupons on hybrid debt instruments, Moody's could reconsider the
notching.

                           About UBS AG

UBS AG is headquartered in Zurich; as of 31 December 2007, it
had total assets of CHF 2,273 billion and shareholders' equity
of CHF36 billion.


VIDLEY NOMINEES: To Declare Dividend on July 23
------------------------------------------------
Sharman Sheetmetal Pty Limited will declare dividend on July 23,
2008.

Creditors are required to file their proofs of debt by July 9,
2008, to be included in the company's dividend distribution.

The company's liquidator is:

          M. O. Basedow
          Basedows Chartered Accountants
          Business Advisors & Recovery Specialists
          160 Greenhill Road
          Parkside SA 5063
          Telephone: (08) 8373 5111
          Facsimile: (08) 8373 5511
          Australia


* AUSTRALIA: Construction Activity Declines in June 2008
--------------------------------------------------------
The national construction industry declined for a fourth
consecutive month in June 2008, although the rate of decline was
less marked than in the previous month.  The Australian Industry
Group - Housing Industry Association Performance of Construction
Index registered 40.3, to remain below the critical 50.0 points
level separating expansion from contraction.

Australian Industry Group Associate Director, Economics and
Research, Tony Pensabene said, "The findings confirm the intense
and on-going pressures on the major construction sectors from
higher interest rates and tighter liquidity.  We are continuing
to see weakness on a broad industry front, with falling demand,
weaker economic conditions, and increased competition for work,
cited as key factors by firms for the continued fall-off in
activity.

"Despite a moderation in the contraction of new business volumes
in June, the outlook remains subdued, with further weakness in
activity likely to persist over coming months," Mr. Pensabene
said.

HIA Chief Economist, Harley Dale, said "The 2008/09 financial
year will be a flat one at best for new residential construction
and this situation will place further pressure on already very
tight rental markets, among other negative impacts.

"Renewed cyclical weakness is embedded in the housing sector in
the short term.  That unfortunate situation is already in play
as the Australian PCI(R) results over the first half of 2008
clearly indicate.

"Structural constraints such as high fees, taxes, charges, and
planning delays can, however, be acted upon by governments and
it is vital such action is embarked upon now," Mr. Dale said.


* AUSTRALIA: Job Advertisements Continued to Fall in June 2008
--------------------------------------------------------------
The total number of jobs advertised in major metropolitan
newspapers and on the internet fell by a seasonally adjusted
3.0% in June to a weekly average of per week, the ANZ Banking
Group survey said.  This follows a 1.7% decrease in May.  The
total number of advertisements in June was 6.2% higher than 12
months ago.  In trend terms the total number of job
advertisements fell by 0.6% in June.

Looking at the different channels for advertising jobs, the
number of job advertisements in major metropolitan newspapers
decreased by 3.5% in June to an average of per week.  This
followed a 13.5% decrease in May.  Newspaper advertisements are
now 17.9% lower than in June 2007.  In trend terms, the number
of newspaper job advertisements fell by 2.4% to be 15.1% lower
than a year ago.

The fall in newspaper job advertisements in June was driven by
decreases in Victoria (-6.8%), the ACT (-5.7%), Queensland
(-5.6%), New South Wales (-4.1%), and the Northern Territory
(-2.3%).  In contrast, South Australia (+1.0%), Western
Australia (+0.3%) and Tasmania (+16.6%) bucked the trend.   

The number of internet job advertisements fell by 2.9% in June
to average per week.  In trend terms, internet job
advertisements continued to fall by a modest 0.5% in June,
although they remain 11.7% higher over the past year.  

ANZ Co-Head of Australian Economics Sally Auld, said “Total job
advertisements have fallen in June, extending the declines we
saw in May.  In trend terms, we are now seeing a moderation in
job advertising in both newspapers and on the internet.  This is
consistent with the trend easing in employment growth since the
start of the year.  Employment did fall in absolute terms in
May, but given this was the first decline in 18 months, it is
unlikely that this foreshadows a sustained downturn in
employment.  While employment growth should ease modestly over
the next six months, we do not expect a significant slowing in
labour market activity. Indeed, the risk may be that persistent
skill shortages could encourage firms to hoard labour. This
should ensure that while labour market conditions soften, the
slowdown in employment growth and the rise in the unemployment
rate will be reasonably measured.”

“On a state by state basis, Western Australia and South
Australia both experienced moderate gains in newspaper job
advertisements in June, consistent with a plateauing of job
advertisements in those states. While Tasmania experienced
strong growth in the month, the data are historically volatile
due to the relatively small number of advertisements in the
state.”



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

AGILE PROPERTY: Units Enter Subscription Agreement w/ Crystal I
---------------------------------------------------------------
Agile Property Holdings Limited's units, Crown Golden and
Forever Fame, entered into a subscription agreement with Crystal
I.

Under the agreement, Crystal I agreed to subscribe for the
Subscriber Shares at the Consideration and Forever Fame agreed
to subscribe for the New Shares at the Existing Shareholder
Subscription Price.  On completion of the Subscription and the
subscription of the New Shares by Forever Fame, Forever Fame and
Crystal I will have 70% and 30% shareholding interests in Crown
Golden respectively.

Forever Fame has also granted to Crystal I a first participation
right to jointly develop other real estate projects in the
Restricted Location at the same percentage shareholding as that
in Crown Golden.

Crystal I and the ultimate beneficial owner of Crystal I are
third parties independent of the company and connected persons,
as defined in the Listing Rules, of the company.

The transaction contemplated under the Subscription constitutes
discloseable transaction for the Company under the Listing Rules
and will be subject to the disclosure requirements as set out in
Chapter 14 of the Listing Rules.  A circular relating to the
transactions contemplated under the Subscription and the grant
of the First Participation Right will be dispatched to the
Shareholders in due course.

                     About Agile Property

With principal offices in Kowloon, Hong Kong, Agile Property
Holdings Limited -- http://www.agile.com.cn-- is a land      
developer of Guangdong Province, China.  It was established in
1985 as a furniture maker in Zhongshan City, and entered the
property business in 1992.  On December 15, 2005, Agile Property
was listed on the Hong Kong Stock Exchange.  Agile holds a range
of properties, such as villas, duplexes, apartments and
condominiums.  Besides residential property business, Agile is
also engaged in the development of commercial properties,
including retail shops and commercial complexes.


AGILE PROPERTY: Moody's Affirms Ba3 Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service has affirmed Agile Property Holding
Limited's (Agile) Ba3 corporate family and senior unsecured bond
ratings.  The ratings outlook is stable.

The affirmation follows Agile's announcement that it has sold
its 30% interest in Crown Golden Investments Limited (Crown
Golden) to Crystal I for CNY5,283 million.  Crown Golden holds
100% interests in two project companies, which in turn own the
Hainan development projects.

"The sales proceeds will provide Agile with part of its funding
needs and somewhat offset the cashflow impact of a slowdown in
property sales," says Kaven Tsang, Moody's lead analyst for the
company, adding, "As a result, Agile's overall financial and
liquidity profiles remain appropriate for its Ba3 ratings."

Moody's notes that the completion of the transaction is subject
to various conditions, including Agile obtaining all the land
certificates.  Any negative development that results in the
termination of the agreement and Agile having to refund Crystal
I would warrant a reassessment of the ratings.

                      About Agile Property

Agile Property Holdings Limited is one of the major property
developers in China, targeting the mid-to-high end segment.  It
has a land bank with around 28.4 million sqm of gross floor area
(GFA).


CHINA SOUTHERN: Selling Four Boeing 777-200 Aircrafts
-----------------------------------------------------
China Southern is soliciting bids for the purchase of its four
Boeing B777-200A medium size aircrafts, the airline said on its
web site.

The airline currently operates a fleet of 10 Boeing 777
aircrafts, including six extended range models serving long-haul
routes.

Jeffrey Ng of Dow Jones Newswire writes that the list prices of
the aircrafts were around US$115 million to US$143 million in
the mid-1990s when purchased new.

China Southern, Dow Jones relates, didn't say why it wants to
retire the planes given their relative young age.

                       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 "B+" Long-term Foreign Currency and Local Currency
Issuer Default Ratings.  The Outlook on the ratings is Stable.


* CHINA: Gov't May Inject Funds to Businesses Hit by Quake
----------------------------------------------------------
State-owned Assets Supervision and Administration Commission  
(SASAC) said China may inject capital into state-run companies
that incurred heavy losses from the May 12 earthquake, Zhang
Dingmin of Bloomberg News reports, citing the China Securities
Journal.

The report says SASAC will consider recapitalizing companies
affiliated with the central government that suffered after the
quake in southwestern Sichuan.   

According to the report, Liu Nanchang, deputy performance
assessment director of SASAC, said the money will come from
returns on SASAC stakes in state-owned companies.

Bloomberg says total quake losses at the so-called centrally
administered companies exceeded CNY80 billion (US$11.7 billion).

The commission may lower the performance targets set for some
companies after evaluating their quake losses, the report cited
Mr. Nanchang as saying.



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

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


EVERGREEN DEV'T: Liquidator Quits Post
--------------------------------------
On July 4, 2008, Ernest Lai Ho Kai stepped down as liquidator
for Evergreen Development Company Limited.


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


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


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


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


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


FORTUNE MOON: Liquidator Quits Post
-----------------------------------
On July 4, 2008, Ernest Lai Ho Kai stepped down as liquidator
for Fortune Moon Limited.


GLADFORCE LMITED: Liquidator Quits Post
-----------------------------------
On July 4, 2008, Ernest Lai Ho Kai stepped down as liquidator
for Gladforce Limited.


GREATGRAND DEVELOPMENT: Liquidator Quits Post
---------------------------------------------
On July 4, 2008, Ernest Lai Ho Kai stepped down as liquidator
for Greatgrand Development Limited.



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

AMBALAL SARABHAI: Sells Assets to Pay Employee Wages
----------------------------------------------------
As part of the ongoing rehabilitation process of its business,
Ambalal Sarabhai Enterprises Ltd said it received permission
from the Company Law Board (CLB) to sell a 3,63,000 sq. ft of
land at its Baroda campus to Neptune Infrastructure and Monet
Securities Pvt Ltd.

In addition, CLB permitted the company to sell a 82,900 sq. ft
of land also at its Baroda campus.

Proceeds from the sale will be utilized for payment of workers
dues.

Because many employee of its accounts department have opted for
this scheme, the company said it could not complete the audit of
its annual accounts for the year ended March 31, 2008, in spite
of its best efforts.

The asset sale faced opposition from a group of shareholders who
filed a litigation before the CLB seeking to restrain the
company from selling its properties.

The shareholders also sought removal of Shri. Kartikeya Sarabhai
as Director of the company and the appointment of a new Director
to take his place.

Meanwhile, the company said it ended its manufacturing
activities due to power source problems.

Ambalal Sarabhai Enterprises Limited (BSE: AMBL) engages in the
manufacture and marketing of pharmaceutical formulations and
bulk drugs in India.  It also manufactures electronic
instruments.


CORPORATION BANK: Fitch Cuts Individual Rating to 'C/D' from 'C'
----------------------------------------------------------------
Fitch Ratings has downgraded India-based Corporation Bank's
Individual rating to 'C/D' from 'C'.  The agency has affirmed
CB's Support rating at '4'.

CB in the past had the highest level of capitalisation among
Indian banks and reported above average profitability.  However,
these parameters have gradually declined with growth in the loan
portfolio and reduced margins.  These factors, including the
bank's limited income and portfolio diversity (compared to
higher rated banks in India) are reflected in the downgrade.  In
FY08, the bank's loan portfolio grew at a significantly higher
rate than the Indian banking system and the bank targets similar
growth in FY09, particularly in the SME segment.  In a less
benign credit environment marked by rising interest rates,
targeting aggressive growth could be challenging and may
increase the risk profile of the bank.

At FYE08, CB was the eighteenth-largest bank in India by assets.  
While Reserve Bank of India has a good track record of
supporting banks in distress, support in an extreme situation
may be prioritized for larger and systemically more important
banks, which is reflected in CB's support rating of '4'.

CB's capital adequacy ratio (CAR; FY08: 12.09%, FY07: 12.76%),
an important indicator of financial strength, has been declining
gradually since 2004 (FY04: 20%) and is now close to the system
median.  Nevertheless, Fitch expects the bank to be able to
maintain CAR above its target of 12%, as the bank has a
relatively high level of core capital (Tier 1 ratio was 9.63% in
FY08; 11.3% in FY07), which provides the bank with ample
headroom to raise Tier 2 capital to support growth and provide
for operational risk charge under Basel II.

CB's FY08 ROA of 1.23% improved from FY07 (1.15%), mainly due to
lower provisions for loan loss as well as the result of write-
backs of provisions for depreciation in investments.  Net
interest margin (FY08: 2.74%; FY07: 3.25%) would likely decline
further as the bank targets strong growth and it may be
difficult to fully pass on the rising cost of deposits.  The
bank's fee income is stable and contributes 10% of operating
income, driven primarily by cash management services, but
remains considerably lower than the best banks in India.  
Delinquencies in the retail and SME sector have been rising for
Indian banks, and while CB's loan portfolio has been well
managed, its loan loss provisions may have to increase from the
current low level (FY08 loan loss provision/average loans ratio:
0.35%; FY07: 0.68%).

Like most Indian banks, CB's gross (FY08: 1.47%; FY07: 2.05%)
and net (FY08: 0.32%; FY07: 0.47%) NPL ratios have improved and
compare well with the best banks in India.  However, the ratios
could increase in a less benign credit environment, as the
result of a hike in lending rates, as well as the impact of
seasoning of its rapidly grown loan portfolio.  Nevertheless,
the bank's asset quality and net NPL/equity ratio compare well
with the higher-rated banks in India.  Also, its risk management
systems are improving and its IT infrastructure is one of the
best amongst government banks.

CB is 57%-owned by the government of India and another 27% is
held by the Life Insurance Corporation of India (which is, in
turn, wholly-owned by the government of India).  The bank has a
national presence with 981 branches and 957 ATMs.  It
traditionally catered to small businesses, and has recently
increased its focus on the retail segment as well as large
corporates.


SHYAMAL HOLDINGS: Emperor Consultancy Acquires 9.96% Stake
----------------------------------------------------------
Shyamal Holdings & Trading Ltd disclosed in a regulatory filing
with the Bombay Stock Exchange that it has entered into a share
purchase agreement with Emperor Consultancy Services Pvt Ltd.

Under the agreement, Emperor Consultancy will purchase 23,900
equity shares of the company representing 9.96% of the total
paid up equity share capital at a price of Rs 6/- per share from
the shareholders of the company.

Headquartered in Mumbai, India, Shyamal Holdings & Trading Ltd
is a finance and investments company.

For four consecutive years, Shyamal Holdings reported constant
net profit figure.  For the year ended March 31, 2008, the
company posted a net profit of Rs. 0.01 million on net sales of
Rs. 0.28 million.  For the year ended March 31, 2007, the
company posted a net profit of Rs. 0.01 million on net sales of
Rs. 0.27 million.  For the year ended March 31, 2006, the
company posted a net profit of Rs. 0.01 million on net sales of
Rs. 0.25 million.  For the year ended March 31, 2005, the
company posted a net profit of Rs. 0.01 million on net sales of
Rs. 0.24 million.


SINGER INDIA: To Appeal BIFR-Approved Rehabilitation Scheme
-----------------------------------------------------------
Singer India Ltd disclosed in a regulatory filing that its
Rehabilitation Scheme dated May 6, 2008, has been approved by
the Board for Industrial and Financial Reconstruction in their
final hearing held on April 28, 2008.

According to the company, it has preferred an appeal before the
Appellate Authority for Industrial & Financial Reconstruction in
respect of certain matters of the scheme.  

The company said it will start implementing the scheme pending
disposal of appeal by the AAIFR.

In an earlier filing, the company said that its Board of
Directors, as part of implementing the sanctioned scheme,
resolved that the existing equity share capital of the company
be reduced by 90% and then every ten equity shares of Rs 1 each
be consolidated into one equity share of Rs 10 each fully paid
up.

The Board also scheduled the next annual general meeting of the
company on August 19, 2008, to consider these matters:

   1. Allotting additional equity shares of Rs.10 each to
      the company's promoters viz. Singer (India) BV.
      Netherlands and/or its associates after receipt of
      the money equivalent to Rs 8.35 crores.

   2. Conversion of 10% of the ECB of US$1.7 million,
      received from Singer Asia to equity shares capital to
      be allotted at par to Singer as per the sanctioned scheme.

In January, Singer India said it made one time settlement of Rs
700 lacs with consortium of bankers lead by State Bank of
Travancore and the full amount has been paid.

As of January 29, 2008, the company said it has no outstanding
dues to banks and financial institutions.

Following limited review of Singer India's report for the
quarter ended December 31, 2007, the company's auditors noted,
among others, that the net worth at the company as at
December 31, 2007, has been completely eroded.

The auditors also noted that the company has been declared a
sick industrial unit in terms of Section 3(1)(o) of the Sick
Industrial Companies (Special Provisions) Act, 1985.

Singer India recently returned to profit after incurring
consecutive annual net losses since March 31, 2002.  For the
year ended March 31, 2008, the company posted net profit of Rs.
273.20 million on net sales of Rs. 495.50 million.

Singer India Limited principally manufactures sewing machines
and sewing machine accessories.  The company also manufactures
small appliances and consumer durables like irons, toasters,
kettles, fans, televisions, refrigerators and washing machines.


SPICEJET: WL Ross Offers US$100 Mil. Working Capital Funding
------------------------------------------------------------
SpiceJet Limited has received a US$100 million offer from
private equity investor, WL Ross & Co LLC, for the airline’s
working capital requirements, The Hindu Business Line reports.

According to the report, SpiceJet is learnt to be keen on
accepting the offer from WL Ross as the company is known to be a
turnaround specialist -- something the airline needs badly after
three straight years of losses.

Reports say that Paramount Airways, Jet Airways and Anil
Dhirubhai Ambani Group have previously 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.”

Meanwhile, the Troubled Company Reporter-Asia Pacific reported
yesterday that SpiceJet is close to sealing a share-swap deal
with Kingfisher Airlines that would give SpiceJet shareholders
one share of the merged entity for every three SpiceJet shares
they own.

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

The Times of India reported 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 US$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."

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.

The Hindu Business Line reported that SpiceJet posted a loss of
Rs 133.51 crore during 2007-08, which was about 98 per cent more
than the previous year.


TATA POWER: Director Anil Kumar Sardana Quits Post
--------------------------------------------------
Tata Power Company Ltd disclosed in a regulatory filing with the
Bombay Stock Exchange that Mr. Anil Kumar Sardana has resigned
as Director of the company with effect from July 2, 2008.

Following Mr. Sardana's resignation, the company appointed Dr. R
H Patil and Mr. P G Mankad as Additional Directors with effect
from July 3, 2008.

Tata Power Company Ltd. -- http://www.tatapower.com/-- is a
licensee engaged in generation and supply power to bulk
consumers in the Mumbai metropolitan area.  The company operates
four thermal plants with a combined capacity of 1,350 MW, and
three hydroelectric plants aggregating 447 MW; all of these
supply power to the Mumbai licence area.  The company also has a
plant that supplies power to Tata Steel.  In addition, Tata
Power has an 81-MW independent power project at Belgaum that
sells power to Karnataka Power Transmission Corporation Limited.

                          *     *     *

Standard & Poor's Ratings Services, on Aug. 24, 2007, lowered
its corporate credit rating on India's Tata Power Co. Ltd. to
'BB-' from 'BB+'.  S&P said the outlook is stable.  At the same
time, the rating on Tata Power's US$300 million senior unsecured
bonds have been lowered to 'BB-' from 'BB+'.

Moody's Investors Service, on July 3, 2007, downgraded the
corporate family rating of Tata Power Company to Ba3 from Ba1.
At the same time, Moody's downgraded its senior unsecured
bond rating to B1 from Ba2.  Moody's said the ratings outlook is
negative.

All ratings still hold to date.



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

PT PERTAMINA: Aria Bima Disappointed Over LPG Price Increase
------------------------------------------------------------
Aria Bima of the Indonesian Democratic Party of Struggle (PDI)
has expressed disappointment on Pertamina's price increase of
12-kg LPG, IOGNews reports.

"Imagine, it was only last month that the government increased
the oil prices putting a heavy burden on the people, and now
Pertamina had raised the price of 12-kg LPG starting July 1,"
Mr. Bima was quoted by IOGNews as saying.

Mr. Bima also told the news agency that the company should have
postponed the LPG price hike, and wait for the recovery of the
people's purchasing power.

Mr. Bima added that Pertamina should consider the people's
weakening purchasing power following the 28.7 percent increase
in the fuel prices recently.

                        About PT Pertamina

PT Pertamina (Persero) -- http://www.pertamina.com/-- is a
wholly state-owned enterprise.  The enactment of Oil and Gas Law
No. 22/2001 in November 2001 and Government Regulation
No.31/2003 has changed its legal status from a special state
owned enterprise into a Limited Liability Company.  In carrying
out its activities, PT Pertamina implements an integrated system
from upstream to downstream.  Pertamina operates seven oil
refineries with a total output capacity of around 1 million
barrels per day.  However, these refineries only cover about
three-quarters of domestic oil demand, the rest is supplied by
imports.

Despite reporting a net profit of IDR3.03 trillion for the first
six months of 2005, Pertamina's failure to service its financial
obligations was pegged as one of the contributors to Indonesia's
decreased income for the year.

In August 2005, Pertamina's debt to United States firm Karaha
Bodas Company rose from IDR2.54 trillion to IDR2.99 trillion.
The debt had increased when, in 2003, a U.S. court ordered the
Company to pay compensation to KBC, relating to an international
arbitration decision, when the Indonesian Government halted a
geothermal project in Karaha Bodas, East Java.  Since that time,
the debt has steadily risen due to the Company's failure to pay
the compensation immediately.


* INDONESIA: Inflation Reaches 2.46% in June
--------------------------------------------
Indonesia's inflation rate for the month of June reached 2.46%,
higher than the recorded 1.41% in May, Indahnesia reports citing
Ali Rosidi, a member of the State Statistics Agency BPS.

According to Indahnesia, Mr. Ali said the inflation was higher
than the previous months because of the rise in fuel prices late
May.  The inflation occurred in almost all products and services
and  because of the size of the country, various regions have
their own inflation rate.

The report notes that the biggest inflation took place in
Kendari, Central Sulawesi.  Prices there rose 6.49 percent.  The
lowest inflation was in Bogor, which saw prices rise just 1.1
percent.  The inflation over the first half of 2008 now already
reached 7.37 percent, while the year-on-year inflation is
slightly above 11 percent now.



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

MAGARA CONSTRUCTION: Files for Court-Supervised Rehabilitation
--------------------------------------------------------------
Magara Construction Co., a Japanese general contractor with
JPY34.8 billion (US$326 million) in liabilities, has filed for
court-supervised rehabilitation, Norie Kuboyama of Bloomberg  
News reports.

According to the report, the Osaka District Court granted
protection for the liabilities of Magara Construction, based in
Kanazawa, Ishikawa Prefecture.

The company, the report relates, has been restructuring with the
aid of a local bank since December, when it disclosed accounting
irregularities.

The company filed for protection because it faced difficulties
obtaining accounts receivable from a client that filed for
bankruptcy protection in late June, the report says.

                    About Magara Construction

Magara Construction Co., Limited -- http://www.magara.co.jp/ --   
is a Japan-based construction company.  The company operates in
three business segments.  The Construction segment is involved
in the construction and civil engineering businesses, including
steel sash, pile and facility constructions.  The segment,
though the company's associated companies, is also engaged in
the sale of construction materials such as ready-mixed concrete,
concrete secondly products and reinforcing steels.  The Real
Estate segment is engaged in the brokerage, leasing and
management of real estate properties, as well as the development
of housing sites.  The Others segment is involved in the
provision of non-life insurance agency services and the
operation of golf courses.  Headquartered in Ishikawa
Prefecture, the Company has four associated companies.


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

ADSTYLE BUILDING: Commences Liquidation Proceedings
---------------------------------------------------
The High Court at Auckland convened a hearing on July 4, 2008,
to consider an application putting Adstyle Building &
Construction Limited into liquidation.

The application was filed on March 17, 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.


CATALYTIC NETWORK: Liquidators Set July 17 as Claims Bar Date
-------------------------------------------------------------
The High Court at Auckland has appointed John Trevor Whittfield
and Victoria Toon, insolvency practitioners of Auckland, as
liquidators of Catalytic Network Limited.

The Liquidators set July 17, 2008, as the last day for creditors
to file their proofs of debt.

The Liquidators can be reached at:

          McDonald Vague
          PO Box 6092
          Wellesley Street Post Office
          Auckland
          Telephone: (09) 303 0506
          Facsimile: (09) 303 0508
          Website: www.mvp.co.nz


CINDERELLA NZ: Liquidators Set July 16 as Claims Filing Deadline
----------------------------------------------------------------
Pursuant to Section 3, 255(2)(a) of the Companies Act 1993, the
shareholders of Cinderella NZ Limited, resolved that the company
be liquidated and that John Albert Price, insolvency
practitioner, and Christopher Robert Ross Horton, chartered
accountant, be appointed liquidators.

The Liquidators set July 16, 2008, as the last day for creditors
to file their proofs of debt.

Creditors and shareholders may direct their inquiries to:

          Cinderella NZ Limited
          c/o Horton Price Limited
          PO Box 9125, Newmarket
          Auckland
          Telephone: (09) 366 3700
          Facsimile: (09) 366 3705
          Email: jprice@hortonprice.co.nz


HELL NORTH: Liquidators Set July 18 as Claims Filing Deadline
-------------------------------------------------------------
Pursuant to Section 3, 255(2)(a) of the Companies Act 1993, the
shareholders of Hell North Shore Limited fka Hell Birkenhead
Limited, resolved that the company be liquidated and that John
Albert Price, insolvency practitioner, be appointed liquidator.

The Liquidators set July 18, 2008, as the last day for creditors
to file their proofs of debt.

Creditors and shareholders may direct their inquiries to:

          Hell North Shore Limited
          c/o Horton Price Limited
          PO Box 9125, Newmarket
          Auckland
          Telephone: (09) 366 3700
          Facsimile: (09) 366 3705
          Email: jprice@hortonprice.co.nz


JAMPAC HOLDINGS: Commences Liquidation Proceedings
--------------------------------------------------
The High Court at Wellington convened a hearing on June 30,
2008, to consider an application putting  Jampac Holdings
Limited, trading as Pitstop Petone, into liquidation.

The application was filed on May 14, 2008, by Repco Limited.

The plaintiff's address for service is at:

          Credit Services (NZ) Limited
          Level 6, 138 Victoria Street
          Christchurch, New Zealand

Amy Marie Hutton, is the plaintiff's solicitor.


KOREAN KIMCHI: Commences Liquidation Proceedings
------------------------------------------------
The High Court at Auckland convened a hearing on July 4, 2008,
to consider an application putting Korean Kimchi Co. Limited,
into liquidation.

The application was filed on March 17, 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.


M.J.BLOMFIELD:  Liquidators Set July 11 as Claims Bar Date
----------------------------------------------------------
Pursuant to Section 3, 255(2)(a) of the Companies Act 1993, the
shareholders of M.J.Blomfield Limited resolved that the company
be liquidated and that John Albert Price, insolvency
practitioner, be appointed liquidator.

The Liquidators set July 11, 2008, as the last day for creditors
to file their proofs of debt.

Creditors and shareholders may direct their inquiries to:

          M.J.Blomfield Limited
          c/o Horton Price Limited
          PO Box 9125, Newmarket
          Auckland
          Telephone: (09) 366 3700
          Facsimile: (09) 366 3705
          Email: jprice@hortonprice.co.nz


STANTHOM HOLDINGS: Shareholders Appoint Liquidator
--------------------------------------------------
Pursuant to Section 241(2) of the Companies Act 1993, the
shareholders of Stanthom Holdings Limited resolved that the
company be liquidated and that Clive Ashley Johnson, insolvency
practitioner of Auckland, be appointed liquidator.

Creditors who were not able to file their proof of debts by
July 7, 2008, were excluded from any dividend distribution.

Creditors and shareholders may direct their inquiries to:

          C. A. Johnson, Accountant & Insolvency Practitioner
          PO Box 33171
          Auckland
          Telephone: (09) 377 5536
          Facsimile: (09) 377 5537


* NEW ZEALAND: Consumer Confidence Reaches Record Low
-----------------------------------------------------
New Zealand's consumer confidence rating is at a record low of
82 points, down 5.6 points since mid June and 39.4 points lower
than this time last year, research group Roy Morgan said.

A record 64% (up 2%) of New Zealanders expect New Zealand to
have bad times financially in the next 12 months, while only 16%
(unchanged) look forward to good times.

More New Zealanders (58% - up 8%) than ever before are feeling
worse off financially since this time last year, and just 22%
(down 3%) say they are better off.

The highest number of New Zealanders to date (49% - up 4%) say
that now is a bad time to buy major household items, and 35%
(down 2%) think it’s a good time to buy.

During the next five years 37% (down 1%) of New Zealanders
expect bad times for New Zealand as a whole, while a record
number (36%) of New Zealanders expect bad times.

Although 40% (up 1%) of New Zealanders are expecting to be
better off financially in the next 12 months, a record high
(33%) are expecting to be worse off.

Gary Morgan said “The New Zealand Roy Morgan Consumer Confidence
Rating has never been so low.”
  
“Rising petrol and fuel prices mean that New Zealanders are
concerned about their personal financial situations and their
country’s economy. New Zealanders are feeling worse off than
last year and expecting bad times in both the next twelve months
and five years.”

Roy Morgan Consumer Confidence Rating was conducted from June 16
— 29, 2008, across New Zealand by telephone with a cross section
of 1,119 people aged 14 and over.



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

COLLEGE ASSURANCE: To Sell Stake in Bank of Commerce to Arctic
--------------------------------------------------------------
College Assurance Plans (CAP) is reportedly selling its entire
shareholding in Bank of Commerce -- equivalent to 17 percent or
27 percent -- to Arctic Capital, a private equity fund owned by
Packer, Philippine Star reports citing  sources familiar with
the transaction.

Philippine Star's sources say that the sale has already been
cleared by the Securities and Exchange Commission (SEC) and is
just awaiting approval of the Bangko Sentral ng Pilipinas (BSP.

The sources told the news agency that CAP’s stake in Bank of
Commerce is equivalent to two board seats.

The Philippine Star noted that the divestment forms part of
CAP’s approved revised rehabilitation plan, which calls for the
sale of non-core assets to raise funds to service maturing
plans.

                   About College Assurance Plans

College Assurance Plans Philippines, Incorporated
-- http://www.cap.com.ph/-- began in 1980 with the birth of its
parent firm - College Assurance Plan.  CAP has since expanded
its business to the areas of Pre-need Pension, Distance
Learning, Health Maintenance, Life Insurance, Information
Technology, Financing, Communications and General Insurance.

As of end-2003, CAP's trust fund deficiency amounted to
PHP17.2 billion.  According to the Securities and Exchange
Commission, the Company's trust fund assets, which were managed
by trustee banks, had not grown sufficiently to match its total
actuarial reserve liabilities, or its net liability to plan
holders worth PHP25.6 billion.  CAP recorded a PHP2.8 billion
loss in 2003, up from PHP403.3 million in 2002.

As stated in a September 5, 2005 report by Troubled Company
Reporter - Asia Pacific, CAP blamed its financial difficulties
on the SEC's imposition of the Pre-need Uniform Chart of
Accounts in 2002, claiming that it resulted in CAP's "bloated
yet theoretical" trust fund deficiency.  The SEC suspended the
Company's license in 2004 due to its alleged trust fund
deficiency from the application of the PNUCA.  CAP filed a
rehabilitation petition with the Makati Regional Trial Court
last year.


PICOP RESOURCES: Siguion Reyna to Quit from Board
-------------------------------------------------
Picop Resources Inc. disclosed that Siguion Reyna has tendered
his resignation as the company's chairman and director for
health reasons.  Mr. Reyna's resignation will take effect on  
July 31, 2008.

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,
respectively.


* MOODY'S: Gives Stable Outlook to San Miguel & Universal Robina
----------------------------------------------------------------
Moody’s gave a "stable" outlook on San Miguel Corp. and
Universal Robina along with 10 other Asian consumer products and
retail firms, saying their businesses were practically assured
by strong domestic demand despite turmoil in the United States
and Europe, the Business World reports.

According to the report, Danding Cojuangco-led San Miguel and
the Gokongwei flagship won’t have cash problems and should find
it easy to borrow money in the next year and a half since most
earnings come from "non-discretionary food and beverage items,
which provide a measure of protection in a weakening economy."

The report states that Moody’s noted that San Miguel and
Universal Robina have been adding new product lines partly
through acquisitions, to maintain or increase margins.

San Miguel received credit for developing new nonalcoholic
drinks, but not for its recent diversification into energy,
mining, and infrastructure, which Moody’s said "poses greater
risks, and hence more downward drag on ratings", the report
says.

"San Miguel hopes the investments outside its core competencies
will yield higher margins and growth, but its subsequent failure
in two bids to acquire energy assets leaves its strategic
direction uncertain. Compared to San Miguel’s traditional food
and beverage activities, the proposed new business lines are
also more capital intensive, have longer gestation periods, and
are subject to higher potential regulatory risk", Moody's was
quoted by the Business World as saying.

Moody's also recounts that snack food and beverage producer
Universal Robina, which has the same Ba2 credit rating, is also
expanding, with the company increasing capital expenditures for
2008 by 28% to P3.8 billion, Business World says.

The rating agency noted that the company booked 84% higher
profits in 2007 with its food and beverage businesses growing by
7% and 50%, respectively.

Business world reports that according to Moody's, [Universal
Robina’s] high capex has resulted in multiple years of negative
free cash flow despite solid funds from consistently growing
operations, a strong balance sheet, and sound profit margins,
the .

Moody’s added that Asian retailers and consumer products firms
have managed to pass on costs to buyers or keep margins from
shrinking through innovative packaging, but "rated issuers [are
expected] to maintain financial discipline and not pursue the
kinds of leveraged acquisitions that occurred in previous years
during a more tolerant and predictable credit and macro
environment", the report adds.


* Fitch Says Phil. Banks Have Improved Fin'l Profile in 2 Years
---------------------------------------------------------------
Fitch Ratings has said that Philippine banks have improved their
financial profile over the past two to three years, thanks to
better asset quality and enhanced capitalization, though the
less benign economic environment is expected to result in weaker
performance with slower growth in lending and underlying
profits, as well as a modest deterioration in asset quality.  In
the agency's opinion, these risks are largely reflected in the
banks' relatively moderate to weak Individual Ratings and the
Banking Systemic Risk Indicator of 'D' (which denotes low
intrinsic quality or strength of the banking system).

After a long period of weak credit demand, loan activity in the
Philippines picked up amid the improved economic conditions of
2006-2007, spurred mainly by consumer financing, followed by
corporate loans.  The share of corporate loans has slightly
fallen but still forms a high 75% of total loans at end-2007,
compared with 13% and 12% for consumer loans and SME loans,
respectively.  Fee income opportunities have increased in the
businesses of remittance, cash management and wealth management.   
More importantly, these revenues are more recurring in nature
than the volatile trading gains Philippine banks used to enjoy
and depend on.  

NPLs have fallen, mostly by way of disposals and write-offs in
addition to recoveries in recent years.  NPLs were 6% of total
loans and had satisfactory reserve coverage of 82% at end-2007.  
The improved buoyancy of the equity and debt capital markets
until a few months ago enabled banks to raise new capital
securities to bolster their capital and to also cushion the
decline in capital ratios due to Basel II.

The GDP growth forecast of 5%-6% over 2008-2009 still suggests
an environment that broadly supports some growth, albeit at a
more moderate pace than in 2006-2007.  That said, some slowdown
in credit demand is likely to arise from the curtailing of
consumption spending, particularly in view of rising interest
rates, and increased operating costs for businesses.  Together
with very limited trading opportunities on government securities
amid rising yields and possibly mark-to-market losses, Fitch
expects this to weaken banks' profitability.  NPLs too may rise
amid the more challenging operating environment, stemming from
rising inflation and interest rates.  Foreclosed properties may
also be more difficult to dispose of, and will continue to pose
a threat to capital.  Foreclosed properties were 40% of core
equity at end-2007, with low reserve coverage of only 9%.



================
S R I  L A N K A
================

UNION BANK: Fitch Holds BB+(1ka) Rating on Improved AssetQuality
----------------------------------------------------------------
Fitch Ratings has affirmed Union Bank of Colombo Ltd's National
Long-term rating at 'BB+(lka)', reflecting its improved asset
quality, constrained profitability and lack of a broad deposit
base.  The rating remains constrained by the requirement for
meeting the minimum capital requirement set by Central Bank of
Sri Lanka by FYE09, its profitability, and challenges to the
scalability of its operations.  The Outlook remains Positive.

UB was restructured after posting negative equity in 2002, which
involved the bank transferring LKR600 million in cash and LKR978
million of NPLs to a special-purpose vehicle, in return for a
20-year deep-discounted bond which is guaranteed by Sampath Bank
PLC (SB, 'AA-(lka)'/Stable Outlook); SB was involved in the
restructuring process and also made equity infusions.  
Thereafter, CBSL in 2006 increased the MCR for licensed
commercial banks from LKR0.5 billion to LKR2.5 billion, to be
met by FYE09.

Several equity infusions occurred from FY03-FY07, from both
existing and new shareholders which increased equity to LKR1.33
billion at FYE07 (FYE06: LKR0.75 billion).  Given UB's low
profitability due to the low yielding DDB (20% of interest
earning assets at FYE07 and yield of 4%) and the resulting
constraints in generating internal capital, Fitch notes that
achieving the LKR2.5bn MCR by end-2009 would require a further
equity infusion of around LKR1bn.  UB's management has informed
the agency that investors are committed to infusing this balance
equity in Q309.

UB's loan book grew by 18% yoy in FY07 (FY06: 21%) which was
below the sector (FYE07: 20%).  UB's existing loan book has had
significant segmental concentrations to the export-import and
wholesale trader segments - via overdraft facilities (39% of
loans at FYE07) but risks were somewhat mitigated in view of
availability of readily realisable liquid security (27% of UB's
loans).  Asset quality subsequent to the transfer of legacy NPLs
to the SPV have been good relative to the sector and on an
improving trend.  NPLs/Gross loans was 3.1% at FYE07 (1.8% at
Q108, 5.0% at FYE06).

Due to UB's low branch penetration, deposit growth was below
sector at 14% in FY07, with a noticeable shift to more expensive
time deposits which was typical of the sector.  Fitch notes
deposit concentrations with the 20-largest depositors accounting
for 12% of deposits at June 2008.  This situation could improve
once more branches are added to the network.

Established in 1995, UB is a small commercial bank (0.4% of
system assets) with 14 branches at May 2008.  SB was the single
largest shareholder in UB and held 16.9% of UB's issued capital
at Q108.



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

* BOND PRICING: For the Week June 30 -July 4, 2008
--------------------------------------------------


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

   AUSTRALIA &
   NEW ZEALAND
   -----------
Ainsworth Game Technology Ltd  8.000%  12/31/09     AUD     0.65
A&R Whitcoulls Group           9.500%  12/15/10     NZD    10.95
Allco Hit Ltd                  9.000%  08/17/09     AUD    19.55
Antares Energy                10.000%  10/31/13     AUD     0.51
Babcock & Brown Pty Ltd        9.010%  09/15/16     NZD    29.00
BBI Ntwrks NZ Limited          8.000%  11/30/12     NZD    34.50
Becton Property Group          9.500%  06/30/10     AUD     0.55
Bounty Industries Limited     10.000%  06/30/10     AUD     0.16
Capital Properties NZ Ltd      8.500%  04/15/09     NZD    11.00
Capital Properties NZ Ltd      8.000%  04/15/10     NZD    10.70
China Century                 12.000%  09/30/10     AUD     0.66
Cit Group Au Ltd               6.000%  03/03/11     AUD    73.83
Djerriwarrh Investments Ltd    6.500%  09/30/09     AUD     4.01
Fletcher Building Ltd          7.550%  03/15/11     NZD    12.50
Heemskirk Consolidated
  Limited                      8.000%  04/29/11     AUD     3.20
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     9.50
Jem Warehouse                  3.000%  08/01/14     AUD    71.63
LongReach Group Limited       10.000%  10/31/08     AUD     0.34
Nylex Ltd.                    10.000%  12/08/09     AUD     1.51
Macquarie Comm                 2.500%  08/23/13     AUD    73.85
Metal Storm Ltd               10.000%  09/01/09     AUD     0.10
Minerals Corp                 10.500%  09/30/08     AUD     0.75
Publ & Broad Fin               6.280%  05/06/11     AUD     9.74
Record Funds Man              11.000%  09/01/10     AUD    46.65
Speirs Group Ltd.             13.160%  06/30/49     NZD    55.00
South Canterbury              10.430%  12/15/12     NZD     0.94
St. Laurence Prop              9.250%  07/15/01     NZD    64.87
TrustPower Ltd                 8.300%  12/15/08     NZD    11.50
TrustPower Ltd                 8.500%  09/15/12     NZD     8.50
TrustPower Ltd                 8.500%  03/15/14     NZD     9.20

   CHINA
   -----
Baoshan Iron                   8.000%  06/20/14     CNY    74.86
China Govt Bond                4.860%  08/10/14    CNY      0.00

Cosco Shipping                 0.800%  01/28/14    CNY     72.78
GD Power Develop               1.000%  05/07/14    CNY     72.87
Kangmei Pharm                  0.800%  05/08/14    CNY     71.15
Tsingtao Brewery               0.800%  04/02/14    CNY     71.88

   INDIA
   -----
Ghcl Ltd                       1.000%  03/21/11    USD     67.50
India Gov't                    5.870%  03/28/22    INR     72.66
India Gov't                    6.970%  09/25/25    INR     69.84
India Gov't                    6.010%  03/25/28    INR     68.10
India Gov't                    6.130%  06/04/28    INR     69.03
India Gov't                    6.170%  06/12/23    INR     73.73

   INDONESIA
   ---------
Indonesia Gov't                9.750%  05/15/37    IDR     70.61
Indonesia Gov't                9.500%  07/15/23    IDR     73.10
Indonesia Gov't               10.000%  02/15/28    IDR     74.66


   JAPAN
   -----
Cent Japan Rail                1.310%  03/18/33     JPY    74.71
Nichielei Co Ltd               1.750%  03/31/14     JPY    59.75
Shinsei Bank Ltd.              5.625%  12/29/49     GBP    72.74
Zephyr Co Ltd                  2.940%  06/21/10     JPY    40.12

   KOREA
   -----
Korea Dev. Bank                7.310%  11/08/21     KRW    44.58
Korea Dev. Bank                7.350%  10/27/21     KRW    44.68
Korea Dev. Bank                7.400%  11/02/21     KRW    44.63
Korea Dev. Bank                7.450%  10/31/21     KRW    44.65
Korea Dev. Bank                8.450%  12/15/26     KRW    69.78

   MALAYSIA
   --------
Advance Synergy Berhad         2.000%  01/26/18     MYR     0.04
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     0.91
Berjaya Land Bhd               5.000%  12/30/09     MYR     3.66
Bumiputra-Commerce
   Holdings Bhd                2.500%  07/16/08     MYR     1.13
Eastern & Orient               8.000%  07/25/11     MYR     2.45
EG Industries Berhad           5.000%  06/16/10     MYR     0.25
Equine Capital                 3.000%  08/26/08     MYR     1.63
Greatpac Holdings              2.000%  12/11/08     MYR     0.12
Huat Lai Resources Bhd         5.000%  03/28/10     MYR     0.30
Insas Berhad                   8.000%  04/19/09     MYR     0.40
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.21
Kretam Holdings Bhd            1.000%  08/10/10     MYR     1.11
Kumpulan Jetson Berhad         5.000%  11/27/12     MYR     0.50
LBS Bina Group Bhd             4.000%  12/31/08     MYR     0.29
Media Prima Bhd                2.000%  07/18/08     MYR     1.16
Mithril Bhd                    3.000%  04/05/12     MYR     0.57
Mithril Bhd                    8.000%  04/05/09     MYR     0.10
Nam Fatt Corp                  2.000%  06/24/11     MYR     0.35
Pelikan International          3.000%  04/08/10     MYR     1.31
Pilecon Engineering Bhd        5.000%  12/19/11     MYR     0.09
Plus Spv Bhd                   2.000%  06/27/17     MYR    68.75
Puncak Niaga Holdings Bhd      2.500%  11/18/16     MYR     0.78
Rhythm Consolidated Berhad     5.000%  12/17/08     MYR     0.10
Rubberex Corporation Berhad    4.000%  08/14/12     MYR     0.60
Silver Bird Group              1.000%  02/15/09     MYR     0.56
Southern Steel                 5.500%  07/31/08     MYR     2.61
Tenaga Nasional Bhd            3.050%  05/10/09     MYR     0.84
Tradewinds Corp.               2.000%  02/08/12     MYR     0.50
Tradewinds Plantation Berhad   3.000%  02/28/16     MYR     1.20
TRC Synergy Berhad             5.000%  01/20/12     MYR     1.25
Wah Seong Corp.                3.000%  05/21/12     MYR     4.14
Wijaya Baru Global Berhad      7.000%  09/17/12     MYR     0.45
YTL Cement Bhd                 4.000%  11/10/15     MYR     1.20

   SINGAPORE
   ---------

Sengkang Mall                  4.880%  11/20/12     SGD     1.50
Sengkang Mall                  8.000%  11/20/12     SGD     1.00
   
   SRI LANKA
   ---------
Sri Lanka Govt                7.500%  08/15/18     LKR     60.15
Sri Lanka Govt                6.850%  04/15/12     LKR     70.57
Sri Lanka Govt                6.850%  10/15/12     LKR     68.18
Sri Lanka Govt                7.000%  10/15/11     LKR     73.94
Sri Lanka Govt                8.500%  07/15/13     LKR     72.31
Sri Lanka Govt                8.500%  07/15/13     LKR     72.31
Sri Lanka Govt                8.500%  07/15/18     LKR     72.31
Sri Lanka Govt                8.500%  02/15/13     LKR     65.11
Sri Lanka Govt                8.500%  02/01/18     LKR     65.50
Sri Lanka Govt                7.500%  08/01/13     LKR     67.70
Sri Lanka Govt                7.500%  11/01/13     LKR     66.93
Sri Lanka Govt                7.000%  10/01/23     LKR     53.35

                         *********

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

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

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


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N
   
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Marites M. Claro, Rousel Elaine C. Tumanda,
Valerie C. Udtuhan, Marie Therese V. Profetana, Frauline S.
Abangan, and Peter A. Chapman, Editors.

Copyright 2008.  All rights reserved.  ISSN: 1520-9482.
   
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
   
TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.





                 *** End of Transmission ***