TCRAP_Public/080711.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Friday, July 11, 2008, Vol. 11, No. 137

                            Headlines

A U S T R A L I A

BEAVER NEST: Members to Hear Wind-Up Report on July 21
JANE O’DONNELL: To Declare Dividend on July 23
JENDARA PTY: Members to Receive Wind-Up Report on July 23
KELLY MOROKA: Member and Creditors to Meet on July 21
KWELL AUSTRALIA: Final Meeting Slated for July 23

OUTBACK SAFARIS: Members to Hear Wind-Up Report on July 21
RON SELKA: To Declare Dividend on July 23
SYSTEMATIC BUILDING: Final Meeting Slated for July 22
T/E DEVELOPMENT: Joint Meeting Slated for July 21
TOTAL HEALTHCARE: Final Meeting Set on July 21


C H I N A

STEVE & BARRY'S: Files for Chapter 11 Bankruptcy in Manhattan
STEVE & BARRY'S: Case Summary & 30 Largest Unsecured Creditors
CHINA EASTERN: Inks Aircraft Sale and Lease-Back Deals with ICBC
CHINA EASTERN: Says Tickets for Taiwan Flights Sells Fast
HAINAN: Units Transfer Domestic Operations to Terminal Bldg. 2

SHANGHAI CENTURY: Shareholders OK Borrelli Walsh as Liquidators


H O N G K O N G

CHURCHWOOD INVESTMENTS: Liquidator Quits Post
SALEN PROPERTIES: Liquidator Quits Post
SUN HUNG: Liquidator Quits Post
SPLENDID DRAGON: Liquidator Quits Post
SUN DRAMA: Liquidator Quits Post

SHUI LEE: Liquidator Quits Post
TIWAC DEV'T: Liquidator Quits Post
VOLGAMOSCU COMPANY: Liquidator Quits Post
WYLCOBER COMPANY: Liquidator Quits Post
YUSION INVESTMENT: Liquidator Quits Post

YABLOKET LIMITED: Liquidator Quits Post


I N D I A

CITIGROUP INC: May Sell Headquarters in India
SPICEJET: Goldman Sachs Joins Ross in Saving Airline
* CRISIL: Mutual Funds Remain Net Equity Buyers Amid Bad Market
* INDIA: Aviation Ministry Panel to Check on Airlines' Losses


I N D O N E S I A

PERUSAHAAN LISTRIK: Blackouts to Occur in Jakarta Until July 25
* INDONESIA: Aims to Raise IDR3 Trillion in Bond Auction
* INDONESIA: Power Cuts Turns Away Foreign Investors


J A P A N

JAPAN AIRLINES: To End Operations in Fukushima Airport
ZEPHYR CO: JCR Withdraws NJ Rating on Domestic CP Program
* JAPAN: Tokyo Vacancies Highest in 2 Years


M A L A Y S I A

PESAKA ASTANA: To Pay Bondholders MYR149 Mil. in Consent Order


N E W  Z E A L A N D

ABC INCORPORATION: Court Appoints Liquidators
ACTIVE AUTOMOTIVE: Placed Under Voluntary Liquidation
GARRY ROSS: Wind-Up Petition Hearing Set for July 24
GRAPHIC IMPACT: Wind-Up Petition Hearing Set for July 25
HOLLOWAY: Shuts Business, Company to be Liquidated

LANE HOLDINGS: Court Appoints Liquidators
MICHEL'S PATISSERIE: Wind-Up Petition Hearing Set for August 1
NATHANS FINANCE: NZ$8 Million Fund Awaits Distribution   
NGU CONSULTANTS: Wind-Up Petition Hearing Set for Aug. 18
S & S DALY: Wind-Up Petition Hearing Set for July 24

* NEW ZEALAND: Manufacturing Activity Slumps in June 2008


P H I L I P P I N E S

* PHILIPPINES: Records USD19.324 Bil. FCDU Deposit Liabilities


X X X X X X X X

START V CLO: S&P Assigns BB+ Final Rating to Class B Notes
* Large Companies with Insolvent Balance Sheets


                         - - - - -


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

BEAVER NEST: Members to Hear Wind-Up Report on July 21
------------------------------------------------------
Beaver Nest Pty Ltd will hold a final meeting for its members
and creditors at 3:00 p.m. on July 21, 2008.  During the
meeting, the company's liquidator, R. G. Tolcher at Lawler
Partners, will provide the attendees with property disposal and
winding-up reports.

The company's liquidator can be reached at:

          R. G. Tolcher
          Lawler Partners
          Chartered Accountants
          763 Hunter Street
          Newcastle West NSW 2302
          Australia

JANE O’DONNELL: To Declare Dividend on July 23
----------------------------------------------
Jane O’ Donnell Investments Pty Ltd will declared dividend on
July 23, 2008.

Only creditors who were able to file their proofs of debt by
July 8, were included in the company's dividend distribution.

The company's liquidator is:

          David Kenney
          Hall Chadwick
          29th Floor, 31 Market Street
          Sydney NSW 2000
          Australia


JENDARA PTY: Members to Receive Wind-Up Report on July 23
---------------------------------------------------------
Richard Judson, Jendara Pty Ltd's appointed estate liquidator,
will meet with the company's members at 9:30 a.m. on  July 23,
2008, to provide them with property disposal and winding-up
reports.

The liquidator can be reached at:

          Richard Judson
          Members Voluntarys Pty Ltd
          1st Floor, 10 Park Road
          Cheltenham, Australia


KELLY MOROKA: Member and Creditors to Meet on July 21
-----------------------------------------------------
Kelly Moroka Enterprises Pty Ltd will hold a meeting for its
members and creditors at 9:00 a.m. on July 21, 2008.  During the
meeting, the company's liquidator, B. P. Cotter, will provide
the attendees with property disposal and winding-up reports.

The company's liquidator can be reached at:

          B. P. Cotter
          Level 5, 55 Hunter Street
          Sydney NSW 2000
          Australia
          Telephone: (02) 9256 7700
          Facsimile: (02) 9256 7750


KWELL AUSTRALIA: Final Meeting Slated for July 23
-------------------------------------------------
Richard Judson, Kwell Australia Pty Ltd's appointed estate
liquidator, will meet with the company's members at 9:15 a.m. on  
July 23, 2008, to provide them with property disposal and
winding-up reports.

The liquidator can be reached at:

          Richard Judson
          Members Voluntarys Pty Ltd
          1st Floor, 10 Park Road
          Cheltenham, Australia


OUTBACK SAFARIS: Members to Hear Wind-Up Report on July 21
----------------------------------------------------------
A. R. M. Taylor, Outback Safaris Pty Ltd's appointed estate
liquidator, will meet with the company's members on July 21,
2008, at 10:00 a.m., to provide them with property disposal and
winding-up reports.

The company's liquidator can be reached at:

          A. R. M. Taylor
          Meertens Chartered Accountants
          Level 10, 68 Grenfell Street
          Adelaide SA 5000
          Ausralia
          Telephone: (08) 8418 8900
          Facsimile: (08) 8232 5077


RON SELKA: To Declare Dividend on July 23
-----------------------------------------
Ron Selka Investments Pty Ltd will declared dividend on July 23,
2008.

Only creditors who were able to file their proofs of debt by
July 8, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

          David Kenney
          Hall Chadwick
          29th Floor, 31 Market Street
          Sydney NSW 2000
          Australia


SYSTEMATIC BUILDING: Final Meeting Slated for July 22
-----------------------------------------------------
Systematic Building Design Pty Ltd will hold a final meeting for
its members and creditors at 10:00 a.m. on July 22, 2008.  
During the meeting, the company's liquidator, A. S. R. Hewitt at
Grant Thornton, will provide the attendees with property
disposal and winding-up reports.

The company's liquidator can be reached at:

          A. S. R. Hewitt
          Grant Thornton
          Rialto Towers
          Level 35 North Tower
          525 Collins Street
          Melbourne, Victoria
          Australia


T/E DEVELOPMENT: Joint Meeting Slated for July 21
--------------------------------------------------
T/E Development Group No. 5 Pty Ltd will hold a meeting for its
members at 10:00 a.m. on July 21, 2008.  During the meeting, the
company's liquidator, B. P. Cotter, will provide the attendees
with property disposal and winding-up reports.

The company's liquidator can be reached at:

          B. P. Cotter
          Level 5, 55 Hunter Street
          Sydney NSW 2000
          Australia
          Telephone: (02) 9256 7700
          Facsimile: (02) 9256 7750


TOTAL HEALTHCARE: Final Meeting Set on July 21
----------------------------------------------
Total Healthcare Enterprises Pty Ltd will hold a final meeting
for its members and creditors at 10:00 a.m. on July 21, 2008.  
During the meeting, the company's liquidator, Peter W. Marsden
at RSM Bird Cameron Partners, will provide the attendees with
property disposal and winding-up reports.

The company's liquidator can be reached at:

          Peter W. Marsden
          RSM Bird Cameron Partners
          12th Floor, 60 Castlereagh Street
          Sydney NSW 2000
          Australia



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

STEVE & BARRY'S: Files for Chapter 11 Bankruptcy in Manhattan
-------------------------------------------------------------
Steve & Barry's LLC and 63 of its affiliates disclosed that
they have initiated cases under Chapter 11 of the U.S.
Bankruptcy Code before the United States Bankruptcy Court for
the Southern District of New York, to address the company's
financial challenges.
   
Steve & Barry's stores and operations across the nation,
including its 276 retail locations, are open and conducting
business as usual.  The company's gift cards and store credits
will continue to be honored as always, and its return policies
will remain in place.
   
The company said that the commencement of the Chapter 11 cases
was based on a combination of factors, including a liquidity
shortfall as a result of credit market volatility and general
economic conditions, which, in turn, have impacted the company's
store opening plans and borrowing capacity.

The company stated it has performed very well from a sales
perspective, with total sales in the first five months of 2008
up 70%, average store sales up 25%, and comparable store sales
up 15%.  In particular, its exclusive branded lines of
merchandise created with high-profile entertainers and athletes
have performed exceptionally well.
   
As part of the Chapter 11 process, the company is moving forward
with operational improvements in tandem with exploring a
potential sale of the company and its assets, to repay
outstanding debt.
   
The operational improvements include taking immediate steps to
reduce expenses through staff reductions, office consolidations,
and other actions.  Steve & Barry's began this initiative with
the reduction of 172 corporate and field staff positions.
   
The company also filed customary "First Day" motions to support
its employees, customers and suppliers by providing for the
company's corporate and field associates to continue to be paid
in the usual manner, and for their medical, dental, life
insurance, disability and other benefits to continue without
disruption.

Suppliers will be paid under normal terms for goods and services
provided after the filing date of July 9, 2008.  The company has
obtained an agreement from its secured lenders to use cash
collateral for its operating needs.
   
"Steve & Barry's opened its first store 23 years ago with the
mission of providing affordable, quality clothing to everyone,"
Steve & Barry's founders and co-CEOs Steve Shore and Barry
Prevor commented.  "This mission has grown beyond our wildest
dreams, providing our customers with 80 million units of
affordable clothing and accessories during the past year alone -
including products designed and endorsed by celebrities who have
believed in our vision."  

"Every one of these lines has met with great success," they
added. "BITTEN(TM), by Sarah Jessica Parker, transformed our
stores overnight into a destination for women shoppers and has
grown at an unprecedented pace since its launch in June 2007."
    
"Unfortunately, in the current credit and economic environment,
this has not been enough, they said.  "High costs of materials
and fuel prices have increased our cost of goods and cost of
operating."  

"Our customers are feeling the pain of high food and gas prices
and declining home values, and many of them are being forced to
shop closer to their homes and cut back on discretionary
purchases, they stated.  "The generally poor environment for
apparel retailers has reduced funding to our suppliers,
landlords, and to our company.  It has become increasingly
difficult for us to continue operating normally under these
circumstances.
    
"Every member of our management team has been devastated by
these events and is deeply sorry to all of our employees and
partners who have been affected by the Chapter 11 filing," they
ended.

                   About Steve and Barry LLC

Headquartered in Port Washington, New York, Steve and Barry LLC
-- http://www.steveandbarrys.com/-- is a national casual
apparel retailer that offers high quality merchandise at
low prices for men, women and children.  Founded in 1985, the
company operates 276 anchor and junior anchor shopping center
and mall-based locations throughout the U.S. At STEVE & BARRY'S
(R) stores, shoppers will find brands they can't find anywhere
else, including the BITTEN(TM) collection, the first-ever
apparel line created by actress and global fashion icon Sarah
Jessica Parker, and the STARBURY(TM) collection of athletic and
lifestyle apparel and sneakers created with NBA (R) star Stephon
Marbury.  


STEVE & BARRY'S: Case Summary & 30 Largest Unsecured Creditors
--------------------------------------------------------------
Lead Debtor: Steve & Barry's Manhattan,, LLC
             131 W. 33rd St. 15th Fl.
             New York, NY 10001

Bankruptcy Case No.: 08-12579

Debtor-affiliates filing separate Chapter 11 petitions:

        Entity                                     Case No.
        ------                                     --------
        4004, Inc.                                 08-12580
        4004, LLC                                  08-12581
        Baller Brands, LLC                         08-12582
        Favored Brands, LLC                        08-12583
        Pro Air, LLC                               08-12584
        S&B Industries Inc.                        08-12585
        S&B Retail China, LLC                      08-12586
        S&B Retail India, LLC                      08-12587
        Star Band, LLC                             08-12589
        Steel Bolt Construction, LLC               08-12590
        Stellar Brands, LLC                        08-12591
        Steve & Barry's Alabama, LLC               08-12592
        Steve & Barry's Arizona, LLC               08-12593
        Steve & Barry's Arkansas, LLC              08-12594
        Steve & Barry's California, LLC            08-12595
        Steve & Barry's Colorado, LLC              08-12596
        Steve & Barry's Connecticut, LLC           08-12599
        Steve & Barry's CP, LLC                    08-12600
        Steve & Barry's Florida, LLC               08-12601
        Steve & Barry's Georgia, LLC               08-12602
        Steve & Barry's GLC, LLC                   08-12603
        Steve & Barry's Hawaii, LLC                08-12604
        Steve & Barry's Idaho, LLC                 08-12605
        Steve & Barry's Illinois, LLC              08-12607
        Steve & Barry's Indiana, LLC               08-12609
        Steve & Barry's International, LLC         08-12610
        Steve & Barry's Iowa, LLC                  08-12611
        Steve & Barry's Kansas, LLC                08-12612
        Steve & Barry's Kentucky, LLC              08-12613
        Steve & Barry's, LLC                       08-12615
        Steve & Barry's Louisiana, LLC             08-12616
        Steve & Barry's Maine, LLC                 08-12617
        Steve & Barry's Maryland, LLC              08-12618
        Steve & Barry's Massachusetts, LLC         08-12619
        Steve & Barry's Michigan, LLC              08-12620
        Steve & Barry's Midwest, LLC               08-12621
        Steve & Barry's Minnesota, LLC             08-12622
        Steve & Barry's Mississippi, LLC           08-12623
        Steve & Barry's Missouri, LLC              08-12624
        Steve & Barry's Nebraska, LLC              08-12625
        Steve & Barry's Nevada, LLC                08-12626
        Steve & Barry's New Jersey, LLC            08-12627
        Steve & Barry's New Mexico, LLC            08-12628
        Steve & Barry's New York, LLC              08-12629
        Steve & Barry's North Carolina, LLC        08-12630
        Steve & Barry's Oakland, LLC               08-12631
        Steve & Barry's Ohio, LLC                  08-12632
        Steve & Barry's Oklahoma, LLC              08-12633
        Steve & Barry's Pennsylvania, LLC          08-12634
        Steve & Barry's South Carolina, LLC        08-12635
        Steve & Barry's South Michigan, LLC        08-12637
        Steve & Barry's Tennessee, LLC             08-12638
        Steve & Barry's Texas, LLC                 08-12639
        Steve & Barry's Utah, LLC                  08-12640
        Steve & Barry's Virginia, LLC              08-12641
        Steve & Barry's Washington, LLC            08-12642
        Steve & Barry's West Virginia, LLC         08-12643
        Steve & Barry's Wisconsin, LLC             08-12644
        Stone Barn, LLC                            08-12645
        Stone Barn Trading, LLC                    08-12646
        Striking Brands, LLC                       08-12647
        Swift Building, LLC                        08-12648
        Symbolic Brands, LLC                       08-12649

Type of Business: The Debtors operate a retail clothing chain,
                  featuring casual apparel.  As of 2007, they
                  operate more than 200 stores in more than 30
                  U.S. states.  See  
                  http://www.steveandbarrys.com/

Chapter 11 Petition Date: July 9, 2008

Court: Southern District of New York (Manhattan)

Judge: Allan L. Gropper

Debtors' Counsel: Lori R. Fife, Esq.
                     Email: lori.fife@weil.com
                  Shai Waisman, Esq.
                     Email: shai.waisman@weil.com
                  Weil, Gotshal & Manges, LLP
                  767 5th Ave.
                  New York, NY 10153
                  Tel: (212) 310-8318, (212) 310-8274
                  Fax: (212) 310-8007
                  http://www.weil.com/

Financial advisors: Conway, Del Genio, Gries & Co., LLC

Investment bankers: Goldman Sachs Group, Inc.

Claims agent: Epiq Bankruptcy Solutions, LLC
              Attn: Steve and Barry's Claims Processing
              757 3rd Ave., 3rd Fl.
              New York, NY 10017

Debtors' Consolidated Financial Condition:

Total Assets: US$693,492,000

Total Debts:  US$638,086,000

Debtors' Consolidated List of 30 Largest Unsecured Creditors:

                                                     Claim
   Entity                      Nature of Claim       Amount
   ------                      ---------------       ------
Zheng Yong                     Trade Debt           US$3,919,404
Attn: Debbie
P.O. Box 337, Gege Rd.
Nhlangano, Kingdom of
Swaziland
Tel: 002682077659
Fax: 002682077582

Texport Syndicate              Trade Debt           US$3,258,030
Attn: Anuj Goenka
Sub Plot No. 6., Plot
No. F11/F12, Western Ind.
CO-OP Estate, Midc.,
Andheri (E), Mumbai-400 093.
Tel: 91-22-28395601
Fax: 91-22-28368728

Yixing City (J.J.Garments)     Trade Debt           US$2,535,507
Attn: Joanna
Rm. 801, 251 Xiaomuqiao
Rd., Shanghai, China
Tel: 0086-021-64438227-806
Fax: 0086-021-64436030

Gildan Active Wear Srl         Trade Debt           US$2,488,722
Attn: Asha Weeks
600 de Maissonneuve W.
Quebec, H3A, 3J2 Canada
Tel: 514-735-2023
Fax: 514-735-6810

Simon Property Group           Leases               US$2,153,712
Attn: Jackie S. Mason,
General Counsel
225 W. Washington
Indianapolis, Indiana 46204
Tel: (317) 263-7620
Fax: (317) 263-7038

Atraco Inds.–Ashton            Trade Debt           US$2,140,676
Attn: Manan Kapasi
Atraco Industrial Enterprise
P.O. Box 16798
Jebel Ali, Dubai, UAE
Tel: 0097148812686
Fax: 0097148818042

Agi Logistics                  Trade Debt           US$2,085,624
Attn: James Minutello
P.O. Box 3203
Buffalo, NY 14240-3203
Tel: (718) 656-5500
Fax: (718) 947-0164

B&B Contractors, Inc.          Trade Debt           US$1,796,091
dba The Bergman Companies
Attn: Bill Bohn,
Vice-President of Construction
4300 Edison Ave.
Chino, CA 91710
Tel: (830) 899-3348
Fax: (830) 899-3358

Alstyle Apparel                Trade Debt           US$1,722,547
Attn: Tod Scarborough,
President
1501 East Cerritos Ave.
Anaheim, CA 92805
Tel: (714) 765-0400
Fax: (714) 765-0450

Destination Apparel            Trade Debt           US$1,367,830
Attn: Arun
Shakti Vinayak Marg, Gairi
Gaoun-9-Kathmandu-Bagmati
Zone-148-977-0
Tel: 977-1-4220073
Fax: 00977-1-4226021

Weihai Jucheng                 Trade Debt           US$1,344,189
Attn: Susan/Susansui
No. 105 Hengtai St., Hi-Tech
Zone, Weihai, China
Tel: 0631-5696001
Fax: 0631-5606010

Sonal Garments                 Trade Debt            
US$1,222,385
Attn: Pravin Agarwal/Sapna
134-A, Mittal Ct., 224
Nariman Pt., Mumbai-400 021
Tel: 30414014, 30913459
Fax: 91-22-56308276

CBL & Associates Management,   Leases               US$1,202,546
Inc.
Attn: Victoria Berghel,
General Counsel, & Howard
Grody, Vice-President of Mall
Leasing
CBL Ctr., Ste. 500
2030 Hamilton Place Blvd.
Chattanooga, Tennessee
37421-6000
Tel: (423) 490-8684,
     (423) 490-8317
Fax: (423) 893-4388,
     (423) 490-8629

General Growth Management,     Leases               US$1,196,266
Inc.
Attn: Thomas K. Hornacek,
General Counsel
Re: Centerpointe Mall
110 N. Wacker Dr.
Chicago, IL 60606
Tel: (312) 960-2741
Fax: (312) 960-5476

Bombay Rayon Fashion           Trade Debt           US$1,183,477
Attn: Prashant/Nazim
D-1st Flr., Oberoi Garden
Estate, Chandivali, Andheri
(East), Mumbi 40059
Tel: 91-22-56955566
Fax: 91-22-28476992

Kaytee Corp.                   Trade Debt           US$1,174,298
Attn: Premal
51, Sakhar Bhavan, 5th
Mumbai-400 021, India
Floor, Nariman Point,
Tel: (0091-22) 22837123,
     (0091-22) 22837124
     (0091-22) 56308934
     (0091-22) 56308938
Fax: 0091-22-22842243

Ami Apparels                   Trade Debt           US$1,145,877
Attn: Arun
P.O. Box 3263, 2nd Flr.,
'Y' Block, 380-381,
Kathmandu Plaza
Kamaladi, Kathmandu, Nepal
Tel: 4241437, 4255956
Fax: 227538, 249392

Zhuhai Wintop                  Trade Debt           US$1,141,710
Attn: Michael
1-3-601 No. 372 Qinglu
South Rd., Jida, Zhuhai
Tel: 0086-756-3328546
Fax: 0086-756-8895372

International British          Trade Debt            US$970,714
Garments Co. Ltd. (Mft.)
Attn: Sudhir
P.O. Box 96, Ad Dulayl, Amman
Tel: 962-5-3825114
Fax: 962-5-3824270

American Express Corporate     Trade Debt            US$944,045
Green Card
Attn: Toni Specht
American Express Corporate
Services Director, Account
Development
2965 W. Corporate Lakes
Weston, FL 33331-3626
Tel: (623) 581-7203
Fax: (480) 837-2112

Yixing City Huachuang          Trade Debt            US$925,605
Attn: Joanna
Imp. & Exp. Co. Ltd.
Room 801, 251 Xiaomuqiao
Rd., Shanghai, China
Tel: 0086-021-64438227-806
Fax: 0086-021-64436030

Excel Apparels                 Trade Debt            US$912,668
Attn: Deepak/Vincy/Bhaskar
Menon
6, Sri Kanchi Kamatchi
Nagar, K.P. Pudur
(Opp;Velan Hotel),
Kangayam Rd., Tirupur-641604
India
Tel: 24216211, 24216213
Fax: 91-022-24370968

Rolex Garments Epz., Ltd.      Trade Debt            US$863,600
Attn: Mr. Moti Karnani,
Director, & Rajesh Gehani
P.O. Box No 10, Athi-
River, Kenya
Tel: 2544522039, 2544522162,
     2544522031
Fax: 2544522139

Samrat Gems                    Trade Debt            US$862,911
Attn: Rajeev
Patel Engg. Co. Compound,
Patel Estate, Off. S.V. Rd.,
Jogeshwari (W)
Tel: 91-22-26788741,
     91-22-26788742
Fax: 91-22-26788680,
     91-22-26040038

Seven Seas Furniture           Trade Debt            US$853,772
Industrial
Attn: Felix
No.38, Xinchang Rd.
Xinyang Industrial, Haicang,
Xiamen
Tel: 86-592-6513817
Fax: 86-592-6513820

Sinomax International          Trade Debt            US$842,217
(Hongkong) Ltd. (Wanda)
Attn: Swan/Pratik
B26-Binh Tan Dist.,-
Hochiminh City,-231-84-0
Tel: 84-8-8275758
Fax: 852-27578705

S.M. Traders                   Trade Debt            US$820,939
Attn: Irfan Merchant
D-11, S. Ave.
S.I.T.E., Karachi-75700
Pakistan
Tel: 0092-21-2562310-2011
Fax: 0092-21-2570130

Westfield Corp., Inc.          Leases                US$812,030
Attn: Rory Packer, Office of
the Legal Cousel
11601 Wilshire Blvd.
Los Angeles, CA 90025-1748
Tel: (310) 445-2425
Fax: (310) 478-8776

United Garment Mnf. Co.        Trade Debt            US$792,428
Attn: Mr. Karim Saifi
St. No.16, Bldg., No:(e)
Al-tajamaout Industrial City,
Amman, Amman
Tel: (962) 06 4020512
Fax: (219) 6249065

Putian Ala Footwear & Clothing Trade Debt            US$783,388
Attn: Cindy Zhou
Hushi Quanguan Industrial
Area, Xiuyu County,
Putian, Fujian, China
Tel: 0086-0594-5878888
Fax: 0086-0594-5859333


CHINA EASTERN: Inks Aircraft Sale and Lease-Back Deals with ICBC
----------------------------------------------------------------
China Eastern Airlines Corporation Limited entered into a sale
and purchase agreement with ICBC Financial Leasing Co. Ltd.,  
regarding the sale and purchase of the aircraft; and a lease
agreement regarding the leasing-back of the aircraft, Reuters
reports.

In a press statement, China Eastern said an aggregate amount
which is equivalent to the unaudited book value of the aircraft
as at the completion date.  As of June 27, 2008, the unaudited
book value of the aircraft is CNY1.29 billion.  The
consideration was determined after negotiation between the
parties, and will be paid in cash via telegraphic transfer on
the completion date.

The company said that the completion of the agreement is
conditioned upon, the fulfillment or waiver by the relevant
parties of these conditions:

(1) the Lease Agreements and the ancillary documents having been
     executed by the respective parties;

(2) the company has provided the relevant documentary evidence
    to prove its title ownership of the aircraft to ICBC
    Financial;

(3) each party has provided to the other party copies of its
    constitutional documents, respective resolutions of the
    board of directors approving the Sale and Purchase
    Agreements, business licenses and (for the company)
    registration documents relating to the aircraft;

(4) as at the completion date, there is no mortgage or priority
    right over the aircraft or the provision of the relevant
    release documents in respect of such mortgage or priority
    right (if any) from the company to  ICBC Financial; and

(5) the warranties and representations under the Sale and
    Purchase Agreements remain true and accurate.
    completion date

The parties expect that it will be a date prior to July 31,
2008.

                     Lease Agreements

Under their lease agreement, ICBC Financial will lease back the
aircraft to China Eastern for 72 months.  The rental fee for the
aircraft will depend on the prevailing interest rates offered by
the People's Bank of China, which will be paid in cash by the
company quarterly. Based on the current rates, it is expected to
amount to approximately CNY20,000,000 per quarter for each
aircraft. Pursuant to the Lease Agreements, the company has to
pay to ICBC Financial an one-off handling fee with reference to
a certain percentage of the consideration payable under the Sale
and Purchase Agreements.

The rental fee and the handling fee were determined after
negotiation between the parties and on normal commercial terms.

Completion is conditional upon, fulfillment or waiver by the
relevant parties the following conditions:

(1) the Sale and Purchase Agreements and the ancillary documents
    having been executed by the respective parties;

(2) the relevant rental fee and the handling fee have been
    received by the Buyer pursuant to the Lease Agreements;

(3) each party has provided to the other party copies of its
    constitutional documents, respective resolutions of the
    board of directors approving the Lease Agreements, business
    licenses and (for the company) registration and insurance
    documents and licenses relating to the aircraft;

(4) the warranties and representations under the Lease
    Agreements remain true and accurate; and

(5) there is no event of default as described in the Lease
    Agreements prior to the Delivery Date.

                          Buy-back

Pursuant to the Lease Agreements, upon the expiry of the term of
the Lease Agreements, the company shall (and not at its
discretion) purchase the aircraft back from ICBC Financial at a
consideration which amounts to not more than 10% of the
consideration payable under the Sale and Purchase Agreements.
Further announcement(s) will be made the company in compliance
with the relevant Listing Rules, if and when appropriate.

                     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.

                          *     *     *

On April 28, 2006, Fitch Ratings downgraded China Eastern's
foreign currency and local currency issuer default ratings to B+
from BB-.  Fitch said the outlook on the IDRs is stable.

On November 16, 2005, Xinhua Far East China Ratings gave the
company a BB+ issuer credit rating with a stable outlook.

All ratings still hold to date.


CHINA EASTERN: Says Tickets for Taiwan Flights Sells Fast
---------------------------------------------------------
China Eastern Airlines said ticket sales for weekend chartered
flights across the Taiwan Strait sells fast over the next eight
weeks, Xinhua News reports.

The airline, the report relates, currently operates four round
flights across the strait, with two on Friday, one on Sunday and
one Monday.

According to the report, China Eastern is among the six airlines
from the mainland and five from Taiwan which are operating round
flights of the weekend service between five terminals in the
mainland and five in Taiwan.

The report says under an agreement signed by the mainland-based
Association for Relations Across the Taiwan Straits and the
Taiwan-based Straits Exchange Foundation on June 13, mainland
tourists can visit Taiwan by chartered flights on weekends from
July.

                       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.

                          *     *     *

On April 28, 2006, Fitch Ratings downgraded China Eastern's
foreign currency and local currency issuer default ratings to B+
from BB-.  Fitch said the outlook on the IDRs is stable.

On November 16, 2005, Xinhua Far East China Ratings gave the
company a BB+ issuer credit rating with a stable outlook.

All ratings still hold to date.


HAINAN: Units Transfer Domestic Operations to Terminal Bldg. 2
--------------------------------------------------------------
Four subsidiaries of Hainan Airlines Group -- Hainan Airlines
Co. Ltd., Grand China Air Co. Ltd., Deer Jet Co. Ltd. and Grand
China Express Airlines Co. Ltd. -- transfered their domestic
operations from the No. 1 Terminal Building (T2) to T1 of
Beijing Capital International Airport from June 27, 2008,
SinoCast News reports.

According to the report, the domestic operations of these
airlines to be transferred include the express flight between
Beijing and Shanghai run by Hainan Airlines, while the
international flights of those airlines will remain at T2.

The change is part of the airport's efforts to optimize
arrangement of its three terminals before the 29th Olympics are
to be held, the report says.

                      About Hainan Airlines

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

                         *      *      *

Hainan Air continues to carry Xinhua Far East China
Rating's "CC"issuer credit rating placed on October 31, 2005
with a negative outlook.


SHANGHAI CENTURY: Shareholders OK Borrelli Walsh as Liquidators
---------------------------------------------------------------
Shanghai Century Acquisition Corporation disclosed that the
proposal to appoint Cosimo Borrelli and Jacqueline Walsh, both
of Borrelli Walsh Limited, to act as liquidators of the company
was approved by the shareholders of Shanghai Century at its
general and extraordinary meeting held on July 8, 2008.

On May 28, 2008, the Shanghai Century board of directors filed a
Notice of Dissolution and a Declaration of Solvency with the
Cayman Islands' Registrar of Companies, in addition to
publishing in the Cayman Islands' Gazette, a notice to all
possible creditors of the company's voluntary winding-up and
distribution of assets. The liquidators will undertake their own
independent assessment of the company's creditors and evaluation
of claims.

The board considered it advisable for an independent liquidator
to be appointed, which under Cayman Islands' law requires
shareholder approval.  

The Liquidators' responsibilities include, but are not limited
to, undertaking an independent assessment, evaluation and
settlement of the company's creditors; and making pro rata
distributions to the holders of securities from the trust
account of the company into which the net proceeds of the
company's initial public offering were deposited plus:

   (i) one-half of the interest earned on the Trust Account and  

  (ii) any remaining net assets.

The per share distribution amount will not be determined until
after the Liquidators have evaluated and paid the creditors'
claims and may be less than the initial public offering price of
US$8.00 per unit, assuming the entire amount of the Trust
Account is available for distribution.

No payments will be made in respect of the outstanding warrants  
or to any of its initial shareholders with respect to the shares
owned by them prior to the initial public offering.

Mr. Borrelli is a chartered accountant with over 20 years of
experience in formal and informal corporate restructuring,
insolvency, forensic accounting and financial investigations.

Ms. Walsh is a qualified lawyer in Hong Kong and the United
States with over 14 years of experience in formal and informal
corporate restructuring, insolvency, court and private
receiverships and financial investigations.

Shanghai Century Acquisition Corporation was formed for the
purpose of acquiring, through a share exchange, asset
acquisition or other similar business combination, or control
through contractual arrangements, an operating business having
its primary operations in China.  Shanghai Century Acquisition
Corporation's principal offices are in Hong Kong.

         About Shanghai Century Acquisition Corporation  

Based in Hong Kong, Shanghai Century Acquisition Corporation
(AMEX: SHA) -- http://www.shanghaicenturyacquisiti... -- is a  
blank check company formed to serve as a vehicle for the
acquisition of an operating business that has its primary
operating facilities in the People's Republic of China,
including the Hong Kong Special Administrative Region and the
Macau Special Administrative Region, but excluding Taiwan.  It
was formed to serve as a vehicle to effect a merger, capital
stock exchange, asset acquisition or other similar business
combination with an operating business.  



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

CHURCHWOOD INVESTMENTS: Liquidator Quits Post
---------------------------------------------
On July 4, 2008, Ernest Lai Ho Kai stepped down as liquidator
for Churchwood Investments Limited.


SALEN PROPERTIES: Liquidator Quits Post
---------------------------------------
On July 4, 2008, Ernest Lai Ho Kai stepped down as liquidator
for Salen Properties Limited.


SUN HUNG: Liquidator Quits Post
-------------------------------
On July 4, 2008, Ernest Lai Ho Kai stepped down as liquidator
for Sun Hung Kai Properties Investments Limited.


SPLENDID DRAGON: Liquidator Quits Post
--------------------------------------
On July 4, 2008, Ernest Lai Ho Kai stepped down as liquidator
for Splendid Dragon Limited.


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


SHUI LEE: Liquidator Quits Post
-------------------------------
On July 4, 2008, Ernest Lai Ho Kai stepped down as liquidator
for Shui Lee Company Limited.


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


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


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


YUSION INVESTMENT: Liquidator Quits Post
------------------------------------------
On July 4, 2008, Ernest Lai Ho Kai stepped down as liquidator
for Yusion Investment Company Limited.

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



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

CITIGROUP INC: May Sell Headquarters in India
---------------------------------------------
Citigroup Inc. is believed to be actively considering sale of
its eight-storey tower Citigroup Centre in India as the finance
holding firm continues to be hit hard by the subprime mortgage
market collapse, The Times of India reports citing real estate
market sources.

Citigroup's building in the Bandra Kurla Complex, with close to
2 lakh sq ft of built up area, could fetch anywhere between
Rs 500 crore to Rs 800 crore, according to a market estimate
cited by The Times.

A spokesperson contacted by The Times refused to comment on the
issue.

The report relates that the holding company has been shedding
its real estate all over the country, including more than half a
dozen flats in Mumbai in the past one year.

Meanwhile, Reuters reports that Citigroup's head of its Asia-
Pacific wealth management business has resigned.

According to Reuters, Kaven Leung, who has been with the bank
for more than 20 years, became chief executive of the Asia-
Pacific wealth management group last year.  

Deepak Sharma, who heads Citi's global wealth management outside
the United States, will take on the additional responsibility of
chief executive Asia-Pacific, a spokesman was cited by Reuters
as saying.

In a separate report, Reuters says a unit of Citigroup's
Citibank N.A. will cut 174 jobs to reduce costs in a difficult
student lending environment.

Reuters says of the total job cuts, 146 positions will be with
The Student Loan Corp while an additional 28 positions will be
at Citibank.

Most of the jobs will be discontinued in August 2008, Reuters
adds.

According to Bloomberg, Citigroup employs more than 300,000
people worldwide and has disclosed about 13,000 job reductions
this year.

In June, Bloomberg News says Citigroup's Japan unit offered
early retirement, with two months' pay, to its 1,350 employees
as the company withdraws its operations from Japan.

WSJ, citing Chief Executive Officer Vikram Pandit, says that
Citigroup is lowering costs and shedding assets after the New
York-based company reported two straight quarterly losses
totaling a record US$15 billion.  

                       About Citigroup Inc.

Headquartered on New York City, Citigroup Inc. (NYSE:C) --
http://www.citigroup.com/citigroup/-- is a diversified global   
financial services holding company whose businesses provide a
range of financial services to consumer and corporate customers.  
The company is a bank holding company.

In India, Citigroup has a network of 30 branches with over
22,000 employees.  Citigroup operates in India through Citi
Markets & Banking, Citibank, CitiFinancial, Citi Private Bank,
Citi Smith Barney, Citi Investment Research, Citi Venture
Capital, Citigroup Global Services (formerly e-Serve) and Citi
Technology Services.


SPICEJET: Goldman Sachs Joins Ross in Saving Airline
----------------------------------------------------
Goldman Sachs has expressed interest in acquiring equity in
SpiceJet Limited, the Business Standard reports citing unnamed
sources.

News of companies working to acquire stake in the airline have
been spreading after Spicejet said it is seeking at least US$100
million (Rs431 crore) to boost its working capital and appointed
merchant banker to arrange the funding transaction.

SpiceJet has also reserved an option of merger to raise funds,
Keshav Seth of TopNews says.

As reported in the Troubled Company Reporter-Asia Pacific on
July 9, 2008, SpiceJet may abandon a deal with Vijay Mallya's
Kingfisher Airlines after both carriers had a conflict on
SpiceJet's valuation.

Talks are still going on but The Economic Times said SpiceJet
has shifted focus to billionaire US investor Wilbur Ross as it
feels the price offered by Kingfisher was too low.

A person close to the development told The Economic Times that
Kingfisher valued SpiceJet on the basis of the average share
price of the airline in the past three months and a control
premium, which valuation was rejected by the SpiceJet promoters.

Mr. Mallya, the source added, is believed to have said that the
proposed value of the low-cost airline was well in line with the
current market scenario.

The Troubled Company Reporter-Asia Pacific also reported
that SpiceJet is close to sealing a share-swap deal with
Kingfisher 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
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."

Just recently, Spicejet clarified in a regulatory filing that
the company's Board met June 30, 2008 and did not discuss on any
issues relating to the Kingfisher deal.  

The TCR-AP relates that SpiceJet has received a US$100 million
offer from private equity investor, WL Ross & Co LLC, for
the airline’s working capital requirements.

According to The Hindu Business Line, 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.”

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.


* CRISIL: Mutual Funds Remain Net Equity Buyers Amid Bad Market
---------------------------------------------------------------
CRISIL FundServices says mutual funds continued to be net buyers
in the secondary equity market in June and bought equities worth
Rs.31.79 billion compared to a net buyer position of Rs.0.64
billion in May.  This is the third month in a row that mutual
funds have been net purchasers in secondary equity market
signalling that equity fund managers appear to be finding value
in stocks that are looking under-priced in the bear phase
engulfing the equity markets from the beginning of the year.  
Until June 30, 2008, mutual funds have made net equity purchases
of Rs.76.14 billion.

According to CRISIL FundServices, AUMs in equity mutual funds
fell 24 percent while the benchmark index S&P CNX Nifty fell by
34 percent in the first 6 months of the year.  The fact that the
AUM of the equity funds has been falling lesser than the
benchmark indices is a sign of increasing maturity of investors.  
Investors now seem to be looking to buy at lower levels.  Also
systematic investment plans have gained popularity which means
inflows into funds to some extent are insulated from market
movements.  Thus while the declining AUMs is a reflection of the
markets declining, retail investors with a reasonably long term
investment horizon seem to be continuing to be loyal to equity
funds as one of the avenues to get inflation beating returns.

                         Returns Toppers

In the 3-month period April to June 2008, funds with a global
equity component figured at the top, viz., Principal Global
Opportunities Fund (8.28 per cent absolute gains), HSBC Emerging
Markets Fund (5.03 per cent gains) and Birla Sun Life
International Equity Fund - Plan A (4.59 per cent gains).  At
the same time both on a 1 month and 6 month horizon as of June
2008, Birla Sun Life International Equity Fund - Plan A was the
best performing scheme among internationally oriented equity
funds with returns of -5.8 per cent and -3.1 per cent
respectively.  While the Dow Jones dropped 7.44 per cent over
the quarter till June 08, the Nasdaq was flat and Japanese
Nikkei was up 7.63 per cent over the quarter.  On the other
hand, the S&P CNX Nifty was down almost 15 per cent over the
latest quarter.

The volatile equity markets saw arbitrage funds as positive
return generators in June 08 among equity oriented funds with JM
Arbitrage Advantage Fund topping the charts with 0.87 per cent
absolute gains followed by HDFC Arbitrage Fund with 0.78 per
cent gains.  Benchmark Equity & Derivatives Opportunities Fund
(0.75 per cent gains), SBI Arbitrage Opportunities Fund (0.74
per cent gains) and Lotus India Arbitrage Fund (0.65 per cent
gains) were the other schemes in the top five gainers list.

             Liquid Funds Post Positive Returns in June

Only CRISIL~LX, which tracks Liquid Funds, posted a monthly gain
of 0.70 per cent owing to higher overnight rates.  All other
CRISIL indices were in the red.  Among pure debt indices, CRISIL
Fund-dX, the Long-Term Bond Funds index, ended marginally
negative by 0.04 per cent.  CRISIL STBEX (which is used as the
benchmark for Short-Term Bond Funds), gave a monthly negative
return of 0.29 per cent while the CRISIL MF-Gilt Index ended
down by 0.34 per cent.  Indices with equity components were the
worst performers in line with the market trends, CRISIL Fund~eX
(which tracks diversified equity funds) declined the most during
the month, giving negative returns of 16.90 per cent.  CRISIL
Fund~bX (which tracks balanced funds) was down by 12.70 per
cent, while CRISIL MIPEX, (which is used as a benchmark for
monthly income plans) posted negative returns of 4.15 per cent.

         Increased Cash Holdings of Equity Oriented Schemes

CRISIL's analysis of nearly 250 equity oriented schemes reveals
that cash (and cash equivalents) component in the portfolio has
gone up from 7.60 per cent as of February 08 to 12.3 per cent as
of May 08.  There were even some funds which chose to lock 40
per cent and above of their assets in cash and cash equivalents
as of May 08 to cushion themselves against the impact of the
declining equity markets.

                     Popular Industry Scrips

Over the 3-month period ended May 08, Reliance Industries Ltd.,
ICICI Bank Ltd., Larsen & Toubro Ltd. continued to be the most
popular stocks among fund managers of diversified equity
schemes.  A key observation was that Bharat Heavy Electricals
Ltd. moved up two notches to the fourth spot among most popular
stocks in the 3-month period while Bharti Televentures Ltd.
moved up by six notches to the fifth place.  Among industries,
the banking sector was the most invested industry over the 3-
months ended May 08 followed by Computers - Software, Electrical
Equipment and Petrochemicals.  The Computers - Software sector
has moved up by four notches over this period to the second spot
in May 08.

                Industry Average AUM Falls in June

During the month of June, the Indian mutual fund industry's
average AUM slid by almost 6 per cent to Rs.5.66 trillion in
June, from the record high of Rs.6.02 trillion in May 2008
(including fund of funds).  The decline in mutual fund assets
can be attributed to the slump in equity markets (S&P CNX Nifty
down 17 per cent) and tight liquidity conditions after advance
tax outflows of almost Rs.250 billion.
Five out of the thirty three fund houses managed to record a
jump in average AUM, viz., ABN AMRO Mutual Fund, Mirae Asset
Mutual Fund, DBS Chola Mutual Fund, ICICI Prudential Mutual Fund
and Quantum Mutual Fund.  In percentage terms, ABN Amro Mutual
Fund saw the highest increase in its average AUM to Rs.69.88
billion in June, up almost 14 per cent or Rs.8.54 billion from
May, followed by Mirae Assset Mutual Fund's average, AUM up by
almost 13 per cent or Rs.2.76 billion over the month.  ABN Amro
Mutual Fund was also the highest gainer in average AUM in
absolute terms followed by ICICI Prudential Mutual Fund's gains
of Rs.4.12 billion.

                       Average AUM Toppers

Reliance Mutual Fund continued to be the largest fund house with
an average asset base of Rs.908.13 billion.  ICICI Prudential
Mutual Fund and HDFC Mutual Fund followed with average assets of
Rs.595.05 billion and Rs.527.11 billion respectively.  UTI
Mutual Fund and Birla Mutual Fund were at fourth and fifth spots
with an average AUM of Rs.507.70 billion and Rs.410.93 billion
respectively.

                     Mutual Fund Regulations

During the month SEBI mulled setting up an advisory committee on
mutual funds to understand the needs and problems of the
industry and to see if any regulatory changes are necessary.
Further, the SEBI Chairman advocated the concept of depositories
for mutual funds so as to move to a paperless format like
equities in future.  Meanwhile, AMFI (Association of Mutual
Funds of India) took up the commission issue on competing
products like ULIPs (Unit Linked Insurance Products) with SEBI.  
ULIPs, which fall under the IRDA's (Insurance Regulatory and
Development Authority) jurisdiction, offer a higher commission
compared to mutual fund products.  AMFI also suggested to SEBI
to allow mutual funds to offer pension products.  On another
front, RBI extended the deadline for banks to adhere to mutual
fund lending norms till September 13.

                      Other Key Developments

Axis Bank received the RBI nod to set up its mutual fund arm as
well as sought the SEBI nod for the same.  On the same lines,
Bank of India proposed to set up an MF subsidiary, Indian Bank
proposed to revive its mutual fund arm as well as rope in a
foreign partner while UBS eyed the Indian asset management
sector.  Further, HDFC proposed to list its mutual fund arm
ahead of its insurance business and Reliance Mutual Fund
proposed to sell its funds in the UK from September.

                    About CRISIL FundServices

CRISIL FundServices is India’s leading provider of fund
evaluation and risk solutions to the Indian Mutual Fund
industry.  Widely acknowledged as the industry standard, CRISIL
FundServices is the official provider of valuation tools and
market benchmarks.  Through its innovative analytics, benchmarks
and analytical tools, CRISIL FundServices has played a
significant role in shaping investor confidence and facilitating
the introduction of best practices in the Mutual Fund industry.


* INDIA: Aviation Ministry Panel to Check on Airlines' Losses
-------------------------------------------------------------
The government of India has approved a proposal by the civil
aviation ministry to set up a committee to examine various
issues related to the financial woes of domestic airlines, The
Economic Times reports.

According to the report, Prime Minister Manmohan Singh recently
reviewed the developments in the civil aviation sector and will
ask the committee to submit its recommendations at the earliest
possible.

Welcoming the decision, Civil Aviation Minister Praful Patel was
cited by the Times as saying that: "The ministry looks forward
to advice this committee on one of the most important issues
presently affecting the civil aviation sector which has also led
to the slowdown in the growth sector and losses for the domestic
airlines."

Meanwhile, CRISIL Research said airline companies in India would
continue to incur losses even if crude oil prices decline
significantly if they do not quickly undertake a revenue
augmentation exercise in conjunction with cost reduction
measures and efficiency improvement initiatives.

The sharp increase in crude oil prices in the first half of 2008
has led to a corresponding rise in the price of aviation turbine
fuel (ATF) for all airline companies, due to which they are
expected to post heavy losses.  Fuel cost as a percentage of
total operating costs has increased by 300-600 basis points.

CRISIL Research has analysed the movement in breakeven ticket
prices of domestic carriers at various prices of crude oil and
at varying load factors and concluded that a structural increase
in ticket prices is required in the near term.

Mr. Sudhir Nair, Head, CRISIL Research, elaborated, “Although
airlines have gradually increased the fuel surcharge to counter
the impact of rising ATF prices, they continue to remain in the
red.  This incessant increase in the price of ATF and the
consequent increase in ticket prices have led to a reduction in
growth of passenger traffic, thereby leading to a drop in
passenger load factors.  Even at sharply lower crude oil prices,
airlines will not break-even; a structural increase in ticket
prices is required in the near term.”  This has resulted in
airlines adopting a co-operative route to profitability, under
which both, Low Cost Carriers (LCCs) and Full Service Carriers
(FSCs) have fixed the minimum base fare, fuel surcharges and
other taxes.  The same needs to continue till the airlines are
back in the black.

Mr. Nair added, “More critical for airlines is an urgent need
for efficiencies.  Measures include selectively reducing
capacities in order to improve load factors and reducing
dependence on leased aircraft resulting in a lower aircraft
rental outgo besides employee productivity enhancement measures.  
As the fare differential between LCCs and FSCs has decreased
considerably, consolidated airlines could also consider a single
brand FSC operation.  This would not only help improve passenger
load factors and reduce other operating costs, but would also
help augment revenues through superior pricing.”



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

PERUSAHAAN LISTRIK: Blackouts to Occur in Jakarta Until July 25
---------------------------------------------------------------
PT Perusahaan Listrik Negara will organize rolling blackouts in
the greater Jakarta area from today, July 11, until July 25,
2008, Indahnews reports.

A spokesperson cited by Indahnews however made it clear that it
might not be over after July 25, 2008, since the much needed new
power plants that are currently being constructed near Rembang
and Indramayu will only be operational in 2010.

                    About Perusahaan Listrik

Indonesian state utility firm PT Perusahaan Listrik Negara --
http://www.pln.co.id/-- transmits and distributes electricity        
to around 30 million customers, roughly 60% of Indonesia's
population.  The Indonesian Government decided to end PLN's
power supply monopoly to attract independents to build more
capacity for sale directly to consumers, as many areas of the
country are experiencing power shortages.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on June 18,
2007, that Standard & Poor's Ratings Services affirmed its
'BB-' foreign currency rating and 'BB' local currency rating on
Indonesia's PT Perusahaan Listrik Negara (Persero).  The outlook
is stable.  At the same time, Standard & Poor's assigned its
'BB-' issue rating to the proposed senior unsecured notes to be
issued by PLN's wholly owned subsidiary, Majapahit Holding B.V.


* INDONESIA: Aims to Raise IDR3 Trillion in Bond Auction
--------------------------------------------------------
Indonesia aims to raise IDR3 trillion (US$325.9 million) of
rupiah-denominated government bonds from an auction on Tuesday
next week to help plug the budget deficit, Reuters reports
citing the finance ministry.

According to Reuters, the ministry said it planned to auction
zero coupon bonds ZC0004 maturing in 2010, fixed
rate bonds FR0034 maturing in 2021 and fixed rate
bonds FR0047 maturing in 2028.  All are reopenings
of existing issues.

The 13-year fixed rate bonds carry a coupon rate of 12.8
percent, while the 20-year fixed rate bonds carry a coupon rate
of 10 percent, the report adds.

Analysts cited by Reuters see healthy demand for the bonds,
despite a slight rise in the benchmark BI rate BIPG, given
lower-than-expected inflation in June and a largely stable
rupiah currency IDR.

"It's time to buy because the yield is very good for rupiah
bonds," Budi Susanto, a debt analyst at brokerage Danareksa
Sekuritas was quoted by the Reuters as saying.


* INDONESIA: Power Cuts Turns Away Foreign Investors
----------------------------------------------------
Foreign investors are shying away from Indonesia due to chronic
power outages, Interactive investor reports citing Sofjan
Wanandi, chairman of the Business Association.

"If the power cuts continue foreign investors won't come to
Indonesia.  They will choose China instead," Mr. Wanandi was
quoted by Interactive investor as saying.

Indahnews relates that industrial companies have to cope with
drastically lower production because of rolling blackouts in
several parts of Indonesia.

Mr. Wanandi cited the instance when Japanese investors had lost
IDR48 billion (US$5.28 million) in the past two weeks due to
power cuts in regions outside Jakarta.

The report noted that the power cuts are due to the maintenance
work, which will interrupt gas supplies to two state-owned
generating stations in North Jakarta, but analysts have blamed
the country's crumbling infrastructure.



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

JAPAN AIRLINES: To End Operations in Fukushima Airport
------------------------------------------------------
Japan Airlines International Company Limited will end its
flights to the Fukushima Airport in late January next year, to  
lower domestic passenger flight operations in response to higher
fuel prices, JiJi Press reports, citing JAL officials.

The airline, the report relates, will abolish its flights
connecting the airport with Osaka International Airport and
Kansai International Airport, and JAL's Japan TransOcean Air
unit will also terminate its flights between the Fukushima and
Naha airports.

The airline will also shut down its office and other facilities
at Fukushima Airport.

According to the report, Fukushima Governor Yuhei Sato plans to
visit JAL's head office to ask the airline to cancel the
withdrawal.

JAL and rival All Nippon Airways plan to abolish or reduce
flights on some 20 domestic routes together, the report adds.

                       About Japan Airlines

Tokyo-based Japan Airlines International Company, Limited --
http://www.jal.com/en/-- was created as a result of the merger  
of Japan Airlines and Japan Air Systems to boost domestic
coverage.  Japan Airlines flies to the United States, Brazil and
France.

                         *     *     *

In April 2008, Fitch Ratings revised the Outlook on Japan
Airlines Corporation and its whollyowned operating subsidiary,
JAL International Co., Ltd.'s Long-term Issuer Default ratings
to Stable from Negative.  At the same time, Fitch affirmed both
companies' Long-term IDRs and ratings of outstanding bonds at
'BB-'.  The Outlook revision follows JAL's operational
turnaround and better liquidity.

In February 2007, Standard & Poor's Ratings Services affirmed
its 'B+' long-term corporate credit and issue ratings on Japan
Airlines Corp. (B+/Negative/--) following the company's
announcement of its new medium-term management plan.  S&P said
the outlook on the long-term corporate credit rating is
negative.


ZEPHYR CO: JCR Withdraws NJ Rating on Domestic CP Program
---------------------------------------------------------
JCR has withdrawn its NJ rating on the CP program of Zephyr Co.,
Ltd. at the company's request.

CP:
Maximum: JPY10 billion
Backup Line: 0%

According to JCR's rating definition, NJ rating indicates the
capacity of the obliger to honor the short-term financial
commitment on the obligation is less than for the upper-ranking
categories.

Zephyr Co. Ltd. -- http://www.zephyr.co.jp/-- is a Japan-based   
real estate company.  The company has four business segments.
The Real Estate Property Sale segment is engaged in the
planning, development and sale of condominiums and detached
housing.  The Real Estate Liquidation segment sells investment
real estate properties.  The Construction Management (CM)
segment is engaged in the construction business, utilizing CM
method, and the planning and construction of commercial
buildings.  Through its subsidiaries, the Others segment is
involved in the general management of condominiums and buildings
for leasing, as well as the sale, leasing, and the provision of
agency businesses of real estate properties. Headquartered in
Tokyo, the company has 19 subsidiaries and five associated
companies.


* JAPAN: Tokyo Vacancies Highest in 2 Years
-------------------------------------------
Office vacancies rose in June to the highest in two years as
companies cut spending, Kathleen Chu of Bloomberg News reports.

According to the report, real estate brokerage Miki Shoji Co, in
a report released through the Ministry of Land, Infrastructure
and Transportation, said Tokyo office vacancy rate rose for the
fifth month in a row, increasing to 3.49% in June from 3.29% in
May.

Business investment, the report relates, fell 0.9% in the three
months ended March 31 from the previous quarter.   

Citing the Bank of Japan, the report says the economy has
worsened in eight of the country's nine regions since April as
costlier energy and raw materials slow expansion.

Bloomberg News says average office rents in Tokyo's five main
business districts of Chiyoda, Chuo, Minato, Shinjuku and
Shibuya rose to JPY22,868 per 35.5 square feet (US$64.88 per
square meter) in June, from JPY22,826 a month earlier, while
average rent for existing buildings in the area rose to
JPY22,379 from JPY22,318.



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

PESAKA ASTANA: To Pay Bondholders MYR149 Mil. in Consent Order
--------------------------------------------------------------
Pesaka Astana (M) Sdn Bhd has agreed to pay MYR149.3 million in
a court dispute involving the company's bondholders, the
Edge Daily reports.

The company's legal counsel, Ganesan Karuppannan, told the Edge
Daily that Pesaka recognised its obligations towards ten
affected bondholders that consisted mainly of banks and discount
houses, and would honour the payment in due time.

Mr. Pesaka also told the news agency that Pesaka has not decided
on the payment date, as the trial is ongoing and would like to
wait until the case has been decided.

The Troubled Company Reporter-Asia Pacific reported on July 9,
2008, that the court dipute stemmed when the plaintiffs, who
invested in Pesaka's issued MYR140 million Al Bai' Bithaman Ajil
Islamic debt securities did not receive the MYR34.2 million
payment.


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

ABC INCORPORATION: Court Appoints Liquidators
---------------------------------------------
Pursuant to Section 246 of the Companies Act 1993,  the High
Court at Auckland has appointed Iain Bruce Shephard and
Christine Margaret Dunphy, as liquidators of ABC Incorporation
Limited fka Mobile Property Sales Limited.

The company's liquidator can be reached at:

          Shephard Dunphy Limited
          Level 2, Zephyr House
          82 Willis Street
          Wellington
          Telephone: (04) 473 6747
          Facsimile: (04) 473 6748


ACTIVE AUTOMOTIVE: Placed Under Voluntary Liquidation
-----------------------------------------------------
Pursuant to Section 241(2) of the Companies Act 1993, the
shareholders of Active Automotive Limited, resolved that the
company be liquidated and that Kevin John Gilligan, of Auckland,
be appointed liquidators.

Creditors who were not able to file their proof of debts by
July 4, 2008, were excluded from any dividend distribution.

Creditors and shareholders may direct their inquiries to:

          Kevin J. Gilligan
          PO Box 26022
          Epsom, Auckland 1344
          Telephone: (09) 834 4486
          Facsimile: (09) 834 4990
          Email: kgill@ihug.co.nz


GARRY ROSS: Wind-Up Petition Hearing Set for July 24
----------------------------------------------------
The High Court at Napier will convene a hearing on July 24,
2008, at 10:00 a.m., to consider an application putting Garry
Ross Limited, fka G. & W. Ross Limited, into liquidation.

The application was filed on April 28, 2008, by the Commissioner
of Inland Revenue.

The plaintiff's address for service is at:

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

Kay S. Morgan, is the plaintiff's solicitor.


GRAPHIC IMPACT: Wind-Up Petition Hearing Set for July 25
--------------------------------------------------------
The High Court at Auckland will hold a hearing on July 25, 2008,
at 10:45 a.m., to consider an application putting Graphic Impact
Production Limited into liquidation.

The application was filed on May 9, 2008, by Fuji Xerox Finance
Limited.

The plaintiff's address for service is at:

          Level 1
          West Plaza Building
          3 Albert Street
          Auckland

George Bogiatto, is the plaintiff's solicitor.


HOLLOWAY: Shuts Business, Company to be Liquidated
--------------------------------------------------
Holloway has closed its doors blaming surging petrol prices,
Newstalk ZB reports.

According to the report, the Tauranga-based advertising agency,
with a staff of 35, has gone into liquidation and its head Mark
Holloway says the downturn has been quick.

The report relates that Holloway says when people are spending
NZ$90 a week to fill their car they stop buying things and small
to medium businesses suffer.


LANE HOLDINGS: Court Appoints Liquidators
-----------------------------------------
Pursuant to Section 241(2)(c) of the Companies Act 1993,  the
High Court at Auckland has appointed David Stuart Vance and
Barry Phillip Jordan, chartered accountants, as liquidators of
Lane Holdings Limited.

Creditors and shareholders may direct their inquiries to:

          Logan Nicholls
          Deloitte
          10 Brandon Street
          Wellington
          Postal Address: PO Box 1990
          Wellington
          Telephone: (04) 472 1677
          Facsimile: (04) 472 8023


MICHEL'S PATISSERIE: Wind-Up Petition Hearing Set for August 1
--------------------------------------------------------------
The High Court at Auckland will convene a hearing on Aug. 1,
2008, at 10:00 a.m., to consider an application putting Michel’s
Patisserie NZ Limited into liquidation.

The application was filed on April 14, 2008, by Gerald Burns
Gerrand, Jennifer Ruth Gerrand and Alison Margaret Kellaway.

The plaintiffs' address for service is at:

          Kellaways
          677 River Road
          PO Box 19379
          Hamilton
          Telephone: (07) 855 8061
          Facsimile: (07) 855 8067

Peter Rayner Kellaway, is the plaintiff's solicitor.


NATHANS FINANCE: NZ$8 Million Fund Awaits Distribution   
------------------------------------------------------
Nathans Finance NZ Ltd's receivers, Colin McCloy and John Waller
of PriceWaterHouseCoopers, updated the company's investors on
specific progress in the sale and restructuring processes of
VTL’s 24seven Australasia, 24seven US, and Shop24 business
units.
              
According to the receivers, 24seven Australasia was offered for
sale by way of a formal competitive tender process, managed by
PwC Auckland.  A number of bids were received and a sale as a
going concern was concluded at the end of May 2008.

The 24seven United States business comprises operations in
California and Texas.  24Seven California was sold as a going
concern with the proceeds of sale received in late April. The
business operations in Texas are the subject of negotiations
which we expect will be resolved shortly.

The Shop24 business is in a development phase and requires
further funding and a strategic partner in order to realize
maximum value for Nathans secured debenture investors.  A
detailed fund raising information memorandum has been prepared
and issued to interested parties.  A number of parties have
expressed interest and are currently evaluating the
opportunity.  Once this process is complete the most appropriate
strategy for maximizing value in Shop24 can be finalized.

The receivers expect it will be necessary to retain the Shop 24
business for a period of say two years whilst it implements its
business plan.  Indications are that by following this strategy
over such a period the value in Shop24 could increase
significantly.  At this stage the receivers believe this is the
best strategy to realize maximum value from the Shop24 business
for Nathans secured debenture investors.

                   Anticipated Initial Dividend

The amount and timing of returns to Nathans secured debenture
investors is reliant on the timing of recoveries from VTL’s sale
and restructuring processes.  The receivers had previously
advised secured debenture investors that they were hopeful the
sale of the 24seven Australasia and 24seven US business units
would be completed by June 2008.  This has been successfully
achieved.  

However in both cases a number of contingent creditors remain to
be resolved and therefore the receivers are not yet in a
position to pay an interim dividend to investors.  The receivers
are actively seeking to deal with the contingent creditors and
will be able to pay an interim dividend once the issues are
resolved.  The receivers are aware of secured debenture
investors’ desire that the matters be resolved at the earliest
opportunity and confirm that they are working to this result.

At present the receivers hold around NZ$8m of funds, including
the proceeds of sale from the 24seven Australasia and California
businesses.  The NZ$8m equates to an interim dividend of 4.7% of
the NZ$171m due to secured debenture holders.  However the
ultimate level of interim dividend that can be released to
investors will depend on the outcome of the contingent
creditors.

Further, the receivers said, dividends to investors will depend
on the outcome of the Shop24 capital raising process which is at
an advanced stage.

                      Investigation into VTL’s
                           NZ$133m Loss

VTL reported a loss of NZ$133m for the 14 month period ended
August 31, 2007.  The magnitude of the loss is of serious
concern and is the subject of a thorough investigation by the
receivers of Nathans.  Already a number of matters have come to
the receivers attention which are being investigated
and which will be referred to the appropriate Government
Authorities if necessary.

                       Investigations into the
                     Business Affairs of Nathans

Investigations into the affairs of Nathans are ongoing and have
identified a number of issues.  The receivers are continuing
discussions with the appropriate Government Authorities.

                  About Nathans Finance and VTL

Nathans Finance Ltd went into receivership when the finance
company's trustee, Perpetual Trust Limited, appointed
receivers on Aug. 20, 2007.  Nathans is a subsidiary of VTL
Group Limited, which has declared itself insolvent.  Trading in
VTL Group Limited shares is currently suspended.  VTL Group
Limited owns a number of vending machine related businesses
which operate in New Zealand, Australia, North America and
Europe.


NGU CONSULTANTS: Wind-Up Petition Hearing Set for Aug. 18
---------------------------------------------------------
The High Court at Rotorua will convene a hearing on Aug. 18,
2008, at 10:45 a.m., to consider an application putting Ngu
Consultants Limited into liquidation.

The application was filed on May 16, 2008, by Julie Zelda Nerada
Christian and Terence James Gibbons (as trustees of The Capri
Alcohol Drug Gambling Treatment Trust).

The plaintiffs' address for service is at:

          Level 1
          West Plaza Building
          3 Albert Street, Auckland

George Bogiatto, is the plaintiff's solicitor.


S & S DALY: Wind-Up Petition Hearing Set for July 24
----------------------------------------------------
The High Court at Napier will hold a hearing on July 24, 2008,
at 10:00 a.m., to consider an application putting S & S Daly
Limited into liquidation.

The application was filed on May 9, 2008, by the Commissioner of
Inland Revenue.

The plaintiff's address for service is at:

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

Kay S. Morgan, is the plaintiff's solicitor.


* NEW ZEALAND: Manufacturing Activity Slumps in June 2008
---------------------------------------------------------
New Zealand’s manufacturing sector continued to weaken in June
to reach one of its lowest levels of activity since the survey
began, according to the Bank of New Zealand - Business NZ
Performance of Manufacturing Index (PMI).

The seasonally adjusted PMI for June stood at 45.7, which was
2.2 points down from May.  This was the second lowest result
recorded since the survey began in 2002 (the lowest being 43.7
in November 2005), and the third time in four months that the
survey has indicated contraction in the sector.

A PMI reading above 50.0 indicates manufacturing is generally
expanding; below 50.0 that it is declining. PMI values for June
in the years 2002-2007 ranged from 52.6-62.4, with an average
score for all months over the history of the survey standing at
54.1.

The last period of contraction for the sector, during 2005, was
mingled with months where overall activity levels expanded.  But
Business NZ chief executive Phil O’Reilly says the current run
of data shows a more persistent trend downwards.

“The first half of 2008 has been the toughest six months
manufacturers have had to deal with for some time, with the
possibility of ongoing contraction for the next half of 2008.”

Activity in some sub sectors was showing expansion, such as
machinery & equipment, while the textile, clothing, footwear &
leather sector has bounced back from a series of declines.

However, almost three quarters of manufacturers are experiencing
the outcomes of a general downturn in the economy, weak global
growth, and rising costs of raw materials.  The JPMorgan global
PMI, experiencing a decline in activity for the first time in
five years, puts into context what New Zealand manufacturers are
facing at present.

The Bank of New Zealand highlights soaring input costs as the
most notable feature of the June result.  Senior market
economist at the bank, Craig Ebert, says raw material prices
were hitting firms hard and could well press higher yet.

“This is adding to a big squeeze on profitability, at a time
when sales are stalling. Cash has thus become king, and managing
costs paramount," Mr. Ebert said.

Unadjusted results for June showed contraction in activity for
all parts of the country.  Both the Northern and
Canterbury/Westland regions (42.2) recorded the same and lowest
level of activity since the survey began.  However, the
reasoning behind the results was different, as the Northern
region suffered low production and new orders, while
Canterbury/Westland saw a general fall with all five sub-
indexes. Both the Central (45.6) and Otago/Southland (47.9)
regions also showed contraction in June.



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

* PHILIPPINES: Records USD19.324 Bil. FCDU Deposit Liabilities
--------------------------------------------------------------
As of end-May 2008, the FCDU Deposit Liabilities increased to
US$19.324 billion, US$72 million or 0.34 percent higher than
last month’s USD19.252 billion and also USD1.034 billion or 5.65
percent higher than last year’s  US$18.290 billion, a data from
the Bangko Sentral ng Pilipinas shows.

The month-on-month net increase of USD72 million was attributed
to the rise in  resident deposit.



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

START V CLO: S&P Assigns BB+ Final Rating to Class B Notes
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its final credit
ratings to the US$45 million Class A and B credit-linked notes
to be issued by Start V CLO Ltd. and Start V CLO LLC (co-issuer)
(see list).  In addition to the two classes, the issue includes
Class C notes, which are a subordinated tranche and not rated,
and Class D notes, which are also not rated and not offered to
investors.  The transaction is a partially funded synthetic
balance-sheet collateralized loan obligation (CLO) referencing a
portfolio of bank loans and other eligible obligations to
predominantly corporates and other eligible entities that are
either publicly rated or not rated by Standard & Poor's.  
Standard Chartered Bank (SCB) is the sole arranger and
bookrunner for the transaction.  SCB is also the sole lead
manager for the Class C and D notes, and is joint lead manager
along with The Royal Bank of Scotland for the Class A and B
notes.

"This is the first corporate-loan balance-sheet securitization
transaction undertaken by SCB this year, and is another critical
step in the bank's active portfolio management strategy,"
Standard & Poor's credit analyst Allan Redimerio said.  "We have
conducted an annual mapping exercise since 2005 to match the
internal credit rating scores assigned by SCB on these corporate
loans to the rating scale of Standard & Poor's.  The existing
SCB balance-sheet CLOs we rate and maintain surveillance have
performed steadily to date; this is largely attributed to the
credit and structural enhancements provided in these
transactions, as well as the performance of the obligors."

SCB is one of the more active balance-sheet securitizers among
banks in Asia-Pacific.  The current transaction helps to inject
liquidity into SCB's balance sheet and increase its origination
and growth capacity.

The final ratings assigned to the notes to be issued by Start V
CLO Ltd. and Start V CLO LLC (co-issuer) reflect:

   -- Standard & Poor's assessment of the credit risk of the
      reference portfolio;
   -- The actual credit support provided by the subordination
      amount to each class of notes under the credit default
      swap;
   -- The credit quality of SCB (A+/Stable/A-1) as swap
      counterparty, and SCB's undertaking to pay quarterly swap
      premium for Class A and Class B notes in advance;
   -- The credit quality of the authorized investments, and of
      SCB, London Branch (A+/Stable/A-1), as account bank in the
      transaction; and
   -- The structural and legal provisions in the transaction,
      which includes bankruptcy-remoteness of the issuer.

Standard & Poor's rating addresses the likelihood that
cumulative net losses in the reference portfolio will not exceed
the subordination amount under the credit default swap.  To
determine the credit-enhancement level, Standard & Poor's CDO
Evaluator has been used.  Recovery levels have been assigned by
using Standard & Poor's standard criteria for synthetic CDO
transactions.

  FINAL RATINGS ASSIGNED   Rating   Amount (mils. US$)
  ----------------------   ------   ------------------

  Start V CLO Ltd. and Start V CLO LLC (co-issuer)

  Class A                  BBB+     20.00
  Class B                  BB+      25.00
  Class C                  N.R.     57.50
  Class D (not offered)    N.R.     12.50

The legal final maturity date for all classes of notes is on  
Jan. 9, 2013.


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                                      Total      
                                           Total   Shareholders      
                                          Assets      Equity      
  Company                       Ticker    (US$MM)    (US$MM)      
  -------                       ------     ------   ------------      

AUSTRALIA      

ADVANCE HEALTHCA                  AHG      15.65       -6.78
ALLSTATE EXPLORA                  ALX      18.20      -42.78
AUSTINDO RES                      ARX      62.77      -15.88
AUSTAR UNITED                     AUN     525.67     -234.87
ANTARES ENERGY L                  AZZ      16.20       -4.36
BIRON APPAREL LT                  BIC      19.71       -2.22
CROESUS MINING                    CRS      16.00      -13.81
ETW CORP LTD                      ETW     103.76      -50.22
INTELLECT HLDGS                   IHG      15.25      -10.88
KH FOODS LTD                      KHF      38.40       -6.79
LAFAYETTE MIN                     LAF     105.24     -190.86
METAL STORM LTD                   MST      16.47       -2.9
RENISON CONSOLID                  RSN      38.83       -3.94
TOOTH & CO LTD                    TTH     120.47      -87.64


CHINA

HISENSE ELEC-H                    921     604.98      -86.30
SHENZ SEG DASH-A               000007     101.02       -1.14
SHENZ CHINA BI-A               000017      29.38     -244.53
SHENZHEN SHENXIN               000034      44.99     -113.37
CHINA KEJIAN-A                 000035      65.12     -167.31
SHENZHEN KONDA-A               000048     155.01      -24.45
HUNAN ANPLAS CO                000156      84.00      -81.35
ZHANGJIAJIE TO-A               000430      51.01       -8.25
DANDONG CHEM F-A               000498     115.94      -91.60
SUCCESS INFORMAT               000517      30.12      -14.83
GUANGDONG MEIYA                000529      66.44      -62.41
GUANGXIA YINCH-A               000557      53.46      -61.33
CHANG LING GROUP               000561      49.68     -115.81
QINGHAI SALT L-A               000578     105.64       -4.91
GUANGMING GRP FU               000587      62.37      -12.08
FUJIAN CFC IND-A               000592      24.20      -19.62
YUEYANG HENGLI-A               000622      40.27      -14.34
LAN BAO TECH INF               000631      29.44      -22.70
CHINA LIAONING-A               000638      15.43       -5.70
CHENGDU UNION-A                000693      59.53       -0.19
JIAOZUO XIN'AN-A               000719      50.82      -25.45
FUJIAN SANNONG-A               000732      64.42      -90.24
CHONGWING INTL-A               000736      24.75      -13.38
SICHUAN DIRECT-A               000757     128.55     -102.62
CHINESE.COM LOGI               000805      12.72      -20.57
SHENZHEN DAWNC-A               000863      36.85     -142.58
STELLAR MEGAUNIO               000892      64.93     -162.46
HUNAN AVA HOLDIN               000918     176.94      -11.26
GUANGDONG KEL-A                000921     604.98      -86.30
ANHUI KOYO GROUP               000979      64.28      -30.78
SHENZ CHINA BI-B               200017      29.38      -244.53
AMOI ELECTRONICS               600057     414.93       -30.40
SUNTIME INTERN-A               600084     372.80       -50.59
SHANG WORLDBES-A               600094     327.98      -175.17
MIANYANG GAO-A                 600139      30.66       -12.44
HEBEI BAOSHUO CO               600155     313.38      -212.29
HUATONG TIANXI-A               600225      73.84       -41.14
TAIYUAN TIANLON                600234      12.69       -51.58
TIBET SUMMIT IND               600338      73.50       -16.42
CHONGQING CHANG                600369      98.87        -0.06
QINGHAI SUNSHI-A               600381      47.31       -49.66
WINOWNER GROUP C               600681      21.50       -81.28
HEBEI JINNIU C-A               600722     379.30        -2.89
SUNTEK TECHNOLOG               600728      44.69       -22.95
FUJIAN START-A                 600734     105.66       -14.34
TIANJIN MARINE                 600751      75.44       -26.60
TOPSUN SCIENCE-A               600771     232.68      -131.98
XIAMEN OVERSEAS                600870     433.19       -13.78
HUDA TECHNOLOG-A               600892      18.46        -1.90
TIANJIN MARINE-B               900938      75.44       -26.60
SHANG WORLDBES-B               900940     327.98      -175.17


HONG KONG      

CHIA TAI ENTERPR                  121     316.11      -40.95
CHINA BEST GROUP                  370      55.54       -1.84
ASIA TELEMEDIA L                  376      16.97       -7.53
WELLING HOLDING                   382     303.95      -44.65
NEW CITY CHINA                    456     110.83       -6.78
PALADIN LTD                       495     167.43       -6.23
MAXX BIOSCIENCE                   512      25.48       -5.36
CHINA HEALTHCARE                  673      25.44       -3.37
PLUS HOLDINGS LT                 1013      10.40      -10.21
SUNCORP TECH LTD                 1063      31.94      -35.07
FE GOLDEN RES                    1188      52.49       -9.92
WAH SANG GAS                     8035      61.51     -106.48
VIAGOLD CAPITAL                   VIA      15.49       -3.11


INDIA      

ANDREW YULE & CO                  ANY      81.41      -30.90
ARTSON ENGR                       ART      10.31       -0.71
ASHIMA LTD                        ASHM     96.57      -42.59
BHAGHEERATHA ENG                  BGEL     22.65      -28.20
BALAJI DISTILLER                  BLD      45.66      -74.20
BELLARY STEELS                    BSAL    395.36      -41.25
CFL CAPITAL FIN                   CEATF    24.03      -43.80
CORE HEALTHCARE                   CPAR    185.37     -241.91
DIGJAM LTD                        DGJM     98.77      -14.62
DISH TV INDIA                     DITV    239.48      -12.62
ELQUE POLYESTERS                  ELQP     13.80      -25.63
GANESH BENZOPLST                  GBP      82.16      -38.25
SURAT TEXTILE MI                  GCTY     15.97       -8.85
GUJARAT SIDHEE                    GSCL     59.44       -0.66
GUJARAT STATE FI                  GSF      43.60     -195.24
HIMACHAL FUTURIS                  HMFC    603.36      -13.34
HMT LTD                           HMT     316.41     -175.33
HINDUSTAN PHOTO                   HPHT     95.12     -953.35
IFB INDS LTD                      IFBI     40.50      -70.82
INDIA STEEL WORK                  ISI      56.76       -1.47
JCT ELECTRONICS                   JCTE    117.60      -50.17
JK SYNTHETICS                     JKS      17.99       -2.61
JENSON & NIC LTD                  JN       14.81      -81.79
KALYANPUR CEMENT                  KCEM     38.11      -48.48
LKP MERCHANT FIN                  LKP      29.99       -0.47
LML LTD                           LML      86.80      -27.97
LLOYDS METALS                     LYDM     76.63       -0.41
LLOYDS STEEL IND                  LYDS    392.56     -102.16
MODI RUBBER LTD                   MDR      39.76      -24.30
MAFATLAL INDS                     MFI      95.67      -85.81
MILLENNIUM BEER                   MLB      38.26       -3.52
PAREKH PLATINUM                   PKPL     59.66      -75.55
PANCHMAHAL STEEL                  PMS      51.02       -0.33
PSI DATA SYSTEMS                  PSI      11.68       -2.48
PTL ENTERPRIESES                  PTLE     54.29       -0.40
PANYAM CEMENTS                    PYC      17.18      -18.32
ROLLATAINERS LTD                  RLT      22.97      -22.24
REMI METALS GUJA                  RMM      45.06      -51.10
RPG CABLES LTD                    RPG      51.43      -20.19
SIL BUSINESS ENT                  SILB     12.46      -19.96
SANDUR MANGANESE                  SMIO     32.57       -2.61
SIMPLEX REALTY                    SPLX     16.49       -0.44
SHREE RAMA MULTI                  SRMT     71.22      -29.91
TATA TELESERVICE                  TTLS    657.28      -73.89
TVS ELECTRONICS                   TVSEL    30.73       -1.57
UB ENGINEERING                    UBE      31.43       -2.86
USHA INDIA LTD                    USHA     12.06      -54.51
JOG ENGINEERING                   VMJ      50.08      -10.08
VXL INSTRUMENT                    VXLI     12.20       -0.62
YASHRAJ CONTAINE                  YRCT     17.49       -2.09


INDONESIA      

PRIMARINDO ASIA                  BIMA      11.56      -22.57
BUKAKA TEKNIK UT                 BUKK      64.09      -99.37
DAYA SAKTI UNGGU                 DSUC      30.76       -6.51
ERATEX DJAJA                     ERTX      31.06       -2.42
TITAN KIMIA NUST                 FPNI      25.81       -0.72
JAKARTA KYOEI ST                 JKSW      30.89      -41.37
KARWELL INDONESI                 KARW      32.21       -2.26
PANCA WIRATAMA                   PWSI      31.46      -31.94
STEADY SAFE TBK                  SAFE      22.30       -8.31
SURABAYA AGUNG                   SAIP     283.40      -75.78
SEKAR BUMI TBK                   SKBM      19.7 0        0
TEIJIN INDONESIA                 TFCO     266.23      -27.64
TRI POLYTA INDON                 TPIA     234.49      -51.58
UNITEX TBK                       UNTX      16.04      -10.83


JAPAN      

HEIWA OKUDA CO L                 1790      82.68       -6.66
LINK ONE                         2403      16.60       -3.12
CASIO MICRONICS                  6760     184.29      -31.13
AIREX INC                        6944      44.25       -7.05
SUMIYA CO                        9939      70.82      -10.21


MALAYSIA      

CNLT Far East Berhad             CNLT      45.12       -3.71
CNLT FAR EAST                    CNLT      42.36       -6.34
FOREMOST HLDGS                   FMST      11.04       -0.11
HARVEST COURT                    HAR       10.68       -5.71
LITYAN HLDGS BHD                 LIT       23.33      -26.71
MANGIUM INDUSTRI                 MANG      14.36      -18.65
PUTERA CAP BHD                   PCAP      10.56       -4.70
PANGLOBAL BHD                    PGL      179.11     -170.79
SUNWAY INFRASTRU                 SIB      399.84      -10.80
TECHVENTURE BHD                  TECH      37.23      -11.29
WEMBLEY INDS                     WMY      125.94     -283.62
WONDERFUL WIRE                   WW        22.80       -2.47


PHILIPPINES      

APC Group Inc.                    APC      71.75     -218.13      
APEX MINING-A                     APX      55.27       -1.97
APEX MINING 'B'                   APXB     55.27       -1.97
BENGUET CORP-A                    BC       83.36      -30.59
BENGUET CORP 'B'                  BCB      83.36      -30.59
CENTRAL AZUC TAR                  CAT      35.74       -1.80
CYBER BAY CORP                    CYBR     14.85      -74.30
FIL ESTATE CORP                   FC       43.03      -10.93
"FILSYN CORP ""A"""               FYN      24.84      -11.37
"FILSYN CORP. ""B"""              FYNB     24.84      -11.37
GOTESCO LAND-A                    GO       18.68      -10.86
GOTESCO LAND-B                    GOB      18.68      -10.86
MRC ALLIED                        MRC      14.95       -0.75
PICOP RESOURCES                   PCP     105.66      -23.33
PRIME ORION PHIL                  POPI     99.69      -82.12
EAST ASIA POWER                   PWR      72.74     -136.68
UNIVERSAL RIGHTF                  UP       45.12      -13.48
UNITED PARAGON                    UPM      27.11      -36.05
UNIWIDE HOLDINGS                  UW       65.66      -57.31
VICTORIAS MILL                    VMC     175.01      -38.64


SINGAPORE      

ADV SYSTEMS AUTO                  ASA      21.96       -7.54
CHUAN SOON HUAT                   CSH      42.09       -3.64
FALMAC LTD                        FAL      10.57       -4.70
GUL TECHNOLOGIES                  GUL     172.80       -3.04
HL GLOBAL ENTERP                  HLGE    123.41       -7.36
INFORMATICS EDU                   INFO     29.09       -3.48
LINDETEVES-JACOB                  LJ      198.91      -66.97
L&M GROUP INV                     LNM      56.91      -10.59
PACIFIC CENTURY                   PAC      80.01      -10.54


SOUTH KOREA      

ORICOM INC                        010470   82.65      -40.04
UNICK CORP                        011320   36.54       -4.45
STARMAX CO LTD                    017050   73.13       -5.54
DAISHIN INFO                      020180  740.5       -158.45
TONG YANG MAGIC                   023020  355.15      -25.77
NANO MINING CO L                  036270   26.64      -29.46
COSMOS PLC                        053170   19.31       -4.95
SEJI CO LTD                       053330   37.25       -0.31
MEDIACORP INC                     053890   53.31      -32.22
DAHUI CO LTD                      055250  186.00       -1.50


TAIWAN    

CIS Technology Inc.              2326      33.74      -18.91    
CHIEN TAI CEMENT                 1107     213.25       -8.62
PROTOP TECHNOLOG                 2410      55.69      -13.46
PACCO TECH CO                    5501      16.01       -7.00
YEU TYAN MACHINE                 8702      39.57     -271.07


THAILAND      

BANGKOK RUBBER                    BRC      89.62      -81.26
BANGKOK RUBBER-F                  BRC/F    89.62      -81.26
BANGKOK STEEL IN                  BSI     458.73     -136.44
BANGKOK STEEL-F                   BSI/F   458.73     -136.44
CIRCUIT ELEC PCL                  CIRKIT   24.60      -94.26
CIRCUIT ELEC-FRN                  CIRKIT/F 24.60      -94.26
CENTRAL PAPER IN                  CPICO    13.25     -241.78
CENTRAL PAPER-F                   CPICO/F  13.25     -241.78
THAI-DENMARK PCL                  DMARK    19.57       -3.20
THAI-DENMARK-F                    DMARK/F  19.57       -3.20
DATAMAT PCL                       DTM      17.55       -1.72
DATAMAT PLC-F                     DTM/F    17.55       -1.72
ITV PCL                           ITV      44.70      -73.07
ITV PCL-FOREIGN                   ITV/F    44.70      -73.07
K-TECH CONSTRUCT                  KTECH/F  83.20       -5.69
NEW PLUS KNITT                    NPK      10.08       -2.03
NEW PLUS KNITT-F                  NPK/F    10.08       -2.03
KUANG PEI SAN                     POMPUI   18.78      -14.07
KUANG PEI SAN-F                   POMPUI/F 18.78      -14.07
QUALITY CONSTRUC                  QCON     76.13     -293.83
QUALITY CONSTR-F                  QCON/F   76.13     -293.83
SAFARI WORLD PUB                  SAFARI  128.58      -13.64
SAFARI WORLD-FOR                  SAFARI/F128.58      -13.64
SIAM GEN FACTOR                   SGF      30.18       -6.79
SIAM GEN FACT-F                   SGF/F    30.18       -6.79
SAHAMITR PRESSUR                  SMPC     27.26      -34.59
SAHAMITR PRESS-F                  SMPC/F   27.26      -34.59
SRI THAI FOOD &                   SRI      18.29      -43.37
SRI THAI FOOD -F                  SRI/F    18.29      -43.37
TUNTEX THAILAND                   TUNTEX  252.49      -41.58
TUNTEX THAILAN-F                  TUNTEX/F252.49      -41.58
UNIVERSAL STARCH                  USC     103.61      -48.62
UNIVERSAL STAR-F                  USC/F   103.61      -48.62

                         *********

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

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

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


                            *********


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.





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