TCRAP_Public/080723.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

           Wednesday, July 23, 2008, Vol. 11, No. 145

                            Headlines

A U S T R A L I A

A.C.N. 064 071 263: Members' Final Meeting Slated for August 1
ABC LEARNING: IMF Proposes to Fund Claims Alleging Breaches
COPPER-STANDARD: Mulls Closing Automotive Fluid Systems Plant
D PROUT: To Declare Dividend on July 24
FIREPOWER HOLDINGS: ASIC Sues Company and 7 Associated Parties

GLOSTIR PTY: To Declare Dividend on July 25
GORMETCO PTY: Members and Creditors to Meet on July 30
NEWTON SERVICE: To Declare Dividend on July 28
NORTH SYDNEY: To Declare Dividend on August 8
OCTAVIAR LIMITED: Unveils Payout Offer to Noteholders   

PCHOST.COM PTY: Members and Creditors to Meet on July 25
R SCOTT: Members' Final Meeting Slated for July 29
S & S TIMBERS: Members' Final Meeting Set for July 25
SMITHS EARTHMOVING: Members and Creditors to Meet on August 1
SUN CONTROL: Members and Creditors to Meet on July 30

WEXTTRED PTY: Liquidator to Present Wind-Up Report on July 25


C H I N A

AGILE PROPERTY: Chairman Acquires Add'l US$13.65M Company Shares
AGRICULTURAL BANK: 1H Pretax Profit Up 39% to CNY54.3 Billion
HAINAN AIR: Orders US$116-MM V2500 Engines From Pratt & Whitney
HUA XIA: Sees Firs-Half 2008 Net Profit to Increase by 90%
SHANGHAI PUDONG: Opens Zibo Sub-Branch

SHENYANG JINBEI: Sees 50% Increase in First Half Net Profit
SHIMAO PROPERTY: Obtains CSRC Approval for Restructuring Plan
SHIMAO PROPERTY: S&P's BB+ Rating Unaffected By Asset Injection
WYNN RESORTS: Weak Gaming Market Cues Moody's Negative Outlook
* CHINA: Power Shortage Causes Some Companies to Cut Output


H O N G K O N G

CHINA CAPITAL: Taps Chiu and Diana as Liquidators
CROPWOOD LIMITED: Requires Creditors to File Claims by August 19
FULL SPIRIT: Mee and Yee Quit as Liquidators
GOLDEN BAUHINIA: Appoints Wai and Fun as Liquidators
HONG KONG INTERNATIONAL: Subject to Zhou Amei's Wind-Up Petition

KEP DISPLAY: Lui and King Quit as Liquidators
KESSEL ELECTRONICS: Lui and King Quit as Liquidators
ROAD KING: Fitch Affirms 'BB' Long-Term Issuer Default Rating
TAKENICE LIMITED: Wind-Up Petition Hearing Set for August 6
WAI WAH: Court to Hear Wind-Up Petition on August 6

WING CHUEN: Placed Under Voluntary Liquidation


I N D I A

EURO GOLD: Board Forfeits 3,95,400 Equity Shares
GANGOTRI IRON: Seized Documents Further Delay Results Filing
GENERAL MOTORS: Dealer Council Shows Support, Buys US$1MM Shares
HY-TECH ENGINEERS: CRISIL Rates Rs.76.6 Mil. Term Loan at “BB+”
REMI METALS: Files Rehabilitation Scheme to Settle Debts


J A P A N

FORD MOTOR: Cuts Cost, Extends Buyout Project to 14 More Plants
ZEPHYR CO: Files for Bankruptcy Protection Amid JPY94.9BB Debts
* JAPAN: Corporate Loan Demand Falls Lowest in Four Years
* JAPAN: Bond Futures Drop on Fears of Higher Inflation


M A L A Y S I A

ARK RESOURCES: Faces MYR348,504 Judgment in Default
CNLT: Has Until Sept. 10 to Submit Regularization Plan


N E W  Z E A L A N D

ADAMS CLEANING: Parsons and Kenealy Appointed as Liquidators
AKRITE RECORDS: Mason and Hayward Appointed as Liquidators
ATC CLIMATE: Commences Liquidation Proceedings
BARGAIN4U LTD: Commences Liquidation Proceedings
BELFAST SERVICES: Commences Liquidation Proceedings

CANTERBURY MORTGAGE: Suspends Payments of Fund Withdrawals
FIELDFORCE LTD: Commences Liquidation Proceedings
FIVE STAR: Court Appoints Liquidators
HARPER ROOFING: B.E. Williams Appointed as Liquidator
HIBISCUS COAST: Placed Under Liquidation

MAPARA DEVELOPMENTS: Commences Liquidation Proceedings


P H I L I P P I N E S

SULPICIO LINES: 2,000 Employees Fear of Losing Jobs
UCPB: PDIC to Convert PHP12BB Cash Advances into Bank's Equity
* PHILIPPINES: Singapore's UOB Group Downgrades Growth Forecast


X X X X X X X X

* ADB: East Asia's Growth to Moderate as Inflation Threat Looms


                         - - - - -


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

A.C.N. 064 071 263: Members' Final Meeting Slated for August 1
--------------------------------------------------------------
H. J. Kazar, A.C.N. 064 071 263 Pty Ltd's estate liquidator,
will meet with the company's members at 10:30 a.m. on Aug. 1,
2008, at Level 3, Engineering House, 11 National Circuit, in
Barton, to provide them with property disposal and winding-up
reports.

The liquidator can be reached at:

          H. J. Kazar
          Kazar Slaven
          GPO Box 138
          Canberra City ACT 2601
          Australia


ABC LEARNING: IMF Proposes to Fund Claims Alleging Breaches
-----------------------------------------------------------
IMF (Australia) Limited disclosed that it proposes to fund
claims that certain current and former ABC shareholders have
against A.B.C. Learning Centres Limited.

IMF said the claims relate to alleged misleading and deceptive
conduct and alleged breaches by ABC of its continuous disclosure
obligations between August 27, 2007, and April 21, 2008 (the
period).

In particular, IMF said, the proposed proceedings are for
failure to disclose material information regarding the revenue
reported in its 2007 financial year accounts and for providing
guidance for the 2008 financial year without having a reasonable
basis for the guidance.

According to IMF, all shareholders who purchased ABC securities
in the period are eligible to participate in the claim which IMF
will fund subject to a level of participation acceptable to IMF.

                          ABC Responds

ABC said in a regulatory filing that it has not received any
claim or any notice of claim.  

According to ABC, the IMF announcement merely reflects an
intention by IMF to possibly fund a claim provided IMF obtains a
level of participation acceptable to IMF.  No claim may ever be
commenced.  

If any claim is commenced, ABC said it will respond
appropriately.

ABC noted that, as previously disclosed, ABC's share price has
been affected by a number of factors including market rumours
(subsequently shown to be inaccurate) that the company may have
been in breach of its banking covenants, the exercise by some
lenders of their right to sell company shares pursuant to margin
lending arrangements, the well reported short selling in the
company's shares, global credit market conditions, general
market volatility and other factors previously disclosed to the
market.

                     About IMF (Australia)

Based in Sydney, Australia, IMF (Australia) Limited (ASX: IMF)
-- http://www.imf.com.au/-- is engaged in investigation,  
management and funding of litigation.  The operations of the
company are separated into three areas of business: insolvency
claims, non-insolvency claims involving single plaintiffs
(commercial claims), and non-insolvency group actions (group
actions).  Insolvency Litigation Fund Pty Ltd is a wholly owned
subsidiary of the company.  During the fiscal year ended
June 30, 2007, the company had 11 insolvency claims, 13
commercial claims and 11 group actions.

                     About ABC Learning

A.B.C. Learning Centres Limited (ASX: ABS) --
http://www.childcare.com.au/-- provides childcare services and
education.  The company operates in Australia, New Zealand, the
United States and the United Kingdom.  The company's
subsidiaries include A.B.C. Developmental Learning Centres Pty
Ltd, A.B.C. Early Childhood Training College Pty Ltd, Premier
Early Learning Centres Pty Ltd, A.B.C.  Developmental Learning
Centres (NZ) Ltd., A.B.C. New Ideas Pty. Ltd., A.B.C. Land
Holdings (NZ) Limited and Child Care Centres Australia Ltd.

On September 25, 2006, the company acquired Hutchison Child Care
Services Ltd.  On September 7, 2006, it acquired The Children's
Courtyard LLP.  On December 18, 2006, it acquired Busy Bees
Group Ltd. On January 26, 2007, it acquired La Petite Holdings
Inc.  On February 2, 2007, it acquired Forward Steps Holdings
Ltd.  On March 23, 2007, it acquired Children's Gardens LLP. In
September 2007, the company purchased the Nursery division
(Leapfrog Nurseries) from Nord Anglia Education PLC.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific, the
company's Sydney trading on Feb. 26, 2008, plunged 43% after a
slump in earnings raised concerns it may struggle to repay debt.
The drop to AU$2.14 triggered margin calls on stakes held by
some directors.  Consequently, stock trading was halted as the
company entered talks on "indications of interest" for parts of
its business.  More than 96% of the remaining 21.9 million ABC
Learning shares owned by directors, equivalent to 4.6% of stock
outstanding, are held in margin lending arrangements that may
result in forced sales.


COPPER-STANDARD: Mulls Closing Automotive Fluid Systems Plant
-------------------------------------------------------------
Cooper-Standard Automotive Inc. said it intends to close its
automotive fluid systems manufacturing plant at Woodville North
(Adelaide) and cease production in South Australia.

In a separate move, Tecalemit, a division of Cooper-Standard
Automotive at Woodville North, will be sold.  Tecalemit
distributes garage equipment and fluid handling equipment for
the automotive industry and designs and manufactures industrial
lubrication systems for the mining industry.

The General Manager of Cooper-Standard's fluid systems division
at Woodville North, John Thomas, said the announcement was being
made months in advance of the closure to give as much notice as
possible to employees, customers and suppliers.

"We met today with all employees to brief them, thank them for
their loyalty and work over many years and to assure them that
they will be treated fairly in this closure process."

"The closure is an inevitable response to changes in market
demand that have resulted in our sales and margins deteriorating
and reduced customer demand, so, to that end we have decided to
cease production at the Woodville North plant."

"I am saddened that we must close a plant that has a loyal
workforce and a long history here at the Woodville North site,"
Mr. Thomas said.

The fluid systems plant employs 136 people, many of whom have
worked at Woodville North for decades and all of whom will
receive their full entitlements in accordance with the Cooper-
Standard Union Collective Agreement.  The company will also
offer support to employees in seeking new jobs.

Mr. Thomas said Cooper-Standard, with the cooperation of its
employees, customers and suppliers, intends to progressively
exit production of automotive fluid system products at the
Woodville North plant over the coming months.

                 About Cooper-Standard Automotive

Headquartered in Novi, Mich., Cooper-Standard Automotive Inc --
http://www.cooperstandard.com/-- is a leading global automotive  
supplier specializing in the manufacture and marketing of
systems and components for the automotive industry.  Products
include body sealing systems, fluid handling systems and NVH
control systems.  Cooper-Standard Automotive employs
approximately 19,000 people globally with more than 70
facilities throughout the world.

                           *     *     *

Cooper-Standard reported two consecutive net losses for the past
two fiscal years.  Net loss for the year ended Dec. 31, 2007,
was US$150.99 million while net loss for the year ended Dec. 31,
2006 was US$8.42 million.


D PROUT: To Declare Dividend on July 24
---------------------------------------
D Prout Pty Ltd will declare dividend on July 24, 2008.

Only creditors who were able to file their proofs of debt by
July 7, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

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


FIREPOWER HOLDINGS: ASIC Sues Company and 7 Associated Parties
--------------------------------------------------------------
Australian Securities & Investments Commission has commenced
civil proceedings in the Federal Court of Australia against
parties associated with Firepower Holdings Group Ltd (Firepower
BVI).

ASIC's proceedings name these individuals and companies as
defendants:

   * Firepower Investments Pte Ltd (Firepower Investments)
     (a company incorporated in Malaysia);

   * Owston Nominees No 2 Pty Ltd;

   * Sattvic Pty Ltd;

   * Axis International Management Pty Ltd (Axis);

   * Seaswan Holdings Pty Ltd;

   * Mr. Timothy Francis Johnston (Chairman and
     director of Firepower BVI); and

   * Mr. Quentin Ward (director of Axis).

ASIC alleges that these individuals and companies were
associated with Firepower BVI, a company registered in the
British Virgin Islands, raised funds from investors in Australia
in breach of the Corporations Act (the Act).  ASIC alleges a
prospectus or disclosure document was not provided to investors
as is required under the Act so investors or their professional
advisers have all the information they need to reasonably make
an informed investment decision about the company and its
shares.

The commencement of proceedings follows an ASIC investigation
into the sale of over 80 million shares in Firepower BVI (by
persons and companies associated with it) to approximately 1400
Australian investors from mid 2005.  These investors
collectively paid in the order of AU$60 million for the shares.
ASIC's claim focuses on certain sales that took place between
August 2005 and August 2006.  It appears to ASIC that Firepower
BVI shares ceased to be promoted from early 2007.

ASIC commenced its investigation in March 2007.  This was
prompted by inquiries it made in the latter part of 2006 and
early 2007.  In May 2007, Firepower parties (Firepower
Operations Pty Ltd, Firepower Holdings Pty Ltd, Timothy Johnston
and John Finnin), challenged ASIC's section 30 notices that had
been served.  A section 30 notice requires those named to
produce books and records about a company or entity be made
available to ASIC for review.  The challenges were resolved in
October 2007 and ASIC continued its investigations.

ASIC alleges that:

   1. Owston Nominees No 2 Pty Ltd, Sattvic Pty Ltd,
      Seaswan Holdings Pty Ltd, Axis and Green
      Triton Ltd(another company incorporated in the
      British Virgin Islands), were shareholders in
      Firepower BVI on,or soon after, the initial
      incorporation of the company in the British
      Virgin Islands on June 2, 2005;

   2. these shareholders subsequently on-sold significant
      amounts of shares to Australian retail investors
      without providing the investors with a disclosure
      document as required by the Act and, in doing so,
      breached the Act;

   3. Firepower Investments Pte Limited also on-sold
      shares received from Green Triton Limited to
      Australian retail investors, and did so without
      a disclosure document in breach of the Act;

   4. these secondary sales required a disclosure
      document because each offer or sale happened
      within 12 months of the issue of the securities
      and therefore amounted to an indirect issue of
      securities (section 707(3), Corporations Act);

   5. Mr. Johnston was a director or officer of
      Green Triton Limited and Firepower Investments
      Pte Limited at the time of the contraventions
      by those companies; and

   6. Axis and Mr. Ward (the sole director of that
      company) acted as intermediaries and unlawfully
      distributed application forms to Australian
      retail investors for the sale of nearly two
      million shares in Firepower BVI for a total
      price of more than AU$1 million without the
      necessary disclosure document.

ASIC is seeking the following orders from the Court:

   * Declarations that the conduct of the defendants
     contravened the Corporations Act.

   * Orders banning Mr Johnston and Mr Ward from
     managing a company in Australia.

   * Additional disclosure to investors so that
     investors can assess any rights they may have
     to redeem their money or to pursue other
     compensation actions which may be open to them.

ASIC will assess potential claims for compensation for investors
as part of these proceedings or fresh proceedings.  ASIC's
investigation is continuing in relation to Firepower BVI.

The matter will be set down for a directions hearing at a date
to be advised by the Court.

Firepower Holdings is a Perth-based a fuel technology company.  

According to Watoday.com.au, Firepower has several high-profile
investors, including former AFL star Wayne Carey and several
Adelaide Crows players.  It sponsored the Western Force rugby
union team, basketball side Sydney Kings and NRL team South
Sydney, which is owned by Russell Crowe and Peter Holmes a
Court.

The company, the report relates, also sponsored Fremantle
Dockers star Matthew Pavlich and Force players Matt Giteau,
Cameron Shepherd and Ryan Cross.

Firepower is also battling liquidation proceedings, the report
adds.


GLOSTIR PTY: To Declare Dividend on July 25
-------------------------------------------
Glostir Pty Ltd will declare dividend on July 25, 2008.

Only creditors who were able to file their proofs of debt by
July 11, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

          D. A. Hurst
          Armstrong Wily
          Chartered Accountants
          Level 5, 75 Castlereagh Street
          Sydney NSW 2000
          Australia


GORMETCO PTY: Members and Creditors to Meet on July 30
------------------------------------------------------
Gormetco Pty Ltd will hold a final meeting for its members and
creditors at 11:00 a.m. on July 30, 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
          Level 2, 215 Spring Street
          Melbourne VIC 3000
          Australia


NEWTON SERVICE: To Declare Dividend on July 28
----------------------------------------------
Newton Service Ltd will declare dividend on July 28, 2008.

Only creditors who were able to file their proofs of debt by
July 14, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

          Scott Darren Pascoe
          SimsPartners
          Chartered Accountants
          Level 5, 55 Hunter Street
          Sydney NSW 2000
          Australia
          Telephone: (02) 9256 7700
          Website: www.simspartners.com.au


NORTH SYDNEY: To Declare Dividend on August 8
---------------------------------------------
North Sydney Finance Ltd will declare dividend on Aug. 8, 2008.

Creditors are required to file their proofs of debt by July 24,
2008, to be included in the company's dividend distribution.

The company's liquidator is:

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


OCTAVIAR LIMITED: Unveils Payout Offer to Noteholders   
-----------------------------------------------------
Octaviar Limited said that it has forwarded a proposal to the
holders of listed notes under which the terms of issue of those
notes would be amended allowing for either an immediate cash
payment to cancel the notes or Noteholders continuing to hold
the notes until June 2011 and enjoy the benefits of security
over the Group's available assets.

According to the company, should the proposal proceed it is
expected that 200 smaller Noteholders will receive AU$100 pre
note held, being the full face value.  Noteholders have been
asked to respond to the proposal by 7:00 p.m., August 11, 2008.

The company said it is currently finalizing the documentation to
allow it to make broadly similar offers to each of:

   - the holders of the unlisted bonds;

   - the Australian Taxation Office; and
  
   - the Responsible Entity of the Premium Income Fund.

The company said discussions have been held with the relevant
creditors and the formal offers will be made imminently.

The investors in OPI Pacific Finance Limited (OPI Pacific) have
entered into a moratorium and as a consequence the company is to
provide OPI Pacific with a secured debt agreement alongside
other company creditors.

                         PTQ Action

The Public Trustee of Queensland (PTQ), as the Trustee for the
holders of the listed notes, asserts that the notes are
currently due and payable and the PTQ has made applications to
the court to have Octaviar Limited and two subsidiaries wound
up.  The company considers that all interest on these notes has
been paid in full and on time, that the relevant companies are
not in default under the Note Terms and that the Notes are not
due for repayment until the agreed maturity date of December
2011.

The winding up applications were set down to be heard on
September 9 & 10, 2008, a date well after the views of
Noteholders and other creditors regarding the offers put to them
by the company were expected to be known.

On July 18, 2008, the PTQ, despite knowing of the proposal made,
sought and obtained an order bringing forward the hearing of the
winding up applications.  The hearing are now scheduled for this
week, July 24 & 25.  The company is in discussions with the
other large creditors regarding this disappointing development.

                       Business Update

The company said it has closed one of its two Gold Coast
offices, closed its Melbourne and UAE offices and significantly
reducing staff numbers and operating costs generally.  The
company also said it closes its Sydney office and that further
staff redundancies have taken place.  Leaving to one side of
those staff employed in the standalone Q Deck and SunKids
business the group now employs only 34 staff; 5 of whom solely
in relation to the listed Living & Leisure Group where the
relevant company acting as responsible entity is expected to be
sold shortly to Arctic Capital.

The company said it is unlikely to be in a position to outline
the timing of the release of its annual financial statements or
discuss with the Australian Stock Exchange the lifting of the
current suspension of trading in its securities until an
accommodation with the Group's large creditors is determined.

                     About Octaviar Limited

Headquartered in Southport, Queensland, Australia, Octaviar
Limited (ASX:OCV) -- http://www.mfsgroup.com.au-- operates as
an Investment Management business with a portfolio of businesses
and assets, including: operating businesses in the leisure and
childcare sectors; real estate portfolio; 35% interest in the
Stella Group; operating businesses which hold AFSL licenses and
act as Responsible Entity for a number of Managed Investment
Schemes.


PCHOST.COM PTY: Members and Creditors to Meet on July 25
--------------------------------------------------------
Pchost.com Pty Ltd will hold a final meeting for its members and
creditors at 2:30 p.m. on July 25, 2008.  During the meeting,
the company's liquidator, P. Newman at HLB Mann Judd, will
provide the attendees with property disposal and winding-up
reports.

The company's liquidator can be reached at:

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


R SCOTT: Members' Final Meeting Slated for July 29
--------------------------------------------------
Geoffrey W. Pride, R Scott Holdings Pty Ltd's estate liquidator,
will meet with the company's members at 9:30 a.m. on July 29,
2008, to provide them with property disposal and winding-up
reports.  The meeting will be held at the offices of Geoffrey W
Pride, 2nd Floor, 54 Havelock Street, in West Perth.

The liquidator can be reached at:

          G. W. Pride
          Geoffrey W Pride Chartered Accountant
          PO Box 358
          West Perth WA 6872
          Australia


S & S TIMBERS: Members' Final Meeting Set for July 25
-----------------------------------------------------
S & S Timbers Pty Ltd will hold a final meeting for its members
at 9:00 a.m. on July 25, 2008.  During the meeting, the
company's liquidator, Michael Peldan at Worrells Solvency &
Forensic Accountants, will provide the attendees with property
disposal and winding-up reports.

The company's liquidator can be reached at:

          Michael Peldan
          Worrells Solvency & Forensic Accountants
          8th Floor 102 Adelaide Street
          Brisbane Qld 4000
          Australia
          Website: www.worrells.net.au


SMITHS EARTHMOVING: Members and Creditors to Meet on August 1
-------------------------------------------------------------
Smiths Earthmoving (NSW) Pty Ltd will hold a final meeting for
its members and creditors at 10:00 a.m. on Aug. 1, 2008.  During
the meeting, the company's liquidator, Geoffrey Reidy at Rodgers
Reidy, will provide the attendees with property disposal and
winding-up reports.

The company's liquidator can be reached at:

          Geoffrey Reidy
          Rodgers Reidy
          Level 8, 333 George Street
          Sydney NSW 2000
          Australia


SUN CONTROL: Members and Creditors to Meet on July 30
-----------------------------------------------------
Sun Control Products (Victoria)Pty Ltd will hold a final meeting
for its members and creditors at 11:00 a.m. on July 30, 2008.  
During the meeting, the company's liquidator, D. R. Vasudevan at
Pitcher Partners, will provide the attendees with property
disposal and winding-up reports.

The company's liquidator can be reached at:

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


WEXTTRED PTY: Liquidator to Present Wind-Up Report on July 25
-------------------------------------------------------------
C. P. White, Wexttred Pty Ltd's estate liquidator, will meet
with the company's members at 10:00 a.m. on July 25, 2008, to
provide them with property disposal and winding-up reports.  

The liquidator can be reached at:

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



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

AGILE PROPERTY: Chairman Acquires Add'l US$13.65M Company Shares
----------------------------------------------------------------
Agile Property Chairman Chen Zhuolin has added 2 million shares
of the company at US$6.825 per share, or US$13.65 million in
total, Infocast News reports, citing the Stock Exchange's SDI
information.

According to the report, this is Mr. Zhuolin's third share
acquisition this month.  Mr. Zhuolin's long position in the
company increased from 58.43% to 58.48%.

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

                         *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
July 8, 2008, Moody's Investors Service has affirmed Agile
Property Holding Limited's (Agile) Ba3 corporate family and
senior unsecured bond ratings.  The ratings outlook is stable.


AGRICULTURAL BANK: 1H Pretax Profit Up 39% to CNY54.3 Billion
-------------------------------------------------------------
Agricultural Bank of China's first-half pretax profit up 39% to
CNY54.3 billion (HK$62.20 billion), from CNY39.1 billion a year
earlier, XFN-ASIA News reports.

The result, the report relates, covers the bank's domestic
operations and are net of bad loan provisions.

According to XFN-ASIA news, income from intermediary businesses,
including investment banking, wealth management and fund sales,
rose 46.92% from a year earlier to CNY13.43 billion, while
deposits totaled CNY5.78 trillion at the end of June, up
CNY493.5 billion from the beginning of this year.

Non-performing loans, Bloomberg News relates, fell CNY10 billion
in the first half while the bad-loan ratio declined 1.61
percentage points.

Meanwhile, the bank extended more than CNY27 billion of loans in
the first quarter to regions affected by China's worst
snowstorms in 50 years, Bloomberg News adds.

                About Agricultural Bank of China

Agricultural Bank of China -- http://www.abchina.com/-- is the   
mainland's fourth largest bank.  It has lagged behind other
major Chinese commercial banks, which have received government
injections of new capital and been allowed to link up with
foreign partners in preparation for raising money on foreign
stock exchanges.

                        *     *     *

In May 2008, a Xinhua News report said Agricultural Bank of
China's non-performing loan (NPL) ratio increased 0.07
percentage points to 23.5% last year as it assessed bad loans
more strictly to prepare for a share-holding reform.

The bank, the report relates, reported its NPLs at CNY817.97
billion (US$116.9 billion) as of the end of 2007 in its annual
report.

The Bank carries an 'E' Individual rating from Fitch Ratings.


HAINAN AIR: Orders US$116-MM V2500 Engines From Pratt & Whitney
---------------------------------------------------------------
Hainan Airlines has selected the International Aero Engines
V2500 to power 13 Airbus A320 aircraft, backed by a long-term,
V2500Select(SM) aftermarket agreement.  The combined engine and
aftermarket deal is valued at more than US$116 million to Pratt
& Whitney, if all options are exercised.  Pratt & Whitney, a
United Technologies Corp. is a major participant in
International Aero Engines (IAE).

Hainan Airlines placed an initial order to power a total fleet
of 20 A319 aircraft.  The airline took delivery of its first
V2500-powered aircraft in June.

The V2500-A5 is available in seven different thrust settings
ranging from 22,000 lbs. to 33,000 lbs. to power the Airbus
A319, A320 and A321 family of aircraft, as well as the A319
Corporate Jet.  More than 5,000 V2500 engines are in service or
on firm order.  V2500Select(R) is a tailored package combining
aftermarket support and the V2500 SelectOne(TM) engine upgrade,
providing operators with reduced operating costs and a
predictable budget.

In China, the V2500 powers 195 aircraft in service and during
the past 18 months has been selected on over 160 additional
A320-family aircraft placed on firm order in the region.  IAE is
a multinational aero engine consortium whose shareholders
comprise Pratt & Whitney, Rolls-Royce, the Japanese Aero Engines
Corporation and MTU Aero Engines.  More than 1,300 V2500-powered
aircraft have been delivered and the worldwide fleet has
accumulated over 40 million flying hours.

Pratt & Whitney has over 16,000 aircraft engines installed with
hundreds of airlines around the world.  Additionally, Pratt &
Whitney is a leading partner in two joint venture companies that
manufacture commercial aircraft engines: International Aero
Engines, which makes the V2500 for the Airbus A320 family of
aircraft, and the Engine Alliance, whose GP7200 engine is FAR 33
certified for the new Airbus A380.

                   About Pratt & Whitney

Pratt & Whitney is a world leader in the design, manufacture and
service of aircraft engines, space propulsion systems and
industrial gas turbines.  United Technologies, based in
Hartford, Conn., is a diversified company providing high
technology products and services to the global aerospace and
building industries.

                     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.


HUA XIA: Sees Firs-Half 2008 Net Profit to Increase by 90%
----------------------------------------------------------
Hua Xia Bank Company Limited expects its first-half net profit  
for fiscal year 2008 to increase by over 90%, compared to that
of the first half of last year (CNY1.01 billion), Reuters
reports.

The company, the report relates, cites the increase of asset and
decrease in efficient income tax rate as the main reasons for
the change.

As reported by the Troubled Company Reporter - Asia Pacific on
May 1, 2007, Hua Xia Bank's first-quarter net profit rose 21%
from the same period last year, under Chinese accounting
standards, on higher interest income.

Hua Xia's net profit for the three months ended March 31 rose to
CNY455.37 million from CNY375.24 million a year earlier, while
first-quarter net interest income rose to  CNY2.31 billion from
CNY1.69 billion in the first quarter last year.

Headquartered in Beijing, Hua Xia Bank Co., Limited --
http://www.hxb.com.cn-- is a commercial bank that offers   
financial services to both corporate and individual clients.  At
the end of 2005, it has 27 branches and 257 offices nationwide.

                          *     *     *

Fitch Ratings affirmed on September 5, 2006, Hua Xia Bank's
Individual D/E and Support 4 ratings.

Hua Xia Bank's Individual D/E rating reflects its weak capital
position, inadequate profitability, and potential asset quality
risks stemming from very rapid loan growth.  Total loans
expanded 29% in 2005, the second fastest growth among local
peers.


SHANGHAI PUDONG: Opens Zibo Sub-Branch
--------------------------------------
Shanghai Pudong Development Bank Company has opened its Zibo
sub-branch last July 16, 2008, Reuters reports.

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

                          *     *     *

The bank continues to carry Moody's Investors Service's "Ba1"
long-term bank deposit rating and “D" bank financial strength
rating.  It also carries Fitch Ratings' "D" individual rating.


SHENYANG JINBEI: Sees 50% Increase in First Half Net Profit
-----------------------------------------------------------
Shenyang Jinbei Automotive Co., Ltd. expects the net profit for
the first half of fiscal year 2008, to increase by over 50%,
compared to that of the first half of fiscal year 2007
(CNY30,345,419.43), Reuters reports.

Headquartered in Shenyang, Liaoning Province, China, Shenyang
Jinbei Automotive Co., Ltd. is principally engaged in the
development, manufacture and sale of light trucks, light
passenger vehicles, multi-functional commercial automobiles and
spare parts, as well as the provision of after-sale services.
The company distributes its automobiles and spare parts, under
the brand name of Jinbei, in the domestic and overseas markets,
such as the Middle East and Africa.

                         *     *     *

The company continues to carry Xinhua Far East China Ratings's
'C' issuer credit rating.


SHIMAO PROPERTY: Obtains CSRC Approval for Restructuring Plan
-------------------------------------------------------------
Shimao Property Holdings Limited disclosed that it has obtained
conditional approval from China Securities and Regulatory
Commission for the transaction agreement in relation to the
restructuring proposal between the Group and Shanghai Shimao Co.
Ltd.

Nine project companies holding ten commercial projects, plus
Beijing Shimao Tower are confirmed to be injected in Shanghai  
Shimao, that will be  responsible  for  the development, sales
and leasing business.

Upon completion of the restructuring, Shimao Property will
control Shanghai Shimao Enterprises Development Co. Ltd., a
private company which currently owns approximately 37% stake  in  
Shanghai Shimao and owns approximately 64.2% effective interests
in Shanghai Shimao.  Suspension of trading of the securities of
Shanghai Shimao commenced from July 15, 2008, and the trading
will be resumed on July 21, 2008.

On October 22, 2007, Shimao Property announced the proposed
restructuring plan with the aim  to  tap  in  A  share  market.    
The proposal  have  been  approved  and  passed  by  the
independent shareholders at the extraordinary general meeting
held on November 30, 2007, with almost 100% vote for the
resolution.

Upon completion of the restructuring,  will become one of the
largest listed commercial property developers in the A-share
market, and Shimao Property will be the first of its kind among
the listed PRC property developers in Hong Kong to tap into the
A share market via asset injection.  The restructuring plan will
enable Shimao Property to own a  stand-alone  and  professional  
commercial property  company  that  not  only  focuses  its
resources on developing the capital intensive commercial
properties business, but also has an  independent platform  that
enables  it  to  raise  funding  in  the domestic equity and
bond markets  to  further develop  its business.  In addition,  
the  restructuring plan will enable the Group to concentrate and
focus its financial and management resources on the fast-growing
residential and hotel development businesses in the PRC.

                      About Shimao Property

Shimao Property Holdings Limited -- http://www.shimaogroup.com/     
-- is a large-scale developer of real estate projects in China,
specializing in high-end developments in prime locations.  The
company's business portfolio comprises the development of
residential properties, retail properties, offices and hotels.
The company has 15 projects at various stages of development
located in Shanghai, Beijing, Harbin, Wuhan, Nanjing, Fuzhou,
Kunshan, Changshu, Shaoxing and Wuhu.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 17, 2008, Moody's Investors Service changed the outlook for
Shimao Property Holdings Limited's Baa3 issuer and bond ratings
to negative from stable.  The rating action followed Shimao's
announcement that it acquired new property projects in Hangzhou
and Dalian for CNY3.07 billion and CNY1.65 billion respectively.

"The negative outlook is due to concerns that the aggressive
nature of Shimao's strategy for acquiring land could increase
its financial leverage and weaken its liquidity profile in the
near term," said Peter Choy, a Moody's Vice President and Senior
Credit Officer.

In July 2007, Fitch Ratings assigned a Long-term Foreign
Currency Issuer Default Rating of 'BB+' to China-based Shimao
Property Holdings Limited.  Simultaneously,Fitch assigned issue
ratings of 'BB+' to Shimao's US$350 million senior notes due
2016 and USD250m senior floating rate notes due 2011,
respectively.  The Outlook for the IDR is Stable.


SHIMAO PROPERTY: S&P's BB+ Rating Unaffected By Asset Injection
---------------------------------------------------------------
Standard & Poor's Ratings Services said that its rating on
Shimao Property Holdings Ltd. (BB+/Stable/--) was not
immediately affected by regulatory approval for the company to
inject assets into Shanghai Shimao Co. Ltd. in return for an
ultimate controlling ownership of about 64%.  This restructuring
and its impact on Shimao Property's cash flows are already
factored into the rating.
     
Shimao Property intends to inject 11 of its retail and
commercial projects into Shanghai Shimao, which is listed on the
A-share market.  The move will provide a separate platform for
Shimao Property to raise financing and reduce its capital
commitments for long-payback retail and commercial rental
projects, while retaining control over the assets.  S&P expects
Shanghai Shimao to raise funding on its own to finance the
development of most of the projects that it will acquire.  
Shimao Property continues to own 100% of its Shanghai hotel and
residential properties.


WYNN RESORTS: Weak Gaming Market Cues Moody's Negative Outlook
--------------------------------------------------------------
Moody's Investors Service changed the rating outlook of Wynn
Resorts, Limited to negative.  Wynn Resorts' Ba3 Corporate
Family Rating and long-term debt ratings were affirmed, as were
the long-term debt ratings of Wynn Las Vegas, LLC.  Wynn Las
Vegas is the U.S. domestic operating subsidiary of Wynn Resorts.

The change in outlook to negative reflects the company's
significant exposure to the Las Vegas Strip gaming market which
has experienced comparable month declines since the beginning of
2008, and will likely see further declines through the remainder
of 2008.  The negative outlook also acknowledges Wynn Resorts'
aggressive financial policy.  In conjunction with a preliminary
second quarter 2008 earnings statement warning of further EBITDA
declines in Las Vegas, the company disclosed a US$500 million
increase in its share repurchase authorization.  At this point,
the company is authorized to repurchase US$1.7 billion of common
stock.  In addition to the above-mentioned factors, the negative
outlook considers that Wynn Resorts' Las Vegas Encore project
scheduled to be completed in late 2008, could open in a less
than favorable operating environment.

Ratings could be lowered if Las Vegas declines at an accelerated
rate and it appears that the company will not be able to achieve
and sustain debt/EBITDA below 6 times over the longer-term.  
Debt/EBITDA for the 12-month period ended March 31, 2008 was
about five times.  A stabilization in the Las Vegas market,
along with continued improvements in Macau and a financial
policy consistent with the current rating level, could result in
an outlook revision back to stable.

The ratings affirmation acknowledges Wynn Resorts' substantial
EBITDA growth in Macau, China which has more than offset the
recent EBITDA declines at the company's Las Vegas subsidiary.  
Wynn Macau's property-level EBITDA for the three-month period
ended March 31, 2008 increased about 64% to almost US$130
million while Las Vegas' property-level EBITDA dropped 39% to
US$68 million.

The Ba3 Corporate Family Rating also acknowledges the quality,
popularity, and favorable reputation of Wynn Resorts' casino
properties, a factor that continues to distinguish the company
from most other gaming operators, and will likely benefit the
company during challenging economic times.  Also considered is
the company's substantial liquidity.  On a consolidated basis,
Wynn Resorts has US$1.5 billion of cash and almost US$1.9
billion of revolver availability.

Wynn Resorts ratings affirmed:

  -- Corporate Family Rating at Ba3
  -- Probability of Default Rating at Ba3

  -- US$1 billion senior unsecured term loan due 2010 at B2
     (LGD 6, 91%)

Wynn Las Vegas, LLC ratings affirmed:

  -- US$1.7 billion 6 5/8% first mortgage notes due 2014 at Ba2
     (LGD 3, 38%)

Wynn Resorts, Limited currently owns and operates two casino
hotel resort properties, Wynn Las Vegas, which opened on April
28, 2005 and Wynn Macau, which opened on Sept. 6, 2006.  In
addition, the company is constructing Encore at Wynn Las Vegas
and Encore at Wynn Macau.  Encore at Wynn Las Vegas is expected
to open in December 2008.  Encore at Wynn Macau is expected to
open in the first half of 2010.  Wynn's net revenue for the 12-
month period ended March 31, 2008 was about US$2.8 billion.


* CHINA: Power Shortage Causes Some Companies to Cut Output
-----------------------------------------------------------
China faces its worst power shortage in at least four years as
soaring coal prices and government-set electricity tariffs force
dozens of small power plants to shut down rather than face
mounting losses, Jamil Anderlini and Geoff Dyer of the Financial
Times report.

Daisy Zhang, an analyst with BNP Paribas in Shanghai, told the
Financial Times that "Large state-owned power companies have no
choice but to keep operating and we have seen strong power
generation growth from them so far this year despite the high
coal prices.  But smaller power plants have been shutting down
because the more they operate, the more [money] they lose."

Bloomberg News relates that Aluminum Corp. of China Ltd. may
lose 30,000 metric tons of output after it halted some capacity
at two ventures in Shanxi province because of a power shortage.

Shanxi Huaze Aluminum & Power Co. suspended 25% of its 280,000-
metric-ton annual capacity as of July 18, and Shanxi Huasheng
Aluminum Co. stopped 22% of its 220,000-ton capacity, Bloomberg
notes.  Chalco's two Shanxi ventures "were forced" to halt
production cells because of reduced power supplies, the
Bloomberg relates.  Power supplies "look to remain tight in the
coming months," the company said.

The estimated loss "is too small to ease a supply glut in
China," Li Rong, an analyst at Great Wall Futures Co., told
Bloomberg.   Aluminum futures in London may have priced in a
bigger production loss, he said.

According to Bloomberg, aluminum jumped to a record US$3,380.15
a ton on July 11 after China's producers pledged to cut output
by as much as 10% through September to help ease a nationwide
power shortfall.  The pledge came after the Shanxi government
cut power to smelters, forcing Chalco and others to reduce
production.

Nearly half of China's provinces have started to ration
electricity as the country enters the peak summer season,  The
Times says.

China's problems, The Times notes, mirror those of other Asian
countries, where the rising price of fuel and other commodities
has had an impact on governments that traditionally subsidise
everything from the cooking kerosene used by the poor to the
electricity used by industry.

According to The Times, emerging power shortages have important
implications for both inflation and growth, about which Beijing
is to publish fresh figures on Thursday.  Second-quarter GDP
growth is forecast to have dropped to 10.1% from 10.6% in the
first quarter.

Power demand, The Times relates, has doubled during the past
five years, a trend that most analysts agree is unsustainable
since China relies on coal for about 80% of its power
generation.



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

CHINA CAPITAL: Taps Chiu and Diana as Liquidators
-------------------------------------------------
On July 15, 2008, Ying Hing Chiu and Ching Miu Yin, Diana were
appointed liquidators of China Capital Development Limited.

The Liquidators can be reached at:

          Ying Hing Chiu
          Ching Miu Yin, Diana
          Three Pacific Place, Level 28
          1 Queen's Road East
          Hong Kong


CROPWOOD LIMITED: Requires Creditors to File Claims by August 19
----------------------------------------------------------------
The creditors of Cropwood Limited are required to file their
proofs of debt by August 19, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 11, 2008.

The company's liquidators are:

          James T. Fulton
          Cordelia Tang
          905 Silvercord, Tower 2, 30 Canton Road
          Tsimshatsui, Kowloon
          Hong Kong


FULL SPIRIT: Mee and Yee Quit as Liquidators
--------------------------------------------
On July 7, 2008, Natalia Seng Sze Ka Mee and Cynthia Wong Tak
Yee ceased to act as liquidators of Full Spirit Limited.

The company's former Liquidators can be reached at:

          Natalia Seng Sze Ka Mee
          Cynthia Wong Tak Yee
          Three Pacific Place, Level 28
          1 Queen's Road East
          Hong Kong


GOLDEN BAUHINIA: Appoints Wai and Fun as Liquidators
----------------------------------------------------
On June 25, 2008, Li Man Wai and Tsang Lai Fun were appointed
liquidators of Golden Bauhinia Travel Limited.

The Liquidators can be reached at:

          Li Man Wai
          Tsang Lai Fun
          Raymond LI & CO., CPA
          Tai Yau Building, Room 1001, 10th Floor
          Wanchai, Hong Kong
          Telephone: (852) 2889 8833
          Facsimile: (852) 2889 8433


HONG KONG INTERNATIONAL: Subject to Zhou Amei's Wind-Up Petition
----------------------------------------------------------------
On June 11, 2008, Zhou Amei filed a petition to have Hong Kong
International Culture Travel Agent Limited's operations wound
up.

The petition will be heard before the High Court of Hong Kong on
August 13, 2008.


KEP DISPLAY: Lui and King Quit as Liquidators
---------------------------------------------
On June 27, 2008, Kennic Lai Hang Lui and Lau Wu Kwai King,
Lauren quit as liquidators of Kepo Display Technology Limited.

The company's former Liquidators can be reached at:

          Kennic Lai Hang Lui
          Lau Wu Kwai King, Lauren
          Messrs. Kennic L.H. Lui & Co.
          Ho Lee Commercial Building, 5th Floor
          38-44 D'Aguilar Street
          Central, Hong Kong


KESSEL ELECTRONICS: Lui and King Quit as Liquidators
----------------------------------------------------
Kennic Lai Hang Lui and Lau Wu Kwai King, Lauren quit as
liquidators of Kessel Electronics (H.K.) Limited on June 27,
2008.

The company's former Liquidators can be reached at:

          Kennic Lai Hang Lui
          Lau Wu Kwai King, Lauren
          Messrs. Kennic L.H. Lui & Co.
          Ho Lee Commercial Building, 5th Floor
          38-44 D'Aguilar Street
          Central, Hong Kong


ROAD KING: Fitch Affirms 'BB' Long-Term Issuer Default Rating
-------------------------------------------------------------
Fitch Ratings has affirmed Hong Kong-based Road King
Infrastructure Limited's Long-term foreign currency Issuer
Default Rating at 'BB', with a Stable Outlook.

"The rating reflects Road King's exposure to the property
development segment in mainland China, and its geographically
diversified toll road portfolio," said Michael Wu, Director with
Fitch's Corporates team.

The company's limited land bank exposes it to cyclical market
downturns and increases the volatility of its cash flow and
capital structure.  China's evolving regulatory environment also
induces further uncertainty, given that any policy measures in
the future are likely to impact the market.  Added to that, the
weak sentiment prevailing at mid-2008, due to a number of
austerity measures and tightened credit available to the housing
market will, in Fitch's view, further limit cash flow generated
by Road King's homebuilding division.

Fitch also notes that Road King's capacity and capability in
managing a residential project portfolio scattered around
mainland China is yet to be tested.  Being able to retain
management staff from the Sunco acquisition partially mitigates
this concern but Road King's top management needs time to
accumulate experience in this area.

Nonetheless, Road King's geographically diversified toll road
portfolio provides significant support to its credit ratings.  
The dual-focus corporate structure and strategy will help the
company to deflate risks arising from its exposure to property
development.  The agency considers the macroeconomic
environment, underpinned by strong GDP and trade growth, is
favourable to traffic volume and the toll road industry.  Road
King also possesses a good track record in this segment; its
toll road experience can be dated back to the mid-1990s, and its
portfolio has generated steady cash flows amounting to HK$767
million in 2007 (2006: HK$885 million).

Road King has maintained a healthy liquidity position so far.  
By end-2007, it had maintained cash balances and committed
undrawn facilities of HK$2.1 billion and HK$0.9 billion,
respectively, while current debt obligations amounted to only
HK$0.6 billion.  These reserves would help the company to fund
project development costs and cushion any unpleasant surprises.  
Additionally, Fitch's estimates indicate that Road King's
outstanding land premium obligations are insignificant.

The Stable Outlook reflects Fitch's expectation that Road King's
business profile will remain stable.  Factors such as a
sustained and significant improvement in capital structure and
cash generation capacity may result in a positive rating action.  
A successful spin-off of the property development division,
resulting in a sustained reduction in business risk, is another
positive rating trigger.  Negative rating triggers include any
significant change in the regulatory and macroeconomic
environment, and deterioration in its capital structure due to
either an aggressive debt-funded acquisitive strategy or a sharp
drop in profit margins.


TAKENICE LIMITED: Wind-Up Petition Hearing Set for August 6
-----------------------------------------------------------
The High Court of Hong Kong will hear on August 6, 2008, at
9:30 a.m., a petition to have Takenice Limited's operations
wound up.

Wong Ka Mun filed the petition against the company on June 4,
2008.


WAI WAH: Court to Hear Wind-Up Petition on August 6
---------------------------------------------------
A petition to have Wai Wah Furniture Manufacturing Company
Limited's operations wound up will be heard before the High
Court of Hong Kong on August 6, 2008, at 9:30 a.m.

Leung Hiu Hoi filed the petition against the company on June 2,
2008.


WING CHUEN: Placed Under Voluntary Liquidation
----------------------------------------------
At an extraordinary general meeting held on on July 8, 2008, the
shareholders of Wing Chuen (Hong Kong) Company Limited resolved
to voluntarily wind up the company's operations.



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

EURO GOLD: Board Forfeits 3,95,400 Equity Shares
------------------------------------------------
Euro Gold Jewellery Ltd's Board of Directors, at its meeting
held Monday, forfeited 3,95,400 equity shares due to non-payment
of call money.  The allotment money on the said shares has
remained unpaid since very long time despite of several
reminders sent to the shareholders by the company.

The Board also considered and discussed the various options for
the restructuring of the company.  In order to build long term
shareholders value, the Board decided to reduce the capital of
the company by way of capital reduction to the extent of 98% of
the issued capital.  The proposal of reduction will be placed in
the next annual shareholders' meeting for approval.

Euro Gold Jewellery Ltd is a New Delhi-based manufacturer and
exporter of studded gold jewellery.

The company has been recording consecutive net losses for
several quarters.  For the quarter ended December 31, 2007, the
company incurred a net loss of Rs. 0.04 million on net sales of
Rs. 1.37 million compared to a net loss of Rs. 0.25 million on
net sales of Rs. 0.61 million for the the quarter ended
December 31, 2006.


GANGOTRI IRON: Seized Documents Further Delay Results Filing
------------------------------------------------------------
Gangotri Iron & Steel Company Ltd disclosed in a regulatory
filing that as of July, 22 2008, its documents, registers and
computer hard discs impounded/seized by the Income Tax
Department have still not been released.

In this regard, the company said it cannot publish its audited
financial results for the year ended March 31, 2008 and for the
quarter ended June 30, 2008 within the due date.

As reported in the Troubled Company Reporter-Asia Pacific on
June 24, 2008, Gangotri warned it cannot timely file its audited
financial results following a survey conducted in the company's
office premises at Patna and Kolkata on June 11, 2008 by the
Income Tax Department.

Gangotri said the impounded documents, registers and computer
hard discs are under investigation.

Gangotri Iron & Steel Co. Ltd. (GISC:BSE), fka Esskayjay Ispat
Ltd., manufactures and distributes steel products.  The company
was founded in 1992 and is based in Patna, Bihar.


GENERAL MOTORS: Dealer Council Shows Support, Buys US$1MM Shares
----------------------------------------------------------------
General Motors Corp.'s 20-member dealer council snapped up
US$1.1 million of the auto maker's stock, or 107,000 shares, to
show support for the GM's management team, and to take advantage
of what they see as a good value, The Wall Street Journal
reports.

WSJ, citing Duane Paddock, one of the heads of the organization
and the owner of Paddock Chevrolet in Kenmore, New York, says
the shares were purchased at an average price of US$9.88,
reflecting a strong return for the group.

GM shares, WSJ indicates, recently traded at US$13.51, up 2.5%
over July 18's closing price.  The stock has rallied from five-
decade lows in recent sessions as investors digest the auto
maker's new plan to raise US$15 billion in liquidity through
2009 by cutting costs, raising fresh financing and selling
assets, WSJ states.

WSJ, quoting Mr. Paddock, relates that the dealer council
decided to buy the stock because GM has a solid leadership team
in North America, competitive products and an attractive
position in the heated fuel-economy race among leading auto
makers.  Mr. Paddock also said GM stock was undervalued, WSJ
adds.

Mr. Paddock stated that other dealers expressed support for the
dealer council by disclosing plans to purchase the stock,
according to WSJ.

                      About General Motors

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs       
about 266,000 people around the world and manufactures cars and
trucks in 35 countries.  In 2007, nearly 9.37 million GM cars
and trucks were sold globally under the following brands: Buick,
Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security
and information services.

General Motors Corporation offers products under the Chevrolet
brand in India through its wholly owned subsidiary, General
Motors India.  GM India has 95 sales points and over 110 service
centers.

At March 31, 2008, GM's balance sheet showed total assets of
US$145,741,000,000 and total debts of US$186,784,000,000,
resulting in a stockholders' deficit of US$41,043,000,000.  
Deficit, at Dec. 31, 2007, and March 31, 2007, was
US$37,094,000,000 and US$4,558,000,000, respectively.

General Motors Latin America, Africa and Middle East, with
headquarters in Miramar, Florida, is one of GM's four regional
business units.  GM LAAM employs approximately 37,000 people in
18 countries and has manufacturing facilities in Argentina,
Brazil, Colombia, Ecuador, Egypt, Kenya, South Africa and
Venezuela.  GM LAAM markets vehicles under the Buick,
Cadillac, Chevrolet, GMC, Hummer, Isuzu, Opel, Saab and
Suzuki brands.

                          *     *     *

As reported in the Troubled Company Reporter on June 24, 2008,
DBRS has placed the ratings of General Motors Corporation and
General Motors of Canada Limited Under Review with Negative
Implications.  The rating action reflects the structural
deterioration of the company's operations in North America
brought on by high oil prices and a slowing U.S. economy.

Standard & Poor's Ratings Services is placing its corporate
credit ratings on the three U.S. automakers, General Motors
Corp., Ford Motor Co., and Chrysler LLC, on CreditWatch with
negative implications, citing the need to evaluate the financial
damage being inflicted by deteriorating U.S. industry conditions
—largely as a result of high gasoline prices.  Included in the
CreditWatch placement are the finance units Ford Motor Credit
Co. and DaimlerChrysler Financial Services Americas LLC, as well
as GM's 49%-owned finance affiliate GMAC LLC.

As related in the Troubled Company Reporter on June 5, 2008,
Standard & Poor's Ratings Services said that its ratings on
General Motors Corp. (B/Negative/B-3) are not immediately
affected by the company's announcement that it will cease
production at four North American truck plants over the next two
years.  These closures are in response to the re-energized shift
in consumer demand away from light trucks.  GM previously said
only one shift was being eliminated at each of the four truck
plants.  Production is being increased at plants producing small
and midsize cars, but the cash contribution margin from these
smaller vehicles is far less than that of light trucks.


HY-TECH ENGINEERS: CRISIL Rates Rs.76.6 Mil. Term Loan at “BB+”
---------------------------------------------------------------
CRISIL has assigned ratings of ‘BB+/Stable/P4’ to various bank
loan facilities of Hy-Tech Engineers Pvt. Ltd. (HT Engineers).

   * Rs.76.6 Million Term Loan Facilities  
        -- BB+/Stable (Assigned)

   * Rs.6 Million Cash Credit Facilities  
        -- BB+/Stable (Assigned)

   * Rs.12 Million Export Packing Credit Facilities  
        -- P4(Assigned)

   * Rs.12.5 Million Foreign Bill Purchase Facilities  
        -- P4(Assigned)


CRISIL says the ratings on HT Engineers’ debt programmes are
driven by the company’s high gearing, small net worth, small
scale of operation and presence in highly fragmented industry.  
These weaknesses are, however, partially offset by its
established presence in domestic market for about 30 years and
healthy growth expected in its end user segment.

HT Engineers has a weak financial profile.  As on March 31,
2008, it had a high gearing of 1.7 times.  The capital structure
is also constrained by a very small net worth base, which stood
at Rs.48.6 million as on March 31, 2008.  Taking into account
capital expenditure plans of HT Engineers’, funded mostly
through debt, CRISIL believes that the debt protection measures
will remain sub-par.

Outlook: Stable

CRISIL expects stability in HT Engineers’ revenues because of
the company’s established market position.  The outlook may be
revised to ‘Negative’ in case the company is unable to pass on
the likely increase in raw material prices to its customers,
leading to deterioration in profitability.  Conversely, it may
be revised to ‘Positive’ in case of a notable improvement in the
financial profile.

                  About Hy-Tech Engineers Pvt. Ltd.

Hy-Tech Engineers Pvt. Ltd. manufactures and sells high-pressure
hydraulic fittings.  The products have application in earth
moving equipment, injection moulding, and steel and rolling
plants, among others.  The company exports its products to
various countries in Europe through an export-oriented division
based in Bhosari near Pune.  In 1987, the promoters set up Hy-
Tech Vehicle Fittings Pvt. Ltd. at Chinchwad to manufacture
brake fittings for four-wheel vehicles, which was later merged
with HT Engineers’ in April 2006.  HT Engineers’ has a
subsidiary, Sagar Forge, which manufactures forged blanks, gear
blanks, and other related equipment, and two associate companies
Fasto Engineering (manufactures hydraulic cylinders) and NR
Hytech Pvt Ltd (manufactures precision machine components and
gear boxes).

For the year ended March 31, 2008, HT Engineers reported a net
profit of Rs.19.4 million on net sales of Rs.180.3 million, as
against a net profit of Rs.3.3 million on net sales of Rs.121.5
million in the preceding financial year.


REMI METALS: Files Rehabilitation Scheme to Settle Debts
--------------------------------------------------------
Remi Metals Gujarat Limited said it submitted a rehabilitation
scheme for its one-time settlement of all secured term loan and
capex requirement to the Board of Industrial and Financial
Reconstruction.

The BIFR hearing on the scheme has been scheduled tomorrow,
July 24.

The scheme envisages infusion of funds for one time settlement
of all the secured term lenders as well as for further capex
requirement of the company along with derating of existing
equity up to 90% subject to BIFR approval.

The company decided to induct two co-promoters -- Welspun Power
and Steel Ltd and Widescreen Holding (P) Ltd -- who will bring
in Rs. 2960.30 Lacs and Rs. 1388.30 Lacs respectively as equity.  
In addition, Rs. 1203.80 Lacs will be brought in by the
company's existing promoters and Rs. 197.6 Lacs by financial
investors.  

The company will also arrange to bring further debt up to Rs.
9750 Lacs to meet the OTS and other requirements.

Headquartered in Mumbai, India, Remi Metals Gujarat Limited --
http://www.remigroup.com/-- manufactures steel seamless pipes  
and tubes in India. Its products include carbon alloy steel
seamless pipes/tubes, alloy steel bright bars, and welded
seamless stainless steel tubes/pipes.

Remi Metals reported consecutive net losses for the past two
years.  For the year ended March 31, 2008, the company incurred
a net loss of Rs. 342.40 million compared to net loss of
Rs. 395.70 million in the year ended March 31, 2007.



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

FORD MOTOR: Cuts Cost, Extends Buyout Project to 14 More Plants
---------------------------------------------------------------
Ford Motor Co. intends to further reduce its payrolls by
expanding its plant-by-plant buyout program to 14 more
facilities in Michigan and Ohio, The Wall Street Journal
reports.

WSJ relates that Ford's buyout program which started in June at
two Kentucky and two Ohio manufacturing sites, will be expanded
to the additional facilities by mid-August.  

WSJ says that on July 28, the buyouts will affect the Wayne
Assembly Plant, Michigan Truck, Dearborn Truck, AutoAlliance
International Inc. Plant, Rawsonville Powertrain, and the
Woodhaven and Livonia stamping plants in Michigan.  The
remaining Michigan sites as the Sterling Axle, Van Dyke
Transmission and Romeo Engine plants will get the offer in mid-
August, WSJ adds.

Packages, WSJ indicates, include a US$15,000 tuition
reimbursement for four years; a US$100,000 scholarship for
family members and a flat payment of US$100,000 with six months
of basic health care.

According to the Journal, widening the buyout program is among
the steps Ford is taking to address a steep decline in U.S.
sales that has forced the company to scrap its expectations of
returning to profitability in 2009.  WSJ points out that Ford
and its domestic counterparts have been particularly affected by
the rapid shift among consumers away from pickup trucks and
sport-utility vehicles as gasoline prices have risen to more
than US$4 per gallon in the U.S.

In the first wave of the expanded buyouts program, the
incentives will be offered to workers at the Ohio Assembly,
Sandusky Parts, Cleveland Casting, and Walton Hills, Ohio,
stamping plants starting Monday, WSJ states.

The plant-by-plant buyout program, WSJ relates, was launched
after Ford failed to reach its target of trimming about 8,000
workers during a company-wide incentive offered earlier this
year.  About 4,200 chose the option, WSJ states.

Ford will disclose further details of its strategy when it
releases its second-quarter financial results on Thursday, WSJ
adds.

                       About Ford Motor

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

The company has operations in Japan in the Asia Pacific region,
through Ford Japan Limited.

                          *     *     *

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

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

As reported in the Troubled Company Reporter on Nov. 19, 2007,
Moody's Investors Service affirmed the long-term ratings of Ford
Motor Company (B3 Corporate Family Rating, Ba3 senior secured,
Caa1 senior unsecured, and B3 probability of default), but
changed the rating outlook to Stable from Negative and raised
the company's Speculative Grade Liquidity rating to SGL-1 from
SGL-3.

Moody's also affirmed Ford Motor Credit Company's B1 senior
unsecured rating, and changed the outlook to Stable from
Negative.  These rating actions follow Ford's announcement of
the details of the newly ratified four-year labor agreement with
the United Auto Workers.


ZEPHYR CO: Files for Bankruptcy Protection Amid JPY94.9BB Debts
---------------------------------------------------------------
Zephyr Co. has filed for bankruptcy protection with the Tokyo
District Court, with debts totaling JPY94.9 billion (US$890.45
million), various reports say.

The company, Nikkie News relates, defaulted on the JPY20 billion
in straight bonds it offered publicly to institutional
investors.

According to Nikkie, Zephyr fell into the red in the year ended
March 31, posting a consolidated net loss of JPY11.3 billion due
to sluggish real estate sales and the bankruptcy of a
consolidated subsidiary.

"Financial support by SBI Holdings Inc., Zephyr's leading
shareholder, became difficult because of the declining value of
real estate used as collateral," Zephyr President Takao Iioka
told Nikkie News.

Meanwhile, Bloomberg News relates, SBI Holdings, a venture
capital company, fell the most in more than two years in Tokyo
trading after Zephyr Co. filed for bankruptcy protection.

SBI Holdings' shares dropped by their daily limit of JPY3000 ,
or 13%, to close at JPY20,830 on the Tokyo Stock Exchange, the
biggest decline since Jan. 18, 2006, Bloomberg News says.  It
led falls on the MSCI World Index.

Nikkie relates that Zephyr plans to hold a creditors meeting on
July 25.  After looking for potential suitors, it intends to
submit a rehabilitation plan in mid-October, the same report
adds.

                         About Zephyr Co.

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.

                        *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
July 22, 2008, JCR has downgraded the ratings on senior debts
and bonds of Zephyr Co. from B+ to D and from B to D.


* JAPAN: Corporate Loan Demand Falls Lowest in Four Years
---------------------------------------------------------
Demand for loans among Japanese companies fell to a four-year
low as a slowing economy and costlier materials made businesses
reluctant to borrow, Toru Fujioka of Bloomberg News reports.

Bank of Japan, the report relates, said an index of corporate
loan demand dropped to minus 14 this month from minus 2 in
April, the lowest since July 2004.

"This indicates sluggish growth in business investment, wages
and hiring.  Companies can't be confident about borrowing money
amid the higher costs," Yasuhide Yajima, a senior economist at
NLI Research Institute in Tokyo, was quoted by Bloomberg as
saying.

According to the report, the Bank of Japan cut its assessment of
the economy last week, saying growth is slowing "further''
because of rising commodities prices.  Sentiment among large
manufacturers fell to a four-year low in June and big companies
said they expect earnings to drop for the first time since the
2001 recession, the report says.


Bloonberg News notes that loan demand among large companies
declined to minus 4 in July from 4 three months ago.  The index
for mid-sized companies slid to minus 8 from 1, and for small
businesses dropped to minus 16 from minus 4, the report adds.


* JAPAN: Bond Futures Drop on Fears of Higher Inflation
--------------------------------------------------------
Japan's government bond futures fell on speculations that a
government report will confirm the country's inflation
accelerated in June, Theresa Barraclough of Bloomberg News
reports.

Benchmark 10-year yields, the report relates, may rise toward
the highest in a week after Gary Stern, president of the Federal
Reserve Bank of Minneapolis, said the Fed shouldn't wait to
raise interest rates to stem gains in consumer prices.   Higher
U.S. rates may damp demand for bonds in Japan, where financial
markets were closed last July 21 for a holiday.

"Bonds will be sold,'' Eiji Dohke, chief strategist at UBS
Securities Japan Ltd. in Tokyo, was quoted as saying.  Demand
for bonds will wane "after Stern's comments and before Japan's
CPI report later this week.

Ten-year bond futures for September delivery lost 0.44 to 136.12
as of 9:03 a.m., yesterday, at the Tokyo Stock Exchange.

A government report on July 25 will show Japan's consumer
prices, excluding fresh food, rose 1.9% in June from a year
earlier after climbing 1.5% in May, according to 31 economists
surveyed by Bloomberg News.  Faster inflation erodes the value
of the fixed interest debt pays.

Mr. Stern told the news agency that "We're pretty well-
positioned for the downside risks we might encounter from here.  
I worry a little bit more about the prospects for inflation.''



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

ARK RESOURCES: Faces MYR348,504 Judgment in Default
---------------------------------------------------
Ark Resources Berhad disclosed that it was served with a
judgment in default of defence on July 17, 2008, which was
obtained on May 30, 2008, for the sum of MYR348,504.30 together
with interest thereon at the rate of 8% per annum (JID) by Abdul
Kadir Bin P.A. Moidutty (No. K/P: 630511-10-6875)(Berniaga atas
nama dan gaya "Aqila Enterprise (No. Perniagaan: 943976-T).

ARK has been advised by its solicitors that the JID was
wrongfully obtained by the Plaintiff for the these reasons:

   * ARK has no contractual relationship whatsoever with the
     Plaintiff.  Based on the statement of claim filed by the
     plaintiff in the suit, the correct party for the action
     should be Lankhorst Pancabumi Contractors Sdn. Bhd., which
     is in liquidation.  Hence, the plaintiff had erroneously
     taken the said JID against the company; and

   * The required notice to be served under the Legal Profession    
     Rules 1978 on ARK's Solicitors prior to obtaining the JID
     was not served on ARK's Solicitors.

ARK is currently taking the necessary steps to set aside the JID
and beleives that it has no any adverse consequences arising
from the service of the JID as there is every prospect of it
being defeated in court.


CNLT: Has Until Sept. 10 to Submit Regularization Plan
------------------------------------------------------
The Bursa Malaysia Securities Berhad has granted CNLT Far East
Berhad a time extension or until September 10, 2008, to submit
its regularization plan to the Securities Commssion and other
relevant authorities.

The Extended Timeframe was granted after due consideration of
all facts and circumstances of the matter including:

   * CNLT's representations of the company's proposed
     regularisation plans and that the company had obtained the
     approvals of its creditors; and

   * the appointment of the provisional liquidators of the
     company on April 23, 2008, and the pending court
     proceedings where CNLT had made an application to set aside
     the appointment of the provisional liquidators.

In the event the company submits its regularization plans to the
Approving Authorities for approval within the Extended
Timeframe, Bursa will await the outcome of the company's
submission.  However, if the company fails to obtain the
Approving Authorities' approval and appeals against the decision
of the Approving Authorities, Bursa will await the outcome of
the company's appeal to the approving authorities.

The company must proceed to implement its regularization plans
expeditiously within the timeframes stipulated by the Approving
Authorities' approval necessary for the implementation of its
regularization plans.

                  About CNLT (Far East) Berhad

CNLT (Far East) Berhad is engaged in the manufacture and sale of
yarn.  Its subsidiary includes Indosen S.A., which is engaged in
the manufacture and sale of textiles and apparel.  The company
operates in Malaysia and Senegal.

                          *     *     *

The company was admitted into the Amended PN17 listing criteria
of the Bursa Malaysia Securities Bhd as it has triggered
Paragraph 2.1(e) of the bourse's listing requirements:

     (i) Based on the unaudited quarterly results of CNLT for
         the first quarter ended March 31, 2007, as announced
         to Bursa Securities, the shareholders' equity on a
         consolidated basis is less than 50% of the issued and
         paid up capital of the company ; and

    (ii) The auditors of CNLT have expressed a modified opinion
         with emphasis on the Company's going concern in its
         latest audited accounts for the financial year ended
         December 31, 2005.

  

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

ADAMS CLEANING: Parsons and Kenealy Appointed as Liquidators
------------------------------------------------------------
Pursuant to Section 255(2)(a) of the Companies Act 1993,
Dennis Clifford Parsons and Katherine Louise Kenealy were
appointed liquidators of  Adams Cleaning Services Limited on
June 13, 2008.

The Liquidators can be reached at:

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


AKRITE RECORDS: Mason and Hayward Appointed as Liquidators
----------------------------------------------------------
Pursuant to Section 241(2)(a) of the Companies Act 1993,  Karen
Betty Mason and Lloyd James Hayward, insolvency practitioners,
were appointed liquidators of Akrite Records Limited.

Only creditors who were able to file their proofs of debt on
July 14, 2008, were included in the company's dividend
distribution.

The Liquidators can be reached at:

          Meltzer Mason Heath
          Chartered Accountants
          PO Box 6302
          Wellesley Street, Auckland 1141
          Telephone: (09) 357 6150
          Facsimile: (09) 357 6152


ATC CLIMATE: Commences Liquidation Proceedings
----------------------------------------------
The High Court at Rotorua held a hearing on July 14, 2008, to
consider an application putting ATC Climate Centre NZ Limited
into liquidation.

The application was filed on May 7, 2008, by Dean Freight
International Limited.

The plaintiff's address for service is at:

          Whitlock & Co.
          Level 2
          Baycorp House
          15 Hopetoun Street
          Auckland

Malcolm David Whitlock is the plaintiff's solicitor.


BARGAIN4U LTD: Commences Liquidation Proceedings
------------------------------------------------
The High Court at Christchurch held a hearing on June 30, 2008,
to consider an application putting Bargain4U Limited into
liquidation.

The application was filed on May 27, 2008, by Clover Export
Limited.

The plaintiff's address for service is at:

          Preston Russell Law
          92 Spey Street (PO Box 355)
          Invercargill
          Telephone: (03) 211 0080
          Facsimile: (03) 211 0079

S. N. Mckenzie is the plaintiff's solicitor.


BELFAST SERVICES: Commences Liquidation Proceedings
---------------------------------------------------
The High Court at Christchurch convened a hearing on June 30,
2008, to consider an application putting Belfast Services
Limited into liquidation.

The application was filed on May 15, 2008, by Fulton Hogan
Limited.

The plaintiff's address for service is at:

          Whitlock & Co.
          Level 2
          Baycorp House
          15 Hopetoun Street
          Auckland

Malcolm David Whitlock is the plaintiff's solicitor.


CANTERBURY MORTGAGE: Suspends Payments of Fund Withdrawals
----------------------------------------------------------
Canterbury Mortgage Trust has advised its 5000 investors that
all withdrawals from the fund have been effectively suspended
until March 2009.

In a letter being received by the fund's mainly Canterbury
investors, the Directors of the fund's management company said
the action is being taken to secure and protect the fund from
“an unprecedented level” of withdrawal requests from investors.
Suspending withdrawals from the NZ$250 million fund until March
next year was completed with the notification to the fund's
Trustee and in terms of the Trust Deed, said the letter.

“Recently, the Trust has begun receiving an unprecedented number
of withdrawal requests, although from a relatively small number
of our 5000 investors,” said the Trust in its letter to
investors.

“The Directors believe this is largely the result of the failure
of a number of high-profile finance companies causing a general
lack of confidence by ordinary investors in the finance
sector.

“This is despite the fact that the Trust is not a finance
company and invests your money only in loans secured by first
mortgages against land and buildings, with the amount of the
loans being supported by registered valuations,” said the
letter.

“The Fund has always been obliged to hold a prudent level of
cash – between 5% and 10% of the value of the Fund – to meet
investors' withdrawal requests in the ordinary course of
business.

“As you are probably aware, the majority of investors' money is
invested in about 300 mainly short-term loans secured by first
mortgages.

“We had concerns that if the level of withdrawal requests had
continued, then our cash reserves would soon be insufficient to
meet all the requests.

“We know that most investors still have confidence in the Fund
and we regret the situation where investors could be
inconvenienced by not having ready access to their money.”

In the letter, the Directors said the quarterly interest payment
due on October 1, 2008, would still be made.

“However, it is likely the return will be less than we have
previously been able to pay.  This is because we think it
prudent to make provision against any further losses in the loan
portfolio in the light of the current state of the financial and
property markets, so that investors' capital is protected.”

The Directors said they were arranging for the registration of a
new Fund prospectus which took account of the suspension
decision, and investors would soon be able to request a copy
of the new Investment Statement.  The Trust's latest audited
annual accounts to March 31, 2008, were mailed with the letter.

Measures to further rebuild and retain the Fund's cash reserves
were already underway, said the Directors.

“The Trust now requires all mortgage-holders to repay their
loans as they mature, and will not consider new loan
applications until investor confidence returns to the markets.”

A spokesman for the Trust (and a Director of the fund management
company) Mr. Don McBeath said the Trust was mindful that many
investors would be concerned and inconvenienced by the
suspension of withdrawals, which applies to all applications
received by the Trust in the past 90 business days.

“We have therefore set up a toll-free 0800 line – 0800 800 741 –
to manage any inquiries investors might have. We will also be in
regular contact with a special investor newsletter,” said Mr.
McBeath.

The Trust had been generally regarded as a lower-risk investment
because it was solely a first-mortgage financier, he said.

The trust's loans were on the basis of up to 75% of the
registered valuation on homes and residential investment
properties, up to half of the registered valuation for farms and
up to two-thirds of a registered valuation on commercial
properties.

“In fact, at March 31, 2008, the Fund's average loan to
valuation ratio or LVR (loan amount divided by the security
value of the property that is offered for security) was 52%,” he
said.

Mr. McBeath said it was too early to tell what decisions would
be made early next year.

“At present our priority is protecting the Fund's cash position
and the security of investors' funds”.


Canterbury Mortgage Trust was formed in 1999.  The Trust grew
rapidly, the fund peaking at NZ$317M in 2007, but in recent
times has experienced some contraction due to a number of
finance company collapses, and a softening property market.  The
management company, Fund Manager Canterbury Limited, has won a
number of industry awards for Fund Manager of the Year, and has
generally been regarded as a market leader.

                     About Canterbury Mortgage

Formed in 1999 and with NZ$266 million of funds under
management, Canterbury Mortgage Trust offers an alternative
fixed interest investment.  The Trust provides managed mortgage
investments and mortgage finance throughout New Zealand.


FIELDFORCE LTD: Commences Liquidation Proceedings
-------------------------------------------------
The High Court at Auckland convened a hearing on July 2, 2008,
to consider an application putting Fieldforce Limited into
liquidation.

The application was filed on May 20, 2008, by the Commissioner
of Inland Revenue.

The plaintiff's address for service is at:

          Meredith Connell
          Level 17
          Forsyth Barr Tower
          55-65 Shortland Street
          (PO Box 2213 or DX CP 24063)
          Auckland

S. J. Eisdell Moore is the plaintiff's solicitor.


FIVE STAR: Court Appoints Liquidators
-------------------------------------
In accordance with section 241(2)(c) of the Companies Act 1993,
the High Court has appointed Gerald Stanley Rea and Paul Graham
Sargison, chartered accountants of Auckland, as liquidators of
Five Star Finance Ltd.

Only creditors who were able to file their proofs of debt on
July 14, 2008, were included in the company's dividend
distribution.

The Liquidators can be reached at:

          Gerry Rea Partners
          PO Box 3015
          Auckland
          Telephone: (09) 377 3099
          Facsimile: (09) 377 3098


HARPER ROOFING: B.E. Williams Appointed as Liquidator
-----------------------------------------------------
Pursuant to Section 241(2)(a) of the Companies Act 1993,
Bryan Edward Williams, insolvency practitioner, was appointed
liquidator of  Harper Roofing Limited on June 11, 2008.

The Liquidator can be reached at:

          Bryan Williams & Associates
          Insolvency Practitioners
          131 Taupaki Road
          RD 2, Henderson 0782
          Telephone: (09) 412 9762
          Facsimile: (09) 412 9763


HIBISCUS COAST: Placed Under Liquidation
----------------------------------------
Pursuant to Section 241(2)(a) of the Companies Act 1993, the
shareholders of Hibiscus Coast Properties Limited resolved
that the company be liquidated and appointed Clive Ashley
Johnson, insolvency practitioner of Auckland, as liquidator.

Only creditors who were able to file their proofs of debt on
July 11, 2008, were included in the company's dividend
distribution.

Creditors and shareholders may direct their inquiries to:

          C. A. Johnson
          PO Box 33171
          Auckland
          Telephone: (09) 377 5536
          Facsimile: (09) 377 5537


MAPARA DEVELOPMENTS: Commences Liquidation Proceedings
------------------------------------------------------
The High Court at Rotorua convened a hearing on July 14, 2008,
to consider an application putting Mapara Developments Trustees
Limited into liquidation.

The application was filed on May 3, 2008, by Carters (a division
of Carter Holt Harvey Limited).

The plaintiff's address for service is at:

          Edmund Lawler & Associates
          PO Box 25931
          St Heliers, Auckland

Edmund Lawler is the plaintiff's solicitor.



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

SULPICIO LINES: 2,000 Employees Fear of Losing Jobs
---------------------------------------------------
Philippine Daily Inquirer reports that some 2,000 rank and file
employees of Sulpicio Lines Inc. said that they could lose their
jobs should there be further delays in the probe into the
sinking of the MV Princess of the Stars and the inspection for
seaworthiness of the firm's other vessels.

According to the Inquirer, Sulpicio Lines Inc Unlicensed Crew
Union (SLIUCU) President, Genaro Tasan, appealed to President
Gloria Macapagal-Arroyo, the Department of Transportation and
Communications, and the Maritime Industry Authority (MARINA) to
speed up the investigation and the process of lifting the
grounding order on all passenger vessels of the shipping firm.

As reported by the Troubled Company Reporter-Asia Pacific on
July 18, 2008, Sulpicio was forced to terminate 136 regular
officers and crew members from its eight passenger vessels,
because of the heavy losses it incurred from its suspension of
operation since last month.

Sulpicio's MV Princess of the Stars sank off in Sibuyan Island
in Romblon on July 21, 2008, at the height of Typhoon "Frank".  
The ferry has more than 800 passengers and crew onboard.

                       About Sulpicio Lines

Sulpicio Lines Inc. is involved in the sea transport business
for over twenty years, serving secondary and tertiary routes all
over the Philippine islands.  It has a fleet of 16 passenger/
cargo vessels, 16 cargo and container vessels, three tugboats
and five barges - a total tonnage of over 127,100.

                          *     *     *

According to the Philippine Daily Inquirer, Sulpicio's ships
have not only sunk but have also collided with other vessels,
caught fire, stalled at sea for several days, and run aground
for the past 28 years.

The maritime information database www.lloydsmiu.com has recorded
incidents involving Sulpicio Lines vessels from 1980 to 2008.   
The record includes the June 21 sinking of the Princess of the
Stars -- the seventh sinking incident to involve the shipping
company.

In all, Sulpicio Lines has had 45 sea accidents since 1980.
Of the Sulpicio Lines vessels, six have collided with other
ships, six have caught fire, seven have had engine problems and
stalled at sea, and 19 have run aground.

The Business World reports that the company had not realized
net profits for several years now.  Sulpicio posted a net
loss of PHO211.46 million in 2007, slightly less than its net
loss of PHp229.1 million a year earlier.


UCPB: PDIC to Convert PHP12BB Cash Advances into Bank's Equity
--------------------------------------------------------------
State-owned Philippine Deposit Insurance Corp. (PDIC) has agreed
to convert Php12 billion in cash advances to United Coconut
Planters Bank (UCPB) into equity as part of a new framework of
state assistance mapped out for the bank, Philippine Daily
Inquirer reports citing banking sources.

Inquirer sources say that the amount represented the balance of
the Php20 billion obtained by UCPB in 2003 from PDIC.  The
financial assistance was prompted by heavy deposit withdrawals
that ensued when the Supreme Court ruled that the coconut levy
funds used to put up the bank were public money.

The report noted that UCPB has since pared down its PDIC debt
and has long been renegotiating the terms of the remaining
amount.

As reported by the Troubled Company Reporter-Asia Pacific on
June 4, 2008, UCPB has incurred financial difficulties due to
its inability to raise new capital and its sequestered status.  
In June 2007, UCPB reported a non-performing loans ratio of 29.8
percent and a negative 36.3 percent return on equity.    
Accordingly, Manila Standard relates, the bank disposed of
Php8.68 billion in bad assets in November 2007, which reduced
the level of its bad assets by 42 percent to Php12.11 billion.

United Coconut Planters Bank -- http://www.ucpb.com/--
provides financial products and services to corporations, middle
market companies, small- and medium- sized businesses, and
consumers in the Philippines.


* PHILIPPINES: Singapore's UOB Group Downgrades Growth Forecast
---------------------------------------------------------------
Singapore's United Overseas Bank (UOB) Group downgraded its
growth forecast for the Philippines this year, as rising cost of
oil and food imports start weighing on domestic consumption, a
key driver of economic growth, Business World reports.

According to Business World, UOB said that the growth of
Philippines' gross domestic product (GDP) will likely slow to
4.6% this year from 7.2% in 2007.  

"Fiscal risks are heightened as well, with the Philippines
postponing its target of a balanced budget to 2010, an election
year.  Domestic rice and fuel subsidies are worth an estimated
US$1.1 billion, and together with the government cutting import
duties on fuel and tax exemption for certain logistics sectors,
fiscal deficit could increase to -3.5% of GDP in 2008, from
-0.7% of GDP in 2007.  Slowing domestic demand is also likely to
diminish consumption taxes," Business World cites the bank as
saying.



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

* ADB: East Asia's Growth to Moderate as Inflation Threat Looms
---------------------------------------------------------------
Economic growth in emerging East Asia will moderate to 7.6% in
2008 and 2009 from 9.0% in 2007 as the region weathers a global
economic slowdown, sharp rise in food and energy prices and
volatility reigns in financial markets, says a new report by the
Asian Development Bank (ADB).

The region's slowing yet solid growth outlook remains vulnerable
to a higher-than-expected spike in inflation, protracted
slowdown in the US and any further tremors in global financial
markets, says the July issue of Asia Economic Monitor (AEM).

It warns that core inflation, a measure of price increase that
excludes food and energy costs, is rising across the region -
signaling that a more broad-based second-round price effect may
be underway.

Even as growth moderates, there are little signs of price
pressures, fuelled by high energy and food costs, subsiding.  
Inflation is expected to rise to 6.3%, more than double the rate
of the past ten-year average inflation.  This has serious
implications as the average household in the region spends over
fifty percent of its monthly expenditure on food and fuel.

"Rising inflation is a serious threat to the region’s sustained,
strong growth as high import costs of food and fuel threaten to
trigger a price/wage spiral, unleashing more inflation," says
Jong-Wha Lee, Head of ADB's Office of Regional Economic
Integration (OREI).

Economic growth in the People's Republic of China (PRC), the
region's economic powerhouse, will slow to 9.9% in 2008 and 9.7%
in 2009 from a torrid 11.9% in 2007 on the back of a gradual
appreciation of the yuan, tightening policies and weakening
external demand.

Growth in members of the Association of South East Asian Nations
(ASEAN) is expected to ease by one percentage point to 5.5% in
2008, according to the semiannual AEM, which covers the 10
members of ASEAN; the PRC; Hong Kong, China; Republic of Korea;
and Taipei,China.

The region's policymakers are caught in the pincer grips of
slowing growth and rising inflation.

The report warns that despite many economies facing prospects of
slower growth, failure to act firmly to rein in rising prices
may lead to repeating the mistakes industrialized nations made
prior to the Great Inflation of the 1970s.

To douse inflationary flames, many monetary authorities have
begun tightening in recent months.  But the report says many of
them remain behind the curve due to country-specific constraints
and weak global economic outlook.  The key to anchoring future
inflationary expectations is to prevent second-round price
effects from working their way through economies.

AEM says limited currency flexibility across much of emerging
East Asia has also tied the hands of monetary authorities in
their efforts to combat inflation.  In some countries, the
gradual pace of appreciation has fueled anticipation of further
appreciation, spur speculative capital inflows, support the
already strong liquidity growth and add further inflationary
pressure.

"Allowing more exchange rate flexibility can help mitigate
imported inflation and at the same time reduce the cost of
sterilization," says Mr. Lee. "Greater currency flexibility will
also give more wiggle room to monetary authorities."

Economies with healthy fiscal positions may consider carefully
designed fiscal support to cushion the poor and vulnerable from
the impact of rising food and fuel prices, the report
recommends.  But it adds that administrative controls to tame
inflation through subsidies and price-fixing will lead to
problems later.

It adds that more efficient and liquid financial markets will
help channel capital flows into more productive use and result
in better management of the region's massive foreign exchange
reserves.

AEM analyzes emerging East Asia's economic growth, financial and
corporate sector restructuring, and emerging policy issues.  AEM
is available on OREI's Asia Regional Information Center (ARIC)
web site.

                         *********

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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